People often come into Thomas Cloud's office with one of several fairly common problems, and they’re almost all caused by not having a plan. So, as we look at some of these frequent retirement-planning problems, most of them can be solved simply by creating a plan. Here are 14 common problems that we often see with people facing retirement:
They're do it yourself-ers.
High investment and advisory fees.
Poor asset allocation and lack of diversification with investments.
Paying more taxes than they should.
Spending more than their budget will allow.
Not knowing what their budget should be based on their income.
Not knowing how to use insurance properly.
Not having an updated will, or not having a will at all.
Not having their investments well-positioned for the next market crash.
No idea what their portfolio did in 2002 and 2008 when the stock markets went down dramatically.
No non-correlated asset classes to the US/Global stock markets, and they do not know how to calculate the proper withdrawal rate from their portfolio during retirement.
Not having a good idea as to how long it would take their investments to recover if we have another recession or market drop.
Not reviewing their retirement or financial plan regularly.
A lack of peace of mind. This is worst and has the most harmful impact on people, I have found.
In our next episode, we will cover 5 strategies to avoid these mistakes in retirement.
For more info on today's episode, read Tommy's blog. https://thirdactretirement.com/blog/common-retirement-planning-problems
To contact Thomas Cloud at Third Act Retirement, or to set up a 20 minute, no obligation call:
Email Tommy: Thomas@thirdactretirement.com
Visit the Website: https://thirdactretirement.com/
Or simply call: (770) 971-2888 or 1 800-917-5016.