Avoid These 5 Retirement Planning Mistakes This Year

Available for Interviews: Chris Janeway

Chris Janeway is Founder & CEO Fourth Point Wealth and coaches investors throughout southern CA.  He is also a national speaker, financial coach, and advocate for financial literacy.

What Chris Janeway can say in an interview about
Retirement Mistakes to Avoid:

 1. Failure to Launch. Not getting the retirement investing clock started early in your career is the absolute biggest mistake we see. The power of time in the market is what makes the major difference in your future and getting started as early as possible, even with a small amount, can make a massive impact on your plan’s longevity.

 2. Debt. Borrowing can be extremely tempting in low rates environments like we’re in now. We’ve seen major moves in the home refinance market over the past decade as rates came down. The trouble is, many have pulled cash from the house or extended their term out 30 more years, lasting well into their planned retirement. Carrying large debt payments in retirement can cripple your plan and your budget for the things you actually enjoy. We really like to see homes paid off by retirement when possible, despite the low rates.

 3. Lack of a Budget. Every family MUST have a budget. We need to understand where our money is going and the job it has to perform. This is even more crucial when we get to retirement. When we retire and see our balances, it’s easy to think “I’ve got a lot of money” and want to spend on loads of travel and adventure in retirement. Understanding the effects of that heavy spending is a must. We need to budget effectively so we don’t rob ourselves of freedom on the back end of retirement or end up burdening families.

 4. Not Investing. Retirement can be 30 or 40 years long now. Inflation is our enemy and we need to outpace it. Getting too conservative with our money early in retirement can steal years from our plan as inflation eats up your value. We like to build “buckets.” Carve out the next 1-3 years of cash flow into a very conservative bucket. 3-7 years income should be more moderate and the 7-10+ years money should be invested for growth. This helps us feel more at ease knowing each bucket has a different job and timeline. If markets become volatile, we know the income we need for the short-term is safe and that our long-term money can remain invested to recover properly and grow.

 5. Healthcare. This can be the “great unknown” in most financial plans. Understanding your health history, family health history and costs is a must.  Planning for the right insurance coverage based on your life is crucial. The average family needs around $300,000 in healthcare expenses covered in retirement. Not planning effectively with the right savings and/or coverage can ruin your plan quickly.

 

Interviews: Chris Janeway

Chris Janeway is Founder & CEO Fourth Point Wealth, a wealth management and coaching firm which manages over $100 million, helping families build confidence and grow their wealth.

Chris founded Fourth Point Wealth to fix the broken investor experience. Chris works with individuals and organizations who value collaboration with a financial coach, and he’s developed a process that helps investors identify their goals, pinpoint gaps, and truly understand their wealth. Chris is passionate about client education and believes that, through a clear focus on coaching, investors are more likely to remain confident and committed to their long-term plan and avoid common imprudent decisions that damage our financial future.

When Chris is away from the office, he loves to golf, coach youth sports, and enjoys spending time outdoors with his wife, Katy, and their sons, Brennan and Graham.

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