Don’t you love a farce,
My fault I fear,
I thought that you’d want what I want
Sorry my dear!
But where are the clowns?
There ought to be clowns.
Quick send in the clowns.
— Stephen Sondheim
In regards to the financial industry, there are a lot of clowns out there performing and vying for your attention. They make noise and throw shocking statements in their audience’s’ faces in hopes of gaining more accounts and more money. And, although these clowns seem to have your financial best interest in mind, for the most part, they just want your money.
This week David talks about the real advice you need concerning your retirement. Throughout the hour, he first mentions some clownish advice by numbers:
- It’s easy to earn 12% in good growth mutual funds—
- Max-out your 401k or IRA, tax-postponement plans will always save you taxes
- No one needs life insurance In retirement, so buy term and invest the difference
- Reinvesting the dividends on your investments always makes sense
…and then lists what your REAL options are when you ask, “what are my options when it comes to my 401k plan. David’s suggestions are:
- Coordinate it with your other benefits – to minimize unnecessary taxation
- Stretch it – to try to minimize the taxes and extend said IRA for generations to come.
- Defer it -put off the inevitable
- Convert it – into a Roth IRA
- Insure it – essentially making the IRA tax free by directly dealing with the infamous tax tumor
- Gift it
- Spend it
And how can you accomplish these things? Call David today!
Listener’s question addressed in today’s show:
Andrew in Little Rock asks…
Can you roll a 401k over into an annuity while you’re still working?
David’s answer: If you are over the age of 59 ½ and still working, in many cases you can rollover that 401k. But keep in mind, it takes a retirement specialist ensure that this process is done correctly.
To hear what advice David has to give about developing a strategic retirement game plan, listen to the entire episode today.
Biblical theme of today’s show: faith in relation to worry
Bible verse(s) featured in today’s show:
Interested in learning more about how David Lukas Financial can benefit you and your retirement portfolio? Call all David Lukas, (501) 218-8880, today to learn more about The WorryFree Retirement® process. It’s unlike anything else in the industry.