Don’t Make This Huge Retirement Planning Mistake

Don’t Make This Huge Retirement Planning Mistake
The Employee Benefit Research Institute annual survey demonstrates that people are clearly not ready for retirement. It wasn’t necessarily the percentages or statistics. It was conflict in the answers. This is probably the most conflicted survey that I have come across and it demonstrates the one retirement dream killer many are committing.
In the article, they lead with “most Americans are confident they will have enough money to survive after they retire.” They should have led with “most Americans have no idea if they are ready for retirement.”
First here are the results:
6 in 10 of those surveyed that they’ll be ok in retirement – ok that is positive and higher than most surveys show.
3 in 10 working Americans are stressed about saving enough for retirement – That makes sense because 4 in 10 Americans surveyed are not confident.
Those are reasonable results – now the next results shows the conflict.
5 in 10 have less than $25,000 in savings and investments. Some of those 6 in 10 that are confident must be expecting to hit the lotto. You couldn’t even remotely be close enough for retirement with less than 25,000 in savings and retirement.  
Then the most telling……
1 in 10 has come up  with a formal retirement plan
How do you know you are going to be ok in retirement without a plan and road map? Only 1 in 10? At least 9 in 10 really have no idea. This is the retirement dream killer. It is the tendency to replace planning with assumptions. They assume that they will be ok. The 3 in 10 that are stressed that they are not doing enough because they don’t have a formal retirement plan. Why don’t people plan? Well, that is an entire piece in itself. The bottom line is that the majority of Americans are replacing planning with an assumption….a dangerous assumption.
If you have the precious gift of time, don’t waste it by assuming. Assuming robs you from being effective with the time you have to save, invest, manage, and track your progress. Don’t assume….know.
Don’t miss tomorrow’s piece  – I am going to go through the process of how you know.
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