It takes a lot of hard work and dedication to finally be able to step away from working and retire. But the journey isn’t over. You’re just transitioning to the next chapter of life, which is where your mindset completely changes financially. Let’s explore the ways people commonly mess up early in retirement.
We all love envisioning the day we can walk away from work and live off everything we’ve earned and saved along the way. Having that financial freedom to do whatever we want is such an exciting time, but it doesn’t mean you’re completely out of the woods.
That freedom can also become a problem if you aren’t careful. All of a sudden you have these large nest eggs at your disposal and plenty of people giving you all kinds of ways to invest it.
So let’s use this episode of The Financial Answer to give you a little advice on how to handle retirement. It’s a difficult transition from many as you go from accumulating to managing and it’s easy to slip up. Nathan works with retirees all the time and knows first-hand about the challenges his clients commonly face.
The best way to stay on track is working with an advisor and we’ll talk about that as well in this episode. Don’t try to do everything on your own. Utilize the people around you to make the best decisions and keep your portfolio in order.
Check out the full show at the top of the page and use these timestamps to save you time navigating to different sections of the show.
0:38 – Getting ready for Thanksgiving.
2:32 – Welcome to retirement, don’t mess it up!
3:09 – Don’t make any sudden decisions.
4:40 – Don’t jump into investments that you don’t understand.
6:41 – Work with a professional even after retiring.
8:33 – It’s a different mindset once you get into retirement.
11:16 – History lesson: 219 years ago Congress met for the first time in the Capitol Building in Washington.
A Point Of Wisdom:
PODCAST: The Final Decade Before Retirement
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