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Dumb Decisions and Financial Mistakes We Make With Retirement Planning

December 26, 2019

The Principle:

We all mistakes in life and our finances are not excluded from our lapses in judgement, and these financial mistakes can often be costly. Don’t leave your retirement up to chance. Make sure you’re avoiding these dumb and dumber decisions.

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)

Honest Takes:

The 25th anniversary of popular comedy movie Dumb and Dumber got us thinking about the boneheaded decisions we make with our finances.

Mistakes are unavoidable. We’re all human. But why not be prepared and avoid them if you can help it? That’s the goal on today’s episode of the Retire with Integrity podcast. Brian Bowen shares a few of the worst financial mistakes he commonly sees from people.

As most of our conversations do, we talk quite about being aware of your tax obligations and preparing for those. Too many people aren’t thinking about the taxes they’ll owe eventually and it can be a big surprise in retirement. We’ll also talk about how to offset some of those obligations and changes you can make now to limit your taxes later in life.

Listen to the full episode or click on the timestamps below to hear a specific segment.

[0:16] – 25th anniversary for this comedy movie.  

[1:58] – How much money did ‘Dumb and Dumber’ make?

[2:12] – The dumb things we do when we try to plan our own retirement.

[2:49] – The biggest problem is when people know they’re making a bad decision but do it anyway because they don’t want to ask anyone’s opinion.

[4:30] – Another big mistake is not considering taxes down the road.

[7:15] – Why Roth IRAs are a better option than traditional IRAs right now.  

[10:04] – Make adjustments now to limit taxes later.

 

Today’s Truth:

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The Host:

Brian Bowen – Contact

Avoid financial mistakes by having a financial and retirement plan in place. Brian Bowen of Integrity Financial Planning is here to help