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How to Approach Your Finances If You Want to Retire Stress-Free In order to retire with a relaxed outlook, avoid these detrimental money traps.

By Phil Town

Opinions expressed by Entrepreneur contributors are their own.

If you're near the age of 50, the last thing you want to do before you reach retirement is slip up on your financial habits. In this video, Entrepreneur Network partner Phil Town discusses the habits you should avoid when saving for retirement.

  1. Being too conservative with your money
  2. Neglecting to set up a will.
  3. Retiring too early. Fortunately, many of us live beyond the expected time we anticipate for ourselves, so if you're unsure about whether you have enough saved up prior to taking retirement, it might be best to keep working.
  4. Borrowing from your retirement. Any time it crosses your mind to borrow from your retirement savings, consider how costly this decision will be for you in the long run.
  5. Staying in the market past a recession or emptying your stocks at a bad time. According to market movements, an upcoming recession may be coming. In order to avoid the carnage of financial losses, Town recommends exercising good judgment and instincts about when to take out your money.
  6. Adopting a mindset that it's too late to save for retirement. Town considers this the worst offense: It is never too late to get started and prepare for a comfortable life in retirement.

Click the video to hear more from Phil Town about bad saving habits.

Related: Incredibly Simple Millionaire Traits You'd Never Expect

Entrepreneur Network is a premium video network providing entertainment, ewitducation and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate brand growth and effectively monetize video and audio content distributed across all digital platforms for the business genre.

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Phil Town is an Investment Advisor, Hedge Fund Manager, 2x New York Times Best-Selling Author of Rule #1 & Payback Time, and Ex-Grand Canyon River Rafting Guide. Rule #1 Investing is Warren Buffett style investing, teaching you how to buy businesses on sale, with little risk and 15 percent returns. In fact, Rule #1 investing is practically immune to the ups and downs of the stock market.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

More from Phil Town

How to Find a Stock On Sale That's Right for You

3 Bad Investing Habits You Should Drop Before It's Too Late

Nervous About Investing? Think About Your Money This Way.

How to React When a Recession Is Approaching

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