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On the latest episode of The Retire Happy Podcast, Tom and I sit down with Andy Ives, a renowned IRA expert from Ed Slott & Co., to uncover the common pitfalls that may be putting your hard-earned retirement savings at risk. Andy pulls back the curtain on crucial retirement planning concepts like:

Costly mistakes often made with net unrealized appreciation (NUA)
Why your Roth conversion timeline is more critical than you think
How to navigate the tricky “rule of 55” and avoid costly early withdrawal penalties

These strategies, if leveraged incorrectly, could end up costing you thousands of dollars in unnecessary taxes and penalties. Don’t let careless mistakes jeopardize the retirement you’ve worked a lifetime to achieve.

Make your golden years truly golden! Subscribe to The Retire Happy podcast wherever you get your podcasts.

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retirement planning is a crucial aspect of financial management, but it is also something that many people overlook or make mistakes with. In Episode 91 of the financial podcast series, we discuss the biggest retirement fund mistakes that people often make and how you can avoid them.

One of the most common mistakes that people make with their retirement funds is not starting early enough. It is important to begin saving for retirement as soon as possible, as the earlier you start, the more time your money has to grow. This will allow you to take advantage of compounding interest and maximise your retirement savings.

Another common mistake is not contributing enough to your retirement fund. Many people believe that they can rely solely on Social Security or other forms of retirement income, but these sources may not be enough to maintain your desired standard of living. It is important to contribute as much as you can to your retirement fund, ideally aiming to save at least 10-15% of your income each year.

Failing to diversify your investments is another mistake that can have a significant impact on your retirement savings. Putting all of your money into one type of investment, such as stocks, can expose you to unnecessary risk. Instead, it is important to diversify your portfolio by investing in a mix of stocks, bonds, and other assets to minimise risk and maximise returns.

Many people also make the mistake of withdrawing funds from their retirement account early. While there are some exceptions, such as for medical emergencies or to purchase a first home, withdrawing funds from your retirement account before you reach retirement age can result in penalties and taxes that can significantly diminish your savings. It is important to leave your retirement savings untouched until you are ready to retire.

Lastly, failing to regularly review and update your retirement plan is a mistake that many people make. Life circumstances can change, such as getting married, having children, or changing jobs, which can impact your retirement goals and savings strategies. It is important to regularly review your retirement plan and make adjustments as needed to ensure that you are on track to meet your retirement goals.

In conclusion, avoiding these common retirement fund mistakes can help you build a secure and comfortable retirement. By starting early, contributing regularly, diversifying your investments, avoiding early withdrawals, and regularly reviewing your retirement plan, you can maximise your savings and enjoy a financially secure retirement. So take the time to assess your current retirement strategy and make any necessary adjustments to ensure a bright financial future.