How can people prepare for retirement, and what are some common mistakes to avoid?

[Mostee501]

Some steps you can take to prepare for retirement are start saving early, create a retirement saving plan, set clear retirement goals, diversify your investment. While some common mistakes are procrastinating, underestimating expenses, ignoring employer benefits, focusing on the present only, withdrawing retirement funds early, not diversifying investments.

 

[Grant]

I think save as much as you can over the years. Don't neglect your retirement funds. Save whatever you can.

As for one mistake I can think of, is try not to take your retirement early, as you tend to make less than what you would have if you waited until your retirement age.

 

[Good-Person]

I think save as much as you can over the years. Don't neglect your retirement funds. Save whatever you can.

As for one mistake I can think of, is try not to take your retirement early, as you tend to make less than what you would have if you waited until your retirement age.

Well, I reckon that saving alone is not the only option. If you keep saving and overlook the importance of investing money, then the money itself will lose value. So, investing is a hedge against inflation and this is the best thing many investors do in order to deal with problems.

 

[Heatman]

There are many people who invest money in precious metals like gold. Some even invest money in silver. A few of them invest money in oil stocks and even silver. These investments could prove to be a hedge against inflation. However, dealing in these commodities as a short-term investor could also help you.

As far as I'm concerned, investment is the best way for someone to plan for their retirement because just saving your money is not going to be enough for you to rely on it for the rest of your life after your retirement.