Avoid These 7 COMMON Retirement Mistakes
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- Опубліковано 10 чер 2024
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Today, we're diving deep into seven common retirement planning mistakes that could have last consequence.
Whether you're years away from retirement or it's just around the corner, this episode is packed with essential tips and strategies to help you navigate the often complex journey towards a secure and comfortable retirement.
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ABOUT ME
I’ve always been passionate about personal finance, investing, real estate, and helping people find the freedom to live their life with purpose. But when my dad died in 2015, I tried to help my Mom find an advisor to sort out her finances. Instead of a helping hand, I found an industry of financial advisors dominated by glorified salespeople working on commission - pushing products that were not in my mother’s best interest. Or advisors with minimums that shut-out all but the ultra wealthy. Disappointed with the options, I took matters into my own hands and launched Foundry Financial, a wealth management firm with transparent pricing that specializes in helping provide clarity around money - so you have the confidence to make smart decisions.My goal is to help a million people retire without worry!
📅 THE BASICS OF RETIREMENT PLANNING
Retirement planning has several steps, with the end goal of having enough money to quit working and do whatever you want. Our goal is to help people master retirement and retire without worry.
Step 1: Know when to start retirement planning. When should you start retirement planning? The earlier you start planning, the more time your money has to grow. That said, it’s never too late to start retirement planning. Even if you haven’t so much as considered retirement, don’t feel like your ship has sailed. Every dollar you can save now will be much appreciated later. Strategically investing could mean you won't be playing catch-up for long.
Step 2: Figure out how much money you need to retire, The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement.
Step 3: Prioritize your financial goals. Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.Generally, you should aim to save for retirement at the same time you're building your emergency fund - especially if you have an employer retirement plan that matches any portion of your contributions.
Step 4: Choose the best retirement plan for youA cornerstone of retirement planning is determining not only how much to save, but also asset allocation. It can make a massive difference in your retirement plan.
Step 5: Select your retirement investments. Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. It’s often helpful to talk with an adviser to discover the right mix of stocks and bonds.
❣ SPONSORED No, this video was not sponsored.
⚠️ "DISCLAIMER:⚠️This is not financial or investment advice. This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only. None of this is meant to be construed as investment advice, it's for entertainment purposes only. #retirementplanning #retirement #passiveincome
Have you made any of these mistakes?
I have made at least one of them
It’s a balance, if you don’t spend money and enjoy retirement early, you’ve squandered the time and can’t get it back. The vast majority of us spend less and less the later in retirement.
I’ve seen far too many retirees fret over money and don’t enjoy anything and die very early.
It’s truly a balance that is very individual. No one size fits all.
Great video!
Great advice. Im so glad to be retired with most of those ideas in place. Peace of mind
This video was really excellent. I especially liked the way you explained #2. Do you have a video that explains the importance of having a more balanced allocation while in retirement?
Thanks! The closest thing I have is last weeks video. ua-cam.com/video/mQjuclq5vbk/v-deo.htmlsi=BBsfWoXdm5h4h4b6
I project to 100
We keep multiple years of expenses in cash equivalent so we don't withdraw into down markets
We have been keeping expense records going back decades so our cashflow need projections are pretty accurate within reason
We build in several contingencies in our plans to ride out some unknowns
Love it. Sounds like you’re on top of things.
@@foundryfinancial Still learning, never want to get too comfortable 😁.
TY for your effort educating the normal people! We all start somewhere
I agree with this video. There is a difference in investing for retirement and investing in retirement. If investing in the nasdaq 100, you would not want the nasdaq 100 dropping 40% the year before you retire. How would you advise transitioning from growth to asset preservation before retirement to prevent this?
You want to move towards a more balanced portfolio. A bit more than I can explain here though.
My portfolio is this:
1. Three (3) paid off Rental properties (monthly net income is $3k). managed by property mgmt co.
2. QYLD , high yield ETF, 12% annual yield , my monthly net income is $1k
3. S&P 500 index
4. money market, SPAXX, yields 5%
I am 58, single divorced, retired, debt free, lives in Las Vegas and Manila (50/50).
Is that in a taxable account? QYLD is inefficient from a tax perspective, but it is an interesting fund.
Right off the bat in this video...95 y/o is kind of ridiculous For the vast population. The constant rise of cancer, diabetes, CAD, etc.. I get what you're saying, and yes...plan farther.. But Maybe 90, but 95+?
I have 3 relatives that are late into their 90s. Past 95
Agreed, the reasons you mentioned and COVID has reduced average American lifespan to 81 years. As a healthcare professional, I am seeing more patients with severe/chronic diseases(e.g. heart disease, diabetes type 2, hypertension) under the age of 50 at a much higher rate compared to 30 years ago.
My grandmother is 96 years old
After I retired I moved my tax deferred IRA from a 100% S&P 500 index fund to VBIAX. For my Roth IRA I am staying with the 100% S&P 500 Index fund because my goal is to let it ride and will pass it on to my children as beneficiaries.
There an interesting backtest I just saw on VBIAX and running out of money in retirement. I’d encourage you to run it on Portfolio Visualizer. Really interesting.
I also have a healthly taxable brokerage account plus SS. Running my numbers- I'll never have to take more than my RMDs in that tax deferred IRA once I reach 73. My analysis has me with over 3X my present wealth if I make it to my 90s. @@foundryfinancial
I retired at 35 years old last year 2023.
Absolutely right about inflation... Or biden type years In the future
I think we run the risk no matter who is in office. The biggest possible trigger could be a debt crisis.
The catastrophic spending started with trump! Inflation followed! Is spending still out of control, absolutely!
It will be a it worse with Trump