The Retirement Huddle

On this episode of The Retirement Huddle podcast, Mark Howard explains how overconfidence in your financial life can sometimes lead to destruction.

Read more and get additional financial resources here: https://retirementhuddle.com/podcast/ep-18-how-overconfidence-in-your-finances-can-lead-to-destruction/303/

What we discuss on this show:

1:06 – Overconfidence in the stock market or your ability to manage your portfolio

2:49 – Overconfidence in a certain amount of money 5:05 - Overconfidence in rules of thumb 6:47 - Overconfidence in your own understanding of how certain products work 8:45 - Overconfidence in your own decision-making process

Even if you have a solid financial plan in place, things can quickly get out of tune if you don't make adjustments from time to time. On this episode of The Retirement Huddle podcast, Mark Howard explains some of the areas where we often see people get out of tune in their financial plan.

Read more and get additional financial planning resources here: https://retirementhuddle.com/financial-planning/ep-17-are-you-out-of-tune-financially/288/

What we discuss on this show:

1:21 – Future tax considerations

3:02 – Have the right amount of life insurance

4:42 – Having the right amount of cash in the bank

5:52 – Having the right amount of risk

Villains in the movies are usually pretty easy to identify, but villains in the financial world aren't always so easy to identify. Here's how to recognize them.

Show notes & financial resources: https://retirementhuddle.com/podcast/ep-16-how-to-spot-villains-in-the-financial-world/270/

What we discuss on this show:

1:24 – Darth Vader

3:10 – Wicked Witch of the West

4:43 - Ivan Drago (Rocky IV)

7:13 – How to prepare for meeting with financial coach

Many financial decisions can be compared to playing chess, roulette or poker. Some use skill and some use luck, and we will explain why.

Read more and get additional financial resources here: https://retirementhuddle.com/podcast/ep-15-are-we-playing-chess-roulette-or-poker/256/

What we discuss on this show:

1:51 – Trying to time the market

3:02 – Deciding how much IRA money to covert to Roth

5:25 – Deciding when to retire

7:38 – Choosing the right pension option

9:12 – Picking stocks

10:33 – Determining when to start your Social Security

Are you an emotional spender or someone who loves to do research before making a purchase? No matter how you spend money, it's helpful to know your personality type so you can best plan for retirement.

Read more and get additional financial resources here: https://retirementhuddle.com/podcast/ep-14-whats-your-spending-personality/245/

What we discuss on this show:

1:17 – Emotional spender

2:31 – YOLO spender

3:42 – Savvy spender

5:03 – Miser

5:57 – How to contact Mark

In honor of all the wonderful mothers, let's take some of their favorite sayings and apply them to financial planning.

Read more and get additional financial resources here: https://retirementhuddle.com/podcast/ep-13-financial-wisdom-from-moms-favorite-sayings/229/

What we discuss on the show:

0:53 – Because I said so

2:21 – If you want to act like a child, I'll treat you like one

4:39 – If all of your friends jumped off a bridge, would you do it too?

6:11 – One day, you'll thank me

Mark breaks down the top six financial topics that people search on Google and what you should know about them.

Read more about this episode: https://retirementhuddle.com/podcast/221/221/

What we discuss today:

1:03 – Income taxes

5:13 – Insurance

7:36 – Mortgages

9:21 – Retirement accounts

11:52 - College expenses and estate planning

Are you making assumptions about your retirement and what it will look like? Mark breaks down some of the expectations people have and where you can go wrong.

Read more and get additional financial resources here: https://retirementhuddle.com/podcast/ep-11-dont-make-these-assumptions-about-retirement/211/

On today's show:

0:55 – Thinking you'll spend less in retirement

2:03 – Thinking your taxes will be lower when you retire

3:18 – Thinking you need to fund college before retirement

4:12 – Thinking you'll never be able to retire

5:44 – Mailbag: How to help parents with long-term care

7:13 – Mailbag: Can I overcome a divorce this late in life

Most people don't know what types of risk they should guard against in their financial planning. We break down five risks and how to address them. Plus, Mark answers your mailbag questions.

Read more and get additional financial resources here: https://retirementhuddle.com/podcast/ep-10-5-types-of-financial-risks/200/

On today's show:

0:51 – Market risk

2:41 – Interest rate risk

3:47 – Inflation risk

5:03 – Tax rate risk

5:54 – Longevity risk

6:55 – Mailbag: Judy in Savannah

8:15 – Mailbag: Anna in Bluffton

9:41 – Mailbag: Steve in Hilton Head

Everyone gets tripped up by mistakes in retirement planning and sometimes they're unavoidable. But many times we see pre-retirees make bad decisions that hurt their financial future and they could have steered clear of these with a little assistance. Let's look at the classic mistakes that we see before answering a few mailbag questions.

Read more and get additional financial resources here: https://retirementhuddle.com/podcast/ep-9-5-classic-pre-retiree-mistakes/179/

Today's show schedule:

0:59 – Investing at age 59 the same way you're investing at 39.

2:42 – Starting Social Security without a plan.

3:58 – Focusing on tax preparation but not tax planning.

4:57 – Assuming that most of your retirement healthcare needs will be met by Medicare.

5:51 – Taking on additional risk to try and make up for lost time.

6:43 – Mailbag Question: Is it better to work with an advisor that charges an hourly fee or someone who charges a management fees based on percentage of assets?

8:08 – Mailbag Question: Is it a good idea to avoid IRA withdrawals this year and live off Social Security and bank account to avoid paying any taxes?

9:26 – Mailbag Question: I'm nervous about how much money I have in the market. How much should I have in my 50s?