10 retirement planning decisions that are hard (or impossible) to undo (8 16 26)

Happy Sunday! Here’s what we’re covering in today’s Clark Smart Investing newsletter:

10 retirement planning decisions that are hard (or impossible) to undo
Long-term care insurance is getting harder to buy. Do you really need it?
There are investments that protect you from losses. What’s the catch?
Q&A with Wes Moss: How important is the diversity of "core pursuits" in retirement?

💵 10 Retirement Planning Decisions That Are Hard (or Impossible) To Undo

You spend 40 years saving for retirement, and you get plenty of chances to fix mistakes along the way. Pick the wrong fund, rebalance. Fall behind on savings, catch up. Then you reach the doorstep of retirement and the rules change. Suddenly the biggest decisions of your financial life are one-shot decisions. You’ve never made them before, you’ll never make them again, and most of them can’t be taken back.

That combination of high stakes, no practice and no do-overs is why these choices deserve more care than almost anything else you’ll do with money.

Before you make a move you can't take back, check out the 10 retirement decisions that are almost impossible to undo.

Full Article: Read the 10 Decisions

📚 Recommended Reading

Long-Term Care Insurance Is Getting Harder To Buy. Here’s Why You Might Not Need It Anyway

Thinking about your retirement plan and future healthcare needs? Long-term care insurance can protect your savings, but it isn't the right fit for everyone—and buying at the wrong age can cost you a fortune. Here’s what you need to know before locking in a policy. Read more.

There Are Investments That Protect You From Losses. What’s the Catch?

Investments that protect you from stock market losses are wildly popular right now, but who’s actually backing that guarantee? Clark and Wes break down the three main types of "loss-protected" investments, why Clark treats annuities like a curse word, and where these products actually make sense in a retirement portfolio. Read more.

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💬 Ask an Advisor

Ask an Advisor

with Wes Moss

Email | Website

Each week, Wes Moss answers real reader questions on money, investing, and retirement. Wes is Chief Investment Strategist at Capital Investment Advisors and a fee-only financial advisor. He hosts a weekly Ask an Advisor segment with Christa DiBiase on the Clark Howard Podcast and YouTube channel.

This week's question

Brian in Virginia asks:

"How important is diversity of "core pursuits" in retirement? For example, I love fishing, but there are so many different types of fishing. Does it all fall under "the great outdoors," or does each type count as a pursuit?"

Wes's answer: The list of activities people come up with can be really extensive, which I think is very cool because it gives them lots of optionality. As for specificity, I believe anything that has its own unique descriptor before the main word deserves its own category. Take fishing, for example. Deep sea fishing is totally different from fly fishing. A completely different group of people might want to do one activity and not the other. That is also a totally different crowd from those who go kayak fishing, which might attract someone super comfortable in a kayak out on the water and perhaps even more outdoorsy. Sure, they are all outdoors, but they are unique activities requiring their own level of planning. You might also have a completely different social group for each one, so I think they all deserve their own category.

Exercise is another great example: a walking group is different from a running group, which is different from a yoga class, and people gravitate toward one versus another.

My opinion on this is that if you can make a case that they are distinct, then they absolutely are unique core pursuits and they all count toward that benchmark of five.

Submit a question for Wes

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✅ Poll: What’s Your Take?

Every week, we'll ask a new question to get your take on the latest financial trends and topics.

Have you regretted any of the "hard to undo" retirement decisions?

Last Week’s Poll Results

We asked: “Do you have any of your cash in a CD?” Here’s how you answered:

Yes, I have one or more CDs, but not laddered. - (31%)
Yes, I use a CD ladder (multiple CDs with staggered maturity dates). - (22%)
Not right now, but I'm considering it. - (14%)
No, I don't use CDs. - (33%)

💸 Money Tip of the Week

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Check CD rates: Last week, we shared an article about CD rates. Your money should work as hard as possible while staying as safe as possible, and a CD is one of the few places that can deliver both a guaranteed rate and FDIC insurance. Take time to shop rates today with a discount brokerage or online bank to see if it’s the right move for your cash.

☎ Need Money Help?

The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information.

This information is provided to you as a resource for informational purposes only and is not to be viewed as investment advice or recommendations. Investing involves risk, including the possible loss of principal. There is no guarantee offered that investment return, yield, or performance will be achieved. This information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Any company names shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. The views and opinions expressed are for educational purposes only as of the date of production/writing and may change without notice at any time based on numerous factors, such as market or other conditions. Always consult your own legal, tax, or investment advisor before making any investment/tax/estate/financial planning considerations or decisions.

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10 retirement planning decisions that are hard (or impossible) to undo (8 16 26)