Ep 9: 10 Big Money Mistakes in Retirement Planning

05/17/23 • 21 min

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 5 mistakes to watch out for along with an extra bonus five that we’ll throw in.

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. Plus we’ll tell you which questions you need to be asking if you’re unsure about your ability to retire.

Here’s some of what we’ll cover on this show:

5 of the biggest retirement mistakes that get made. (1:07)
5 bonus mistakes you want to avoid. (6:44)
Questions to ask if you’re unsure about your ability to retire. (10:08)
Mailbag question on paying off the house with savings. (15:27)
Mailbag question on how to handle excess wealth. (16:40)
Mailbag question on supporting an adult child. (16:36)
Mailbag question on communication with an advisor. (18:46)

LEARN MORE:

Recent educational videos on YouTube: https://bit.ly/3CMiRbt
Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/
Visit Michael's website for more resources: https://lwsde.com/
Sign up for Newsletter: https://tinyurl.com/2p979jjz

Here’s some of what we’ll cover on this show:

5 of the biggest retirement mistakes that get made. (1:07)
5 bonus mistakes you want to avoid. (6:44)
Questions to ask if you’re unsure about your ability to retire. (10:08)
Mailbag question on paying off the house with savings. (15:27)
Mailbag question on how to handle excess wealth. (16:40)
Mailbag question on supporting an adult child. (16:36)
Mailbag question on communication with an advisor. (18:46)

Previous Episode

Ep 8: Social Security Myths, Rebalancing, and Answering Your Questions

Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you're eligible is the best decision for your financial future? In this episode, we'll be debunking common myths about Social Security and answering the questions you've been curious about.

Plus, we’ll tackle rebalancing a portfolio. Most people will tell you to buy and hold but that’s not a philosophy we always follow and we’ll explain why. It’s important to take profits and re-evaluate your investments as needed.

We’ll also close out this episode by taking a few of your questions on inflation, investment options, and REITs.

Here’s some of what we’ll cover on this show:

Quote of the month on groceries and perfume. (0:48)
When and how to rebalance a portfolio. (1:23)
Top Social Security myths of 2023. (3:44)
Mailbag question on protecting money during high inflation. (8:00)
Investment options outside of the 401(k) (9:12)
Mailbag question about cashing out a REIT. (10:29)

Next Episode

Ep 10: Mastering Retirement Cash Flow - Understanding Changing Expenses

At a very high level, retirement planning is all about getting a handle on what you’re spending versus what money you have coming in. Mastering that cash flow is easier said than done and it takes thorough planning to make sure you don’t run out of money.

In this episode, we’ll start with the expenses side of that equation by exploring many of the expenses in your life that might drastically change (one way or another) in retirement. We’ll break those expenses down further to see which ones are the top priorities and analyze some of the other factors that impact your cash flow in retirement.

Here’s some of what we’ll cover on this show:

The primary expenses that will change in retirement like housing, work, healthcare and more. What are the things that are must-haves versus those expenses that are just ‘wants.’
We have to factor in longevity when trying to project expenses.
The bad money habits that can spoil retirement.