Retirement Pitfalls: Costly Money Moves You Don’t See Coming, Ep 181

Most people assume that if they’ve saved diligently, their retirement is secure. But the reality is that certain financial decisions—ones that seem harmless or even smart in the moment—can quietly erode your long-term security. Whether it’s taking on unexpected debt, mismanaging investments, or making emotional money moves, these mistakes can cost retirees tens (or even hundreds) of thousands of dollars over time.

Today, we uncover some of the most common and costly retirement pitfalls that people don’t see coming. From high-interest home equity loans to over-investing in trendy stocks, we break down why these decisions can backfire and what you can do instead to protect your future. By the end of this episode, you’ll have a sharper eye for potential risks and a game plan to ensure your money lasts as long as you do.

You will want to hear this episode if you are interested in…

• (0:00) Retirement pitfalls
• (2:15) The biggest retirement mistakes people are making
• (5:12) The hidden cost of home equity loans & big purchases
• (10:30) Overloading on tech stocks & risky investments
• (13:49) The financial risks of helping adult children
• (19:20) Unnecessary life insurance & taking advice from the wrong people
• (25:00) Social Security, behavioral mistakes & staying on track

The Costly Retirement Moves You Don’t See Coming

A solid retirement plan isn’t just about how much you’ve saved—it’s about the decisions you make along the way. Unfortunately, some of the most damaging financial mistakes don’t seem like mistakes at all in the moment. 

Taking out a home equity loan to renovate the house? Seems reasonable—until you’re stuck paying 9% interest in retirement. Buying a brand-new SUV before you retire? It might feel like a well-earned reward, but it could quietly drain your nest egg when you factor in depreciation and monthly payments. These are the kinds of choices that seem harmless now but can cost you big down the road.

Instead of making financial moves based on impulse or short-term thinking, it’s crucial to weigh them against your long-term retirement security. Before you borrow, buy, or take on new debt, ask yourself: how does this impact my retirement plan? Running the numbers side by side—one scenario with the decision, one without—can be an eye-opener. Most of the time, seeing the impact on paper is enough to rethink the move entirely.

Why Chasing the Market Can Derail Your Retirement

It’s tempting to invest based on past performance, but that’s like driving while staring in the rearview mirror. Tech stocks have soared, but overloading on them now could leave you overexposed when the market shifts. Diversification is key—just like Wayne Gretzky skated to where the puck was going, smart investors focus on where the market is headed, not just where it’s been.

The Hidden Financial Trap of Helping Adult Children

Helping adult children with home purchases, student loans, or weddings is natural, but if it cuts into retirement savings, it’s a problem. Many parents assume their kids will struggle financially, yet studies show younger generations feel optimistic. If supporting them means delaying retirement or depleting savings, it’s time to rethink the plan. Your future and well-being are important, too.

Resources & People Mentioned

• 3 Steps to Retirement Planning
• Frank Luntz’s Research