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Personal Finance

6 Bad Habits That Can Cut Into Your Retirement Savings

If you're close to retirement, keep an eye out for these bad habits and save more for retirement.
VIP Contributor
2 min read
Opinions expressed by Entrepreneur contributors are their own.

In this video, Entrepreneur Network partner Phil Town discusses some traps 40-year-olds should be wary of before retirement. In your 40s, you are ideally at a state where are actively earning more, saving more and also perhaps traveling more.

But as you are circulating through these activities, you have to be wary of certain habits that will dip into your savings. They include:

  1. Spending too much on your children, especially if you start dipping into your retirement savings to support your children. Leave your nest egg alone if at all possible. 
  2. Failing to take care of yourself. Keep tabs on your fitness, your diet and your wellness. You may just be able to avoid some medical bills and pocket the savings. 

Click the video to hear all of the money traps from Phil Town. 

Related: How to Create a Reading List That Will Actually Make You More Money

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