“RETIRE WITH INTEGRITY” PODCAST

The Principle:

When you retire, you need to keep your money safe. However, there are always threats to your financial stability. Brian covers three major retirement risks.

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Honest Takes:

00:15 – Three Retirement Risks.  

• According to US News And World Report, there are three main retirement risks to be aware of. They include market risk, sequence risk, and inflation.

00:30 – Market Risk Can Destroy Your Portfolio.  

• When you think of various retirement risks, your mind probably gravitates toward market risk. After all, a market crash can destroy your portfolio. That’s why a “buy and hold” mentality can get you into trouble. Instead, Brian suggests you need an exit strategy for your money as you approach retirement.

1:50 – You Need A Succession Plan For Your Business.

• Let’s be honest, none of us are going to live forever. When you retire, and when you die, you need a succession plan for your business. Whether you’re selling your business or passing it on to your children or a spouse, you need a plan for passing on your business to the next generation.

2:04 – An Example.

• Brian uses his own business as an example to illustrate the importance of having a succession plan.

2:45 – Defining Sequence Risk.

• It’s expected that you’ll withdraw some amount of money as income from your retirement accounts. However, the market fluctuates, and if you’re withdrawing during a down market, you’re essentially selling at the bottom, and your assets are worth less as a result. Furthermore, as your overall net worth drops, the withdrawals you’re taking will represent a greater percentage of your wealth.

4:32 – The Hidden Tax Of Inflation.  

• Inflation is a sort of secret tax the government uses to boost the economy. If you’re not careful, inflation can eat away at your retirement portfolio.

Today’s Truth:

Other Virtues:

The host: Brian Bowen – Contact

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“RETIRE WITH INTEGRITY” PODCAST

The Principle:

It’s that time of year when folks of a certain age take their required minimum distributions. Brian explains RMDs and why you need a strategy for them.

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Honest Takes:

1:04 – Do You Have A Strategy? 

• Once you reach the age of 70 1/2, the government is going to require you to withdraw from your retirement accounts and pay taxes on your withdrawals if they’re coming from tax-deferred accounts. These withdrawals are called required minimum distributions or RMDs. You need to have a strategy for your RMDs. Otherwise, your advisor could haphazardly withdraw from your retirement accounts. In this scenario, especially if you’re withdrawing from stocks that have performed poorly, you could be losing money. Therefore, you really need a plan for your RMDs.

1:55 – Consider Volatility.  

• Consider the volatility in your portfolio and factor that into your RMD decision-making process. Even if your assets are producing a seven, eight, or nine percent return, you could be losing money if your assets are more volatile. The amount of volatility in your portfolio is more important than even your rate of return.

4:45 – Consider The Tax Implications Of Your RMDs.  

• Consider the tax burden your RMDs will bring. If you’re invested in tax-deferred accounts, you could face a sizable tax bill in retirement. Some folks will go as far as to use charitable donations to satisfy the requirements for their RMDs. No matter your strategy, just make sure you have one. How you withdraw your RMDs will greatly impact your overall retirement plan.

Today’s Truth:

Other Virtues:

The host: Brian Bowen – Contact

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“RETIRE WITH INTEGRITY” PODCAST

The Principle:

No one likes talking about death, but it’s important you develop an estate plan before you’re gone. We’ll help you prepare your will and legacy plan.

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Honest Takes:

1:39 – You Need A Will And Trust. 

• So many people come into our office without an estate plan. It’s usually something that’s just slipped through the cracks. Nobody enjoys thinking about death, and usually, it’s something folks simply procrastinate. However, you really need to get some guidance to help you develop a will and trust. You need an attorney and a financial advisor to help you build a legacy plan.

3:02 – The Government Has A Plan For You.  

• If you don’t have a legacy plan in place, there’s no need to worry. You can bet the government has something in mind for you. They’ll make sure your assets all get tied up in probate court, and they’ll tax them to death along the way. If you don’t designate beneficiaries, you’re going to leave a lot of money to Uncle Sam as your loved ones try to untangle your mess.

3:40 – Attorneys Are Expensive.  

• Your attorney will sort your will out for you if you don’t, but they’re expensive. Rather than leaving a mess for them to sort through, work with an attorney from the start to help you designate who gets what when you’re gone. Set up a power of attorney for trusted relatives, so they can make decisions on your behalf if you’re incapacitated. Furthermore, work to set an executor of your will as well.

Today’s Truth:

Other Virtues:

The host: Brian Bowen – Contact

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