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)
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.
Check out some other recent episodes
What financial wisdom can we glean from the sayings of Mark Twain? Believe it or not, many of these quotes are quite relevant today.Read More
Whether you want to learn more about using your HSA or trying to make strategic use of your severance package, Eric answers three questions from the mailbag. Do any of these questions relate to your situation?Read More
What kind of decisions are you making alongside your financial advisor? How do you know if they are doing everything you need when it comes to creating and implementing a retirement plan? Eric talks through what you deserve from a financial advisor and how his team works with clients to meet their needs.Read More
When building a financial plan, it’s important to consider several different angles. Eric answers three questions from the mailbag on this week’s episode.Read More