http://www.retirekit.com - The Retirement Group must work with your company’s benefits administrator should you choose to become a client. One of the major administrators we have worked with is Hewitt Resources. Although The Retirement Group is not affiliated nor endorsed by Hewitt Resources we are specialists in navigating the Hewitt Resources site and have assisted our clients in accessing their benefits information.

1. The Retirement Group
Top 8 common retirement planning mistakes
Many people, after retirement often find it difficult to face the financial
problems. By paying attention to some aspects you can avoid the grievous
situation. There are top 8 mistakes that if avoided, while planning after
retirement life, you can enjoy the quality life that you were living before
retirement:
1. Unsuccessful to plan: Many people fail to plan, which is counted as a
very serious mistake. If you are also one of those, then it is high time for
you to start planning. Here are some questions that will help you have a
better retirement plan:
Decide between hobby and travel, for which you would like to save
How much will be need to pay for all expenses?
How much savings do you have at present?
How much money should I save?

2. How much savings do I need to do monthly to reach the target?
2. Late Start: Starting too late to save for retirement is one of the most
common mistakes done by most people. Saving money right from the first
job is the best things that you can. Getting enrolled to the company’s 401
(k) can help in accumulating wealth. Remember, the sooner you begin to
save, the bigger is your pot of money when you retire.
3. Don’t take the advantage of 401k: Not contributing to the company’s
offer of 401(k) can prove a ghastly mistake for you. The contribution to
401 (k) is made from your paycheck before deducting the taxes. It means
that the contribution made to the company’s 401 (k) is not liable for
deducting tax. Most employers have match program that is the employer
match your contributions. Many perceives it has a free money.
4. Unaware of risks: Stocks are riskier affair to invest in, totally ignoring
the stocks can hamper the chances of your retirement portfolio’s growth.
Carefully invest in the stocks after consulting financial planners and
advisors. Hewitt Resources retirement Plan professionals can guide you
on planning a strong investment portfolio keeping the cash flow and
market trends in consideration.
5. Social Security the only Support: If you are also among the thousands
people who think that relying on the social security will help you in
surviving then it’s high time for you to face the truth. These days you can
even find the social security statement online; check it so that you can
have an estimate about the social security amount.

3. 6. Health care cost estimation: Qualifying for the Medicare by achieving
an age of 65 years is not enough to cover the total health care cost, you
might be surprised to know. Hewitt Resources has estimated that an
amount of $220,000 will be needed by the people retiring in 2013 to cover
the health care cost. The amount thus calculated doesn’t include nursing
and services provided at the home care.
7. Loan for the future: It is possible to borrow from 401K but this doesn’t
give you freedom to do so. This doesn’t make sense as you are eating up
your retirement fund and it would not be growing as it could have, if was
left untouched.
8. Early release of Money: If you have quit the job, you might be tempted
to use 401k cash, but by doing this you will not only have to pay the taxes
on the amount but also pay a penalty of 10%. If you have taken out cash
from 401K, in the pre-retirement time, you will have to pay the tax on the
amount. To reap maximum benefit and enjoy the tax free amount, get the
401K rolled into an individual retirement amount.