How To Mess Up Your Retirement Plans

Today’s Prep:

How can you know your retirement plans are what they should be? What thoughts and assumptions can ruin your retirement? One thing’s for sure–you don’t want to mess it up!

(Click the featured times below to jump forward in the episode)


Equipping Points:

When it comes to planning for retirement, what are some ways of thinking that might trip you up? While these statements might seem like the easier answer, they may actually prove to be easy ways to mess up your retirement. On today’s episode of Retirement Ready, Eric talks us through how we should be thinking instead.

Retirement is not the end of the race. You’ll have a number of challenges yet to face such as where your income will come from, what your taxes will be, or if there’s a healthcare issue. This is a new phase in life, but you’ll want to prepare for several elements of it, but just the last day of work.

Believe it or not, retirement won’t solve all your problems. You might escape certain things, but you will still have decisions to make and find ways to use your time. Don’t think that your spending habits will be the same in retirement either! You’ll need to see where you spend your money and what kind of lifestyle you want to have in retirement.

As you get closer to retirement, start acting like it with your investments. Maybe you feel younger than you are, but once you are in your 50s start making plans on how to diversify your portfolio with smart and safe places to take your money.

Are you well prepared for retirement? Or have you been trying to take the easy way lately when it comes to financial planning?

Listen to the full episode or click on the timestamps below to hear the easiest ways to mess up your retirement.

0:46 – What are some easy ways to mess up your retirement?

2:02 – Thinking of retirement as your destination. 

3:45 – Believing that retirement is the cure-all for your problems.

6:18 – Assuming that your spending habits will stay the same.

8:31 – Don’t invest like you are younger than you actually are.


Related Resources:

The Customer Ain’t Always Right In Financial Planning

The Fool’s Gold of Retirement Planning

Life Happens: How Will Your Financial Plan Be Impacted?


Today’s Takeaway:

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Things Your Financial Advisor Might Not Be Doing

December 7, 2023

Sometimes people get advice from financial “professionals” who maybe aren’t the right fit for their needs. Today, we discuss some of the things your advisor might not be talking to you about.

Read More

Tax Consequences

November 30, 2023

Taxes are a major part of your life, especially your life in retirement. Having a good understanding of how you can prepare may save you in the long-run. Discussing your options with a financial advisor can help point you in the right direction. Listen in as we chat about tax consequences in today’s episode.

Read More

Cutting Corners Financially

November 21, 2023

Sometimes we want to take the easy way out instead of the smarter way. Today, we talk about ways people have tried to cut corners financially and where that falls apart. Think you can take extra risk to make up for lost time? Letting your financial life fall to disarray?

Read More

Risk Aversion

November 16, 2023

No one loves losing money. So how do you strike the right balance of investing vs. being overly risk averse? Eric talks through how he guides clients through this dilemma. You might be surprised to find out your investment accounts are riskier than you realized!

Read More

Tax Planning in Retirement

November 9, 2023

Next to income, tax planning is the most important thing Eric focuses on with his clients. If you can control how much tax you pay, it’s more money you get to keep, spend, and enjoy. Retirement is a prime time to focus on tax planning as you have more opportunity to control the taxes you owe. 

Read More

Overconfidence in Your Financial Life

November 2, 2023

When can overconfidence cause catastrophe? If you are setting your financial goals based on a rule of thumb or a certain arbitrary dollar amount, you might want to reconsider. Having overconfidence, especially in the wrong things, can lead to financial disaster.

Read More

Learning From Financial Mistakes

October 26, 2023

Sometimes we learn from our mistakes, and unfortunately, sometimes we make the same mistake over and over. Having a financial advisor can help you navigate through your financial decisions so you don’t get stuck in the same rut of financial mistakes on repeat. In today’s episode, Eric will share some of the mistakes that he sees people make frequently. 

Read More

The Hierarchy Of Retirement Needs

October 19, 2023

You may be familiar with Maslow’s hierarchy of needs which breaks down a human’s needs into five different tiers. In today’s episode, we apply those tiers to what you need when retirement planning. Have you planned and saved in a way that will cover all of these needs?

Read More

Finances with Forrest Gump

October 12, 2023

The classic movie, Forrest Gump, is full of great quotes. We see how some of those quotes can be applied to your finances. From figuring out what to do when life isn’t going just like you thought to learning from past mistakes, there are a lot of takeaways from Forrest.

Read More

Financial Matters People Put Off

October 5, 2023

Humans can be really good at procrastination. When we have the basics covered, it’s easy to put off the decisions and actions that we don’t want to deal with just yet. Today, we talk about some of the financial matters people are prone to put off and what you would be better off tackling right away. You might be surprised to find it wasn’t so hard to handle after all!

Read More

Leave a Comment