Retirement Planning Mistakes: Avoid These Pitfalls for a Secure Future

• Delaying retirement planning in youth leads to reduced compounding benefits and higher savings requirements later.
• Underestimating post-retirement expenses is a common mistake; healthcare, insurance, and travel costs often increase, while inflation erodes savings.
• Relying on a single income source for retirement is risky; diversification across multiple streams provides greater financial security.
• Shifting to overly safe, low-return investments too early can lead to inflation-eroded savings over a long retirement period.
• Underestimating longevity risk, or the possibility of outliving savings, is a critical error given increasing lifespans.

Why It Matters: Early, diversified, and realistic retirement planning is crucial to avoid financial stress in later life.