If You’re In Your Sixties Or Retiring, Avoid These Mistakes

Retirement. It may be just around the corner or you’re already enjoying it. Unless your plan isn’t working out the way you dreamed. As Josh Patoka wrote on Debt Roundup, “Let’s hope you’ve planned well enough to reach retirement with your savings intact and your wealth growing.”

At iFlip, they have developed an A.I. for their SmartFolios that has the power to preserve, protect and grow wealth for all investors. Let’s see how those A.I. SmartFolios can help solve the following common mistakes made by people in their sixties or retiring.

Spending Too Much

Ahh! The freedom! The 9-5 workday and the 40-hour workweek no longer control you. Why not live a little? Buy all those things you’ve been wanting. You deserve it. You’ve worked hard! 

However, Patoka warns, “In retirement, your primary income is passive income. Overspending can ultimately lead to outliving your retirement savings. It can be easy to overspend if you plan on extensive traveling, currently live paycheck to paycheck or have credit card debt.”

The solution given in Debt Roundup is to adopt the four percent rule. Investopedia defines this as “withdrawing four percent of your portfolio each year in retirement for a comfortable life.” 

Upon further reading at Investopedia, you’ll see their debate as to why this rule may no longer apply to retirees.

iFlip can’t control your overspending, but offers A.I. SmartFolios for everyone. A.I. SmartFolios have back-end technology providing machine learning. These long-term investments constantly analyze the market and make trades for you. 

Miscalculating Monthly Expenses

Your expenses may actually go up when you retire! Patoka points out, “When you are still working your employer pays for a portion of your monthly health care premiums, life insurance and other benefits.

After you retire, you can be hit with a double-whammy of very few tax deductions and increased insurance payments. And, you will also have to begin paying taxes on your tax-deferred 401k and IRA withdrawals.”

iFlip can’t change the regulations and tax laws. But by allowing the A.I. in the best algorithmic trading software to manage your investments, you have a better chance of having more money to work with. 

iFlip’s A.I. SmartFolios use machine learning analysis to buy, sell and hold your positions. Based on market risk, this analysis also takes into account the risk level of every user. It’s not designed for day trading or get rich quick trading. 

The smarter performance leads the market! One comparison from June 2016-June 2020, showed increases for Fidelity, 8.6%; SPDR S&P 500, 9.4%; and iFlip’s A.I. Tactical SmartFolio, 17.1%. Click to learn more about iFlip’s A.I. SmartFolio’s performance.

Aggressive Investing

There’s a time for aggressive investing and it’s not in your sixties! Try it and as Patoka says, “One sharp downturn can erase years of investment gains you plan to live on soon.” 

Since the money you’ve been saving and investing is more valuable to you now that it’s getting closer to the time you’ll need to use it, a less volatile portfolio is a good idea.

Offering A.I Smartfolios that are Conservative, Moderate and Aggressive, iFlip has something for investors at every stage. Click on the following link and then scroll down the page to see what makes up each Premium A.I. SmartFolio.

Not Having A Hobby

You’ve been working long hours for several decades just to stop working. Are you just going to sit there doing nothing? 

A quote from Chris Mamula, who retired early at age 41, says, “You should retire to something, but you can’t do everything. There aren’t enough hours in the day. You still need to prioritize your life.”

Maybe you aren’t like Mamula and will need to find a hobby. Patoka suggests, “Keeping busy doing the things you love will keep you happy and potentially add years to your life. You might even consider getting a hobby that makes money.”

See Passive Income: Extra Money Renting Car Space? Credit Rewards?

Summary

There are almost as many paths to follow as there are retirees planning to take them. Double check where you are on your path. Correct any mistakes that will prevent you from enjoying your retirement.
Make the needed adjustments and be sure to hop over to iFlip. See how the algorithmic trading software in their A.I. SmartFolios is the smartest way to invest in your future.

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