Today's Hack

As you get closer to retirement, you might be prone to make these mistakes. We’ll talk through the key areas to be aware of so you can make better decisions as you near retirement.

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Show Notes For This Episode

Today’s Hack:

As you get closer to retirement, you might be prone to make these mistakes. We’ll talk through the key areas to be aware of so you can make better decisions as you near retirement.

Click the timestamps below to jump ahead in the episode…

Video Version:

Other Retirement Facts:

We tend to overreact when it comes to a spider or snake in our space and similarly, we can overreact about our investments and make classic mistakes as a pre-retiree. Have you fallen into any of these pitfalls?

Investing looks different depending on your age and proximity to retirement. Thinking that you can invest the same way as you did in your 20s and 30s may cause a lot of problems if the market crashes at the time you’re needing to pull the money out. On the other hand, you have to have some risk in the market or otherwise be at risk from inflation.

When should you take Social Security? Just because you’re eligible, doesn’t mean that’s the right time to start taking it. Are you still working? What is the right strategy for your situation? Make sure to look at it in light of the rest of your financial plan.

As you work on your taxes each spring, you may think you’re taking care of tax planning. In reality, this is tax preparation about the taxes based on the past. Tax planning however looks at the future and better positions yourself in the long-term. Working with a qualified tax professional can help you save on your taxes in the future.

Are your healthcare needs covered? Are you assuming that Medicare is going to cover everything when it doesn’t? Have you considered the potential long-term care costs in the future? If you end up in a long-term care facility, Medicare doesn’t cover that. So, what will cover you?

Make sure you’re looking out for some of these classic pre-retiree mistakes and work with a professional to try to avoid them.

Listen to the entire episode or click on the timestamps below to skip ahead to a specific mistake.

0:18 – Phil and Marc talk summer heat and summer critters.

5:00 – We tend to make financial mistakes when we overreact.

6:35 – How should you invest as you near retirement?

8:59 – When should you start Social Security?

11:29 – Are you confusing tax planning with tax prep?

13:11 – Do you understand your potential healthcare needs?

 

A Quotable Moment:

As you’re nearing retirement, you can’t invest the same way as when you’re just starting out in your 20s and 30s.

-Phil Putney

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