It’s easy to get overwhelmed just thinking about preparing for retirement. With so many variables to consider, it’s hard to know what you should do about developing a strategy for retirement income.
If you’re having trouble wrapping your hands around what you should do, you might want to begin by focusing on what you shouldn’t do. Here are three mistakes you’ll want to avoid to help ensure a comfortable retirement:
- Not having a retirement income strategy:
It’s hard to reach your destination when you don’t know what it is. Maybe you’ve never mapped out how you will financially support yourself in retirement, or maybe your current plan has been gathering dust for years. Now is the time to correct this mistake and set a clear course for your retirement income.
- Not saving enough:
Spending each paycheck to the dime without saving for your future can put you in a rough spot once your checks stop coming in. Make sure you have a budget that includes putting money away for retirement — and stick to it.
- Overlooking the impact of inflation and taxes:
You can’t always predict what the changes will be to the inflation rate or taxes, but that doesn’t mean you can’t prepare for the fact that there will be changes. Make sure you develop your retirement income plan based not just on what you will need for today, but what you will need in the future.
Being prepared for retirement can help you enjoy retirement, so don’t put off preparation any longer!