Dollars and sense

Spending too much - Pretty obvious, do your homework and budgeting. Be smart and find independent advice to help you monitor how fast you are spending your money. Then if you “live too long” hopefully you won’t have to live out your golden years in poverty.

Spending too much on housing - Not much good owning a $500,000 house and having only $50,000 in the bank to supplement your (rather lean) government super. Don’t get to retirement living in a castle with too little cash to supplement your super.

Worrying too much - The news media will drag you into the mire. Turn the news off and get out and about.

Not learning enough about investment before retirement - Knowledge is power. Learn about investments as you save for retirement, and probably avoid the disaster some people incurred when they put all their money into one or to finance companies.

Helping children too much and leaving yourself short - Love them or not, they may have 25 to 40 years of working life in front of them, you don’t. Be careful; keep enough money back for yourself.

The big financial mistakes older people make

Not getting on-going financial and planning advice leading up to retirement - If you fail to plan, then plan to fail. Get advice – if it costs say $150 to $200 pa that is peanuts compared to what it might do for you. It might get you organised and might even save you tens of thousands.

Failing to understand what diversification really means - You can’t pick the hot investments; no one can. Rather diversify properly, and you will make good money in good times, and survive the bad times pretty well too.

Not living and spending too little - You can’t take it with you. Get advice and find out how much you can safely spend if you are worried.

Believing that you can (or

The

“experts” can) pick the hot investments - No one can – buy quality and diversify widely. Beware of some apparently wonderful companies as the costs can be too high. After all someone has to pay for their big buildings and glossy brochures – and it will be you.