Don’t Ruin Your Retirement

The Motley Fool Staff at Fool.com has compiled a list of six ways that even the most cautious penny-pincher can end up ruining his or her retirement. Here are six things to avoid as you plan for your comfortable retirement:

Missing out on easy opportunities. Most employers provide a variety of ways to help you save for your retirement, such as through offering a 401(k) plan and employer match programs. Participating in your workplace savings program is an easy way to set aside money for your retirement.

Thinking you’ll get to in next year. Retirement has a way of sneaking up on you if you do not actively plan for it. The more luxurious retirement you want to have, the earlier you will need to begin planning for it, setting aside the right amount of money to live as you desire.

Putting college ahead of retirement. While saving for your child’s education is certainly a worthwhile goal, you should not place your college savings account ahead of your retirement account. You can get college loans, but you cannot get any such loans for retirement

Being too scared in today’s market. The financial meltdown has everyone worried about the value of their investments, but that does not mean you should shy away completely from more profitable investments. If you invest too conservatively now, you run the risk of running out of money later.

Not being scared enough. Investing too much money into risky stocks or placing all of your eggs in a single basket can end up spelling financial instability throughout your retirement years. Don’t let any one company’s fortunes decide your retirement.

Making mistakes. If you have 401(k) or other retirement account balances from old jobs, make sure to consolidate them into an account you can access.

Dream Retirement (Image: Flickr)