It’s never too late to fix a retirement planning mistake. The key, however, is identifying it early and coming up with an effective solution. Here are some of the common retirement planning mistakes, as referenced from US News:

Mistake No. 1: Only focusing on the rate of return

Many soon-to-be retirees get caught up on the rate of return. This only tells a fraction of the story, though. Here at Tactical Wealth, we recommend establishing a diversified investment portfolio.

Think about spreading investments over various fund types such as index, balanced, equity, and global. As you well know, the stock market goes through regular peaks and valleys. The last thing you want is to see your wealth disappear just because one sector ran into trouble.

Mistake No. 2: Failing to account for taxes

Here’s a little-known fact: retirees don’t have the same deductions, meaning their tax rate is higher. So how exactly can you minimize taxes during these years? Your best bet is to invest in Roth accounts since they’re tax-free.

Let’s get into the Tactical Wealth Fixed Income Fund for a moment here. Should you ever decide to invest in our fund, you will receive a 1099-INT form detailing the interest payments you received for the tax year. Your tax is based on your IRA account distributions in the instance you invest through your IRA.

Please don’t hesitate to ask about tax implications regarding our Fixed Income Fund.

Mistake No. 3: Assuming the start of retirement means you can stop planning

This is an easy trap to fall into. You devoted endless hours during your working years to planning for retirement. Now that you’ve finally reached that goal, what’s next?

The reality is your retirement plan requires regular tweaks to account for market conditions, as well as your needs and goals. Make it a priority to set aside time to review income, assets, taxes, and market conditions. Doing so should help eliminate any possibility of financial disaster during your retirement years.

Mistake No. 4: Saving too late

Approximately 65 percent of Americans save little or none of their income. Pretty alarming, right? There is a solution if you happen to fall into this alarming percentage.

By staying in the workforce longer, you can ensure a guaranteed stream of income. Plus, if you work into your late 60s or even early 70s, you might see a nice boost in Social Security benefits by the time you choose to retire.

Another catch-up idea if you are unable to work longer is cashing out payments from annuities or life insurance policies.

Mistake No. 5: Dismissing the thought of high return investments

How would you like the chance to receive stable, consistent income without fretting over the ups and downs of the stock market? The Tactical Wealth Fixed Income Fund works for just about anyone.

Our strategic income fund is ideal for those looking for risk averse investments and income greater than what’s possible with traditional bonds and annuities. It’s no secret why our fund is considered one of the best fixed income investments in the industry.

Let us help you achieve a diversified investment portfolio just in time for retirement. Learn more about our Fixed Income Fund today.