Sep 8, 2017
Learn how to make sure your finances are in order when it comes
to retirement and your future.
Main Questions Asked:
What is your retirement income strategy?
What are the other habits of successful retirees?
Key Lessons Learned:
The Seven Habits
- You need an income strategy for the money you have set aside
that takes into account interest rates and which accounts you’re
going to pull from first.
- You should diversify for everlasting income to make sure your
income lasts as long as you do. Diversifying preserves your assets
during the inevitable market upheavals.
- Many people look at their ROI’s but then end up losing much of
it by not managing their taxes appropriately. You must set up your
portfolio correctly and plan for how you will take money out of
your various accounts.
- You should be leveraging dividend stocks that qualify for a
lower tax rate. You need to be careful because stocks come with
inherent risk but the dividend paying stocks can give you a nice
overall rate of return.
- You need to have a thorough, thoughtful plan for retirement
that takes in your individual situation and goals.
- Take advantage of the experience and wisdom of a qualified
financial planner that focuses on retirement planning specifically.
45% of Baby Boomers are expecting a to experience a reduced
standard of living because many people are not fully prepared for
their imminent retirement.
- You have to maintain a modern estate plan that looks at three
main components: asset protection, tax reduction and control when a
death occurs. Are your assets protected from lawsuit exposure? You
should set up trusts set up to minimize taxes.
- Don’t be afraid to take risks. Many people are afraid to take
risk to earn a higher yield due to past market conditions. If you
are not losing capital before you need it, that be a risk that’s
worth taking. You have to have some exposure to risk to keep up
- You have to know where you stand. A proper plan can give you a
snapshot of your financial situation. You should be reviewing your
financial accounts at least once a year.
Links To Resources Mentioned
Money Map Retirement Review
Thank you for listening!