Description

Have you ever felt overwhelmed when it comes to planning for retirement? You're not alone!

Planning for retirement can feel daunting and complicated and all of the different names for accounts don't make things any easier. IRA, Roth IRA, 401(k), Roth 401(k), LIRP, it's enough to make your head spin!

In this episode of The Chris Berry Show, I'll explain some of the basics of retirement accounts, retirement planning and how those different accounts work and the key differences between a 401(k), an IRA, and a Roth 401(k).

In this episode, you'll learn...

Chris' positive focus for the week.
The basics of retirement accounts, retirement planning, and how those different accounts work.
The differences between a 401(k), and IRA, and a Roth 401(k).
An amazing offer for first 20 people that either call or email in.
A government incentive called the "Pension Protection Act", how it works, and what it allows you to do regarding your life insurance or funds.
Some examples and case studies of how to use the Pension Protection Act.
How to use the Pension Protection Act to take an existing annuity and leverage it to create a tax-free stream of long-term care income to help pay for home healthcare, assisted living, or skilled care.
Upcoming guests that will be joining Chris on The Chris Berry Show.
How to help support the Alzheimer's Association to help with the fight to end Alzheimer's.
How to donate or join Chris' team in the Walk to End Alzheimer's.
Where to find information on upcoming workshops around the Metro Detroit area.
What an IRA (Individual Retirement Account) is and what they are used for.
What people commonly mistake an IRA for being and what you can put into an IRA.
A definition of what a 401(K) is and how they work.
Some key things to think about with regards to IRAs, including the "Required Minimum Distribution" and when it needs to happen.
The difference between Roth IRAs and Roth 401(k)s.
Some other types of IRA and incentives for employees.
About LIRPs (Life Insurance Retirement Plan) and when to use one.
What Chris will be talking about on next week's show.
What happens if you die without leaving a will.

Q&A

In each episode, I take questions from listeners. If you do have any questions that you want answers to, feel free to email us at askchris@thechrisberryshow.com. Here are the questions I covered in this episode:

Howard asked: "How do I void a power of attorney? My sister gave me power of attorney over her, but I don't want to serve. And I didn't sign anything."
Ross asked: "When my uncle dies and leaves no will, who inherits his estate? He has two living sisters and 13 nieces and nephews, and I want to know who does his estate go to."
Josh asked: "What should I do with my RMDs, my required minimum distributions, after I pay taxes, and I have no need for the funds? It's important to me to leave money to my granddaughter and my grandson. I want something with limited risk."
Darren asked: "Are CDs or a diversified mutual fund a better investment if I want to leave an inheritance to my children? I have $70,000 sitting in savings that I'll not need to touch. How should I invest it for my children?"