Many of the best investors are people that have saved aggressively through the years and put that money to work in a smart way. But savers also make mistakes along the way. Let’s look at the dos and don’ts of saving so you avoid these common mistakes in your retirement plan.
As you get closer to retirement, hopefully you’ll look back on all the savings you generated throughout your career. It’s a great feeling but you want to make sure you maximize your money. That’s why we want to run through some common mistakes savers make.
We’ll also spend time during this episode talking about the market. Despite all of the growth and strong returns, people are still serving up doom and gloom. Why is that? And what can you do to protect yourself from the next downturn.
The Spotlight segment is back again for this show as well and we’ll share another successful client story. That’s all on this episode of No Payne, No Gain.
Saving Dos and Don’ts
As we mentioned, savers are some of the most dedicated and responsible people on the planet. It takes extreme discipline to stick to a plan for decades and grow a nest egg that will allow you to retirement with confidence.
But even the best savers will make mistakes. Ryan and Bob will share some of the most common problems they see from savers, especially when it comes to retirement because it’s a different mindset altogether.[1:17] – You’ve done a great job of saving through the years and now you’ve gotten to retirement. Let’s talk Dos and Donts.
[1:35] – One of the big things we see is sitting on too much cash.
[2:35] – Are you keeping up with inflation?
[3:07] – Another Don’t is taking too much risk in retirement.
[3:55] – Bob shares a client story on risk tolerance.
[4:43] – Another concern for savers is the looming tax time bomb that’s waiting for you.
[5:54] – There are so many tweaks you can do to your portfolio to gain tax benefits.
Should You Worry About a Market Crash?
We’re in the middle of the longest bull run ever but it seems there’s more negative news being discussed than positive news. Why is that?
Well, many people are concerned about the next market crash. They fear things have been too good for too long and we can only go down. Even though we don’t see those indications, we work with our clients to put safeguards in place so let’s talk about those strategies.[7:44] – We’re in the middle of the longest bull market ever but there’s still doom and gloom.
[8:41] – We see two extremes right now. The first one is you’re afraid to get in because the market is so high.
[9:45] – You don’t know when that crash is going to happen so put safeguards in place.
[11:13] – You need to start looking at how much income you’ll need in retirement and plan your investments around that number.
[12:25] – Another bad strategy is not making changes because you are too comfortable with how well the market is doing.
Today we welcome one of our financial advisors onto the show to discuss a recent client meeting. Jennifer Angell had a couple in with 16 different accounts and worked with them to get them on track and headed towards their goals.[14:52] – Spotlight segment with Jen Angell.
[15:31] – A rundown of the couple that recently visited Jen and the process they went through.
[17:46] – The 360 financial portal let them look at many different scenarios for their 16 different accounts.
“We always say our rule of thumb is 6-12 months worth of expenses is good to have in cash but once you get above and beyond that, you’re really putting yourself at risk.”
– No Payne No Gain Podcast
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