3 Common Retirement Planning Mistakes to Avoid


Retirement can often feel like a promise for many hard-working Australians. While many feel like saying goodbye to the busy working days and want that elusive pot of gold at the end, the reality is that you need to plan your finances and investments well, if you want to live without stress and truly enjoy your golden years. 

Retirement is supposed to be the time when you can sit back, relax, and make the most of your later years, while achieving your retirement goals, be it working on projects around the home, travelling or enjoying helping and supporting your family. 

Whatever you strive to do, financial independence only happens if you prepare for your retirement and avoid common retirement planning mistakes that can leave you with less savings than you might need for your retirement goals. 

So what can you do to make better financial decisions for your future?

Here are 3 common retirement planning mistakes that you should know about if you’re planning ahead for your retirement:

Avoid #1: Not Being Proactive About Growing Your Super

If you have a good idea of what your ideal retirement looks like, it’s crucial to begin implementing financial strategies to help get you on track to meet those expectations. 

By planning ahead for your retirement, you are less likely to miss out on valuable long-term financial strategies. This may include making voluntary super contributions, as well as adjusting your super investment to a more growth-focused strategy. 

It’s also wise to check if your super fund is providing the financial performance you need to fund your future lifestyle.

By making voluntary super contributions as early as possible, you can benefit from the power of compounding interest and maximise your retirement savings for the future. Lower returns lessen the compounding effect and reduce your retirement balance.  

Check out our FREE guide to Super Contributions and how they could benefit you: ‘A Guide to Superannuation Contributions’.

You need to know you’re doing the right thing with your superannuation and investments before and during retirement. The guidance of a trusted financial adviser can help you develop a strategy tailored to your financial needs and objectives.

Consider focusing on boosting your superannuation. By boosting your superannuation, you can achieve financial freedom for your retirement years. 

Avoid #2: Not Considering All Your Income Options For Retirement

If you are planning to retire early, you may want to ask yourself the following:

  • What is the status of your finances? 
  • How much money do you have in your retirement savings? 
  • Do you need to consider additional income sources to fund your ideal retirement?

You don’t want to retire and wish you had done things differently. Hindsight is a wonderful thing! 

Outside of your superannuation fund, it can be difficult to know the right financial strategies and investment solutions for your retirement. 

Check out our 4 Tips for Successful Retirement Planning to learn more about what retirement income options you can consider. 

Prominent Financial Services can help you create a holistic, reliable income strategy and give you peace of mind that you will have enough money to last throughout your retirement years. 

Avoid #3: Not Seeking Financial Advice and Tailoring Your Plan to Your Specific Needs

Seeking a trusted financial advisor to work with you to design a personalised financial strategy is crucial. A trusted retirement specialist can offer you advice on how to best invest your money to achieve your individual and unique objectives to build the best retirement outcome for your ideal future.

Christine Swanson, a Retirement Specialist in Adelaide, can provide you with tailored financial solutions, to enable you to feel confident that you are on the right path to achieving financial freedom during your golden years! 

Start planning for your retirement as early as today. Early preparation provides the best outcomes and avoids the stress of leaving it to the last minute!

It can be very beneficial to work with a financial adviser. They can provide you with tools and guides which will help you work out how much retirement income is needed, they can help you choose an investment strategy that suits your financial objectives, and they can even help you make smarter decisions on how to make your dollars last longer once retired.

Seek Expert Retirement Planning Advice to Ensure You Can Achieve Your Ideal Retirement

Remember that it is vital to plan early to see the greatest benefits. You should tailor your retirement plan to fit your specific needs by factoring in your current financial status, income, and future goals. Planning early is key to financial independence, so start with a retirement plan today.

Are You Looking for Help With Retirement Planning in Adelaide? 

If you have not made an active effort to review your retirement needs, you may be missing opportunities to improve your retirement position. If you need any additional superannuation advice, contact our Retirement Planning and Superannuation specialists at Prominent Financial Services.

Book a FREE discovery call today!

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