The top priority for everyone once they’ve retired is to manage their money in a way that allows them to stay retired. Don’t make a mistake that could hurt your portfolio and put your retirement at risk. We’ll give you some advice today that will keep you from screwing up your plan.
Getting to retirement is a long, challenging process. You have to build a plan that works and then stick to it for many years. If you’re fortunate enough to have done that, the last thing you want to do is screw it all up in a moment’s notice.
That’s why we’re going to talk about the ways people screw up their retirement and how you can avoid making those mistakes. Ryan and Bob will walk you through four simple ways to stay on track and avoid pitfalls.
Then we’ll move on to our Financial Propaganda segment. Bob found some more misleading information on the market while Ryan dug up some positive news for retirement accounts.
We’ll close out the show with our mailbag as we take two listener questions about Social Security and investing aggressively. It’s all on this episode of the No Payne, No Gain podcast.
Tips for Not Screwing Up Your Retirement
Getting to retirement isn’t easy at all so why would you change what you’ve been doing once you got there? We’ve identified four key ways to keep your retirement on track and avoid making the same mistakes that have screwed it up for other people.[1:14] – Congratulations, you’ve made it to retirement. So here’s how you don’t screw it up.
[1:25] – The first thing is don’t make any sudden decisions like buying a Lamborghini or Ferrari.
[2:32] – Another big no-no is don’t jump into an investments, especially if you don’t know anything about them.
[4:10] – Make sure you’re working with a fiduciary.
[5:45] – The last thing you need to do is have an actual plan.
From time-to-time, Ryan and Bob will share headlines they’ve found and explain why they had a strong reaction to what they read. Bob’s article deals with the market, saying that the smart money has already moved to cash. The pessimism surrounding the market continues and the guys explain that this isn’t usually a positive indication.
For Ryan, he pulled a story about the increases coming to our retirement account contributions. Beginning in 2020, investors will be able to save more and that’s great news.[8:03] – Financial Propaganda time
[8:26] – Bob found an article that said half of the world’s top investors have already gotten out of the market.
[10:02] – This article speaks to all the fear out there, which is usually a positive sign.
[10:51] – What adjustments should we be making based on who will be in office next year?
[11:26] – Ryan found some good news. We can save more in our retirement accounts starting in 2020.
We dip into the mailbag for a couple questions from listeners. The first is a common concern from retirees. Should you take on a part-time job or will it impact your Social Security?
The second comes from a listener that has almost paid off their mortgage and now has extra money to invest. Should she do it aggressively to make up ground in her retirement portfolio?[14:31] – Mailbag time
[15:20] – First Question: I retired last month and started my state pension and Social Security. I’d like to do some part-time work to stay occupied, but I’ve heard this can mess up my Social Security. Should I get a job?
[17:17] – Second Question: I’ve been paying off my mortgage aggressively and almost have it paid off. Once I’m done, I’ll have nearly $5,000 each month to invest. I feel like I’m behind in my retirement planning so should I invest aggressively?
“You want to make sure that you’re going to be able to overcome inflation and taxes and your income is going to grow enough so that you can stay retired.”
– Bob Payne
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