It is understandable that a smart investor can still struggle with retirement planning because the decisions about investing for income, spending and legacy are so different from those of the accumulation years. Here are three things that we have seen smart investors get wrong about retirement.

While the sheer number of older business owners looking to retire over the next year has created an urgency to begin planning efforts, Doll said the COVID-19 pandemic has brought those facing succession planning to think more about the future of the business. Suddenly many are realizing how something that can dramatically change their business dynamic and alter their plans can happen so quickly. She said many are now seeing that planning ahead is important.