Four Costly Retirement Mistakes You Can't Afford to Make

When it comes to retirement-payout options,you get only one chance to get it right. Avoid these pitfalls.

Editor's note: This article is adapted from Kiplinger's Retirement Planning 2007 guide. Order your copy today.

When it comes to making crucial decisions about retirement payouts, you don't get a second chance. Instead of checking off boxes and signing forms on the way to your retirement party, take time to weigh your options. Making mistakes can be very expensive. Avoiding them can save you thousands of dollars in taxes. Start planning your exit strategy a few years in advance to take full advantage of all your options.

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Mary Beth Franklin
Former Senior Editor, Kiplinger's Personal Finance