8 Mistakes to Avoid During Retirement

Because retirement isn't just about stopping work — it’s about making your money and lifestyle work for you.

Retirement should be a time to relax, explore, and enjoy the fruits of your hard work. But even the most prepared individuals can fall into some common pitfalls that affect their long-term financial well-being. Here are eight mistakes to watch out for — and why having a financial advisor in your corner can make all the difference.

1. Underestimating Longevity
Many retirees don’t realize just how long retirement can last. Planning for 10–15 years may not be enough. Running out of money isn’t just a fear — it’s a real risk. A financial advisor can help you model different scenarios and prepare for a longer-than-expected retirement.

2. Not Having a Flexible Plan
Markets shift. Health changes. Life happens. A rigid retirement plan may not adapt to unexpected events. Having a flexible strategy — one you review regularly with a professional — can help keep you on track when life throws you a curveball.

3. Withdrawing Too Much, Too Soon
Without a smart withdrawal strategy, it’s easy to deplete your savings faster than intended. A financial advisor can help design a withdrawal approach that supports your lifestyle while preserving long-term sustainability.

4. Ignoring Tax Implications
Retirement doesn’t mean you stop paying taxes. The way you withdraw from accounts, collect Social Security, or sell investments can all have tax consequences. A well-informed plan — ideally with input from a financial professional and tax expert — can help you avoid surprises.

5. Delaying or Mismanaging Social Security
Social Security decisions can impact your income for life. When to file — and how — depends on your personal situation. Talk with a financial advisor to understand the pros and cons of your options before locking anything in.

6. Overlooking Healthcare Costs
Healthcare often becomes a bigger expense in retirement. From premiums to long-term care, these costs can sneak up on you if not properly accounted for. Planning early with a financial advisor may help manage these future expenses.

7. Forgetting to Revisit Your Plan
A retirement plan isn’t a “set it and forget it” situation. Your priorities, needs, and markets will evolve over time. That’s why it’s important to check in regularly with a trusted advisor who understands your goals.

8. Going It Alone
Retirement is personal, and the internet is full of one-size-fits-all advice. But your life and finances are unique. Working with a financial advisor can help you navigate uncertainty, stay confident in your decisions, and adjust your plan as needed.

Final Thought
Avoiding these mistakes doesn’t require a perfect plan — it just requires a thoughtful one. If you’re nearing retirement, already retired, or just want to feel more confident about your future, consider speaking with a licensed financial advisor. The right guidance can help bring clarity to the next chapter of your life.

Want to explore your retirement strategy?

Have a conversation. A financial advisor can help you build a plan that fits your vision for retirement — and helps you avoid costly missteps along the way.