On the Money with Secure Money: Episode 69
A lot of people think retirement planning is making contributions to a 401 K plan or an IRA account. But that’s a very small portion of the whole planning process.
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A lot of people think retirement planning is making contributions to a 401 K plan or an IRA account. But that’s a very small portion of the whole planning process.
It seems like with, you know, what’s happened over the past two years with the pandemic, a lot of people are looking at retirement more closely. They want to look at maybe bad things potentially happening to their situation, how they adjust.
The only way you’re going to keep pace with inflation with risk money is for that money to have a long-term time horizon to grow. And the reason I say that is because if we’re in an inflationary environment, and you’re pulling money out of your stock investments, you’re actually
A lot of people are telling me that they’re not retiring with pensions. So, they’re a little bit worried because, you know, they’re looking at what their income is going to be in retirement, and maybe the only income that they’re going to have is Social Security.
So, number one, having a plan that is designed not to run out of money, even when we have market volatility, okay. And we can talk about that a little bit more. Having a good tax strategy, right, making sure that when you are retired, you’re paying the least amount
She’s not going to be able to take the deduction when she makes a contribution to the Roth component of the 401k. But listen, I do a conversion almost every single year on my money, I rip the band aid off, I pay the taxes. Why? Because you got to
A fixed annuity can do that for you, I don’t have to take income from it. So it just grows like a bank seed a matter of fact, it’s even better than a bank CD because it grows tax deferred.
Yeah, well, number one, and most importantly, is income. Because the income is the driving force behind the plan, you really can’t make decisions on what to invest in, how much to contribute to your plan, what rate of return you need, what level of risk you need to take,
So, they created this thing called an income rider. Basically, what it does is it pays somebody an income stream for the rest of their life. But it costs money. Why would you pay money for something like this? Well, the benefit of paying the money for it is because
