3. Banking too much on retirement calculators
Retirement calculators are fun — for some of us, anyway. They give a sense of control over a difficult problem as you play with numbers and run “what if” scenarios.
But as Money Talks News founder Stacy Johnson has pointed out, online calculators often are sales tools used to lure readers into making a purchase. What’s more, they offer a false sense of security unless you see them as just one tool among many.
Rely on these calculators too heavily and you can badly miscalculate what your real needs will be in retirement.
So, take a more intelligent approach by digging in and reading all you can about saving and investing for retirement. Start with “7 Tips for Stress-Free 401(k) Investing” for some basic rules on retirement investing.