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Are You Undermining Your Retirement Goals?

Despite your best intentions, Time.com points out ways you might be sabotaging your own retirement plan. You have visions of the day when you will not have to go to work everyday and can enjoy your family and favorite activities but you might undermine your retirement goals if you do the following:

Obsess about the market/Rely on unrealistic expectations

The article says, “…if you give in to the urge to overhaul your investment strategy every time stocks there’s the threat of a setback in the market, you run the risk of making moves that may seem prescient at the time but that you may later regret.” If you find yourself monitoring the stock market and your investments and worrying over them with frequency, take a step back. Find a way to monitor your investments at a regular interval to keep yourself from devoting too much time to them.

Even if you start to invest later in life, you still have to give your investments time to grow.

View investment terms through rose-colored glasses

While you should invest, you shouldn’t have an unrealistic view of the kinds of returns you will get. And this can be complicated by the next mistake…

Skimp on saving

If you rely on investments and don’t save enough, you may come up short once you actually retire. And some people don’t make enough money to save 15% of their earnings as some experts suggest.

If you find that saving is more of an issue of discipline than of lack, you can ‘pay yourself first.’ Use an investment plan at work or set up automatic savings so you save without needing to think about it each time.

A Fee-Only financial planner can help you set realistic goals for retirement and guide you as you stay on track to reach those goals.