Did you know that termites also exist in the financial world? They are disguised as the money mistakes that are detrimental to your financial freedom. It’s always critical to make sure you’re not headed in the wrong direction for retirement.This week in the No Payne, No Gain podcast, Bob and I will break down the five major missteps that slowly wreck your retirement and how to avoid them. More importantly, we will dive into one of the most significant pieces of retirement legislation, the new SECURE Act, and discuss some of the benefits that you need to make the most out of this year.As always, we will reveal the best and worst advice from the financial media in this week’s financial propaganda. And lastly, for our spotlight segment today, we have our financial advisor at Payne Capital Management, also Bob’s son and my brother, Chris Payne. He will reveal a couple’s retirement plan that shocked him the most.This episode is not one to miss, so tune in to the No Payne, No Gain podcast now! The Five Major Money MistakesMoney mistakes are portals to discover what you should be dodging especially if you are building your way up to financial freedom. When it’s about planning for your retirement, it’s best to learn about the pro moves. Now, what are the five major mistakes and how do you avoid them?[02:14] – Flying blind is the number one mistake people make, where you don’t even have a retirement plan at all.[03:20] – 30% of US retirees say that they don’t have the same standard of living in retirement as when they’re working. How do you avoid this situation?[05:36] – A lot of us think we can work forever that we don’t have to worry about our retirement plan. What if you get downsized? What if medical conditions turn out?[06:33] – Ryan shares the importance of having a “contingency plan.”[07:10] – Not saving enough during the critical years where you are making the most. It’s best to learn about the pro financial moves. The Benefits of the New SECURE ActOne of the best things that kicked off this year is the changes in the rules about retirement savings. With the new SECURE Act, massive opportunities are granted. We will break them down for you and certainly, it’s something you will never miss out on.[12:28] – Before, you had to take money out of retirement accounts at age 70 and a half. Now, it’s been moved back to age 72, which is a huge opportunity for financial planning.[13:13] – If you’re in a lower tax bracket when you stop working, it’s the perfect timing to convert some of your retirement money into Roth IRA where it can grow tax-free forever.[13:45] – At 70 and a half, even though you don't have to take distributions, you can still make charitable contributions out of your IRA at that point, which you get a reasonable tax deduction for which you're limited on now if you make your charitable contributions out of your regular savings account.[14:27] – If you’re working past age 70, now you can still contribute to your retirement plan or your IRA.[15:09] – If you have a small business or self-employed right now. And again, you're down that homestretch for retirement, you have five to ten years. Great time to set up a retirement plan. And there's a lot more flexibility in terms of how you can build those things.[15:41] – If you’re working part-time, now you can even contribute.[15:59] – When your heirs inherit your retirement assets, they used to be able to inherit and take those retirement plans or IRAs over their lifetime. But now, that's been truncated into a 10-year window, which can be a huge tax liability. That’s why planning right now is so critical. Financial Propaganda of the WeekOccasionally, Bob and I scour the daily financial news which only offers obscene and profane financial guidance and helps you protect yourself from following their ill-advised financial decisions. Here’s what we have for this week:[21:40] – Bob dives deeper on how the Coronavirus had been setting alarms in the market and making everyone fearfu