Common Retirement Planning Mistakes (and How to Avoid Them)

How High-Net-Worth Individuals Can Retire with Peace of Mind

Even the most financially successful individuals can make costly mistakes when it comes to preparing for retirement. At Grand Wealth Management, we’ve seen firsthand how even well-informed professionals can fall into common traps, from underestimating future expenses to overlooking tax implications.

For high-net-worth professionals, executives, and business owners in West Michigan, avoiding these missteps is essential to protecting long-term wealth and achieving a confident, secure retirement.

The good news? These challenges are often preventable. With proactive guidance through The Grand Wealth Management Process™, you can sidestep common pitfalls and retire on your terms.
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Underestimating Future Expenses

The mistake:

Many people assume their spending will decrease in retirement. While certain costs, like commuting or work-related expenses, may drop, other expenses, including travel, hobbies, and health care, often increase, especially early in retirement.

How we help:

We work with clients to develop a detailed cash flow plan that reflects their real lifestyle expectations. Our approach includes factoring in inflation, health care, and potential long-term care needs to build a realistic and sustainable retirement budget.
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Overlooking Tax Efficiency

The mistake:

While tax-deferred retirement accounts can offer great benefits while earning a high income, withdrawing from them without a plan can trigger unintended tax consequences. Without proper planning, you could end up paying more in taxes than necessary throughout retirement.

How we help:

As part of your personalized strategy, we identify tax planning strategies such as Roth conversions, withdrawal sequencing, and charitable giving that align with your values and financial goals.
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Holding Too Much or Too Little Investment Risk

The mistake:

Some investors stay too aggressive after retirement, exposing themselves to unnecessary volatility. Others become overly conservative too soon, missing opportunities for continued growth.

How we help:

Through our evidence-based Investment Principles, we help clients maintain the right balance of growth and protection. Your investment strategy is tailored to your retirement timeline, income needs, and broader financial picture, while maintaining a long-term focus.
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Neglecting Estate and Legacy Planning

The mistake:

Delaying or overlooking estate planning can create confusion and complications for loved ones and may even result in unintended tax burdens or distributions to beneficiaries.

How we help:

Our team coordinates closely with your legal and tax professionals to ensure your estate plan is aligned with your long-term wishes. From establishing trusts to facilitating charitable giving, we help you define and protect your legacy.
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Managing Retirement Without a Comprehensive Strategy

The mistake:

Many individuals approach retirement planning in pieces, focusing on investments or taxes alone without an integrated strategy. This disjointed approach can lead to inefficiencies and missed opportunities.

How we help:

The Grand Wealth Management Process™ is built to bring every aspect of your financial life into one clear, cohesive plan. We guide you through investment strategy, tax planning, estate considerations, and retirement income planning—all tailored to your specific goals.
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A More Confident Path to Retirement

Retirement should be a time of freedom and fulfillment, not stress or second-guessing. At Grand Wealth Management, we partner with successful individuals and families across West Michigan to help them avoid costly retirement mistakes and enjoy lasting financial peace of mind.

Our team of fiduciary advisors is here to help you make informed, strategic decisions, so you can retire with confidence and clarity. There’s never a better time than now to get started.

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_{Disclosure: The opinions expressed herein are those of Grand Wealth Management (“GWM”) and are subject to change without notice. This article is for informational purposes only and does not constitute investment, financial, legal or tax advice, or an offer to sell any product. GWM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about GWM including our investment strategies, fees and objectives can be found in our Form ADV Part 2 and Form CRS, which are available upon request.}