Outlook Money
One must take the right financial steps while planning for retirement, as any wrong step can lead to a mistake.
Excess debt especially unplanned debt is bad for one's financial health. So, one must not pile up unplanned debts as repaying them after retirement can make one financially unstable.
Health insurance is important for every individual irrespective of the age group. One must not hide any material facts and any other health-related information like smoking, etc., from the insurer. Giving wrong information or hiding facts can lead to rejection of the policy in future.
Depending on what the age is, one must draw a red line for the risk appetite and must not cross that line while making investments. It’s important to take an adequate level of risk at different stages in life.
The financial red lines can be changed or redrawn depending on changes in financial goals, income and age.