The Mulligan Rule of Retirement: Seven Mistakes You Can Fix

Kiplinger’s latest piece on the “Mulligan Rule of Retirement” explores the idea that even after making a financial misstep in retirement, there are more “do-overs” available than most realize. The article walks through seven common retirement errors—from claiming Social Security or Medicare the wrong way, to flawed withdrawal strategies, early retirement missteps, annuity regrets, forgotten beneficiaries, and missed RMDs—and details the avenues for correction or adjustment in each case. Examples include being able to re-do Social Security if you act within one year, switching Medicare plans during open enrollment, making withdrawals penalty-free under certain circumstances, or updating beneficiaries and making up missed RMDs with minimal hassle.

As I shared with Kiplinger, the pace of life (and markets) means we all take the occasional rough swing—sometimes with lasting repercussions. But the good news? Many retirement mistakes actually come with an “undo” option—if you know where to look, are willing to act, and keep your bearings as things shift. "Retirement do-overs are more common and valuable than many realize. Life and markets change fast, but the good news is that there are real ways retirees and pre-retirees can hit the 'reset' button, sidestep major mistakes or tweak their plans in light of new information... There's no rule against changing your withdrawal rate as life and markets evolve; annual do-overs are just smart planning. These designations [beneficiaries] can be updated nearly any time. And doing so ensures assets actually go to the right people, avoiding the heartbreak of a hard-to-undo slip."

Bottom line:

The real key is flexibility: retirement mistakes are common, but knowing how (and when) to take a “correction shot” can keep your financial plan on course—even if your first swing goes awry. Successful retirees don’t expect perfection; they learn, adapt, and take advantage of the rules that let them recover.