Seemingly small decisions can have a large impact on your future retirement security. You don’t get a second chance. You can’t turn back the hands of time and start over again to prepare for a prosperous retirement. So it is critical to make the right decisions along the way. Avoid these 15 common money mistakes to ensure that you have adequate income during the treasured retirement years.
Financial Blunder #1 – Not having a retirement plan
We all know the importance of saving for a rainy day, especially when it comes to retirement. Unfortunately, many people don’t have a retirement savings plan – which is a big problem because it is hard to live comfortably on Social Security checks alone.
If you have not yet retired the time to save for retirement is today – right now. The sooner you start saving for retirement the longer your money has to grow. That’s the power of compound growth. Experts agree that saving 15% of your gross income is the right target – but only one in 10 people are doing so.
One of the best ways to save for retirement is to invest in a Roth IRA or a Roth 401(k) savings plan at work. To make sure you are on the right tracks talk to a financial advisor to develop a solid financial plan so your golden years will not be tarnished, due to a severe lack of funds.