ANCHOR LEAD: Over 20% of Americans say they are not confident about saving enough money for retirement, so Bobbi Owens has more with a financial expert with tips on how to make sure you have enough cheese for the future before you leave the rat race. (:60)
SCRIPT: Your Financial Fitness, I'm Bobbi Owens. You may be nowhere near the age for trading in your morning train commute for a golf cart, but it's never too early to start planning for retirement says Vice President, Corporate Counsel in the Tax Department for Prudential Financial, Robert Fishbein. Rob, what are some of the biggest mistakes to avoid when planning for retirement?
CUT: (Fishbein) I've summarized the mistakes into seven areas: First, not having an income plan, not understanding tax diversification, not eliminating debt, electing Social Security early, stopping work too soon. not understanding the impact of healthcare costs and inflation. And finally, not insuring your retirement plan.
SCRIPT: Why is it important to start planning for retirement?
CUT: (Fishbein) It's important to start now, because we're living longer, so it's never too soon to get into action. And as you approach retirement, the impact of poor decision making is compounded by the fact that there's little time left to recover from a mistake.
SCRIPT: To learn more about retirement planning, log onto Prudential-dot-com. That's Your Financial Fitness from Prudential. I'm Bobbi Owens.
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