Ep 45: Avoid These Classic Pre-Retiree Mistakes

Home 9 Podcast 9 Ep 45: Avoid These Classic Pre-Retiree Mistakes

The Concept:

We see it all the time. People approach retirement and make these classic mistakes, costing them time and money. Find out how to avoid these common blunders and set yourself up for financial success.

The Reality of the Matter:

We all want to head into retirement with a comfortable nest egg, but there are some common mistakes you should avoid in your financial planning journey. On this episode of the Retirement Reality Podcast, Mike Kojonen talks about some of the classic blunders he has seen and how to avoid them.

  1. Investing like you’re younger

As you near retirement age, you shouldn’t be investing the same way you did in your 20s and 30s.

“I joke with people. I say, ‘I know you look good, you feel young, you act young, but we have to go by your true age. You shouldn’t be investing the way that you feel,’” Mike said.

  1. Taking Social Security too early

People come into Mike’s office all the time and say they’ve decided to take Social Security at age 62. They want to collect the money as soon as possible, but Mike says that might not be the best approach.

“What they don’t know could affect them tax wise,” Mike said. “You shouldn’t just wing it. You should find out when is the best time to take it.”

  1. Failing to focus on tax planning

Tax preparers are like history teachers. They can tell you what you could have done to save money. Mike likes to be proactive with his clients and find out ahead of time where they can save.

  1. Thinking Medicare will cover all your needs

Did you know that Medicare doesn’t cover long-term care? Those expenses can add up quickly. A major mistake is assuming Medicare will cover all your medical needs.

  1. Taking on extra risk

Failing to be financially disciplined in your younger years may cause you to take on unnecessary risk as you near retirement to make up for lost time. But that can get you into trouble.


With so much market uncertainty, is now a good time to buy bonds? Mike answers this viewer’s mailbag question and explains what advice he gives his own clients.

Listen to the full episode or click on the timestamps below to skip around to a specific topic.

2:40 – Investing like you’re younger

4:35 – Taking Social Security too early

6:38 – Failing to focus on tax planning

8:59 – Thinking Medicare will cover all your needs

10:20 – Taking on extra risk

13:10 – Mailbag question

Thanks for checking out the Retirement Reality Podcast. We’ll talk to you again next week.

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