Is your inaction having an adverse effect on your future?
In a recent Forbes article titled, “Five Major (Yet Avoidable) Retirement Mistakes You Shouldn't Make,” author Elle Kaplan writes that procrastination can have a significant negative impact on your retirement.
You might hold off on opening or contributing to a retirement account because instant gratification outweighs the idea that you’ll be able to someday live out your retirement dreams. To combat this, the article suggests focusing on what could happen if you continue to procrastinate.
“For retirement, focusing on your need to play catch-up and scramble later can provide some much-needed motivation. You’ll hopefully realize that by investing now, you can take full advantage of the power of compound interest and investing over time instead.”
Other mistakes the article cites include not planning for healthcare costs, prioritizing adult children’s financial needs above your own, and not contributing to your employer-sponsored retirement program.
Ready to put an end to procrastination? Schedule a free one-on-one consultation with one of our Senior Account Executives and discuss opening and contributing to a self-directed retirement account.