5 Retirement Missteps—and How to Avoid Them
When you finally clock out for good, you want the freedom to enjoy the life you’ve worked so hard to build. In working with retirees, we see a handful of avoidable mistakes show up again and again. Below are the top five—plus practical ways to steer clear of them.
1) Starting Social Security ahead of schedule
Claiming benefits as soon as you’re eligible can permanently shrink your monthly check—and over time, that can add up to tens of thousands you’ll never see.
What to do instead
Know your Full Retirement Age (FRA): Each year you delay up to age 70 increases your benefit.
Run the math: Use calculators or talk with a professional to see how waiting affects lifetime income.
Factor in health and longevity: A longer retirement horizon often favors delaying.
2) Holding too much in Traditional IRA dollars
Aggressively saving is great—but piling everything into tax-deferred accounts can create a future “tax time bomb.” Every dollar you withdraw (and later must withdraw via RMDs) is taxed at ordinary income rates.
What to do instead
Diversify account types: Add Roth IRAs or Roth 401(k)s to build tax-free income streams.
Consider Roth conversions: Convert portions of a Traditional IRA in lower-income years.
Plan around RMDs: Map distribution timing to minimize taxes over your lifetime.
3) Working longer than you needed to
Plenty of people discover they could have retired earlier—but kept working out of uncertainty, not numbers.
What to do instead
Create a retirement roadmap: A detailed plan shows what you need and when you can stop working confidently.
Review annually: Higher returns, lower spending, or paid-off debt might pull your date forward.
Design your next chapter: Clarifying how you’ll spend time removes a big emotional barrier.
4) Trying to time the market
Jumping in and out based on headlines often means selling low, missing rebounds, and leaving hundreds of thousands on the table over time.
What to do instead
Stick to an allocation: Diversify based on your risk tolerance and stage of life.
Automate investing: Keep contributions steady (dollar-cost averaging) and avoid panic selling.
Rebalance periodically: Realign to targets so no single area dominates risk.
5) Waiting too long to hire a professional
One of the most common reflections we hear: “I wish I’d brought in help sooner.” A qualified planner can help you sidestep the four major mistakes above—and many more.
What to do instead
Choose a fiduciary: Look for fee-only advisors with CFP® credentials.
Go beyond investments: Make sure taxes, estate planning, insurance, and income strategy are integrated.
Think long term: A durable plan adapts to markets, law changes, and life events.
Ready to retire without regrets?
Confidence comes from seeing how all the parts—Social Security timing, tax-smart accounts, market risk, and your personal timeline—fit together.
FMD Wealth Advisors can help you build (or refine) a plan so your money supports the life you want—now and for years to come. Book your Free - Consultation here.
Disclosures: FMD Wealth Advisors LLC (“FMD Wealth Advisors”) is a Registered Investment Adviser.
This material is for general information only and is not individualized legal or tax advice. Consult your attorney and CPA regarding legal and tax matters specific to your circumstances. This content is intended to provide general information about FMD Wealth Advisors. It is not intended to offer or deliver investment advice in any way. Information regarding investment services is provided solely to gain an understanding of our investment philosophy, our strategies and to be able to contact us for further information.
All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such. The views expressed in this commentary are subject to change based on market and other conditions. These documents may contain certain statements that may be deemed forward‐looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.
Past performance is no guarantee of future returns.
Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy will be profitable. Additional Important Disclosures may be found in the FMD Wealth Advisors Form ADV Part 2A. For a copy, please Click here.