Many of the things you read or watch about finance will talk about the things you need to do to grow your portfolio. It’s not too often that you hear about the ways your retirement gets put in jeopardy, but it’s important to be aware of these mistakes. Today we’ll list five different errors people make that could ruin retirement so that you can make sure to do the opposite.
Click the timestamps below to jump ahead in the episode…
Other Retirement Facts:
Working towards retirement is all about finding ways to accumulate assets and build a nest egg that will carry you through the next chapter of life. After that, the focus needs to turn towards protecting what you’ve built.
Without comprehensive planning, you could easily slip up and make a mistake that could put everything you’ve worked for in jeopardy. For many of us, running out of money in retirement is our greatest fear so let’s make these missteps don’t become a part of your journey.
On this episode of Phil’s Tax Hacks, we’ll list out five different mistakes that might seem relatively small but can easily ruin your retirement. Phil will explain why each of these can damage your finances in ways that are difficult to correct without a lot of time. He’ll also help guide you on the right way to go about each of these retirement topics.
We know that planning is difficult at times and hard work always, and that’s why we want to make you aware of these mistakes. If you can avoid each of these, then you’ll be in better shape than most people. A financial advisor will help you put a process in place and hold you accountable along the way so that your retirement can be enjoyed as you imagined.
Listen to the entire episode or click on the timestamps below to skip ahead.
0:21 – Treating retirement as the destination.
2:30 – Believing that retirement will solve all your problems.
4:40 – Assuming spending habits
8:36 – You stop being active
9:50 – Investing habits don’t change with age.
Thanks for listening! We’ll be back with another episode next week.
A Quotable Moment:
“That net paycheck when it comes in, it goes one of two places – you either spend it or you save it. If it’s not being saved, you’re spending it whether you realize it or not.“