Ask the (Headless) Hammer – Halloween Edition
In this special Halloween edition of Ask the (Headless) Hammer, Jeffrey Levine of Buckingham Wealth Partners answers the question: What are the scariest financial mistakes to avoid?
Key Takeaways
- Build a well-diversified portfolio to protect against market volatility in retirement, since you can no longer recover from major losses like you could earlier in life.
- File for Medicare on time to avoid lifetime penalties on your premiums—filing even one day late can result in permanently increased costs throughout retirement.
- Understand your retirement account rules meticulously: a single mistake like a 61-day rollover instead of 60 days can wipe out a lifetime's worth of savings.
- Never make financial decisions when emotions are involved—consider working with a financial advisor to get unbiased guidance, as even professional advisors consult with their own advisors.
- Combat behavioral finance mistakes like recency bias and overconfidence by recognizing that emotion is the primary enemy of long-term financial success.
Ask the (Headless) Hammer - Halloween Edition: In this special Halloween edition of Ask the (Headless) Hammer, Jeffrey Levine of Buckingham Wealth Partners answers the question: What are the scariest financial mistakes to avoid? Watch more episodes of Ask The Hammer at this link: https://www.finstream.tv/videos/ask-the-hammer/
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