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4 Words that Can Derail Your Retirement Savings

  • Writer: Art
    Art
  • Apr 27, 2020
  • 2 min read

Updated: Aug 18, 2020


Retirement is coming. Before you know it, you will experience the result of your retirement savings.


When discussing retirement savings, the words we use can reveal a lot about our understanding of what it takes to set aside enough for retirement. Here are a few words that can derail your retirement savings:


  1. Later. As in, “I will start saving later.” Some of the most important years of retirement savings are found in early adulthood. This is due to compounding, where your money earns on its earnings. If you are past early adulthood, don’t fret, just get started. This saying comes to mind—“The best time to plant a tree was twenty years ago. The second best time is now.”

  2. Safe. As in, “I am going to play it safe with my money.” If you are going to have enough for your retirement years, more than likely, you need to take some reasonable risks. Keeping your money in a savings account, CD (certificate of deposit), or money market account will not create the gains you need. You will need to place your money into some type of investment, like an index fund.

  3. Risky. As in, “I am going to invest in this really risky stock.” Don’t invest in a stock just because your friend said he feels good about it’s potential. Your retirement savings is not your play account. Your account’s performance will have significant financial consequences for your future. It is not the place for really risky investments.

  4. Fine. As in “Everything will be fine.” This thought often leads people to be lackadaisical with their retirement savings. Sometimes, they set aside money, and sometimes they don’t. Sometimes they pay attention to their investments, and sometimes they don’t. Be consistent with your savings and pay attention to your investments. Assuming that everything will somehow work itself out in the end increases the chances that it won’t.


Make it a goal to set aside 15% of your gross income for retirement. And don’t fall for these words that can derail your retirement savings.

4 comentários


henty1308 lee
henty1308 lee
4 days ago

BitLife lets players live a stranger's life from start to finish.

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Kirti Garg
Kirti Garg
10 de abr.

Great post! I’ve been exploring different investment strategies lately, and using an SWP Calculator really helped me understand how to plan regular withdrawals without affecting my core investment. While many focus only on SIP, combining both SIP and SWP strategies can be super effective. Also, finding the Best SIP based on your goals is key for long-term success. Has anyone here tried balancing SIPs with SWPs for better cash flow? Would love to hear your thoughts!

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Diceo
Diceo
24 de fev.

I used to think, “I’ll start saving later,” but the truth is, the earlier you start, the better, compounding is no joke. Playing it too safe or too risky can also hurt in the long run. Finding a solid balance with investments, like index funds, makes a big difference. Knowing where to get help, like Carry On Trailer customer service, can be just as important if you're planning for retirement travel or even hauling an RV.

Editado
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Sam Dillard
Sam Dillard
13 de fev.

Prepare yourself for the ultimate winter adventure in Snow Rider!

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