Biggest Retirement Mistake? Neglecting Your Estate Plan

As more Boomers and Gen Xers approach retirement, worries shift from workplace issues to how to fund their golden years. How much money do you need? Should you take Social Security early? Many retirement mistakes aren’t fixable, says the article “16 Retirement Mistakes You Will Regret Forever” from Kiplinger. Here’s what you need to know.

Relocating on a whim . A location you visited on vacation long ago may not be a good fit for full-time living. This is especially true if you’re thinking of relocating abroad. Visit for an extended period and always rent before buying.

Getting scammed . Thieves know where the money is—vulnerable seniors and elderly people who are easily parted with a lifetime of savings. Too-good-to-be-true offers, sweepstakes, or any offer requiring a bank account, credit card, or Social Security information should immediately be dismissed.

Thinking you’ll just keep working. Many  people end up retiring early when they are fired or suffer a health issue in the years leading up to retirement. Continuing to work is not a retirement plan.

Not saving for retirement. Don’t put off saving aggressively for retirement until it’s around the corner. The earlier you start, no matter how small the amount, the better.

Claiming Social Security too early. Wage earners can tap Social Security as early as age 62. However, doing so could mean two or three decades of smaller benefits. Wait until reaching Full Retirement Age (FRA) – 67 for anyone born after 1959. Waiting until 70, if you can, is even better.

Neglecting estate planning. Even if your assets are modest, you need a valid will to specify who gets what and, just as importantly, who will oversee decisions in case of incapacity. Call an experienced estate planning attorney and have your estate plan created. If you have an estate plan but it’s more than three to five years old, have it reviewed to ensure that your wishes haven’t changed.

Borrowing from a 401(k). Yes, it’s your money. However, no, it’s not a savings account. If you reduce or suspend contributions during the period you repay the loan, your retirement fund will suffer even more.

Decluttering too much. Some items should be discussed with a professional before shredding, like business bookkeeping records. Records relating to capital improvements of your home and its purchase should also be kept.

Putting the kids first. Footing the bill for expensive weddings or home purchases for your children is lovely—but only if it won’t make a dent in your own lifestyle, and not from your retirement funds.

Buying a timeshare. Don’t think your children will want it after you’re gone. It will cost thousands upfront and in maintenance fees. The market is flooded with unwanted timeshares. Just don’t do it.

Borrowing against your home. This is tempting. However, taking on more debt and monthly payments when your income is fixed isn’t a good idea. Can you lower housing costs instead? Downsize?

Fail to plan what you’ll do with your free time. Retirement planning involves more than just financial well-being. Making a successful transition from working five days a week to 100% free time takes planning. There are many options, from going back to school, volunteering, or working part-time. Explore them beforehand.

Retirement can be fulfilling and joyful. However, like any other new phase of life, it doesn’t happen automatically. Do the homework now so you can enjoy the rest of your life.

Dana Ware of Hudson Legacy Law is a premiere Hudson Valley Trust Attorney. If you’re ready to start planning your family’s future, book a consultation with  Hudson Legacy Law  today.

Reference : Kiplinger (April 23, 2026) “16 Retirement Mistakes You Will Regret Forever”