February 26, 2018

35 Retirement Planning Mistakes That Waste Your Money

Not Increasing the Amount You Save After a Pay Increase

A retirement savings rate is the amount of money you deduct from your paycheck to put toward retirement. For example, if you deduct $200 every month from your $30,000 salary, your retirement savings rate is 8 percent.

You should always increase your savings rate as your salary increases. Put 100 percent of your raise toward retirement — you know you can already get by on your current salary.

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