Episode #34: Why Procrastination Is Killing Your Retirement


The Principle:

It’s tempting to put off retirement planning, but your procrastination could be a detriment to the well-being of your financial future. Discover the importance of putting your affairs in order.

(Click the featured times below to jump forward in the episode)

Honest Takes:

[00:16] – The Importance Of Being Decisive.

• Jocko Willink is the author of a bestselling book called Extreme Ownership: How U.S. Navy SEALs Lead And Win. He’s also the host of a podcast simply titled, The Jocko Podcast. We recently asked for his advice on retirement planning, and he stressed the importance of being decisive.

[00:59] – Procrastination Will Hurt Your Retirement.

• We get it. It’s intimidating to start the process of retirement planning. After all, you have to find an advisor you trust, and then you must take the leap of faith to entrust them with stewarding your life’s savings. That’s a daunting challenge. However, your procrastination is costing you.

[2:20] – The Ramifications Of Procrastination.

• We had a client who came in for a visit after listening to our show. During our conversation, we discovered he’d never considered the tax consequences of his investing decisions. It wasn’t until he heard our show he realized he’d been procrastinating in this area. His procrastination pushed him into a higher tax bracket.

[4:23] – Don’t Play The Waiting Game.

• Folks wait a long time to make a decision. We had a highly successful realtor to call us, and he acknowledged he’d been considering calling us at least four different times. However, he couldn’t bring himself to pick up the phone. Once he finally took the leap, he realized the process of getting started wasn’t all that scary. He also began to see the implications of his procrastination.

[5:31] – Trust But Verify.

• On the other end of the spectrum, don’t blindly trust your advisor. You need to be active in the planning process, and you need to ask your advisor questions as you determine whether they’re working in your best interest. Don’t follow blind faith. Make sure your advice is credible.

[7:45] – Put Your Affairs In Order.

• Nobody wants to talk about death, but it’s a reality for all of us, and estate planning is a crucial element of retirement planning. Don’t let procrastination or fear of the inevitable get in the way of leaving a lasting legacy to your heirs.

Today’s Truth:

Other Virtues:

The host: Brian Bowen – Contact

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