You can plan carefully for retirement throughout all of your adult life, and have it all ruined by making one simple mistake. The closer you get to retirement, the more severe the consequences can be for making mistakes in your retirement plan. If you are nearing retirement, you must plan carefully and make sure that you do not make any of the most common retirement planning mistakes.
- Plan the date you will retire carefully – Most people have their minds made up that they will retire at a certain age, but this isn’t always possible. You may reach full retirement age and still not have enough money saved to retire. It is also possible that you’ll have more than enough to retire years before you’ve decided to take that step. Instead of setting your retirement at a certain age, it is much better to set it according to your savings goal.
- Not considering investment risk – There is no doubt that you will have to take some investment risk in order to build a nice retirement nest egg, but you will want to manage those risks carefully. When you are young it is easier to recover if you lose money on an investment, this isn’t the case when you get up into your 50s and 60s. Choose your investments very carefully once you start nearing retirement age.
- Don’t retire if you are in debt – Your income will be limited once you retire, and if you still have a large amount of debt, managing retirement could be difficult. Before you retire, pay down as much of your debt as possible. You will want to eliminate your mortgage, as well as large credit card debt and personal loans.
- Not making use of a financial planner – A professional financial planner can be very valuable when it comes to planning for retirement. They can help you invest your money wisely, decide on a target date for retirement, as well as a distribution rate that will keep you from going broke too soon.
Financial security is important for a successful retirement. If you pay attention to your retirement plan and avoid the common mistakes, getting through retirement will be easier and more enjoyable.
Larry Parman
Founding Attorney
Founder and Owner at Parman & Easterday
Larry Parman's dad died at 56 in a farm accident with no estate plan. His family spent two years fighting the IRS and nearly three years in probate. That experience became Larry's life work.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
Latest posts by Larry Parman, Estate Planning Attorney, Author, Speaker (see all)
- Choosing the Right Successor Trustee: Key Considerations - October 8, 2026
- Aging in Place: A Medicaid Waiver Can Fill the Gap - October 6, 2026
- Does Every Estate Go Through Probate? - September 29, 2026
