
These Common Mistakes Are Ruining Your Chances of a Comfortable Retirement

After being committed to your workplace for a number of years, you unconsciously begin to look forward to retiring. You must have heard your folks mention it over and over, right? Thinking about it, however, planning for retirement is easier said than done.
An individual has to have mapped out a foolproof way of maintaining financial security in their golden years, and while they may be confident of this when leaving their jobs, mistakes made along the way come back to haunt them.

Mistakes made along the way come back to haunt them
As a matter of fact, you can live for up to three decades after your retirement. If you’re lucky, you could even live longer. Point is, 30 years is a really long time for you to be worried about your finances, and the truth of the matter is that you won’t be as energetic as you once were. Age surely catches up with us, and it’s only fair to ourselves to be ready for such an eventuality.
So, how does one go about it all? Steve Vernon, a contributor at Forbes, sheds light on some of the mistakes we should avoid during our careers. If we sail through safely, we’ll be financially secure in old age, and can you imagine the peace such a situation brings?
Don’t Rush into It
For starters, Vernon advises against retiring way too soon. If there’s any chance that you can delay hanging your boots, take it. It doesn’t even have to be a really long time – a couple more years ought to do it. After all, you never fully get your Social Security retirement benefits till you’re like 67, so what’s the rush?

Delay your retirement for a few more years
If you’re already saving for retirement, you probably have a target amount, say $1 million. In your mind, the moment you achieve this feat, you’ll be comfortable enough to retire. However, Vernon says that your “magic number” approach is all wrong.
Instead of working with a fixed amount, you should be figuring out what expenses you’ll incur during retirement, then focus on your retirement savings based on them. That focus should also incorporate how to generate income that will last at least 25 years after you’re long retired.
When it comes to retirement income, nothing beats Social Security for most retirees. The fact that it protects them from common risks associated with retirement makes it ideal for them, but the mistake most people so is seeking the benefits early.
As Vernon explains, it makes more sense to delay the start your Social Security benefits. With a thoughtful strategy, you can pinpoint the perfect time to kickstart your benefits for more income generation. Bankruptcy is foreign in matters Social Security, so let no one convince you that you can miss out on your benefits.
The Working Indefinitely Trap
While for most people a retirement plan involves having time to themselves and doing what they couldn’t while at work, there are those whose plan is to work indefinitely. Unfortunately, this makes sense but for just a while. There comes a time when the body is no longer willing, so what will you do then? Don’t fall into this trap.

Don’t plan to work indefinitely
But then again, don’t just plan for the recreational activities. Retirement is so much more than traveling and having a good time. Have you thought of the health concerns that come with old age? How about the taxation rates in the state you’ll move to? For your own good, plan for everything.
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