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5 Mistakes to Avoid as You Get Close to Retirement – Clear, Tax-Smart Guidance for People Close to Retirement

Are you close to retirement – or recently retired – and wondering how to dodge the biggest (and priciest) errors people make in their final working years? In this episode, Phillip Smith, CRPC®, financial planner at Tidepool Wealth Strategies, breaks it down in plain English.

What you’ll learn

00:30 Intro – why this topic matters now

01:24 Mistake #1 – getting aggressive too late

02:58 Mistake #2 – Ignoring Sequence-of-Returns risk

04:25 Mistake #3 – Overestimating retirement income

06:02 Mistake #4 – Waiting to Long to Deal With Taxes

08:46 Mistake #5 – Not Planning LIFE after Retirement

10:18 Wrap-Up and Closing

By the end, you’ll have a practical, tax-smart retirement strategy you can use right away.

Helpful Links

• Schedule a 20-minute call – https://www.tidepoolwealth.com/contact
• More videos and podcast episodes – https://www.youtube.com/@tidepoolwealth

#retirementplanning #closetoretirement #abouttoretire #taxsmartretirement #retirementadvice

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Sources:

1. Center for Retirement Research at Boston College – “Do Retirees Want to Consume More, Less, or the Same as They Age?”
   https://crr.bc.edu/do-retirees-want-to-consume-more-less-or-the-same-as-they-age/
2. Kiplinger – “How to Avoid the Widow’s Penalty After the Loss of a Spouse”
   https://www.kiplinger.com/retirement/how-to-avoid-the-widows-penalty-after-the-loss-of-a-spouse
3. U.S. Bureau of Labor Statistics – Consumer Expenditures by Age Group
   https://www.bls.gov/cex/

Thanks for tuning in to this episode of The Perfect Retirement Plan, and remember: it's not about having the smartest financial advisor, the most money saved, or the highest probability of retirement success. The perfect retirement plan, for you – is the one you act on.

Phillip Smith, CRPC AIF | Financial Planner
Tidepool Wealth Strategies
450 Country Club Road, Suite 350 | Eugene, OR | 97401

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Additional Disclosures:
The opinions contained in this material are those of the author, and not a recommendation or solicitation to buy or sell investment products. This information is from sources believed to be reliable, but Cetera Advisor Networks LLC cannot guarantee or represent that it is accurate or complete.
All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful.

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If you're about to retire and researching retirement wirhdrawl strategies online, you'll see retirement calculators thay say you must replace 70%-80% of paycheck.

That rule can torpedo real retirement confidence.

In this episode of The Perfect Retirement Plan?, Marine Corps veteran and financial planner Phillip Smith shows why your target isn’t a percentage. It’s 100% clarity that every bill and dream are funded. Learn how a personalized spending number, dynamic “guardrails” withdrawals, and rigorous stress-tests beat the old income-replacement ratio for late-career professionals juggling Social Security, Medicare, and market swings. We unpack payroll-tax myths, hidden IRMAA costs, and mindset shifts that free you to spend without fear. If you’re close to retirement and searching “income replacement rule,” “guardrails withdrawal strategy,” or “how much do I need to retire,” you’ll walk away with concrete next steps for your retirement strategy.

#RetirementPlanning #RetirementIncome #RetirementCalculator

Chapters
00:00 Intro – Replace 100% of Life, not 80% Pay
00:30 Why the 80% Rule Went 'Viral'
01:15 One-Size-Fits-None: Hidden Flaws
02:05 Confidence Over Percentages
03:10 Dynamic Guardrails Spending Strategy
03:56 Case Study: From Percentages to Dollars
04:50 Three Action Steps for Clarity
05:43 Key Takeaways & Closing

Hit SUBSCRIBE and ring the bell for weekly tips on retirement income, tax efficiency, investment strategy, and behavioral finance, or visit TidepoolWealth.com and our YouTube channel @TidepoolWealth for more tips on how to retire well.

Thanks for tuning in to this episode of The Perfect Retirement Plan, and remember: it's not about having the smartest financial advisor, the most money saved, or the highest probability of retirement success. The perfect retirement plan, for you – is the one you act on.

Phillip Smith, CRPC AIF | Financial Planner
Tidepool Wealth Strategies
450 Country Club Road, Suite 350 | Eugene, OR | 97401

____________________________________________________________________________________________
Additional Disclosures:
The opinions contained in this material are those of the author, and not a recommendation or solicitation to buy or sell investment products. This information is from sources believed to be reliable, but Cetera Advisor Networks LLC cannot guarantee or represent that it is accurate or complete.
All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful.

Send us a text

Trade-war headlines spiking your stress? Discover how tariff turmoil can shake markets, and how a solid retirement plan keeps you steady. In this episode of The Perfect Retirement Plan?, Phillip Smith of Tidepool Wealth Strategies unpacks import taxes, retaliation risks, and the 2018 China tariff shock, then shows late-career professionals exactly how to protect (and even grow) their nest egg. You’ll learn why staying invested beats panic selling, how strategic diversification cushions volatility, and where to hunt for bargains when fear misprices quality stocks. Perfect for anyone searching “tariffs and stock market,” “retirement portfolio volatility,” or “trade war investment strategy.”

Chapters Roadmap
• Intro & Emotional Hook – Why tariffs matter to retirees
• Tariffs 101 – How import taxes ripple through portfolios
• Trade-War Case Study – Lessons from the 2018 China shock
• Market Psychology – Fear vs. fundamentals
• Defense Tactics – Diversification and bond ballast
• Opportunity Tactics – Buying strong companies on sale
• Action Steps – Stress-test your plan today
• Closing – Staying the course on the road to retirement

Hit Subscribe and ring the bell for more videos on retirement income, tax efficiency, and investment strategy. Explore additional insights on our YouTube channel @TidepoolWealth and visit TidepoolWealth.com for guidance tailored to Pacific Northwest professionals approaching retirement.

Thanks for tuning in to this episode of The Perfect Retirement Plan, and remember: it's not about having the smartest financial advisor, the most money saved, or the highest probability of retirement success. The perfect retirement plan, for you – is the one you act on.

Phillip Smith, CRPC AIF | Financial Planner
Tidepool Wealth Strategies
450 Country Club Road, Suite 350 | Eugene, OR | 97401

____________________________________________________________________________________________
Additional Disclosures:
The opinions contained in this material are those of the author, and not a recommendation or solicitation to buy or sell investment products. This information is from sources believed to be reliable, but Cetera Advisor Networks LLC cannot guarantee or represent that it is accurate or complete.
All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful.