Retirement should be the most exciting time in a senior’s life. Back then, planning for retirement is as easy as 123. You just have to set aside a certain percent of your monthly income starting the age of 40, earlier if you want your nest egg to be more comfortable or if you plan to retire early. Then just tuck it away somewhere safe and where it is guaranteed to multiply during hibernation. However, these days, retirement planning is much more complicated and trickier than that. Aside from that, retirement planning has its own share of hazards which unfortunately, can turn your happy retirement years to the most anxious time of your life!
·    Miscalculating your retirement cost. It’s okay to overestimate but never underestimate! Also, not checking your insurances before retirement can really give you a headache during your golden years.
·    Not doing your homework even if you plan to move after retiring work. This should cover taxes, cost of living and means of living when you get there.
·    Purchasing a place in a retirement community without actually spending time there. Seniors should know that you can rent a place within these retirement communities before buying one. By renting first, you get a good feel if this is indeed the right place for you.
·    Not considering your lifestyle or the way you want to live your life after retiring. Abrupt changes can indeed create havoc on your well-planned retirement so if you need to plan, make sure you plan well.
·    Not preparing yourself for retirement. And I am not talking about the financial aspects of it alone, it also involves preparing yourself mentally and emotionally. Before you retire, you must have a concrete plan of your life during your retirement years—please include something else aside from watching TV all day and working on your toolshed all night!
·    Stubbornly holding on to your house even if it’s not anymore practical for you to do so. You should remind yourself that when you grow older, there will be more and more obligations you will not able to fulfill anymore so it is better to accept them and deal with them early on.
·    Not travelling much to experience different worlds outside your own. Your travel experience will play a vital role in deciding where to settle after retirement.
·    Not considering your marital status. Retirement does not automatically seal your marriage for life. In fact, your marriage can be at its most vulnerable during the first few years of retirement since there will be extreme changes in the way you live your daily life.