Most people think their advisors pick investments, but that’s only a small part of the job. In reality, financial advising is problem solving.
(Click the featured times below to jump forward in the episode)
8:45 – Tax-Related Problem Solving.
- Our clients have all sorts of tax problems. Perhaps they’ve failed to pay their taxes which, by the way, we don’t recommend you do. Other tax-related issues include the taxation of qualified retirement accounts, the taxation of Social Security, and the taxation of capital gains. All of these issues require a tax strategy to alleviate the amount of taxes owed to the IRS.
10:58 – The Importance Of Withdrawal Strategies.
- As you prepare to retire, focus on how you’re going to draw income from different investment vehicles. The government taxes them all differently, and if you plan accordingly, you can pay less in taxes and create more income.
12:06 – How Do You Approach A Forced Retirement?
- If you’ve been forced to retire a couple of years early, you probably now have bigger fears than how your investments are doing. Suddenly, you’re left with all sorts of questions about generating income and getting health insurance until Medicare and Social Security kick in along with your other assets. Your advisor should help you to address the gap between your reality and your expected retirement date.
15:42 – What Do You Do When You Lose Your Job At A “Young” Age?
- It’s one thing to retire early. It’s quite another to be forced out of a job 10 or 15 years before your expected retirement. At that point, you need to consider whether you’ll have to go back to work in a related field or start something entirely new. Flexibility is key when you find yourself in this situation.
18:22 – J’Neanne Tells A Story About A Recent Client Meeting.
- J’Neanne shares a story about a couple who was so intent on living frugally that they couldn’t see the purpose for their money.
20:10 – Money Is Just A Tool.
- Your retirement is more than a collection of investments. Furthermore, it’s merely a tool to help you accomplish your goals in retirement. Your advisor should take a holistic, comprehensive approach to financial planning.
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