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Special Advertising Section | Sunday, October 19, 2025 33last year%u2019s income. %u201cBut you [will] have more free time than when you worked,%u201d Maggio says. %u201cYou may take up a hobby, or travel more. Expenses may be more significant than you planned.%u201dRather than thinking of what you are retiring from, think about what you are retiring to. What kind of schedule do you want to keep? What do you want to fill your time? Consider the costs of that when you estimate expenses. %u201cHaving no schedule and no idea what you want to do can be paralyzing if you haven%u2019t considered it,%u201d Maggio says.You also need to prepare mentally for your retirement, says financial therapist Kate Dorman of Sound Financial Therapy in Seattle. She works with couples and individuals to help reframe attitudes and habits around money.You%u2019ve spent decades saving for retirement, and withdrawing from that pot can be difficult for many. For those who are frugal by nature, Dorman says being OK with spending retirement money can be exceptionally difficult.%u201cIt is a huge mental shift,%u201d she says. %u201cBut it%u2019s OK to use those funds. It%u2019s intended to be used, and if you are working with someone who has told you it%u2019s good time to retire, then you are good to go.%u201dNo. 4: Retiring too soonSome people have an age in mind for retirement and that%u2019s when they stop working %u2014 regardless of whether they have enough to fund the length of time and quality of life they want. Maggio suggests delaying retirement as long as you can. %u201cThe longer you can generate some income, the better off you are,%u201d she says. This is especially true if you have any credit card debt. Make sure that you are debt free %u2014 mortgage aside %u2014 before retirement.Consider a part-time job or a way to generate passive income, like renting out a room in your house. There is a car sharing program akin to Airbnb called Turo, says Dorman, through which you can rent out your car on a schedule you choose and bank the money.Whether you are planning on an active retirement with travel, are worried about having enough to cover assisted living or nursing home care, or you just want to leave something to your children and grandchildren, it%u2019s important to take certain important steps before you stop the daily grind of work.We asked PNW financial experts for the six biggest mistakes people should avoid as they consider retirement.No. 1: Not considering what might happenChris Maggio, a certified retirement planner based in Woodinville, says that people wait too long to plan for the costs of long-term. %u201cIf you wait too long, you may not qualify for insurance,%u201d she says. %u201cThen your only option is to self-insure.%u201dOur longer life spans means potentially more time spent in assisted-living or longterm-care settings. It%u2019s expensive, and for memory care, it can be out of reach of many. %u201cMost people who haven%u2019t had experience with a relative needing longterm care think it won%u2019t happen to them,%u201d Maggio says.It%u2019s never too late to investigate longterm-care insurance. %u201cI%u2019ve spoken to brokers,%u201d she says, %u201cand people from their 50s to their 70s can still qualify.%u201d There are different levels of coverage, and a broker can take you through options.No. 2: Lack of diversity in holdingsMaggio says most people think having an IRA or a 401(k) is enough, but those are taxed on withdrawal, while a Roth IRA disbursement is not. Having a mix is better. If your employer offers a Roth, contribute to it, too. If not, open one yourself.No. 3: Bad mathThe number bandied about for what you need to live after retirement is 80% of your Continued on next page Bestyears FINANCIAL HEALTHHaving a mix of different kinds of holdings may be the right path for you. (Getty Images)