In the complex world of retirement planning, there are countless pitfalls one could fall into. In this episode, we've distilled it down to what we believe are the top 20 mistakes to watch out for. Avoiding these crucial missteps can have a significant impact on the success of your retirement plan. So, join us as we delve into these key issues and learn how to navigate them effectively when it's your turn to plan for retirement.
1. Ignoring the future tax implications of your retirement savings.
2. Starting Social Security too early.
3. Focusing on returns instead of income during retirement.
4. Being too aggressive or too conservative.
5. Taking advice from friends and family on how to invest.
6. Not diversifying investments.
7. Procrastinating saving for retirement.
8. Not having a clear retirement goal.
9. Relying solely on employer-sponsored retirement plans.
10. Inability to adjust your investment strategy as you approach retirement.
11. Withdrawing from retirement accounts too soon.
12. Ignoring long-term care costs.
13. Not adjusting your retirement budget for inflation.
14. Overlooking the importance of estate planning.
15. Failing to regularly review and update your retirement plan.
16. Ignoring healthcare expenses.
17. Not paying off high-interest debt before retirement.
18. Assuming you won’t live a long time.
19. Poor communication between spouses about money.
20. Forgetting about sequence of returns risk.
Important Info:
Securus Financial: https://www.gosecurus.com/
International Financial Advisory Group: https://www.internationalfinancial.com/
Call John: (858) 935-6210
Call Thomas: (973) 394-0623
Ep 91: Avoiding Costly Retirement Fund Mistakes featuring Andy Ives
Ep 90: Relocating in Retirement: What You Need to Know featuring Melissa Bevacqua
Ep 89: The Power of a Personalized 401(k) Strategy with John Blamphin, CFP®, AIF®
Ep 88: Thought Leadership in Finance with Dean Zayed
Ep 87: A Look at the Year Ahead with Mark DiOrio
Ep 86: The Important Role Of Social Security With Bill Rainaldi
Ep 85: Medicare Planning With Bob Shalongo
Ep 84: Investing In Your Health & Wellness With Rachel Fox
Ep 83: The Importance Of Physical Health In Retirement With Dr. Chris Stepien
Ep 82: Navigating Grief: Support and Healing After Loss with Audrey White
Ep 81: How To Transition Into Retirement With Larry Jacobson
Ep 79: Looking Out For Elder Abuse With Paul Greenwood
Ep 78: Cybersecurity Tips With Devin Kropp
Ep 77: Effective Communication With Erin Kennedy
Ep 76: What To Know About The SECURE Act 2.0 With Ed Slott
Ep 75: How The Economic Challenges Of 2022 Will Impact 2023 With Mark DiOrio
Ep 74: 2022 Review
Ep 73: Long Term Care Planning With Steve Cain
Ep 72: Hospice Care With Kathryn Alexander
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