15 Mistakes People Make in Retirement - 31

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 21 May 2016

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Joe and Big Al cover 15 mistakes even the smartest people make in retirement, courtesy of Go Banking Rates, in YMYW podcast episode 31. These mistakes include: claiming Social Security too early, being too conservative or aggressive with investments and failing to take your required minimum distributions (RMDs). Find out how to make your golden years the most successful they can be. Original publish date May 21, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

05:17 - “When you look at the taxation of your retirement income… there are some significant things you can do”

09:40 - “We’re talking about mistakes people are making and one of them is not necessarily taking a look at their home when they sell it and understanding the tax law”

11:34 - “If all of your money is in a retirement account, IRA, 401(k), 403(b)s and the like, all of that is going to be taxed at ordinary income rates – the highest of rates. You want to prioritize where you’re going to be pulling your money from in retirement”

13:57 - “Another big mistake that people make is that a lot of you are taking Social Security maybe a little too early”

21:14 - “Unfortunately we don’t take enough time to do upfront planning”

25:49 - “The truth is, taxes don’t stop when your paycheck does; when you start tapping your retirement nest egg it comes with all sorts of new rules and opportunities”

Transcript

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0:00.0	Pure Financial Advisors, a registered investment advisor.
0:03.2	This show does not intend to provide personalized investment advice through this broadcast
0:07.3	and does not represent that the securities or services discussed are suitable for any investor.
0:12.5	Investors are advised not to rely on any information contained in the broadcast in the process of making a full informed investment decision.
0:19.0	This is your money, your wealth, on Talk Radio 760, KFMV.
0:24.6	Now, here's Joe Anderson and Big Al-Clopine.
0:28.5	It is a little after the hour.
0:30.7	Good morning, everyone.
0:32.7	Or if you're listening to the podcast, I guess, good afternoon, good evening, whatever it is.
0:36.4	Yes, and for those listening to the radio, happy Saturday morning, happy weekend.
0:41.7	Show's called Your Money, Your Welf.
0:43.4	Joe Anderson, Big Al, hanging out once again.
0:48.2	A lot of things to go through today, Mr. Fulpine.
0:52.0	I think we've got some, we're going to highlight some mistakes people make.
0:55.5	Yeah, I suppose a good way to learn is talking about other people's blowups, I suppose.
1:01.1	Sure.
1:01.7	Right?
1:02.6	So we can learn from them so you don't make them yourself.
1:05.4	Because a lot of times, unfortunately, some people will make the mistake and then come to our office and have us try to fix it.
1:12.2	It's more challenging that way, but it's not...
1:15.6	I mean, we can fix it, but if you didn't make the mistake in the first place, that'd be even better one, right?
1:21.2	Yeah.
	...

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