Retirement Planning Mistakes You Should Avoid

It is most unlikely that you will like to retire without enough savings at hand. But this can very well happen, without proper planning. Often, people make a few mistakes that can jeopardize their entire plan for a secure and enjoyable financial future. Along with implementing a proper plan, you must also ensure that you act in time, because, delaying can truly cost you dearly.

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Here are five common mistakes that people frequently make, while planning for their retirement. You should learn from them, as there is a little chance of rectifying them, once they have been committed and follow their retirement planning advice.

1. Be Sure Of Your Exact Requirement of Retirement Savings

Most people don’t have an idea of how much money is going to be sufficient. Once you know your requirement you can better plan your investment and if you are not planning it properly you are surely planning for trouble. The question that haunts people most is that is he saving enough for his retired life? This often makes them more aggressive and end up by committing tactical mistakes. It is always better to seek help from a professional advisor for they can always come with better retirement plans for individuals and professionals.

2. You Will Be Living And Working For Ever

Most people have retirement savings plan at a certain age, but you never realize that how quickly all your plans can go haywire. According to a recently conducted study, two in every five people retire earlier than their planned retirement age due to a number of different factors and circumstances which are beyond their control. That is why it often becomes important to have a backup plan in case they don’t have enough retirement savings at the time of their retirement. Planning not to retire can never be considered as a good strategy for this purpose. Set up a retirement savings goal with enough time in hand and act accordingly to realize your dreams.

3. Wrong Investments

It is never wise to invest in something that you don’t understand and also has a very good idea about. Most people depend blindly on their financial experts and that is something you better avoid. After all it is your money and life that are concerned. Spare some effort to have a minimum basic idea about different investment options like mutual funds, deposit certificates, stocks and bonds and always try to invest wisely. There are many investment options like tax deferred mutual funds with variable annuities that look attractive first hand, but higher brokerage fees and variable annuities sold by agents can also drastically bring down your profit margin.

4. Sacrificing Retirement Savings For Your Children

It is really important to consider how much sacrificing your retirement planning you can actually afford to support your grown up children. This is a frequent mistake that most parents make an end in by messing up all their retirement planning. According to experts, finding a middle ground is a good solution and if you will be having dependent children while retiring, you will need a different plan altogether.

5. Never Refuse To Scale Back

You will often require scaling back your lifestyle expenditure to boost your retirement savings and refusing to do so can cost you dearly. It is important that you act according to the demands of the situation and scale back when it is the need of the hour to reach your target for retirement savings. 

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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