On This Episode
As you near retirement, you want all of your ducks in a row instead of dealing with the mess caused by these classic financial mistakes. Are you making smart decisions?
Time and time again, people make these classic mistakes, but you don’t have to. In this episode the Saving with Silverman podcast, we talk about the consequences of these mistakes as well as how to avoid them.
When you near retire, should you be investing the same way? Maybe you plan to retire at 62, maybe 75, or maybe you never want to retire. Make sure you are adjusting your investments based on your own goals.
Social Security may allow you to take it early, but should you take it right away? What kind of numbers should you look at in order to plan when to take it? Another plan you should be considering is tax planning. Many get caught up in yearly tax preparation but forget about tax planning for the future.
If you feel like you have to make up for lost time, do you feel tempted to take additional risk in the market? Risk is only a problem when the market is going down. Being in the market can be stressful, but getting out of the market can be just as stressful as you try to time the market to get back in.
Listen to the full episode or click on the classic mistakes listed in the timestamps below.
Make sure that you are adjusting your investments to match your goals. As those goals change or you get closer to those goals, those need to be taken into consideration.
- Mark Silverman, CFP®
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
1:02 - Investing at 59 the same way as at 39 years old.
2:14 - Starting Social Security without a plan.
4:09 - Focusing on tax prep but not tax planning.
5:30 - Assuming healthcare needs will be covered by Medicare.
6:07 - Taking on additional risk to make up for lost time.
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