Do you have a well-rounded retirement plan?
There are five pillars of a sound retirement plan: legacy, income, investment, tax, and healthcare. It's important to have each of these pillars in place – especially when you near retirement. These pillars ensure that you create your own rulebook, ensure a consistent income for the rest of your life, invest in a way that matches your risk tolerance, implement a comprehensive tax strategy, and a plan for long-term care.
In this episode of The Chris Berry Show, I'll explain the 5 pillars of a sound retirement plan and how to build each one.
In this episode, you'll learn...
- Chris' positive focus for the week.
- The 5 pillars of a sound retirement plan.
- About legacy planning and "creating your own rulebook".
- Why an estate plan guides the rest of the other pillars.
- The four ways assets transfer out of your name upon death and how to protect them.
- About income planning and making sure you have enough income per month.
- How to build a bucket plan that includes now, within the next 10 years, and later.
- How to maximize your social security and protect any surviving spouse.
- How to manage volatility and protect your income from an unpredictable market.
- About where investment and tax planning fit into a sound retirement plan.
- How we assess risk tolerance and adjust portfolios to reduce fees.
- The order of money and how it fits into your retirement tax plan.
- About the importance of healthcare planning.
- How we set up a long-term care plan that doesn't risk assets and leverages them.
- How to use assets as an income stream in the event of a crisis or unexpected diagnosis.
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:
- Bernie asked: "if a person has a power of attorney for someone who is still right-in-mind, does the power of attorney inherit the debts of that person?"
- Rose: "What is the best investment strategy for money that I've invested in stocks for my children's college payments?"
- Scott asked: "How do I set up a trust for my adult children using IRA funds?"
- Rob asked: "Should my wife and I put her extra $600 a month towards paying off her vehicle on which we owe $10,000 at 0% or open a Roth IRA?"
Links & Resources
AlzElderCare.com
CJBerryGroup.com
TheChrisBerryShow.com
Michiganestateplanning.com
Register for one of our free estate & asset protection workshops
The Bucket Plan Book
Follow us on Social Media
Twitter: www.twitter.com/ElderCareFirm
Facebook: www.facebook.com/chrisberryshow
LinkedIn: www.linkedin.com/in/christopherjberry
