6 Costly Retirement Planning Mistakes

Be sure to avoid these common errors.

Retirement planning can be a tricky area to navigate because it involves hundreds of rules, and violating them can result in unnecessary taxes and penalties. Couple this with the fact that the majority of people are unfamiliar with this maze of rules and regulations, and it's not surprising that many retirees have made some costly errors in their golden years.

Knowing the most common mistakes that are made is an important step to avoiding them. Here are six costly errors to watch out for:

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Mike Piershale, ChFC
President, Piershale Financial Group
Mike Piershale, ChFC, is president of Piershale Financial Group in Barrington, Illinois. He works directly with clients on retirement and estate planning, portfolio management and insurance needs.