Here are 15 retirement mistakes we should avoid 

Believing you won't encounter any health complications for the rest of your life. Maybe you will stay healthy but having a backup plan for if things go south can help prevent unnecessary pain and stress.

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1

Not Planning for Health Complications

One large mistake people tend to make is not contributing enough to their retirement accounts to receive the full employer match. If you are not contributing enough to your 401(k) to receive the match, you are just giving up free money.

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2

Passing up free Money in the form of an Employer Match

The biggest retirement mistake I see is people not considering all the non-financial aspects of retirement. They think they'll just stop working and spend all their time on a quasi-vacation playing golf or taking it easy.

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3

Thinking retirement Planning is just for your finance

A regrettable mistake I witness people make is raiding their retirement accounts to pay for their kids' college expenses. It might seem like a reasonable idea to take out a 401(k) loan to pay for college.

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4

Using retirement money to pay for your kids' college

Not having a thoughtful plan about where to put your money between these three buckets can greatly impact retirement. It affects when you access the funds, the taxes paid, and if it's counted as future income.

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5

Not Understanding the Different Types of Retirement Accounts 

People spend so much time planning financially yet often spend little time planning practically for their retirement. The clients I have helped transition into retirement that have enjoyed post-career life most are those who have planned how they spend their idle time.

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6

Not Planning for What You'll Actually Do During Retirement 

The worst mistake people make is moving investments within their 401k at the wrong time. This mistiming is often done based on the past performance of the current investment holding. Investors will look at the past, move the money, and then miss the rebound.

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7

Trying to Time the Market

As a child, I watched my Dad work hard and retire in his 40s, soon realizing he never made a plan for what to do next.  but everyone can tell he's not happy; he lost his drive. Work was all he had; when it was gone, nothing was left. Finding hobbies and interests now is the solution to future retirement boredom.

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8

Retiring ‘Early' Without a Plan 

When it comes to retirement planning, people make the mistake of not starting early enough. No matter how much money you make, it would be best if you tried to start saving for retirement as soon as you start making money.

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9

Thinking You Can Wait To Start Saving for Retirement

One retirement mistake most people make is not assigning beneficiaries. Retirement plans allow you to add multiple beneficiaries. You can designate primary and secondary beneficiaries and set up a benefit split between them.

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10

Forgetting To Assign Account Beneficiarie

A retirement mistake that people make is to wait until retirement to enjoy doing the things that they love (e.g., traveling, spending time on hobbies, etc.). Even though delayed gratification is important in life, you may not have the same level of energy to do the things you want to do.

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11

Forgetting To Enjoy Life Before Retirement

With money saved up, investments paying off, and a healthy pension, you may feel it's okay to go on a spending spree after retirement. After all, why have all that money if you can't have a good time?

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12

Overspending in Retirement 

One retirement mistake I see the most and kick myself for is not starting to save and invest earlier. When you learn about compound interest's magic and let it do its thing without making any withdrawals, it is pretty amazing.

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13

Not Understanding the Power of Compound Interest

A huge mistake people make when retiring, especially retiring early, is not having a plan for their life. Sometimes people want so badly to get out of a job or just not be working that they find retirement boring,

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14

Not Setting Goals in Retirement 

Pondering the possibility of becoming incapacitated as you age is not a pleasant thing to do. However, it is a mistake not to. Therefore, being prepared by designating both a financial and healthcare power of attorney (POA) is necessary to protect yourself and your family.

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15

Not Being Prepared for Unexpected Health Crise

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