5 Retirement Planning Mistakes That Can Cost You Later

Planning Early Makes All the Difference

Retirement should be peaceful, but bad planning can make it stressful. Many people miss important steps until it's too late. Avoid these mistakes if you want a strong financial future.

Delaying Investments

You lose out on years of compounding if you start late. Even small investments made early can grow significantly over time.

Relying on Just One Source

Relying solely on a provident fund or pension plan may fall short. Diversifying your portfolio by investing in mutual funds, fixed deposits etc can create a more secure retirement fund.

Ignoring Healthcare Costs

Medical costs rise with age, and employment-linked health coverage typically expires after retirement. Ideally you should purchase a separate insurance plan to secure yourself from such expense.

Not Factoring in Inflation

Many people use present day prices while planning their retirement but its important to factor in inflation as it can double your expenses by time you retire.

No Clear Retirement Goals

Consider your ideal lifestyle, where you will reside, and how you intend to spend your time. Your retirement plan should be in line with these goals.

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