Protecting Yourself and Your Retirement

When you get in a car, you put on your seatbelt. When you plan your retirement, do have any safety features set up to make sure you protect your savings?

As the saying goes, “safety first!” This rule applies to wearing a seatbelt when riding in a car, but many overlook the safety that a financial advisor or fiduciary can provide when planning for retirement.

There’s almost always going to be holes to your strategy when you’re doing it on your own. You may want an advisor to look it over to see where your plan could be improved or protected. The more assets you have, the more complications you’ll have. Have you considered the taxes you’ll need to pay on your various investments when it’s time to withdraw? Paying too much in tax is an opportunity tax.

Considering where the real estate market is right now, you might see opportunity in selling some property. Brian explains what the capital gains might be on an inherited home and what a step-up in basis looks like.

If you’re wanting to pass down a business to an heir or someone else, what do you need to watch out for? Brian is constantly working with business owners as they create a succession plan to ensure their hard earned money is there for them when they need it in retirement.

Listen to the entire episode or skip ahead using the timestamps below.

Honest Takes:

[0:12] Are you playing it safe?

[6:22] What are the capital gains on selling an inherited home?

Today’s Truth:

“It is a retirement issue when you pay too much tax…it’s called opportunity cost.”

Brian Bowen


The Host:

Brian Bowen – Contact