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Planning for retirement can be intimidating, but making informed decisions can make all the difference. The best way to prepare is to get educated on the topic of retirement. This includes knowing what your company offers and what you can do on your own. There are some unconventional options out there that may seem like great ideas. Some of these can pay off big, but others may leave you high and dry. Determine which retirement moves are likely to pay off and which are probably too risky to try with the following guide.

1. Going All In

There are certain things in your control when planning for retirement — like how much money you will save each month. Other things are not in your control — like a recession or a company going under. But there are still ways to prepare for it.

When you hear about a hot company or see an article on how much someone made by investing in a specific company it can be tempting to invest heavily in that one company. But when it comes to retirement savings, it’s a good idea to keep your investments diversified. This can help you weather a problem in one sector or company as you move toward retirement.

2. Not Investing in Yourself

When it comes to preparing for the kind of retirement you want, your career can impact whether you can get there. If more education or training will expand your career and earnings opportunities, the investment can be worth it. You may be spending money upfront, but an increased salary can ultimately allow you to put more money aside for retirement.

3. Forgetting About Time

Time management isn’t just about your day, it can be important when planning your life! For example, when you have lots of time before retirement, you can take more risks with your retirement money. As you get closer to retirement, it’s a good idea to become more conservative. You have less time to make up any losses.

4. Tapping Into It Early

Another risky retirement move is tapping into the funds early. Pulling out money before you reach retirement age can result in penalties. Even as you set and reach other financial goals such as buying a house or helping to pay for your children’s college, it’s a good idea for retirement saving to remain a priority. A 401(k) loan has a lot of downsides. If you have good credit, consider a personal loan or, if you’re a homeowner, a home equity loan if you need fast cash. You can see track your credit scores for free every month on Credit.com.

5. Not Getting Started

Few investments are a guarantee, but your retirement finances are not something you want to gamble away. And the biggest gamble is not planning for retirement at all. The first step in planning is determining a realistic idea of how much money you will need in your post-work life and then getting started at saving.

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