Part 1 - 5 Mistakes to Avoid in Retirement

Getting Retirement Right with Darrin McComas & Shon Peil

From shock to passion: How one conversation about retirement risks took an unexpected turn and sparked a mission to help others. But what happens when the unexpected strikes? Keep reading to find out.

In this episode of Getting Retirement Right with Darrin McComas and Shon Peil, you will be able to:

• Grasp the significance of preparing for healthcare expenses during retirement.

• Recognize the consequences of underestimating the true costs of healthcare in retirement.

• Discover the advantages of having a well-rounded retirement plan with professional assistance.

• Identify retirement-related risks and learn effective ways to handle them.

• Find out how to maintain a balanced approach to investment risks and the benefits of seeking expert opinions.

Just because it might not be important today doesn't mean it's not going to be important down the road. - Shon Peil

Takeaways from this episode include:

• Working with a professional financial advisor who specializes in retirement planning and healthcare costs.

• Researching and exploring healthcare options, including Medicare and state exchanges, to find the best coverage for your needs.

• Budgeting for healthcare costs in your retirement plan, including premiums, prescriptions, and medical devices.

• Considering long-term care insurance options, but be careful of policies with rising premiums and limited benefits.

• Focusing on maintaining a healthy lifestyle through exercise and healthy eating habits to reduce healthcare expenses in the long run.

Long-Term Care Policies Long-term care policies can be a practical solution for some retirees, assisting in covering the ever-growing healthcare costs they might face. However, it is crucial to carefully assess the limitations of such policies and consider the type of funds used to purchase the policy. Having a clear understanding of the terms and conditions involved in long-term care policies will enable individuals to make the best decisions for their personal circumstances. During their conversation, Darrin McComas and Shon Peil address the topic of long-term care policies as a potential way for individuals to prepare for healthcare costs in retirement. The hosts emphasize the importance of examining the limitations of these policies and considering the funds used to purchase such a policy. Their discussion illustrates the significance of finding suitable healthcare coverage to ensure retirees' financial stability and long-term well-being.

Taking on Too Much Risk Retirement planning also involves managing investment risks, as taking on excessive risks can lead to financial strain or even loss of funds. Intentional investing, which includes creating diversified investment portfolios based on different timeframes, can help retirees maintain their financial resources and avoid unnecessary risks. Being aware of their investments and the risks involved is vital for retirees, enabling them to make well-informed decisions and seek professional advice when needed. In their conversation, Darrin McComas and Shon Peil address the risks associated with investing and the concept of sequence of return risk. This risk refers to potential losses early in retirement when retirees withdraw money from their accounts, leading to a shortage of funds in the long term. To avoid this, the hosts suggest intentional investing and seeking the advice of trusted financial advisors, emphasizing the need for retirees to manage risks in their retirement planning proactively.

Planning for Healthcare Costs Incorporating healthcare costs into one's retirement plan is vital to not only ensure financial security but also maintain a healthy and fulfilled lifestyle in retirement. A comprehensive retirement plan that accounts for inflation and long-term healthcare expenses is essential when devising a strategy for managing these costs. Developing a target to aim for and working with a professional to build a plan can help prepare individuals for the inevitable healthcare expenses that arise throughout their golden years. Darrin McComas and Shon Peil discuss the importance of having a solid plan in place to address healthcare costs during retirement. They advise listeners not to wait until it's too late, and instead, work with a fiduciary to make well-informed decisions about healthcare expenses. In this conversation, the hosts echo the professional advice of working to develop a comprehensive plan to address healthcare costs that might arise in one's retirement.

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