Retired in America

Your Guide to a Confident Retirement

  • Home
  • Personal finance
  • Retirement Life
  • Saving & Spending

Retirement Savings Mistakes Financial Advisors See Too Often

November 4, 2019 · Retirement Life

2. Forgetting about taxes

Forgetting about taxes can put a serious dent in your plans, especially when taking a peek into your savings account. Tax-deferred accounts will see a portion of that money go towards taxes, and while it’s unavoidable, you can rely on other accounts to help you out. 

Nancy Skeans also advocates for flexibility. If you have a 401(k) or a traditional IRA account, financial advisors say you should consider after-tax accounts. With a traditional IRA you will be eligible for a tax deduction on your yearly contributions, but your later withdrawals will be taxed. 

Roth IRAs work differently. If you expect your taxes to be higher in the future, you should open an account, since you’ll be paying with your contributions and not from your future withdrawals. 

Taxes are inevitable, but it’s up to you how you go about tackling them. 

Pages: 1 2 3 4 5 6 7 8

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Latest Posts

  • Senior woman working on a laptop resting on a lap desk while seated comfortably in an armchair with an ottoman. 11 Side Gigs Perfect for Retirees With Mobility Limitations
  • A woman sits at a wooden table reviewing financial documents and account statements beside a window and bookshelf. 9 Things to Do With Inherited Retirement Accounts
  • Senior couple in a sunlit living room with large windows, one looking outside and one browsing a wooden bookshelf. 8 Reasons Retirees Are Choosing Co-Ops Over Condos
  • A smiling senior vendor weighing produce on a hanging scale for a customer at a sunny outdoor farmers market. 7 Part-Time Jobs at Farmers Markets and Local Fairs for Seniors
  • Mature man reviews Social Security paperwork and a US passport at an outdoor table overlooking a coastal European city. 7 Social Security Rules for People Who Worked Overseas
  • An older woman talks with an adult woman across a sunlit wooden table set with tea and a notepad. 10 Things Retirees Wish Their Kids Knew About Their Finances
  • A senior couple with luggage stands on an outdoor train platform, checking a travel brochure beside a passenger train. 12 Places Where Retirees Can Afford Both Rent and Travel
  • Mature woman sitting thoughtfully at a wooden table with financial papers, an open planner, glasses, and a steaming mug. 7 Retirement Account Rules That Changed Recently
  • Senior couple walking arm in arm along a brick sidewalk past a bakery, bookstore, and cafe table with coffee. 11 Signs You've Chosen the Right Retirement Town
  • Older couple reviewing tax returns and moving paperwork at a table with cardboard boxes stacked behind them. 7 Tax Surprises for Retirees Who Move Across State Lines

Newsletter

Get retirement planning tips, savings strategies, and lifestyle insights delivered to your inbox.

Related Articles

Older adults dancing and sitting at tables in an outdoor courtyard with string lights during an evening concert.

9 Great Communities for Retirees Who Are Social Butterflies

Explore 9 premier retirement communities designed for social butterflies, featuring thousands of clubs, nightly live…

Read More →
An active senior woman rides an e-bike through a modern community garden neighborhood during a golden sunset.

9 Lifestyle Trends That Are Making Senior Life Better in 2026

Discover the top 9 lifestyle trends reshaping retirement in 2026, from smart health technology and…

Read More →
A man in his 60s reviews retirement savings charts on a tablet at his kitchen table in the morning light.

Is Your 401(k) Keeping Pace? See the Average Balance by Age in 2026

Discover the average 401(k) balance by age in 2026 and learn actionable strategies to benchmark…

Read More →

12 Biggest Retirement Regrets According to Seniors

Discover the 12 biggest retirement regrets reported by seniors, from claiming Social Security early to…

Read More →

7 Most Important Non-Financial Assets for a Fulfilled Retirement

Purpose There’s only so much golf, croquet and bowling you can play in retirement. Luckily,…

Read More →

8 Ways To Avoid Retirement Poverty

Buy the U.S. government inflation-adjusted annuity – By delaying Social Security benefits for four years, you…

Read More →

10 Military Communities Where Vets Can Happily Retire

San Antonio, TX – If you’re looking for a place that’s livelier, you’ll enjoy living in…

Read More →

A 20-Step Guide to a Horrible Retirement

Retirement is an important milestone. And the closer you get to that moment, the more…

Read More →
Watercolor illustration of a multigenerational family on a vintage porch in warm golden light.

16 Ways Retirees Lived Without Social Security in the Past

Explore how older Americans survived before 1935 and learn timeless historical retirement income strategies to…

Read More →
Retired in America

Your Guide to a Confident Retirement

Inedit Agency S.R.L.
Bucharest, Romania

contact@retiredinamerica.com

Trust & Legal

About Us

Editorial Policy

Advertiser Disclosure

Frequently Asked Questions

Contact Us

Disclaimer

Terms and Conditions

Privacy Policy

Subscribe

Unsubscribe

Categories

  • Personal finance
  • Retirement Life
  • Saving & Spending

© 2026 Retired in America. All rights reserved.