454: Busting 6 Big Financial Myths for Retirement
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 • 564 Ratings
🗓️ 23 August 2024
⏱️ 21 minutes
🧾️ Download transcript
Summary
In a world where you have more financial information at your fingertips than ever before, it's vital to be aware of myths, rules of thumb, and unverified guidance that isn't geared toward your unique financial situation.
In this episode, we discuss:
- The risks of dividend-only income
- Caveats of the Rule of 100
- Factors that should apply to your withdrawal rate
- When you do and don't need a financial advisor
Today's article comes from Morningstar titled, 6 Retirement Financial Myths to Avoid. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade, breaks down the article and provides thoughtful insights and advice on how it applies to your unique financial situation.
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Show Notes: Howardbailey.com/454
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ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process
Transcript
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| 0:00.0 | If you're thinking about living off the interest only on your retirement savings as you step under retirement, maybe you're thinking about living off dividend income. |
| 0:08.2 | Maybe you're thinking you should continue to reduce your risk as you age. |
| 0:12.0 | These are just a couple of the financial myths that we're going to be busting for you today. |
| 0:16.8 | Yeah. day. |
| 0:30.2 | Hey there, it's Casey, and it is my mission here on the podcast to deliver clarity and purpose and elevate meaning in your life. |
| 0:32.6 | If you're wondering how we accomplish that, we do that in a number of different ways, |
| 0:36.4 | providing you an immense value here on the show. We do that in a number of different ways, providing you immense value |
| 0:37.6 | here on the show. We do it both through conversations with world-class guests about both the |
| 0:43.7 | financial and non-financial aspects of making this transition in retirement and well beyond |
| 0:49.6 | an end retirement. And then we also share with you an amazing resource weekend week out. That's our |
| 0:54.9 | weekend reading for retirees email series. That's an email that hits your inbox every single |
| 0:59.8 | Friday. We go out. We do the research and we handpick. I hand select along with our team for |
| 1:06.1 | articles that I think can make the biggest impact in your financial life. Put those in your inbox every |
| 1:11.6 | single Friday along with summaries and takeaways and a lot of other available resources as well. |
| 1:17.2 | In that email, we're going to provide you white papers. We're going to have free assessments and |
| 1:21.7 | giveaways, book giveaways, all kinds of great stuff. And if you've never signed up to receive |
| 1:26.3 | weekend reading before, we're also going to send you a free digital copy of my Wall Street Journal bestselling book, |
| 1:32.4 | job optional. So get yourself signed up for weekend reading. Super easy to do so. Just text us the key |
| 1:38.0 | letters, W.R. to 866482-9-559. Or just check out the link in the show notes or visit us at |
| 1:45.7 | howard bailey.com and then what we like to do every Friday with you we get together we take a |
| 1:50.3 | deeper dive into one of those articles or blog posts that we our team has written as well so |
| 1:55.7 | we'll take a deeper dive into one of those today we're doing so here with my good friend |
... |
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