Podcast | Season 1 | Episode 61

The Description  

We've seen strong and not-so-strong retirement plans in the retirement planning business. This is part one of our two-week series on common mistakes we see in retirement planning and how to avoid them.

 Host: David Lee, CFP®, CIMA® | Vice President 
 Prior to joining Summit Wealth Group in July of 2015, David owned and operated David Lee Financial, a wealth management practice that he began in 1985.

David received his bachelor’s degree from Florida State University. After professional studies through the College for Financial Planning in Denver, Colorado, he obtained the CERTIFIED FINANCIAL PLANNERTM certification. David later added the Certified Investment Management AnalystSM designation, administered by the Investment Management Consultants AssociationSM taught in conjunction with The Wharton School, University of Pennsylvania. He is a Registered Representative and Investment Advisor Representative of Commonwealth Financial Network® (a registered broker/dealer, member FINRA/SIPC). David holds the FINRA Series 7 and 63 securities registrations and also life, health, and long-term care insurance licenses.
(719) 633-4033 | 13710 Struthers Road, Suite 115, Colorado Springs, CO 80921
Securities and Advisory Services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services are separate from and not offered through Commonwealth Financial Network.

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The Transcript 

"David Lee certified financial planner and vice president at Summit Wealth Group is the host of today's mini episode. Hello, I'm David Lee from the Memphis office of Summit Wealth Group. Over the next couple of weeks, we're going to talk about seven common mistakes that I see people make when they're planning for retirement."

David Lee

"Today we'll cover the first three. Mistake number one. It's not about the money. That may be surprising to you. Most people plan for retirement by trying to figure out how much money they'll need, when can they accumulate that amount of money, and will it last them for the rest of their lives. But more important than that is, how do you want to spend your retirement?

What's something meaningful and purposeful that you can do with your time and energy during retirement? Do you want to use expertise and experience you've gained during your working career to act as a consultant for other businesses? Do you want to work with a charity or some other cause that's meaningful to you?

Do you want to spend your time with family and friends or some activity that you're passionate about? I'd like to recommend a book to you. called The New Retirementality by Mitch Anthony. It's a very good book that will help you think about some of these non financial issues of retirement. The second mistake I see people make is not being on the same page with their spouse.

If you want your retirement to be happy and content, make it a joint effort. If you're single, think about how you'll connect with other people during your retirement, either socially, through activities that you enjoy, uh, through charitable events, through working part time. However you connect with other people, that's one of the most important things that you can do during a successful retirement.

Mistake number three. Not making health a priority. It doesn't matter how much planning you do about your money. If you're not healthy during your retirement, it's not going to be a happy retirement. Neuroscientist Daniel Leventon in his book, Successful Aging, says that the two main things you can do to stay healthy during your later years are, number one, move your body.

He didn't say exercise. That comes with some negative connotation sometimes, but keep moving. Number two, keep connecting with other people. I've already covered that, but it bears repeating. That is healthy physically and mentally. You might have noticed that those first three tips had very little to do with money."


"In next week's video, We're going to cover four more mistakes that have to do with the finances of retirement.

Thanks for listening to a mini episode of the Reach Your Summit podcast by Summit Wealth Group. If you'd like to help support the podcast, please share with others and subscribe so you don't miss an episode. Thanks again."