How to prepare for retirement

April 8, 2021

Saving for retirement should be one of your primary financial goals. After all, almost everyone needs to quit work someday, and Social Security alone isn't enough to support you through your later years.

Unfortunately, many people inadvertently make mistakes that jeopardize their ability to save up the nest egg they need. Here are four common errors that could leave you with too little to live on in retirement.

1. Missing out on an employer match

If you have a workplace 401(k) that provides an employer match, not claiming the full amount of it is a huge mistake. An employer match is literally free money, and it's the only chance you have to earn a guaranteed 100% return on your investment.

Worried about higher taxes?:Here's which investment vehicles to choose depending on where you think taxes are going.