Retirement mistakes come in all different shapes and sizes with some of the most popular being:
•Not saving enough
•Not saving at all
•Taking a loan against a 401(k) or 403(b)
•Withdrawing and spending a former employer’s retirement plan instead of rolling it over
•Bad investment choices
•Being out of the market when you should have been in and vice versa

One of the main reasons so many people can feel trapped by their past mistakes is because they are constantly reminded of them through emails, newsletters, magazines, radio shows and television. That’s why we want to emphasize here that you shouldn’t let those stories, statistics, or figures define you and your retirement plans. Whatever your retirement mistakes have been, you’re not alone, and you can turn things around. Here’s how:

Forgive Yourself:
I never ask people to forgive themselves; I tell them that they need to do it. Stop feeling bad, guilty or ashamed of the past. Forgiveness starts by accepting the fact that no one can change what’s already happened. Simply go forward as disciples of good financial behavior.

Realize Saving Is A State Of Mind
Stop worrying if you aren’t matching funds at work, or can’t even save 1% of your pay. The important thing is to start saving … even if it’s only a penny or nickel at home to start. Turn savings into a habit and be proactive by starting your day by asking yourself, “What can I do better or different that will result in savings?” You may not uncover a gold mine each and every day, but you will begin to condition your mind to think differently.

Be Patient And Expect Setbacks
Channeling any new mindset and approach takes time. Farmers can’t just throw a few seeds onto the ground and expect a crop overnight. It takes time and work. And you have to expect setbacks. Things won’t always go as planned. Something may come up that drains savings… but that’s what that money is for. Don’t fall into the “oh, poor me” attitude that makes you think you can never build up a savings account. Instead, expect the unexpected, and celebrate that you have the funds to cover it when it does happen.

Set Achievable Goals
In order to avoid falling into a routine of mistakes, start small. Save $1 a week or month if that’s all you can do. Whatever you do, make your first savings goal achievable. Too often, people set goals and, when they don’t reach them, they try to make up for it by setting an even higher goal. When they fail again, the snowball keeps rolling as they push the goal up and up, which of course makes it more and more difficult to achieve. So, keep your savings goals reasonable right from the start. Start small and after achieving your initial goal, raise the bar.

Start Learning About Investing:
Plan for the day when you do have savings to invest by getting educated now. Not only will it help motivate you to save more, it will also empower you once you have the money. That can also go a long way in protecting oneself from investment fraud or bad advice. Sign up for our newsletter, start following us on social media, and attend our seminars and workshops.

Whether you feel behind in savings or received some bad advice along the way, contact us today and put our knowledge and experience to work for you. There is no cost for an initial meeting where we can get to know more about you and how we can help you develop a financial plan to get back on track.

Are you feeling overwhelmed, confused or burdened by your various retirement savings accounts? Looking for someone to help you get things organized and on a track to help you achieve your financial goals? Contact us today and put our knowledge and experience to work for you. There is no cost for an initial meeting where we can get to know more about you and discuss next steps to taming your retirement savings hodgepodge.

Click here to schedule or meeting or call (423) 247-1152 to request more information.