SHOP
Log in
Don't have an account?
Sign Up Here →
Forgot Password?

Avoid the Roadblocks that Prevent Early Retirement

March 17, 2012

    Avoid the Roadblocks that Prevent Early Retirement

    by John Bearss, Retirement Specialist

    This week I will explore Roadblock Number 4 according to Larry Barrett’s article in the Financial Planning Magazine entitled the 7 Roadblocks to Early Retirement.

    Roadblock #1 – Not Saving Enough, Early Enough (Listen to Roadblock #1)

    Roadblock #2 – Ignoring Free Money (Listen to Roadblock #2)

    Roadblock #3 – Failing to Diversify (Listen to Roadblock #3)

    Roadblock #4 – Starting to Plan Too Late

    One of the biggest mistakes people make is waiting until their 50s or 60s to start planning for retirement. Waiting this long typically means that more sacrifices will have to be made and sometimes these sacrifices can be hard to bear. Those in their 50s and 60s often assume that since they’ve been putting money into a 401(k) or other employer-sponsored retirement plan will take care of them throughout their retirement.

    However, even with generous employer match and compounding, most people need more than just a 401(k) to comfortably retire.  Remember, the more income streams that you can generate the better your chances will be in retirement.

    If you’re over 50, add the $1,000 “catch up” contribution to your retirement savings plan. If you need to, open up a new account. Take a look at how assets are allocated and talk to a financial advisor about risk and reward.

    Thank you for joining me this week for your Retirement Minute.

    Subscribe
    Notify of
    guest
    0 Comments
    Inline Feedbacks
    View all comments

    Please help us spread the word about FollowtheMoney.com on Facebook, Twitter,
    and any other social media outlets.

    Silver & Gold

    Call 800-247-2812 now for the best prices on gold and silver coins and receive Free Shipping and Insurance when you mention Follow the Money.

    Weekly Newsletter

    Stay in the loop!
    Sign up today to receive our
    weekly e-newsletter.