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However, only 25% of Americans withretirement savingshave set aside just enough for one year.
This should be based on your risk tolerance and goals, he said.
A common mistake is not actually investing yourRoth IRAin anything after youve contributed money to it.
This means that your funds arent growing or benefiting from compound interest.
Unfortunately, many people allocate retirement savings tomoney market accountsor low-risk bonds.
You should also rebalance to keep your desired asset allocation.
In 10 years, youll still only have $50,000.
How Can You Recover From This Mistake?
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