7 Common Retirement Savings Mistakes You Should Avoid at All Costs ...


Retirement savings mistakes have a tremendous impact on your financial future. Retirement might be several decades into the future, but itโ€™s important that you take steps today to prepare for this transition. Even if you don't know a lot about financial planning, there are several resources and experts who can guide you through the process. The fewer mistakes you make, the better off you'll be. For that matter, here are seven common retirement savings mistakes you should avoid at all costs.

1. Contributing the Least Amount to Your 401(k)

If your job offers a 401(k) plan, you need to decide how much to contribute to your account. As tempting as it may be, fight the urge to contribute the least amount, which is typically 2% or 3% of your pay. Although a small contribution adds money to your paycheck, this is one of the biggest retirement savings mistakes because it reduces how much you'll have when you're ready to retire. If possible, contribute at least 5% or 6% of your salary.

Ignoring an Employer-sponsored Plan
Explore more ...