I’ve lived through most of these stages of life and here is how they typically seem to go…
I’m in my 20’s… I’m not even thinking about retirement!
I’m in my 30’s… I’ve got a family to take care of and my career is just taking off! When I make more money I’ll be able to start investing for retirement.
I’m in my 40’s… The kids are about to start college, I don’t have the money to invest for retirement!
I’m in my 50’s… I’ve still got debt to pay off 🙁 Where am I supposed to get money for retirement?
I’m in my 60’s… The clock is ticking toward retirement an I’m not sure what I’m going to do! I know Social Security won’t be enough to live on… I think I’m going to have to keep working just to pay the bills! 🙁
Mindy Cook – CCF Investments
It didn’t take long to read about life from the 20’s to the 60′ but that’s how long it seems to take once you get to the other end of the spectrum. I know that you don’t want to ruin your retirement and that you aren’t intentionally sabotaging your financial future. However, you may not be proactively acting in your own best interest when it comes to planning for retirement.
Here is an article from Dave Ramsey about 5 Ways to Ruin Your Retirementand referral for Mindy Cook to help you create a Money Map that leads to a more secure financial future.
Mindy is a Dave Ramsey Endorsed Local Provider (ELP) for investing and a Registered Representative with CCF Investments. She shares Dave’s philosophy of helping people achieve financial peace through making smart decisions.
As much as we would like to blame the stock market for the shortcomings in our nest eggs, the truth is that our own choices also impact our retirement savings. And while no one sets out to ruin their retirement, statistics show that many of us are doing just that with our poor investing choices.
Are you choosing to wreck your retirement by making any of these choices?
You wait too long to start investing
When it comes to investing, you can’t make up for lost time. That’s why you should invest early, no matter how small the amount, to take advantage of compound interest. For example, a $2,000 lump sum invested when you’re 30 years old can grow to $72,000 by the time you’re 60. But that same $2,000 investment will be worth $237,000 if you invest it 10 years sooner. That’s the power of compound interest!
You don’t invest enough for retirement
The same survey showed that while saving for retirement is a main goal for most people, they want to split their disposable cash between paying off their home, saving for a child’s college fund, and retirement savings. Multitasking with your money is fine, as long as you first invest 15% of your income for retirement. Why? A paid for home won’t help you cover your expenses in retirement. Neither will a paid for college tuition. Focus on retirement investing first, then you can tackle your other financial goals.
You don’t invest for retirement at all
A recent survey by Deloitte Center for Financial Services found that nearly 60% of pre-retirees don’t have a retirement plan, and 20% expect to live on their Social Security benefits alone in retirement. The average monthly benefit from Social Security is only $1,230, so it’s clear that any savings are better than no savings. No matter how far behind you think you are, make a plan and start investing now for a better retirement.
You cash out or take a loan against your retirement savings
Roth IRAs and 401(k)s allow you to withdraw or borrow funds under certain circumstances. But doing so will not only lower your balance, you’ll miss out on that money’s growth potential. You could also be subject to taxes and penalties. Pay off your debt and build an emergency fund before you start investing, and use that cushion to pay for unexpected expenses. Keep your retirement fund for retirement only!
You invest on your own
Many investors believe they will save money by handling their retirement investing on their own. But do-it-yourself investors rarely have the time or the expertise to find the best funds or understand the market cycles that are part of stock market investing. As a result, they are more likely to reduce their returns by investing when prices are high and cashing out when prices fall.
Dave recommends you work with an experienced investing professional you can trust to help you choose funds and keep your plan on track. (end of Dave’s blog)
You Need Mindy Cook To Help You Draw A Money Map!!!
Click Image for a Sample Money Map
This is where Mindy Cook can help you. We were referred to Mindy as one of Dave Ramsey’s Endorsed Local Providers (ELP’s). She is an awesome resource for avoiding all of the mistakes mentioned in Dave’s blog and for correcting any that you may have already made. She can’t buy you the time back that you’ve already missed on that compound interest but she can help you not miss any more!
Mindy is knowledgeable, personable and a Registered Representative of CCF Investments, Inc. She will sit down with you in your home or office, look at where you are financially, seek to understand what financial tools you already have in place and help you develop a Money Map that will guide you on the path to your financial goals.
It doesn’t really matter what you’ve done in the past… You can’t change a single minute of it. What you can change is what happens from here on and Mindy Cook will help you find a better path for your financial future.
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