How’s your retirement fund looking these days?
For 40 percent of non-retired adults, they believe that their retirement saving is on track. But, for the other 60 percent of people? They don’t feel this way.
To be fair, those who feel that their financial future isn’t looking too bright didn’t intentionally sabotage their retirement. Instead, they just made some mistakes along the way that they weren’t aware of. Thankfully, it’s never too late to get back on track as long as you avoid these seven retirement gaffes.
Mistakes You Are Making About Retirement
1. Relying Only on Social Security
“Your retirement benefit is based on your lifetime earnings in work in which you paid Social Security taxes,” explains the AARP. So, those with a higher income can expect “a bigger benefit.” However, this is capped at $147,000 in 2022, which means any income above that is not counted in your benefit calculation. Other factors include the age that you begin claiming your benefits….