Common Mistakes When Saving For Retirement

There are many different things to consider when planning for retirement at any age. For those in Greenville, SC, working with Matt Dixon, a Registered Financial Consultant, creates an effective retirement strategy that avoids the common mistakes people make with do-it-yourself retirement planning.

It is important to keep in mind that retirement planning needs can change over time. Scheduling a consultation with Matt Dixon if any type of major life event happens will ensure your financial plan for investment maximizes your potential to save money now and meet your retirement goals.

Mistake: Putting Retirement Savings on Hold

Many younger singles and couples make the mistake of putting retirement planning on hold as they start a family, purchase a home, or strive to pay off student loans. If you plan on doing these things, meet with Matt Dixon and examine your short and long-term financial plans to keep contributing to your retirement. This allows you to have the financial freedom to manage your day-to-day and big picture financial needs.

Mistake: Not Adjusting Investment Risk

Investments have some level of risk. Finding a balance between risk and reward for each stage of life is essential. The earlier in life the investment, the more comfortable it is to consider higher risk investments. As people move closer to retirement, moving to lower risk investments is a safeguard on their savings.

Mistake: Making Changes to Retirement Plans without Adjusting Savings

It is very common for people in Greenville, SC, to make changes in their plans for retirement. However, failing to adjust for these changes may result in having to work longer. Changing the retirement plan when there is a change in goals helps reduce this concern.

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