Navigating the Road to Retirement: 10 Costly Mistakes to Avoid

The effort you put into planning now will pay significant dividends for your future. Khongtham/Shutterstock

Investing in your retirement is a long-term journey that requires careful planning, consistent saving, and a clear understanding of potential pitfalls. Despite the prospect of a comfortable and fulfilling retirement, many individuals unknowingly make mistakes that jeopardize their financial security. For a smooth transition into retirement, you must avoid these common errors.

In this blog post, you’ll read 10 retirement planning mistakes you cannot afford to make and practical advice to help you navigate the road to a secure future.

1. Starting Too Late: The Power of Early Savings

When planning for retirement, time is a significant advantage. Yet 20 percent of Americans ages 50+ have no retirement savings, and more than half (61 percent) worry they won’t have enough money to support themselves in retirement. Okay, let’s say you started too late; what’s done is done. Start now, do it as soon as you can.