Mistake #2: Not investing aggressively enough
Most people, when reaching their retirement age, hastily stop investing or start cashing out on their investments as if they’ve reached the end of their financial life. But guess what? It’s not the end just yet!
As stated by the Society of Actuaries, “A 65-year-old man has a 41 percent chance of living to age 85 and a 20 percent chance of living to age 90. A 65-year-old woman has a 53 percent chance of living to age 85 and a 32 percent chance of living to age 90. If the man and woman are married, the chance that at least one of them will live to any given age is increased.”
So, if you want to secure yourself a smooth retirement, don’t stop investing, even if it’s just a portion, in all sorts of assets such as real estate trusts, stocks, bonds and the like.