If you’re anything like me, chances are you make mistakes – after all, we are human. There are a few big financial mistakes we can make in life that are easily avoidable, and it’s my job to help you prepare for the future by informing you about some common retirement mistakes our agency can help you prevent.
The big mistakes we make affecting our money are the worst. Here are 3 common mistakes I see people make with their savings that can have a negative impact on their retirement:
- Forgetting About 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.
- Procrastinating. Many people fail to take advantage of their years leading up to their retirement. Often times, these are peak earning years and you should be saving as much as you can during this time.
- Underestimating Their Needs. Many people are bad predictors on their own of the amount of time they’ll spend in retirement. Average life expectancies are steadily increasing in the U.S. There is now a chance that you will spend as much time or even more in retirement than you did working and you need to be aware of and prepare for that possibility.
No matter what your age or where you’re at in life, it is never too late
or too early to start planning for your retirement and future.
Call our office today to speak with our Exclusive Financial Specialist!!