Today's Hack

Retirement is a unique experience for every person with many different factors determining what yours looks like and how you get there. What we do know, however, is that there are five key variables that will have a major impact on your plan. Understanding these and strategizing for them will give you control of your future.

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Show Notes For This Episode

Today’s Hack:

Retirement is a unique experience for every person with many different factors determining what yours looks like and how you get there. What we do know, however, is that there are five key variables that will have a major impact on your plan. Understanding these and strategizing for them will give you control of your future.

Click the timestamps below to jump ahead in the episode…

Other Retirement Facts:

Each of us will experience retirement in a different way and it’s important to understand that when building a plan. Many different factors will impact us along the way and that can seem overwhelming.

But you don’t have to relinquish control of your future. The good news is we know what variables will have the greatest impact on retirement and that allows us to plan for them. This is where an advisor can be a major asset and we’ll have Phil Putney take us through each of these variables today on Phil’s Tax Hacks.

We’ll be talking about retirement income, taxes, longevity, Social Security, and risk. Each of these impacts us differently but there are strategies to deal with each. Phil will share his insight and help us get a better grip on our plan and the steps we need to get there.

The show will also spend some time on the upcoming election and what that means for the market. We’ve seen a lot of ups and downs in 2019 and the constant headlines, both domestically and internationally, have to play some part in the volatility. Phil will give us his thoughts on the market and how he always recommends an ‘all-weather’ portfolio.

Listen to the full episode for more on these topics or click on the timestamps below to skip around.

1:25 – In the news: We’ve seen a bit of a slide in the market. How much does politics weigh on the market and what do you make of this recent trend?

3:00 – Don’t worry about who the next president will be. Have a plan that is built for the ups and downs.

4:03 – No matter the candidate, expect taxes to increase. Structure your plan to keep that in mind and puts you in a better position from a tax standpoint.

6:33 – The first variable: retirement income. It’s different for everyone and your retirement plan won’t work if you don’t get this number right.

8:39 – The next variable: taxes. You have more control over this than you think.

10:35 – Should we be considering conversions for our 401(k) to take advantage of current tax rates?

12:00 – The next variable: longevity. We don’t know how long we’ll live but we have to plan for longevity.

14:48 – Another variable: Social Security. Determining the age to take it depends on many factors.

15:59 – Many of our clients want to take Social Security as early as possible.

17:01 – The final variable: risk. It’s important to both understand your risk tolerance and also plan to handle volatility.

20:44 – Email Question: How often should I be meeting with or talking with my advisor?

A Quotable Moment:

 

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