Are you headed for a terrible retirement? If you are following this path, you could be in for quite a surprise when you retire. A worthwhile retirement plan isn't for the lazy or the procrastinators, it needs nurtured every day to be successful and not a disaster. If you see yourself in any of these examples, you're headed for retirement disaster unless you make some changes.
Difficulty: Easy
Time Required: Not much time at all
Here's How:
- Don't invest in a retirement plan
This is one of the biggest mistakes you can make. Relying on social security for your retirement is downright ludicrous. - Max out all your credit cards and only pay the minimum each month
This is a no-no if you are concerned about your future finances, especially your retirement. Look at paying off your credit cards and not relying on them for purchases that aren't necessary. - Buy everything you want no matter what the cost, you're only young once
Doing this is extremely foolish. Sure you are working hard for the luxuries of life but use a little common sense when buying things just for the sake of keeping up with your friends or neighbors. - Use tobacco and alcohol, eat junk food, don't exercise, and don't worry about your weight
These are probably the hardest habits to change but you're going to have your body for the rest of your life, why not take care of it? Taking care of it could make your retirement years bearable. Not taking care of your body could make your retirement years a disaster. - Don't monitor your retirement plan at work
If you have the mindset that HR or your plan administrator is watching out for your investments, you are living in a dream world. Keeping close tabs on your account is your responsibility so take it seriously.
- Invest all your money in just one company especially if it's the company you are working for
Remember Enron? Diversification is the key to a good retirement plan. Spreading your investments out makes good sense if you do your homework and make good choices. Your plan administrator can help you with these decisions. - Depend on your spouse's retirement plan for your retirement
This is never a good idea. There are too many things that can happen to jeopardize your retirement income. Everyone should plan their own personal retirement even if it's with IRAs or personal investments. - Ruin your credit while you are young
Ruining your credit while you are young will probably have a negative effect on your retirement if you don't take steps to correct your credit standing. The best thing to do to avoid this is to take care of your credit but if something does happen, try to make amends as soon as possible.
Tips:
- Invest what you can in a retirement plan
- Use credit cards sparingly
- Think before making unnecessary purchases
- Take care of yourself
- Diversify your investments and monitor often
What You Need:
- Determination
- Motivation
- Self-control
- Tenacity
- Desire