June 16 2025:

5 Retirement Planning Mistakes to Avoid — And What to Do Instead

Posted by Rakesh Mathi | Puget Pariwar Financial

Planning for retirement is one of the most important financial decisions you’ll ever make. But with so many moving parts — from savings strategies to taxes to healthcare — it’s easy to fall into common traps.

Here are five retirement planning mistakes we see often, and what you can do instead to retire with clarity and confidence.


❌ Mistake #1: Thinking Saving Alone Is Enough

Many people focus on how much to save but not how to use those savings once retired.

✅ What to Do Instead:
 Plan not only for accumulation but also for distribution — how you’ll withdraw money in a way that balances income needs, taxes, and longevity. Your plan should answer: How much can I safely take out each year without running out?


❌ Mistake #2: Ignoring Taxes in Retirement

You might assume your tax burden will shrink once you stop working. But required withdrawals, Social Security, and investment income can still trigger tax surprises.

✅ What to Do Instead:
 Work with a professional to map out a tax-efficient withdrawal strategy. This could mean drawing from taxable, tax-deferred, and tax-free accounts in the right sequence, or converting portions of your savings strategically over time.


❌ Mistake #3: Underestimating Healthcare Costs

Healthcare may become your largest expense in retirement — especially if you retire before Medicare eligibility.

✅ What to Do Instead:
 Factor in costs for premiums, deductibles, long-term care, and out-of-pocket medical expenses. Consider setting aside funds specifically for future health needs.


❌ Mistake #4: Relying Too Heavily on One Source of Income

Some retirees put all their hopes into a pension or Social Security check. But what happens if it’s reduced or doesn’t keep pace with inflation?

✅ What to Do Instead:
 Diversify your income strategy — with a mix of guaranteed and market-based sources where possible. Building multiple income streams helps protect against the unexpected.


❌ Mistake #5: Delaying the Planning Process

Too many people wait until their 50s or even 60s to get serious about retirement. By then, they’ve lost decades of potential growth and tax planning opportunities.

✅ What to Do Instead:
 Start now, no matter your age. Whether you’re 30 or 60, the earlier you begin, the more options you’ll have. Planning isn’t just for the wealthy — it’s for anyone who wants peace of mind and a purposeful retirement.


📝 Final Thoughts

Retirement isn’t a one-size-fits-all destination — it’s a journey that should reflect your values, family, and lifestyle. The key is to plan with intention and avoid costly mistakes before they happen.

If you’re not sure where you stand or just want a second opinion on your current plan, I’m here to help.

📅 Schedule a Free Retirement Planning Call

Or contact us at rakesh@pugetpariwarfinancial.com





April 5 2025:​

The recent implementation of sweeping tariffs by the U.S. administration has led to significant volatility in global financial markets. On April 2, 2025, President Donald Trump announced a universal 10% tariff on all imported goods, with higher rates for specific countries—34% on Chinese imports, 20% on European Union goods, and 46% on products from Vietnam. ​WSJ+2Investor's Business Daily+2The Guardian+2

In retaliation, China imposed a 34% tariff on U.S. goods, escalating trade tensions. This exchange of tariffs has had a profound impact on the stock market:​New York Post+6WSJ+6Reuters+6

Implications for Your Financial Planning:

The current market volatility underscores the importance of having a robust financial plan that can withstand economic uncertainties. Here are some considerations:

At Puget Pariwar, we are committed to guiding you through these turbulent times with personalized financial advice tailored to your unique situation. Our team is closely monitoring the evolving market conditions to provide you with informed strategies that safeguard your financial well-being.​

Stay Informed:

Keeping abreast of financial news and understanding its impact on your investments is crucial. We recommend regularly checking reputable financial news sources and consulting with your financial advisor to stay updated on developments that may affect your financial plan.

For more detailed information on the recent market events, you can refer to the following articles:

Please note that financial markets are inherently volatile, and it is advisable to seek professional guidance tailored to your individual circumstances.


Disclaimer: This blog post is for informational purposes only and does not constitute financial advice. Please consult with a financial advisor for advice specific to your financial situation.