Retirement Planning - Things That Can Sabotage Your Nest Egg
When you think about your future, many times, the thought of quitting work seems like an unattainable goal. Yet at some point, you will stop working. Before that happens, be sure to consider retirement planning.
Many parents worry about how they're going to pay for their children's college. However, believe it or not, retirement planning is much more important. Although society will tell you it's your duty to pay for your child's education, you shouldn't do so if it will jeopardize your future. Your kids can get loans and scholarships. You can't, so it's best to protect yourself by preparing.
Needy adult children
Some kids never grow up. And many older parents continue to support their adult children financially. This can really hinder your retirement planning. That's because all the money you're giving to your grown kids, you could be putting that in your nest egg. If you don't store money away, you'll wake up with a bunch of grown children with their hands out and you, in the mean time, will be trying to figure out how you're going to support yourself.
Another big reason people avoid retirement planning is because they keep getting into debt. Although some people simply don't care about their future and grab as much money as they can from there 401K, this is a bad move. You'll probably end up back in debt and worst of all, you may get to your later years in life and won't have money to live on.
Although some people feel there is never a good reason to dip into your nest egg, emergencies will come up in life. And if you haven't been preparing for the future as the years went by, you may feel that it's no harm in going into your 401K funds. However, any retirement planning professional will tell you to avoid this at all costs. That's because, it's really hard to build that money back up once you use it. So unless it's a true emergency, such as life and death, it would be good to leave well enough alone.
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