There are many retirement mistakes people can make, but in this video, Mark reviews the five most common retirement mistakes he sees when sitting down with clients:
- Not planning for or considering a significant market loss. Think back to the Great Recession or March of 2020 – no one wants to believe significant market losses can happen, yet they do. In fact, you’re likely to experience one or two after you’ve retired, and you can’t plug your ears and ignore the possibility. If you’re nearing retirement, there’s a “worry zone” here, but it’s healthy to think about it and to plan for it. Mark reviews the sequence of return risk and how damaging it can be to your standard of living in retirement.
- Not planning for or considering slow growth. This can be just as damaging as a significant market loss. Maybe you’re not taking losses, but your growth is more modest than you planned for. This can be especially dangerous in times of higher inflation. Mark reviews the numbers and how fees and expenses can add additional challenges. He also reviews the example of the “lost decade” from 2000-2010.
- Paying excessive fees and costs. Should you pay nothing for financial advice or investment management? No, of course not! However, you need to make sure you’re getting value there. Pay attention to advisory fees, mutual fund fees, and annuity fees and costs. If you’re being overcharged, it’s time to make a change. Your professional money managers need to show you they can earn their keep.
- Not knowing your numbers. This includes things like your cash flow, uncertain or unknown expenses, IRMAA, Social Security taxes, and more. Keep in mind that tax planning is essential because taxes can be one of your largest expenses.
- Not checking in (auto-pilot). Your financial plan is high-stakes stuff, and you must stay tuned-in. Review all statements, have discussions with your financial professionals, and review your entire plan at least once per year. You don’t have to be an expert, but you should be paying attention and asking questions when needed.
Each Tuesday at 10 a.m. (except Tuesdays that follow Market Holidays), I hold a Live Webinar where I discuss recent headlines, IRA and retirement planning issues from the Ed Slott Group, market updates, and analyst reports, and a timely Financial Planning strategy or technique. Subscribe to our Youtube Channel for live events and regular updates.
In this week’s webinar, I discuss 5 Common Retirement Mistakes!
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I hope you find this webinar informative and helpful.
You can access other recordings of past Weekly Webinars and recordings of past Special Webinars on our website at https://attleborowealt.wpengine.com/weekly-webinars-82322 and https://attleborowealt.wpengine.com/webinars
Also, stay tuned for the Special Webinars that we hold throughout the year.
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The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. It is only intended to provide education about the financial industry. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. Any past performance discussed during this program is no guarantee of future results. Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always please remember investing involves risk and possible loss of principal capital; please seek advice from a licensed professional.
Attleboro Wealth Management, LLC is a Registered Investment Adviser. This program is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Attleboro Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Attleboro Wealth Management, LLC unless a client service agreement is in place.
00:00 – Introduction & Upcoming
05:22 – Market update, Slott update, Mailbag
30:39 – The Financial 15