The Biggest Retirement Mistakes Investors Make

According to Forbes, the single biggest mistake that people make is “winging it.”

Operating without a financial plan and — maybe worse — having no idea how much they need to retire on ranks first because it can put investors years behind schedule.

The others are:

  • Starting too late.  Market gyrations, fund fees and other costs cost you, but nothing compares to the cost of getting a late start on saving and investing for retirement
  • Heading into retirement with expensive mortgages,
  • Overlooking the free money from employer matching funds for 401(k) plans,
  • Failing to consolidate their accounts — increasing the likelihood that they’ll lose retirement money through forgetfulness, poor record keeping or clumsy tax planning.
  • The tendency among investors to put their children’s financial needs before their own. In other words, they’ll sacrifice their well-being in retirement for their kids’ education, living and sometimes even lifestyle expectations. In truth, not becoming a financial burden in old age is the most generous thing parents can do for their kids.

Korving & Company, LLC

Korving & Company is an investment management, financial advisor, and financial planning firm that specializes in working with retirees, couples who are serious about retirement planning, and women who have recently suffered the loss of a spouse.

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