Exposing Retirement Planning Complaints

In this episode, we’re tackling some common complaints and fears that can arise during the retirement planning process. We'll discuss which concerns are well-founded, which are based on misconceptions, and offer insight on how retirees can best navigate their financial future.

Important Links: 

Website: http://www.yourplanningpros.com

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Transcript: 

Speaker 1:

Welcome in to another edition of the podcast. It's Plan With The Tax Man with Tony Mauro from Tax Doctor Inc. here to talk with me this week on the show. We're going to dive into exposing some retirement planning complaints, tackle some common complaints and fears people have about their financial situations during retirement, and which of these are kind of well-founded or maybe just full of misconceptions, things of that nature. So we'll have a good conversation with Tony this week on the podcast. Don't forget to subscribe to us at yourplanningpros.com. You can check out Tony's website at yourplanningpros.com, or type in Plan With The Tax Man in the search box of whatever podcasting app you like using like Apple, Google, or Spotify.

 

Tony, my friend, what's going on buddy? How are you?

 

Tony Mauro:

I'm good. As we're recording this it's state fair time here, which usually signals toward the end of the summer.

 

Speaker 1:

Well, it's-

 

Tony Mauro:

It's the last hurrah.

 

Speaker 1:

It's hot. It has been hot for sure.

 

Tony Mauro:

It's hot. Yeah, it's been hot here too.

 

Speaker 1:

Yeah, it was 98 like the last four days in a row, but they said it felt like 110 or something like that.

 

Tony Mauro:

Wow. Yeah. We got that coming again next week, so it'll be interesting.

 

Speaker 1:

Well drink plenty of water, right?

 

Tony Mauro:

Yeah. That's right.

 

Speaker 1:

So you don't overdo it, especially for a lot of our demographic that we talk to and listens to the show. Making sure that you have plenty of water and stay hydrated is important, that's for sure. My mom, she's 82, and she does these daily PSAs on Facebook. She's like, "Morning y'all, it's going to be real hot. Drink water."

 

Tony Mauro:

Uh-huh. Yeah. That's nice.

 

Speaker 1:

I'm like, "All right, well there you go." But anyway, we're going to talk about some retirement planning complaints this week. So I've got some pretty basic statements here that people say often, Tony. So we'll talk about whether, like I said, these are well-founded or just full of misconceptions and just offer some insight.

 

Tony Mauro:

Mm-hmm.

 

Speaker 1:

So let's start with the first one here. My advisor takes too much risk. Obviously this has been something that people have said for often when things are not going well you go, "Oh well my advisor takes too much risk." But I would challenge the question of why is that? Is that because they're taking the risk without talking to you? Or have you gone through some scenarios? What do you think?

 

Tony Mauro:

I hear this sometimes as well, and these first two couple topics here I can relate back to this last weekend when I was out visiting my son and my new daughter-in-law. And they're very young, 27, but she had made a comment like this, and so I asked her, "Well why? Why do you think that?" And the answer is what I get a lot, and that is, "Well it seems like my account's not going up." So I hear that a lot. I hear the fact that I'm not making as much as my neighbor, things like that. Or, like you say, when things are going down they think there's a lot of risk. And it might be the case, but it's not always. And I think, as I told her, "Well you just need to talk to them and explain what you think." And in her case, she's 27 years old, she's investing for retirement, long timeline.

 

Speaker 1:

She should be taking risks.

 

Tony Mauro:

[inaudible 00:02:58] a lot risk over the last few years. Yeah. And I looked at the funds that she's in and really they're actually very good funds, they just haven't done much the last year and a half. But I told her, I said, "That's not unusual in the market we're in." And she's not real risk averse, so I think that's one thing... I think if you just communicate with your advisor, talk about that kind of stuff. Or if-

 

Speaker 1:

If you're feeling like they're doing it right, you got to first of all find out why.

 

Tony Mauro:

Yeah.

 

Speaker 1:

Well, actually you mentioned account's not growing, so that's actually on my list, so I'm going to jump down to that one and pair these tw