5 Retirement Planning Mistakes People Make in Their 50s
Sam's List Editorial | 2026-06-27
Your 50s are the decade when retirement stops being abstract. It is also when certain mistakes get expensive, because there is less time to recover from them. The good news is that this is still a window to adjust, if you catch the issues now. Here are five retirement planning mistakes people make in their 50s, what each one risks, and the corrective step to consider.
None of this is advice for your specific situation, and every correction has trade-offs. The goal is to flag the common traps so you can examine them with a professional while time is still on your side.
1. Not Taking Advantage of Catch-Up Contributions
Once you reach your 50s, retirement accounts generally allow larger catch-up contributions. Many people do not increase their savings to use them. The risk: leaving tax-advantaged growth on the table in your highest-earning years. The corrective step: review whether you can raise contributions to capture them.
2. Being Too Aggressive, or Too Conservative
Some people stay heavily invested in stocks right up to retirement; others flee to cash too early and give up needed growth. Both extremes carry risk. The risk: a poorly timed market drop, or outliving savings that grew too slowly. The corrective step: revisit your allocation with your time horizon and risk tolerance in mind.
3. Ignoring Sequence-of-Returns Risk
A market decline in the first years of retirement, while you are withdrawing, can do lasting damage, more than the same decline later. Many pre-retirees never consider it. The risk: drawing down a shrinking portfolio early and never recovering. The corrective step: plan a withdrawal strategy that accounts for this risk before you retire.
4. Overlooking Tax Planning
How your savings are split across taxable, tax-deferred, and tax-free accounts affects your retirement tax bill, and the years before retirement can be a window for moves like Roth conversions. The risk: a larger lifetime tax bill than necessary. The corrective step: coordinate tax planning with your accountant well before you retire.
5. Not Planning for Healthcare and Longevity
People underestimate both how long retirement may last and what healthcare will cost, including the gap before Medicare and the risk of long-term care. The risk: a plan that runs short in the years you can least afford it. The corrective step: build these costs into your plan rather than hoping they stay small.
Where an Advisor Helps
Your 50s reward planning that looks at investments, taxes, and longevity together rather than in pieces. Anthony Syracuse is a Scottsdale, Arizona advisor listed on Sam's List who works with high-net-worth individuals, the kind of profile suited to coordinated pre-retirement planning.
Anthony Syracuse has 5 verified client reviews on Sam's List as of 2026-06-26. Reviews reflect the experiences of individual clients, do not represent an endorsement by Sam's List, and are not indicative of future results.
Every strategy here involves trade-offs and depends on your situation, so confirm registration, ask how the advisor is paid, and get advice specific to you before acting. No advisor can guarantee a particular outcome.
You can review Anthony Syracuse's profile on Sam's List.
Frequently Asked Questions
What are catch-up contributions? Catch-up contributions are additional amounts that people generally aged 50 and older can contribute to certain retirement accounts beyond the standard limits. They let those in their highest-earning years accelerate tax-advantaged savings, which is why missing them is a common and costly oversight.
What is sequence-of-returns risk? It is the risk that a market downturn early in retirement, while you are withdrawing money, harms your portfolio more than the same downturn would later. Because you are selling into a decline, the losses can be hard to recover, which is why a withdrawal strategy that accounts for it matters.
Should I move to cash as I approach retirement? Not necessarily. Moving entirely to cash too early can sacrifice growth you may need for a long retirement, while staying too aggressive exposes you to a poorly timed drop. The appropriate balance depends on your time horizon, risk tolerance, and plan, and is worth reviewing with a professional.
Why is tax planning important before retirement? Because the mix of taxable, tax-deferred, and tax-free accounts you draw from affects your retirement tax bill, and the pre-retirement years can offer a window for moves like Roth conversions. Coordinating with your accountant early can reduce your lifetime tax burden compared with deciding only after you retire.