Are you making these retirement mistakes? Rookie retirement mistakes and how you can avoid them

May 17, 2021, 10:27 AM | Updated: Aug 3, 2021, 2:56 pm
retirement mistake - Retirement mistakes boomers should avoid...
Photo: Adobe Stock

Teton Wealth GroupThis article about the most common retirement mistake is presented by Teton Wealth Group.

It’s probably been a long time since you were a rookie at anything. But you’re probably a rookie at retirement.  Beginning your retirement adventure can be extremely exciting. But it’s probably a bit unsettling too. Especially since you’re going from a full-time work schedule to having a wide-open schedule. And it might be hard for you to adjust. But there are some retirement mistakes that you can avoid early on, so you can actually enjoy your retirement. 

Not following a set budget

emotional signs you need to retire - retirement mistake

Photo: Adobe Stock

Maybe you think that you won’t spend much money in retirement. And maybe because of that, you don’t think you need to track your bills. But your senior living costs could end up being higher than you might have expected.

For example, you might think you won’t spend a lot on transportation without the daily work commute, but if you start to drive more to get out of the house your fuel costs may end up being about the same as when you were driving to work day-in and day-out.

Not establishing a savings withdrawal strategy

Retirement Mistakes - retirement regrets

Photo: Adobe Stock

Prematurely depleting your nest egg in retirement is the last thing you want to do. That’s because it could lead to a lot of financial pain during the latter stages of your senior years. At that point, you’re going to be less likely to be able to supplement your Social Security benefits with a job. Plus, you all don’t want to just withdraw from your savings without putting any thought into it. Come up with a strategy first.

A lot has changed with withdrawal rates in the last several decades too. A 4% annual withdrawal used to be considered acceptable for retirement savings. Now a rate of 2.5% or 3% may be a better guideline to follow.

Choosing the wrong Medicare coverage

Retirement Planning Mistakes - Retirement Mistake

Photo: Adobe Stock

Once you retire, you could be eligible for Medicare. But be careful. You could end up overpaying for healthcare and taking too much out of your savings.

The good news is that you have options with Medicare. You can stick to the original Medicare coverage and sign up for a Part D drug plan, or you can get an all-in-one plan with Medicare Advantage. There are pros and cons to both. Just do some research to see what’s going to work best for you.

Start off on the right foot by not making common retirement mistakes

Retirement Mistake

Photo: Adobe Stock

Going into retirement means a whole new schedule and a new set of financial decisions to make. These are all beginner retirement mistakes, and you can prevent them. That way you can focus on enjoying your new stage of life.

You don’t want to make these retirement mistakes

You don’t want to make mistakes going into your retirement. Working with qualified advisors like the advisors at Teton Wealth Group can really help you get to where you want to be in your retirement.

Every family working toward retirement needs an Ascent Plan. Click here for a complimentary Ascent Plan from Teton Wealth Group today. The Ascent Plan includes the five main areas of retirement planning:  
    • Income 
    • Investments 
    • Taxes
    • Health Care
    • Legacy
This no-cost no-obligation plan will show you how to create a safe and robust retirement.

Related articles: 

Today’s Top Stories


Fall Themed Foods...
Bonneville Digital SLC

Fall themed foods | 4 easy, festive gift ideas for an extra-special autumn

This article about the best fall themed foods is sponsored by Macey’s. Happy shopping! Do you always find yourself pressed for time during the holidays, but you still want to impress your family and friends with autumn-themed foods? Don’t worry– here are a few fab ideas for beautiful, tasty autumn gifts.  4 fast, easy […]
16 days ago
prepare for retirement checklist...
Teton Wealth Group

Your prepare for retirement checklist | 6 things you can do now to prepare for your retirement

Your prepare for retirement checklist should include what you can do right now to prepare for the changes that retirement will bring.
1 month ago
How to pick a financial advisor...

How to pick a financial advisor | What questions do you need to ask to make sure you are getting the best advice?

Do you know how to pick a financial advisor? Here are 10 questions you should ask your potential financial advisor before you hire them.
1 month ago
Form Derm Spa...
Form Derm Spa

Free Virtual Consultation + Form Derm Spa’s 5-Year Anniversary Offers

Your free virtual consultation is waiting at Form Derm Spa. It's their 5-year anniversary, and they want to take a moment to celebrate you!
2 months ago
Photo has been provided by Pestie....

Pest control delivered | Why Pestie is the subscription pest control treatment system you need around your home

Subscription boxes for home maintenance you never knew existed- homeowners face a whole laundry list of maintenance needs. But keeping track
3 months ago
Rachel Glock, 8, has her photo taken with storm troopers during the FanX Spring Comic Convention at...
KellieAnn Halvorsen

Annual Cosplay Games Scavenger Hunt this weekend a preview for FanX 2021

The annual Cosplay Games scavenger hunt precedes the long-awaited FanX 2021 Convention, September 16-18, 2021.
3 months ago
Are you making these retirement mistakes? Rookie retirement mistakes and how you can avoid them