Bottom Line for Boomers Who Made Mistakes With Their 401(K) Plans
If you’ve found yourself in a difficult spot when it comes to your 401(k) contributions then the first and most important thing you can do is to have realistic expectations. You may think that it’ll be great to vacation in Fiji every summer after you retire, but can you really achieve that?
Look at where you’re standing and if you’re behind on your savings, know that you’re not alone, so don’t feel discouraged. Seek professional help and look at ways to maximize your savings, even if it means sacrificing things that are near and dear to your heart for a few months or even a few years such as going all out on a loved one’s birthday or renting a cabin in the woods every year on your anniversary.
There are ways you can mend your mistakes. Start with baby steps and, before long, fixing them can become second nature. The truth it it’s never too late to start, so don’t avoid trying just because you haven’t made any significant dents in your retirement plan just yet.
