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Joe Anderson, CFP\xae & Alan Clopine, CPA share common retirement mistakes they\u2019ve seen for years. These mistakes that could cost you thousands, if not more, can easily be avoided if you learn how. Original publish date August 6, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.\xa0

00:00 - Intro

02:27 - \u201cWhat we have found with a lot of you is that potentially you\u2019re not going to be in a lower tax bracket.\u201d

05:37 - \u201cThe people we work with have assets in retirement accounts, and in most cases they will be in the same tax bracket or higher because most people that will come into our office want to at least maintain their same lifestyle.\u201d

09:32 - \u201cYou have to put a plan together to take a look at a forward-looking strategy.\u201d

13:37 - \u201cThe first one (mistake) seems so obvious but we see it over and over again \u2013 it\u2019s not having beneficiaries on your retirement plan or IRA or having the wrong ones on your IRA.\u201d

17:34 - \u201cAs a CPA (Certified Public Accountant) for over 30 years, it does amaze me how many people fail to get the message about tax planning and strategies until they make a mistake that costs them thousands of dollars.\u201d

22:57 - \u201cThere are a lot of different requirements to name the trust as the beneficiary.\u201d

25:49 - \u201cThere is good justification for actually having a separate trust; it\u2019s called an IRA trust which has nothing to do with your living trust and you set that trust up in such a way that when you pass away, your beneficiaries become sub-trusts and you can actually have the RMD (required minimum distribution) based upon each individual beneficiary.\u201d

28:02 - \u201cThis isn\u2019t so much a mistake but an underutilized strategy because a lot of people don\u2019t really know about it. It\u2019s called net unrealized appreciation (NUA).\u201d

30:55 - \u201cIf you keep your tax bracket low enough, you can avoid the capital gains tax so you can get those assets out tax-free to you.\u201d

34:46 - \u201cInterest rates are at all-time lows, markets are volatile, we\u2019re living a lot longer and healthcare costs \u2013 the list goes on and on.\u201d