3 Things You Should Avoid If You’ve Begun Planning for Your Retirement 

One of the main reasons people work hard for a major part of their lives is to secure a safe and secure post-retirement life. Often described as an escape from worries and troubles, the reality after retirement can be far different from that vision, particularly if one does not pay enough attention to retirement planning from an early age.  

Therefore, you should consider retirement planning as a significant facet of your financial planning during your working years. You should frame and adhere to a savings plan from the time you start earning. This will then be able to cover living costs when you’re no longer earning, enabling you to choose somewhere lovely to live such as a 55+ community in East Petersburg. Most likely, the priorities and the time horizons you need to plan for evolve through the years. Early on, it could be for a home, children’s education, support for the elderly, etc. Along with these, you should put in a small amount in a retirement investment plan. Then, once you have reasonably met the other commitments, you can choose from a wide selection of pension plans that will meet your regular income needs after you retire.

Efficient Retirement Planning

In the present times, the process of planning for your retirement has become relatively easier compared to a decade earlier. With the availability of multiple retirement investment plans, you are well placed to pick one according to your financial goals. Companies like Tata AIA life are ideal for savings and retirement investments. They offer flexible annuity plan options and guaranteed lifetime income, both of which are quite beneficial in the post-working-age years. In addition, there is an option to get joint-life annuity and extra annuity on the online purchase of the plan. 

While planning for your retirement, you should consider several important factors, including your financial outflows, your desired retirement age, your ideal retirement corpus, and the kind of retirement plan suitable for you. It is also important to avoid some mistakes while formulating and implementing the plan. 

Mistakes to Avoid When You Have Begun Retirement Planning

Some of the things you should avoid if you have begun planning for your retirement have been discussed below. 

  1. The notion of ‘it is too early to start retirement planning’

One of the most common mistakes people make while planning for their retirement is thinking that they have plenty of time left to choose a savings plan and a retirement investment plan. Instead, it is always advisable to start your retirement investment at a younger age, preferably within a few years after you start working. 

The sooner you start investing in a retirement plan, the higher the total retirement corpus you can build. Thus, you will receive a better return on investment. Furthermore, another advantage of starting early on your retirement investment plan is that you can retire early if you wish. 

  1. Excessive spending

The quantum of your savings is completely dependent on how you allocate your income between expenses and savings. If you spend a major percentage of your income, you will end up with very limited savings. 

Therefore, you must set aside a predetermined proportion of your monthly income for savings and invest the same in the retirement investment plan of your choice. 

  1. Having an inflexible retirement plan 

It is important to remember that your retirement plan must be flexible and progressive; that is, it must allow you to increase your investment as your income and savings rise. 

Therefore, you should select a retirement investment plan that enables you to modify the amount of periodic investment you make in it. By doing so, you can manage your savings plan better and gradually build your retirement corpus. 


Only when you feel financially secure and prepared for retirement can you consider retiring at the age of your choice. Attaining that sense of financial security requires you to begin your retirement planning early and choose an appropriate retirement investment plan. Then you can build a substantial retirement fund allowing you the freedom to enjoy peaceful retirement years. All the best!