15 Mistakes People Make in Retirement - 31

Joe and Big Al cover 15 mistakes even the smartest people make in retirement, courtesy of Go 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 Note that content may be outdated as rules and regulations have changed. 

05:17 - “When you look at the taxation of your retirement income… there are some significant things you can do”

09:40 - “We’re 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”

11:34 - “If 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 – the highest of rates. You want to prioritize where you’re going to be pulling your money from in retirement”

13:57 - “Another big mistake that people make is that a lot of you are taking Social Security maybe a little too early”

21:14 - “Unfortunately we don’t take enough time to do upfront planning”

25:49 - “The truth is, taxes don’t stop when your paycheck does; when you start tapping your retirement nest egg it comes with all sorts of new rules and opportunities”