It’s never a great idea to make assumptions and that’s especially true when it comes to your money and your retirement. Let’s identify the common assumptions people make with their financial planning that could end up really costing you in retirement.
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You know what they say about assumptions, right? Well, there’s a reason for it.
Assumptions can lead us in the wrong direction and that’s something you have to avoid in planning. And that’s not easy to do because there are some common beliefs that many people have about retirement that just aren’t always true.
On this episode of the Cover Your Assets KC Podcast, David Dickens will identify a few different assumptions that he hears from people and explain why each of them could really cost you later in life. Building a plan based around these assumptions happens more than it should and we want to make sure you don’t do the same thing.
Another thing David will spend some time on is retirement accounts. It’s a part of the planning discussion but we’ll specifically look at taxes and why you might have a higher obligation than you anticipate when it’s time to start withdrawing.
So we’ll run through those assumptions on the show and then answer two listener questions about investing in gold and navigating a divorce later in life.
Listen to the full episode or click on the timestamps below to find out what these assumptions are all about.
[0:20] – The first retirement assumption we hear is that you’re going to spend less money once you retire.
[1:26] – A lot of people assume taxes are going to be lower in retirement but don’t bank on that.
[2:19] – Did you realize you have a partner in your 401k and IRA? It’s the IRS.
[4:26] – Many people worry about putting their children through college before saving for their own retirement.
[5:17] – Get a plan in place no matter what age you are.
[8:13] – Mailbag question #1: Should I buy gold coins or gold bars? Or no gold at all?
[9:58] – Mailbag question #2: I’m in my late 50s and recently divorced and extremely worried about what retirement will look like with one Social Security benefit and half of the assets that I planned on having. Can I overcome a divorce this late in life?