Investing for retirement doesn’t always provide guaranteed return on investments. Do you know why? The reason is most of the baby boomers (would-be retirees) commit certain pre-retirement blunders that blow away the benefits out of their investments.
Luckily, there are ways to prevent that from happening to you.
Worst pre-retirement moves you must always avoid
According to the financial advisers, there are certain financial mistakes that may ruin your financial health after have you retired. Are you one of them who is about to retire in the near future? If so, you should stay away from these pre-retirement mistakes:
Thinking that its too early to start planning for retirement
If you think it is too early to make a move for retirement, then you are wrong. The fact is, the younger you start your journey the sooner you can achieve your goal. Once you make a habit of saving money in your way it will be good for your retirement. For example, start saving 5% of your gross income a month then gradually try to save 15% in a month within a year. You will reap the benefits in future.
These days, most people I know don’t have a proper retirement plan. Basically, you won’t be able to continue working till the old age due to health reasons. Hence, it is always a good idea to imagine how your retirement would look like and plan your finances accordingly.