3 Retirement Surprises That Could Ruin Your Retirement

In this second hour of the podcast, find out some common surprises that could ruin your retirement. Joe and Al also discuss what’s going on with the Fed, interest rates and the market, and what your role is in all of it. Don’t forget to max out your 401(k) before the year ends!

2:32 “Taxes, by far will be one of the biggest expenses you have in retirement—but it doesn’t have to be that way; instead of needlessly overpaying the IRS thousands of dollars every single year, you can actually keep this money for yourself”

8:52 “We live in a global marketplace, and that’s why you need to invest across the globe”

11:05 “If you’re living paycheck to paycheck but you do have some money sitting in a brokerage account or nonqualified account or if you have a little abundance of cash, max that thing out and live off of your cash reserves”

16:27 “Tax planning is a year-round thing, and it becomes especially important in retirement or close to retirement because taxes don’t stop when your paycheck does”

21:07 “From inflation to healthcare costs, you’ve got to plan for the unexpected”

24:12 “Your budget is definitely going to change in retirement, so you want to start taking a look at your overall budget and what you’re spending now”

28:49 “Take a look at how much you’ve funded in your overall retirement accounts, and if you can put a little bit more in you should do so because you can put up to $18,000 if you’re under 50, so make sure you’re maxing those plans out”

30:55 “You want to make sure that you have a combination; that you have some money that is tax-deferred that’s going to be ordinary income coming out, but you also want to make sure you have tax-free income—then you can start controlling and manipulating the amount of tax you pay in retirement”

35:19 “This is a perfect time to look at Roth IRA conversions, and you’ve got to do it by year end”