Cape Town - You could be on the wrong path in your retirement planning and make mistakes in pension matters. Rita Cool, a Certified Financial Planner at Alexander Forbes Financial Planning Consultants, shares the ten she regards as the biggest.
Starting too late
When you are young you think that you have a lifetime to save for retirement, but before you know it retirement is around the corner.
The sooner you start, the easier it is to reach your targets because of the power of compound growth. You can save a smaller amount each month to get you to the same target over time.
Underestimating how much retirement will cost
It is important to have a budget so that you can see how much money you need each month.