Mike and Al explores the gap between thinking you’re prepared for retirement, feeling confident, and knowing you’ve got a plan built to hold through storms. They emphasize distinguishing emotion-driven investing (fear/chasing returns) from fact-based planning: your goals, cash-flow needs, and current risk exposure. They also cover situational awareness - market cycles, changing tax/healthcare landscapes and the benefit of regular plan check-ups rather than “set-and-forget”. The takeaway: confidence comes when your beliefs (I think), feelings (I feel) and documented plan (I know) all align and get revisited as life changes.

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Mike and Al calls out five frequent missteps - chasing performance, holding the wrong risk mix for your time horizon, and letting taxes and fees quietly erode returns. They add that many investors skip a written plan (with cash-flow, withdrawal, and rebalancing rules) and neglect beneficiary/estate housekeeping, which can undo years of good saving. Practical fixes include automating contributions, rebalancing on schedule, coordinating asset location for taxes, and keeping 1–2 years of near-cash reserves. The takeaway: discipline and planning - not hunches - are what keep you on track.

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Mike and Al address how taxes often surprise retirees even if they expect a lower tax bill, things like required minimum distributions, Social Security income, and investment income can push them into higher brackets. They walk through tactics to manage that outcome (e.g., converting traditional IRAs to Roths strategically, timing capital-gain realization, and balancing tax-efficient account placement). Listener calls bring real-life questions such as the viability of the 4% withdrawal “rule”, trade-offs between 401(k)/403(b)/457 plan rollovers, and behavioral issues around spending vs saving in retirement. The takeaway: tax planning is integral to retirement income strategy - not an after-thought - and being proactive with taxes can significantly impact how much of your money you actually keep.

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