Today's Hack

Retirement planning is all about finding the right mix of investments that fit your needs and your situation. There’s no such thing as a ‘one-size-fits-all’ approach, but there are factors that will impact every single on of us in retirement. Understanding these constants and planning for them will put your portfolio in a great position.

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Show Notes For This Episode

Today’s Hack:

Retirement planning is all about finding the right mix of investments that fit your needs and your situation. There’s no such thing as a ‘one-size-fits-all’ approach, but there are factors that will impact every single on of us in retirement. Understanding these constants and planning for them will put your portfolio in a great position.

Click the timestamps below to jump ahead in the episode…

Other Retirement Facts:

You’ve heard us and any other financial professional tell you that every individual’s retirement plan is different. Each of us have different needs, income, assets, and goals so structuring a plan to fit your needs will different than the plan for your neighbor.

But there are a number of constants that everyone needs to consider and prepare for. These factors will impact your retirement so let’s talk about how you can get ahead of these things and avoid any surprises down the road.

On this episode of Phil’s Tax Hacks (and other retirement facts), Phil will run through four different constants: inflation, taxes, healthcare, and fees and commissions. Each constant has its own challenges but working an advisor to build a plan to deal with them can keep your plan on track.

Check out the entire discussion in the audio player at the top of the page and use the timestamps below to skip around to a specific topic.

[0:46] – We’re not happy about the officiating in the Lions’ game.

2:37 – What’s Phil’s opinion on how to handle health insurance costs?

6:02 – Here’s our main topic for today’s show: retirement constants.

7:16 – Retirement constant: Inflation

8:42 – How does Phil plan for inflation with his clients?

11:12 – Retirement constant: Taxes

12:22 – Ronald Reagan used to make just two movies a year because of tax brackets.

13:04 – Retirement constant: Healthcare

13:23 – Retirement constant: Fees and Commissions

15:56 – Mailbag question: My employer is going to stop matching 401k contributions to offset rising healthcare costs. Without the match, should I continue contributing to my 401k or look at other options?

A Quotable Moment:

 

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