You’re saving, right?
If not, here’s a timeline that can help you get started. Many people build up savings, invest in the stock market, and put money into a 401K, so that when they hit retirement they’re confident their all will go smoothly. But even the best-laid plans will run into trouble.
Scott Hanson is the co-founder and senior partner at Hanson McLain Advisers and host of the long-running radio show Money Matters. He lists some those life events which can come at us sideways and undermine our carefully laid retirement plans.
Not considering the long-term
Many people don’t realize that their retirement may last for 30 years or more—look at these 50 reasons you’re likely to age better than your parents. “Take a 65-year-old couple today,” says Hanson, “And there’s a greater than 50 percent chance that one of them will be alive in their 90s.”
According to Hanson, it’s common for people to view their retirement as the “last chapter.” They buy a new car or refit the kitchen, and believe that this will be the last time they need to do it. But it’s unlikely that a car or a kitchen remodel will last 25-30 years. “We all need to plan that we’re going to be around until 95 or a hundred,” advises Hanson.