Doing nothing
Planning for retirement might not be easy, what with all the important aspects and details you have to factor in. But just because something requires a little bit more effort, doesn’t mean it cannot be done. Think about the hundreds or thousands of dollars you could be saving for your golden years if you make your contributions on time.
If you don’t know where to start, ask for the help of a financial planner, at least until you get the hang of things. Doing nothing at all will get you nowhere.
Not trying to pay out your debts
Whether it’s mortgages, unpaid credit card balances, car loans, student loans or the like, it’s clear that debts prevent you from successfully saving for retirement. Financial experts recommend paying off as much of your debts as possible while you’re in your peak earning years, namely in your 40s and 50s. Not only will you be able to dodge the exorbitant interest charges, but you can also spend your retirement years without worrying about debts.
Speaking of your peak earning years, check out these 12 Crucial Financial Tweaks You Need to Make Once You Enter Your 50s.
