This week, Jerry and Nick Royer explored the seven most common mistakes retirees and pre-retirees make with their money, including misconceptions about diversification, ignoring tax implications, and lacking a clear, tested income plan for retirement. The show highlighted the importance of true diversification across asset types and proactive tax planning, noting that IRAs and 401(k)s are often misunderstood in terms of when taxes are actually owed. The Royers stressed that thoughtful income strategies are essential, as “guessing” how long money will last is not a viable retirement plan. Additional pitfalls discussed included assuming an advisor is covering all financial bases, developing overconfidence during bull markets, making decisions based on emotions, and thinking retirement is only about money rather than lifestyle fulfillment.
The Royers introduced their “bucket strategy," encouraging listeners to assign specific purposes to their assets—for emergency needs, near-term income, and long-term growth—to provide structure and safeguard against risks like inflation, market volatility, and rising healthcare costs. They advised that a solid plan should be adaptive, tax-efficient, and geared toward creating predictable income and long-term security.
For more information about Nick & Jerry Royer and the Group 10 Financial Team, visit https://group10financial.com/
