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Get in the retirement mindset
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Consumer tips from the Better Business Bureau, job-search advice and technology news compiled by GateHouse News Service. From ideas for starting a business, to interviewing, to career education, we have you covered at all levels of employment. Plus, ...
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Consumer tips from the Better Business Bureau, job-search advice and technology news compiled by GateHouse News Service. From ideas for starting a business, to interviewing, to career education, we have you covered at all levels of employment. Plus, weekly updates on what's new and buzzworthy in the technology field.
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Whether you're in your 20s or your 50s, retirement savings should be top of mind.
Oct. 28, 2013 11:23 a.m.



Tip of the Week



It's no secret that Americans aren't saving enough for retirement. Many people are coming up short when it comes to funding their nest egg. But why is the problem so widespread? Insight can be found in the human behaviors that tend to get in the way of saving adequately.



With National Save for Retirement Week the third week in October, now is the perfect time to learn more about the most common hurdles of retirement savings. The experts at Prudential Retirement note the top five challenges to being retirement ready include:



1. Living longer - Did you know a baby born today is more likely to live to 100 than to be born with blue eyes? The fact is, people are living longer, and it's hard to know how long you'll live. You may live many years beyond retirement, a time when you're no longer creating income. Saving for retirement now prepares you for the exciting possibility of having a longer retirement.



2. Procrastination - Every year you don't save for retirement is less money you may have when it comes time to retire, making it that much more difficult to reach your goals and pursue your dreams.



3. Optimism - It's easy to think bad things won't ever happen to us, including unexpected health issues, loss of a job or a bad accident. It's important to be realistic when planning for retirement, and always plan for the unexpected.



4. Following the pack - The urge to follow what others are doing can get us in trouble, particularly when it comes to saving and investing. Make sure you define your own goals for retirement and work with a financial adviser to create an individual plan that works for you.



5. Instant gratification - Spending too much on impulse purchases rather than funding savings can be devastating, particularly for your retirement. Learning to delay gratification and keep a budget is key.



Whether you're in your 20s or your 50s, retirement savings should be top of mind. In addition to knowing and conquering the top challenges of retirement readiness, here are three simple things you can do today to ensure you're on the right path:



1. Workplace retirement opportunities - If your place of work offers a retirement program, sign up for it as soon as possible. From employer matches to potential tax benefits, retirement programs deliver numerous positives for employees.



2. Diversification - Putting all your eggs in one basket is risky when it comes to retirement funding. A diversified investment strategy can help protect you from the unexpected.



3. Financial planner - Working with a professional can help you learn about various savings options for reaching your personal retirement goals.



— Brandpoint

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