We’ll examine a recent article outlining key guidelines for a sound retirement. Discover which of these rules are worth remembering.
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• The Motley Fool released a set of financial rules you should follow. Brian outlines which ones are worth remembering.
• It’s important to keep cash on hand. It’s also important to know how much cash to keep on hand. Many of you have too much cash, and it’s not keeping up with inflation. Inflation can be just as dangerous to your wealth as a volatile financial market.
• You need to be aware of required minimum distributions and tax laws. You don’t want to overpay in taxes, and you don’t want to overpay simply because you forgot to think about your RMDs.
• This is a polite way of urging you to be careful with your spending. Don’t buy a beach house and then consult with your advisor. Reverse those steps, and prepare for any large purchases you might be making in retirement. Put an income plan together, and discuss what you can afford in advance.
• This couple is still working, and we asked them whether they paid attention to the volatility on Wall Street. We found they didn’t seem to be particularly concerned. Brian explains why.
• Your investing plan needs to be focused on the long-term. A sound retirement focuses on what may happen next year, in five years, 10 years, and beyond. Don’t concern yourself with the daily ups and downs of Wall Street. Furthermore, determine how much risk you’re comfortable having in your portfolio.
The host: Brian Bowen – Contact