FAQ – Retirement Planning: Common Mistakes
Retirement Planning: Common Mistakes
Over the years, I’ve seen the same few retirement planning mistakes crop up again and again. None of them are made out of carelessness. They usually come from not knowing what to look for.
The first mistake is starting too late. The earlier you start planning, the more time your money has to grow and the more flexibility you’ll have when life changes. Even a few years can make a significant difference.
The second is underestimating how much income you’ll actually need. People often plan for the basics like bills and food but forget about the things that make retirement enjoyable, travel, family time, hobbies, helping others.
The third mistake is assuming that pensions or savings will automatically look after themselves. Markets move, tax rules shift, inflation rises. If you don’t review your plan, you can drift off course without realising it.
And finally, not seeking advice soon enough. It’s common for people to wait until just before retirement but by then, many of the best opportunities have already passed.
Good retirement planning doesn’t have to be complicated, but it does have to be deliberate and it’s never too late – yes, the best time to start was yesterday but the second best is today.
If you’re unsure whether your plan’s on the right track, we can review it together and make sure your future self will thank you for the work you do now.