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3 Retirement Mistakes to Avoid in 2024

These blunders could trip you up financially, so be sure to steer clear of them at all costs.

It's easy to get caught up in the leisurely lifestyle retirement affords you without giving much thought to your finances. But if you don't stay money-aware during your golden years, you'll risk running into trouble and compromising the lifestyle you've learned to love. If you're retired, here are a few major mistakes you'll want to steer clear of in the coming year.

1. Not checking up on your investments

If you're sitting on a pile of Retirement corpus whether in a Provident fund or Public Provident Fund or Your NPS (National Pension Scheme), you probably know all too well that that money is the result of your hard work and sacrifice. And that's why the last thing you want to do is neglect your investment portfolio.

If it turns out your investments aren't doing as well as you expected them to, you may need to not only make some changes but also, adjust your retirement plan withdrawal rate to better align with the income your portfolio is generating.

Though you don't need to do an investment checkup every week, a quarterly look will serve you well. That said, don't confuse poor investments with periods of market volatility. If the market as a whole starts to underperform, there's a good chance your investments will follow suit, so don't be too quick to dump a specific fund or stock when there's a greater downturn at play.

2. Not budgeting for taxes

Just as you paid taxes on your income during your working years, so too must you do the same in retirement. Some seniors, however, get caught off-guard when they realize which income source of theirs is liable for taxes. For example, Investments in Pension funds & Mutual funds are generally taxable. And if you could lose some money there, too. You'll also be liable for taxes on your retirement plan withdrawals. Plan your Tax planning very well in advance. Ask your financial advisor.

3. Forgetting about your required monthly Income for Retirement.

Planning is necessary.

The closer attention you pay to your finances during retirement, the less trouble you're likely to run into. Avoid these mistakes so you can keep enjoying retirement without having to deal with financial stress like so many seniors do.

Parag Nesarikar

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