The Retirement Mistake That Costs Columbus Families Thousands (and How to Avoid It)

Avoiding this one oversight can make a drastic difference in retirement.

If you’re in your 50s or early 60s and starting to think seriously about retirement, you’re not alone. We meet many families in Columbus who come to us feeling behind or unsure if they’re making the right decisions. They feel unsure, not because they’ve been careless with their planning, but because retirement planning today is more complex than ever.

The truth is, most people aren’t missing the mark because they failed to save. They’re losing thousands due to a lack of strategy, especially when it comes to how and when they draw income, how their investments are structured, and how taxes will impact their plan.

In this article, we’re going to discuss the most costly mistake we see local families make, why it happens, and how working with a fiduciary financial advisor in Columbus, GA, can help you avoid it, so you can retire with peace of mind that your life’s savings won’t be eaten away.

Key Takeaways

• Saving is only half the equation — without a retirement income strategy, you risk overspending, higher taxes, or poor Social Security timing.
• One of the most common retirement planning mistakes is overlooking how taxes and Medicare premiums impact your long-term income.
• Many families in Columbus, GA, underestimate how long their assets need to last and miss out on opportunities to optimize income.
• Working with a fiduciary financial advisor in Columbus, GA, can help you build a plan that aligns with your life, not just your portfolio.
• With the right wealth management strategy, it’s possible to dodge avoidable costs and gain more control over your financial future, even if you’re starting later than you’d like.

The Real Problem Isn’t Saving

Most families spend decades doing the right thing — contributing to retirement accounts, setting aside savings, and building a nest egg they can count on. But when retirement finally arrives, they’re often surprised to find that the real challenge isn’t saving, but knowing how to spend.

Without a clear plan for generating income in retirement, it’s easy to make some seriously costly mistakes. 

Some people withdraw too much, too soon, without realizing how fast taxes and market volatility can eat into their portfolio. Others delay withdrawals too long, missing opportunities for tax efficiency or triggering avoidable penalties. And many claim Social Security at the wrong time, not realizing how that one decision could reduce their lifetime benefits by tens of thousands of dollars.

These retirement planning mistakes don’t happen because people are careless; they happen because retirement looks and feels completely different from the saving years.

That’s why we believe your retirement income strategy should be just as intentional as your savings plan. At Momentum Wealth, we help clients turn their savings into a reliable, tax-efficient income stream — one that reflects their lifestyle, longevity, and goals. 

Because your plan shouldn’t end when you stop working. It needs to evolve with you.

How We See This Play Out in Columbus

In Columbus, the cost of living feels manageable. And for many families, that can create a false sense of security heading into retirement. We see it all the time; people assume that because they’ve saved diligently or have a pension and Social Security lined up, they’re in the clear.

But without a coordinated income plan, those pieces don’t always work together the way you’d expect.

Sometimes it’s a retiree drawing down assets too quickly without realizing the long-term impact. Other times, it’s someone claiming Social Security earlier than they should — or overlooking how taxes might chip away at what they take home. 

And local business owners? Many miss opportunities like defined benefit plans or structured income strategies that could stretch their wealth further.

The good news: these are fixable problems. But only if you spot them early and get intentional about your retirement income strategy.

That’s exactly where we get to make an impact at Momentum. As financial advisors in Columbus, GA, we bring all the moving parts of your financial life into one coordinated plan, so your money works as hard for you in retirement as you did to earn it.

The Silent Drain on Retirement Wealth… Taxes

We talk to a lot of families in Columbus who’ve done a great job saving for retirement, but never took the time to think about what happens when it’s time to live on that money.

One of the most common (and costly) retirement planning mistakes we see is ignoring how taxes will impact your income. Without a proactive tax strategy, you might withdraw from the wrong accounts at the wrong time, bump yourself into a higher tax bracket, or unknowingly trigger higher Medicare premiums.

For example, if you take large IRA withdrawals in the same year you sell a property or have extra income, you could end up paying more in taxes than you needed to. Or if you delay using tax-free assets like Roth IRAs until later (instead of blending your withdrawals), you might miss out on years of efficient income.

Smart retirement planning has to go beyond just coordinating how much to save. An effective retirement plan also maps out how, and when, to spend once you’ve entered into retirement.

Social Security: Timing Matters

Social Security is one of the most misunderstood parts of retirement, and one of the easiest places to leave money on the table.

Plenty of folks in Columbus claim benefits as soon as they’re eligible, often because they’re worried they’ll miss out if they wait. But the truth is, that decision can have a ripple effect on your entire retirement plan. Claiming early might shrink your monthly benefit for life, and claiming too late without a clear strategy can backfire, too.

The better move? Look at Social Security as part of your bigger income picture. How does it line up with your investment withdrawals? Are there tax consequences you haven’t considered? What happens if one spouse lives much longer than the other?

Coordinating your benefits with the rest of your retirement plan — especially your taxable income — can mean more money in your pocket over time. The right withdrawal time for you starts with making an informed decision based on your goals, resources, and lifestyle.

Because when it comes to retirement, every decision counts… and this one carries more weight than most.

Retirement Income Built Around Your Life

Retirement shouldn’t feel like you’re holding your breath every month, hoping things go according to plan. It should feel stable. Intentional. Yours.

The truth is, it’s not enough to have a pile of money saved. You need a clear strategy for how to use it. One that reflects your lifestyle, your goals, and how those might change over time.

That’s why we take a comprehensive, fiduciary approach to retirement income planning. We help you:

• Map out personalized income streams that support your lifestyle
• Coordinate your investments and tax strategy to reduce unnecessary losses
• Talk through the tradeoffs and decisions that actually matter — no sugarcoating, no surprises

As fiduciary financial advisors based here in Columbus, GA, we don’t sell products or push generic strategies. We get to know you. Then we build a plan that fits your unique situation, and we walk alongside you as life changes.

If retirement is on the horizon, you deserve more than guesswork. You deserve advisors who will take the time to learn about your situation, and a plan that actually works for you.

Final Thoughts

Retirement planning doesn’t have to be overwhelming, but it does need to be intentional. The earlier you start shaping a retirement income strategy, the more options you have to reduce taxes, optimize investments, and create the kind of lifestyle you want.

We’ve seen too many families in Columbus and beyond leave money on the table simply because they didn’t know what to ask, or who to ask. It’s easy to assume everything will fall into place… until it doesn’t. 

That’s why at Momentum Wealth, we believe in getting ahead of the big decisions before they become big problems.

Even if you feel behind, there’s still time to take control. Whether you’re planning five years out or already retired, small adjustments can make a big difference. If you’re not sure whether your current strategy is working as hard as it could be, let’s talk. We’re here to offer a second opinion, answer your questions, and help you build a plan that is designed to make the most of your retirement.

Let’s build a plan you feel good about.

Want to learn more? Meet the Momentum Wealth team or learn how fiduciary financial planning applies to retirement.