How to Avoid Mistakes in Retirement Planning

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One of the best rules of thumb for retirement planning is to start saving early and never prematurely touch the money you’ve earmarked for retirement.

If you’ve waited to start saving, haven’t saved enough, or have borrowed against your retirement accounts, all is not lost.

Even if you’ve made one of these frequent mistakes made when planning for retirement, you still have time to set yourself up for a more comfortable retirement.

Even if retirement is only a few years away.

As the Chinese proverb goes, “the best time to plant a tree was twenty years ago. The second best time is now.”

Common Mistakes in Retirement Planning

Besides not investing in your future at all, the following are traps you might easily fall into when laying out your financial plans for life without a job.

1. Underestimating the Cost of Health Care

A 2021 analysis by RBC Wealth Management estimates that the lifetime future health care costs for a 65-year old couple retiring in 2021…