Created: May 10, 2019
Modified: June 15, 2023
7 Things to Avoid to Make Your Money Go Further in Retirement
What You’ll Learn:
Not all investors are successful. Find out what successful investors do that unsuccessful investors don’t do. Learn how to follow the example of investment experts to avoid mistakes that can diminish your money in retirement.
– Never Claim Social Security Benefits Without a Strategy
- Successful investors have a strategy for everything they earn.
- Don’t look at social security as an individual piece but look at the whole picture.
– Never Invest Without a Plan
- If you are over 50 years old, you should have an investment plan or risk running through your savings far too soon. It’s about many things working together.
– Never Have Only One Source of Income
- We need diversified income plans and diversified portfolios.
- It’s important to be able to turn different sources of income on and off during certain times.
– Never Ignore Inflation
- Life expectancy is in the 90-year range. This means inflation could be a killer to your retirement security.
- One or two percent over 20 or 30 years can make a difference.
– Never Forget the Key Role that Taxes Play in Investing
- Many times, taxes are being ignored when money is being shuffled around.
- It’s possible to lose 20 to 30 percent to the tax man.
- Successful people pay a lot of attention to taxes.
– Never Ignore Risk
- There is a misconception that wealthy people take more risks when the opposite is actually true.
- People are often taking more risk than they need to. Take as little risk as possible with that core investment egg.
– Never Withdraw Money from Retirement Accounts Without a Plan
- Contribution is automatic but withdrawing the money can be riddled with all kinds of traps like taxes.
- For every dollar you earn the IRS is your partner.
- Savvy people pay much less by having a strategy.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
Related Resources
-
Getting It All Together for Retirement
After a long, fulfilling career, the time has come to embrace the next chapter. You may have envisioned the age at which you’d retire since you began working, but it’s important to distinguish bet… -
Key Questions for Planning Your Retirement Income
Replacing your income in retirement is a significant undertaking that raises many important questions and requires careful planning. First and foremost, it’s essential to have a retirement income … -
Health Care Expenses in Retirement
Of all the expenses to expect in retirement, health care often makes up a significant portion of your costs. Monthly premiums, out-of-pocket expenses, and services not covered by Medicare can quic… -
Income Planning 101
You’ve spent the last few decades saving for retirement but are you truly prepared? To help address any concerns or uncertainties you may have, you need an income plan – one that considers every f… -
Maximizing Your Social Security Income
Social Security can serve as a safety net for many retirees, sometimes acting as a primary source of income. However, the program is highly complex with over 500 ways to claim benefits. Even one o… -
How Much Money Can I Spend in Retirement?
“How much can my spouse and I realistically spend in retirement at age 62 with $1 million saved?” Today’s hypothetical couple is asking the very question that most pre-retirees ponder when gearing… -
What Steps Should I Take If My Retirement Savings Fall Short?
One of the biggest fears today’s pre-retirees and retirees face is running out of money in retirement – but what happens when that once-distant fear becomes your reality? Today’s question addre… -
How Will I Receive Income from My Retirement Savings?
Today’s question centers around the core of retirement planning – how do I turn my retirement savings into retirement income? After decades of building up your nest egg, life after work introduces… -
What Should My Tax Plan Be at Age 65 with $1 Million?
Approaching retirement with $1 million saved is an impressive milestone, but turning those savings into a sustainable income stream requires careful planning. At age 65, many retirees face the cha… -
What to Consider Before Moving in Retirement
If you have the liberty to relocate in retirement, does that mean you should? Maybe you’re a snowbird who wants to live down South full-time, or maybe you want to stick it out in the cold and spen…
