Procrastination: Delaying retirement savings reduces investment growth. Take advantage of compounding by saving early.
Financial Stress: Not saving enough for retirement might cause financial stress. Determine your retirement needs and save.
High Debt: Retirement debt might strain your budget. Reduce high-interest debt before retirement.
Lack of Emergency Fund: Unexpected expenses might deplete your retirement resources, inflicting long-term damage.
Overreliance on Social Security: Retirement income from Social Security may not be enough. Add personal savings and investments.
Early Retirement: Early retirement depletes savings faster. Consider working part-time or delaying retirement to increase income.
Poor Investment Decisions: Impulsive investments or market timing can lead to large losses. Take advice from a financial counselor.
Lack of Long-Term Care Insurance: If you need long-term care in retirement, neglecting preparedness can cost you.