Conventional wisdom, rules of thumb, standard advice - those are what the lazy person often resorts to when they don't have an answer for you, or they can't figure out what to do. "Everyone else does it this way" is not always a good reason to pursue a strategy that may not be suitable for you and your goals.
One common piece of conventional "wisdom" is in the Social Security arena, which says that if you'll live a long time, always take your benefits as late as possible; if you don't think you'll live very long, take them earlier. This may be good advice for some, but for others, doing exactly that can cost them thousands of extra dollars in benefits that they would have otherwise been entitled to.
How do you know if following the common advice is potentially right or wrong for you? Just tune in to this week's podcast with host Johnny Dean and his guest, "Professor" Rick Plum, CFP®, and find out. It's all about Managing Your Financial Future!
