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You’re nearing retirement. What are the most common mistakes you should avoid?

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You’re nearing retirement. What are the most common mistakes you should avoid? Retirement is a major life transition that requires careful planning and preparation. However, many people make some costly and avoidable errors that can jeopardize their financial security and well-being in their golden years. Here are some of the most common mistakes you should avoid as you approach retirement.

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Lee Song Yong ChFC? CFP? B.Bus (First Class Hons)

Financial Steward for High Net-Worth | Trusted Advisor for Doctors, Lawyers & Senior Executives | Industry's Top 1% |…
Hugo Lin Hai Jun

??Awards Winning Leader | Speaker | Empower Like-Minded Individuals to Reach Their Greatest Potential | Trusted by ?…
Eduardo Humberto

CEO | CFO | Diretor | Executivo | Controller | Administrativo-Financeiro

1 Not having a clear retirement vision

One of the first steps to a successful retirement is to have a clear idea of what you want to do, where you want to live, and how you want to spend your time. Without a retirement vision, you may end up feeling bored, restless, or dissatisfied with your new lifestyle. A retirement vision can help you set realistic goals, budget accordingly, and pursue your passions and interests.

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Lee Song Yong ChFC? CFP? B.Bus (First Class Hons)

Financial Steward for High Net-Worth | Trusted Advisor for Doctors, Lawyers & Senior Executives | Industry's Top 1% | Top of the Table
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Many retirees underestimate how much they'll need to cover their living expenses in retirement. It's essential to carefully estimate your retirement expenses, including housing, healthcare, leisure activities, and unexpected costs, and plan accordingly. Hence it is important to have a goal, a plan and a strategy to achieve a successful retirement plan.

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Hugo Lin Hai Jun

??Awards Winning Leader | Speaker | Empower Like-Minded Individuals to Reach Their Greatest Potential | Trusted by ? Senior Executives ? Corporate Leaders ? Educators ? Healthcare Professionals | ??
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Many retirees are confused with their financial goal during retirement years. From my experience and conversations with many "successful" retirees, preserving their wealth should be the key priority, it is far more important than growing their wealth by that 1% more. "don't take risk too much for too little. "

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Eduardo Humberto

CEO | CFO | Diretor | Executivo | Controller | Administrativo-Financeiro
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Evitar a falta de planejamento financeiro, subestimar os custos de saúde, negligenciar o planejamento da transi??o emocional e n?o considerar atividades significativas pós-aposentadoria s?o erros comuns que podem ser evitados para garantir uma transi??o tranquila.

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2 Not adjusting your spending habits

Another common mistake is to continue spending as if you were still working and earning a regular income. This can quickly deplete your savings and put you at risk of running out of money. You need to adjust your spending habits to match your retirement income, which may come from various sources such as pensions, social security, investments, or part-time work. You also need to account for inflation, taxes, and unexpected expenses that may arise.

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3 Not diversifying your income sources

Speaking of income, you should not rely on a single source of income in retirement. You may face the risk of losing some or all of your income due to market fluctuations, policy changes, or personal circumstances. You should diversify your income sources by having a mix of fixed and variable income, such as annuities, dividends, rental income, or royalties. You should also have an emergency fund that can cover at least six months of living expenses in case of a crisis.

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Lee Song Yong ChFC? CFP? B.Bus (First Class Hons)

Financial Steward for High Net-Worth | Trusted Advisor for Doctors, Lawyers & Senior Executives | Industry's Top 1% | Top of the Table
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Relying solely on traditional retirement savings can leave retirees vulnerable to market fluctuations and economic downturns. Passive income sources, such as rental properties, dividends from investments, or royalties from intellectual property, offer diversification and stability, helping to mitigate financial risk. Passive income during retirement plays a crucial role in providing financial stability, security, and flexibility. Diversification is important when planning for passive income during our retirement years.

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4 Not taking care of your health

Your health is your most valuable asset in retirement. You want to enjoy your retirement years in good physical and mental shape, and avoid costly medical bills and long-term care costs. You should take care of your health by eating well, exercising regularly, getting enough sleep, and managing stress. You should also have a comprehensive health insurance plan that covers your needs and preferences.

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5 Not updating your estate plan

Your estate plan is a set of documents that specify how you want your assets and affairs to be handled after your death. It includes your will, trust, power of attorney, health care directive, and beneficiary designations. You should update your estate plan as you approach retirement, especially if you have experienced any changes in your family, finances, or goals. You should also review your estate plan periodically and consult a professional if you have any questions or concerns.

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Lee Song Yong ChFC? CFP? B.Bus (First Class Hons)

Financial Steward for High Net-Worth | Trusted Advisor for Doctors, Lawyers & Senior Executives | Industry's Top 1% | Top of the Table
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Neglecting Estate Planning. Estate planning is an essential aspect of retirement planning, especially if you have assets you want to leave to heirs or charitable organizations. Make sure you have a will, powers of attorney, and other necessary estate planning documents in place to protect your assets and ensure your wishes are carried out.

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6 Not seeking professional advice

Retirement planning can be complex and challenging, especially if you have multiple goals and options to consider. You may benefit from seeking professional advice from a qualified financial planner, accountant, lawyer, or coach who can help you navigate the retirement process and avoid common pitfalls. A professional can help you create a personalized retirement plan that suits your needs, preferences, and circumstances.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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You’re nearing retirement. What are the most common mistakes you should avoid?

1

2

3

4

5

6

7

1 Not having a clear retirement vision

2 Not adjusting your spending habits

3 Not diversifying your income sources

4 Not taking care of your health

5 Not updating your estate plan

6 Not seeking professional advice

7 Here’s what else to consider

Business Management

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You’re nearing retirement. What are the most common mistakes you should avoid?

1

2

3

4

5

6

7

1 Not having a clear retirement vision

2 Not adjusting your spending habits

3 Not diversifying your income sources

4 Not taking care of your health

5 Not updating your estate plan

6 Not seeking professional advice

7 Here’s what else to consider

Business Management

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