{"id":156479,"date":"2025-11-27T14:49:15","date_gmt":"2025-11-27T14:49:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/156479\/"},"modified":"2025-11-27T14:49:15","modified_gmt":"2025-11-27T14:49:15","slug":"4-mistakes-that-derail-your-retirement-according-to-a-wealth-management-expert","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/156479\/","title":{"rendered":"4 Mistakes That Derail Your Retirement, According to a Wealth Management Expert"},"content":{"rendered":"\n

Planning for retirement<\/a> is complex, and even small missteps can have lasting consequences. To help you avoid costly errors, GOBankingRates asked a certified financial planner to share the most common mistakes she sees.<\/p>\n

Be Aware: The Most Common Retirement Mistake, According to an Expert<\/a><\/p>\n

Find Out: 5 Clever Ways Retirees Are Earning Up To $1K Per Month From Home<\/a><\/p>\n

Here are the top mistakes retirees and near-retirees should avoid<\/a>, according to Kim Potvin, CFP, a Merrill Wealth Management<\/a> advisor.<\/p>\n

Social Security can play an important role in your overall retirement income strategy.<\/p>\n

\u201cWith people living longer than ever, delaying benefits can lock in a higher lifetime income, boost your spouse\u2019s survivor benefit and even fund legacy strategies like second-to-die life insurance,\u201d Potvin said. \u201cIf cash flow isn\u2019t a concern, think of Social Security as a strategic asset \u2014 not just a safety net.\u201d<\/p>\n

Discover Next: I\u2019m a Self-Made Millionaire: 6 Steps I Took To Become Rich on an Average Salary<\/a><\/p>\n

\u201cThe most fulfilled retirees don\u2019t just leave work<\/a> \u2014 they pivot to purpose,\u201d Potvin said. \u201cWhether it\u2019s volunteering, consulting or joining a board, staying engaged brings meaning \u2014 and often tax advantages. Retirement is a transition, not a shutdown.\u201d<\/p>\n

She recommends staying physically and socially active throughout retirement, which may be done through part-time work.<\/p>\n

Failing to have an estate plan is planning to let the government decide what happens to your assets.<\/p>\n

\u201cWithout key documents like a will, power of attorney and healthcare proxy<\/a>, your estate could face probate, [which is] costly, public and slow,\u201d Potvin said. \u201cTrusts can protect assets from creditors and in-laws, and ensure care for special needs heirs.\u201d<\/p>\n

\u201cLongevity is the real risk, and equities can help hedge against inflation,\u201d Potvin said. \u201cAssume both spouses live to 100 to help ensure portfolios withstand time and market volatility<\/a>.\u201d<\/p>\n

She recommends working with financial professionals who can help you plan for the long term in a personalized manner.<\/p>\n

\u201cChoose a wealth management team that understands your family dynamics and can engage multiple generations,\u201d she said. \u201cForecast cash flow with inflation-adjusted costs for education<\/a> and long-term care.\u201d<\/p>\n

A personalized financial plan can help you and your family prepare for whatever the future holds. The right team will help you forecast costs, protect assets and build a legacy.<\/p>\n","protected":false},"excerpt":{"rendered":"Planning for retirement is complex, and even small missteps can have lasting consequences. To help you avoid costly…\n","protected":false},"author":2,"featured_media":156480,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[138,21761,10638,246,3319,103585,111,139,69,244,245,294,19422,1050,3505],"class_list":{"0":"post-156479","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-certified-financial-planner","10":"tag-estate-planning","11":"tag-finance","12":"tag-gobankingrates","13":"tag-kim-potvin","14":"tag-new-zealand","15":"tag-newzealand","16":"tag-nz","17":"tag-personal-finance","18":"tag-personalfinance","19":"tag-retirement","20":"tag-retirement-income","21":"tag-social-security","22":"tag-wealth-management"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/156479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=156479"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/156479\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/156480"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=156479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=156479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=156479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}