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5 Mistakes People Make when Planning Retirement

According to the Social Security Administration, a 65-year-old woman today will, on average, live to the age of 86.6, and a man who is currently age 65 may well reach the age of 84.3.1 So, if you plan to retire at age 65, or even at age 70, this can potentially still leave you with a lot of time to travel the world, visit with loved ones, and enjoy your favorite hobbies. On the other hand, it can also leave you a lot of time to worry about how you will continue to pay your expenses and how long your savings may - or may not - last.

How to Start Planning for Retirement in 5 Steps

A happy retirement can mean different things to different people. For example, while some may wish to travel the world when their working life stops, others are looking forward to starting a new business endeavor that they've always wanted to do.