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Tips on planning for retirement
How to avoid the most common pitfalls
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This story first appeared in Prestige - December 2025, a biannual special section distributed in The Gazette dedicated to Iowans 55+.
When you plan for retirement, you better play the long game.
“Retirement can last 30 years or more, and during that time you’ll experience many different economic cycles,” said Todd Joslin, first vice president and wealth management officer for Hills Bank. “The key is having a sound, long-term investment strategy that accounts for changing conditions.”
For over 10 years as a certified financial planner, Joslin helps individuals and families organize their financial lives into personalized plans, acting as a fiduciary to provide strategies that build confidence and peace of mind.
“We encourage people to stay invested for the long term rather than reacting to short-term market fluctuations,” he said.
Michael Wagler, Iowa state director of the American Association of Retired Persons, or AARP, agrees. Wagler adds that one important thing to remember during market volatility is that “panicking can lead to poor decisions,” so talking with a professional can help you plan and adjust accordingly.
If you still have some time, start saving by contributing to a workplace retirement plan, especially if your employer matches your contributions, Joslin said. An individual retirement account, or IRA, also is an option.
“Work toward saving 10 percent or more of your income over time,” he advised. But if you’re further along in your career, the steps vary depending on how much you’ve already saved.
Wagler encourages you to think about your goals in your post-working years.
“Once you have an idea of what you’ll need, you can identify ways to shore up your cash and maximize your income while you’re still in the workforce,” he said.
Tips for maximizing your retirement include:
- Paying down high-interest debt.
- Finding creative ways to reduce existing expenses.
- Turning your hobbies and skills into additional income.
What are common mistakes people make when it comes to retirement? Joslin said two are “becoming too conservative in retirement and letting emotions drive investment decisions. Even in retirement, it’s important to keep part of your portfolio invested for long-term growth. Your retirement could last decades, and you’ll need funds later in life.”
The second pitfall, he explained, is emotional decision-making.
“Negative headlines often make people feel they need to act, even when their accounts are performing well. We’ve met with clients who assumed they were losing money based on news reports, only to find their accounts were on track,” Joslin said.
The key, he added, is to stay focused on your plan and avoid knee-jerk reactions.
Retirement age typically ranges from 62 to 70. If retirement is within the next five to 10 years, here are seven steps Wagler said to take now so you are establishing a clear picture:
- Define your retirement goals: How do you want to live and spend your time?
- Inventory all your assets and debts. Include everything; retirement accounts, real estate, savings, loans and even small recurring bills so you know your true starting point.
- Project your expenses and income. Estimate what you’ll spend each month in retirement and compare it to expected income sources like Social Security, pensions and investments.
- Take steps to optimize your savings/investing strategy. Adjust your contributions, risk level and investment mix to match your timeline and long-term goals.
- Find ways to trim your debt. Focus on paying down high-interest balances first to free up money for retirement savings.
- Don’t be afraid to ask questions and seek advice from professionals. A financial advisor can help you avoid costly mistakes and create a plan that fits your life.
- Embrace savings strategies. You can max out tax-advantaged accounts and leverage Health Savings Accounts.
AARP has a wide array of resources and information available to assist Iowans planning for and during retirement. A great place to get started is by visiting aarp.org/retirement. There are numerous articles, tips, advice and links to savings and planning calculator tools.
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