Core Insights - Retirement planning is complex, and small mistakes can have significant long-term consequences [1] Group 1: Common Retirement Mistakes - Not maximizing Social Security benefits can impact overall retirement income; delaying benefits can lead to higher lifetime income and enhance survivor benefits [3] - Completely abandoning work in retirement may lead to a lack of fulfillment; staying engaged through part-time work or volunteering can provide meaning and potential tax advantages [4] - Delaying estate planning can result in government control over assets; essential documents like wills and trusts are necessary to avoid costly probate and protect assets [5] Group 2: Preparing for Longevity and Inflation - Longevity poses a significant risk; planning should account for both spouses potentially living to 100 years old to ensure portfolios can withstand market volatility [5] - Equities can serve as a hedge against inflation, emphasizing the need for a long-term financial strategy [5] - A personalized financial plan is crucial for forecasting costs and protecting assets, with a wealth management team that understands family dynamics being essential [6]