Avoid These 6 Costly Retirement Planning Mistakes - 53

Your Money, Your Wealth

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2.3 • 681 Ratings

🗓️ 6 August 2016

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

Joe Anderson, CFP® & Alan Clopine, CPA share common retirement mistakes they’ve seen for years. These mistakes that could cost you thousands, if not more, can easily be avoided if you learn how. Original publish date August 6, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

02:27 - “What we have found with a lot of you is that potentially you’re not going to be in a lower tax bracket.”

05:37 - “The people we work with have assets in retirement accounts, and in most cases they will be in the same tax bracket or higher because most people that will come into our office want to at least maintain their same lifestyle.”

09:32 - “You have to put a plan together to take a look at a forward-looking strategy.”

13:37 - “The first one (mistake) seems so obvious but we see it over and over again – it’s not having beneficiaries on your retirement plan or IRA or having the wrong ones on your IRA.”

17:34 - “As a CPA (Certified Public Accountant) for over 30 years, it does amaze me how many people fail to get the message about tax planning and strategies until they make a mistake that costs them thousands of dollars.”

22:57 - “There are a lot of different requirements to name the trust as the beneficiary.”

25:49 - “There is good justification for actually having a separate trust; it’s called an IRA trust which has nothing to do with your living trust and you set that trust up in such a way that when you pass away, your beneficiaries become sub-trusts and you can actually have the RMD (required minimum distribution) based upon each individual beneficiary.”

28:02 - “This isn’t so much a mistake but an underutilized strategy because a lot of people don’t really know about it. It’s called net unrealized appreciation (NUA).”

30:55 - “If you keep your tax bracket low enough, you can avoid the capital gains tax so you can get those assets out tax-free to you.”

34:46 - “Interest rates are at all-time lows, markets are volatile, we’re living a lot longer and healthcare costs – the list goes on and on.”

Transcript

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0:00.0	Pure Financial Advisors, a registered investment advisor.
0:03.2	This show does not intend to provide personalized investment advice through this broadcast
0:07.3	and does not represent that the securities or services discussed are suitable for any investor.
0:12.5	Investors are advised not to rely on any information contained in the broadcast
0:16.0	in the process of making a full informed investment decision.
0:19.0	This is your money, your wealth, on Talk Radio
0:22.3	760, KFMV. Now, here's Joe Anderson and Big Al Klopine. Hey, it's a little bit after the hour.
0:29.7	Good morning, everyone. Show's called Your Money, Your Wealth. My name is Joe Anderson. I'm a certified
0:34.1	financial planner. As always, I'm with the Big Man, Big Al. Colpine, he's the CPA.
0:38.3	Thanks for tuning in. First time listening to the show. Thank you. Helen, I've been doing the show
0:42.4	close to 10 years, helping you on the weekends trying to make the best financial decisions possible.
0:50.0	What do you want to get into? We got... I got nothing. What do you got? Well, I've got, I think, Joe,
0:56.6	something pretty interesting. And this is an article that just came out this last week about avoiding
1:03.2	six costly retirement planning mistakes. And I think it's important to get into this because we
1:09.0	see a lot of these same mistakes over and over again.
1:12.3	And some might seem obvious and maybe some not so obvious.
1:16.3	But I'll tell you what, we have seen every single one
1:19.2	of these six mistakes multiple times.
1:22.1	You know, it's funny.
1:24.6	I was sitting down with an individual this week, and she went to a retirement planning course
1:31.2	that I was teaching at it, University of San Diego.
1:35.7	And so she comes in, and she's like, you know what, I really need to talk to you because
	...

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