Deciding how to prepare for retirement can be pretty complicated, so it’s tempting to follow some basic rules of thumb that you’ve probably heard lots of times. Unfortunately, listening to these generic rules could end up being a mistake that costs you.
Your best bet is to create a personalized retirement savings and investing plan based on your specific financial situation and personal goals. Whether you are ready to do that or not, though, there are a few key rules of thumb that you should likely ignore, even though you’ll hear them repeated often.
This post originally appeared at The Motley Fool.