Learn simple steps for building wealth in retirement with Joe Anderson, CFP® and Big Al Clopine, CPA, in YMYW podcast episode 39. Dive into the optimal retirement withdrawal strategies for keeping your finances steady regardless of market uncertainty. Later in the hour, find out if a reverse mortgage is right for you. Original publish date June 18, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.
00:00 – Intro
04:23 – “In 2013 the Reverse Mortgage Stabilization Act was passed and you’ve probably heard a lot of bad things about reverse mortgages but a lot of those bad things have been eliminated or curtailed substantially”
05:50 – “I think the 4% rule is a very, very good tool when you’re trying to understand how much money you need to accumulate to retire”
09:23 – “What we’re going to talk about today is really one of the most important pillars of retirement planning; it’s withdrawing money from your retirement accounts”
14:2 – “Most people’s assets are in retirement accounts”
16:55 – “You need to maximize the amount of money that you are receiving from Social Security because that is going to be a large fixed income source for you that is guaranteed by the Federal government”
22:08 – “A reverse mortgage can never be reduced, frozen or cancelled, and there are no monthly loan repayment requirements”
27:43 – “As you near retirement, tax planning becomes more important than ever, but you must use a forward-thinking tax strategy”
29:59 – “To continue on our discussion about if you retire and you’re trying to pull money out of your accounts and the markets goes way down, a reverse mortgage is yet another potential solution to this”
34:44 – “Reverse mortgages are tax-free”
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IMPORTANT DISCLOSURES:
Pure Financial Advisors is a registered investment advisor. This show does not intend to provide personalized investment advice through this broadcast and does not represent that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the broadcast in the process of making a full and informed investment decision.
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are not intended as investment advice or to predict future performance.
• Past performance does not guarantee future results.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. As rules and regulations change, content may become outdated.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.
