Biggest retirement mistakes

1. Listening to the wrong people.
2. Not understanding the tax consequences for investments, IRAs, pensions and other retirement products.
3. Choosing the wrong pension option.
4. Misunderstanding what Medicare and Social Security does and doesn’t pay for.
5. Getting caught by the 20 percent withholding penalty for lump sum distributions.
6. Owning your assets the wrong way.
7. Thinking “risk” just involves losing principal.
8. Paying for the wrong kinds and wrong amounts of insurance.
9. Planning for your retirement when you are already retired.
10. Not doing consistent, careful, ongoing planning.

Bill Losey is the author of “Retire In A Weekend! The Baby Boomer’s Guide To Making Work Optional.” He is the president of Bill Losey Retirement Solutions LLC and founder of National Retirement Planning Month. For more information, please visit www.retireinaweekend.com and www.myretirementsuccess.com.