These days there are more people of retirement age than ever before. Yet the unfortunate fact is that many of them have no reasonable chance of retirement. There are lots of mistakes that you can make that can undermine the chance of a comfortable retirement. You can also make them at almost any age, whether you are old or young. If you avoid the pitfalls, however, it can all turn out quite differently, and you can enjoy a successful retirement. The key is to know some of the top reasons why people may never retire. That way you don’t have to follow in their footsteps and torpedo your own hope of retiring.
1) You Aren’t Saving Enough!
A Forbes Magazine feature recently explored how much the typical person will need to retire comfortably. Some financial planners recommend that before you can retire, you need to have saved 11 times your normal salary, while others argue that isn’t nearly enough. Because the majority of Americans haven’t saved nearly as much as they will need, they won’t be able to retire without drastic lifestyle adjustments. The solution is to start saving ASAP, and keep making contributions to a retirement account for as long as possible so you will have enjoyable and stress free retirement years. It’s never too late to start saving, but if you are investing during your younger years, the money you invest can multiply if invested properly.