Whether you are 25 or 75, there are many opportunities to make mistakes regarding your retirement from planning to living in retirement. Avoiding as many of these financial blunders as possible is the best way to achieve your retirement dreams.
What are some of the mistakes that younger people might be making?
What are common mistakes made by those with families?
- Not contributing in the 401k to at least get the company match
- Not living within their means
- Acquiring too much debt early
How can those 10 – 15 years from retirement make wrong decisions?
- Having the wrong savings priorities: education over retirement
- Saving money in the wrong types of accounts
- Not saving 10 – 15% for retirement
What mistakes to those who are retiring or living in retirement make?
- Not utilizing the catch-up contribution limits
- Financially helping grown children
- Not eliminating debt as quickly as possible
Is there any advice you would give to any age group when it comes to retirement?
- Retiring too early
- Not focusing on living a healthy lifestyle
- Never building an emergency fund for retirement
- Making retirement saving a priority as soon as you enter the workforce
- Keep your spending and lifestyle well within your financial means
- And finally, work with a professional who can help you build and execute a financial plan