5 common mistakes before retiring and how to avoid them

Published: Apr. 5, 2023 at 10:54 PM CDT
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SHREVEPORT, La. (KSLA) — Retirement may seem like a long way off for some and in the not-too-distant future for others. Either way, knowing the common pitfalls before you jump into retirement could help you in the long-run.

Colin Evans, of Evans Financial Group, joined KSLA’s Priscilla Borrego in the studios Wednesday, April 4 to highlight five common mistakes and how to avoid making them.

In a nutshell:

  1. Have a plan. A lot of people spend more time planning their vacation than they do planning their retirement.
  2. Live under you means.
  3. Take healthcare into consideration. The general rule is that it will take three years of income to cover your healthcare costs during retirement.
  4. Take inflation into account.
  5. Write it down.