00:24 The two key mistakes in retirement planning are misunderstanding withdrawal rates and underestimating longevity.01:58 The traditional 4% withdrawal rule may not ensure long-term financial security due to market volatility and low interest rates.03:05 The new safe withdrawal rate is around 3.5%, even for a 30-year retirement period, to maintain financial stability.04:36 ⚠️ Advisers suggesting higher withdrawal rates may increase the risk of financial instability due to the sequence of returns.05:30 ️ Planning for a longer lifespan, potentially to age 100, is crucial due to uncertainties in life expectancy.07:33 Consider incorporating income annuities into retirement plans to ensure guaranteed income regardless of longevity.09:06 ⚖️ Achieving a balance between guaranteed income, liquidity, and growth opportunities is essential for a successful retirement strategy.