4 Things That Can Destroy Retirement Plans

You may be planning for a comfortable retirement where you have absolutely no money worries. However, there are things that can destroy your comfortable retirement plans. Here are four of them. Try and avoid them to enjoy every minute of your retirement.

Early Withdrawal of Retirement Funds

It can be extremely easy to withdraw money from your retirement account or your 401(k) before retirement age. However, try and avoid this. When you withdraw money before retirement age, you not only lose out on savings but also many years of compounded growth. Think twice before you withdraw money before retirement. You will need this money far more than you do now once you are retired.

Life Expectancy

Many of us worry that we will outlive our income. Sometimes, this is true. Most seniors will live past the age of ninety. How do you save to ensure you live comfortably for this long? As yourself, do you need to retire in your sixties or consider a career change? If you were working full-time, consider part-time. Do some consultancy work or start a small business. Bottom line, save as much as possible, for as long as you can.

Too Much Debt

Do you feel that no matter how much you save it is simply not enough? This could be a problem for you in retirement. An excessive lifestyle where you spend too much money can have a significant impact on your retirement savings. In addition to this, if you are living beyond your means, it can be difficult to live carefully once you retire. This can destroy your comfortable retirement plans.

Excessive Indulgence in Retirement

Retirement is the time to live your life the way you want to. However, this should be done within your means. This is not the time to purchase a Porsche just because you have always wanted to. If you can afford to, go for it. But, if it creates a significant decrease in your savings, think again.

Many things can affect your retirement plans. Therefore, you need to be careful about how you live before retirement. If you are careful and plan, you will be able to live the comfortable retirement you have always been dreaming of.

This article is by ActiveAdultLiving.com®, the website for information on more than 8,500 active adult communities in the US and Canada.