Retirement Blind Spots

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Today’s Question:

What do you need to look out for when it comes to blind spots in retirement? Don’t overlook these key elements that you’ll want to prepare for in your financial plan.

Click on the timestamps below to jump to specific topics. 

Confidence Corner

Do you have any blind spots in your retirement plan? Both retirees and pre-retirees can overlook some of these things, so make sure to talk to your advisor to ensure you don’t get tripped up by one of these problem areas.

Be careful when it comes to cryptocurrency. There are a lot of unknowns when it comes to crypto, making it a bit of a gamble. Are you balanced when it comes to the market? Can you afford to lose this money? Don’t look at it as an investment.

We’ve had a good market for several years lately but it won’t always be that. If you expect and assume the market to only ever go up, you might be shocked when a downturn inevitably happens. There’s always something to cause it but markets historically always come back. You have to make sure to keep in mind the timing of it, especially if there is a big decline early on in retirement. Are you allocated appropriately?

Inflation impacts over time can be a big blind spot in your retirement plan. It’s so important to have some allocation in stocks in order to outpace inflation. Does your retirement plan account for inflation? Right now, we are seeing higher inflation than we’ve seen in awhile.

Are you ignoring or avoiding medical care costs? Don’t assume that it will all be covered by Medicare. Things like eyecare or dental work are not covered by Medicare. You have to plan for those things. What will happen with Medicare premiums in the future?

No one wants taxes to go up, but it is bound to happen at some point. The national debt is huge and new proposals are being made. What can you do to prepare? Don’t panic yet because we don’t know what the future changes will be. Talk to an advisor to make a plan that helps you keep focused on your goals and needs in retirement.

Listen to the entire episode or click on the timestamps below to skip ahead.

[0:36] We’re talking retirement blind spots today. 

[1:49] – Are you investing in cryptocurrency?

[4:27] – Do you expect the market to always go up?

[7:05] – Inflation happens over time. Is it here to stay?

[9:32] – Medical costs are not all covered by Medicare.

[12:38] – Tax increases may happen in the future.


A Point Of Wisdom:

Early on in your retirement years if there’s a big decline, that’s where you’ve got to be really careful.

-Nathan O’Bryant


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