The Financial Guys

4 Things You Shouldn’t Do With Your Retirement Money

Retirement Money Decisions
Picture of Mike Hoeflich

Mike Hoeflich

4 Things You Shouldn’t Do With Your Retirement Money

Share this post

Your strategy is essential for a successful retirement. There are always decisions that need to be made sot hat you get the most out of your social security retirement. But sometimes, hasty decisions can be made that would negatively impact your retirement income plan. Here are 4 ways you can hurt your retirement strategy plan, especially during a pandemic, and for more Social Security and retirement discussions, you can sign up for our virtual academy as well.

1) Changing Your Portfolio Approach

When changes happen in a market, like the changes going on right now due to the Coronavirus, it’s not always a good idea to switch from a moderate or aggressive portfolio and then to move to a conservative approach. You don’t necessarily know what your turn around will be in your portfolio and making this hasty decision may have a far more negative impact in the long term. It’s always best to consult with your advisor first before making any big moves; this way, you know the full extent of your decision before making it.

2) No Proper Diversification

Let’s say you have a 401(k) holding your own company stock, and that is all you have. Well, if something happens to your company, you may end up losing a lot of your retirement. It’s always best to be properly diversified, this way if something does happen, working with your financial advisor, you can make a plan to reallocate funds or make a safe strategy to ride out any major negative changes in the market. If you are having this issue, give us a call at 833-345-4897 or contact us on our website, we would be happy to help with your retirement strategy.

3) Sequence Of Returns Risk

This is when you are harvesting from your investment accounts during good times, which is normal. But then when the markets turn, you continue to harvest from your account. This requires far more shares to be sold to provide you with the income you need. This could hurt your retirement strategy in the long run.

4) Taking Social Security Too Early

We understand that you worry about your portfolio; however, taking your social security earlier than planned is never a good idea. When the markets are down, and uncertainty looms in the air, don’t make this hasty decision. Instead, talk with your financial advisor and come up with a proper game plan. The last thing you want to do is hurt your retirement plan.

Times are tough right now, and we know you are worried about your retirement. We here at The Financial Guys are running a special TFG Virtual Academy for optimizing your Social Security. Our Certified Social Security Claiming Strategist Michael Hoeflich and Ron Reinstein will discuss Social Security and how to optimize your strategy best to get the most out of your benefits. Make sure you are fully informed when making your claim for your retirement income. Sign up for the class here.

Check out these videos for more information on Social Security Optimization

“Securities offered through Peak Brokerage Services, LLC. Member FINRA /SIPC , Advisory services offered through Independent Solutions Wealth Management LLC., an SEC Registered Investment Adviser.

The Financial Guys and Independent Solutions Wealth Management LLC. are not affiliates of Peak Brokerage Services, LLC.”

Share this post

Share:

More Posts

Securities offered through Peak Brokerage Services, LLC. Member FINRA/SIPC. Advisory Services offered through Independent Solutions Wealth Management, LLC, an SEC Registered Investment Adviser.

Securities are offered through Peak Brokerage Services, LLC, Member FINRA/SIPC.  Independent Solutions Wealth Management, LLC and are separate and independent entities from Peak Brokerage Services, LLC. 

Sign Up For Our Newsletter!

Get an email every time we're In The News

Retirement Money Decisions
Picture of Mike Hoeflich

Mike Hoeflich

4 Things You Shouldn’t Do With Your Retirement Money

Share this post

Your strategy is essential for a successful retirement. There are always decisions that need to be made sot hat you get the most out of your social security retirement. But sometimes, hasty decisions can be made that would negatively impact your retirement income plan. Here are 4 ways you can hurt your retirement strategy plan, especially during a pandemic, and for more Social Security and retirement discussions, you can sign up for our virtual academy as well.

1) Changing Your Portfolio Approach

When changes happen in a market, like the changes going on right now due to the Coronavirus, it’s not always a good idea to switch from a moderate or aggressive portfolio and then to move to a conservative approach. You don’t necessarily know what your turn around will be in your portfolio and making this hasty decision may have a far more negative impact in the long term. It’s always best to consult with your advisor first before making any big moves; this way, you know the full extent of your decision before making it.

2) No Proper Diversification

Let’s say you have a 401(k) holding your own company stock, and that is all you have. Well, if something happens to your company, you may end up losing a lot of your retirement. It’s always best to be properly diversified, this way if something does happen, working with your financial advisor, you can make a plan to reallocate funds or make a safe strategy to ride out any major negative changes in the market. If you are having this issue, give us a call at 833-345-4897 or contact us on our website, we would be happy to help with your retirement strategy.

3) Sequence Of Returns Risk

This is when you are harvesting from your investment accounts during good times, which is normal. But then when the markets turn, you continue to harvest from your account. This requires far more shares to be sold to provide you with the income you need. This could hurt your retirement strategy in the long run.

4) Taking Social Security Too Early

We understand that you worry about your portfolio; however, taking your social security earlier than planned is never a good idea. When the markets are down, and uncertainty looms in the air, don’t make this hasty decision. Instead, talk with your financial advisor and come up with a proper game plan. The last thing you want to do is hurt your retirement plan.

Times are tough right now, and we know you are worried about your retirement. We here at The Financial Guys are running a special TFG Virtual Academy for optimizing your Social Security. Our Certified Social Security Claiming Strategist Michael Hoeflich and Ron Reinstein will discuss Social Security and how to optimize your strategy best to get the most out of your benefits. Make sure you are fully informed when making your claim for your retirement income. Sign up for the class here.

Check out these videos for more information on Social Security Optimization

“Securities offered through Peak Brokerage Services, LLC. Member FINRA /SIPC , Advisory services offered through Independent Solutions Wealth Management LLC., an SEC Registered Investment Adviser.

The Financial Guys and Independent Solutions Wealth Management LLC. are not affiliates of Peak Brokerage Services, LLC.”

Share this post