Overconfidence in your ability to retire can cause serious problems down the road. There are many different components that need to be considered in order to execute a successful plan. Some important items to look at include taxes, longevity, risk, inflation, Social Security, healthcare and the list goes on. Find out how well people really understand their retirement accounts—the numbers might scare you.
4:46 “You might want to brush up a bit on the taxation when it comes time to start taking distributions because it’s not necessarily what you earn but what you keep”
8:56 “We are our own worst enemies, particularly when it comes to investments”
14:53 “It’s not just how much you’ve saved, it’s about what you do with that money”
23:47 “If you miss a distribution, even if it’s not your fault, you’re still subject to a 50% penalty on the amount not timely distributed”
28:07 “A lot of people have money in their retirement accounts, which gets taxed at ordinary income, some people have money outside of their retirement accounts, and if you invest properly you can be subject to the capital gains rate which is only 15% for most people”
33:50 “You might want to start taking your liquid assets, drying down your retirement accounts first, then pushing your Social Security because it’s going to be a lot larger balance and then only 85% of it is subject to tax”
37:08 “You’re not necessarily buying long-term care for you; you’re buying it for your spouse if you’re still married”
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