Don’t Assume When It Comes to Retirement

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Today’s Question:

When it comes to finances, a lot of times it is easy to make an assumption about something one way or another. But you know what they say about what happens when you assume!

Click on the timestamps below to jump to specific topics. 

Confidence Corner

What do you envision retirement to look like? If you’re dreaming about travel and a life of leisure, you might be surprised to find that you’ll be spending more than you do now. Unfortunately, many make the assumption that you’ll be spending less in retirement. What other assumptions do people tend to make?

Are you banking on taxes being lower in retirement? Dealing with taxes throughout retirement will always be something that is uncertain. Currently, the tax rates are super low, but more than likely they will go up in the future. Are you planning accordingly?

Does your plan include saving for college for your kids or providing for them well into adulthood instead of saving for retirement? While there are sometimes curveballs dealt, it’s important to keep the focus. The reality is, you can’t take out loans for retirement. So, make sure you continue to save for your future.

Are you afraid that you’ll never be able to retire? What are you basing that off of? Do you have actual numbers and a plan? Or are you just making assumptions? Make sure to sit down with an advisor to run the numbers and find out how well you’re actually doing.

Listen to the full episode or click on the timestamps below to make sure you don’t make these assumptions.

[0:35] – Nathan shares why this is his favorite time of the year.

[1:52] – What is the latest in the news?

[5:49] – Why shouldn’t you make assumptions?

[6:53] – Assumption: You’ll spend less in retirement.

[8:42] – Assumption: Taxes will be lower in retirement.

[11:34] – Assumption: You have to financially help out adult children.

[14:34] – Assumption: I’ll never be able to retire.

[17:54] – Mailbag: Should I buy gold bars, gold coins, or no gold at all?

 

A Point Of Wisdom:

You can get loans for college; you can’t get a loan for retirement. So, you’ve got to be careful with that and make sure everything is on track with retirement before you divert funds.

-Nathan O’Bryant

 

 

Related Content:

PODCAST: Top 5 Types of Financial Risk

PODCAST: Are You Following Outdated Financial Rules?

 

Additional Resources:

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