10 Worst Mistakes People Make After Retirement
iStock.com/Milan Marjanovic
6. Cashing Out Your Pension Too Soon
Don’t make the mistake of cashing out your entire pension for the promise of better returns elsewhere. Investments are notoriously unreliable, and it will be very hard to find one that will pay you more than your pension in the long-term, no matter how tempting. Don’t gamble on your future.
7. Not Being Tax Effective
Having your nest egg split into different accounts can seem like a good idea, but remember that each account is being taxed different amounts. If you aren’t savvy you could end up paying a lot more tax than you actually need to. Use the advice of a financial advisor to help you, as taxation can get pretty complicated.
