Planning with Parker: Working through retirement (Financial Safari)
Learn how to retire when you want and maintain your standard of living!
and financial Safari is where we are. I'm consumer advocate Steve's at all. And, of course, Parker Holland is here, chief wealth strategist at Capital Financial. It's planning with Parker Parker. So one of the things that we were seeing a lot of it I know you are. These people are working longer and longer. Perhaps even into their seventies is that effective retirement plan that is, nor and more common now people working past full retirement age, which for most people forget it has been moved to 67. So working your seventies is very common. And it's not just business owners, doctors or professionals that we're used to seeing working past the normal age. But more and more people cause they're not saving enough or also the other side of it, too, is just cost a living in America, skyrocketing and the biggest part. And the biggest piece we always have to plan for is standard of living. We want to make sure in retirement, everyone's standard of living stays the same to and through well, exactly. It's the lifestyle that we're accustomed to. We want to be able to keep that. So what other things can someone if they planning to work that long. What are some other things that they should be thinking about as they get there from of saving stand well, savings? The more you save, the better it gets. But also, of course, the social security planning and maximization strategies a spouse can do with each other and then also just making sure that where they are currently saving is the best way possible. And then always, first and foremost taxes. And when you get to be that age, you don't really think about taxes. But it's every bit is really at 70. Is it? Is it 20? It is, then. A lot of people forget that when you were putting money away in a 41 care ira, those air tax deferred meaning you have yet to pay taxes on him. So more and more people are working later. But then they also forget there's required distributions that can come out. And even if you are working, it doesn't always mean you don't have to take that required distribution, which is mawr taxable income on top of your salary or commissions. Or however you earn 10 99 and it can increase your tax bracket in retirement. That's something you try to want to avoid You. You want to take home the same or net the same amount, but you want to be in a lower tax bracket. So if you're not working with a comprehensive advisory group that is able to look at all the moving parts, you could have a kind of a torpedo in retirement that condemn trim it, your retirement accounts and your standard of living. One of the things when we talk about taxes, we have to talk about Roth. Does it make sense to have a Roth when you're in your seventies? Whoa. Roth is always good. It's tax free. Uncle Sam can't touch it. It's never bad toe have tax free money, but are you able to contribute as much as you want? Have you utilized it long enough to make sure it's gonna be what you need it to be in your retirement plan? There's a lot of what ifs we have to take into account, and how do we do that with in terms of just making sure we're making the right decisions? Is that is that what you do? You have to sit down with a financial advisor that is able to look at all the comprehensive moving parts to make sure you're taking care of. And the biggest thing we focus on is everyone focuses on accumulation. We specialized in income planning, and it's not just looking at investments and taxes. It's insurance, health care, Social Security, estate planning. There's so many moving parts, so we're talking about working into your seventies. But again, even if you're in your fifties and if you're planning to work till your seventies, now is the time. You should start planning. Always. It is never too soon to plan. It can always be moved. It can always change. It could be mobile and work better for you or get better. But if you know where that foundation is and what you need to do, it also saves a lot of stress. What about the secure act? And we're not gonna do a great detail on that. But you guys are up to date on all of the latest changes in retirement planning, so we don't have to worry about correct. And also it changed a little bit for inherited accounts on the required distribution age and it changed a little bit inside of 41 case. But we can always dive into details, see exactly how it affects you anything. If you have a concern, that would be the opportunity to call, set up a time, come on and sit down and and just chat about. Of course. Wow, it really is true, isn't it, Coach? The retirement world is changing it ISS, and it's always gonna change Thomas so important that you change along with the environment out there, making sure that your plan can make those fast moves if the market goes the wrong way. And number one, you should never have all your money tied to the market anymore and really need again. We talked about it over and over again here on the show, but the core and explore philosopher. You need to have your money that you need for retirement in a place you can't lose in retirement money you need for retirement, making sure you can't lose in retirement. That is very important. I know I said it twice. A. Said it twice for a reason, because a lot of folks don't understand that, folks, let's get together and get your own plan. Put together a customized plan based on where you are right now. We can educate you on that too. But also more importantly, where you want to go all the way through retirement, we're gonna wave. Are planning fees were gonna do it just for you. It's gonna be a customized plan. Thomas is so simple. Anyone should be able to do this. Pick the phone up and get that Get on that schedule with us at no cost or obligation. Right? The number folks to call 888910 80 to 65 8889108265 Or you can always texting breeze to 21,000. That's B R E easy T o.