10 Retirement Mistakes to Avoid

In this first hour, Joe and Al discuss a recent U.S. News article on ten major retirement blunders. Sometimes it pays off to learn from other people’s mistakes. Find out what some of the most common and detrimental retirement mistakes are so you can be fully prepared to have the most successful retirement possible.

3:44 “People will have to take a look at their net worth to have a successful retirement, and home equity might have to get tapped in to in some form or fashion”

5:47 “If you make a mistake at this stage in the game, it could be too late to do anything about it”

6:09 “In my work, I see a lot of people who have made some terrible mistakes, mistakes that cost tens of thousands, if not hundreds of thousands of dollars, and we’ve summarized them in a few different common retirement blunders that could have devastating impact on your overall retirement”

11:14 “The number one [retirement] blunder is not having a plan for retirement money”

12:48 “Blunder number two is forgetting about inflation when making a plan”

16:22 “A lot of people think they can afford to save, but they can’t afford not to save”

18:18 “Taxes don’t stop when your paycheck does; in fact tapping your retirement nest egg (like your 401(k), IRA) comes with all sorts of new rules and opportunities. Instead of contributing to tax-deferred plans that reduce your taxes, you start tapping those accounts for income and paying taxes at the highest of rates”

24:28 “Keep your emotions at bay; blunder number six is being too conservative in your investments”

25:43 “Different asset classes have different characteristics; they go up and down at different times”

26:17 “You want to own a little bit of everything, and if you do that, you have a much greater probability of succeeding in your investment strategy”

33:44 “If I don’t save money, what is my situation going to look like in ten years? Or if I decide to save a little bit today, will my situation be better in ten years? The answer is—of course it is!”

34:18 “Medicare covers a lot, yes, but not everything and that’s why people get supplemental insurance to try and close the gap”

36:41 “If you take your benefit at age 70 versus age 66 (if that’s your full retirement age), it’s a 132% increase in your overall benefit; it’s a big deal”

37:17 “If you’re married and at least one of the two of you lives into your 80’s, you’re actually better off waiting until age 70 if you can afford it”