Retirement is one of the greatest age milestones and financial transitions one can achieve after many years of employment service or of running their own business.
Many retirees see retirement as a transitioning from the working grind, to days of leisure and relaxation.
However, there is another shift at play.
Himal Parbhoo, FNB CEO of Cash Investments said, “When entering retirement, you are shifting to measured spending and retirees need to have a clear game plan in mind on how they will manage their money and stretch it till the end.
“Even though many have planned and saved for years, entering retirement is not a time to set the autopilot on your finances, but a time to understand your finances and develop a personal relationship with your money.”
Parbhoo shares six common mistakes retirees make during their golden years:
1. Overspending in retirement
Many retirees start by pursuing all the things they didn’t get to do while working such as…