Latest / The Jon Sanchez Show / 10 Retirement Mistakes That Could Cost You $100,000 (or more)
Transcript
- Jon G. Sanchez: Good Friday afternoon to you. Welcome to the John Sanchez show on Newstock 780K, which it's a pleasure to be with you this Friday. And TGIF, it's a pleasure that the week is over. By all means. What a week it has been. Volatility, interest rate skyrocketing, mortgage rates skyrocketing. And somehow today the traders wake up. I'm talking the oil traders, the bond traders, and they just kind of took things back to normal. Nice pullback across the board on oil prices. Nice pullback on the across the board on bond yields. Well, at least a little sly one, I should say. So it was a good way to end the week, by all means. Let me see what I have lined up for you after I give you the stock market recap for the day as well as for the week. And then we'll get down to our topic this Friday. 10 retirement mistakes that could cost you $100,000. Isn't that something? It's really true. There are so many times that investors, and I'm talking retirees specifically, you tend to not pay attention to the small things more the big things. Now, when I gave you that topic, you're probably thinking, well, you know, $100,000 retirement mistake, well, that's got to be something catastrophic, John. It's got to be something, you know, really bad, like, you know, a terrible investment or a stock market crash. But what if it wasn't one big mistake at all? What if it's 10 little mistakes? quote little, ten thousand dollar mistakes that you barely notice. Well, today you're going to find out what I call the quiet money leaks that can cost you an absolute fortune in retirement. So it's going to be a great show for a Friday. Not going to be real heavy with you by any means. I've done enough of that heavy lifting for you this week. So I want you to sit back, relax, and enjoy this Friday. Speaking of sitting back and relaxing, I want to send a shout out. You know, we have been blessed in northern Nevada for well over twenty years to hear this man's voice each and every day. And I'm talking about Ross Mitchell. Ross and I again get to spend every every morning together as I do the stock updates. And I have developed the most fondish respect and love for that man that that I can say. I mean, words don't dis words cannot describe my love and and respect for him. I just wanted to say hi to him. He had the week off, and he's listening to the show right now, relaxing, which is what he deserves to do. Hardest working man in radio. And buddy, I just want to tell you I love you, missed you this week. Can't wait to be back with you on Monday and sit back, and you're gonna be one of these that get to sit back and relax and just enjoy the show and not have to do anything for a change. So, Ross Mitchell, enjoy your vacation, my friend. Final few days of it at least. All right, let's get down to today's stock market action. So we we finished with solid gains, like I said at the beginning of the show. Let me tell you the numbers first, and I want to give you the details behind it. So, how about a 479-point gain on the Dow? 0.93%. Our closing level was 51,828. The Nasdaq gained 129.48% to close the day at 27,068. And the SP for the day was up 39 points a half a percent gain to close at 7, 743. So Again, very, very, very nice way to finish up the week. it started kind of quiet, but obviously things began to to move higher. A lot of encouraging developments, and I and I say this please with tongue in cheek. I I am past the point of being optimistic. I gotta be honest with you, which is not in my personality. I'm using very optimistic. But I'm talking about deals, potential deals surrounding the US Iran discussions that that help things out today. But you know, once again, Proof is in the pudding, as the saying goes. We're gonna we'll we'll see what happens. But once again, it was it was enough to entice oil prices, first of all, to go down. We lost $2.51 on oil, $92.17 a barrel. the the tone again kind of shifted when CBS News citing Al Jazeer reported that the US-Iran talks had entered a technical phase, don't know what that means, with a potential agreement in focus. Axios reported that Qatar and Iran were awaiting a U.S. response to Iran's proposal. Trump also urged Chinese President Xi, that he just wrapped up his couple-day meeting with, to reduce China's support of Iran. So all those factors culminated together to give us a nice pullback in oil prices. And I think overall, as far as the the market was concerned, it was a you know, obviously a relief to finally get a little bit of good news. I want to add one other thing. A U.S. official told News Nation reporter Libby Dean that discussions between the U.S. and Iranian officials through mediators, I should put that out there, were positive and constructive, but noted that the US was not in any rush to reach an agreement. The officials said nearly 40 million barrels of oil had transited the Strait of Hormuz over the previous 48 hours. So again, ultimately, like I said, we finished down $2.51, about a 2.7% loss. wasn't that way throughout the entire session. So those news headlines absolutely help things out quite a bit. Okay, so let's talk the bond market, which has been, of course, the theme throughout the entire week, right? We had significant movement in the bond yields across the board, day in and day out. So I just calculated the numbers. again, we were down two basis points today to finish at a yield of five sixteen, but I don't care about today. What I look at is the trend. What is the trend on the weekly basis? And once again, the trend this week was very similar to last week. Up, up, and away. 16 basis point increase on the week for the 10-year treasury yield. Remember, there's 100 basis points in 1%. So you're talking 16 basis points out of 100, it rose for the week. But it wasn't just the 10 year, it was right across the board. the the two year, again, as I always like to remind everybody, that's the one that's most sensitive to what the street is anticipating to be the next move by the Fed. 10 basis point increase for the week, today down six basis points. So that was a nice move to a yield of 485. The three year was up nine basis points for the week. The five year up 12 basis points for the week. And the 30-year bond up 16 basis points for the week. Now, I want to give you a little education on bond trading and the bond market. So remember one important factor is we want the longer the maturity, the higher the yield, which we're in that situation right now. We've we've we've had in the past been in situations where, for example, the two year note was trading higher than the 10 year, right? And that creates all kinds of problems that I'm not gonna bore you with. We don't have that situation right now. What we do have that I I think you know, the press and bond traders and things, they're probably talking among themselves this way, but not so much to you the public. So that's why I'm gonna do it. Is when you see the 30-year, which is really a slow moving. Maturity, right? It's 30 years, right? Give the government your money. In 30 years, they, you know, quote, give you your money back. You've been collecting interest in the meantime. That is usually a very slow mover. But as you just heard me say, that yield for for the week up 16 basis points, same as the 10 year up 16 basis points. It shouldn't be that way. So what this says is the bond traders, again, are selling the bonds, driving yields up across the entire bond maturity spectrum. Right? The two year, the three, the five, the ten, the thirty. It should not be moving that much is my bottom line. The 30 year should not be moving this much, but it has been, and obviously this week it it did also. So what does this conclude? This concludes that we are in an interest increasing cycle. No matter what the press says, no matter when we have a good day like this, the trend is up in yields. There's no way around it. The data is there, it's showing us that. And until that trend begins to break, again, buckle our seatbelt. you know, here we are almost ready to wrap up the month of September. We got the October meeting with the Fed, which again, the haven't seen any probabilities today, but yesterday, of course, the probabilities were north of sixty percent that we're gonna get that quarter percent increase. But hey, you know what? Street doesn't seem to matter our our mind, right? Got that quarter percent increase a couple weeks ago and street didn't even pay much of attention to it. now I did again, it's not Tuesday or a Thursday, so normally I don't talk mortgage rates, but I want to because after the big run up that we experienced yesterday, finished the thirty year mortgage today, according to Mortgage News Daily, down two basis points, just match the ten year to to a a rate of seven point four three percent. Again, very, very substantial still. And you see on you know, even in a day where some of the other maturities their yields come down, just did not happen on the on the thirty-year mortgage side of things, unfortunately. Okay, so let's get back to a couple movers there. gold prices, pretty good today, $21.20 rise, $4,320.50. And let's see, some individual movers. I want to mention Microsoft had a heck of a day today. Stock rose eighteen dollars and twenty-four cents, three point six six percent increase to five sixteen seventeen. Big standout in the mega caps. and also, of course, remember it's a Dow component, so that helped out the blue chip index. let's see, you want to mention Akamai Technology had a good day up three point two percent. Costco, this was interesting. Stock was down on the pre market when I shared the news with the with all of you. If you caught my early morning updates, they reported pretty good earnings numbers, but the stock actually sold off this morning, but ended up rebounding nicely. Finished up twenty six dollars and twenty eight cents, a two point nine three percent gain, closed at nine hundred and twenty two dollars and seventy six cents. Again, earnings were better than expected, alongside some pretty resilient comp sales. I think they're up. Little over six percent if memory serves me correctly. So Costco's still doing well, which shows the, you know, middle to higher income niche of society still spending a lot of money at Costco. Meta pulled back a little bit today after having one incredible week. stock finished down twenty-five dollars and ninety-three cents, three point three three percent decline to a price of seven fifty-one sixty-six. No specific news on it. I think it was just a little bit of profit taking. I apologize. I did stick into my notes here, the Fed probability according to the CME FedWatch tool. right now we are, okay, not much has changed, a 64.2% probability of that quarter percent hike at the October FOMC meeting. Year to date, here's where we sit. The Dow for the year is up 7.8%, NASDAQ higher by 16.5%, SP 13.1%, and the Russell 2000, which was just leap years ahead of everybody else. Well, now it's not. NASDAQ's our leader. Russell 2000, the small caps higher by 14.3% year to date. All right, we come back. We're gonna get an early start on this Friday for our 10 retirement mistakes that could cost you $100,000. Welcome back to the John Sanchez show on News Talk 780 KOH. Happy Friday to all of you. Again, we finished with a nice gain of 479 on the Dow. NASDAQ higher by 129, the SP up 39. All right, let's get down to some fun issues here. Yeah, it's not really, but hopefully you haven't made these mistakes or you won't after I get done giving you a little little knowledge on this area. The $100,000 retirement mistake that nobody notices. I want you to imagine something. You open up your retirement account tomorrow morning, sit down with your cup of coffee, turn on the computer, and you go, my gosh, $100,000 is gone. Probably lose your mind, right? I know I would. So what do you do? no, it's Saturday. I can't call my financial advisor. Well, if you're a client of ours, you can. We you all have our cell numbers. Next thing you're going to do is you're going to call your spouse, have them come take a look at it, or maybe you won't. You're in a panic. You don't know what the heck happened. And you're thinking to yourself, where in the you know what did $100,000 go? But here's what's interesting. What if you didn't you lose that $100,000 overnight? What if you lost, $10,000 here, $7,000 there, $15,000 somewhere else, or five or 10 years? Would you even notice it? Because after more than 30 years being in the financial services business, I've learned something. The retirement mistakes that hurt people aren't always the catastrophic ones, right? They feel like it on the surface, especially a big market decline. But in reality, here's my advice. They're actually boring, right? It could be something like a bad tax decision. It could be too much cash sitting around. Maybe you helped out the kids when you really couldn't afford to because you couldn't say no. Maybe you bought too much car. Maybe you sold investments at the worst op worst possible time. Maybe you've got a bunch of expensive debt like credit cards and personal loans and things that you're carrying. Maybe you're paying fees that you just don't understand. You see, individually, none of those destroy your retirement. But put 10 of them together, there goes $100,000. Maybe $200,000, maybe considerably more. So today we're going to go hunting. We're looking for 10 quiet retirement mistakes that can slowly steal. $100,000 from your future. And I'm betting almost every one of you that are listening are making at least one of them. So here we go in our 10 mistakes. Mistake number one, buying too much car. Now, this is where everybody gets defensive. Many times clients will call me and we'll talk about a car purchase and we go over all the details related to it. But ultimately it's their decision. My job is just to lay out the facts. But let's say you're 62 years old, you finally retired, you've got a one and a half million dollars parked in your IRA, and you say, you know what, John, I have worked my entire life. Doggone it, I'm buying that $85,000 truck. For those of you that haven't been car shopping in a while, let me tell you, that is the price. $85,000. Okay. Nothing wrong with that. But let's ask what the truck really, truly cost you. Well, first you have the purchase price. If you finance it, you've got interest costs. don't forget the government share the sales tax. The government share the registration. And yeah, insurance. Mm-hmm nothing cheap there. If you bought a diesel like I do. You know, you're looking high sixes, low seven dollars per gallon. Then of course you got depreciation. The minute you drive that truck off the lot, you just lost, you know, X percent. Then you trade it again, trade it in, again, in the next four years. And again, four years later. Well, see, your car isn't the $85,000 decision. It's the recurring lifestyle decision. And I'll tell you, I have clients that do exactly the scenario. That's why I created it. I have others that say, you know what? I haven't bought a new car in geez, 15, 20 years. They buy quality, they take care of it, they probably don't put a lot of miles on it, and it lasts them. I love that. But the question that I always tell people is this: would you rather have an $85,000 truck today, as great as it feels, we love the new car smell, everything, or an extra hundred thousand dollars working for you during retirement? Well, there's no universally correct answer. But at least recognize the trade. Mistake number two, helping your adult kids too much. I'm going to make some of you feel uncomfortable on this one. The kids need $10,000. Then they need a down payment. Then they need a car. And by the way, they're getting married. And credit cards? Yep, they're behind on those. and now they have kids? Guess what? Mom and dad, we don't have the money to start saving for our kids' college education. Hey, mom and dad, I got this great business idea. I hate my job. I want to start a business. When all these questions come to you, you say to yourselves, you know what, we got a couple million saved up. We are fine. What's a 10,000 here, so on and so forth? Well, maybe that's the case, but remember, as I always like to emphasize, your children can borrow money. You cannot borrow retirement. Let me repeat that. Your children can borrow money, but you cannot borrow retirement. And the most dangerous word is again. Helping your child once. Generosity, they're in a tight spot. But as I think last Friday when I focused the show on on helping the kids out, you have to remember that subsidizing subsidizing an adult child's life indefinitely is something entirely different. Don't make your child's financial plan work by breaking your own financial plan. I see that way too often. It can start again when the child enters, young adult, I should say, enters into college. And your dream was you wanted your child to get through college without ever paying a dime. Come out debt-free. Hopefully, but I don't see it a lot. You saved for that as they were growing up. And that money's been sitting there in a 529 college savings account or something similar. But in most cases. It's not the case. You figure, you know what, I make a good living, or I'm now retired, whatever the case may be, I'm gonna pay for that. Well, you know, there's something that that that's to be said about having some skin in the game. And my personal experience, both with my own children as well as with clients, and seeing this many times over the years, is I have seen that the ones where the children have some skin in the game, meaning maybe they're working part time. To help pay towards the the college tuition. maybe they took out their own student loans, not mom and dad co-signing. But the bottom line, whatever way it is, they got some skin in the game. They're gonna think twice about changing their major when they're a junior or a senior. They're gonna think twice about, you know what, my buddies are out there already in the workforce, making a hundred thousand dollars a year, you know, driving a tractor. I'm screwed college. I'm I'm not gonna use college. I'm I'm leaving. But guess what? If you co-signed on those loans or used your own money, that's gone. There's nothing you can do. Nothing you can do. So think about that for a second when you're, you know, on the on the on the cusp of trying to decide to help your child your your your adult child out. Make that decision. Say, you know what? Can they go out and borrow? Is this a one time thing? Or is this something that is gonna that keeps happening over and over again? If it does, as I said on the show last Friday, sit back, sit down, I should say, have a great discussion with them. Find out are they operating on a budget? Where's the money going? And that the bank of mom and dad. is now closed because you're in now in retirement. All right, mistake number three, carrying over expensive debt into retirement. Welcome back to the John Sanchez Show on Newstock 780K, which once again we finished with a gain of 479 on the Dow. NASDAQ Rose 129, the SP higher by 39. All right, we're just getting into our topic: 10 retirement mistakes that could cost you at least $100,000. Okay, now let's let's go over a a very brief recap because I've only covered two of them. I gotta start hustling here. Number one, you buy too much car, right? Again, not uncommon. $60,000, $70,000, $80,000 for a car. And you traded it every four years and you got all of the overhead with that. Number two, helping your adult children too much. Now I'm on to number three, carrying expensive debt into retirement. this is why we do a cash flow analysis before any of our clients retire, right? We need to find out what is the cash flow situation, how much debt is there. What can we do as their financial advisor to increase their cash flow by reducing debt? I I've I've shared this with you many times. I think it's appropriate to mention it again. I have seen it over and over again where someone will be paying, I'll let's pick a figure. let's say they got a ten thousand dollar credit card and they're paying five hundred dollars a month, but yet they've got a hundred thousand dollars sitting in their bank account that is way beyond their normal emergency savings amount, and they're making nothing on it. So it's like take that ten thousand and pay off the credit card debt. Save that five hundred dollars cash flow. Remember. Retirement is all about cash flow. Okay. So you carry too much going in. What could it be? Credit cards, personal loans, high rate auto debt, maybe the HELOC. Here's an example. Suppose you've got some credit card debt. I'm using a very conservative number, 18%. Okay, so let's say you $25,000 at 18%. Don't laugh and think, my God, John, who's stupid enough to have $25,000? I see it all the time. It's $25,000 credit card debt at $18,000. That's $4,500 a year in annual interest before any reduction of principal. Over many years, well, there's another chunk of $100,000 that you're blowing. Remember, it's very, very hard for your retirement portfolio to make you wealthy when your credit card company is getting rich faster than you are. Mistake number four, the tax mistake. This one can become absolutely huge. Let's say you retire with a $1.5 million IRA, got $100,000 in the bank account, $50,000 rough. You got a house, Social Security, and you think, I've got it made. Got $1.65 million. Well, not quite exactly. Because some of that, like 1.5 million of that is in a taxable traditional IRA. And I like to call this the IRS money that you haven't paid yet. So now you start taking distributions without ever considering what it could do your tax bracket. Maybe you do a Roth conversion because, hey, every financial advisor in America tells you that a Roth conversion is the great thing to do. You forget about capital gains tax, and especially those of you listening in in California or other states where there's a high capital gains tax on the state level, not just the federal. You forget that. For most of you, your social security benefits gonna be taxed. And yeah, the Medicare premiums, the RMDs, and when you're you know 73, turtle strategies you know were applicable that you didn't take advantage of. Then again, maybe you lose a spouse, divorce, death, whatever it is, you find yourself doubled tax bracket compared to when you were five you were married, all that factors together. So don't ask how much money you've accumulated, ask how much of it you actually get to keep. That's really important. I see that taxes are not factored in enough in retirement planning. And I'll tell you, they are the biggest surprise for a new retiree. When that accountant tells you the first time that you go in to get your taxes done after you've been retired for a bit, that accountant says, Hey, guess what? You get to pay quarterly taxes now. And you're going, my God, where's this money going to come from? There goes your, your, your budget. Mistake number five, too much cash. Yes, that can absolutely be a problem. You're a retiree. You got a half a million dollars sitting in cash. I know you're many of you are laughing, but it's really easy to do when you sold a house, you downsized, made you know, you're in that house for 20, 30 years, and maybe you went into a condo, maybe you decided to rent. So it's very easy to get that kind of cash. And when I say, why in the world are you sitting on a half a million dollars cash? I just had this scenario the other day. Response is, I'm retired. I don't want to lose it. I don't want to ever go back to work. Hey, okay, I understand that. But there's another risk that most people don't realize. And that's what I call the purchasing power risk. You see, inflation doesn't send you a bill. All it does is sap away and eat away at everything that you consume. It makes everything more expensive, as we all know. So the question isn't. Should retirees have cash? Well, of course. Whatever you're comfortable with. The question is, how much? What do I need in cash reserves? Near term spending, upcoming major purchases. Money intended for 15 years from now, that is a complete different conversation. And I see that all the time. And especially when the market's, you know, been on a nice run as it has for the last few years. And you've been sitting on way too much cash, again, way beyond what you think you need for emergency savings, it's just been sitting there. You just haven't got around to it. Please don't make that mistake. Let that money work for you. Mistake number six, panic selling. You know, it's been a while, but I'm telling you, it's gonna happen. I can promise you that. I can't promise you legally a lot of things, but I can promise you this we are gonna have a market decline at some point. But let's say the market drops 20%. We go, my God. Folks, that's nothing anymore. That's nothing anymore. We saw it happen a few years ago in a matter of what, a month or two? So it can happen. This is why I always caution people, especially retirees, don't put all your money in the market. Diversify, non-correlated assets, things that can make you money that don't have stock market risk. There's all kinds of things. Love to sit down with you and talk to you about that. But let's say you didn't do that. You put it all into the market. Market drops 20%. First thing you're going to do after you've been, you know, grilled to the TV, the radio show, so on and so forth, is you're going call your advisor and go, get me the heck out. Well, a good advisor would discuss it with you. give you the pros and the cons of that decision. Ultimately we have to do what you tell us to do, even when we have discretion over your account. That's the law. We have to follow the law. And you say, you know what, I don't care what you say, get me the heck out. So they sell. Well, now because of this great thing called algorithms and AI, et cetera, that 20% rapid sell-off could definitely turn into a rapid recovery. And there you go. You just took all those losses. Remember, once you sell, that money's gone. Now you got to make it back just to get back to even. And we all know eventually the market usually recovers. Then you feel safe again and you buy back in. Well, congratulations. But you may have excluded the classic. Number one rule of investing, sell low, buy high. Or excuse me, not excluded, you executed, pardon me. You buy, sell low and buy high, right? Opposite of what I was trying to say, which is obviously you want to buy low and sell high. But it happens all the time. There's actually Wall Street stats that show this. I've shared this with you before, that there are stats that show when you, the consumer investor, the retail investor, start piling into the market, generally you're going to see the institutions begin to exit. They're always a step ahead of you. That's why it's so important that you listen to the show here ever each and every day. So this is why you must have an investment strategy that needs to be established long before a market correction happens, but more importantly, long before the fear occurs in your emotions. Your investment plan should not change, folks, because CNBC changed the color of the screen from green to red. Please don't do that. I remember again so many stories of people sharing with me when especially during COVID, when we had all that market, you know, decline and volatility and in other periods in time where they listened to the, you know, Fox News reporter or the latest hedge fund guy that was on CNBC that said, get the heck out of the market. Don't believe anything you hear from these managers on TV, folks. They all have a reason for telling you that. The hedge fund guy or gal that says, get the heck out of the market, almost promise you they're actually buying, and vice versa. Mistake number seven paying fees you don't understand. You know, fees aren't automatically bad. We charge fees. That's how we're compensated. Days of paying commissions, those days are gone. But you should ask yourself, what am I getting for those? What kind of service am I getting for those? What are my fund expenses, my internal expenses, my insurance costs, trading costs, planning fees, so on and so forth. There is nothing wrong with that. Matter of fact, we're legally obligated to tell you. If your advisor says, don't worry about it, go to another financial advisor. So remember, your goal is not to pay the lowest fee. If you want to do that, my God, you can go online now. I just had a client the other day. They only had, you know, a few thousand bucks. And I said, You're not going to pay me to do that. Go online. You can do stock trades until you're blue in the face and pay no commission anymore. So the goal isn't to pay the lowest fee. You get what you pay for in this business. The goal is to understand what you're paying for and whether you're receiving great value for it. Just like in anything in life. All right. Mistake number eight, nine, and ten. Welcome back to the John Sanchez Show on News Talk 780KOH. 10 retirement mistakes that could cost you $100,000. Let's go to mistake number eight. Too much house. Here's a scenario. Your kids left 10 years ago, but you and your spouse still have that beautiful 4,000 square foot house, the five bedrooms, the pool, the three-car garage, the huge yard. And what are you doing? You got four, maybe, yeah, probably four out of the five bedrooms. The doors are closed all the time. You use the kitchen. The bedroom, the living room. But yet your expenses are your property taxes on a 400 or on a 4,000 square foot home, the insurance, the utilities, the maintenance, things like we touched on the real estate show the other day. And eventually you end up paying other people to do all the upkeep for you. Because, you know, when you're in your 60s and older, you really don't want to be out there and Saturday mornings mown the lawn. At least most of you don't. I know few of you do. But you love the house, then fantastic. Stay. But make sure that you ask yourself, are you living in this house because you truly love it? Or maintaining it because you haven't made the decision to leave and you have no idea where you want to go. That's the retirement planning question. So how many excesses of or excess thousands of dollars is that house costing you that maybe you could downsize if it makes financial sense? Sometimes it does, sometimes it doesn't. Mistake number nine. I could do an entire show on this one. Claiming Social Security without a plan. Don't make this mistake. Always wait until age 70. That's when I get my maximum benefit. Because that's not true for all of you. Instead, what you need to factor in are life issues. What is your health? What's the longevity expectation? What's your spousal situation? Are you still working? Not working. Do you need the money? Not need the money. What are your other assets? Taxes, survivor considerations. The list goes on and on. So the mistake is claiming not too early, not too late. But without understanding what the decision really means and the financial impact. I get this call probably at least twice, maybe three times a month from people that go, my God, I can't believe how much money I'm losing on my social security benefit to taxes. Yeah, that happens. Gotta be paid for. Or I hear, you know, now the the the additional cost, or higher costs, I should say, for for the various Medicare payments and premiums and all the different, you know, A, B, D, all the different things associated with it, it all adds up. You need to wait that social security benefit. Mistake number ten. And this is more of a of a personal one. You wait too long to enjoy your money. I know that sounds crazy, but let me repeat that. You wait too long to enjoy your money. So here's the mistake that most people think. I'm gonna spend too much. I can't spend anything. Well, sometimes the mistake is you're not spending enough. Again, there is nothing more heartbreaking in my mind than when a client dies and I know they've lived a frugal life. It was always, we're going to take the cruise next year, or we're going to spend time with our grandkids back east for a month next year. You see what I'm saying? It's the postponement. And I ask why? You've got money, you've got plenty of money, cash flow. Why not do it? I'm just worried about running out of money. Well, you know what? You should be worried about running out of time. Take that trip. Really. Do it while you can. Your health can change at any moment. Your spouse's health can change. I've got three couples right now that I'm thinking of that this is exactly what they're doing. They just retired, they're in their mid-60s, and they are taking their dream trips now, and exactly for the reason of health. They're like, you know what? We don't want to wait till we're 70. And and try to do it then because we may not be able to walk that far. Who knows? Long flights get harder, et cetera. There's a retirement mistake that nobody can put on a financial statement, and that is dine with a pile of money, unless that is your dream and your wish. And a list of things that I'll do tomorrow. That's the last point that I want to leave you with. Now, let me give you my my final thoughts here. When we talk about retirement mistakes, everybody thinks again, as I started the show, the catastrophe, the stock market crashes, the terrible investment, somebody gets scammed. But again, that's not how money disappears. It's that slow death by a thousand cuts, right? Five thousand here, ten thousand there. Take stock of it. Look and see where the money's going. And I promise you, if you do that, you will find thousands and thousands of dollars extra just because you took the time to look where your spending is going. I hope this is helpful. God bless. Have a great weekend. Thanks for letting me be a part of your life and I'll be back with you on Monday. Take care.