6 Costly Retirement Planning Mistakes You DON’T Want to Make

In this video, I'll be counting down the biggest mistakes people make when planning for retirement. And, more importantly, I’ll explain what you should do differently to ensure you’re on the right track as you approach retirement.

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⏱ Timestamps
00:00 - 6 Biggest Retirement Planning Mistakes
00:58 - Mistake Number 6: Working Too Long
02:33 - Mistake Number 5: Not Optimising Your Super Contribution Strategy
03:43 - Mistake Number 4: Not Taking Into Account Inflation
04:42 - Mistake Number 3: Taking On Too Much Investment Risk
06:21 - Mistake Number 2: Dismissing Social Security
08:05 - Mistake Number 1: Not Having a Retirement Plan

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-- The 6 Biggest Retirement Planning Mistakes --

With so many rules and regulations, planning for retirement can be daunting. And, while you won’t become a retirement planning expert overnight, there are certainly some mistakes and traps you should avoid when building out your retirement plan.

The most common retirement planning mistakes people make aren't ones that will get you in trouble from the tax man, or have you breaking the super rules. Instead, the mistakes we go through in this video will cause your retirement savings to run-out 10 years too soon, cause you to work years longer, or result in you missing out on opportunities that could boost your retirement income by thousands of dollars every year.

In this video, I’m going to take you through the 6 biggest retirement planning mistakes, so that you can avoid these costly errors. Plus, I’ll let you know what you should be doing instead.

#SuperGuy #ChrisStrano #Superannuation #RetirementPlanning

DISCLAIMER: The SuperGuy website and SuperGuy YouTube channel contains general advice only. It is not personal advice as it does not take your specific needs or circumstances into consideration. Therefore, you should look at your own financial position, objectives and requirements and seek personal financial advice before making any financial decisions.

General advice is provided by Toro Wealth Pty Ltd trading as SuperGuy Retirement Experts as an Authorised Representative of Core Value FA Pty Ltd (AFSL 480387).

Before acting on any information, you should seek professional advice and verify our interpretation/s before relying on the content or calculators within this website or on the videos, while also considering its appropriateness in relation to your personal situation.

[csjames]

An important point that needs to be made for those considering retirement is elimination of debt. All well and good people retiring but if they still have a mortgage, credit cards or loans, their super will be supporting the debt and not their lifestyle post work.

[lisinbondi]

I don't think 'working too long' counts if you enjoy your job and also if you have always lived a full life and not put off the fun trips until retirement. One of our friends just complained today he wished he had kept working, even if just a few days, as he is very bored. Having younger colleagues keeps you sharper intellectually as well. Too many retirees end up in bubbles of old people and they age mentally much faster.
Make sure that you have a plan of good things to do next and it doesnt just involve others 'your age'.

[CM-lfgk]

Excellent advice and information, thank you

[catweasle]

All good advice, but I would add one other important do you plan to do once you retire? What is your lifestyle going to be. One person could retire on $800 a week and live comfortable. Another person with the same amount might struggle. You have to plan for YOUR interests.

[wonton]

Retire as soon as you can and enjoy it. You are just a number on the hamster wheel. I just sorted out some finances for a sick cousin in NZ. He just turned 65 so gets full single pension ~S1200 f/n, he worked 43 years for the same company on minimum wage. When he handed in his retirement notice all he got was a 1 line email saying yes we accept your resignation and good luck with your retirement. When it became compulsory he paid 3% into super, his employer put 3% into super, after 12 years it was worth $42, 000 I don't know how the Kiwi's survive. Council Rates are $3, 400 his Pensioner Goldcard is practically worthless other than free off peak public transport.

[Hakucho]

A couple of times you recommended using a good Aussie-aware retirement calculator. Could you suggest any please?

[TheFelltimber]

I have been lucky to be in a final average salary govt pension which pays more than my normal salary meaning I retire on an increased salary. It seems so unfair that there are very different rules and opportunities

[susannicholson]

My Father made a costly mistake not knowing he could have been receiving the NZ Super Pension (similar to age Pension in Australia) for 25 years. The NZ Super is not means or income tested like here in Australia . He was self funded through a NZ Army Pension and Investment outside of Super. It was not until he went into aged care and he became eligible for the Australian age Pension that I found out. So he had missed out on approximately $15000 pa for 25 years. There must be many Kiwi expats who are missing out like my Dad did.

[alexlanning]

Interesting Info, also, get out of the rent trap/downsize

[tdgspare]

Thank you for this. In answer to why some people don't seek expert advice; can't afford it! I therefore appreciate self help videos ☺. 500k for my retirement? That would be amazing but highly unlikely even with both of us together.

[doctorcrusher]

I’d like a discussion about women retiring. Widow, over 60, in and out of the workforce due to family, very minimal amount of super because of it…

[aussietaipan]

2-5 for me are no brainers but 1 is a very interesting one. For me I would like to semi retire, work 2 - 3 days per week as I love my job. But I know changes are in the wind and the company I work for will be broken up and sold off so I may be put out to pasture earlier than I would like. My aim is to semi retire at 67, 5 years from now.

[danbretherton]

Since war veterans can receive the pension at 60 can we salary sacrifice as much as needed into super and receive full pension to make up the loss in take home pay?

[fieldsofgold]

I’m working till I drop. 😅 I lived a carefree existence in my 20’s & 30’s to enjoy my younger self. & I don’t entirely regret that decision either.

[madazbbp]

Considering the onerous requirements for Gov pension it should not be a surprise that many people, myself included, are planning their retirement strategy around not receiving or needing a Gov pension. Why add the stress and monitoring of dealing with Centrelink to your retirement years just for a little bit of money that will be adjusted each election cycle based upon Gov budgets and social programs?

[jeannedarc]

Can one get advice and pay someone to look at everything and let you know how you’re going and what your options are, and just pay for that as a one off? I don’t want to set up an ongoing income stream for an advisor, but I’d be happy to pay for their expertise in looking at my plans. Is that kind of setup even possible?

[nobodyreally]

I’ve got 10 to 15 years of working life..
I want enough money so I can live very comfortably, just have the things I need and not worry about how I’m going to maintain my life style.
I’m 50 yrs old..
I need help and guidance so I can work towards my dream life.
I also wish to open a retail shop and workshop to produce a product and run my own business..
What advice could you give me to start this journey I wish to embark on…???

Clear concise advice would help me. I’m happy to research and seek professional advice.
But please help me start by pointing me in the right directions please.

[escape]

Also keep in mind people don’t necessarily get to choose when they retire, after all life happens.

[Elliott_Wave]

What are your costs for planning Above 5, 000??

[Eagleeye]

Hi Chris, I plan to retire next year reaching 67, where I should receive a part pension from Centrelink based on asset test as I will not have any income. Only income will be a pension based stream from my super fund. However when I use Centrelink pension estimator online tool, that's asking to input any pension based income stream. Does that mean income from super is considered for income test also? Super balance is already a part of asset test as deeming. I'm confused, so appreciate your clarification please.