Moneywise On Oneplace.com

It’s said that we learn from mistakes, not success…but do you want to experience that with your retirement savings?No question, saving and investing for retirement is something you want to get right the first time. Mark Biller joins us today to help you avoid some of the most common retirement planning mistakes.Mark Biller is Executive Editor and Senior Portfolio Manager at Sound Mind Investing, an underwriter of Faith & Finance. Underestimating the Impact of InflationOne of the most common retirement-planning mistakes is underestimating the impact of inflation. Many fail to grasp the destructive power of inflation’s compounding effect over time. For example, with a 3% annual inflation rate, a lifestyle costing $75,000 today will require $135,000 in twenty years. Understanding this helps retirees plan for sufficient income to maintain their standard of living.Investing Too ConservativelyAnother common mistake is investing too conservatively. While fixed-income instruments like CDs and bonds are important,