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Seven retirement planning mistakes to avoid.

Seven retirement planning mistakes to avoid so that your golden years don’t carry the stress of work.

For our members, retirement can be a daunting process, so here are a few retirement pitfalls to avoid.

  1. Not having a plan:

Fortune magazine published a study showing that people with written plans ended up with more than five times the amount of money compared to those with no written plans.

  • Calculate your monthly expenses.
  • Is it practical to retire now?
  • Can you afford to retire?
  • Can you downscale your costs?
  • Will you be able to save?
  • Have you considered future medical expenses?
  • And lastly, do you have a trusted financial advisor?


  1. Cashing your out retirement fund too early:

Avoid cashing out your hard-earned money too soon. First go over your plan (or make one if one is not yet created), and talk to your financial advisor.

“You’re either saving for retirement today, or you’re consuming your retirement today.”

  1. Retiring without your first few months income set aside:

No one’s retirement or pension check is paid out immediately and therefore it is important to have funds set aside to support you during this waiting period.


  1. Not saving enough and underestimating health care costs:

Health care costs, short term or long term will be most retirees largest expense; in the unfortunate case of this happening, consider keeping an emergency fund for these possible expenses.


  1. Not listening to advice from professionals:

Financial advisors are professionals available to help you plan for retirement, advise you on where to invest, and can help create a financial map to help guide you through your retirement years. One would need to do a lot of research if you are the DIY type and most people do not have the time or maybe the necessary skills to make these type of investment decisions. Please always consult a professional financial advisor to help with this.


You always need to have a well-diversified portfolio, but this becomes ever more important the closer you get to retirement.


Financial advice is always important, but it is critical that you start to consider aligning the asset allocation of your pre-retirement portfolio to mirror the investment portfolio you will need after retirement. This is where you will need professional financial advice.


Most of us will live for 20 to 30 years after retirement; so take the time to plan and listen to advice from professionals so that your retirement can feel like a well-deserved extended holiday away from the stress of work.


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Indemnity Statement: The Consolidated Retirement Fund for Local Government & SASH Consulting Pty Ltd. do not accept liability for any loss, damage or expense that may be incurred as a direct result or consequence of reliance upon the information on this website. If there is any conflict between the information on the website and the actual Rules of the Fund, the Actual Rules of the Fund will prevail. Consolidated Retirement Fund for Local Government Reg No: 12/8/32689/2