The Bird’s Eye View:
There are some things you should never assume in the financial world, especially as you’re preparing for retirement. Find out if you’re getting any of these things wrong.
On this episode of Your Retirement Elevated podcast with Scott Dougan, we’re talking about some of the wrong assumptions people make about their finances, especially as they’re preparing for retirement.
I’ll spend less in retirement
People often think they’ll spend less in retirement, but that’s not always the case, especially in the first five years after you leave the working world. Many people are traveling, playing golf, taking cruises, etc. and those things cost money.
“Will your plan support the lifestyle you want to live in retirement?” said Scott.
My taxes are going to be lower when I retire
If you retired in 2018 or beyond, that’s true, but it’s very rare and it’s the first time it’s happened in 30 years.
Tax rates are at historic lows. Considering the stimulus money and other entitlement programs, we’ll likely pay for that later with taxation.
I should help my children with college and worry about saving for retirement later on
You want to be there to help your kids. The problem is, to what degree do you help them? There’s no such thing as financial aid for retirement. Make sure you’re not sabotaging yourself in the process.
Listen to the full episode or use the timestamps below to find specific segments.
7:41 – Spending less in retirement
9:26 – Lower taxes in retirement
11:12 – Helping children with college
13:34 – I’ll never retire
Thanks for checking out the Your Retirement Elevated Podcast. We’ll talk to you again on the next show.
Scott Dougan, RFC, Investment Advisor – Contact