I am so pleased to share this post written by Money Done Right!
Logan Allec is a CPA, personal finance expert, and founder of the finance blog Money Done Right, which he launched in July 2017. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money.
3 Retirement Mistakes to Avoid
We all want to retire comfortably, but many of us don’t know exactly how to reach that goal. Different people offer completely different pieces of advice, and it’s difficult to determine the best ways to approach retirement savings.
This article will cover some of the most common errors people make when saving for retirement. We’ll also explain how you can improve your retirement plan to overcome these mistakes and get back on track. It’s never too late to start thinking about retirement—every dollar you contribute will make a real difference.
Starting Too Late
While you can always turn your retirement plan around, the truth is that starting early is one of the best things you can do for your financial future. The longer you wait, the more you’ll need to save each year to make up for that lost time.
The money you invest in a retirement account grows over time, so you’ll end up earning more returns by investing now rather than waiting until next year. When it comes to saving for retirement, time in the market is always better than timing the market. No matter how you choose to invest, the most important thing is to start contributing early.