You cannot afford to make any of these 9 retirement planning mistakes. Easy fix!

9 common retirement planning mistakes I have seen from coaching over 300 clients. These are costly errors and easy to fix if you see them. Learn from others. Can I retire now. Retirement planning.

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_*PLEASE STOP USING Spreadsheets!_ It falls way short optimizing every retirement factor*
Retirement Tool Link I reference and highly recommend -- New Retirement. Free 2 week trial. $120/yr after. You will buy this after trying (I have purchased for 3 years).

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*DO NOT GO IT ALONE!!!!!!!*
*Money Pickle - FREE! use link to set up a FREE 45 minute dialog with a Financial Advisor*
No obligation. Get answers to your questions. Get an expert to look at your plan.

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*Plant Manager, Maintenance Manager and Career Consulting -- 1 hour virtual via Teams/Cell Phone*
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Most Popular VIDEOS
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RECOMMENDED FINANCIAL ADVISOR
Neil Fortwendel with Northwestern Mutual ph: 812 549 5213

Video by Lean Driven Reliability LLC
This is not investment advice. For entertainment ONLY. Seek professional help to understand your unique situation.
Affiliate Disclosure: Most of the links on this channel are affiliate links, meaning at no cost to you I earn a commission if you click through and purchase or set up a discussion. Nevertheless, I only recommend products or services that 1) I currently use or have used or 2) I believe can help the majority of people.

#retirement #retirementplanning #retireearly #retireearlyandtravel #financialfreedom #financialindependence #retirementincome #retirementstrategy #findingpurpose #keto #ketodiet #ketovore #hiit #hiitworkout #healthylifestyle

[joekuhnlovesretirement]

*_PLEASE STOP USING Spreadsheets!_** It falls way short optimizing every retirement factor*
Retirement Tool Link I reference and highly recommend -- New Retirement. Free 2 week trial. $120/yr after. You will buy this after trying (I have purchased for 3 years).


Need a CFP to create your retirement plan for a one time fee? My Recommendation: Neil Fortwendel [phone]. Neil created my plan. Plan updates as you wish for a smaller fee. Check Neil out on Facebook and LinkedIn.


*DO NOT GO IT
*Money Pickle - FREE! use link to set up a FREE 45 minute dialog with a Financial Advisor*
No obligation. Get answers to your questions. Get an expert to look at your plan.


*Plant Manager, Maintenance Manager and Career Consulting -- 1 hour virtual via Teams/Cell Phone*

Most Popular VIDEOS

RECOMMENDED FINANCIAL ADVISOR - Assets under Management or one time plan creation
Neil Fortwendel with Northwestern Mutual ph: 812 471 2492

Video by Lean Driven Reliability LLC
This is not investment advice. For entertainment ONLY. Seek professional help to understand your unique situation.

#retirement #retirementplanning #retireearly #retireearlyandtravel #financialfreedom #financialindependence #retirementincome #retirementstrategy #findingpurpose #keto #ketodiet #ketovore #hiit #hiitworkout #healthylifestyle #howmuchcanIspend

[stanconrad]

I retired at 61 - very healthy- with every intention of taking SS at 70. Six months into retirement I was diagnosed with prostate cancer from a routine physical. Fortunately, it was caught very early. BUT when they throw the big “C” word at you it changes your perspective on everything. I took SS at 62 and I’m glad I did. The money I get from SS is money that does not come out of my portfolio. You make a great point about not chasing returns, but isn’t that what you’re doing by waiting until 70 to take SS? Everyone’s situation is different and I think I made the best decision for me.
Love your videos and keep them coming!
BTW - all you men get your PSA checked at least annually!!

[johnkumpelis]

Hey thanks Joe for all that u do. I retired at 55 3 weeks ago. Your knowledge has helped my family a great deal in this transition . God bless! From Ypsilanti, Michigan...Go Blue!

[CormacNJ]

Biggest lesson I've gotten form the many videos you have produced Joe, is that although I did all my investing solo, another set of eyes is a good safety tool. So I began using a Vanguard Financial advisor. I retired at 64. In hindsight, I could have retired at 62. It took the pandemic to change my plans (plan was 66). Glad I finially called it quits.

[paulripperger]

Great video as usual Joe. I really like that you have your health as a key factor in retirement planning. I would argue that a person's health is their most valuable asset in retirement. As you know, it can affect so much of your retirement experience and overall expenses: better health = longer "go-go" years, poor health = higher medical and long-term care expenses. I started my journey in health improvement around age 50 (ten years ago) after my wife was diagnosed with colon cancer. As you probably already know, figuring out which “diet” to follow for best overall health has become confusing for many. I’d be interested in seeing a possible future video on your current personal health and wellness plan.

[davidboston]

I love your videos Joe! Mainly because I’m in that group of wondering when I’m going to retire. My wife and I are both 60. I already know my biggest challenge will be changing my mindset from being a saver to a spender. It’s always been easy for us to save so we will have our work cut out for us. Keep the videos coming!

[jploehn]

You are doing a great job of creating a community who are learning about all sorts of things with regards to retirement. Thank you for creating these videos Joe! Thanks to you and your audience I will be avoiding these 9 retirement blunders and making good choices to live a long, healthy, productive retirement... when I get there in a few years. Keep'em coming Joe! Joe from Texas OUT!!!

[doftcha]

Appreciate your insights Joe…but a couple of comments:
1. SS isn’t really an asset. While it increases 7-8% a year (+inflation adjusted), it is not part of your estate. If you take the money earlier and invest it…you can realize higher total withdrawal in your lifetime. For me the sweet spot was around age 65 (assuming death at 85-90)
2. neu retirement seems to require almost as many assumptions as my spreadsheets have. It’s comprehensive, but at the end of the day, there are still a lot of assumptions being made. I would advise that if your plan is “on the bubble” keep saving until the assumptions don’t matter as much. Also having a baseline budget you know could keep you alive in a “depression” seems a better plan than saving up more and more to account for a series of terrible market returns. The simulations often show (pessimistic) “you’ll run out of money at age 75” or (optimistic) “you’ll die with 35 million at 90” - quite a swing!

[davidperry]

This retirement business is nothing but unknowns. The stock market, inflation, interest rates, healthcare costs, tax rates, longevity, social security solvency, and on and on. To me it boils down to having a decent grasp of the most likely outcomes and how far things could deviate from that, then deciding where you come down on the risk tolerance scale. I'm not comfortable with any plan that has more than a 1% chance of my wife and I running out of money. I think most people are ok with more risk than that. Everyone has to make those decisions for themselves. Joe, thanks for the videos.

[Gonefish-n]

Great video. Don't sweat the negative people.

[joefilbrun]

You hit the nail on the head with number 4 - inflation. I definitely consider that to be the biggest risk to my plan. I know we've had periods of high inflation historically, and they've eventually settled down and averaged out to that 2-3% range. I do have to wonder if climate change and its potential to disrupt supply chains, production, logistics, and migration isn't going to lead to a new normal with higher inflation rates, though. Low supply drives prices up, and climate change seems like it has the potential to cause supply disruptions for, conceivably, the rest of my life. The optimist in me says "we'll figure it out". But it also seems unwise to not at least consider that the average annual inflation rate could continue creeping up in this and coming decades.

[jimrinard]

Love your channel, Joe. Thank you for your work.

[clbcl]

Base your terminal age on family history. Both mine and the wife unit parents and grandparents made it well into the 90's and just passed of old age, no disease.

[abr]

Great topic. I would add to your list: having an overly complicated portfolio with too many stocks, funds, ETFs, etc. Also, I think you are being a little too biased against the use of spreadsheets. I have 2 ETFs and one mutual fund in my portfolio. Keeping things simple and easy to manage was a top priority. In my situation, software tools are overkill and my spreadsheet does the job just fine.

[conureron]

Tax rates are likely to rise in the future, looking at the country’s debt load. So it’s important to develop that tax plan to get yourself in the lowest tax bracket possible, later in life.

[christopherprice]

I'm supposed till live till mid 80S my wife till early 90S. biggest and only problem is when she retires.

[kevinfestner]

I'm still planning the lower 20 percentile worst case scenario where I can last to 95. I can last till 93 in the bottom 20th percentile, planning for the worst case scenario. (I'm using honestmath as my latest planner). While I can still continue to work, I want this padding, or am I wrong? In addition to my emergency fund, I keep a home improvement/repair emo fund, as well.

I have had to adjust my FIRE number by 10.99% for inflation.

[richardwysocki]

Ugh.. I’m horrible at budgeting.. I do the save first process. Don’t save 1/3 but we’re saving maybe 20-25%

[TheBeagle]

I’ve been retired eleven years and my wife eight years. Once her Cobra ran out in early 2018 we paid about $2, 000/month for health insurance. That through a retiree health plan my employer had. ACA would have been about $400/month more in premiums and much higher deductibles and copay. We both went on Medicare three years ago, and even with IRMAA we pay less. Estimating $2, 000/month today for healthcare is not out of line.

[marilynsue]

I checked the IRS life tables, and at age 68, they expect me to live another 18.8 years.