Retirement Planning Mistakes You Should Avoid

Stacy Johnson at Money Talks News developed a great video on retirement planning mistakes that we should all avoid.  According to Stacy, only 13% of all Americans feel that they will be comfortable in retirement.  The other 87% of us are clearly worried and should be avoiding the mistakes that Stacy highlights.

Mistakes That We Make

  1. Failing to Plan
  2. Not Starting early Enough
  3. Ignoring Retirement Plans
  4. Managing Risks
  5. Relying on Social Security
  6. Underestimating Retirement Costs

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4 thoughts on “Retirement Planning Mistakes You Should Avoid

  • Failing to plan is planning to fail. Young people tend to think retirement age is above 50 years thus enjoy life then plan their retirement when 35-40 years of age, this is a mistake. We should plan retirement as earlier as possible. Thanks Stacy for the Article

  • Those really are the most common mistakes some people make, I totally agree with you on those. Failing to make a plan and not starting early enough can result to you not having a good retirement that you want, right? It’s like you will be ask to live below your means for the rest of your life because you don’t have the money to sustain your desired lifestyle when you retire.

  • Not starting early is very common. I got a late start in my career (didn’t graduate college until I was 29). I am doing OK now because I maxed all retirement savings and have built up a good amount in taxable investments as well. I am on track to retire in my early 60s. In my mind, that is not good enough for our son, who is only 12. I plan to match whatever earnings he makes when he gets a summer job in the next few years, and get him started saving in his Roth IRA. It will be invested mostly in low-cost passive index funds, such as the US Total Stock Market. I hope to give him the financial education that I had to teach myself.

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