Retirement should be a time of freedom, not financial stress. Yet, many people unknowingly make mistakes that can jeopardize their hard-earned savings. The good news? Most retirement missteps are avoidable—with the right planning.
At Family Asset Planner in Canton, Ohio, we help individuals and families avoid costly retirement pitfalls and build long-lasting, flexible income plans.
Mistake #1: Delaying Retirement Planning
Many people wait until their 50s to get serious about retirement. Unfortunately, this limits the power of compound growth and increases the pressure to save more later.
How to avoid it: Start early. Even small, regular contributions to retirement accounts in your 20s and 30s can grow significantly by retirement.
Mistake #2: Relying Solely on Social Security
Social Security is a helpful income source—but it’s not designed to replace 100% of your income. Relying on it alone could leave you short.
How to avoid it: Build additional income streams through 401(k)s, IRAs, investments, and annuities. We help clients estimate their Social Security benefit and create a plan to supplement it.
Mistake #3: Not Having a Withdrawal Strategy
You’ve saved for decades—but how do you turn that savings into sustainable income without running out of money?
How to avoid it: Work with a financial planner to design a tax-efficient withdrawal plan, considering:
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The order of account withdrawals
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Required Minimum Distributions (RMDs)
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Roth conversions
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Market conditions and inflation
Mistake #4: Underestimating Health Care Costs
Health care is one of the largest expenses in retirement—and it's often overlooked.
How to avoid it: Plan for Medicare premiums, supplemental insurance, and long-term care needs. We help clients incorporate realistic health care costs into their retirement budgets.
Mistake #5: Ignoring Inflation
Inflation quietly eats away at your purchasing power. If your retirement plan doesn’t account for rising costs, you may not have enough later in life.
How to avoid it: Use inflation-adjusted income planning and keep a portion of your portfolio in growth-oriented investments to outpace inflation.
Mistake #6: Taking Social Security Too Early
While you can claim Social Security at age 62, doing so reduces your monthly benefit for life.
How to avoid it: If possible, delay claiming until your Full Retirement Age (FRA) or even age 70 to maximize your benefit.
Mistake #7: Not Working with a Fiduciary Advisor
Some retirees get advice from salespeople or brokers whose recommendations are driven by commissions—not your best interest.
How to avoid it: Choose a fiduciary Certified Financial Planner (CFP®) who provides transparent, goal-based planning.
Why Choose Family Asset Planner?
At Family Asset Planner, we specialize in retirement planning that works. Based in Canton, Ohio, our fiduciary advisors take time to understand your retirement dreams and help you build a reliable income stream that lasts for life.
We provide:
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Personalized retirement income plans
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Investment strategies tailored to your goals
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Tax and Social Security optimization
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Estate and legacy planning
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Guidance before and throughout retirement
Avoid Retirement Mistakes—Start Your Plan Today
Phone: 888-222-1286
Website: familyassetplanner.com
Address: Canton, Ohio 44708