Investing your money has never been more complex. Economic uncertainty, stock market volatility, mounting corporate scandals, and threats to world peace have left people who are at or near retirement looking for conservative investment opportunities.

Retirees always have been concerned about safety and security, and the preservation of assets. Banks provide the conservative alternative; however, many retirees and baby boomers are protecting their money in traditional fixed annuities and in the rapidly growing subcategory of equity indexed annuities.

Insurance companies issue these annuities in return for a payment or “premium,” and guarantee the return of your money at a future date or over a period of time. Annuities often are purchased for retirement income, but not always. Overall, fixed annuity sales continue to grow each year.

Taking advantage of conservative retirement options is only part of the financial challenge that retirees face today. The bigger obstacle in preserving precious retirement assets is not squandering them through common financial blunders. The good news is these mistakes are avoidable. The 10 most common mistakes that retirees make with their finances are:

1. Procrastinating—The earlier people start planning for retirement, the easier it will be.

2. Not making the most of existing capital—Is your working capital increasing income? Reducing taxes? Available when you need it most? Do you have a strategy for how to spend the “last dime on the last day”?

3. Having too many eggs in one basket—There’s no reason to have all your money in one investment. Variety is good; it’s the difference between losing a little and losing it all.

4. Holding property title jointly—You can be held responsible for anyone a contract includes. So if the joint party violates the contract, guess who will be held liable?

5. Not understanding bonds, especially inflation factors, liquidation impacts, and interest fluctuations—Unfortunately, what appears to be a good investment today might not 10 years down the road. Consider all these factors because they have a direct impact on value.

6. Paying too much in taxes—This comes from not understanding taxes, and not only income taxes. A number of other taxes or tax-related issues can reduce retirement assets, such as estate taxes, Social Security, and IRA pension disbursements.

7. Failing to protect assets from estate taxes, probate, or catastrophic health problems—It can be difficult to think about unforeseen problems, but it’s vital. People can prepare themselves for the unexpected by obtaining proper insurance and having necessary financial resources.

8. Not having a realistic long-term healthcare plan—Failure to plan for healthcare catastrophes or the financial impacts of home care, nursing home costs, Medicare, and Medicaid can decimate retirement savings.

9. Paying unnecessary investment fees that reduce investment savings—Unnecessary commissions on investments that diminish value are a waste of money.

10. Planning your vacation rather than planning your estate—It’s amazing how quickly people are to plan a vacation and how long people can put off estate planning. It’s essential, and, unfortunately, too often it’s done too late.

Anyone is subject to making these mistakes, but the negative impacts are particularly severe for retirees. People at or near retirement typically have more to lose and less time to correct negative impacts. Fortunately, it’s never too late to restore retirement funds. But before making any investment decisions, consult with a qualified financial advisor who is experienced in the needs of retirees. He or she can help you make the best decisions for your financial situation during today’s volatile market, so your money is there when you need it.

Curtis Blair is a Certified Senior Advisor (CSA) and CEO of Lubbock-based The Blair Group, LLC, and a TMAIT advisor. If you have questions regarding retirement options or other financial issues affecting your practice, call TMAIT 1-800-880-8181 or email contact@tmait.org.