The worst retirement planning mistakes you should avoid, according to an expert

In his personal finance column for CTVNews.ca, Christopher Liew highlights some of the worst -- and most common -- retirement planning mistakes to avoid, so that your retirement is as financially secure and comfortable as possible (Getty Images)

As you chart the course toward your golden years, it’s important to steer clear of retirement planning pitfalls.

From underestimating retirement expenses to failing to diversify your investments, avoiding these mistakes will help you achieve the lifestyle you’ve worked hard for.

Below, I’ll explain how to avoid some of the worst (and most common) retirement mistakes so that your retirement is as financially secure and comfortable as possible.

One in four Canadians will be age 65 or older by the year 2043, according to a recent analysis performed by Environics Analytics and reported by CTV News.

The country is also home to an increasing number of centenarians (those 100 or older) as well. In 2018, Statistics Canada reported that there were 9,457 centenarians living in the country. By 2022, that number had jumped to 13,485 -- a 42.5 per cent increase.

Thanks to advances in medical and health sciences, Canada’s senior population is growing larger and living longer.

While this is great news, it also means that the younger generations need to pay more attention to retirement planning.