With proper planning, you can leave a legacy and create a lifetime of income.
That's why it's important to understand the basics of IRA planning and implement a strategy that'll keep your money protected and growing. Financial strategies and laws are always evolving, so keeping your money in places that won't be negatively impacted is critical to ensure it'll be there when you need it.
In this episode of The Chris Berry Show, I'll talk about IRA basics, the biggest mistakes and myths about long-term financial planning, and why a Family Pension Plan may be the smartest move yet.
In this episode, you'll learn...
- Chris' positive focus for the week.
- About the Alzheimer's bill.
- About the new changes to Veteran's Aid and Attendance benefit and how we're dealing with it.
- How we navigate the constant strategy and law change.
- A strategy to protect and grow non-qualified money for your kids or grandkids.
- How to leave a legacy and create a lifetime of income through a Family Pension Plan.
- The basics of IRA planning.
- The difference between qualified and non-qualified money.
- Why having a plan is important and how our workshops can help.
- The big mistakes of not utilizing your tax bracket or setting money aside for your IRA.
- IRA contribution levels and conversions.
- Some of the myths people believe.
- Why to save in an IRA and look outside of just a 401K.
- Why you can't rely on an employer-sponsored plan.
- The difference between a traditional IRA or 401K and a Roth IRA or 401K.
Q&A
In each episode, I take questions from listeners. If you have any questions that you want answered, feel free to email us at askchris@thechrisberryshow.com. Here are the questions I covered in this episode:
- Sebastian asked: "Is there a certain balance I should keep in my checking account when my retirement is approaching? I'm four years away from retirement and I already have enough income for retirement. I have a lot of money in my checking account. Is there a certain balance I should keep in my checking account when my retirement accounts are set?"
- Doug asked: "I may be receiving an inheritance from my uncle's estate and I'm on Medicaid. I'm worried the inheritance will knock me off my benefits. My uncle is still alive and told me he planned on including me. What can I do?"
- Laura asked: "Can I collect Social Security on my ex-spouse's record even if my spouse has remarried?"
- Another attorney, Don, asked: "What should I do with all the qualified pre-tax money?"
Links & Resources
CJBerryGroup.com
TheChrisBerryShow.com
Michiganestateplanning.com
Register for one of our free estate & asset protection workshops
Follow us on Social Media
Twitter: www.twitter.com/ElderCareFirm
Facebook: www.facebook.com/chrisberryshow
LinkedIn: www.linkedin.com/in/christopherjberry
