Planning for your retirement should be more exciting than stressful. Yet many people run into financial headaches because of a few common retirement planning mistakes, such as:
1. Not Having a Plan
By far, the biggest mistake you can make is not having a clear retirement plan. A 2014 Federal Reserve survey found that 31 percent of respondents had zero retirement savings.
2. Underestimating Medical Costs
Between rising health care costs and the natural likelihood that you will need more medical care as you age, it’s imperative that you not only factor medical costs into your retirement plan, but also round up when doing so.
3. Not Building a Relationship with Your Bank
A local bank like Spencer Savings Bank can play an active role in helping you to make smart investments. U.S. Census figures show that only 1 in 10 Americans is financially equipped to retire by age 65. With a variety of savings engines to help secure your retirement, Spencer can help you beat those odds!