In this episode, financial advisors and retirement planners Jim Martin and Casey Bibb discuss the top five common retirement mistakes that can derail your plans. They cover poor tax planning, claiming social security too early, ignoring taxes in retirement, taking on the wrong amount of investment risk, and overlooking healthcare and long-term care needs. The episode offers practical tips for creating a written income plan, optimizing social security benefits, managing taxes, balancing investment risk, and planning for healthcare costs in retirement. Tune in to learn how to make informed decisions and ensure a secure and happy retirement.
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00:00 Introduction to Retirement Mistakes 01:11 Personal Reflections on Mistakes 03:24 Mistake #1: No Written Income Plan 09:33 Mistake #2: Claiming Social Security Too Early 13:43 Mistake #3: Ignoring Taxes in Retirement 17:23 Avoid Overpaying Uncle Sam 17:54 Balancing Investment Risk in Retirement 19:03 Understanding Sequence of Returns Risk 21:41 Planning for Healthcare and Long-Term Care 26:16 Listener Questions: Social Security and Investment Risk 28:44 The Fascination with Dire Wolves 30:30 Conclusion and Final Thoughts Opinions expressed herein are solely those of Martin Wealth Solutions, unless otherwise specifically cited. Material presented is believed to be from reliable sources, but no representations are made by our firm as to another parties’ informational accuracy or completeness. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that any statements, opinions or forecasts provided herein will prove to be correct. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful.Popular Podcasts
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