The Biggest Retirement Savings Mistake and How to Avoid It
If you're still several decades from retiring, then building a steady source of retirement income may not seem like your top priority. However, messing up your retirement savings plan early on in your career can make it almost impossible for you to recover the lost ground later.
One of most tragic mistakes a worker can make is dipping into their retirement fund early. Unfortunately, it's becoming quite common: A study by PricewaterhouseCoopers found that about one-third of Millennials and Gen X workers have already taken money out of their retirement savings accounts, and around one-half believe they'll take an early distribution in the future.
Taking an early withdrawal comes with a host of consequences, none of them good. The most significant consequence is a long-term one: Once you retire, not only will you be missing the money that you took from your accounts, but you'll be missing all the money that the money would've earned for you.
Source: Fool.com
