Money with Marty: The Retirement Plan Stool (Financial Safari)
Find out the different legs of The Retirement Plan Stool and how to avoid potential pitfalls to your retirement plan.
continues with our segment money with Marty and I'm Chuck Keeton and we have Marty Hensley with us, the fine fiduciary and financial adviser here at Capitol Financial. And we talk about retirement planning and we talk about investment planning. But what is a true retirement plan? It's got toe, have some elements three and all that are very important. What are we absolutely think that Chuck and in the retirement world, it's really ah, three legged stool. Really. Number one is growth. We all know that, right? We put money, we invest in the money we do. We invest our money in a 41 K or ah, brokerage account or whatever it may be. And we invest that money for growth. And typically, when we're thirties and forties, we do that strictly for one reason. Growth were not too concerned about risk because we have plenty of time until retirement, when we could recover from ah year like we had in 2008 where the average growth fund was down almost 40%. But when your thirties and forties, you have time to recover from that where you would not be able to recover if you in your mid sixties or maybe early 70 so that first part of that first stool is be sure that we have the growth. Then we get to that point in life where we say, OK, now I'm retired. I may probably in my sixties at this point, maybe even early seventies. Our next phase. Our next part of the next leg to the stool is income, right, because you have accumulated for so many years now it's time to spend it. That is exactly right. Now I want to have that comfortable retirement that I've been looking forward to for all these years. We worked 30 40 years of our life. We want that check to hit our mailbox every single month, and we want it in the most reliable, predictable manner that we could possibly get it each and every month, meaning we want to get that check each and every month, with the least amount of risk associated with the investments in our account, which leads to the third leg of the stool, which is protection Now. Protection could mean several things. One protection against taxes. I want to be sure that when I get that income check on a monthly basis that I get that in the most tax efficient way that I possibly can. Can I get that through a Roth IRA, where maybe that could be tax free income? Could I get that income from maybe from an I U L life insurance policy that I had years ago? So we look at the taxes, but the protection piece for us, the biggest piece is protection against loss. We had a market correction in 2008. We've not had a tree market correction since the stock market is going through a correction every seven and nine years since the Great Depression. We really do not believe that a market correction isn't if we believe it is a wind and for how long. And that is a major concern for us. For our retired clients, they're moving into retirement or in retirement. How much risk am I taking and talking to a fiduciary to explain to that person? How much risk in my taking and how does that affect me in my retirement while coach this was a subject that I think a lot of people I know myself even needed to hear again growth income and protection. Thomas, I've been I know you hear it too much, probably on our national radio show. Each and every week we talked about the importance of a true retirement plan, and there's nothing more important than having one that has the true three aspects that are needed growth. In other words, your money's growing when you don't need it. It's but the most important part of it all is protection. Protecting from the downward slides in a market, protecting from fees and commissions, those air called financial termites and then the most important part when you decide and you'll know ahead of time what the money is going to be each and every year. But when you decide, you could flip that switch and you get a lifetime income you can never outlive, your spouse could never out live. And if you pass away too soon, which anytime past waste your suit. But whatever's left in here it goes on to next to Canada does not disappear. A lot of the old financial products and when you died, the money died with you. That doesn't happen with the new strategies to folks. You really need to learn about the proper plan. Next 10 people call will put together your very own three legged retirement plan. Growth, incoming protection and all you have to do to take advantage is called 888910 80 to 65 Again, that's 8889108265 Or, of course, you can text the word breeze to 21,000 that's breeze to 21,000.