If you’re like many people, you want to live comfortably in your latter years.
But, unfortunately, that’s not possible for all retirees.
Sometimes, the reasons are innocent enough: the entire market crashed right before retirement, unforeseen medical bills ransacked the retirement account, or a mischievous lawsuit caused irreparable damage.
While there are still some ways to reduce the likelihood of these unexpected financial catastrophes occurring, there are other instances where, through a moderate to high degree of negligence, one’s retirement plan is blown out of the water.
Careless mistakes cost a pretty penny. Some never recover financially. It’s heartbreaking.
Here are some ways to botch your retirement plan you should most certainly avoid.
1. Wait until tomorrow to invest until it’s too late.
People procrastinate saving for retirement for a variety of reasons. Sometimes, they’re living paycheck to paycheck. Other times, they are confused about their options. Occasionally, they don’t even realize they should be saving in the first place.
I imagine you’re not in that last camp. You probably know you should save, but something is holding you back from starting.