Too many people wait until they’re just a few years from retirement to start asking the big questions, like Can I afford to stop working? And what if my spouse isn’t retiring yet? The truth is, preparing for retirement isn’t just about portfolios and percentages. It’s about aligning your finances with your life.
In this episode, Jeff Panik shares the common mistakes people make before retirement and offers advice on how to avoid them. He talks about why inventorying your financial life matters, what conversations couples should be having, and why testing your retirement lifestyle before you actually retire can be a game-changer.
Jeff is the Founder of Balance Wealth Partners and a financial advisor with over 25 years of experience. A U.S. Army veteran and first-generation college graduate, Jeff combines disciplined insight with deep empathy to help pre-retirees navigate the complex landscape of Social Security, Medicare, income planning, and succession strategy. His firm was founded on a simple mission: to help people live well today while preparing wisely for tomorrow.
Jeff’s approach is rooted in life experience, from paying off student loans through military service to building a career that demystifies money for others. He believes financial advice should be practical, transparent, and deeply human. He is the author of Your Future Is Now, a personal finance guide for young adults, and is set to release his upcoming book for pre-retirees. His work reflects a deep commitment to fostering financial literacy for all generations. When he’s not advising others, Jeff enjoys traveling, spending time with his family, and following sports— especially from his home base in Sandy Springs, Georgia.
06:05 – The #1 mistake people make 5–10 years before retirement
08:30 – Is the “perfect portfolio” really the goal?
10:35 – Why taking a “financial inventory” is a retirement game-changer
12:10 – What to do if you're not naturally organized with money or documents
13:30 – The surprising truth about hobbies and moving in retirement
14:45 – Couples and retirement: how to navigate different timelines
16:25 – Important financial conversations to have before marriage
18:00 – Perception vs. reality: social media and financial stress
19:57 – Why mentorship and storytelling matter in personal finance
23:15 – What retirees often overestimate—and what they underestimate
24:49 – The very first move to make if you haven’t started retirement planning
27:30 – Retirement and health: why you can’t afford to wait
29:22 – Jeff’s favorite tools, including how he uses AI for planning
31:36 – The book that shaped Jeff’s financial philosophy
33:15 – Game Time: “Is It Real?” – Jeff faces off with banana museums and reverse zoos
https://milmo.co/podcast/retirement-mistakes-to-avoid
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