Today’s Hack:
With so many aspects of the financial world out of your control, why would you sabotage your portfolio by not controlling what you can? Let’s discuss the ways in which people hurt their own financial health so you can keep from making the same mistakes.
Other Retirement Facts:
Planning for retirement is already difficult enough so why would you risk hurting your future by failing to handle the things in your control?
That’s our focus for this episode of Phil’s Tax Hacks as well run through five common mistakes people make that can really damage their retirement plan. Some of them might seem obvious, but we either get the wrong information or act emotionally. Either way, we end up sabotaging our retirement and waste a lot of hard work and effort. Let’s make sure your retirement goes as you intended.
We’ll also get Phil’s reaction to the news that the Social Security Administration will boost benefits by 1.6% for cost of living increases. What does this mean for you and your retirement? Phil will give us his perspective on the show.
And we’ll close it all out today with a listener question about rolling over a 401k and whether it’s true that it doesn’t carry any tax implications.
1:36 – In the news: Social Security Administration announced retirees will get a 1.6% cost of living increase. How much of a difference will this make?
3:04 – Sometimes that increase gets offset by Medicare costs.
3:55 – Turning to our main topic today: sabotaging our own retirement.
4:50 – Obsessing over the ups and downs of the market.
7:51 – Starting Social Security at the wrong time can cost you.
10:23 – Ignoring the potential for a need to use nursing home care.
11:59 – You just assume that you’ll still love your job as much in 10 years as you do now.
13:15 – Underestimating how much income you’ll actually need in retirement.
16:12 – Mailbag Question: Are there really no tax implications to rolling over my 401k?