5 frequent mistakes in planning retirement savings: do not let them!

Sometimes a pension sneaks up unnoticed, while you are engaged in the creation of a family, raising children and building a career. And then a dream to spend old age in a country house, playing golf and relaxing on the beach, can become a necessity to put on a vest and greet people at the entrance to the hypermarket, sweeping the floors. Until such a fate befalls you, we advise you to study the most common mistakes related to pension savings in order to prevent them from happening in your life.

1. Overly optimistic plan or lack of plan

Some people either do not know or do not care about how much money they will need to secure a comfortable retirement. Assess your needs and opportunities realistically. Think about how you see your life in the future, what you need, what amount can provide such a way of life. Ideally, it is recommended to double this figure in case of unforeseen circumstances.

For example, large amounts of money can go to treatment, because in old age this is often a necessary necessity. Therefore, you need to calculate how much the services of doctors and nurses, medicines, rest in sanatoriums cost, and just in case, add it to the article of planned spending on savings.

On the Internet, you can find many different calculators that help calculate the amount needed for a comfortable retirement. Try to begin to estimate approximately how much you will need to postpone, and then ask for clarifications to a professional financier.

2. Surface study of the proposed conditions for deposits

It is important to carefully study all the deposit programs and use them for yourself, because this is the guarantee of your own successful future. It is worthwhile to calculate what interest is accrued in various banks, and find out the conditions for opening an additional pension fund. Many neglect this advice, naively believing that they will have enough money that is deducted from their monthly salary. Only then it is necessary to be content with low income and live a penny in a penny, which, of course, can not satisfy the desire to fully and seamlessly rest in old age.

3. Think about a pension shortly before you go to it

The famous saying "prepare a sleigh in the summer, and a cart in the winter" will be appropriate in this case too. After all, the sooner you start to postpone, the more will be the total amount of savings. When you are young, there are always certain items of expenditure: you want to relax abroad, postpone training for children, buy housing and make good repairs there ... And much of the above is really necessary not only in retirement age, but also in a younger one. But there is no guarantee that then someone will be able to fully support you in old age, so think about what is better than yourself, no one will take care of you.

4. Shortsightedness

While you are young, you want to live to the fullest, enjoy every moment of life, squandering every last penny. Or, maybe you are successful in business and try to let all the income go further into circulation. But the provided youth combined with short-sightedness, as a rule, leads to sad results. Just think about that, having become accustomed to a secure life in your youth, you will be extremely hard to adjust to a rigid regime of saving in old age, when money is no longer needed for entertainment, but for maintaining vital activity at a qualitative level.

5. Cashing in of invested funds

When you know for certain that in a bank you have a fund with accumulated funds, there is a great risk that one day you can not resist and spend this money, if not all, then at least part of it. However, it is strongly recommended not to think about the contribution as an amount that can be cashed at any time. Remember: where more important and more necessary it will be in old age, when health no longer allows you to moonlight at night. Use it only in case of the most extreme and urgent need, if there are no other options left!