Planning For Your Retirement

Tuesday, March 1st 2011, 5:05 pm
By: News 9

Kirsten McIntyre, News 9

OKLAHOMA CITY -- For many Oklahomans, they're discovering their financial worries are valid because they made some costly mistakes when preparing for retirement.

For years, they prepared for retirement only to realize they didn't save enough, or perhaps the recent recession cost them too much money. Regardless, Oklahomans are working longer than ever before into their Golden Years.

Beverly Reardon helps train medical students by acting out symptoms. It's a part-time job she took after retiring from 36 years as a school teacher.

"I loved everyday I spent in the classroom with kindergartners and first-graders, and I absolutely love what I'm doing right now," Reardon said.

Reardon and her husband spent years preparing for retirement. They have savings, CD's and Reardon collects an income from the teachers' retirement system. Even so, she said, her part-time job gives her fun money.

"We're able to do things for children grandchildren that we probably couldn't do," Reardon said.

Jerry Kiefer is a financial advisor. He said there are other common mistakes he often sees in those approaching retirement. He advises his clients not to take on too much risk, be diversified in their investments and don't forget about what he calls "the silent killer."

"Inflation can have a significant impact on someone's retirement. A person who is 65 and getting ready to retire can expect that their retirement costs will double over the next 20 years by the time they're 85," Kiefer said.

For Reardon, her life is full doing the things she enjoys, including working after retirement.

"I think if I won the lottery, would I quit? I don't think so. I don't think so. I think there's so much more than the financial security it brings in it's just life enhancing for me," Reardon said.

Experts said it's recommended if you don't have a financial planner to get one.

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