Three Things You Can Control in Retirement

Joe and Al share what you can control in retirement by discussing taxes, fees and risk. Find out some common mistakes people make with their trusts and retirement accounts so you can be fully prepared to leave a lasting legacy for your loved ones.

5:43 “You can increase your rate of return by 1-2% just by paying attention to taxes” (Source: Vanguard)

7:40 “The trait of the most successful people is not necessarily how big their paycheck is, but it’s their ability to execute a well thought out plan”

15:59 “No one knows what’s going to happen with the overall market, especially on a month by month, week by week, day by day basis—this is a long-term play when you’re looking at your overall investments”

19:27 “If you can create some tax-free income in retirement, you could stay out of the higher tax brackets that are not only here today but probably getting worse as we go”

28:13 “Taxes don’t really stop when your paycheck does; in fact, your retirement nest egg comes with a whole bunch of new rules and opportunities”

30:57 “A plan could just be one sheet of paper, or it could be a 400-page binder, but it’s your thoughts on what you want to accomplish and what you want to do, how much money you need to spend, you want to pass wealth on to the next generation, you want to mitigate your taxes…if it’s put down on paper, you’re much more likely to achieve the goal than if it’s not”

35:20 “Now, if I have a retirement account in my name, so my 401(k) that I have through my employer, I’m protected from creditors…so it’s not subject to lawsuits. But now, that inherited IRA is no longer protected. So, if your non-spouse has those assets, those are not protected from creditors or anything else”

37:17 “There are a lot of things you need to consider when it comes to those retirement accounts in regards to tax”

37:50 “A trust is not an individual; a trust is an entity; so you’ve got to be very careful on how that is titled if you do want to protect it”