Retirement isn’t something you can “wing.”  Small mistakes today can turn into big regrets tomorrow — and once you’re retired, you may not have time to recover.

In this section, you’ll meet real people who faced costly retirement planning mistakes — and you’ll learn how to avoid falling into the same traps.

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10 Retirement Planning Mistakes to Avoid

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1. Only 40% of Americans have tried to calculate how much they need to retire.

• Example:
  Most people guess — and badly underestimate what they’ll actually need.
• Case Study:
  Calvin Brooks, 60, Indianapolis, Indiana
  Calvin, a divorced warehouse manager and amateur bass guitarist, assumed $250,000 would be enough for retirement. A consultation revealed he’d likely need closer to $600,000 for a comfortable lifestyle.
  Action: Calvin delayed retirement by three years, boosted savings by 20%, and trimmed future spending expectations.
• Solution:
  Do a real retirement needs analysis.
  Work with a planner or use calculators to set realistic targets — guessing isn’t good enough.

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2. 30% of workers have less than $50,000 saved for retirement.

• Example:
  You can’t live 20–30 years on what amounts to a few months’ worth of expenses.
• Case Study:
  Cheryl Mitchell, 53, Tulsa, Oklahoma
  Cheryl, a paralegal and proud cat mom, had just $42,000 in savings despite 25 years in the workforce.
  Action: After a wake-up call meeting with a financial coach, Cheryl set up automatic 401(k) contributions at 15% and added freelance document review gigs to boost income.
• Solution:
  Prioritize saving aggressively — starting now.
  You’ll never regret saving too much — but you will regret saving too little.

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3. One-third of baby boomers have nothing saved for retirement.

• Example:
  Millions approaching retirement age have no financial safety net.
• Case Study:
  Roger Davis, 61, Albuquerque, New Mexico
  Roger, a retired handyman who loves fishing trips with his buddies, never focused on savings.
  Action: He took on part-time work at a hardware store, drastically cut expenses, and delayed taking Social Security until 70 to maximize monthly income.
• Solution:
  It’s never too late to start.
  Work longer, save aggressively, delay benefits — and stay positive.

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4. 57% of retirees say they wish they had started saving earlier.

• Example:
  The #1 retirement regret is not starting young enough.
• Case Study:
  Amanda Chen, 45, Seattle, Washington
  Amanda, a graphic designer and weekend rock climber, realized at 43 that she hadn’t saved nearly enough.
  Action: She supercharged her savings, maxed out her Roth IRA, and increased her 401(k) contributions to catch up.
• Solution:
  Start today — no matter your age.
  The earlier you save, the easier compounding works in your favor.

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5. Only 28% of workers feel very confident they’ll have enough to retire.

• Example:
  Most people are unsure — because they have no real plan.
• Case Study:
  Brian Sanchez, 50, Miami, Florida
  Brian, a marketing manager and soccer dad, spent years focusing only on paying off debt, ignoring retirement.
  Action: He set up a formal retirement plan with a financial advisor and immediately started maxing out his employer’s match.
• Solution:
  Confidence comes from action.
  Create a written retirement plan and update it annually.

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6. Healthcare costs are the #1 most underestimated expense in retirement.

• Example:
  Most people think Medicare covers everything — it doesn’t.
• Case Study:
  Glenda Wilson, 64, Raleigh, North Carolina
  Glenda, a retired museum tour guide and amateur painter, was shocked by how much out-of-pocket medical costs added up.
  Action: She bought a Medicare Supplement Plan and created a separate health fund with HSA savings.
• Solution:
  Separate healthcare from general expenses in your plan.
  Budget $6,000–$10,000+ per year for future medical costs.

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7. Most people withdraw from retirement accounts without a tax strategy.

• Example:
  Poor withdrawal planning can cause huge, unnecessary taxes.
• Case Study:
  Don and Lisa Murphy, 68 and 67, Nashville, Tennessee
  This music-loving couple accidentally bumped themselves into a higher tax bracket by taking large 401(k) withdrawals.
  Action: They shifted withdrawals into a tax-managed “bucket strategy,” blending Roth, traditional, and taxable accounts to minimize taxes.
• Solution:
  Plan your withdrawal strategy carefully.
  Use tax diversification and gradual withdrawals to lower lifetime taxes.

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8. One in four Americans expect to work past 70 — but few actually can.

• Example:
  Counting on working forever is a risky gamble.
• Case Study:
  Vince Carter, 61, Reno, Nevada
  Vince, a high school basketball coach and sports trivia buff, intended to coach into his 70s. Chronic knee pain forced him out at 61.
  Action: Vince had already saved enough to downsize his home and semi-retire with part-time refereeing work on weekends.
• Solution:
  Plan for retirement by 60–62 — not 70+.
  Earlier preparation gives you choices if health or layoffs cut careers short.

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9. Only 40% of retirees have long-term care plans.

• Example:
  Ignoring the possibility of needing care is dangerous — and costly.
• Case Study:
  Debbie Lawson, 65, Boise, Idaho
  Debbie, a retired florist who loves hiking, needed hip surgery at 63 — and couldn’t manage alone during recovery.
  Action: Her prior purchase of a modest long-term care policy saved her tens of thousands in home healthcare costs.
• Solution:
  Have a backup plan for long-term care.
  Insurance, savings, or a trusted caregiving network is critical.

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10. Most Americans underestimate how long they’ll live.

• Example:
  Living longer is a blessing — unless your money runs out first.
• Case Study:
  Margaret O’Connor, 73, Boston, Massachusetts
  Margaret, a retired art teacher and book club founder, outlived her parents by decades — and nearly outlived her savings.
  Action: She reduced her spending, delayed selling assets, and used annuity income to create predictable monthly payments for life.
• Solution:
  Plan for a 30+ year retirement.
  Assume you’ll live longer than average — not shorter.

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Key Takeaways from Part 8:

• Retirement success comes from proactive, disciplined planning.
• Starting late is hard — but waiting longer only makes it harder.
• Avoiding common mistakes gives you a massive financial advantage.

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Call to Action:

Are you making costly retirement planning mistakes?
Let’s spot them — and fix them — before they cost you your dreams.
[Schedule your free retirement mistake audit today!]

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