Retirement Planning Mistakes: Avoid These Pitfalls for a Secure Future

• Delaying retirement preparation in youth leads to missing out on compounding benefits and requiring larger savings later.
• Assuming expenses will automatically decrease post-retirement is a common and damaging mistake, as new costs like healthcare and travel often increase.
• Relying on a single source of income for retirement is risky; diversification provides financial security against unforeseen changes.
• Moving all investments to overly safe, low-return options too quickly can lead to money losing value against inflation over a long retirement period.
• Underestimating longevity risk is crucial; people are living longer, and running out of funds in later years is a significant concern.

Why It Matters: Avoid common retirement planning mistakes like delaying, underestimating expenses, and lacking income diversification for a secure future.