Most men assume they’re on the right track with their retirement savings. However, when it comes down to it, they are still getting a lot of things wrong. A lot of men are saving way less than they’ll actually need, and there are plenty of guys who are making emotional investment choices, too. Those aren’t the only mistakes they are making, though. Here are eight things men are still getting wrong about retirement savings that could leave them struggling during their golden years.
1. Underestimating How Much Retirement Will Really Cost
Many men still assume they can live on less than 70% of their pre-retirement income, a figure that is often unrealistic. Medical costs, inflation, and the desire to travel or help family can quickly drain savings. Housing expenses may not disappear, especially if downsizing isn’t part of the plan. Plus, retirement can last 20 to 30 years, meaning the money must stretch far longer than expected. Without adjusting for these realities, even a well-funded account can fall short.
2. Believing Social Security Will Be Enough
Social Security is designed to supplement retirement savings, not replace it. Yet many men still overestimate the monthly benefit they’ll receive. The average Social Security payment often covers only a fraction of basic living expenses. Relying solely on these benefits leaves no room for emergencies, rising healthcare costs, or inflation. Treating Social Security as a safety net, not the main source, is critical to financial stability in retirement.
3. Waiting Too Long to Start Saving
Procrastination is one of the most expensive mistakes in retirement savings. Men who delay investing in their 20s or 30s lose out on decades of compound growth. Even a small contribution early on can significantly outpace larger contributions made later in life. Many believe they can make up for lost time with aggressive saving in their 40s or 50s, but the math rarely works in their favor. Starting early remains the most powerful wealth-building strategy.
4. Ignoring Inflation in Retirement Planning
Inflation quietly erodes purchasing power over time, yet many men still plan their retirement budgets without adjusting for it. A fixed income today will buy far less 15 years into retirement. If investments don’t at least match or outpace inflation, lifestyle sacrifices become inevitable. Even modest inflation rates can make a huge difference over decades. Building a portfolio that grows with the market is essential to avoid financial strain later.
5. Being Overly Conservative with Investments
While you don’t want to go wild with your investments, playing it too safe isn’t the move either. Some men move all of their investments entirely into bonds or savings accounts as they get closer to retirement. These investments can help preserve capital (and they have their place), but they may not generate enough growth to keep pace with inflation. You might wind up running out of money. A more balanced approach with a mix of stocks, bonds, and other investments is typically a better choice.
6. Failing to Plan for Healthcare Costs
Healthcare costs can be unpredictable, especially in your golden years. At the same time, it is also one of the most often overlooked expenses when planning for your retirement. Many men wind up underestimating the cost of Medicare premiums, supplemental insurance, and out-of-pocket expenses. Not to mention, there are some things Medicare won’t cover, like long-term care. These expenses can drain your retirement savings quickly. It’s important to build a separate healthcare fund and potentially even consider long-term care insurance. Ignoring these costs isn’t worth ruining your retirement.
7. Not Diversifying Enough
As mentioned above, being overly conservation with your investments isn’t a good move when it comes to saving for retirement. That said, putting too much cash into a single investment, industry, or market is another mistake you don’t want to make. Those who rely on employer stock or one sector of the market have a higher risk of losing significant amounts of money if it underperforms. Diversify, diversify, diversify! This will help you spread the risk across multiple assets and will increase the likelihood of more stable returns.
8. Skipping Professional Advice
Many men take pride in managing their own finances, but retirement planning is complex. Tax laws, investment strategies, and withdrawal rules can be overwhelming without expert guidance. A financial advisor can help create a tailored plan, spot potential pitfalls, and suggest strategies to maximize retirement savings. While some hesitate to pay advisory fees, the long-term benefits often outweigh the cost. Going it alone can lead to missed opportunities and costly mistakes.
Retirement Savings Require a Smarter Approach
There are a lot of things you need to consider when you are preparing for retirement. You need to have enough money at the right time, in the right place, and in the right form. If you’re underestimating costs (or overestimating benefits) or just delaying saving money altogether, you are setting yourself up for financial stress in your later years. Do yourself a favor and do everything you can to avoid making these eight common mistakes.
What’s the biggest mistake you think men make when it comes to retirement savings? Share your thoughts in the comments below.
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The post What Are Men Still Getting Wrong About Retirement Savings? appeared first on Clever Dude Personal Finance & Money.
