If You're in Your 50s or 60s, These Next Few Years Are the Most Important of Your Financial Life.

The decade before retirement, what we call the retirement transition years, is when the biggest mistakes happen, and when they are hardest to recover from. Understanding what to avoid is just as important as knowing what to do.

This complimentary guide walks through the 10 most common and costly retirement planning mistakes we see, and what you can do to address each one before it becomes a problem.

1. 01
   Claiming Social Security Without a PlanA permanently reduced benefit that can significantly affect your lifetime income, and one of the hardest retirement decisions to undo.
2. 02
   Ignoring Required Minimum DistributionsMissing RMDs from your retirement accounts triggers substantial IRS penalties and an unexpected tax bill that catches many retirees off guard.
3. 03
   Underestimating Healthcare CostsHealthcare is one of the largest retirement expenses for most households, and Medicare does not cover everything, and premiums, deductibles, and out-of-pocket costs add up over time.
4. 04
   Entering Retirement Without a Debt StrategyDebt silently drains your portfolio and limits your flexibility. Entering retirement with outstanding obligations is a risk that compounds over time.
5. 05
   Failing to Account for InflationA dollar today will have meaningfully less purchasing power 20 years from now. Portfolios not structured for inflation can fall short over a long retirement.
6. 06
   Withdrawing Too Aggressively Too SoonDrawing down your portfolio too quickly early in retirement, especially in a down market, can create a sequence of events that is difficult to recover from.
7. 07
   Neglecting Tax Planning in RetirementA portion of your Social Security benefit may be subject to income tax. A coordinated withdrawal strategy can help manage your tax exposure across all accounts.
8. 08
   Having No Estate Plan, or an Outdated OneWithout a current estate plan, the distribution of your assets may not reflect your wishes. This is one area where inaction carries real and lasting consequences.
9. 09
   Too Little or Too Much Investment RiskBoth extremes can derail a retirement that spans 20 to 30 years. Portfolio allocation needs to match your time horizon, income needs, and risk tolerance.
10. 10
    Going It Alone Without a Coordinated PlanRetirement planning involves income, taxes, healthcare, investments, and estate planning working together. Without a coordinated strategy, the gaps are easy to miss and costly to address later.