Everyone dreams of being able to retire in comfort, surrounded by loved ones and blessed with the resources to lead a satisfying life of leisure. Smart retirement-savings planning is essential to achieving that goal. Unfortunately, people sometimes make mistakes that can have a detrimental effect on their retirement funds; to help you avoid these missteps, the accounting service of Sharrard, McGee & Co., PA, in High Point and Greensboro, North Carolina, discusses a few of them in more detail.

An Accounting Service Discusses 3 Common Mistakes People Make When Planning for Retirement

1. They Have No Plan at All

Nearly half of all American families have no retirement savings at all. This astounding statistic means that there are millions of people who will have no financial resources when they reach retirement age, forcing them to continue to work or to depend on family members or social support services. But there's good news, too: It's easy to start saving.

Work with a financial planner or accounting service to set some long-range savings goals, and begin by regularly depositing a small amount of money into a savings account and enrolling in an employer-matched 401(k), if available. As your funds grow, you can explore ways to diversify and expand your nest egg.

2. They Forget About Taxes

There's an old adage about death and taxes being the only two guarantees in life. It should come as no surprise, then, that investments and assets are taxed--and taxed mightily. Many overlook this fact and are then shocked when, upon retirement, they are handed a bill from Uncle Sam. Integrate tax planning into your retirement goals; a Roth IRA, for example, gives accountholders tax-free withdrawals.

3. They Stop Financial Planning at Retirement

Once the goal of retirement has been reached, some people think they're all set financially and can stop saving and planning. But remember: None of us knows how much time we have left, and people are living longer lives than at any time in the past. Retirement may well just be the beginning of a whole new chapter that extends two or three decades into the future. Many don't have the resources to support themselves for that long, so it is essential to continue planning and working with an accounting and financial service. Consider retirement a milestone…not an ultimate goal.

The accounting services and tax consultants at Sharrard, McGee & Co., PA, are here to help you set solid goals and design lucrative plans for retirement. They have offices in High Point and Greensboro and have been proudly serving the area for more than 40 years. Call (336) 884-0410 in High Point, (336) 272-9777 in Greensboro or visit their website.