Today's Hack

What are some of the big critical mistakes that people are prone to make when retirement planning? How can you avoid them? Find out on today’s episode.

Subscribe With Your Favorite App

Apple PodcastsSpotifyYouTubeGoogle PodcastsAmazon MusicStitcherTuneIn

Share The Show

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email

Show Notes For This Episode

Today’s Hack:

What are some of the big critical mistakes that people are prone to make when retirement planning? How can you avoid them? Find out on today’s episode.

Click the timestamps below to jump ahead in the episode…

Other Retirement Facts:

Are you wondering what kinds of mistakes to avoid when planning for retirement? How can you plan for them now and build a better financial plan for your future? On this episode of Phil’s Tax Hacks, Phil talks through several mistakes you’ll want to dodge and then answers a question from the mailbag.

Many people think that bonds are a safe investment. Bonds do increase and decrease in value though as bonds are getting bought and sold all the time. Do you have a good understanding as to how you are allocated and does it fit your needs?

Have you discussed long-term care options? You can’t be on the brink of needing care before finally deciding to try to get long-term care insurance. You have to have a plan and understand the impact on your scenario depending on how to decide to address a potential need for long-term care.

Different financial products do different things. Don’t assume that one tool is always bad. Sometimes when advisors oversell one thing over everything else, such as annuities, it’s good to get a second opinion. But know that there are pros and cons to everything, never a one-size-fits-all situation. Having a financial plan means putting the products together and understand how they all work together cohesively.

Know what you have and why in order to understand what is going on in your plan. Then work with an advisor who can help keep you informed and make adjustments as needed.

Listen to the full episode or click on the timestamps below to hear about a specific mistake to avoid.

0:54 – What’s available in stores and what’s hard to find these days?

4:41 – Are bonds a safe investment?

7:06 – Has there been a shift in bonds due to coronavirus lately?

8:39 – Long-term care needs to be discussed.

12:18 – Don’t get caught thinking one particular tool is always bad.

14:01 – Having individual pieces and financial products does not equal a financial plan.

17:35 – Mailbag: Can you earn income while claiming Social Security benefits?

A Quotable Moment:

 

Subscribe To The Podcast:

Additional Resources:

Schedule A Meeting

We are a growing business with the ability to support more clients, and I am happy to invest an hour of time for the potential of a long-term relationship.

We can discuss your current situation, go over any potential questions, and ultimately decide if we can work together.