Join us as we talk about and expand on the 5 mistakes below!
1. Not having a long-term perspective, even as a retiree
- Invest wisely in order to keep pace with inflation.
- A diversified portfolio using stocks, bonds, and cash is your best opportunity to beat inflation and increase income as you age.
2. Trying to time the market
- Understand your timeframe and risk. Stick with your plan.
3. Succumbing to slick sales pitches and buying investments that you don’t need
- Work with someone who is able to help you with big picture planning.
- Keep your guard up for the one-size-fits-all salesperson who only has one solution to offer regardless of the needs.
- For example, annuities are not the enemy, but a salesman with a one-size fits all agenda should be avoided.
- So many times, the product is sold more for the seller’s financial benefit rather than the buyer’s best interest.
4. Dying with a Non-qualified Annuity – Potential tax disaster
- To keep your annuity from becoming a tax burden for your heirs, take withdrawals from annuities during your lifetime rather than passing it on in an inheritance.
5. Not getting help before or when you need it
- Seek the counsel of others (family, trusted financial advisor).
- Always share information with your spouse!
- Having a trusted financial advisor in place before you need them is a way to show love for your spouse.
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