. Not planning adequately for the future
· Not creating a comprehensive financial plan
· Not creating financial goals which match your lifestyle plans
· Underestimating the need to start saving regularly and early
· Not being aware of tax laws and using them to your advantage
· Failing to plan for the unexpected
· Not taking full advantage of employee benefit plans
· Failing to properly plan your estate
· Not being as committed as you need to be
While it’s impossible eliminate unexpected expenses and surprises when it comes to retirement spending, you can ensure you are adequately prepared by creating a retirement budget that reflects your actual lifestyle. Revisit your plan periodically, especially during key life changes, and you will be better able to control your expenses and come up with a viable retirement income plan.