Just investing in a retirement plan does not guarantee that you will be financially secure at your retirement. One mistake in planning for your retirement could land a baby boomer in a heap of trouble and push your retirement back by years. To make sure that you are in the perfect position to retire when you want to, and on your own terms, diligent planning is as essential as is avoiding the most common pre-retirement planning mistakes that baby boomers make. If you make these common retirement planning mistakes, you may be heading for trouble.

Don’t forget to take complete advantage of your company retirement benefits, and invest as much as you can afford into your company retirement plan. Don’t withdraw money from your retirement plan or you will lose valuable interest which is almost impossible to replace. Some retirement plans do allow hardship withdrawals and loans, but find out about the loss of interest, penalties and early withdrawal fees that may be involved. Don’t forget to actively monitor all your investments, to keep yourself aware of discrepancies and know how well your investments are performing. Don’t rely solely on Social Security to provide your entire retirement income. Back it up with other means of income such as a company pension plan and personal savings. Don’t rely on your partner’s retirement plan. The partner with the retirement plan may die or divorce or have an extended illness that would end up compromising on the single spouse retirement plans. Make sure each person has a separate retirement plan. Don’t forget to review your retirement plan on a regular basis. Review asset allocation, balances, goals, etc to make the most of your retirement plan. Don’t put all your investments in one stock. Diversify investments so that one failure does not wipe out your entire retirement fund. Carefully check out your broker and your financial advisor before you trust your retirement savings to them. Research credentials and track records. Don’t forget to take retirement planning seriously. Your retirement plan should be a priority even when you are young and at the beginning of your career. Starting early allows you to stash away a large investment and might even enable you to retire early. Think about the life style you want after retirement, and don’t postpone planning until after all your current commitments are paid for. Don’t forget to figure out the numbers. There is no set formula to determine how much money you will need. The amount depends on the lifestyle you want, your current capability to save, and your investments. Roughly, to generate an income of $50,000 per year during your retirement, it is necessary to accumulate $1 million in the fund.

Guanaja (pronounced gwa-na-ha); doesn’t the name just sound magical? Could it be that this will be your island in the sun for your retirement years? Located in Central America, about forty miles north of the mainland of Honduras in the pristine waters of the Caribbean Sea, it has a lot to offer in the way of retirement benefits.

First of all, Guanaja is warm all year around. The average temperatures rarely go below seventy and usually do not go above the mid eighties. That sounds pretty good, but what would you do with all you mufflers and mittens, you say? How about leaving them up north where they belong! Could you survive without a white Christmas? Maybe you could replace it with the sugar white sand of the beach squishing through your toes instead of stomping through snow drifts in your heavy galoshes?

Property is extremely affordable in Guanaja Honduras. Do you want a cottage up in the hills? The highest peak on the island is fourteen hundred feet with its own crystal clear waterfall to serenade you or, perhaps, a bungalow on the beach with the waves softly lapping at the shore. How would you like to walk out your front door and throw in your fishing line and catch lunch or stick your head underwater and snorkel at a reef full of colorful fish just a short distance away? Guanaja is protected by the world’s second largest barrier reef.

Land is plentiful and affordable as this tropical gem has managed to skate by under the radar screen of the masses, at least for now! What do you think of water front property selling for as little as $20,000? Sound good to you?

The local islanders are a warm, friendly people and many speak English. Honduras, as a country, is a democracy governed by a President along with three vice presidents who serve for a four year term. There has never been a civil war and Honduras has never been known for terrorist or guerilla actions. Not to say that all is rosy, all the time, but the Bay Islands are much different than the mainland of Honduras and we found it very comfortable on Guanaja.

The Hondurans have their own currency, called a Lempira. One US dollar equals approximately nineteen “limps” as the locals call them. The best place, it seems, to exchange dollars for Lempira is at the airport in La Ceiba. Much better than the airport in Miami who wanted to give only sixteen to one, but in addition, wanted to charge a $6.98 flat fee. YIKES! I should be in that business!

Medical care is quite inexpensive, also. A doctor visit will run about fifteen dollars and they may even come to your home. When was the last time that happened to you? Of course, you may want to have an international health policy if you are not on qualified to be on Medicare. There are several companies that offer this type of service and you can even apply online.

Living abroad anywhere has challenges, but with just a bit of planning, Guanaja could be the answer to your retirement dreams. Affordable retirement, how about Guanaja Honduras?