Retirement pitfalls to avoid
Planning for retirement involves avoiding both financial and psychological pitfalls. Here are some retirement pitfalls to avoid:
Clear planning for retirement is key to happy retirement. You must not be lost in what you intend to do after retirement.
1. Lack of clarity: 2. Refusal change: to accept
Retirement comes with changes which must be accepted. Do not try to resist the changes. One of such changes comes in the form of adjustments in your spending habits.
3. Failing to establish a formal plan:
Retirees also often fail to establish a formal written retirement income plan. The plan should include both a detailed budget and forward-looking survival strategies.
4. Not really down sizing:
If you fail to down size and keep living large as if you are still in active service, you are heading towards destruction.
5. Failing to maximise Social Security:
Although Nigeria’s social security system is mostly based on pensions. But it is important for retirees to look out for states that offer free medical treatments and other retirement perks for senior citizens.