Episode #10: Cutting Financial Corners

Today’s Prep:

There’s no easy way out in retirement planning. You need a comprehensive plan to take you through retirement. Cutting corners will only lead to trouble.

(Click the featured times below to jump forward in the episode)

Equipping Points:

[00:39] – The Dangers Of Making Up For Lost Time.

  • If you didn’t save well early on in your career, you’re probably trying to save aggressively now. Many folks try to make up for lost time by investing in high-risk investments, and it’s an unhealthy strategy. They take on more risk than they’re comfortable with, and when the market takes a hit, they sell out of panic.

[2:26] – Don’t Cut Corners. Get Organized.  

  • If you don’t have your legal documents in a row, you could find yourself in trouble should something happen to you in retirement. Beneficiary forms, powers of attorney documents, and wills and trusts all need to be in place in order to protect you and your loved ones.

[2:56] -David Shares The Story Of A Couple Who Needed To Get Organized. 

  • David had a couple to come in who hadn’t looked at their financial documents for several years. They were in their mid-fifties with adult children. Should something have happened to them, their heirs would positively have ended up in probate court. David shares how he was able to help them get organized. .

[5:01] – The Dangers Of Disorganization.  

  • A potential client came in for a review of their financial situation. They had 14 different retirement accounts. As a result, they didn’t really know what they had, and they discovered they were taking on way more risk than was appropriate for their age.

[6:38] – Ignorance Is Not Bliss. 

  • Many people just don’t know the amount of risk their investments are carrying. They focus solely on performance, and in turn, they’re setting their up for disaster should the market take a dive. Cutting corners can crush your portfolio. Be thorough, and know how your money is invested.

[8:00] – Fees Are Killer.  

  • You may not know it, but some of your investments carry serious fees. If you’re considering an annuity, you need to know exactly what it’s going to cost you.

[8:55] – Don’t Put Off Planning For Long-Term Care.  

  • While you might not want to acknowledge it, reality suggests most Americans will need some sort of long-term care in retirement. Long-term care costs are only going up, and you need to make sure those expenses won’t decimate your retirement accounts. David discusses some of the options for covering your long-term care costs.

Today’s Takeaway:


More From David:

The host: David Dickens

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