If you believe that you will be economically secure when you make a decision to retire just because you invest in a retirement plan, then think again.

There are some general mistakes on retirement planning that you should know because if you are making these mistakes, you could be in a big trouble. You can browse http://www.lawbh.com/santa-barbara-asset-protection-attorney/ to know other mistakes that most of the people do while making a retirement plan.

Here are some of the mistakes of retirement planning:

  • Not taking complete advantage of your company retirement benefits – it is wise that you spend money on your company retirement plan as much as you can pay for.
  • Withdrawing funds from your retirement plan – Be very responsive when availing of loans or withdrawals, because aside from losing attention, you could face penalties or early withdrawal fees.
  • Not vigorously monitoring your investments – it is really significant to keep track of your investments in order for you to be aware of any discrepancies.
  • Relying on social security for your retirement earnings – social security may provide a substantial share of your retirement income, still, it can be of huge help if you have other means of income as a back-up in case there are other unexpected expenses that might come up.
  • Relying on your spouse's retirement plan – this is one of the most general mistakes of retirement planning that people do. It is possible that a spouse with a retirement plan could die leaving the other spouse with no income. Therefore both spouses should have a separate retirement plan to best protect your retirement days.