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Mistakes to Avoid When Planning For Retirement · Money In Motion with Klaas Financial

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This is Money in Motion with Class Financial, a fun and informative show designed
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to help you get answers to all your retirement questions in one place. At
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our phone. Minds are open for you right now six oh eight three two
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one thirteen ten. That's three two one thirteen ten. Love to have you
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join us this morning as we chat with our retirement planning professionals from Class Financial,
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Eric Schwartz and CJ. Closs. Of course that loss Financially. You
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can learn more about them on their website. Great website and resource Class financial
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dot com that's k l aas Financial dot com. From the website, not
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only can you get to know the team, you can learn about the separate
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divisions at COSS Financial. You can also sign up for the weekly Market Pulse
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newsletter as well as listen back to this in previous shows podcast. So much
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stuff packed onto one website. Class Financial dot com. That's k l aas
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Financial dot Com. At the telephone number six oh eight four four two five
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six three seven. No charge for that initial get to know your appointment at
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Class Financial. It will be complementary to you again the telephone number six oh
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eight four four two five six three seven and to get on the air,
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just call our regular studio line six oh eight three two one thirteen ten.
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That's six oh eight three two one thirteen ten. CJ. Are you ready
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for Christmas? I'm just about Sean, I'm almost there. What about you?
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I probably much like you. I've got a double check with my wife
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to see where things stand. But yes, you won't know until I ask
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her. Yeah, exactly, I'm the same way. Eric. How have
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you been great to have you along. I am doing I'm doing great.
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I am looking outside and I'm not seeing it look at all like Christmas yet,
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So we'll see what we get in the next few days. Quick question
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for you. Would you rather have no snow on Christmas or three feet?
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Ooh, I'm going to go with three feet. I'm with you. CJ.
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How are you in the three foot grouper? I am. Yeah,
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I'm a white Christmas kind of a person. But I know a lot of
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people are cringing right now, yeah, not having this, so yes they
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are. We've got an We talk about really important things that we discussed on
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the program. Always have a little bit of fun as well. Well.
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We've got a great conversation I had about some of the mistakes folks make and
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how to avoid them when it comes to retirement planning. This is going to
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be one of those shows that you definitely want to make sure you're paying close
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attention to for a number of reasons. The biggest one, of course,
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it's fantastic information, but also a great opportunity coming up a little bit later
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on the program with the Class Quiz question league. Typically both the question and
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answer to the Class Quiz question the leak come up during the program. This
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week, our friends from Class Financial have provided a fantastic prize as always,
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a twenty five dollars gift card to Amazon. Again, listen closely to the
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program, oftentimes just about every time that question and answer come up during the
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program. And before we get rolling on this week's topic about retirement planning and
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some of those mistakes to avoid, let's actually take a look back at last
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week's show and get the Class Quiz question week question and answer there as well.
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Yes, so thank you for everyone for listening last week, and quick
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congratulations to our winner last week, who was William of Madison. The question
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was true or false. Looking ahead to twenty twenty four, IRA contribution levels
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will rise from six five hundred dollars to seven thousand dollars for persons under fifty.
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And the answer to that is true, really good stuff. And that
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was a great program also, and you can always listen back at Clossfinancial dot
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com. That's k l Aasfinancial dot Com. Gratulations to William. You two
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can be like William a little bit later on the program, we'll do the
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class quiz question the week again a chance to win a twenty five dollars gift
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card to Amazon. Talking this week about mistakes, ten mistakes specifically you should
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avoid when it comes to retirement planning and CJ what should we be aware of
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when it comes to our own planning. Yeah, being that we're retirement planners,
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ideally we help people avoid the mistakes that we're going to go through here.
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So hopefully our listeners will hear these potential mistakes and then as you're getting
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near or in retirement, you know, alarm bells will be going off as
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you start to head towards these these topics. So here are the the ten
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mistakes that we're going to go through that people in or near retirement should try
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to avoid. Mistake number one is staying too aggressive in your portfolio. So
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a lot of people try to make up for lost time by getting aggressive at
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the very end of their career. Now Eric and I meet with literally hundreds
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and hundreds of people, So we have about a thousand households we work with
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across the nation. Eric and I alone work with about two hundred households a
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piece, and so we're meeting with people all the time in all different phases
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of retirement. And just because you're close to retirement doesn't by definition mean that
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you have to back off your risk. But what you do not want to
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do is be behind on your savings, and as you get close to retirement,
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try to make up for that by getting aggressive. Because listen, there's
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some things we can control in this world and there's some things we cannot,
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and the global stock market is one of the knots. So what we say
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to people is it's good you want to control the controllable. So your desire
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to have some control over the future is good. That means you're thinking about
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it, you're proactive, but don't think that you can control the global markets.
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It's just not going to happen, and you can run into a bad
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sequence of returns that can really put you even further behind. So mistake number
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one to avoid is staying too aggressive in your portfolio as you get close to
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retirement. Mistake number two is retiring without considering your health insurance options. So
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we talked about this on the show before, but the most common age that
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people retire is actually sixty five or right around sixty five, and it's because
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that's when government subsidize health insurance known as Medicare kicks in. Now again,
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I find it interesting when we say government subsidize because between you and me,
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government doesn't generate revenue. So we need to remember taxpayer subsidized health insurance is
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what we're really referencing here. But when we say that, you have been
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paying into this Medicare benefit over your intien higher working life, and so when
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you get to sixty five, you get to benefit from that Medicare health insurance.
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So, long story short, mistake number two here is retiring without considering
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your health insurance costs or options. Because this is a huge component to retirement.
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It could be waiting till sixty five to retire to get Medicare, It
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could be retiring, you know, maybe twelve to eighteen months before retirement and
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using something called COBRA. COBRA generally applies to all group health insurance plans of
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employers with twenty twenty employees or more. You could jump onto your spouse's health
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insurance. If you're retiring before sixty five, you could you if you're a
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veteran who served with Honor, you could potentially enroll for VA or Veterans Health
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Insurance. And then finally, there's also something known as the Affordable Care Act.
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This is for people who are not eligible for COBRA, or they're not
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sixty five, or they're you know, a kid who's going off of their
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parents' plan and they don't yet have a group plan. The Affordable Care Act
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offers individual health insurance plans for people through healthcare dot Gov. Now, remember
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healthcare or the Affordable Care Act is a subsidies driven health insurance plan. So
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if your income is low enough, you can qualify for pretty good insurance.
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It depends pretty decent insurance, depends what plan you're getting on, and sometimes
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you can have a lot of subsidies there. And then finally, there's also
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things known as medical sharing arrangements, which are another option that are out there
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for people who are part of religious organization. So long story short, you
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just don't want to retire or stop working where you have a group health insurance
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plan without clearly knowing what your plan will be. To address that moving forward,
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talking this morning with our retirement planning professionals CJ. Closs and Eric Schwartz.
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They come to us from Class Financial. The website Class financial dot com
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that's k l Aasfinancial dot com. Great website and resource to learn more about
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Class Financial as mentioned, also a place to subscribe to the weekly Market Pulse
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newsletter as well as subscribe to the podcast or listen back all at Clossfinancial dot
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com and the phone lines are open this morning. Six soh eight three two
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one thirteen ten. That's six oh eight three two one thirteen ten. What's
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mistake number three? C J? Yeah, this mistake number three is not
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being tax wise. So we've referenced this again on multiple multiple times on the
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show. But we we, like Dave Ramsey and Financial Peace University, we
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believe in keeping your finances simple and trying to pay down your debt as you
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get closer to retirement. It truly is both in concept and in practice one
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of the best ways to retire with no required debt service payments. But sometimes
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people take that concept out of context. And so what I mean by that
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is they'll they'll get very near retirement, they'll go, you know, I
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just don't want this mortgage, and so I'm going to take two hundred thousand
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dollars out of my four oh one K plan to pay off the mortgage right
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before I retire, and we go, WHOA have you looked at the tax
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consequences of that? So now that's just anecdotal. There's a multitude of examples
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of how you would not you may not be tax wise as you get close
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to an enter retirement, but the point being, you are going to want
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to be aware of the tax consequences of the decisions that you make leading up
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to and throughout retirement. Listen, I know that what we're talking about here
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is we're going to go through a bunch of mistakes to avoid and really what
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it leads to is we would highly suggest that you have either an advisor or
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an accountant who is a trusted person in your life who you can sit down
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with and address each of these topics because it's a lot I mean, Eric
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and I can attest we are learning every single day. I learned something new
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every day, and I do this for a living. I've done this for
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twenty years and I'm still learning new things every single day within our industry.
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And so it's just if you're a consumer trying to do this on your own,
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God bless you, because I don't know how you would do it.
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So again, just just consider trying to find a good partner to help you
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avoid these mistakes. Talking this morning with CJ. Class and Eric Schwartz,
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our retirement planning professionals from Class Financial. Always enjoyable talking with them. It's
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always great opportunity as well. To start that conversation. All I gotta do
10:16
is give them a call six oh eight four four two five six three seven.
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No charge for that initial gets new appointment at Loss Financial. It will
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be complimentary to you again their number six oh eight four four two five six
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three seven. The website Class financial dot com. That's k Laasfinancial dot com.
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And join us on air this morning with your retirement related question. Love
10:35
to hear from you six oh eight three two one thirteen ten. That's six
10:39
oh eight three two one thirteen ten. Well to do our conversation with CJ.
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Eric and take your call. Next has Money in Motion with Class Financial
10:46
continues right here on thirteen ten WIB eight. This is Money in Motion with
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Class Financial, a fun and informative show designed to help you get at here
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do all your retirement questions in one place, talking with our retirement planning professionals
11:07
CJ. Closs and Eric Schwartz. Of course, they come to us from
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Klass Financial, the website class financial dot com. That's Closs k l aa
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S Financial dot com and their telephone number six oh eight four four two five
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six three seven. No charge for the initi you'll get to know your appointment
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tech Loss Financial. It will be complementary to you again their number six oh
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eight four four two five six three seven to join us this morning, I
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get to just pick up your phone six oh eight three two one thirteen ten.
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That's six oh eight three two one thirteen ten. We'll get you right
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on the air with CJ and Eric talking this week about mistakes to avoid when
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it comes to retirement planning and uh we were talking for the break about of
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course health insurance and understanding that as well as being tax wise, and what
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about when it comes to things like your pension if you have one of those
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options and the potential mistakes you could avoid with that decision. Eric. Yeah,
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So, people who will have a pension in retirement, this is a
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really important topic to be aware of. When you're making a decision around a
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pension and what type of benefit to draw. It's generally an irrevocable decision.
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So once you've made that choice, you've made that choice. So if you
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do have a pension coming to in retirement, first of all, be grateful
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because pensions are becoming more and more rare these days. But secondly, just
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make sure you slow down. So when people are going through the process of
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retiring, there are generally one hundred decisions to make. You we've talked about
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some of them today. What are you gonna do with health insurance? Where's
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income going to come from? And generally they'll get to the decision around the
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pension, and in a rush to just kind of get things done and move
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on to the excitement of retirement, people will make really hasty decisions and just
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kind of fill out the forms and make a big decision really lightly. So
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take this part slowly, really look at the options that you have regarding your
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payout choices, your survivors options, because the big decision you're making is do
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you want a monthly retirement benefit from your pension so I think lifetime income as
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long as you live, or do you want to take a lump sum,
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roll it over to your IRA and invest it yourself and take withdrawals as you
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need. Now, a big part of that decision of whether or not to
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take a lump sum or an annuity are things like it does the pension have
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a cost of living adjustment? Right? So are you going to be able
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to have that income stream keep up with inflation or are you going to lose
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purchasing power over the years, because that would make the monthly benefit less valuable.
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The other part of it would be are there survivorship options available on the
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pension? So if you are to pass away, does your spouse or family
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member receive benefits after your death? Because again, that would be a situation
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where you might consider the lump sum instead. So really, not only slow
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down when you make these decisions, but seek out the help of a professional.
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Like CJ was saying, we do this every day and we still are
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learning things all the time. Well, mistake number five, Eric, Yeah,
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this is a big one. And it probably seems obvious, but we
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see it a lot. So mistake number five is not maxing out your company
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match in your four to one K or retirement plan. So this is this
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generally drives us crazy because it's literally just leaving free money on the table.
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So oftentimes employers will make contributions to your retirement plan based on a match formula,
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which means you don't automatically get the contribution. You have to make a
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contribution and then the employer will we'll match all or some percentage of it.
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So let's say, for example, that your employer matches fifty percent of your
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contribution up to three percent of your earnings. Well, that means that you
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have to put in six percent in order to get the full three percent.
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And when people are working a job, families, we have responsibilities. It's
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really easy to forget about these things or just over time not keep up with
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changes to how your employer is making contributions or whatever it might be. So
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just take a look at your employer retirement plan and make sure that you are
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getting all of the contributions that your employer offers. And also, as we
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go through the years here inflation adjustments to contribution limits are constantly happening, and
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as we are looking at maxing out contributions to four on one k's if you
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are able, generally that limit increases a bit year to year, so make
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sure that you are making changes to your four oh one k contribution to keep
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up with that. Really So yeah, really, that's it, really good
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stuff, Eric, Really important stuff as well. Eric Schwartz and CJ.
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Closs our retirement planning professionals joining us this morning from Class Financial, the website
16:00
class financial dot com. That's k l aas Financial dot com and their telephone
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number six So eight four four two five six three seven. What about social
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Security? Eric, I've got a guess there's something involved with that in this
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list for sure. Of course, Sean, you know we love social security
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and we talk a lot about it on the show here, So listeners know
16:21
that deciding when to take your social security benefits is a really really difficult decision,
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and honestly, there's there's not always a perfect answer to it, because
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frankly, we don't know how long we're all going to live, right,
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And that's that's really what it comes down to. If you're trying to decide
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the most advantageous option for Social Security. But in some cases we see generally
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when we have clients come to us that have already retired and they didn't work
16:47
with an advisor when they well, when they turn sixty two, we see
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that people will just sign up for Social Security because they're eligible to draw it
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at sixty two and they say, well, I might as well start collect
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But they're they're not considering that number one, that is generally an irrevocable decision,
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and number two, they're not thinking about things like, you know,
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what other income sources do you have in retirement, and what's your family history
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of longevity, and beyond that, you know what how many how much do
17:21
you have in retirement savings to actually supplement your Social Security and all of these
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things kind of come into the whole discussion to decide what is the best age
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for you to start Social Security. So again this kind of goes back to
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the pension. Just slow down and think through these decisions. Don't just try
17:40
to check the box and move on to the next thing. Really important and
17:41
really strategic decisions to be made. And it's a great thing about chatting with
17:45
our retirement planning professionals from Class Financial. Maybe something's kind of sparked in your
17:49
mind as we were talking this morning about some of the mistakes to avoid.
17:52
If you ever want to have that conversation, don't forget. All you got
17:56
to do is pick a phone, give a call a Coss Financial six O
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eight four four two five six three seven. No charge for that initial get
18:02
to know you appointment tech Coss Financial. It will indeed be complimentary to you
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again their telephone number six SO eight four four two five six three seven.
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Learn more online Coss Financial dot com. That's Coss k l a a s
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financial dot Com. We'll take it down the home stretch next as Money in
18:18
Motion with Coss Financial continues right here on thirteen ten WI b A. This
18:26
is Money in Motion with Class Financial, a fun and informative show designed to
18:32
help you get answers to all your retirement questions in one place, talking with
18:36
our retirement finning professionals CJ. Closs at Eric Schwartz. They come to us
18:41
from Class Financial. The website Coss Financial dot com. That's k l aa
18:45
S Financial dot com. Really good website to learn more about Coss Financial their
18:49
separate divisions. Of course, learn more about the team at Coss Financial as
18:52
well as sign up for the weekly Market Pulse newsletter. Again, all available
18:56
to you at Cossfinancial dot com. It's Klaasfinancial dot com. Their telephone number
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six oh eight four four two five six three seven. No charge for that
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initial get to know your appoyment dech loss Financial. It will be complementary to
19:11
you again their website six oh eight four four two five six three seven.
19:15
Talking this week about some mistakes to avoid when it comes to retirement planning and
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as mentioned, kind of taking it down the home stretch here, what are
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some of the other other mistakes we should be avoiding? CJ. Yeah,
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So we're talking about the top ten stakes mistakes to avoid as you head into
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retirement, and I am on the mistake number seven, which is planning to
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work indefinitely. We hear this quite often people say, oh, yes,
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I am, I haven't saved enough, but that's okay, I will just
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work forever. And I think we all know intuitively there's a problem with that.
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Not only is it, oh, you haven't saved enough, but additionally
19:55
it's like will you be able to so fifty three percent of workers expect to
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work beyond age sixty five to make ends meet. And this is according to
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a Trans America Center for Retirement Studies. And while while that's their intent,
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a Pew Research Center did a poll on this and they found out that only
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one in five Americans age sixty five and over, which is around twenty percent,
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are actually employed. So catch on to that. Fifty three percent say
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I will work beyond age sixty five to make ends meet, but only one
20:26
in five actually are employed after age sixty five. Now, when you get
20:30
down into the metadata on this, there's a lot of reasons why layoffs.
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You lose job skills so you can't get reemployed, or you were making too
20:37
much money and you won't accept a lower compensated job over sixty five. On
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and on and on goes the list. But you get the idea. If
20:45
you plan to make ends meet by working beyond sixty five, you may be
20:49
surprised that you can't mistake. Number eight is putting your kids first before your
20:56
retirement. Boy, oh boy, this is a big one. Listen,
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you can't borrow to retire successfully, right, so think about that. I
21:08
can't borrow to retire successfully. List Your kids can get a loan for their
21:12
homes, They can get loans for their education. They can make their own
21:17
choices, but you cannot borrow for retirement. And the reason we point this
21:22
out is because if you are spending a bunch of money to pay for weddings
21:26
and down payments on your kids' homes and their full college education, they may
21:33
or may not appreciate that later on, and then you will or won't be
21:37
able to retire based on your savings patterns. So just remember you need to
21:41
make sure that your own goals and retirement plans are on track before you go,
21:47
you know, blow a bunch of money on the kids. Please don't
21:48
mishear me. I have three children, I love them dearly. I am
21:52
doing everything I can to try to make sure I help them with college and
21:56
to even help them with future expenses. But what I am not doing is
22:00
saying, ah, to heck with my retirement. I'm just going to give
22:03
it to the kids. You can't borrow for retirement. Mistake number nine is
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carrying too much debt into retirement. Listen, we already talked about this earlier
22:12
in the show, but it's both a concept and a reality that we see
22:18
play out, which is, if you have no debt, entering retirement ideally,
22:22
and I realize that can't be the case for everybody, but if you
22:26
can retire with no debt, it really truly does make life simpler. So
22:32
within your control, do everything you can to try to eliminate or at least
22:36
reduce debt as you head into retirement. So listen, we have the saying
22:41
around our firm, which is our clients get to retire once we get to
22:47
retire hundreds of times. I want that to sink in for people listening right
22:52
now. Clients get to retire once we get to retire hundreds of times.
22:57
What we're getting at there is writ tire with our clients hundreds of times,
23:03
if not thousands, over a career. Now why does that matter? Well,
23:08
because we get to see all the things that go well and don't go
23:11
well. We get to see the concepts turned into reality. Right. So
23:15
when you say I think I should spend X, we say I'm quite confident
23:19
you should spend Why And it's not a concept for us? We go,
23:22
well, what you're talking about is a concept to you. To us,
23:26
it is a reality we have seen played out hundreds of times. And this
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goes for spending patterns. Health insurance if you save into a ROTH versus pre
23:34
tax roth conversions health. I mean, just the list goes on and on
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and on. This is not a concept for us. This is a reality
23:41
that we live every day. Now. The reason I'm pointing that out is
23:45
because this goes back to my common earlier around picking a trusted partner who actually
23:49
deals with us on a consistent basis. It really does make a difference,
23:55
which of course leads us to mistake number ten, drawing too much out of
24:00
your portfolio every single year and running out of money before you run out of
24:04
life. Listen, I love Dave Ramsey, and yet Dave Ramsey has confused
24:11
this topic. You can just go google right now Dave Ramsey distribution rates and
24:15
there's some confusion. Again. I love him, I think he's wonderful,
24:18
but boy, oh boy, is he giving some poor direction as it relates
24:22
to distribution rates. And the point being that's not his thing. His thing
24:26
is around helping people live responsible financially and then get rid of debt. He
24:30
clearly does not do distribution planning. A target distribution rate should probably be somewhere
24:37
in the neighborhood of three to five percent from your portfolio. However, that
24:41
is dependent upon a multitude of factors. So that's a rule of thumb,
24:45
the kind of three to five percent distribution rate, but it depends on a
24:49
multitude of factors that we can't go into here right now. So be cautious
24:55
entering retirement with no guidance around distribution rates, or just listening to a guy
25:00
on a radio show give you, give you advice, and by the way,
25:03
that includes me, don't you know, don't just listen to me and
25:06
go, oh, okay, I guess I'll spend three to five no no,
25:07
no, no no, meet with somebody, do your own due diligence
25:11
to make sure that you know how much you can take out of your accounts
25:14
without running out of money. That individualized word is individualized. Yeah, word
25:19
is important. It feels like I'm saying it wrong, but we're going to
25:22
go with it for now. It is really important with this stuff. By
25:25
the way, as we talked this morning through some of these mistakes and some
25:27
of the common ones, if there's anything you want to go deeper in depth
25:30
with, I mentioned the podcast. I know a lot of these things we've
25:33
touched on and devoted entire programs too as well. And that's one of the
25:37
great things about subscribing to the podcast is kind of keeping up not only with
25:41
what's going on this week, but getting a chance to explore some of the
25:45
previous topics as well. Check out Class Financial in the podcast all online Cossfinancial
25:49
dot com. That's k l Aasfinancial dot com. Also, while you're there,
25:55
sign up for the weekly market Paul Snowsletter. The telephone number for Coss
25:57
Financial six oh eight four four two five six three seven. No charge for
26:02
the initial gets to know your appointment Tech Loss Financial. It will be complimentary
26:06
to you. Again their telephone numbers six oh eight four four two five six
26:10
three seven. You can want to hold on to that telephone number as well,
26:12
because in a moment I'm gonna ask you the Class Quiz question of the
26:15
week. You'll then have twenty thirty minutes from the here to today's program.
26:18
They call the Class Financial office right here in Madison at six oh eight four
26:22
four two five six three seven. If you are the first call with correct
26:25
answer, win this week's prize, which is a twenty five dollars gift card
26:29
to Amazon. This week's Closs Quiz question of the week is this how many
26:33
people over the age of sixty five are typically employed these days. Is it
26:38
around twenty percent or over fifty percent? Telephone number six oh eight four four
26:45
two five, six three seven, first call with correct answer. Win that
26:48
twenty five dollars gift card to Amazon, and again don't forget as well.
26:49
That's Class Financial's office right here in Madison. Six oh eight four four two
26:55
five six three seven. CE jy Eric, You guys have a very merry
26:57
Christmas and we'll talk again in seven. Thanks Sean. Thanks Sean Scott from
27:03
Chalmers Jewelers joins us next here on thirteen ten Wuiva. This is Money in
27:11
Motion with Coss Financial Asset Advisors, LLC, a registered investment advisor registered with
27:18
the SEC. The content of this show is for informational purposes only and should
27:22
not be considered individual investment advice. Class Financial does not offer tax or legal
27:29
advice. Any opinion offered during the course of this show is the opinion of
27:33
that particular investment advisor representative, and not necessarily the opinion of Coloss Financial