Five Key Parts To A Good Retirement Plan

The Principle:

With these five parts to a retirement plan, it’s important to look at them all for what they are now as well as what they will look like in the future. Then later, Brian talks about inheriting an IRA and how to confidently make the right decisions.

(Click the featured times below to jump forward in the episode)

Honest Takes:

[00:15]Kiplinger’s Five Parts To A Good Retirement Plan:

  • Income Plan
  • Investments
  • Tax Efficiency
  • Healthcare
  • Financial Legacy

[00:58] – Income Plan. 

  • In retirement, a lot of people don’t know when and where this will come from. Know where your reliable income streams are going to come such as pensions, social security, or sometimes even annuities. Know the right questions to ask when you seek out these reliable income sources.

[4:42] – Investments.

  • Sometimes people like to try to do a DIY financial investment, but be sure to think about where that will leave your loved ones if something happens to you. Look at potential in your assets and do the right things now.

[5:40] – Tax Efficiency.

  • Tax efficiency is the fourth of our five parts to a good retirement plan. It’s not always about reducing taxes now, but how will it work later? Ask what your CPA is doing for you both now and later.

[7:44] – Healthcare And Financial Legacy.

  • You don’t know what will happen to you or your loved ones. Do you have a plan in place?

[11:35] – Inheriting An IRA From A Spouse.

  • Knowing what to do when you inherit an IRA from a spouse will make you more confident in what you can do. You can add inherited IRA assets to your own IRA and keep it growing. IRAs are individual retirement accounts, but a spouse can be designated as a beneficiary.

[16:29] – You Need To Understand The Rules Of IRAs.

  • If you look up Publication 590 to read about IRAs it can so confusing to figure out on your own, which is why you need a teacher.

Today’s Truth:


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The Host:

Brian Bowen – Contact