5 Money Mindsets That Could Hurt Your Retirement - Deepstash

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5 Money Mindsets That Could Hurt Your Retirement

moneyning.com

1. Assuming you’ll save more later. It’s very easy to procrastinate on setting up retirement accounts and making saving a priority. You’ve got a paycheck now and too many places to spend it. Maybe in the future, when you’ve gotten a raise or two, you can amp up your retirement sa...

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2. Putting yourself last. We all want the best for our children and our families, but it’s dangerous to sacrifice your own future for them. Don’t be tempted to fund your child’s college education ahead of your own retirement—they can always take loans to continue their education,...

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3. Thinking you’re invincible. The solution seems simple for many who haven’t saved enough for retirement: just work longer. But that assumes any number of things can’t and won’t go wrong, including a pink slip, illness, or injury. If the pandemic has taught us anything, it’s tha...

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4. Tapping your retirement for emergencies. Sometimes crises arise and your emergency fund isn’t enough to cover the expenses. It can be tempting to look at all the lovely cash sitting in your retirement accounts and think about how it could solve your crisis. But not only is thi...

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5. Underestimating the destructive power of inflation . Most people understand that inflation wreaks havoc on any budget, but few people plan for it. Just look at those around you who’ve retired. Have you noticed that many of them start out living pretty comfortably and then they...

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