Episode 64: Don’t Make These Retirement Assumptions

It’s never a great idea to make assumptions and that’s especially true when it comes to your money and your retirement. Let’s identify the common assumptions people make with their financial planning that could end up really costing you in retirement.

 

Check out the show notes and get additional resources here: https://coveryourassetskc.com/ep-64-dont-make-these-retirement-assumptions/ 

 

Today's show rundown: 

0:20 – The first retirement assumption we hear is that you’re going to spend less money once you retire.

1:26 – A lot of people assume taxes are going to be lower in retirement but don’t bank on that.

2:19 – Did you realize you have a partner in your 401k and IRA? It’s the IRS.  

4:26 – Many people worry about putting their children through college before saving for their own retirement.

5:17 – Get a plan in place no matter what age you are.

8:13 – Mailbag question #1: Should I buy gold coins or gold bars? Or no gold at all?  

9:58 – Mailbag question #2: I’m in my late 50s and recently divorced and extremely worried about what retirement will look like with one Social Security benefit and half of the assets that I planned on having. Can I overcome a divorce this late in life?