Wealthy Living

Top Retirement Mistakes You Need to Avoid at All Costs (That You Are Probably Still Making)

Retirement mistakes abound, whether due to bad advice, improper planning, or just misconceptions about what retirement truly is for.

Here are some of the biggest retirement mistakes that people are making, according to financial experts.

What is most fascinating is that the majority of them have nothing to do with finances, which should be an eye-opener for anyone planning for or nearing retirement.

Mistake #1: Treating Your 401(k) Like a Credit Card

Here is one big retirement mistake: Believing you won’t encounter any health complications for the rest of your life. Maybe you will stay healthy, but having a backup plan for if things go south can help prevent unnecessary pain and stress.

Mistake #3: Passing Up Free Money in the Form of an Employer Match

One large mistake people tend to make is not contributing enough to their retirement accounts to receive the full employer match. If you are not contributing enough to your 401(k) to receive the match, you are just giving up free money.

Also, not saving early enough to take advantage of compounding. The earlier you begin saving the longer your money can compound over time, resulting in more value.

Mistake #4: Thinking Retirement Planning is Just for Your Finances

The biggest retirement mistake I see is people not considering all the non-financial aspects of retirement. They think they'll just stop working and spend all their time on a quasi-vacation playing golf or taking it easy.

Swipe up now to read the full post!