Avoid These 5 Common Retirement Planning Mistakes for a Secure Future

• Many individuals, especially when young, neglect retirement planning, prioritizing immediate needs like education or housing, leading to insufficient savings later.
• A common misconception is that expenses drastically reduce post-retirement; however, new costs, particularly medical expenses, often emerge and increase.
• Over-reliance on a single income source like pension, rental income, or business income can be risky, as non-pension sources are not always guaranteed.
• Focusing too much on 'safe' but low-return investments like FDs before retirement can erode wealth due to inflation, making it crucial to seek better returns.
• Underestimating post-retirement lifespan is a significant error; improved medical facilities mean people live longer, requiring more substantial long-term funds.

Why It Matters: Avoid common pitfalls like delayed planning, underestimating expenses, and single-source reliance for a secure retirement.