038 Do You Have a Well-Rounded Retirement Plan?

Do you have a well-rounded retirement plan? There are five pillars of a sound retirement plan: legacy, income, investment, tax, and healthcare. It's important to have each of these pillars in place – especially when you near retirement. These pillars ensure that you create your own rulebook, ensure a consistent income for the rest of your life, invest in a way that matches your risk tolerance, implement a comprehensive tax strategy, and a plan for long-term care. In this episode of The Chris Berry Show, I'll explain the 5 pillars of a sound retirement plan and how to build each one. In this episode, you'll learn... Chris' positive focus for the week. The 5 pillars of a sound retirement plan. About legacy planning and "creating your own rulebook". Why an estate plan guides the rest of the other pillars. The four ways assets transfer out of your name upon death and how to protect them. About income planning and making sure you have enough income per month. How to build a bucket plan that includes now, within the next 10 years, and later. How to maximize your social security and protect any surviving spouse. How to manage volatility and protect your income from an unpredictable market. About where investment and tax planning fit into a sound retirement plan. How we assess risk tolerance and adjust portfolios to reduce fees. The order of money and how it fits into your retirement tax plan. About the importance of healthcare planning. How we set up a long-term care plan that doesn't risk assets and leverages them. How to use assets as an income stream in the event of a crisis or unexpected diagnosis. Q&A In each episode, I take questions from listeners. If you have any questions that you want answered, feel free to email us at [email protected]. Here are the questions I covered in this episode: Bernie asked: "if a person has a power of attorney for someone who is still right-in-mind, does the power of attorney inherit the debts of that person?" Rose: "What is the best investment strategy for money that I've invested in stocks for my children's college payments?" Scott asked: "How do I set up a trust for my adult children using IRA funds?" Rob asked: "Should my wife and I put her extra $600 a month towards paying off her vehicle on which we owe $10,000 at 0% or open a Roth IRA?" Links & Resources AlzElderCare.com CJBerryGroup.com TheChrisBerryShow.com Michiganestateplanning.com Register for one of our free estate & asset protection workshops The Bucket Plan Book Follow us on Social Media Twitter: www.twitter.com/ElderCareFirm Facebook: www.facebook.com/chrisberryshow LinkedIn: www.linkedin.com/in/christopherjberry