Chapter 17

Top Ten Retirement Mistakes

IN THIS CHAPTER

Bullet Discovering the foibles that can scuttle retirement plans

Bullet Learning from others’ mistakes

Bullet Finding ways to improve your plan

Building a comfortable retirement is up to you. If you follow sound rules by saving as much as you can and maxing out your retirement accounts, your golden years will likely be pleasant.

However, many perils can stand between you and a successful retirement. Some of these easily avoidable mistakes can severely injure your plans, resulting in the need to work longer than you expected or spend less than you’d hoped.

Waiting to Save

You might think that your earning potential is infinite and you can worry about retirement savings later. But time is an investor's top ally. If you start saving early, you will amass more than a person who saves much more but later in life.

Make life easy for yourself: Start saving now.

You should save at least 15 percent of your income as soon as you can. Make your savings plan automatic by having the money taken out of your paycheck.

Tip The sooner you get used to living on 85 ...

Get Retirement Planning For Dummies now with O’Reilly online learning.

O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers.