Jul 21, 2017
The six actionable strategies to make sure you get the most out
of every dollar you save for retirement.
Main Questions Asked:
What are the six actionable strategies?
Key Lessons Learned:
- The conventional wisdom is hurting people, the more money you
save for retirement the less the conventional wisdom makes
- Social security benefits have to be coordinated with your other
- Being forward looking with your investments can save you a lot
of money. You have to think about the tax efficiency of your
investments, not just the total return.
- You need to have a withdrawal strategy that depends on how the
accounts are doing in relation to the market in order to avoid
running an account out of money years ahead of time. The wrong
strategy can trigger an avalanche of taxes and fees.
- Many people fail basic retirement quizzes even if they have
managed to save money for their retirement. Saving for retirement
doesn’t mean you’re ready to retire.
- Longevity is a key issue. Inflation is eating away your
purchasing power, if you don’t account for inflation your accounts
won’t go as far as they could.
- Diversify your income by having a variety of accounts that
produce income differently that includes high yield bonds, dividend
paying stocks, or certain types of annuities. Without a diversified
strategy you are at the mercy of the market.
- Consistently assess your risk tolerance every few years. Your
ability to swallow risk changes as time goes on and you have to
review your portfolio to keep your risk tolerance in balance. Too
much risk will cause havoc in your retirement.
Links To Resources Mentioned
Money Map Retirement Review
Thank you for listening!