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Created: September 6, 2019
Modified: June 29, 2023

Financial Planning Doesn’t End When Retirement Begins

We’re taught at an early age to start saving for our retirement through saving and investing. That becomes the financial focus for much of our lives as you would imagine.

But what happens once you reach long-awaited retirement date and your time and money take on an entirely new meaning?

Many people think that retirement planning only matters when we’re working and trying to reach financial independence, but we want you to be prepared to enjoy the next chapter of your life. To do that, you have to keep a plan in place for maintaining your assets and income to accommodate the lifestyle you choose to enjoy in retirement.

On this episode of Money Wisdom, Joel Johnson gives you the dos and don’ts to consider once you’ve retired. There are some common mistakes people make and we want you to be aware of them so you’ll avoid doing the same.

While that will be the core focus for this show, we’ll also spend some time discussing emotional decision-making and the mistakes that can result from those decisions There are a couple primary emotions that rule our financial minds and can cause our planning to get off track.

We’ll also take a few listener questions to begin the show that deal with retirement planning in your 50s, rates of return, and financial advisor fees.

So let’s get started! Here’s the list of main topics you’ll hear on this episode of the Money Wisdom podcast (Just click on the timestamp to jump to the specific clip):

[0:41] – What’s coming up on the show.

[2:00] – Question from Jack: I’m in my mid-50s and haven’t paid a lot of attention to the direction of my investments. Am I behind the curve?  

[3:41] – Sometimes it isn’t a bad thing to save and leave your investments alone earlier in life.

[4:47] – Question from Tony: What’s a reasonable rate of return for a conservative investment account.

[6:03] – Question from Kim: I pay an annual fee to my financial advisor but we never communicate. I assume he’s paying attention to my accounts but how do I know?

[7:12] – Investor behavior affects your accounts quite a bit.

[7:37] – What types of emotions drive financial decisions?

[8:43] – Mistakes we’ve seen people make because of emotional decisions.

[11:17] – Dos and Don’ts to consider as you’re entering retirement.

[11:36] – Don’t make any sudden decisions.

[13:20] – Don’t just jump into investments that you don’t understand.

[14:25] – Consider working with a professional to help you navigate retirement because the game changes quite a bit.

[16:30] – Most importantly, have an actual plan in retirement.

Information presented here 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.

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