3 ways you sabotage your retirement savings

Let's talk about the 3 ways you are doing your retirement savings wrong.

You save. You put money in your 401k or some other retirement tool,  but then you sabotage yourself. How?

NUMBER 1:  Too often we don't actually have a real plan for that savings. Beau Henderson a financial advisor in Gwinnett County sees it first hand.

"I like to work with someone 10-15 years before they retire to put them in the optimal position to retire."

NUMBER 2: Twenty-three percent of us borrow against our retirement plans.

"The problem with that is not only are you taking money out that is compounding over time, and one of the biggest benefits of investing, is when you pay that back that money is taxed. You're paying it back with after-tax money and it's taxed again when it comes out. So by borrowing money you're actually creating a double tax situation for yourself," said the RichLife Advisors executive.

NUMBER 3: Too many of us sacrifice our own savings for our child's college education. Beau Henderson says, don't do that.

"That's when I get adamant, when somebody will sacrifice their retirement, to maybe pay for something for their kid but puts them in a worse position. I can finance a college education. I can finance a house. But I can't finance your retirement. Once that retirement is gone. It's gone.

So there ya have it - 3 ways we sabotage ourselves even when we are saving money.