Hey Lykkers! Let's be real — planning for retirement can feel like a mix of excitement and confusion.

One minute you're dreaming of sipping coffee with a sea view, and the next you're staring at a pile of documents wondering if you're making the right decisions. If that sounds familiar, you're not alone.

Retirement planning isn't just about saving money — it's about making sure your money lasts, grows wisely, and supports the life you want. But the truth is, many seniors make a few common missteps that can really throw off their retirement plans. The good news? You can totally avoid or fix them — and that's exactly what we're talking about today.

Mistake #1: Relying Only on Government Pensions

Many people assume that their government pension (like Social Security, CPF, NPS, or similar) will be enough to cover retirement expenses. But in most cases, it's not designed to be your only source of income — just a part of the puzzle.

Financial educator Simran Kaur advises, noted: "Start building multiple income streams — like private retirement plans, part-time income, investments, or annuities. Even small additional sources can make a big difference."

- The Fix:

Start building multiple income streams — like private retirement plans, part-time income, investments, or annuities. Even small additional sources can make a big difference. Think of your pension as your foundation, not the whole house.

Mistake #2: Underestimating Healthcare Costs

- The Problem:

A lot of retirees don't budget enough for medical expenses, assuming they'll stay healthy or that insurance will cover everything. But healthcare is one of the biggest retirement costs — and it only increases with age.

- The Fix:

Look into long-term care insurance or dedicated health savings accounts. Also, review your current health insurance policy — does it cover chronic care, prescription meds, or overseas emergencies? Better to know now than get surprised later.

Mistake #3: Taking Out Too Much Money Too Soon

- The Problem:

It's tempting to dip into your retirement savings for home renovations, helping family, or bucket-list trips. But withdrawing large amounts early on can shrink your savings way faster than expected.

- The Fix:

Follow the 4% rule — it suggests withdrawing only about 4% of your savings per year to keep it sustainable. And always consult a financial advisor before making big withdrawals. Your future self will thank you!

Mistake #4: Not Accounting for Inflation

- The Problem:

What costs $1,000 today might cost $1,300 ten years from now. If your retirement plan doesn't account for rising prices, your money could lose value over time — even if it looks good on paper now.

- The Fix:

Invest in assets that grow with inflation — like stocks, inflation-linked bonds, or real estate. Also, revisit your budget every year or two to make small adjustments. Retirement isn't static — your plan shouldn't be either.

Mistake #5: Not Having a Backup Plan

- The Problem:

Many seniors don't prepare for "what if" scenarios — like losing a spouse, unexpected medical costs, or market downturns. It's uncomfortable to think about, but necessary.

- The Fix:

Create a contingency fund with at least 6–12 months of living expenses. Also, make sure your life insurance, will, and power of attorney documents are updated. Peace of mind is priceless.

Final Thoughts for My Lykkers

Retirement should be a time of joy, freedom, and peace — not stress over money. The key is awareness. Once you know what to watch out for, you're already halfway to financial security.

So, Lykkers, whether you're planning your retirement now or already in it, take a moment to review your strategy. Fixing even one of these common mistakes can extend your income and give you more freedom to enjoy life on your terms. You deserve that golden chapter to be truly golden.