The Most Important Thing About Retirement Success
The single most important way to achieve retirement success is to have an actual written plan. You can’t buy a home, get a mortgage, buy a car, open a bank account, get health insurance, or even get married without having all the details in writing. So why would you let your advisor invest 1 million dollars or more of your money without everything in writing?
It’s because your advisor said don’t worry, everything will be OK. Why would you take someone’s word for this? You can’t know for certain everything will be OK unless you have an actual comprehensive written plan. Your statements don’t count.
Step #1 – Your plan should include a retirement income projection showing how much income you’ll receive for every year of your retirement, where each income source will come from each year, and when each income source starts, stops, increases, decreases, and what income is guaranteed for life.
Step #2 – Your plan should include an income tax analysis showing your total income taxes, your effective income tax rate, monthly income tax withholding needed, your net after-tax monthly income, and your net excess monthly income after your budget is deducted.
Step #3 – Your plan should include a beneficiary asset transfer analysis showing what you can reasonably expect to leave to your beneficiaries after you use your assets for income for your entire life and after you earn a moderate rate of return.
Step #4 – Your plan should include all plan details in writing including risk level, fees, advantages, disadvantages, and the step-by-step process of what you will do to achieve your goals.
You may also be interested in this recent video from our Whiteboard Series.
If you want to create a Comprehensive Written Retirement Income Plan, call us today.
916-791-7063
You might also like to learn more about our book Momma’s Secret Recipe for Retirement Success
DISCLOSURE – All presentation data is provided and intended to be used for general educational purposes only and is not intended as a solicitation for you to buy or sell any financial product. None of the material in this presentation is intended to give you, nor are the presenters engaged in giving you, specific tax, investment, real estate, legal, estate, retirement, or financial advice, but rather to serve as an educational platform to deliver information; nor is it intended to show you how the strategies presented can specifically apply to your own tax, investment, estate, financial, or retirement position, but rather to offer an idea of how these principles generally may apply. Stocks, bonds, or mutual funds have risks and can lose principal, even with a stop loss, and there is no guarantees of gains, as past performance is not indicative of future positive investment results. The sale or liquidation of any stock, bond, IRA, certificate of deposit, mutual fund, annuity, or other asset to fund a new portfolio and/or annuity may have tax consequences, early withdrawal penalties, or other costs and penalties as a result of the sale or liquidation. You can’t invest directly into a stock market index. A fixed index annuity with an income rider can protect your savings from losses and provide you guaranteed lifetime income, but you could incur surrender charges, gains aren’t guaranteed, you’ll pay a fee, and guarantees are backed by the financial strength claims paying ability of the issuing annuity company. Illustrations/projections displayed within this presentation are hypothetical in nature and should not serve as the sole determining factor in making financial decisions. Consult with a qualified investment, tax, legal, and/or retirement advisor before making any decisions. By contacting Peak Financial Freedom Group, you may be offered additional information regarding the purchase of financial products. Seminars, radio shows, TV productions, book releases, magazine and book promotions are sponsored, promoted and paid for by Peak Financial Freedom Group, LLC. If you place assets under management with our firm, we are paid an advisory fee, and if you purchase an annuity from our firm, we are paid commissions from an insurance company.
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