Wealth strategies and retirement savings plans can make a real difference. Do you have a plan you believe will be adequate? The following illustrates some common mistakes people make that could hurt their ability to meet savings and retirement goals.
1. Overusing credit cards.
2. Carrying a monthly credit card balance and incurring high interest charges.
3. Carrying too much deferred debt (cars, student loans, etc.).
4. Not maximizing your participation in your company’s 401(k) plan.
5. Postponing your retirement contributions to a later age.
6. Purchasing everything brand-new, when pre-owned items can cost much less.
7. Retiring too early. Selecting early Social Security retirement benefits may make a significant reduction in the amount of money you’ll have to live on in retirement.
One of the secrets to securing a comfortable retirement lies in making money work for you. Don’t let mistakes derail your dreams.