7 retirement mistakes to avoid
The Financial Planning process is one of the most critical components of determining whether you will be able to enjoy your ideal retirement or suffer a retirement of low cash, compromises, and Centrelink queues.
If you can try to avoid these following most common mistakes, and identify your personal and financial goals, will can have a better probability of ensuring that you don’t run out of money in retirement.
Here are seven mistakes to avoid:
- Chasing the market: you try to profit off the latest trends. Instead you should consider investing regularly and consistently.
- Assets vs Liabilities: You only focus on repaying your low interest mortgage before focusing on your retirement plans.
- Philanthropic: You jeopardise your own retirement by helping family members instead of helping yourself.
- One last splurge: You take on additional debt in the final stages of your working life, without considering how this will impact other areas of your wealth accumulation.
- Avoiding regular reviews: failing to stay up to date with all the tax, superannuation and legislation changes that can impact your retirement.
- No Plan B or Contingency Plan: have you considered all potential risks e.g. political, health and unexpected risks.
- Comprehensive life and financial goals: how can you create a plan for the future without goals?
A great Financial Adviser can turbo-charge your retirement accumulation with expert knowledge in areas like superannuation, Centrelink, taxation, investment options and suitable strategies for you and your family.
Engage with our experienced team of Advisers – we have a combined 180 years’ of knowledge and experience to support you in achieving your desired level of retirement income. Book an initial consultation at one of our office locations in The Junction, Erina or Sydney CBD.
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