April 15, 2018

7 Mistakes Guaranteed to Ruin Your Retirement

2. Not saving enough money

When you’re not spending money to constantly upgrade your toys, you’ll have more money to save.

With traditional pensions all but extinct, it’s up to you — and you alone — to save up the cash needed to live comfortably in retirement. Don’t count on Social Security either. The average monthly Social Security retirement payment was just $1,404 as of December 2017.

Failure to save enough money is a sure way to retire poor. Ideally, 10 to 15 percent of your income should be going into a retirement account each month. If you are behind in funding your savings goals, you probably should save even more.

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