Part of why preparing for retirement is so stressful is because it feels like there are so many ways to get it wrong. You might claim Social Security too early and have to settle for smaller benefits than you'd expected. Or you might accidentally exceed your retirement account's contribution limits, incurring a tax penalty.
But there's one even more common mistake that pretty much everyone makes, and it's really difficult to avoid. That doesn't mean you can't enjoy a comfortable retirement, though.
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Uncertainty is a natural part of retirement planning
One of the hardest truths savers face is that there's no getting around the uncertainty of the retirement planning process. It naturally involves many unknowns, which makes it difficult to figure out exactly how much you need to save for retirement.
No one can guess precisely how much their retirement will cost, and that's OK. You don't need to in order to retire comfortably. You just need an educated guess and regular check-ins that can help you catch flaws in your plans before they derail everything.
While it's true that many people spend less in retirement than they did when they were working, it's important not to expect your expenses to change drastically. Be realistic about how much you think you'll spend annually in retirement, and use this to guide your decision about how much you'll need to save.
Aim to make regular retirement contributions if you're able to do so, and don't forget to increase your retirement account deferrals whenever you get a raise. This, coupled with at least annual check-ins, will give you a good chance at retiring comfortably.
