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1. Not Saving for Retirement While Working
Knowing how much to save for retirement is difficult, yet an important step toward creating a worry-free future. Many avoid this topic, as it seems light-years away. However, time sneaks up on everyone. Before you know it, you have passed your peak earning years and will start to feel panic and a bit of fear as to how you’re going to make up for it.
The truth is that if you start saving even $100 per month at an early age, you will have nothing to worry about. Let the Baby Boom generation be a lesson to all. Since the group didn’t heed this lesson early on, many boomers are having to work until age 70 and longer. Expenses have more than doubled over the years and income has remained the same or even reduced. It’s a panic that can be avoided.
Sources: investopedia.com, forbes.com, bankrate.com, edmunds.com, cbsnews.com
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