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But most people don’t do tax planning. This is a very overlooked area of financial planning, we’ve got a major problem because most people are putting money into tax deferred accounts like IRAs 401 K’s 403 B’s, they’re getting tax deductions, but all the growth on the money. And all the money they plan on taking out in the future is all going to be taxable.
And, you know, I want you understand that there is a difference between a planning firm, and let’s just say a stock firm, you know, most people they’ll transact, you know, business with an advisor. But they’re really just buying financial products and financial products are important. But understanding what the plan needs to be, is the most important thing.
To see a full schedule of our TV airtimes, please click here. Video Transcript Randy Major – 00:21 Hello, and welcome to On The money with secure money. My name is Randy major. And joining me today is president and founder of secure money advisors, Brian Quaranta. Hello, Brian, good to see you. Brian Quaranta […]
So here, here’s my, here’s my objection against the way the industry talks about how easily it’s can the inflation problem can be solved by using the market. So, let’s just use the example of somebody that has $500,000. Okay, they’re invested in a stock market, because they want to keep pace with inflation. Now all of a sudden, the market goes down, and they lose 50% of their money. And their 500,000 goes to 250. How does that inflation strategy look?
Most people don’t have a plan in place of determining the date in which they’re gonna retire. And there’s a lot of variables that go into, you know, they’re not sure when they collect social security. They’re not sure how to start withdrawing money from their investment accounts, a lot of people will tell me that they’re at a point in their life, where they can’t afford to lose a lot of money in the market anymore.
It’s harder to do today because, you know, if you looked at retirement, you know, in the past, you had a social security check, which was one income stream. You had a pension check, which came in every month, that was a second income stream. And if you needed a third income stream, what you’d probably do is you take the money that you have accumulated, go down to the local bank and buy a CD.
