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In your retirement years, you really have to go on the defensive. You’ve got to protect. You’ve got to plan for the unknowns. You’ve got to have a strategy. If a health event were to come up, or if the cost of living were to go up, you’ve got to be prepared for all of those things.
If they have questions, I mean, it’s important that they get answered, you know? I mean, these are real people with real concerns, and I think it’s important that we give folks an idea of how everybody’s situation is different.
You should never build a plan around a market that you can’t control, because that means that you must have the market cooperate 100% of the time in order for you to be successful with your investments.
And so, what Rebecca and I are talking about here right now is how to eliminate taxation when you pass it on to your heirs.
Your 401(k), your IRA, your 403 B account. That money is tax deferred money, which means that every dollar that comes out is going to be taxable, and if you don’t do any type of tax planning, that tax bill is going to become larger and larger.
Some of the questions I typically get, are annuities a good way of preventing myself from running out of money? And the answer is yes, because annuities are an insurance product. That’s exactly what they’re designed for, right?
