In simple terms, retirement planning is what we do to prepare for life when we stop working – financially and via lifestyle choices. It’s about determining specific goals for this future time in our lives and how we can achieve them by identifying income sources, estimating expenses, building necessary savings plans, and much more. We all know that preparing for retirement is an important endeavor that you can never start too early.
However, it can be a challenge that even the savviest individual can struggle with, making mistakes that cost them significantly in the long run – especially if they are trying to do it on their own.
Here at Del Monte Group, we’ve seen it all. Decades of retirement planning experience have given us deep insights into what works and doesn’t. We know what it takes to get the most out of retirement, and we’ve learned how to avoid the pitfalls along the way. In this episode, we’re going over the top 10 retirement investing blunders, starting from the bottom of the list and working our way up to the number one mistake people make when planning for retirement.
We’ll be talking about:
- How to plan for your retirement, when to start, and what options to consider
- Unexpected things that could be affecting how much you’re putting away in retirement funds
- How to get the most returns for your investments
And more!
Whether you’re just starting or have been saving for decades, this podcast applies to you! Retirement planning is crucial, and we want to ensure you’re not making any mistakes that will be detrimental to your overall financial and retirement health, so join us as we share our list and set the record straight!
P.S. Looking to meet with Richard or Angela at our office in Alamo, CA? Want to discuss more of what you heard in this episode? Wondering where the heck you need to get started or what all of this means for your retirement plans? Schedule a free 30-minute session and find the peace of mind you deserve for the rest of your life. You can also reach us by calling 925.736.6410 or sending an email to Info@APlaceOfPossibility.com.
“We’ve seen people go into retirement and through to the end of their days. We’ve watched many people do it right, and many people make a ton of mistakes. So, we want to share things that can greatly impact your overall financial and retirement health.”
We’re proud to present you with our “Know Your Possibilities Guide,” a tool and free resource for you to take notes, review, keep on hand, or even share with your friends and family. So grab your copy, click the play button, and follow along. You’re just minutes away from discovering your next Place of Possibility.
A Glance at this Episode:
0:00 Introduction
2:20 We’re reviewing the top 10 biggest retirement mistakes people make, starting from the bottom of the list at number 10: Procrastination. This can be very detrimental. Why? Because of compound interest!
4:25 What exactly should people consider when planning for retirement? Start listening now; we’ll break it down for you!
6:25 The next retirement mistake on the list is the impact of inflation and income taxes on your future retirement income needs.
10:30 Number eight is relying on your spouse to fund your retirement. But this is risky because you assume you won’t have marriage troubles or your spouse is adequately prepared.
12:50 Do you know how much you should contribute to your 401(k) to get your company’s match? If you don’t, you’re one of the 72% of employees falling into the seventh most significant retirement mistake people make.
16:01 Number six is holding too much of your company stock. You MUST diversify and never have more than 10% of your portfolio in ANY asset.
18:39 The fifth biggest financial mistake when planning for retirement is being too emotional with your investments. Do NOT make money moves emotionally!
23:03 On to number four: Borrowing against your retirement account. When you take money out, you’re losing on compound interest, and losses become larger, but that’s just the start!
25:51 The third biggest financial mistake people make in planning for retirement is not naming or updating beneficiaries. Do you want your retirement funds to go to an ex?
28:09 The second biggest mistake, believe it or not, is being too conservative with your investments. The sweet spot is keeping between 40% and 70% of your portfolio in stocks.
29:50 Finally, the biggest retirement mistake people make is taking social security benefits too early. If you defer three extra years, you could gain an additional 24% increase in benefits!
33:32 Bottomline, retirement planning can be challenging. Working with a professional can help you ensure ALL bases are covered and that you’re making the best choices to maximize your money – you don’t know what you don’t know!
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Links/Resources Mentioned in this Episode:
- A Place of Possibility Ep. 32 The Top Financial Strategies that Seem Illegal, But Aren’t
- A Place of Possibility Ep. 28 What You Need to Know When Picking Your Medicare Plan
- A Place of Possibility Ep. 03 Roth IRA: How to Build a Tax-Free Retirement
- A Place of Possibility Ep. 01 How to Retire on a Lump Sum
- Ensure your family’s wealth will live on for generations to come. Order your copy of Endless Inheritance by Richard Del Monte today! https://aplaceofpossibility.com/endlessinheritance
- Ready to become a better investor? We’ve got the strategies you need. Download a FREE copy of our e-book, “Evidence-Based Investment Insights.” https://aplaceofpossibiltiy.com/evidencebasedinsights
- Del Monte Group offers a variety of free resources to help you make innovative and educated financial decisions so that you can keep, grow, and enjoy your wealth starting now. Find them by visiting https://aplaceofpossibility.com/resources.
“One-size-fits-all” won’t fit you here! The Del Monte Group team understands that everyone’s financial goals are unique. That’s why we always provide customized advice. No matter where you are in life, you can depend on our proven expertise to provide financial planning support for long-term success. Ready to get started? Schedule a meeting with Richard or Angela in our Alamo, CA based office today or we can meet via Zoom! >> You can select a date and time that works for you via our calendar, call us at 925.736.6410, or send an email to Info@APlaceOfPossibility.com. We can’t wait to help you!
