ASX200 index plummeted 3.8 per cent to 4918.4, shaving off nearly $55 billion in market cap, while the broader All Ordinaries fell 3.6 per cent to 4958.1.

One of the major problems that many Australians face, at their retirement age, is uncertain financial future, says a financial consultant at Inception Wealth Group, a leading Australian financial services consultancy firm. 

Australian-based financial consulting firm, Inception Wealth Group, opines on some financial errors that people have made during retirement.

Consultants at Inception Wealth Group are accustomed to seeing panic stricken Australians approaching their retirements with little or no prior planning of their financial wellbeing.