7 Common Retirement Mistakes And How To Avoid Them

Start saving early, contribute consistently to retirement accounts, and take advantage of employer-sponsored plans. Regularly reassess and adjust your savings goals.

Insufficient Savings

Factor inflation into your retirement planning. Invest in assets that historically outpace inflation, such as stocks, and periodically adjust your retirement income goals.

Ignoring Inflation

Include healthcare costs in your retirement budget. Consider purchasing long-term care insurance and explore health savings accounts (HSAs) for potential tax advantages.

Underestimating Healthcare Costs

Consult with a financial advisor to align your investments with your risk tolerance, time horizon, and financial goals.

Poor Investment Choices

Develop a comprehensive retirement plan that includes savings goals, investment strategies, budgeting, and an estate plan. Regularly review and adjust the plan as needed.

Not Having A Comprehensive Plan

Consider working part-time or gradually transitioning into retirement to maintain income and benefits.

Retiring Too Early

Diversify income sources, including personal savings, pensions, and investments. Maximize contributions to retirement accounts to supplement Social Security benefits.

Relying Solely On Social Security

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