5 Mistakes People Make in Their 50s That Delay Retirement
Your 50s are a pivotal decade for retirement planning.
You’re often earning more than ever, but you’re also closer to the finish line. That combination makes this decade incredibly powerful — and surprisingly risky if certain details are overlooked.
Here are five common mistakes we see that quietly delay retirement.
1. Assuming There’s Plenty of Time Left
Many people plan to “get serious” about retirement in their late 50s or early 60s. The problem? Time is no longer on your side.
The later you make adjustments, the more aggressive — and stressful — those adjustments tend to be.
2. Not Knowing What Retirement Actually Costs
Retiring at 65 sounds great. But without a clear estimate of income needs, savings targets, and spending expectations, that age is just a guess.
A plan needs numbers, not just hopes.
3. Underestimating Healthcare Expenses
Healthcare costs are one of the biggest wild cards in retirement.
Between insurance before Medicare, out-of-pocket costs, and long-term care considerations, ignoring this line item can force people to work longer than planned.
4. Carrying Too Much Debt Into Retirement
Debt reduces flexibility. Mortgage balances, credit cards, and loans all require income — which means more years of work.
The less debt you carry, the more control you have over when you retire.
5. Treating the Plan as Static
Life doesn’t follow a spreadsheet.
If your retirement plan hasn’t been reviewed recently — or stress-tested for market changes, inflation, or unexpected expenses — it may not be as sturdy as you think.
A Final Thought
The biggest mistake isn’t making one of these missteps.
It’s assuming they can’t be fixed.
Your 50s are still a powerful window for course-correction. With clarity and proactive planning, many people find they’re closer to retirement than they thought.
About Charles
Charles McNamara, III (Charlie), is a Founding Partner, Financial Advisor, and President at Paragon Wealth Management, a financial services firm based in Doylestown, Pennsylvania, dedicated to professionally supporting, educating, and providing informed direction to each and every client. Charlie’s passion for working with clients one-on-one to find specialized solutions to pursue their financial goals drives the firm’s client-focused mission and continued success. He values the confidence clients have in him to always keep their best interests in mind.
A veteran of the financial services industry since 2000, Charlie brings an extraordinary level of knowledge and experience to the financial field. After obtaining a business finance degree from Delaware Valley University, he began his career as a financial advisor with Prudential Financial in 2001, and was promoted to management in only three years due to his hard work and dedication. With an entrepreneurial spirit and a passion for helping people solve problems, he launched his own practice in 2007.
When he’s not at work, Charlie spends time with his wife, Lisa (co-owner of local salon Moxie), daughter, Carissa, and their two dogs and cat. He enjoys weightlifting, running, golfing, fishing, and giving back to the community through his church, Our Lady of Mt. Carmel, and local organizations, such as the Travis Manion Foundation. To learn more about Charles, connect with him on LinkedIn.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All investing involves risk including loss of principal. No strategy assures success or protects against loss.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Great Valley Advisor Group, a Registered Investment Advisor. Paragon Wealth Management and Great Valley Advisor Group are separate entities from LPL Financial.