Whether you’re retired now or it’s far off in the future, funding your retirement is important. Maybe you’re advising your kids and grandkids.
State Street Global Advisors has some mistakes to avoid.
Start saving early. Experts say you should start a 401(k) or IRA as soon as you enter the workforce.
Some aren’t saving enough. With people living longer, you should expect to save one and a half times more than previous generations.
Make sure to invest correctly. Talk with an advisor about the type of retirement portfolio you should have.
Another common mistake is not making the right decisions at the right time. Again, you should start saving as early as possible. When you’re in your 50s and 60s, assess what you’ve got and consider adjusting.
Finally, some don’t invest based on their retirement plans. Think about the lifestyle you want to have in retirement, whether it be traveling, downsizing, or splitting your time between two homes.