Three Mistakes Seniors Make in Retirement:
By: Max ValaVanis, CFPⓇ, CFS
Retirement is a major milestone. For many, it’s the reward for decades of hard work and saving. Even then, the most diligent savers and investors can stumble when it comes to protecting their wealth and legacy in retirement. As a Certified Financial Planner®, I’ve seen the common and costly mistakes that seniors often make. In this article, I highlight three problem areas that I consistently see among retirees. Avoiding these pitfalls can help ensure that your retirement years are comfortable, secure, and leave the legacy you intend.
- Neglecting Who Gets What and When
One of the most common—and avoidable—retirement mistakes is failing to have a clear estate plan. Many retirees assume that having a will is enough. In reality, estate planning goes far beyond deciding “who gets what.” It involves naming beneficiaries, creating trusts as needed, establishing healthcare directives, and ensuring that your financial and legal documents are up to date.
Without a clear plan, your loved ones may face unnecessary delays, legal battles, or costly legal fees. Worse, your assets may not be distributed according to your wishes. Estate planning is not just for the wealthy—it’s a vital part of making sure everything you’ve worked for benefits the people you care about.
- Ignoring the High Cost of Long-Term Care
Few people like to think about needing long-term care, but the reality is that nearly 70% of seniors will require some form of it during their lifetime. Whether it’s in-home care, an assisted living facility, or a nursing home, the costs can be staggering. In the State of Florida, nursing home care can exceed $100,000 per year—and Medicare won’t cover most of it.
Still, many retirees have no plan in place for how to cover this potential expense. Options like long-term care insurance, creative investment strategies, or setting aside specific savings for this purpose can provide peace of mind. The process of preparing for long-term care is unique to everyone. The key is to plan while you’re still healthy and eligible. Waiting too long can significantly limit your options or make them unaffordable.
- Procrastinating—Until It’s Too Late
Finally, procrastination is the silent retirement killer! Whether it’s putting off creating an estate plan, avoiding the long-term care conversation, or delaying income planning, waiting “until next year” can turn into never. Life moves quickly, and health changes even faster. By the time a crisis hits, your options may be limited, and your family may be left to make difficult decisions on your behalf.
The good news? Taking action today doesn’t have to be overwhelming. I will dive deeper into how to avoid these three mistakes, PLUS seven more, in my exclusive presentation “Ten Mistakes Seniors Make in Retirement” this month. Call our office at (321) 956-7072 for information on reserving one of our limited seats on August 19th or 21st at the Viera Regional Community Center!
Securities offered through J.W. Cole Financial, Inc. (JWC) Member FINRA/SIPC. Advisory services offered through J.W. Cole Advisors, Inc. (JWCA). ValaVanis Financial and JWC/JWCA are unaffiliated entities.