Which one of the 5 “mini-plans” is the most important to your retirement success?

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There are five mini-plans that we put into every big retirement plan. So in this video, I’m going to go over each one of the five and what they entail. Number one is the income plan. This plan, the purpose of this plan or the goal of this plan is to make sure that you have enough consistent and predictable income coming in each month to cover all of your expenses. Some of the things we talk about when planning or creating this mini-plan is social security, maximization, spousal planning, and then even tying in investment income planning. Uh, one other piece of that is, is longevity planning.

And the mini-plan number two is the investment plan. And that investment plan does tie into the income plan because if the investment plan is set up and if you’re set up the right way, then your receiving a certain amount of income where you won’t have to worry about, uh, the current fluctuations of the market or whether things are going well or not. A lot of times we’ll use the three-bucket strategy to just make sure that you can continue it consistent income because of the investments, without fear of what’s going on in the markets.

The third mini plan is the tax plan. And this one is how the goal is, how can we make sure that we pay no more than needed in taxes? Now there’s some things that we talk about in this, like the withdrawal strategies that we’re using, or even Roth conversion strategies. We’ll also look at asset location and what type of accounts that you have and what type of investments are held in each one of those accounts. And then we’ll also include news. If you’re working with the tax planner, we’ll include, uh, that person, uh, or we’ll talk to a tax planner, uh, of our own and be able to work together. Number four, the fourth mini plan is the healthcare plan. And one of the things we could most likely expect in retirement is rising healthcare costs, right? So we’ll look at some of the Medicare planning that goes along with that. And we’ll look at some longterm care planning if that’s a care concern for you. Uh, but this is an important piece of, of the big plan as well.

And the fifth and final plan that makes up the big retirement plan is the legacy plan or the charitable plan. Now, this is really, when you think about it, when you pass away, uh, your money is going to one of three places or to all three places, it’s your heirs, or it’s going to charity, or it’s going to the government. So legacy planning is just figuring out ahead of time, where do we want our money to end up right now? Also part of this charitable planning and legacy planning is, is not just the estate plan, but this thing called the wealth transfer plan. When you’re passing on money to your, or to your heirs, you also want to make sure that you’re passing on values so that they know what to do with what’s coming to them. We want to make sure that they’re prepared and ready for when this comes.

So that could even be thinking about, do I want to do living while I’m giving so that you can see where it’s going? Or do you want to wait until the, the end of your life or when you pass away? So there’s a lot of different things to go, um, that go into this. There’s also, um, charitable planning, maximizing, uh, charitable planning and how it affects the tax plan as well. There’s a few things that, that, uh, people in their sixties and seventies can do that not other people can do. Um, so though that’s charitable planning, I hope that was helpful for you. If it was please consider liking or subscribing to this video so that you can see future videos, just like this one. And I’ll see you in the next video.

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retirement planning is an important aspect of financial management that everyone should consider. As we approach retirement age, it becomes crucial to have a solid plan in place to ensure financial security and a comfortable lifestyle during our golden years. While retirement planning may seem overwhelming, breaking it down into smaller, manageable “mini-plans” can make the process easier and more achievable. Here are 5 essential elements to include within every retirement plan:

1. Savings Plan: One of the most important aspects of retirement planning is saving for the future. A savings plan should outline how much money you need to save each month, the type of accounts or investments to use, and your overall savings goal. It is important to start saving early and consistently to build a substantial retirement fund.

2. Investment Plan: Investing your savings wisely can help grow your retirement fund over time. An investment plan should detail your risk tolerance, investment goals, and the types of investments that align with your financial objectives. A diversified investment portfolio can provide stability and potential for growth.

3. Withdrawal Plan: Once you retire, you will need to determine how to withdraw funds from your retirement accounts to cover expenses. A withdrawal plan should outline your withdrawal strategy, including the timing and amount of withdrawals, tax implications, and any required minimum distributions. It is important to carefully plan your withdrawals to ensure your retirement savings last throughout your lifetime.

4. Estate Plan: Estate planning is a crucial component of retirement planning that often gets overlooked. An estate plan should include a will, power of attorney, healthcare directives, and beneficiary designations. It is important to update your estate plan regularly to reflect any changes in your financial situation or family dynamics.

5. Healthcare Plan: Healthcare costs can be a significant expense during retirement. A healthcare plan should outline your healthcare needs, insurance coverage, and long-term care options. It is important to factor in healthcare costs when creating your retirement budget and consider purchasing long-term care insurance to protect against unexpected expenses.

In conclusion, retirement planning requires careful consideration of various factors to ensure a secure and comfortable retirement. By breaking down your retirement plan into smaller “mini-plans” that address savings, investments, withdrawals, estate planning, and healthcare, you can create a comprehensive strategy that meets your financial goals. Consulting with a financial advisor can help you navigate the complexities of retirement planning and create a personalized plan that fits your unique needs. Start planning for your retirement today to enjoy a financially secure future.