Podcast | Season 1 | Episode 63

The Description  

We've seen strong and not-so-strong retirement plans in the retirement planning business. This is part two of our two-week series on common mistakes we see in retirement planning and how to avoid them. If you didn't listen last week. Check out part 1. 

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.

Thanks for listening! Make sure to follow us on all the socials at @summitwealthgroup, so you don't miss an episode!

The Transcript 


"David Lee, Certified Financial Planner and Vice President at Summit Wealth Group, is the host of today's mini episode."


"Today we're going to continue our list of seven mistakes that I see people make when they're preparing for retirement. If you didn't see last week's video, you might want to check that one out.

Number four, not having a comprehensive retirement plan. Many of my clients tell me that they'd like to spend more money in the early years of retirement when they're healthy and can do things like travel and participate in activities that they enjoy. And that they don't think that they'll mind spending less money in their later years of retirement.

Without a plan, how do you know? How much you can spend in the early years of retirement without running out of money before the end of your life. You could be living off your investments in retirement for 30 years or more. Our clients who have a comprehensive retirement plan are confident because they're able to use that as a road map to make sound decisions at every stage of their retirement.

Number five, starting Social Security at the wrong time. Making the wrong decision about when to start Social Security can cost you tens of thousands of dollars over your lifetime. There are a lot of items that have to be considered, including spousal benefits and earnings you may have from other sources.

Part of our job is simply to help make sure that your money lasts as long as you do. And part of that is making the right decision about when to begin to draw social security. Number six, having the wrong investment portfolio. This could be subtitled not taking inflation into account. How much money will you need when you retire?

How much annual income? 50, 000 a year? 100, 000? 200, 000? How much will you need? 10 years after you retire, 15 years after you retire, 20 years after you retire, you need an investment portfolio that not only provides sufficient income the year you retire, but it will need to provide more income 10 years later.

15 years later, 20 years later. So that's a major part of our job is to make sure your portfolio provides a reliable income stream that grows as your cost of living grows. The seventh mistake that I see people make when they're planning for retirement is forgetting that it's not about the money. I know that was number one, but it bears repeating.

Make good, sound financial decisions with the help of your advisor. But if you've made good, sound financial decisions, then you can move on and confidently enjoy your retirement knowing that you can focus on those things that are more important to you than money. Thanks for taking the time to learn about the seven mistakes people make when they're planning for retirement.

If you'd like to talk with us, About helping to plan for your retirement. We're happy to have a complimentary consultation with you."


"Thanks for listening to a mini episode of the Reacher 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."