25 Hidden Obstacles That Keep People From Retirement

Employer

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3. Counting on Your Employer

Company pensions are no longer the norm. Mark Thomas, senior vice president of Aon Affinity Insurance Services, said, “Employers are switching employee benefits from so-called ‘defined benefit plans’ [a pension] to ‘defined contribution plans’ [401k].”

Sadly, this means you can’t rely on your workplace or the government to support you with the income you need for retirement.

Neglecting

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4. Neglecting the Employer Match

If your company offers retirement matching, make sure to take full advantage of it as soon as you are eligible to receive the benefit. The Vanguard Group recommends contributing 12 percent to 15 percent of your pay, including any employer match, to reach your retirement goals.

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