With all of the things in the financial world that you can’t control, why would you sabotage your own retirement by messing up the thing you can control? It’s time to discuss the ways in which people damage their retirement and hurt their long-term financial health.
Show Notes and Additional Resources: https://principalpreservationservices.com/these-mistakes-could-sabotage-your-retirement/
On This Episode:
1:32 – Mike gives us an update on his daughter’s wedding.
2:31 – In the News: Social Security Administration announced a 1.6% cost of living adjustment on their monthly benefits in 2020. Is this a big deal?
4:18 – Our main topic today is sabotaging your own retirement.
4:35 – Obsessing about the short term ups and downs of the market.
6:04 – Choosing to start Social Security at the wrong time.
7:29 – Mike shares a client story about Social Security benefits timing.
8:21 – Not planning for nursing home care.
9:57 – Underestimating how much money you’ll need in retirement to fund the lifestyle you want to have.
12:01 – Not funding your retirement accounts enough.
12:45 – Pulling money out of your retirement accounts early to help your children or grandchildren.