I've spent years digging into what separates thriving retirees from those scrambling in their golden years, and it's not rocket science. Indeed, I think it's more about dodging the pitfalls most folks trip over. My research has led me back to many of the same issues I see proliferate again and again.

Planning for retirement can feel like a daunting task, but plenty of personal finance experts have chimed in with some key pitfalls to avoid.

Ensuring passive income generation is there, as well as proper planning for expenses down the line, can lead to a happier and more comfortable retirement.

Here’s what some of the top experts suggest on three of the key topics I think deserve more discussion in the baby boomer community right now.

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In my view, there are certain cohorts of Americans who find themselves in similar predicaments, largely because of falling into some key traps which I'd argue can be difficult to see in the near-term, but relatively easy to plan for (for those thinking long-term. Here are three of the key financial moves many advisors suggest baby boomers take on, and this is advice I'm intending on implementing in my own journey toward as well.

Passive income visual

There are reasons why most personal finance experts continue to tout the whole mantra that time in the market beats timing the market. Investing early and often is the way forward for all of us -it's a time-tested strategy in that right, and allows investors to fill up those 401(k)s and IRAs for when the time comes to start utilizing that capital in retirement.

That said, the investing mix we all choose can matter a great deal when it comes time to start taking distributions. No one really wants to be forced to sell their high-growth assets, particularly during a bull market. So, having some component of income-producing assets which spew off cash (ideally, enough to live off of) can help ensure that retirees' portfolios stay relatively intact, at least in the first few years of retirement.

Engineering a paycheck sounds simple, but there are plenty of options to choose from. Of course, there will be social security payments which will lessen the blow of having to do everything oneself. But choosing between fixed income investments such as bonds, dividend stocks, annuities and other financial products can be a more difficult task.

I'm of the view that tilting one's portfolio more toward ultra-low-risk Treasury bonds into retirement (instead of the traditional 60/40 portfolio, maybe tilting toward a 40/60 portfolio) may be the way to go, with dividend-producing equities making up a more healthy percentage of one's portfolio. That's not just me saying that, most personal finance experts I come across echo the same ideas.

Money visual

Sequence risk can be the silent killer many in the personal finance community continue to warn about. Those who retired in and around the great financial crisis, or other recessions, while know what I'm talking about. If, God forbid, a market crash of 50% or more takes place in the first few years of one's retirement, that can provide a major setback to one's spending goals over the long-term. Losing that much capital up front can have devastating effects for planning on pulling out 4% or more of one's diminished portfolio (that percentage may need to rise substantially to make ends meet, particularly for those with a smaller nest egg).

Accordingly, going back to my first point, having enough capital set aside in lower-risk investments up front can help mediate this risk. I'm of the view that having roughly five years of living expenses in cash (or cash-like investments, such as a tiered portfolio of Treasurys expiring at different times) can be a great way to bridge the gap and provide an "oxygen mask" providing independence from market cycles.

No one wants to have to live through a devastating crisis when we're just starting out on our retirement journey. Those looking to spend money and be happy in retirement may want to consider stashing ultra-conservative funds away. Given the heightened risks we're seeing in the market right now, that just seems to be a prudent idea to me.

Older man getting a checkup at the doctor

Here's where regret can often bite the hardest for soon-to-be retirees: ignoring the impact soaring healthcare costs can have one one's spending trajectory in retirement.

It's now expected that a 65-year old couple's first-year health expenses (outside of Medicare) could come to more than $1,000 a month. So, back to the passive income argument, having enough income-producing assets to help bridge that gap is important. That's because we all need a place to live, and to eat, as well.

Experts suggest that there's a "golden window" of post-paycheck, pre-social security, life in which seniors will have to bear more of the burden of their healthcare expenses, particularly for those who are looking to delay taking social security benefits until full retirement age.

Incapacity planning, whether that's via powers of attorney or long-term care riders, can also be a great strategy for those who find themselves up at night thinking about the soaring costs of healthcare. With inflation likely to remain elevated for this key cost input for all seniors, this is something I'm actively considering planning for early.

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