Retirement Resilience: Tips For Avoiding Costly Mistakes

Lauren Smith |

Here are three retirement financial mistakes that you should avoid.

Retirement planning can be a daunting task, filled with complexities and uncertainties. To shed some light on this critical phase of life, we've invited Lauren Smith, another Financial Advisor here at Green Financial Group and a CERTIFIED FINANCIAL PLANNER® professional, to discuss common retirement mistakes and how to avoid them.

  1. Social Security timing. One of the most significant retirement decisions revolves around when to start claiming Social Security benefits. Lauren emphasizes that there's no one-size-fits-all answer to this question. It's crucial to consider your unique circumstances. Factors like family life expectancy, your retirement plans, and financial needs outside of Social Security should guide your decision.

The takeaway here is that Social Security isn't a one-size-fits-all solution. It requires careful consideration to determine the optimal timing for your specific situation.

“Retirement planning is a nuanced process that requires careful consideration of individual circumstances.”

  1. Managing multiple income sources. Retirement often means managing various income streams, such as IRAs, 401(k)s, pensions, and Social Security. Deciding which accounts to draw from can be challenging. The goal should be to minimize your tax liability while maximizing the efficient use of your retirement funds.

Rather than solely focusing on minimizing taxes, Lauren suggests analyzing your cash flow and cost of capital. This involves making individualized decisions about which accounts to tap into each year, considering factors like Roth IRAs and after-tax funds.

  1. Beware of scams. Retirees are often targeted by scammers offering tempting deals or posing as legitimate institutions. Lauren emphasizes the importance of remaining vigilant and skeptical when encountering such situations. If something seems too good to be true, it probably is.

She advises seeking help from trusted sources, like family or financial professionals, if you receive suspicious communications. Always verify the legitimacy of any requests for personal or financial information and avoid disclosing sensitive data to unknown parties.

Don't fall into the trap of making hasty decisions about Social Security or mindlessly managing your income sources. Stay vigilant against scams that could jeopardize your financial security. If you have any questions or concerns about your retirement plans or any financial matters, don't hesitate to reach out to Green Financial Group. We’re only a phone call or email away.


The information contained in this blog does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of the author, and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct.

Every investor's situation is unique and you should consider your investment goals, risk tolerance, and time horizon before making any investment. Investing involves risk and you may incur a profit or loss regardless of the strategy selected. The foregoing is not a recommendation to buy or sell any individual security or any combination of securities. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decision.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® and CFP® in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.