6 ‘Retirement Killers’ to Avoid at All Costs

It's unfortunate, but people make the same money mistakes all the time. Here are six surefire mistakes that can kill your retirement – and remedies that can help get you back on track.

A piggy bank with X's for eyes and a sad mouth lies upside down.
(Image credit: Getty Images)

If you’re starting to wonder if you’ll ever have enough money saved to retire, you aren’t alone.

According to the Employee Benefit Research Institute’s 2022 Retirement Confidence Survey (opens in new tab), only 28% of respondents said they were “very confident” they would have enough money for a comfortable retirement. And 58% said preparing for retirement makes them feel stressed.

I get it – planning for retirement can be challenging, even if you start early, have help and earn a good living.

But when I see those numbers, it also reminds me of all the things I’ve seen folks get really wrong – actions that, at the very least, can throw a retirement off track and, in some cases, have potentially irreversible consequences.

I call them “retirement killers.” Here are six I see all the time:

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Edward Grosko, IAR and ChFC®
Founder, Integrated Wealth Management

Edward Grosko is the founder and partner of Integrated Wealth Management. (iwmgameplan.com (opens in new tab)). He has more than 35 years of experience in the financial services industry and is a Chartered Financial Consultant and Investor Adviser Representative.