I’m a Financial Expert: 4 Money Moves Middle-Class Retirees Skip — And It’s Derailing Retirement Plans

Core Insights - Most retirement planning failures begin decades before retirement age, with middle-class workers often skipping critical financial moves that can cost them significantly in retirement savings [1] Group 1: Starting Retirement Savings - Delaying the start of retirement savings is identified as one of the biggest financial mistakes, with starting just 10 years earlier potentially translating to hundreds of thousands of dollars more by retirement [1][2] - For example, saving $300 monthly at age 25 versus age 35 could result in an additional $300,000 to $400,000 at retirement due to compound growth [2] Group 2: Increasing Contributions - Failing to increase contributions when income rises is a critical missed opportunity, as lifestyle inflation can hinder retirement savings [3] - A recommendation is to automatically increase the savings rate by even 1% each year to keep retirement goals within reach [3] Group 3: Savings Benchmarks - A guideline for savings targets includes having 1x annual salary saved by age 30, 3x by age 40, and 10x by retirement, with specific examples provided for a $60,000 salary [4] Group 4: Revisiting Plans - Regular updates to retirement plans are essential as life circumstances change, emphasizing the importance of staying engaged with savings and investment choices [5]