Podcasts Business Investing Your Money, Your Wealth 15 Mistakes People Make in Retirement - 31

15 Mistakes People Make in Retirement - 31

Published: May 21, 2016, 5 p.m.

Joe and Big Al cover 15 mistakes even the smartest people make in retirement, courtesy of\xa0Go Banking Rates, in YMYW podcast episode 31. These mistakes include: claiming Social Security too early, being too conservative or aggressive with investments and failing to take your required minimum distributions (RMDs). Find out how to make your golden years the most successful they can be. Original publish date May 21, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.\xa0

05:17 - \u201cWhen you look at the taxation of your retirement income\u2026 there are some significant things you can do\u201d

09:40 - \u201cWe\u2019re talking about mistakes people are making and one of them is not necessarily taking a look at their home when they sell it and understanding the tax law\u201d

11:34 - \u201cIf all of your money is in a retirement account, IRA, 401(k), 403(b)s and the like, all of that is going to be taxed at ordinary income rates \u2013 the highest of rates. You want to prioritize where you\u2019re going to be pulling your money from in retirement\u201d

13:57 - \u201cAnother big mistake that people make is that a lot of you are taking Social Security maybe a little too early\u201d

21:14 - \u201cUnfortunately we don\u2019t take enough time to do upfront planning\u201d

25:49 - \u201cThe truth is, taxes don\u2019t stop when your paycheck does; when you start tapping your retirement nest egg it comes with all sorts of new rules and opportunities\u201d

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