Everyone makes mistakes – but the avoidable mistakes affecting our money are the worst. Here are a few common mistakes investors can make with their savings and investments, both before and after they retire:
- Forgetting About the Effects of Inflation. Inflation can erode your retirement savings and affect your ability to maintain your lifestyle during your retirement years. For example, at a modest 4% inflation rate, a $50,000 retirement income will need to double to $100,000 in just 17 years.
- Failing to Take Advantage of the Years Right Before Retirement. Typically these are your peak earning years. Boost retirement savings with catch up contributions and stash your hard earned money away with a systematic saving program.
- Underestimation of the Time You’ll Spend in Retirement. Life expectancies are increasing in the U.S. because of the quality of medical care, better nutrition, and exercise. Living longer is a good thing; but, it’s important to consider that the time you spend in retirement may equal or even exceed your working years.
No matter what your age, it is never too late or too early to start planning for your retirement. Call our office today to speak with one of our Exclusive Financial Specialist!!