From the Chicago Financial Planner, Roger Wohlner, comes these seven retirement savings tips designed to stave off regret.
Wohlner (@rwohlner on Twitter) cites a recent survey that found 52% of those approaching retirement said they wish they started saving for the future sooner. 47% wished they had saved more of their pay check and 34% regretted not saving more aggressively. As a result of all this, more than two thirds (68%) of those nearing retirement said they’re not prepared for what’s to come. Therefore, 42% of those between 55 and 64 plan to keep working, at least in a part-time job.
Here are the 7 tips. Click on the link above for full detail on each tip.
1.) Start early.
2.) Increase your contributions.
3.) Start a self-employed retirement plan.
4.) Contribute to an IRA. [RRSP in Canada.]
5.) Don’t ignore old retirement accounts.
6.) Beware of toxic rollovers.
7.) Avoid high-cost financial products.