Step 6 of of the Retirement Planning Process is “Minimize the Tax Liability”.   I haven't met a retiree recently who is told me that they think that tax rates will be going down in the future.   With trillions of dollars of debt and unfunded liabilities in the future, it's important to control the amount of taxes that will be paid on IRA distributions, since it is very likely that future tax rates will increase.   If you're curious about the state of the current national debt and … [Read more...]

I hope that you enjoyed the series on the steps to retirement planning so far.   In this installment we will deal with Step 5:   STEP 5 – Manage or Eliminate Retirement Risk   We want to make sure the right kinds and amounts of insurance and risk management strategies are in place to  effectively deal with the most sinister of retirement risks which could derail our plan.   This includes the premature death of a spouse, unexpected long-term care costs, and a major … [Read more...]

Step 4 of the Retirement Planning Process is to set up an effective cash flow management system.   A retirement plan blueprint is built upon a projected amount of investment account withdrawals each year. If retirees withdraw more than the projected amount due to cash flow mismanagement, it puts the longevity of the investment portfolio in jeopardy. … [Read more...]

Entering into retirement isn't for the faint of heart.   David Littell from The American College has identified 18 risks that retirees face which must be mitigated for a successful retirement. He lists the following: … [Read more...]

Step 3 of the Retirement Planning Process is “Strategically Deploying Your Retirement Resources”. This is where the real heavy lifting comes in and strategy truly begins.  It is where an advisor can be worth their weight in gold, since they have already seen retirement situations such as yours and have experience in maximizing resources. … [Read more...]