Wealthcare’s Michael Boggiano offers key insights for MSN into retirement mistakes that can affect even the most financially prepared individuals.
Boggiano underscores the financial burden of healthcare in retirement, pointing out that costs from long-term care, experimental treatments, or home modifications can total hundreds of thousands of dollars over time. He also emphasizes the importance of planning for cognitive decline, encouraging retirees to put protective measures in place, like appointing a trusted financial power of attorney, to help avoid costly errors or potential exploitation in later years.
Lastly, Boggiano highlights the need for flexibility in retirement withdrawal strategies. A rigid approach can be risky, especially in changing market conditions. Instead, he recommends adjusting withdrawal rates based on portfolio performance to help support long-term financial sustainability.
