5 Retirement Planning Pitfalls to Avoid

In this episode, financial advisors and retirement planners Jim Martin and Casey Bibb discuss the top five most common and preventable retirement mistakes they encounter, from poor tax planning and early Social Security claims to inadequate investment risk management and healthcare oversight. They provide guidance on constructing a written income plan, optimizing Social Security, and devising a tax strategy to help retirees maintain financial stability. The episode also touches on personal anecdotes and highlights the importance of making well-informed decisions to secure a comfortable and worry-free 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.