If you are between 40 & 60, beware of these financial blunders & assumptions.
Mistakes happen, even for people who have some life experience under their belt. That said, your retirement strategy is one area of life where you want to avoid having some fundamental misconceptions. These errors and suppositions are worth examining, as you do not want to succumb to them.
Creating a strategy for success.
Run the numbers. There is a rule of thumb for retirees suggesting that retirement income has a target of 70-80% of the household’s end salary, though this can certainly vary. So, years before leaving work, sit down (perhaps with the financial professional you know and trust) and take a look at your household’s monthly expenses.1