From remodeling your home to fixing clogged pipes, we’re in an era of DIY or do it yourself mentality. Not everything can be done right by watching a 2-minute instructional video. You don’t get a “re-do” on planning for retirement.
Financial professionals Joe Anderson and Alan Clopine give you tips and tools for successful financial planning into your golden years. Plus, Senior Financial Planner, Matt Horsley, CFP® shares his decades of experience on how to avoid common DIY planning investment mistakes that can be detrimental to your financial goals for retirement.
Important Points:
(00:38) – Do It Yourself Retirement Planning
(01:06) – Are DIY Retirement Planners Doing Enough for Their Future?
(01:45) – DIY Retirement Planners Aren’t Making Specific Enough Goals
(02:26) – DIY Retirement Planning: Are You a Good DIY Candidate? Savings Needed to Retire, DIY Mistakes, Behavioral Biases
(03:36) – Strong Signs That You’re a Good Candidate for a DIY Retirement Planner
- Saving Diligently and Effectively
- Sound Plan in Place (Sufficient Income for Retirement)
- Sufficient Emergency Nest Egg
- Debt Is Under Control
- Properly Invested for your Goals
- Sound Backup Plan
(05:51) – Retirement Savings Calculation to Determine How Much Money You’ll Need to Save
(09:03) – Types of Expenses
- Regular (Housing, Utilities, Food)
- Periodic (Medical, Car Maintenance, Insurance)
- Variable (Vacations, Entertainment, Clothes)
(09:46) – Limited Time Only: Do It Yourself Retirement Guide
(12:02) – DIY Retirement Planning Mistake: Not Saving Consistently
(15:45) – Top Investment Mistakes by DIY Investors
(25:06) – Pure Takeaway: Avoid DIY Retirement Planning Mistakes: Get A Plan in Place, Save Consistently, Avoid DIY Investment Mistakes, Avoid Behavioral Biases
