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Planning is critical and cant be avoided if youre looking to ensure a comfortable retirement.
But retirement planning can be complex and everyones situation is, to some extent, unique.
Unfortunately, many of us are prone to making mistakes along the planning journey.
What are the most common retirement planning missteps?
GOBankingRates spoke with financial experts to find out.
Here are some tips to avoid financial planning missteps during your golden years.
Too many people wait too long to start building out their retirement plans.
Start as young as it’s possible for you to.
It is never too early to start thinking about retirement strategies, Cirksena said.
Pay off your high-interest debt ASAP.
Not Prioritizing Contributions to Investments
To enjoy a comfortable retirement, you need robust investments.
Too often, folks dont prioritize making these.
Easily avoid this by maximizing your contributions toIRAs, 401ks, etc, Cirksena said.
People often make missteps here by deferring these taxes for as long as possible.
ARoth conversion planmay help get money out of these tax-deferred accounts early in retirement.
Addressing this need can provide peace of mind about your future, allowing you to enjoy your retirement fully.
Ignoring it could jeopardize your financial security and overall well-being.
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