5 Retirement Mistakes to Avoid
Key Points – 5 Retirement Mistakes to Avoid
- The Main Retirement Mistake People Make Is Not Planning for Their Retirement
- It All Starts with a Financial Plan
- Finding Your Probability of Success
- Your Investment Plan Is Just a Part of Your Financial Plan
- 19 Minutes to Read | 30 Minutes to Watch
Dean Barber and Bud Kasper have witnessed their fair share of mistakes—big and small—that can derail someone’s retirement. Here are five of the main retirement mistakes they’ve witnessed and how they can be avoided.
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Ringing in the Holiday Season
Bud Kasper: It was unbelievable. I took the family to Boonville, Missouri. There’s a place there called Warm Springs Ranch. It’s where they raised the Clydesdales from the Budweiser commercials. It was all dressed up in Christmas fare. They had the entire Budweiser wagon all decorated in Christmas lights. It was unbelievable. It was a great experience that’s good for any family. And yes, you can have a beer if you want.
A Quick Overview of Five Retirement Mistakes to Avoid
Dean Barber: That sounds awesome, Bud. For today’s episode of America’s Wealth Management Show, we’re going to highlight five retirement mistakes to avoid. In my 35 years and your 39 years in this industry, we’ve seen our share of retirement mistakes. The council of the other CERTIFIED FINANCIAL PLANNER™ Professionals at Barber Financial Group is designed to help people avoid those retirement mistakes. We’re going to discuss the following five retirement mistakes on today’s show.
- Starting your plan too close to your desired retirement date
- Not retiring when able to achieve your goals
- Not spending during retirement out of fear (or spending too much)
- Focusing on rate of return rather than probability of success
- Only having an investment plan and not a financial plan
Obviously, there are a lot more retirement mistakes that people can make, but these are the ones we’re going to review. When most people start talking about retirement mistakes, they want to tie everything back to the underlying investment.
Another Retirement Mistake: Not Living Your One Best Financial Life
This doesn’t even make our top five of retirement mistakes, but one of the biggest mistakes that I’ve seen people make is not living the way that they could live. That’s part of one of the things that we’re talking about. They are too scared to spend money. While they could spend it, they’re too scared to do it. So, they live their life well below their means or pass away before they got a chance to enjoy it.
From a personal side of it, retirement is supposed to be that time of your life where you’re celebrating. Every night is a Friday night. You get to do what you want to do every day.
Bud Kasper: I’ll take the antithesis of that, though. I had a conversation with a lady that called in just a few days ago. She was too late. And she called because she listened to the radio show and listened to the points that we talk about. She’s single, never married, working at a good job, but not saving enough.
When we looked at the numbers, my heart kind of fell. She’s going to have a struggle because Social Security is going to become a bigger percentage of her income than what she has saved for. That’s why the antithesis would be to start early.
1. Starting Your Plan Too Close to Your Desired Retirement Date
Dean Barber: That’s number one on our five retirement mistakes to avoid. It’s not a mistake that you make in retirement. It’s a mistake that you make planning for retirement. So many people don’t start planning early enough. And it’s not just about saving money.
Creating a Spending Plan for Retirement
That’s a big part of it. But there are things that you need to start into consideration well before retirement. And one of those is, what is your spending going to look like? You’re creating a spending plan for what your life is going to look like. What are the things that you want to do? Then, put dollar amounts to those. What are those things going to cost? And then, plan for the unexpected and start thinking about what life is going to look like after retirement.
Bud Kasper: I have another story and this is about a couple that we’re working with. They had done quite well for themselves from a saving perspective. They had saved right around $2.3 million, something like that. We went through the process of the plan and we looked at the spending that they were going to do.
What’s Your Probability of Success?
Instead of getting what would be the maximum probability of success, which would be 99%, they came with about 93%. They asked how they weren’t higher than that. And I said it was because they were spending a good amount. That doesn’t mean that they can’t or shouldn’t. I just want them to understand the reality of the pressure that they’re putting on the plan.
Front-Loading Your Spending in Retirement
And here’s another point. A lot of that spending is going to be in the early years of retirement, not in the latter years. When you make that adjustment, you’re still young and active enough to do things. That’s what retirement should be like.
As we grow older, and I don’t mean this disparagingly, we’re a little bit more sedate. Therefore, we’re not going to be spending as much. We’re probably going to be giving more away to family.
Dean Barber: That further backs up the point of it being a retirement mistake to not start planning early for retirement. Observe others that you’ve seen retire before you, whether it was a parent, grandparent, or someone else. Observe how they spent in their early years of retirement. Talk to them about how they spent in the early years of retirement. Talk to them about how they’re spending once they get into their late 70s, early 80s. Do they wish they would’ve done something different?
Create your retirement accordingly because you can learn a lot. That’s what we do. We’ve learned a lot from thousands of people that we’ve assisted going through that. That’s where our council really comes in and is valuable to people.
This Retirement Mistake Hits Home for Dean and His Family
Bud Kasper: And Dean has a personal story about his grandfather.
Dean Barber: I do. He retired when he was 65. That was back when you could get full Social Security at 65. I was a young man at the time, and he told me he was going to retire. I asked him how he was going to live? He said he had enough money saved that he should be able to live just like he was living until he dies.
So, I asked him how he knew when he was going to die. He said his dad died at 76, so he assumed he’d die at 76. Long story short, he ran out of money at 76 and lived to 87. He had to move in with my mom. That’s not what you want to do. You need to think beyond that.
Make Sure That You Don’t Make This First Retirement Planning Mistake
The important thing is, wherever you are today, it’s not too late to start planning for retirement and building your financial plan. This is a retirement mistake that can be avoided. Open your eyes to all the complexities of creating a great retirement. You can even do this by using our financial planning tool that we use with our clients and access it from the comfort of your own home.
As you start building that plan, keep in mind that our tool is designed for professionals. So, if you have questions or aren’t sure what some of the things mean, please reach out to us. We can help walk you through planning for your retirement and get the details that you need to make sure that you’re on track to live your one best financial life and the retirement you want.
2. Not Retiring When You Can Achieve Your Goals
Number two on our list of retirement mistakes to avoid is not retiring when you can. In other words, working too darn long. I’ve seen it happen where people work far past when they needed to work because they didn’t have the clarity. It happens all too often where people put off retirement planning and don’t realize that they could have retired three to five years earlier. It’s amazing to see the look on people’s faces when they realize they could’ve stopped working that long ago.
Bud Kasper: It really comes down to the personality of the people. Sometimes, we need to seek more security from the standpoint of spending capabilities. If I was going to be good at 100%, I should be perfect at 120%, right?
Achieving Financial Independence
Dean Barber: I don’t think you need 120%, Bud. The bottom line is that there are people who can retire and just might not realize that they’ve attained why I refer to as financial independence. Financial independence is the day that you know that you’re doing what you want to do every day because it’s what you want to do. It’s no longer about the paycheck.
I do have some clients that are still working today, but it’s not because they need to. It’s because they enjoy what they’re doing and there’s very little pressure. They know that any day that they have a bad day or if their boss makes them angry, they can just say, “OK, I’m done.” And they’re set.
Bud Kasper: People like to feel that they’re making a difference. Take myself, for example. I love this business. I’ve been doing it for a long time and just can’t see myself not doing it from that perspective because there are people that we can help. As long as Dean and I have been doing this, there’s hardly anybody else out there that can share Dean’s 35 years of experience and my 39 years of experience. I think that’s valuable.
Dean Barber: That’s a good point. We could retire if we wanted to, but I also I enjoy what I do. There’s a big reward for me in what I do. We’ve created an organization where it doesn’t take us killing ourselves to do that. And there are a lot of people that are that way.
Having Clarity, Confidence, and Control in Retirement
But if people haven’t done the planning work and they don’t have the clarity of where they stand and the confidence that they can do what they want to do, then they feel out of control. It’s a psychological issue.
For your whole life, you’ve had clarity of what’s coming in, how much is going to be withheld for taxes, how much is going to be going into your 401(k) plan and all those other things, and what your net paycheck is. Well, when that paycheck goes away, where’s the income going to come from? That’s a big part of what creating a retirement plan does. It gives you that clarity to say where your money is going to come from.
Bud Kasper: And never think that a plan is done after you’ve built it. It’s never done. We’ve had many times where a client will come in the office and they need like $50,000. Well, it’s their money. They can take out whatever they need. It might be for a special vacation.
But then they’ll ask if that will upset their plan. Well, let’s look at it. This happened with someone who came into the office recently. We took this $50,000 out and sure enough, it was not going to destroy the plan at all. They needed that clarity.
3. Not Spending During Retirement Out of Fear (or Spending Too Much)
Dean Barber: For sure. That’s the beauty of having the plan. And that kind goes into number three on our list of retirement mistakes to avoid. That’s not spending what you can spend out of fear, or flip side of that, spending more than what you should.
I liken that to a GPS. You have that GPS and your destination. You look at your GPS and it’s going to tell you how long is it going to take you to get there at a certain speed. But you know that it’s wrong because you’re going to make stops. There’s going to be traffic and those types of things. Every time you make a stop, there’s traffic, or something like that, you get back in the car and you’ve got the clarity of where you are.
When you don’t have the clarity of what you can spend, you tend to do one of two things. You tend to spend more than what you should or spend less than what you could. When you start spending less than what you could, that’s where a sacrifice that’s unnecessary comes in.
Bud Kasper: I think the other part of this is some of the discovery of where you could get more money than what you just saved for. Now, I know your questions are going to be. What’s he talking about with that?
When you’re working with a firm that has CPAs, CFP® Professionals, and an entire organization functioning around that, and you found out that you just saved some substantial money because your tax planning was working in your favor, that’s money that’s in your pocket that you wouldn’t have if you didn’t have the plan.
Dean Barber: You’re right, Bud. I think I’ve told this story at least once on America’s Wealth Management Show, but it’s one of my favorite stories of watching a client get to experience something that they really wanted to do and was very special to them.
Generational Financial Planning
This is a story of a couple that is now in their mid 70s. We’ve been doing planning work for them now for probably 15 years. About five years ago, they realized that their plan was showing that they were going to leave a substantial amount behind and they weren’t going to change their spending. They wanted to see how much they could afford to give to their children now so that they could watch them enjoy it and experience some of their sacrifices. They wanted to see how it would impact their children’s lives while they were still living, but wanted to know if they could afford it without sacrificing their lifestyle.
We went through and it was a process to figure out what was a safe amount to give. But we created a gifting program. This couple has now experienced their children and grandchildren’s lives change in a very meaningful way because of the gifting program.
Bud Kasper: We know that our children as adults now are probably being stretched a little bit because the income may be not as great as what they anticipated.
Dean Barber: Or just inflation.
Bud Kasper: Exactly. Dean and I both have five children. If we can give them a little bit of help every once in a while, I think that’s a great thing for us.
Another Instance Where Clarity of a Plan is Crucial
Dean Barber: It is. But if you don’t have the clarity that it’s OK to do it, you won’t do it because you’re going to be scared that you might need that money at some point in the future. That’s why it’s on our list of retirement mistakes to avoid.
Bud Kasper: And you don’t want to be a burden.
Dean Barber: And on the flip side of that is people overspending and thinking that they’re going to be OK and they overspend. Then, they suddenly become a burden to their kids or grandkids. It can go on both sides.
The Power of a Comprehensive Financial Plan
Where that retirement mistake comes in with either underspending or overspending is once again due to the lack of clarity or knowledge of what is OK to spend. Well, you get that when you have a comprehensive financial plan done.
That comprehensive financial plan needs to be a living, breathing part of your retirement or pre-retirement so that you’ve always got that clarity. It’s just like when your GPS has turned on. You always have the clarity of where you are and when you’re going to arrive at your destination.
Bud Kasper: It’s a process of discovery. And in that process, we get to see the inner workings of what you’re trying to coordinate to position yourself to have a successful retirement.
Dean Barber: Exactly. Get the clarity that you need to make sure that you’re on track. Or if you’re already there and you want to say, “Sayonara, I’m out.” Do it. And maybe that can be your Christmas gift.
A Bonus Retirement Mistake in Addition to Our Five Retirement Mistakes to Avoid
Before getting to the fourth retirement mistake on our list that you want to avoid, we have a bonus retirement mistake to reveal. That retirement mistake is not properly claiming your Social Security. That is something that Bud and I really started focusing on back in 2008 during the Great Recession.
Understanding How to Properly Claim Your Social Security
It seemed like nothing was working, so we wanted to dig into what we could we be missing. We dove into the Social Security system and began to understand that a couple that was 62 at that time could have somewhere north of 700 or 800 different iterations of how they could claim their Social Security. The difference between the best and worst decision in many cases was over $100,000 of additional lifetime income. That’s assuming the same work history, earnings history, and the life expectancy. Not understanding how to properly claim your Social Security is a big deal.
An 8.7% Social Security COLA Increase
Bud Kasper: In fact, I just got a raise. I was getting money through the Social Security system for my youngest child, who just turned 18, to help pay for her education. She turned 18 and no longer gets that, but I don’t lose the benefit that was ours and it now becomes solely mine. So, I just got a bump. And that doesn’t include the 8.7% COLA increase we’re going to get in the first quarter of next year.
And a Reduction in the Lump Sums of Pensions
Dean Barber: That’s awesome. Speaking of that, I recently helped a couple and the husband retired at 62½. It was interesting because those of you that have pension plans are going to see a reduction in the lump sum of that pension.
For the last dozen years or so—post-Great Recession—the lump sum options on many pension plans have been very attractive versus just the monthly pensions. With interest rates rising and the way that the pension funds need to calculate the lump sum needed to provide the future of those income payments, it’s going to go down.
In his case, he was about to lose 20% of what would’ve been a lump sum had he continued to work past the first part of December 2022. So, we went through the numbers and determined that he could retire now.
Also, he has a 16-year-old daughter. She will be entitled to half of the Social Security amount that he would receive if he filed now. I told him to file now because he’s not going to make that back up probably until he’s in his mid to late 80s. I don’t normally recommend that somebody file early, but in this scenario, filing early made the most sense for him. It made a big difference in the success of his overall plan.
The Relationship Between Pensions and Interest Rates
Bud Kasper: Dean is right about those pensions because they are factored in by where interest rates are. Dean and I remember back at the turn of the century when we were seeing a lot of telephone people that were getting lump sum distributions for the first time in their lives which were in a formula which was predicated upon interest rates. Since interest rates were low at that time, they were getting higher benefits. They knew full well that in the future that could drop off. A lot of people came in and retired at that time, which I think was the right decision.
By the way, they were all probably younger than they wanted to retire, but they couldn’t miss that opportunity.
Dean Barber: Most of the people that we worked with back in that time were in their mid 50s. They were that middle management that a lot of the telecommunication companies were trying to get rid of because they were trying to increase profits.
Bud Kasper: Yeah. Do you remember 72(t)?
Dean Barber: We got very familiar with that part of the IRS code. Anyway, that was a little bonus retirement mistake for you to avoid. It wasn’t on our original list of five retirement mistakes to avoid.
4. Focusing on Rate of Return Rather than Probability of Success
Let’s get back to our list of five retirement mistakes to avoid, though. Number four is one that’s more detrimental. This is another psychological retirement mistake to avoid. It’s focusing on your rate of return rather than your probability of success. I want to set that up by helping people understand what we mean when we talk about probability of success.
Monte Carlo Simulations
When we put together a retirement plan for somebody, we’re factoring in all your future spending objectives. We’re factoring in what inflation is going to be into the future. We’re factoring in Social Security and pensions. Maybe you have some rental income, farm income, or royalties.
And then, you’ve got your real assets—your dollars in your 401(k), IRA, trust, or joint account in the bank. From all those different resources that someone has, we ask how much they want to spend from them or how much it’s OK to spend from them. And everybody is going to be slightly different.
Then, we get what we touched on earlier with a probability of success by using a Monte Carlo simulation. A Monte Carlo simulation simulates a thousand lifetimes for you and says, “What’s the probability that you could spend exactly like you want to spend keeping up with inflation and never have to change your spending habits?”
Bud Kasper: That’s based on actual history.
What’s a Good Probability of Success?
Dean Barber: So, if you’re at a 99% probability of success, that means you’re never going to have to change your spending habits. If you’re at a 90% probability of success, that means that 90% of the time, you’re not going to have to change what you spend at all. There’s a 10% chance that you might have to adjust your spending for a year or two or three. That’s your probability of success.
We say that if you have over a 90% probability of success, you’re sacrificing. The Monte Carlo simulation is stacking all the worst things in history that have happened. So, if you look at your probability of success and you’re in the 80% to 90% range, you’re doing pretty darn good. You should feel confident in where you’re at.
Bud Kasper: And I don’t want people to get confused. I’m afraid every time they hear that, they’re thinking that the stock market must do better. Since it’s not doing well right now, I don’t want people thinking that it could condemn their future.
Dean Barber: That’s exactly my point with it being a retirement mistake to focus on rate of return rather than probability of success. Everyone is our organization understands that, but we want our clients, prospective clients, and everyone else to understand it as well.
A Good Financial Plan Has Factored in the Possibility of a Market Downturn Like We’ve Been Going Through
For example, let’s say someone in January had a 90% probability of success. Even with what’s happened in the markets so far this year, they’re probably still around a 90% probability of success when we re-run their numbers. Even if they dropped to 89% or 88%, they’re still in that target range.
Statistically speaking, what’s happened this year has not impacted the ability for somebody to continue to do what they want to do. And if they don’t have that clarity and don’t know that it hasn’t really impacted it from a psychological perspective, they may start living less freely than what they could.
Bud Kasper: And that isn’t necessarily a bad thing. It’s an adjustment that you’re making.
Dean Barber: If you need to.
Bud Kasper: And most people know that. They know the experience that we’re having from this, and they pull back a little bit. You don’t to cut it off, obviously. This isn’t a time to panic. It’s not even close to that. But if you don’t understand your plan, you’re not going to really know. And that’s your opportunity that we’re talking about.
Making Emotional Decisions with Your Investments Can Be a Slippery Slope
Dean Barber: If you don’t have a plan, then you can’t focus on your probability of success. The only thing you can possibly focus on is your rate of return. And then, you start making emotional decisions, which can be very detrimental, especially in retirement. We want you to understand your probability of success before retirement and in retirement.
A Review of the First Four Retirement Mistakes to Avoid on Our List
Before we discuss the fifth retirement mistake to avoid on our list of five retirement mistakes to avoid, let’s review the first four.
The first retirement mistake to avoid is waiting too long to start planning for retirement. Start early.
Bud Kasper: That’s the most important one.
Dean Barber: Planning for retirement is more than just throwing money into your 401(k) or your savings account. That’s not your plan. That’s an investment. Retirement mistake number two is not retiring when you can—unless you just love what you do every day. Retirement mistake number three is not spending enough during retirement out of fear or on the reverse side of that, spending too much. Then, retirement mistake number four is focusing on your rate of return rather than your probability of success.
5. Only Having an Investment Plan and Not a Financial Plan
That brings us to retirement mistake number five to avoid. It’s only having an investment plan and not a financial plan, and it’s the easiest retirement mistake to avoid. It’s not that hard to get a financial plan if you’re working with the right financial planner.
Pre-Tax and After-Tax Contributions
Bud Kasper: We always go back to the root issue, and that is where you’ve been saving money. For most Americans, that’s their 401(k) plan. Yet there’s very little consideration done by most people as to whether they should do pre-tax or after-tax contributions with their in 401(k)s.
A pre-tax contribution is money that’s put in before it has a chance to be taxed by Uncle Sam. After-tax means you’re paying the tax before you put the contribution in. But here’s the big deal. As that money compounds over time, it compounds tax-free and it distributes tax-free.
Dean Barber: Bud is talking about the after-tax portion going into the Roth portion of the 401(k). Prior to 1997, that wasn’t an option. The Roth IRA was invented, and then many years later, the Roth 401(k) came out. People just didn’t really understand the benefits of putting money into the Roth portion of their 401(k).
Bud Kasper: From a planning perspective, we must examine if we need to do Roth conversions based upon the tax brackets that people are going to be in. Roth conversions simply take money from an IRA account and put it into a Roth IRA account. There is a tax burden associated with that. How much of a burden is going to be based upon what your overall tax bracket is going to be. If you don’t know what that is, then you’re making a mistake. What we’re going to do is say, “If we don’t want to pay any more than 15%, then we can calculate to the dollar exactly how much we can convert in any specific year.” That becomes incredibly important to the future of the plan.
But here’s the bite. We wouldn’t have had to do that calculation if the money was already in a Roth 401(k). Therefore, we wouldn’t have the tax burden that we have today because you took it out marginally as you made your contributions.
Dean Barber: But there’s no way that you can make a blanket statement that everybody should contribute to the Roth portion of the 401(k). That’s just simply not true. The only way you’re going to know whether that’s what you should do or not do is by having a financial plan.
Understanding Your Tax Allocation
That’s why I say that only having an investment plan and not a financial plan is the easiest retirement mistake to avoid. Tax planning is a huge part of the overall financial plan. That’s what Bud is talking about. He’s talking about talking retirement planning years before you retire and making a conscious, educated decision about whether to contribute to the traditional 401(k), the pre-tax, or the Roth.
In addition to that, how much should you be saving outside of the 401(k) into a normal taxable account? Should you be doing a Roth IRA outside of the 401(k)? There are all kinds of things that should be taken into consideration. The only way that you can have the correct answer for yourself is by having a financial plan.
It’s not about which mutual fund you own. It’s not about which ETF or stock you own. That’s the investment part of your overall financial plan, It’s an important part, but it is only a part of your overall financial plan.
Paying the Least Amount of Tax Possible Over Your Lifetime
Bud Kasper: Absolutely. The big reward is getting it right. If we’re getting it right, it means we’ve eliminated Uncle Sam out of your life as best we can through tax planning. It’s a task, but tax planning is something that we’ve added emphasis on every year. Tax planning is becoming more critical to the success of the plans that we represent with our clients.
Controlling What You Can Control
Dean Barber: Well, let’s think about it. Can you control Jerome Powell and the Federal Reserve? Can you control Vladimir Putin and his maniac things that he’s doing over in Ukraine?
Bud Kasper: No.
Bud Kasper: Yes.
Dean Barber: Can you control when and how you claim your Social Security to get potentially another $100,000 out of the same system? Absolutely. And can you control where you’re saving money into which tax bucket? Yes.
The Goldilocks Plan
My point is that if you only have an investment plan, you’re going to be flying at the whim of all these things that are totally out of your control. But if you have a financial plan and you’ve already looked at the things that you can control and that’s the base part of your plan, suddenly you can come back and create the Goldilocks portfolio. That’s the one that’s just right for you. It’s the one that gives you the highest probability of success with the least amount of risk possible.
Bud Kasper: I’ll give you a story that is the greatest compliment we could ever receive. We had a meeting with a guy that was quite wealthy. His investible assets exceeded $3 million. We went through the planning process and he mentioned how he’s had a lot of success with his investments. He didn’t want to take himself out of that picture, but I saw the value of what we presented to him in terms of planning. That’s why he wanted to work with us.
The Power of Planning
To me, that validates what we do. Here’s a guy that’s probably got it made. He could perhaps not have any planning and not have any worries for the rest of his life. However, he saw the huge advantage that the planning was going to provide—not just for himself, but for generations after him.
Dean Barber: That’s called being a good steward of your money. Some people have the acumen to manage their own money and can remove the emotion part of it. Some people don’t want to worry about it and want to have somebody else do it.
A Team Approach to Financial Planning
The great thing is that if you’re working with the right company that has the team approach with the CPAs, CERTIFIED FINANCIAL PLANNER™ Professionals, and estate planning and risk management experts, you can go do the things that you want to do for the reasons that are important to you, and you don’t have to worry about it.
That team approach is very important to us. You can learn more about how we approach the financial planning process and begin building your plan with our financial planning tool. You can use it from the comfort of your own home and at no cost or obligation by clicking the “Start Planning” button below.
Like I said earlier, our tool is intended for professional use. If you have any questions about using our tool or how to avoid these retirement mistakes, let us know. You can schedule a 20-minute “ask anything” session or complimentary consultation where you can ask your questions to one of our CERTIFIED FINANCIAL PLANNER™ Professionals. We can meet with you in person, virtually, or by phone.
Clarity, Confidence, and Control
During that meeting, we can screen share with you while using our tool so that we can show you what that real financial plan looks like. We’ll explain how it can give you the clarity, confidence, and control that you need to live your one best financial life.
Bud Kasper: I hope we’re opening eyes. We’re a multifaceted firm when it comes to planning for individuals.
Dean Barber: It all starts with the plan. It’s no different than when the Kansas City Chiefs hit the field. They’ve got a game plan. They’re not just going out there and winging it. And that’s what you need.
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Investment advisory services offered through Barber Financial Group, Inc., an SEC Registered Investment Adviser.
The views expressed represent the opinion of Barber Financial Group an SEC Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Barber Financial Group does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.