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This month we've been talking all things retirement! Our last few blog posts have been filled with tips and tricks you can put to use to make your retirement everything you want it to be. But today we're talking about what not to do...

retirement plan

1. Waiting too long to plan

We've all heard it before: failing to plan is planning to fail, so make sure to start planning for retirement as early as you can! It's never too soon to start.

2. Spending too much off the bat

Anecdotal evidence suggests that when people initially retire they begin to spend a lot more almost instantly. We get that you're finally free of the daily 9 to 5 grind, but take it easy if you want to keep up that lifestyle.

unnecesary assets retirement

3. Holding on to unnecessary assets

This one is a biggie... Lots of retirees will hold on to large items such as cars, which are expensive to run, even when they are no longer necessary. Take a look at your belongings are purge everything you no longer use or need. This can also be a way to make some extra cash!

4. Moving in a rush

It seems to be commonplace for new retirees to drastically pack up their life and move as soon as they've hung up the tools, but this might be a mistake. Moving hurriedly without putting in a proper amount of thought or research could mean you are paying much more than you have to. Take a beat and do some research before packing up and moving out.

investing retirement

5. Shying away from investing

Investing can be a daunting prospect, but lots of help is available! Making investments can be one of the best ways to save for retirement, and can compliment your superannuation well. If you're not sure how to go about investing alone, speak to a professional or a friend who has had success.

6. Make plans in advance

We'll say it again: failing to plan is planning to fail! It's highly recommended that you take some time before retirement to think about what activities you might want to do during your retired years. Will you get a part time job? Will you travel the world? Will you learn a new skill? Making these plans give you a good idea about how much money you will need to have saved up!

Happy planning!

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