What are the biggest mistake people make when saving for retirement?

marcusfe

Active member
Adequate planing for retirement is the best thing that can happen to a man. Those who fail to plan for their retirement end up their lives in unending regret. While it is good to plan for retirement, many people are doing it the wrong way. Wrongly planning for retirement is like not planning at all. It is very important and advisable to always consult the expert before starting the journey. Most mistakes some people make in planning for retirement are itemized below:
1. Not starting early.
2. About to start late and thinking it's too late
3. Not having a specific or tangible thing to do after retirement.
4. Too many speculation
5. Not investing. Etc.
 

Victor001

Active member
In the aspect of retirement,I will have to learn it from my parents, because they are living comfortable without stress or worries. Foremost when you retire, cancel every plan of dependent,make necessary back up plans that will provide monthly income on a constant rate. Retirement should be a time of giving out not a time to collect.
 

Teatea

Active member
Majority of people think retirement means no more work or earning, just total dependence on other people, families and friends but this is totally not correct, it even causes conflict because when the people you look up to to take up responsibility after you retire refuses you start to see them as a bad person whereas they also have they own responsibilities as well.
 

Olajidey

Active member
One of the mistakes people make when saving for a retiree is they did not invest in any business, they believe the pension money will be enough for them to survive through but after they retiree, they now realise that the money is not enough and they depends on their children for survival anytime the money comes late.
 

Adetayo100

Active member
Most mistakes people make when saving for retirement is that they don't make plan for any business when they are still active at work, they wait till they are retired, it is then most people will start lookin for alternatives on how to manage there retirement plans and benefits, what to do when they are no longer active with working. You should start planning for your retirement as early as possible.
 

Alexandoy

VIP Contributor
When you say saving for retirement my understanding is you save money for your old age and not the pension plan build up. Most of those who save money tend to use the savings to buy what they need like a new car or a gift to the wife like a trip abroad. In other words, the savings can be spent because money is volatile unless you have the firm resolve to let the money stay in the bank.
 

btaliat

VIP Contributor
The very first mistake to do is thinking that a particular amount is too small to be saved. There is no small money when it comes to saving. We can even start with the smallest denomination. And also, just like you said, some people always procrastinate when it comes to saving for retirement whereas the best time to start saving for retirement is now.
 

sincerem

VIP Contributor
You said one, which is very ideal. Which is, not starting early to plan, when still on service, we should acknowledge that, we need to start way to save make plans to establish our own business or invest wisely to earn massively or moderately during our retirement time. Retirement is never a time to start over again doing business or working in other departments, its simply time to relax our body after many years of exhaustiveness.
 
D

Deleted member 28127

Guest
Adequate planing for retirement is the best thing that can happen to a man. Those who fail to plan for their retirement end up their lives in unending regret. While it is good to plan for retirement, many people are doing it the wrong way. Wrongly planning for retirement is like not planning at all. It is very important and advisable to always consult the expert before starting the journey. Most mistakes some people make in planning for retirement are itemized below:
1. Not starting early.
2. About to start late and thinking it's too late
3. Not having a specific or tangible thing to do after retirement.
4. Too many speculation
5. Not investing. Etc.
Not starting early due to long period of study that people spend on studies for BAC+6 years not like people that stop study and start working it is not their fault.
 

sincerem

VIP Contributor
Study really eats up one's income, and leaving the person in an uphill struggle to save unless the family he or she is coming is financial buoyant. If not, it is hard to save money as a student. I'm a student, so I'm talking based on my own experience, its never easy for me. I know how hard it is to make up those edu bills.
 
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