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Retirement Planning

How to Plan Your Agile Retirement: Stage 4 – Optimize & Establish Your Plan of Record [Video]

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How to Plan Your Agile Retirement: Stage 4 – Optimize & Establish Your Plan of Record

“In preparing for battle I have always found that plans are useless but planning is indispensable.” Dwight D. Eisenhower

Ike is reminding us that the plan is not as important as the process. It is the practice of planning that is critical to success. You’ll never have everything figured out since the perfect retirement plan doesn’t exist, but by planning and staying agile you will be able to correct your course along the way. 

This month we have gone from theory to practice to mastery. On this episode of the Retirement Answer Man show, you’ll learn how to optimize your feasible, resilient plan so that you can rock retirement. 

Have a feasible, resilient plan in place before trying to optimize Most retirement planning blogs and articles focus on optimization since optimizing retirement plans is the bling of financial planning. 

However, without first having an inspiring goal for your retirement, you wouldn’t have the hope of rocking retirement. It is important to start with a goal at the beginning to ensure that you build a feasible, resilient plan before trying to optimize your retirement plan. Remember that you create a retirement plan to help you focus on achieving the life outcomes that you have envisioned for yourself in retirement not to find the best Roth conversion strategy or qualify for ACA credits. 

Retirement tax planning is the best way to optimize your retirement plan There are so many ways that you can optimize your retirement plan that it can end up being an infinite pool of possibilities. So you may be wondering what the best way to enhance your retirement journey is. The biggest way you can optimize your retirement journey is through tax management. 

In retirement, you have more control over your taxes than at any other time in your life. This means that instead of planning your taxes from year to year, you now have the capability to plan for lifetime tax savings. Retirement tax management is not about avoiding taxes, instead, it’s about timing your taxes

You can plan your withdrawal strategy to optimize for taxes not just for this year but in the future as well. By forecasting your tax rate over the next 5-8 years using a traditional withdrawal approach you can gain an idea of what your RMDs will be once you turn 72. 

From there you can work backward to see if it would make more sense to do Roth conversions and pay more in taxes now so that you don’t have to withdraw so much later on in life. Listen in to hear how working backward can ensure that you focus on where you are going rather than where you are now.

Timing your Social Security benefit is another way to optimize your retirement plan Social Security timing is another area that is important to think through in an organized way. Once you understand your withdrawal strategy then you can analyze where your Social Security benefits fall into your pie cake structure. 

Establish a retirement plan of record Once again it is important to start with the end in mind. As you revise your retirement plan it is important to create an abstract with a summary of all the decisions you have made so that you can have a log of how everything plays out within the context of your thinking. This method will give you the framework to see how your decisions fit together over time. 

Every 6 months you’ll want to revisit your plan and ask yourself what has changed. Are your goals still the same? If not, then you can realign as needed. By revisiting your plan you can focus on the risks and opportunities that lie ahead. Try to set action items that focus on 1 or 2 of these risks and opportunities. This will give you an inspiring goal to work toward, the agency to achieve it, as well as the confidence to rock retirement. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT • [5:53] What can you do to enhance this journey?
• [6:12] Tax management is the biggest thing you can optimize
• [14:42] Should you try to get ACA healthcare subsidies?
• [16:21] Take a look at Social Security
• [20:55] The little conversations

LISTENER QUESTIONS • [23:37] Why should you use your house on your net worth statement?
• [25:46] On using the strategic assumption of no inflation
• [28:17] A Social Security timing question
• [30:08] An observation on inflation
• [33:23] Using caveats on Roth conversions
• [36:34] How to report decreased income to Medicare

TODAY’S SMART SPRINT SEGMENT • [41:04] Map out the process that you want to take to walk through your strategy in a fresh way

Resources Mentioned In This Episode Form SSA-44

Episode 402 with Andy Panko – The Retirement Tax Toolbox

LTCI Partners

Rock Retirement Club

Roger’s YouTube Channel – Roger That

BOOK – Rock Retirement   by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

Categories
Retirement Planning

Good! $1,400 4th Stimulus Check - Low Income, Social Security, SSDI, SSI, VA [Video]

Good! $1400 fourth stimulus check for low income, Social Security, SSDI, SSI benefitsIn this video, we are discussing a fourth stimulus check in the amount of $1400. This is a $1400 fourth stimulus check update, Stimulus check update today, $1400 stimulus check update, stimulus check update, stimulus check status update, Social Security stimulus check update, low income stimulus check update, SSDI stimulus check update, SSI stimulus check update. We are discussing some good news in regards to a $1400 fourth stimulus check specifically focused on low income, Social Security, SSDI, SSI and a stimulus check that is highly focused. We will continue to keep you updated on Stimulus, Stimulus Checks, Money, Benefits and so much more Fan Club - Join Here:https://www.youtube.com/channel/UCYqOP98j1cPqLzN2-AAgsHQ/joinFREE Stocks Here:https://a.webull.com/ga6rtYUM4U86HxGErvFREE $30 with this Cashback App: https://www.rakuten.com/r/BLINDT32Discounted Gas & Groceries here:https://upside.app.link/JCNGQShow Your Support Here:https://www.patreon.com/BlindtobillionaireShop Amazon Here:https://amzn.to/2UjdFCzPlease make sure to subscribe to the Blind to Billionaire channel as it is our dedication to continuously do research each and every day and deliver that valuable information here in these short videos. It is our commitment to help you get as much money, benefits, checks, as well as anything else right now during this very busy time. The Blind to Billionaire community is very much committed to you and helping you out in any way we possibly can. Thank you so much for your continued support.Also, please be sure to share this video or any of those here on the channel with your friends, family, social media and go back and check out any of the other thousands of videos we have here in our video library.***Disclaimer*** All the material in this video is for entertainment purposes only and is not financial, legal, accounting, tax, investment advice, or advice in any way. This information should be used as general information for entertainment purposes, we highly advise you speak to your professional for specific information. We are not liable in any way, shape, or form as a result of any information discussed in this video. Links shown above are affiliate links which will result in the creator receiving a small commission upon the use/registration of the link provided.Blind to Billionaire is a dedicated YouTube channel to bring you daily updates and information to be The most valuable and high-quality information for this community. Blind to Billionaire is very dedicated to this community so please make sure to subscribe, share this video and check out any of the other thousands of videos here on the channel.#Stimulus #StimulusCheck #StimulusPackage #StimulusUpdate #Money #Biden #PresidentBiden #News #Headlines #Update #SocialSecurity #SSDI #SSI #LowIncome #Seniors #Elderly #Retirement #Disability #SocialSecurityDisability #SocialSecurityRetirement #BlindToBillionaire

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Retirement Planning

Forex Risk Management | Lesson 1: Risk Management Overview | Free Series | Phantom Trading [Video]

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