The Biggest Financial Mistakes Retirees Make

Adam Bornn ( @ParallelWealth ) shares the two biggest retirement mistakes he sees all the time. You might be making one without even realizing it. Catch the full conversation on our latest episode of The Wealthy Barber Podcast.

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What’s the biggest financial mistake you see? you see?

Uh, I’ll say two. Uh, people not spending enough early in retirement. So, you know, they hit the first couple years of retirement and they’re, they’re not spending enough. They hold their money too close to their chest. Um, they’re, they’re fearful of the, the future. So that’s, that’s a big mistake. Like you only have so many years to kind of enjoy that.

Um, and then the CPP thing, taking CPP, I think Canada average age is age 62. Um, I want to get that average age much later. It’s beneficial for everybody. Um, so that, you know, it’s something, again, it’s not my personal preference, it’s just the data shows that delaying it will give you more money. So why aren’t more Canadians doing that?

I’m with you. I studied that upside down about six months ago. I spent days and days and days, and we want to get that average age up to 67, 68. You can’t get it to 70 because some people are wise to take it early. They need it or they have such a health concern. It makes sense from their perspective.