5 Common Retirement Mistakes to Avoid

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5 Common Retirement Mistakes to Avoid

There are plenty of things you do for your happy retirement.  However, a little mistake can ruin your plan. Here are five common retirement mistakes to avoid.

Don’t rely only on fixed income

Inflation will substantially reduce your purchasing power as you progress in retirement. You need to allocate some part of your retirement fund in equity to beat inflation.

Don’t cut back on insurance cover

One disaster can destroy or force you to sell all your assets. Take adequate life, medical and assets cover such as home insurance, car insurance and so on.

Don’t spend too much in early stage

This is not the money you have won in a lottery rather you have accumulated over the years. Early stage overspending can lead to shortfall in future. Spend wisely.

Don’t relocate post retirement

Relocation costs heavily on your retirement kitty. Try to relocate at least three years before retirement, so that the cost can be absorbed.

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