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A recent Intuit Credit Karma study found that 63% of Americans want to build healthier financial habits in 2026.

Among the top habits people aim to break are impulse buying, not saving money, and carrying credit card debt. While those are smart goals for anyone, priorities shift as you get closer to retirement.

In this episode of Money Wisdom, Nicholas J. Colantuono, CFP® and Eric Hogarth, CFP® share five money habits that can quietly derail even the best laid retirement plans.

1. Chasing Growth Without Balancing Risk

When nearing retirement, focus on balancing growth and risk. After decades of automatic 401(k) contributions, the market has done its work, but retirement changes the game. Instead of saving, you’re now drawing down, facing taxes, and relying on what you’ve built.

The key is to find a balance. Start by diversifying your investments, understanding your risk exposure, and aligning strategies with your retirement goals. From there, you can generate reliable income, weather market ups and downs, and enjoy peace of mind.

2. Ignoring Your Lifetime Tax Burden

In retirement planning, the focus isn’t just on minimizing taxes today. Even more important is to reduce your total lifetime tax burden. Paying taxes upfront can be emotional, but it may save you significantly more money over the long term.

Strategic decisions like Roth conversions aren’t about avoiding taxes altogether. Thoughtful tax planning means strategically timing withdrawals and maintaining flexibility and control.

3. Letting Your Emotions Drive Decision-Making

The emotional side of retirement is often the most important reason to work with an advisor. They can guide you through major life events, offer reassurance, and help you spend your hard-earned savings with confidence.

Many retirees feel paralyzed by the idea of drawing down their wealth, even when they’re financially prepared. True financial planning isn’t just about picking investments. A trusted advisor who understands your family and your goals can give you steady, personalized guidance.

4. Saving Without Enjoying Your Money

Spending money is uncomfortable for many people. But even more concerning is spending your retirement worrying about a market that you have no control over.

If you’ve saved diligently, you may be in a great place to retire right now. But if you hesitate to start drawing off your money, you’re losing out on the chance to truly enjoy your retirement. A comprehensive retirement plan can help put your mind at ease.

5. Not Reviewing Your Finances as Circumstances Change

You should review your retirement plan at least once a year. Even if nothing in your life has changed, laws, rules, or family circumstances might have. Review meetings help ensure your plan is still working for you.

Retirement planning isn’t a matter of setting the plan and forgetting it. It should evolve as your life changes. Having these conversations now can help create a more secure and less stressful financial future.

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