5 retirement planning mistakes that could wipe out your savings

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5 retirement planning mistakes that could wipe out your savings
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Many people mistakenly believe that all investments are good investments.

Warren Buffet is one of the most successful investors of recent time. Yet his investing principles are surprisingly simple and easy for everyone to understand.

Most Americans simply prepare and file their taxes every year with the help of an accountant or a CPA. Obviously, this is important, but aside from some limited deductions that might save you a few dollars, there are no significant savings to be found. At this point what's done is done. You're just reporting history.

Or in the second camp, you have a plan to replace your paycheck in retirement. You have different sources of income coming in every month like clockwork. This helps you pay for all of the things you dreamed of doing in retirement, like helping out your kids and grandkids, traveling, or even buying that dream vacation home.

Why? Because the difference between your best- and your worst-case scenarios could be hundreds of thousands of dollars in lifetime income.

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