5 retirement mistakes many people make which you should avoid
- Failure to plan
This is one of the major mistakes many people make. There is always the assumption they will start doing it tomorrow but this procrastination that could begin in the 20s continues through the 30s. Before you know it, you are in your 40s and a few short years to retirement. Of course it is never too late to start planning. What you need to do is get up right now and see what Hi Benjamin will advise you to salvage the situation. Always remember that the earlier the better. You will have a more secure future with a larger investment than a small one.
- Single line of investment
A good investment planner like Hi Benjamin will give you options of where to invest. Putting all your eggs in one basket is usually a higher risk. It is important to spread your risk so that if one fails, the others stand a chance of succeeding. Fortunately many investment advisors have the experience and expertise to guide you accordingly on what investments are likely to work and which ones you should not take a risk on. Unfortunately many people choose one line of investment and some have been disappointed by the choices they made.
- Failure to restructure the plan
Some people think all they need to do is make the decision and start saving without following up on their investment. It is always important to follow up and find out where you stand in your investment plan. It is important to always follow up on the growth of your investment and find out from Hi Benjamin what changes you need to make to see further growth. This is especially so if you can save a little more today to receive a little more tomorrow.
- Saving in cash
Some people think as long as their bank balance is growing, they are safe. It is understandable to have liquid assets that are easily accessible but it is more important to give your money the opportunity to grow. Why should you settle for $1000 when you could grow it to $2000? It is important to see the financial advice of hibenjamin.com to help you understand the importance of growing your money while at the same time ensuring you have enough to live comfortably.
- Taking insurance in advanced age
Some people are comfortable until they get their 60s then they realize that they have never taken individual health insurance. Unfortunately when employed and having insurance cover by your employer means that this will cease when your employment comes to an end. It is always important to have a backup plan and this includes taking personal insurance at an early age.