Retirement planning is one of the most important things we can do for our future selves and our families. While the path looks different for everyone, there are a few common missteps that can quietly undermine even the best intentions. Being aware of them can help you plan with confidence, clarity, and peace of mind.
1. Putting It Off for “Later”
One of the most frequent mistakes is delaying retirement planning altogether. Life is full and busy, and retirement can feel far away, until it suddenly isn’t. Starting early, even with modest contributions, allows time and compounding to do much of the heavy lifting. The sooner you begin, the more flexibility and choice you’re likely to have later on.
2. Underestimating How Much You’ll Need
Do you know how much you will need to have saved for retirement? People often assume their expenses will drop sharply in retirement. After all, your kids have likely left home, you’ve possibly paid off your mortgage, and perhaps you’re down to one car. While some costs may decrease, others such as health care, travel, or supporting family, can remain steady or even increase. Planning based on a realistic view of your future lifestyle helps avoid uncomfortable surprises and allows you to have the retirement you want.
If you’re unsure how much you should save for retirement, Kindred’s Retirement Savings Calculator can help.
3. Relying on a Single Source of Income
Depending too heavily on one income source, such as government benefits or a workplace pension alone, can limit resilience. A more balanced approach may include personal savings, registered plans, non-registered investments, and other income streams. Diversifying will help provide stability and adaptability as circumstances change.
4. Ignoring the Impact of Inflation
Inflation is easy to overlook because it works slowly and quietly. Over time; however, it can significantly reduce purchasing power. A plan that doesn’t account for rising costs may look healthy on paper today but feel strained years down the road. Factoring inflation into your projections helps ensure your savings keep pace with the cost of living.
5. Not Reviewing Your Plan Regularly
Retirement planning isn’t a “set it and forget it” exercise. Life changes—careers evolve, families grow, priorities shift. Reviewing your plan regularly allows you to make thoughtful adjustments and stay aligned with your values and goals.
Planning well for retirement is about more than numbers; it’s about creating space for recreation, purpose, and generosity in the years ahead. With thoughtful planning and trusted guidance, you can avoid these common pitfalls and move forward with confidence. If you would like expert advice on your retirement plan, book an appointment with a member of our Wealth and Investment team today.