The Most Common Retirement Planning Mistake

For some, retirement seems like a far-off reality. After all, earning enough to retire rarely happens overnight. In order to live out your retirement comfortably, most people will need to think ahead and plan accordingly. But, it’s easy to fall prey to common retirement planning mistakes. There’s one mistake in particular that you definitely want to avoid.

Before we tell you, what do you think is the most common type of retirement planning mistake?

The Power of Compounding

Compound interest is a powerful force that can help you retire comfortably. The best way to take advantage of it is to start saving early. If you wait too long, you’ll have to contribute more money toward retirement per paycheck, which can impact day-to-day expense management.

We find that waiting to save is the most common type of retirement planning mistake people make. However, there are a number of other retirement planning mistakes. We go over a number of these common mistakes in detail and provide you with practical tips for how to avoid them in our latest resource: How to Avoid Common Retirement Planning Mistakes.

Contact Burnham WGB Private Risk Advisors

Effectively managing your money for retirement requires careful planning. Partnering with the right insurance advisor can help you stay ahead of retirement planning mistakes so you’re in the best position possible when you’re ready to retire. Connect with our Private Risk Management Team today to learn more about how we can help.