5 Overlooked Mistakes People Make in Their Final Working Years

5 Overlooked Mistakes

People Make in Their Final Working Years

What you don’t know in your 50s and 60s could cost you in retirement

As retirement approaches, it’s easy to think the hard part is over. You’ve saved, invested, and maybe even picked a retirement date. But those last few years before you leave the workforce can be some of the most important—and the most overlooked.

Here are five things too many people miss:

1. Not Having a Clear Income Plan

Knowing how much you’ve saved is one thing. Knowing how you’ll use it is another. A retirement income plan coordinates Social Security timing, account withdrawals, tax strategies, and more. Without one, you could find yourself guessing each year—and hoping it all works out.

2. Overlooking the Tax Impact of Withdrawals

Withdrawals from IRAs, 401(k)s, and other tax-deferred accounts are taxed as income. And depending on your income, your Social Security benefits might be taxed too. Managing your withdrawal strategy can help reduce your tax burden and extend the life of your portfolio.

3. Forgetting About Healthcare Costs

Many people assume Medicare covers everything, but there are still deductibles, premiums, and out-of-pocket expenses. Long-term care, in particular, isn’t covered by Medicare. Planning ahead for these costs helps avoid surprises and preserves your financial independence.

4. Assuming You’ll Spend Less in Retirement

Spending doesn’t always drop in retirement. In fact, during the early years—when travel, hobbies, and family support are often at their highest—it can increase. Having a realistic spending plan helps you navigate these years with confidence.

5. Delaying the Estate Conversation

Estate planning isn’t just for the wealthy. It’s about making sure your wishes are carried out and your loved ones are cared for. Wills, trusts, healthcare directives, and beneficiary reviews are all part of protecting what you’ve built.

You’ve put in the work to build your financial future. These final working years are your chance to solidify it. At Hux Capital Management, we help clients build strategies that bring their goals into focus.

Ready to make your plan? Book your no-cost consultation and let’s talk about what matters most to you.

Author: The Hux Team

This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.

Investment advisory and financial planning services are offered through Simplicity Wealth, LLC, an SEC-registered investment adviser. SEC registration does not constitute an endorsement of the firm nor does it indicate that the adviser has attained a particular level of skill or ability. Insurance, Consulting and Education services offered through Hux Capital Management is a separate and unaffiliated entity from Simplicity Wealth.

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