Ep 17: 5 Ways We Sabotage Our Own Retirement

With so many aspects of the financial world out of your control, why would you sabotage your portfolio by not controlling what you can? Let’s discuss the ways in which people hurt their own financial health so you can keep from making the same mistakes.

 

Show Notes: https://philstaxhacks.com/podcast/ep-17-5-ways-we-sabotage-our-own-retirement/ 

 

On This Episode: 

1:36 – In the news: Social Security Administration announced retirees will get a 1.6% cost of living increase. How much of a difference will this make?

3:04 – Sometimes that increase gets offset by Medicare costs.  

3:55 – Turning to our main topic today: sabotaging our own retirement.  

4:50 – Obsessing over the ups and downs of the market.  

7:51 – Starting Social Security at the wrong time can cost you.

10:23 – Ignoring the potential for a need to use nursing home care.   

11:59 – You just assume that you’ll still love your job as much in 10 years as you do now.

13:15 – Underestimating how much income you’ll actually need in retirement.

16:12 – Mailbag Question: Are there really no tax implications to rolling over my 401k?