Saving and investing for retirement is probably the single most important issue for the clients of financial advisors, and outliving their retirement funds is a primary worry. Despite these priorities, however, mistakes are made, often before a client even hires an advisor or afterward, when the client fails to follow through on the advisor's recommendation or outright opposes it. Given this background and the fact that, according to Cerulli Associates, half of advisors' clients are 60 or older while a quarter are between 50 and 59 — that is, in or near retirement — BenefitsPRO's sister site ThinkAdvisor wanted to hear from advisors about the biggest mistakes they've seen retirees make. The responses we received were wide-ranging and though primarily focused on financial matters also included emotional hazards. Many mistakes were mentioned by multiple advisors, and when that happened we included only one advisor's description of the problem to avoid repetition. Visit the slideshow gallery above to see what 10 financial professionals found to be retirees' biggest mistakes. READ MORE: |
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Bernice Napach
Bernice Napach is a senior writer at ThinkAdvisor covering financial markets and asset managers, robo-advisors, college planning and retirement issues. She has worked at Yahoo Finance, Bloomberg TV, CNBC, Reuters, Investor's Business Daily and The Bond Buyer and has written articles for The New York Times, TheStreet.com, The Star-Ledger, The Record, Variety and Worth magazine. Bernice has a Bachelor of Science in Social Welfare from SUNY at Stony Brook.
