Today's episode is all about retirement income planning. I chop it up with Hamilton Brandenburg, a virtual financial planner focusing on helping retirees spend money and save on taxes. If you're doing your own napkin math and considering retirement, this episode will give you a lot to start thinking about.
Check out more from Hamilton: https://brandenburgfs.com/
Key Takeaways:
- Retirement income planning requires a flexible approach to spending, taking into account the specific needs and desires of each individual.
- The 4% rule is often misunderstood and may not be suitable for all retirees.
- Cash flow planning is essential to determine the affordability of retirement.
- Financial advisors play a crucial role in empowering clients to overcome money mindset and fear of spending.
- Preparing for market volatility and crisis situations is essential for retirees
- Retirement planning requires flexibility and ongoing updates to adapt to changing circumstances.
- Tax planning is crucial in retirement to reduce lifetime tax bills and optimize financial outcomes.
Chapters:
00:00 Intro
01:24 Working Virtually
06:37 Approach Income Planning
09:24 4% Rule vs Flexible Spending
13:13 Cash Flow
20:19 Empowering Clients
27:56 Flexibility in Retirement
28:49 Importance of Ongoing Plan Updates
33:08 Impact of Taxes on Retirement
36:32 Roth Conversions
48:15 Retirement Expectations
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