Planning for retirement is a high priority for those in the financial management world.
Jason Weier of Weier Wealth Management was on this week’s episode of WOMT’s Just the Facts program, where he discussed with host John Foster about some common mistakes people make when preparing for retirement.
Weier noted that while many people are able to handle their own portfolio, retirement planning is an entirely different ball game.
“You have to have expertise in taxes, Social Security, longevity, health care… It touches a lot of different topics,” he explained. “So retirement planning is not as straightforward as just managing investments.”
One of of the most common issues Weier has seen in his near 20 years in the industry is investors only allocating money to one type of investment, such as a 401k.
Weier said, “It’s easy, it’s convenient, but they’re not maybe aware or looking at what are the tax implications today and what does that carry forward to in retirement.”
It was also noted that people tend to try to find that one perfect investment, which Weier and Foster both said does not really exist.
“There’s no perfect investment vehicle,” Weier explained. “We’re balancing out today’s goals with tomorrow’s goals.”
You can learn more about retirement planning by listening to the entire show at SeehaferPodcasts.com.
Weier also discusses various financial health topics on his program, Financial Health, which airs at 11:20 on 1240 WOMT and is also posted at SeehaferPodcasts.com.
