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The Biggest Retirement Mistakes to Avoid

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by: No more debt !
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Date: Sun, 20 Dec 2015 Time: 8:34 PM

Most people look forward to retiring someday, but thinking about retirement can also make you anxious and stressed. You shouldn't let worrying about if, when, and how you are going to possibly retire prevent you from making a plan right now. The best way to prepare for the future is to start thinking about it now. Retirement planning in Greenville, SC, doesn't need to be unpleasant. If you avoid the biggest retirement planning mistakes, you will be on the right road to enjoying a comfortable life after you retire. This article will discuss some of the biggest mistakes people make when planning for their future.

Putting It Off

Don't put retirement planning off. If you just entered the work force, are very young, or are not making much money, you may be tempted to not worry about setting anything aside for retirement. This is a big mistake that many people make. If your employer offers any kind of retirement package, you should always take part. If you are self-employed or do not have retirement offered, you should still look into setting something aside each month. Even a very small amount of money, invested wisely, can produce large returns over many years. Anything is better than nothing, so if you feel like you can only afford $20 a month, go ahead and contribute $20 a month. As you build upon your contributions your retirement will grow. If you advance in your career and are able to make significant contributions down the road, you will already have a place to start and you will already have created the habit and expectation of contributing to your retirement. Don't overlook the value of simply creating that routine and learning to live with a little less so that you can secure your future.

Living Large

No one is saying that you need to be a miser and never have any fun, but when you are making a retirement plan, you need to evaluate what your current lifestyle is and what you will need to support the same lifestyle in your retirement. If you live too large now, you may find it difficult later to keep up the same lifestyle. Some people make the mistake of thinking that they will be able to live on a lot less when they are retired. This is generally not the case. For one, once you are used to living a certain way it can be difficult to cut back. While some costs may go down (maybe you have paid off your house and no longer have a mortgage), other costs are almost certainly going to rise.

Underestimating healthcare costs is a big mistake that people make. Not only are living costs going to rise because of inflation, but as you age you are likely going to need more medical care. It is also wise to plan for long-term care. You might not want to think about having to live in a care facility, but the truth is it may be a real possibility. Having a safety net that can take care of that can be a relief, especially to family.

Ignoring Your Plan

Once you have made a plan, don't sit back and never re-evaluate it. As the market changes, your life situation changes, or anything else comes up that may affect your future, you may need to look at your plan and make some changes. Retirement planning in Greenville, SC, is an ongoing process. The best plan now may not be the best plan later. If you need help knowing whether or not you need to change your retirement plan, consult a professional. Knowing your future is secure will take a weight off your shoulders.

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