Preparing for your retirement may not always feel like the most important thing on your mind. Far from it in fact. But you probably don’t want to try living on Social Security alone in your golden years either.
You won’t need to if you avoid these seven common mistakes and try out the fixes too.
Mistake No. 1: Only Living in the Now
We are living in the era of mindfulness. Meditation apps, yoga studios and Instagram slogans are always reminding us to be in the here and now, and appreciate the moment.
While loads of research suggests mindfulness is a huge key to happiness, you cannot live entirely in the moment. Planning for the future is important. In retirement, you’ll live entirely off of assets you accumulated in the past, so you need to plan now to live in comfort in the future.
This may sound odd, but studies have found that one of the best ways to plan for your future is to make friends with the future versions of yourself. Visualize who you will be, what you will be doing, and with whom and where you will live, Then, think about how your decisions will affect your present and your imagined future self.
Your present self may prefer to spend all your income this month, but your future self will regret it big time!