Ep 11: Don’t Make These Assumptions About Retirement

Are you making assumptions about your retirement and what it will look like? Mark breaks down some of the expectations people have and where you can go wrong.

In this episode of The Retirement Huddle podcast, Mark Howard shares some of the common assumptions people have about retirement and why those expectations can be wrong.

Thinking you’ll spend less in retirement

Some people think they’ll spend less money in retirement, but that’s often not the case, especially in the first few years of retirement.

“Think of the TV commercials that you see that depicts these perfect retirements where people are traveling and they’re playing golf and they’re buying stuff for the grandkids. Well, all of that costs money,” said Mark.

We get into the details with our clients to find out what their goals are and help them achieve that.

Thinking your taxes will be lower when you retire

Think taxes will be lower when you retire? Don’t bank on that. Income tax rates are currently at historic lows, but taxes will most likely go up after the pandemic.

Thinking you need to fund college before retirement

Remember, there’s no such thing as financial aid in retirement. It’s great if you want to help your kids, but don’t sabotage yourself. Student loan debt can be a huge burden, but mom and dad being a financial liability later in life can be a bigger burden.

Thinking you’ll never be able to retire

“One of the greatest joys of what I do is being able to put a plan together for someone that thinks they’ve got to work another 10 years, and we’re able to show them how to retire sooner than that,” said Mark.

A lot of people get to age 50 and feel way behind in saving for retirement. But people in their 50s are typically in a better position to save more money. We’ll show you how to grow your portfolio without a lot of risk

Also on this episode, Mark answers two mailbag questions about how to help parents with long-term care and dealing with the financial fallout of a divorce late in life.

Thanks for listening! We’ll be back for another show every other Thursday.

Today’s Rundown:

[0:55] – Thinking you’ll spend less in retirement

[2:03] – Thinking your taxes will be lower when you retire

[3:18] – Thinking you need to fund college before retirement

[4:12] – Thinking you’ll never be able to retire

[5:44] – Mailbag: How to help parents with long-term care

[7:13] – Mailbag: Can I overcome a divorce this late in life

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Show Hosts

The “Coach” who will help you achieve a successful retirement future and the radio veteran who brings it all together.

Mark Howard - The Coach

Mark Howard is the President of Howard Financial Group and has more than 27 years of experience in the insurance, wealth management and financial services industry. He's also the host of the Retirement Huddle Podcast and radio show on 97.7 WTKS.

Ron Stutts - The Voice

Ron Stutts has been a professional communicator for more than 40 years. With a successful radio career that spans decades, Ron's voice has been heard on dozens of radio stations and podcasts across the country.

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