While most people have put at least some thought into retirement, and many of us have been saving for years toward that goal, some things can still catch us by surprise.

Joseph “JJ” Montanaro, CFP®, financial advice director for USAA Military Affairs, is on what he calls his “final approach” – he’s due to retire at the end of the year. Montanaro, a MOAA Life member, has over two decades of experience as a financial planner and served in the Army for over 20 years on active duty and in the Army Reserve. 

He cautions would-be retirees not to make these four mistakes:  

1. Ignoring taxes. We all like to glance at our balance in our Thrift Savings Plan, 401(k), or Individual Retirement Account as it grows over time. But if it is a traditional account, taxes are still owed on withdrawals – be sure to account for them in your retirement goal-setting.

2. Ignoring inflation. Even a low rate of inflation can impact purchasing power. The Bureau of Labor Statistics’ inflation calculator shows inflation’s impact over time: A basket of groceries that cost $100 in 2000, for example, would cost almost twice that amount ($191.93) today. And many costs – such as health care, college tuition, insurance, and electricity – are rising faster than inflation.

While some of your income (military retirement pay, Social Security, VA disability pay, Survivor Benefit Plan annuity payments) may be protected from inflation by annual cost-of-living adjustments, other sources of income (like your investments) aren’t.

[RELATED: MOAA's COLA Watch]

3. Ignoring projections. While failing to save for retirement can lead to dire consequences, many retirees actually die with considerable net worth. Seniors often reduce spending far below what they can comfortably afford. It’s a phenomenon common enough to have its own name: the “retirement savings puzzle.”

This approach might sound like a good problem to have, but it can lead to retirees not taking advantage of experiences and opportunities. And while it might be nice to leave a legacy, planned gifts to loved ones during your lifetime could be a better choice, both from a personal and a tax perspective.

4. Ignoring non-financial considerations. Many retirees, while financially secure, face a loss of purpose in their lives once they stop working. Montanaro says it’s a good idea to create a multiyear plan where you map out trips, events, and experiences for your retirement.

Find more retirement resources from MOAA, and check out our member-exclusive financial publications for even more expert guidance.