Saving for retirement often feels like the biggest and most-talked about goal of financial planning. And while there’s a lot that goes into successful retirement planning – healthcare costs, keeping track of spending, and tax planning – there are some pitfalls that a comprehensive financial plan can help you avoid.
Today we’re doing one of our famous Top 10 episodes and counting down the top ten retirement mistakes to avoid. We cover everything from how you should budget your spending, to unanticipated costs, to the tens of thousands you could save with intelligent tax planning.
We know it feels like there are a lot of moving parts when it comes to crafting a retirement plan that will serve your needs for many years – and we think this episode (and the links below) are a great place to start. As always, please feel free to reach out to us with any additional questions you may have!
Facts and Links Mentioned In the Show
- Trends in Social Claiming from the Center for Retirement Research
- The New Retirementality: Planning Your Life and Living Your Dreams….at Any Age You Want by Mitch Anthony
- Your Retirement Quest: 10 Secrets for Creating and Living a Fulfilling Retirement by Alan Spector and Keith Lawrence
- Financial Symmetry: Tax Planning and Social Security
- Why You Should Spend More in Retirement from TIME
- Episode 22 – Don’t Fail in Retirement
- Episode 27 – A Financial Advisor’s Top 10 Investment Lessons Learned
- Episode 28 – Navigating Elder Care
- Healthcare Costs in Retirement from JP Morgan
- Why Older Investors Make Bad Decisions from CNBC
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- Copyright: bialasiewicz / 123RF Stock Photo
What You’ll Learn in This Episode
- Why you should wait a bit longer to take your Social Security.
- How to win at retirement by retiring to something – not just away from work.
- Why not doing tax planning in retirement is a big mistake – and could cost you thousands.
- The “retirement smile” pattern of spending you will encounter when you retire, and how to budget appropriately.
- How healthcare costs are changing relative to inflation and why this is an important factor in retirement plans.
- Why having a plan for cognitive decline is essential to the long-term financial health of you and your loved ones.
- Our number-one retirement mistake, and why it’s crucial not to underestimate how long you’ll live in retirement.