Ep 13: These Mistakes Could Sabotage Your Retirement

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Ep 13: These Mistakes Could Sabotage Your Retirement

The Concept:

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.

The Reality of the Matter:

Retirement planning isn’t easy because of the uncertainties of life, which is why it’s even more important to take care of the things that are within our control.

It’s seems like common sense but we’re all human and make mistakes. Unfortunately, some of those mistakes can really sabotage our finances and put us in a difficult position in retirement. The good news is the mistakes that we’re discussing on this episode of the Retirement Reality Podcast are all within our control.

Before we get into this episode, we checked in with Mike to get an update on his daughter’s wedding. She was about to get married when we talked to him in a previous episode so let’s find out how everything went.

1:32 – Mike gives us an update on his daughter’s wedding.

Ahead of our main topic, we wanted to discuss a recent news item that will impact many retirees. The Social Security Administration announced in October that monthly benefits would be increasing by 1.6% as a cost of living adjustment. Will this have much affect on you?

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?

Now on to our main topic about sabotaging your own retirement by making these avoidable mistakes. The topics we tackled were stock market volatility, when to claim Social Security, planning for nursing home care, and underestimating your income needs in retirement. Each of these mistakes are within your control and Mike provides some great insight into each one to help you understand how to handle these situations.

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.

There were two more that Mike really wanted to address because he sees them a lot with the clients that come through our offices.

12:01 – Not funding your retirement accounts enough.

12:45 – Pulling money out of your retirement accounts early to help your children or grandchildren.

Thanks for joining us for another episode of the Retirement Reality podcast. We’ll talk to you again next week.

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