There are so many parts of your financial life that are out of your control, so why would you sabotage your retirement by failing to handle the things that are within your control? Many people do this but you don’t need to be one of them. Let’s discuss some ways people sabotage their own financial health.
(Click the featured times below to jump forward in the episode)
The first thing you need to do in retirement is take care of the things that are within your control. It sounds easy but many people don’t follow this basic step.
Think about all the things that are unpredictable in our financial lives. From taxes to healthcare and much more, there are so many things we can’t control. That makes it even more critical to manage the areas you can in retirement. If you don’t, it could end up sabotaging your retirement.
We don’t want you to waste the years you’ve worked to get to that next chapter of life, so let’s talk about the common mistakes you can make that will hurt your financial health. That’s our focus on this episode of Your Financial Mission, and J’Neanne will take us through five different areas of your retirement that you can gain control over and why they are important.
We’ll also spend some time on recent headlines. How much will the cost of living adjustment to Social Security benefits affect you in 2020? Plus, did you see the story about a man that spent nearly $30K to battle a $100 ticket? Talk about sabotaging your finances.
That’s all on today’s show. Listen to the full episode or click on the timestamps below to hear a specific segment.
[1:20] – Previewing the show today.
[2:27] – In the News: The Social Security Administration announced a 1.6% cost of living adjustment that will be added to the 2020 monthly benefits.
[4:59] – Did you see this? A British man spent $30,000 in legal fees and court costs fighting a $100 speeding ticket. And he lost the case…
[7:12] – Let’s talk about what we can do to avoid sabotaging our own retirement.
[7:40] – Obsessing over the short term ups and downs.
[10:28] – Starting Social Security at the wrong time.
[11:47] – Pretending like the risk of nursing home stay is so far in the future that you don’t need to worry about it right now.
[13:47] – Assuming just because you like your job now means you’ll enjoy it forever.
[15:38] – Not identifying how much you need to spend for the rest of your life to enjoy the lifestyle you want.
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