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Listen to Johnson Brunetti's Money Wisdom with Joel Johnson CFP®, host of Better Money Television program and Forbes Contributor. Gain true financial wisdom and advice aimed at educating you about all of your financial options when it comes to retirement so you can make the best decisions for you and your family. Get information and education that can bring you peace of mind with your savings and retirement. Whether it’s your 401k account, IRA, or an underperforming asset, Joel Johnson can answer your questions and make you more aware of issues that may affect you.

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May 10, 2019

Welcome to the Money Wisdom Podcast where Joel Johnson, CFP® of Johnson Brunetti, reviews retirement and investment topics weekly. Let's get started…

Today's Wisdom:

Not all investors are successful. Find out what successful investors do that unsuccessful investors don’t do. Learn how to follow the example of investment experts to avoid mistakes that can diminish your money in retirement.

What You'll Learn:

Never Claim Social Security Benefits Without a Strategy

  • Successful investors have a strategy for everything they earn.
  • Don’t look at social security as an individual piece but look at the whole picture.

- Never Invest Without a Plan

  • If you are over 50 years old, you should have an investment plan or risk running through your savings far too soon. It’s about many things working together.

- Never Have Only One Source of Income

  • We need diversified income plans and diversified portfolios.
  • It’s important to be able to turn different sources of income on and off during certain times.

 - Never Ignore Inflation

  • Life expectancies are in the 90-year range. This means inflation could be a killer to your retirement security.
  • One or two percent over 20 or 30 years can make a difference.

 - Never Forget the Key Role that Taxes Play in Investing

  • Many times, taxes are being ignored when money is being shuffled around.
  • It’s possible to lose 20 to 30 percent to the tax man.
  • Successful people pay a lot of attention to taxes.

 - Never Ignore Risk

  • There is a misconception that wealthy people take more risks when the opposite is actually true.
  • People are often taking more risk than they need to. Take as little risk as possible with that core investment egg.

- Never Withdraw Money from Retirement Accounts Without a Plan

  • Contribution is automatic but withdrawing the money can be riddled with all kinds of traps like taxes.
  • For every dollar you earn the IRS is your partner.
  • Savvy people pay much less by having a strategy.

Final Thoughts:

 “Saving for retirement alone is not enough. If you want to retire successfully today or if you want to continue to be successful in retirement you need to have a plan. A thorough and thoughtful plan.” – Joel Johnson


Additional Resources:

Money Map Retirement Review

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