The goal of a comfortable retirement is challenging for many. Even those that plan ahead can fall victim to a number of pitfalls. To help consumers achieve their retirement goals, we’ve identified some of these mistakes and provided advice for avoiding them.
Underestimating Retirement Expenses
Perhaps the most important factor in assessing the adequacy of one’s retirement savings is the estimated financial costs of retirement. One common mistake is to underestimate how much money one will require after retiring. There are a number of reasons that people commonly make this mistake. First of all, individuals tend to ignore the impact of inflation on their expenses. Additionally, individuals may underestimate how much medical attention they will require later in life. Finally, many individuals have a hard time predicting how much money they will spend once they are not working. For example, many will have more free time for vacations than during