It’s never too soon or too late to start planning for retirement. Even if you’re behind the eight ball, there are steps you can take to catch up.
Unfortunately, many people fall prey to one retirement planning mistake after the next. And by doing so, they soon realize that retiring at the target age is going to be a difficult task.
On the plus side, awareness of the most common mistakes will go a long way in helping you avoid trouble.
Here are three mistakes to keep on the outside looking in:
- Continuing to put off retirement planning: Even if you’re late to the game, it’s better to start now than never. Don’t wait another day to create a retirement plan that you can comfortably follow.
- Neglecting to contribute to a 401(k): If this is available to you through your employer, it’s one of the best ways to save for retirement. Adding to this, there’s a chance that your employer may match your contributions up to a predetermined amount. This is free money that you don’t want to miss out on.
- Ignoring your estate plan: Retirement planning and estate planning go together hand in hand. If you don’t have the right estate plan in place, it could impact what happens to your assets upon your passing or in the event of incapacity.
It may sound difficult to avoid these common retirement planning mistakes, but it’s easy to do so when you vow to take immediate action.
There’s no way of knowing what the future will bring, so the best thing you can do is create a comprehensive retirement plan and follow through to the best of your ability.
If you have any questions about retirement planning, estate planning, or related subject matter, contact our law firm for professional guidance.