In YMYW podcast episode 15, Joe and Big Al share the top five most costly retirement mistakes you could be making. Plus, don’t miss these top tax tips the wealthy use to stay rich.
06:18 “If you make a big financial mistake at this stage in your life, you may never recover and we’ve seen huge mistakes. You’ll be paying for it the rest of your life”
11:06 “Here are some costly investment mistakes”
15:05 “People are emotional [with their investments], and the reason I think they’re so emotional is because they don’t have that well thought-out financial plan or financial strategy”
19:52 “[Have] the right asset allocations; some of you might have a portfolio that is suited for a 40-year old when you are in your 60’s, and some of you might not be taking on enough risk”
24:10 “If you think about where your retirement assets are located, probably most of them are located in IRAs, 401(k)s and 403(b)s. Guess what? When you take the money out of those plans, you have to pay income taxes on it. Some people don’t realize this. You got a tax deduction when you put the money in, but all of that money when you take it out is taxable, at ordinary income rates – that’s the highest of rates”
31:25 “If you think about taxes and tax planning during the year, you could actually make a pretty big difference in your tax liability”
34:27 “We’re a financial planning firm that focuses on all areas of financial planning, but taxes are a big deal because we manage a lot of money. We manage $1.3 billion of our client assets and we want to make sure we give them the highest after-tax return possible, so having a forward-looking tax strategy and also looking at your investments is key”
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Pure Financial Advisors is a registered investment advisor. This show does not intend to provide personalized investment advice through this podcast and does not represent that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the podcast in the process of making a full and informed investment decision.
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