As adults, we'e required to make financial decisions every day, but some of these may be smart choices while others are mistakes. Although some financial mistakes impact us on a short-term basis, others may result in serious repercussions, such as delaying our retirement. In today's blog post, we discuss what kinds of financial mistakes could delay our retirement, and what can be done to correct these mistakes and make sure retirement goals are met on a timely basis.

No Financial Plan In Place

One of the most common financial mistakes individuals and couples make is not having a financial plan at all. Everyone needs a financial plan to help assess their future finances, calculate expenses, and create estate plans. Without a financial plan, it can be nearly impossible to determine how much income will be needed to cover retirement living and health care expenses, or how to save the amount needed. A lack of financial planning can result in mistakes that delay retirement by years, if not decades. A lack of financial plans can also add stress and strain an individual's health, creating a bigger financial quagmire. 

Not Discussing Finances With Spouse or Relatives

Too often, married couples make plans for vacations, big purchases, and health decisions, but fail to make concrete financial plans for the future. For many, it can be too painful or stressful to discuss finances or make plans for retirement because of a lack of preparation, embarassment because of a bleak financial status, or large outstanding debts. In addition, a spouse may make financial decisions without consulting their spouse or letting them know what future financial goals have been set. In either case, a lack of communication among family members regarding finances can delay retirement, jeopardize financial goals and require a longer period of employment.  

Lack of Adequate Insurance

While some couples set financial goals and make good decisions to reach those goals, they may still be at risk for financial hardship because of a lack of adequate insurance. It is crucial to have life insurance coverage in place to provide for loved ones in the event of an unexpected passing.  Without it, the expenses that accompany a burial and memorial service can quickly wipe out any money saved for retirement or other big expenses.  

If you're facing uncertainty when it comes to planning for your financial future, contact the team at Aegis Insurance & Financial Services today. We offer top-quality personal insurance solutions that are affordable and customizable to your unique needs. We pride ourselves on helping individuals and families save time and money with bundled insurance packages, including Homeowners, Auto, and Life Insurance. Call Aegis today at 713-850-7622 for more information, or go online to request a free quote.