There are a lot of people, who do not save money, spent too much, or do not invest their money properly, and when they grow old, they do not possess enough money to retire and have therefore to continue working into old age. They overlook simple, important facts and therefore ruin their chances to retire.
I have found an interesting and educative article that addresses this issue at Yahoo! Finance. It speaks about the common mistakes people do that prevent them from being able to retire. Acknowledging these mistakes and doing something about them can improve the chances of being able to retire.
8 ways to ruin your chances to retire
By Sheyna Steiner
If 50 is the new 30, then 80 must be the new 60. Good thing, because otherwise a lot of people won’t be retiring before they draw their last breath.
Last year Bankrate’s Financial Literacy survey found that one in five people expect to work until they die. This year one in five people say they’re afraid they’ll never be able to retire. It’s true; we asked the same question two different ways, and the results are unsettlingly identical.
At this rate, the competition for greeting jobs at Wal-Mart will be as fierce as the struggle to get into Harvard.
For the dedicated workers who aspire to devote their entire lives to propelling the economy forward with their unceasing toil, the dream of not retiring can be achieved in any number of ways. We came up with eight.