Series: 9 Mistakes to Avoid in Retirement Planning
We’re mistaken if we believe being set for retirement is as simple as withdrawing a certain percentage of our 401(k) monthly. If we are not able to control our expenses or get the returns we want from our portfolio and limit our investment risks, that sum of money is going to reduce to the point that there will not be enough money in our 401(k) for us to maintain the standard of living for the rest of our lives.
What may have worked in your portfolio in your working years may not work when you’re retired. Your income will most likely not be the same, and you won’t have an extra financial cushion if you make errors or face bad results in the market.