Seven Things to Avoid to Make Your Money Go Further in Retirement

Learn what successful investors do that unsuccessful investors don’t do. Learn how to follow the example of investment experts to avoid mistakes that can diminish your money in retirement. 

Main Questions Asked:

• What should you avoid doing to make your retirement money go further?
• What are the things that successful investors do that unsuccessful investors don’t do?

Key Lessons Learned:

Seven Things Successful Investors Never Do

• Never claim your social security benefits without a strategy. Successful investors have a strategy for everything they earn. Don’t look at social security as an individual piece, but look at the whole picture. 
• They never invest without a plan. If you are over 50 years old, you should have an investment plan or risk running through your savings far too soon. It’s about many things working together. 
• Never only have one source of retirement income. We need diversified income plans and diversified portfolios. It’s important to be able to turn different sources of income on and off during certain times.
• Never ignore inflation. Life expectancies are in the 90 year range. This means inflation could be a killer to your retirement security. One or two percent over 20 or 30 years can make a difference. 
• Never forget the key role that taxes play in investing. Many times taxes are being ignored when money is being shuffled around. It’s possible to lose 20 to 30 percent to the tax man. Successful people pay a lot of attention to taxes. 
• Never ignore risk. There is a misconception that wealthy people take more risks when the opposite is actually true. People are often taking more risk than they need to. Take as little risk as possible with that core investment egg. 
• They never withdraw money from their retirement accounts without a plan. Contribution is automatic, but withdrawing the money can be riddled with all kinds of traps like taxes. For every dollar you earn the IRS is your partner. Savy people pay much less by having a strategy. 

 

Links To Resources Mentioned

Money Map Retirement Review

1-800-757-0436

Warren Buffet

Peter Lynch

Carl Icahn

John Bogle

 

Thank you for listening!