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5 retirement mistakes to avoid

by , 26 August 2014

Many people feel unprepared when it comes to retirement. The simple thought of retirement can cause people to feel anxious and overwhelmed.

To prevent these feelings and become more relaxed when approaching retirement, you need to plan ahead wisely and avoid making some very foreseeable mistakes.

The following retirement planning mistakes are very common, but the good news is that they can be avoided.

Here are five of the most common retirement mistakes to avoid.
 
Retirement mistake #1: Not having a plan for retirement
 
The most common mistake people make is not having a plan in the first place. It doesn’t matter if you think you’re still too young to be thinking about retirement, you should still plan ahead.
 
Retirement mistake #2: Not knowing how much you need to save for retirement
 
In order to be able to live comfortably during retirement, you need to know how much money you need. This will help you figure out how much money you should save each month to reach your retirement savings goal.
 
Retirement mistake #3: Not taking into account higher health care costs
 
One of the things few people take into account is the fact that health care costs increase with age. You should consider these expenses as well when determining your retirement needs.
 
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Retirement mistake #4: Not saving enough
 
You don’t need to wait to reach 50 to start saving for retirement. You should start saving as early as possible. The sooner you get started, the higher your chances of saving enough to live comfortably during retirement. And the sooner you start saving, the less you’ll have to put aside each month.
 
Retirement mistake #5: Not diversifying your retirement portfolio
 
The rule “don’t put all your eggs in one basket” also applies to your retirement savings. Whether you choose to invest in stocks, bonds, or real estate, don’t limit your retirement portfolio to one single asset. This will help you avoid risks and have more stability in times of crisis.



5 retirement mistakes to avoid
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