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Retirement Planning: Avoid These Three Mistakes

RL128 - Retirement Planning: Avoid These Three Mistakes


Today on the Retirement Lifestyle Show, Roshan Loungani, Erik Olson, and Adrian Nicholson go through the three major mistakes you should avoid when planning for retirement. They talk about risk versus reward during retirement, why so many retirees are returning to work, and the benefits of proper retirement planning.


[02:40] Introduction

[03:33] Risk Versus Reward During Retirement

[06:49] Understanding the Two Major Types of Investment Risk

[09:15] The Difference Between Individual and Portfolio Volatility

[14:20] Investment Risk During the Accumulation Versus Distribution Phase

[19:10] Why So Many Retirees are Going Back to Work

[22:38] Why You Need to Test Drive Your Retirement

[30:25] Always Have a Plan For Retirement

[34:30] Understand That Your Goals and Lifestyle During Retirement Will Change

[36:55] The Benefits of Proper Retirement Planning

[39:50] Parting Thoughts


For more links and the full show notes keep scrolling down!


Roshan Loungani can be reached at roshan.loungani@aretewealth.com or at 202-536-4468.


Erik Olson can be reached at erik.olson@aretewealth.com or 815-940-4652.


Adrian Nicholson can be reached at adrian.nicholson@aretewealth.com or at 703-915-8905.


For links to your favorite platform like Spotify, iTunes and so on go here:

https://spotifyanchor-web.app.link/e/S7AS6EYEfsb

Select episodes, like this one, can be found on YouTube:

https://www.youtube.com/channel/UC0ZZPM3xk6onXNpb1ceAkCg




Follow Us At:

Podcast Website: https://www.retirementlifestyleshow.com https://www.retirewithroshan.com https://youtu.be/hKVzI87v0tA https://twitter.com/RoshanLoungani https://www.linkedin.com/in/roshanloungani/ https://www.facebook.com/retirewithroshan/ https://www.linkedin.com/in/financialerik/ https://www.linkedin.com/in/adrian-nicholson-74b82b13b/ #retirementlifestylepodcast #fire #podcast #FI #Retire #retirewithroshan


Full Show Notes:


Risk Versus Reward During Retirement

Most people dream of a comfortable and secure retirement, so they carefully divert money from their paycheck into a retirement fund. However, we all know that preparing for a successful retirement is more than just saving money in a retirement fund. It's about investing the money into an activity that helps it grow, generate income, and meet your specific needs. Interestingly, that's where it gets complicated; you want to grow your investment without risking it all. But here's the thing, nearly all investment vehicles carry some form of risk. It can be very low risk, but it's always there.

Since you're no longer adding money into your investment vehicle during retirement, the security of your investments becomes even more important. Whatever you choose to invest in, it would be best to understand the amount of risk they expose you to versus the amount of reward they can offer.


Why So Many Retirees Are Going Back to Work

According to a recent study by the Federal Reserve Board, 1/3 of the people who retire eventually return to work on either a full or part-time basis. And this is true across all income levels. The big question remains, why are so many retirees going back to work?

First, the pandemic drove thousands of older adults into early retirement. However, inflation, the markets, and other unexpected events are sending them back into the workforce. And while most people don't retire expecting to go back to work, there are numerous unforeseen reasons why this can happen, including the following: inflation, poor financial planning, in search of additional income, stock market volatility, boredom or loneliness.

If you'd like to avoid the possibility of going back to work, it would be best to take your retirement on a test drive a few years before your actual retirement. Or experiment on a couple of different things during the first few months of retirement before settling on one thing long-term. And always consult a financial planner well in advance to help you develop a solid financial plan.


Links and Resources:

Target Date Retirement funds Episode

Charlie Munger: The Complete Investor by Tren Griffin



All opinions expressed by podcast hosts and guests are solely their own. While based on information that they believe is reliable, neither Arete Wealth nor its affiliates warrant its completeness or accuracy, nor do their opinions reflect the opinion of Arete Wealth. This podcast is for general informational purposes only, and should not be regarded as specific advice or recommendations for any individual. Before making any decisions, consult a professional.

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