Retirement is meant to be the happiest time of your life. Once you clock out for the final time, the stress of an arduous career vanishes into thin air. But remember, so do the paychecks that came along with it.
Click here and figure out how to make your retirement savings last.
1. They Don’t Set Goals
40 percent of Americans simply aren’t thinking about retirement yet. Retirement is a long way off, and according to a GOBankingRates survey, once you set short-term goals, then you can aim for longer-term ones. Set goals, stick to them and watch the results unfold.
Keep learning how you can eliminate debt by setting retirement goals.
2. They Don’t Use a Calculator
Many people balk at retirement planning since they have no clue how much they’ll actually need to save in order to retire comfortably. If you’re feeling the same way, check out an online retirement calculator to quit the retirement guesswork.
3. They Procrastinate
Don’t get stuck procrastinating on your nest egg. You might miss out on compounding interest that could’ve made your savings grow exponentially. Start now — you’ll thank yourself later.
4. They Have Student Loan Debt
Over one-third of millennials cite crippling student loan debt as the reason they’re stuck without the opportunity to grow a nest egg, according to a survey from Schwab. Consolidating student loans is definitely one of the major debts you should tackle before you retire.
5. They Overestimate Social Security
You’ve spent your entire life climbing that career ladder and crafting a life that you’ll certainly be used to by the time you retire. With the average estimated Social Security benefit clocking in at $1,404 for fully retired workers in 2018, you’ll see your check won’t be able to stretch as far as you might think.
6. They Can’t Save
A little saving can do a whole lot. Just because your earnings aren’t where you feel they should be, it’s crucial that you find a way to stash away a piece of each paycheck for retirement.
7. They Don’t Match 401k
Don’t snub your nose at free money. According to a 2017 survey by the Betterment for Business, 23 percent of those surveyed reported that they didn’t take full advantage of a 401k match from their employer.
In simple terms, 23 percent of those surveyed kissed free money goodbye.
Click here to stay smart about retirement planning.
More on Saving for Retirement
- The Best Roth IRA Accounts
- IRA vs. 401k: 7 Tips for Choosing the Best Retirement Plan
- 10 Lessons on 401k Withdrawal Rules and Options
- Watch: ETF vs. Mutual Fund: How to Choose Your Investments