November 1, 2019 2 min read

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

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