Do I need a Roth Conversion? How long will I live? Will I run out of money? What if I die before my spouse, will they be ok? These are some of the questions we look at in this case study of a couple in their 60's with $1 million. We take a look at how much they can expect to spend in retirement. We'll also take a look at some of the things that might go wrong while in retirement. 00:00 Introduction 01:06 The “Light Bulb” Moment 02:38 Parameters 03:30 Income Plan 05:54 Inflation and Your Income Plan 07:10 Social Security 08:29 Monte Carlo Simulation 10:43 Sequence of Returns Risk 11:19 Roth Conversions 12:14 Biden Tax Legislation Livestream 13:27 Required Minimum Distributions 15:06 Identifying the Shortfall 17:46 Social Security Income Analysis 21:05 Play Zone 27:53 Your Portfolios and Time 28:27 Contact Us and Subscribe #incomeplanning #retirementplanning #retirementincome #retirewith1million #retirementat60 Working with a CFP® professional can be an important step toward reaching your financial goals. Not only do these advisors meet rigorous education and experience requirements, but they are also held to some of the highest ethical and professional standards in the industry. Education CFP® professionals must master nearly 100 integrated financial planning topics, including: - Investment planning - Tax planning - retirement planning - Estate planning - Insurance planning - Financial management In addition to completing a comprehensive financial planning curriculum approved by the CFP Board, or equivalent academic coursework, CFP® professionals are required to complete continuing education coursework, including a CFP Board approved code of ethics course, to ensure their competence in financial planning. Examination CFP® candidates must pass a comprehensive 6-hour CFP® Certification Examination that tests their ability to apply financial planning knowledge in an integrated format. The exam is notoriously difficult and only 64% of people who took the exam in 2017 passed. Based on regular research of what planners do, the exam covers: Establishing and defining the Client-Planner relationship Gathering information necessary to fulfill the engagement Analyzing and evaluating the client’s current financial status Developing recommendations Communicating recommendations Implementing recommendations Monitoring the recommendations Practicing within professional and regulatory standards Experience CFP® professionals must have a minimum of three years experience in the personal financial planning process prior to earning the right to use the CFP® certification marks. As a result, CFP® practitioners possess financial counseling skills in addition to financial planning knowledge. Ethics As a final step to certification, CFP® practitioners agree to abide by a strict code of professional conduct, known as CFP Board’s Code of Ethics and Professional Responsibility, that sets forth their ethical responsibilities to the public, clients and employers. CFP Board also performs a background check during this process, and each individual must disclose any investigations or legal proceedings related to their professional or business conduct. Are you worried about what you need to do so you can retire with an income? If you have $500K or more and would like a partnership with a firm to help you manage your investments and financial plan as in these videos, click on this link to connect with our advisors: Do you have a retirement plan that goes beyond allocating funds to truly fit your needs? We can help you create a retirement life plan customized for your retirement vision and legacy. Call us at (877) 404-0177...(read more)
LEARN MORE ABOUT: Qualified Retirement Plans
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