My friend Chelsea’s dad has a clever saying as not to be persuaded by “he said, she said” arguments. He says, “There’s always two sides to every pancake.” It took me a minute to understand what he meant, but honestly, it makes sense! The same goes for estate planning. The intention of the one leaving assets may not be received by the heirs with the same understanding. In fact, they might fight it.
Unfortunately, we hear this story frequently. Whether you’re the one planning or receiving, we want to help you see both sides of the pancake!
Even within the context of today’s economic reality, there are very astute economists and financial industry experts who can’t agree on a popular topic … and no, it’s not Donald Trump. It’s predicting a recession. All these folks are reviewing the same charts, observing the same historical patterns and working within the same market. And yet, they are drawing very different conclusions. We are going to share the facts with you on today’s show so that you can decide what side you’d like to take – the bear or the bull. We will also give you advice that these experts might all agree on … becoming as recession ready as possible.
Believe it or not, it’s simple advice that applies to any economic climate.
Remember the days of simple retirement planning? Folks had a pension, savings, and social security. That was about it! Today there are multitudes of accounts to consider. There are Traditional IRAs, 401(k)s, 403(b)s, Roth IRAs, Social Security, Pensions, Stocks, Bonds and Mutual Funds, Annuities, Life insurance and the list goes on. Guess what hasn’t changed? Taxes. All accounts must be taxed one way or another. When creating your retirement income strategy, it’s imperative to consider tax consequences for each account. This is necessary for withdrawal strategies. Today we are going to review Kiplingers, “How 11 Types of Retirement Income Get Taxed.”
Did you know that there are more than 2,700 regulations governing Social Security in retirement? Have you made the right decision regarding your own benefits? Most people don’t realize that, just like your taxes, this type of planning takes considerable thought … but you only get one chance to do it.
Don’t leave money on the table.
This morning we'll discuss the five ways you could maximize your Social Security benefits.