Avoid These 5 Retirement Myths—And Future Regret

Retirement Should Be Enjoyed—Not Feared

Retirement is a time many of us dream about. Finally, you can relax, travel, spend time with family, and enjoy the things you've worked hard for. But some common beliefs about retirement can actually hold you back.

These “rules” may sound smart at first—but following them without question could lead to missed opportunities or even long-term regret.

Let’s walk through five common myths about retirement and how to avoid the mistakes that come with them.

Watch Now:  Avoid These 5 Retirement Myths

Myth #1: “Big purchases are bad in retirement.”

You might have heard this one before. Maybe you’ve even told yourself, “I shouldn’t buy that RV or take that dream vacation—I’m retired now!”

But here’s the truth: Big purchases aren’t the problem. It’s unplanned big purchases that cause issues.

If your retirement plan includes room for an occasional splurge—something that brings you joy or improves your life—it’s okay! You worked hard to get here, and if the numbers make sense, there’s no need to feel guilty.

Whether it’s a trip, a new car, or even a big home repair, spending with a plan can actually bring more peace of mind—not less.

Myth #2: “You must pay off your mortgage before retiring.”

Being mortgage-free can feel great. It means one less monthly payment to worry about. But trying to rush and pay off your house right before retirement isn’t always a smart move.

Why? Because to do that, many people dip into retirement accounts like 401(k)s or IRAs. And when you take out a big chunk all at once, you might face a hefty tax bill.

Instead of draining your savings or paying a lot in taxes, consider if your monthly mortgage is manageable. If it fits into your retirement budget, you may not need to pay it off right away.

Talk with your advisor about whether paying it down slowly makes more sense for your situation.

Myth #3: “Market crashes are your biggest risk.”

When the news talks about retirement, it often focuses on scary market drops. And yes, those can feel stressful. But they’re not usually what ruins retirement.

The real threats are:

• Emotional decisions (like selling when the market is down)
• Overspending
• Inflation
• Scams or fraud

History shows the market goes through ups and downs—but it also recovers. The people who stay calm and stick to their plan usually come out ahead.

Don’t let fear drive your decisions. A well-balanced, thoughtful plan is your best defense.

Myth #4: “Spend as little as possible.”

Saving money is smart. But being too careful can also lead to regret.

Many retirees are afraid to spend, even when they can afford to. They say no to trips, hobbies, or experiences they’ve always wanted—just in case.

Then, years later, they look back and realize they missed out. Their health has changed, or the window to do something exciting has passed.

If your plan shows you’re on track, give yourself permission to enjoy life. Spend on what matters to you. That’s what retirement is for.

Myth #5: “Charity should wait until after I pass.”

Giving to charity is a beautiful thing. Many people want to leave something behind for a cause they care about. But you don’t have to wait until you're gone to do it.

In fact, giving during your lifetime:

• Might lower your taxes
• Lets you see the impact of your gift
• Allows you to support specific projects or groups you care about

You can use tools like donor-advised funds or make charitable donations directly from your IRA through what's called a qualified charitable distribution (QCD). These strategies help you give in ways that are both meaningful and smart.

Plus, giving back while you’re here can bring a lot of joy and purpose.

Final Thoughts: Avoid Regret with a Personal Plan

These retirement myths sound harmless—but they can quietly lead you down a path of missed chances and “what-ifs.”

The good news? You can avoid regret by building a retirement plan that reflects your real life—not just old advice. Spend wisely, plan for fun, and give when it feels right. Most of all, remember that retirement is not just about money—it’s about living well.

Want Help Avoiding These Myths?

If any of these points hit close to home, we’re here to help. At Commonwealth Financial Services, we’ll work with you to create a plan that brings clarity, confidence, and peace of mind.

Schedule a chat with one of our advisors. You’ve earned this next chapter—let’s make sure you enjoy it without regret.