11 Most Common Mistakes in Retirement Planning

Most people think that just by having a retirement plan they will be financially sound and secure when they are ready for retirement. However, this is the most common misconception and if you are one of those people making the following retirement planning mistakes you will be in for a nasty surprise which could result in a possible disastrous financial retirement situation.

1. Retirement Planning Procrastination.
This is the most common mistake and all financial planners urge their clients that “the sooner you get started the more you will be able to contribute, and this in turn leads to be better stream of retirement income”.

2. Not taking retirement planning seriously.
This is especially true of younger people who really either don’t understand or are simply not interested in understanding this process. Clearly, the earlier one starts this process the larger the nest egg come retirement. People tend to worry about retirement once they have fulfilled all their financial priorities such as paying off their home, funding their children’s education, paying off their BMW’s etc. However, retirement experts have urged people to view retirement planning with a very high sense of urgency and importance.