Top 5 Avoidable Retirement Mistakes
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- čas přidán 15. 11. 2021
- Our topic on this episode of the Ready for Retirement podcast is about the top 5 avoidable retirement mistakes (and how you can avoid them).
Questions answered: What are the most common retirement mistakes? How can I ensure I have a secure retirement? What is the best approach for my individual situation?
Are you ready to start focusing on the things that truly matter when it comes to your financial future?
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I am a RN and am a Hospital based Case Manager. I help with the discharge from the hospital. Does NOT really matter how much you have or you spend. If no one can get to it. So often wives can’t get to their money because the guys never tell their wives (or children) where the money is or account numbers or passwords when dementia or delirium sets in. But don’t worry the State will help you with that while they take most of it. That is my 6 th retirement mistake.
Thanks for adding that to the list!
Excellent point! I’ve seen it happen. As a result I encourage all to have their important information in a three ring binder with account numbers, usernames, passwords, etc…. In addition, bank accounts, property, homes, cars etc.. should be in both names. Last, I would encourage spouses to trade responsibilities during retirement while each are there to ask questions.
I agree with this. Things happen and not knowing where your money is or what things are in place can cost the surviving spouse a lot.
I am 54 and looking at retiring when I am 62, I am fortunate enough to have a pension and a 401K. I just increased my 401k to help bring down my taxable income and increase my take-home pay. I also max out my Roth 401K outside of my 401K. I am saving now so when I retire I do not have to go back to work unless I want something to do. I enjoy your videos, keep them coming.
Will do!
Thank you for another great episode
Your podcast has become a must listen for me, nevermind the videos on CZcams as well. Thanks James!
That’s great to hear. Thanks Chris!
Agreed!
Thanks the tips!! Glad to learn what you have to say!!
You’re welcome!
Great topic ☘️☘️☘️☘️☘️
Recently came across your content. Love the podcast. Great information.
I’m glad to hear it! Thanks for listening.
1 year is a LONG TIME though.
I'm 41 and I'd retire yesterday if I could. I have $500k (will likely get around an $300k inheritance, relative is already gone, mom is just taking her time to sell my grandmother's house and divy up the assets between me, herself, and my nephew). My number is around $1.2 million
You are watching the clock. Your problem isn't the time, it's what you do with that time.
With $500K invested at 41 you could stop investing today and let that money grow until you reach 67. You'll also be collecting social security benefits by then. You are already in a position where you won't have to work for the rest of your life. So now the question is what do you do until then.
Consider looking for more interesting work to bridge the gap. It may not pay as much as your current job, but compensation isn't only measured in dollars.
Wonderful podcast. However, I do feel if you provide financial support for adult children, then late in life run out of money and need to turn to them, you are unlikely to get support.