The Financial Answer

Financial planning guidance from West Tennessee’s Nathan O’ Bryant.

Are You Sabotaging Your Own Retirement With These Mistakes?

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There are so many aspects of our financial life that we can’t control so why would we fail to take care of the things we can? Today we’re going to look at the mistakes people make that hurt their financial health and explain what you can do to avoid them.

 

Show Notes and Additional Resources: https://thefinancialanswer.com/podcasts/are-you-sabotaging-your-own-retirement-with-these-mistakes/

 

Today's Rundown: 

0:38 – We’re getting ready for the holidays.  

2:32 – The market rebounded to over 28,000. What news is impacting the market?

5:11 – Today we’re talking about self-sabotaging our retirement.  

6:05 – First thing we do is obsess over the short term ups and downs of the market.

9:58 – Taking Social Security as early as possible could cost you a lot of money.

11:41 – We look at Social Security on its own but determine what claim works best for you.

12:54 – Pretending like long-term care or nursing home care isn’t going to impact you.

15:41 – We don’t honestly evaluate how much money we need for the lifestyle we want to have in retirement.

17:10 – The last thing we do is assume we’ll always love our job and nothing will change that.

Catching Up As A Late Bloomer In Retirement

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What can you do if you feel a bit behind the curve when it comes to retirement planning? Is there still time for your retirement funds to blossom into the future you’re hoping for?

 

Show Notes and Additional Resources: https://thefinancialanswer.com/podcasts/catching-up-as-a-late-bloomer-in-retirement/ 

 

Today's Rundown: 

0:54 - What it means to be a late bloomer.

3:03 - Catch-up contributions allow you to save more once you turn 50.

4:38 - Take the adult kids off the family payroll.

7:35 - Disappearing debt can help lighten the load.

9:56 - Downsizing the home will free up funds (and time).

Critical Estate Planning Mistakes You Need to Avoid

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When it comes to leaving behind a financial legacy, not everyone makes it a priority. Those that do, however, need to put an estate plan in place that ensures their assets transfer to the people they choose. Eliminating these common mistakes is an important step in making that happen.

 

Show notes: https://thefinancialanswer.com/podcasts/critical-estate-planning-mistakes-you-need-to-avoid/ 

 

On This Episode: 

0:44 – Recapping the Thanksgiving holiday.

1:28 – In the News: The market dipping some over a French digital tax. Here’s Nathan’s reaction.

3:57 – Confidence Corner – let’s talk about estate planning mistakes.

5:36 – We don’t plan for the foreseen expenses – like healthcare.

7:25 – Here’s how these expenses can really impact your estate.

8:28 – Update your beneficiary designations upon the ‘Five Ds’

11:07 – Many people transfer real estate while they’re still alive but that can cause some issues.

14:49 – We often overlook the tax implications that we’ll leave behind.

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