Avoid investing in dead stock [Photo/50andbeyond.com]
Retirement is the toughest time for persons who were once employed. Many people spend their fortune during their early years and retire in poverty. It is recommended to visualize the kind of life you want to live before that time comes. There are different mistakes we make that come haunting us during our years of retirement. Here are five retirement investment mistakes you must avoid at all cost;
1. Investing in dead stock
Anything that does not generate income is considered deadstock. Luxurious cars, expensive electronic gadgets and other items that will not enable you to make money must be avoided. Instead, you should put your money in livestock. In simple terms, find an investment that will generate income perpetually.
2. Buying an expensive home too late
Many people spend half of their lives in rental houses. Persons who wait until retirement to buy property are considered unwise. It is advisable to purchase a home during your early years of employment so that you have time to invest in productive projects as you look forward to retirement.
3. Underestimating your medical expenses
It is important to find a medical insurance cover before retirement. During your old age, medication becomes very crucial. Medical expenses for the entire family can be overwhelming. You should reach out to insurance companies within your reach to get an insurance cover as soon as you get your first job
4. Retiring too early
There are persons who do not love working. These kinds of people opt to retire too early in order to sit back home because of different reasons. Early retirement can cost you dearly. You need adequate time to plan for your retirement.