May 15, 2025 • 27 mins
#SafeMoney #JonHeischmanSr #StagesOfRetirement
In this new episode, host Jon Heischman, Senior discusses the various stages a person goes through during the retirement years.
Call Jon at (888) 426-0177 with questions, comments or to get a free copy of Top 10 IRA Mistakes and How to Avoid Tax Traps. Visit www.heischmanfs.com/ for additional information.
In this new episode, host Jon Heischman, Senior discusses the various stages a person goes through during the retirement years.
Call Jon at (888) 426-0177 with questions, comments or to get a free copy of Top 10 IRA Mistakes and How to Avoid Tax Traps. Visit www.heischmanfs.com/ for additional information.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
People really don't know what their expenses will because they
don't know how long that they're going to live.
Speaker 2 (00:06):
The Americans are worried they won't have enough safe for retirement.
Now more than.
Speaker 3 (00:09):
Ever, retirement's going to cost for many folks over a
million dollars. He is no short thing in investing, but
a lot of people think that annuities may come close
to that. It's going to more safe, safe, safe, safe
things that they know.
Speaker 1 (00:22):
If they know they're going to need that money to
supplement the retirement, well then you can't play that rest.
Speaker 3 (00:27):
This is the Safe Money and Retirement Show. But John
Heischman Senior, Founder and partner of Heisman Financial Services serving
the Columbus and surrounding areas. John specializes in educating pre
retirees and retirees about safe money strategies and ideas. Now
it's the Safe Money and Retirement Show. Here's John Heischman, Senior.
Speaker 2 (00:48):
Good morning, and welcome to the Safe Money and Retirement Show.
I'm your host, John Heischmann. I want to talk about
four stages of retire and see if you can figure
out where you're at based on your age and where
you're at in your work history. Before I get started.
(01:12):
I want to remind you that past radio shows are
available on my website. Possibly you missed one and want
to catch up, or there's a particular topic that would
interest you, go to my website, which is Heischmann fs
(01:36):
dot com. That's spelled h Ei s ch m An
the initials fs dot com. You can contact me by
email through the website with questions or if there's a
particular topic that you would like for me to discuss.
(02:00):
The number is eight eight eight four two six zero
one seven seven triple eight four two six zero one
seventy seven. Let's talk about these four stages which I
do spend time talking about these stages with people who
(02:24):
are retired or getting ready to retire in the near future.
These four stages, it covers a lot of ground. But
one stage that I think is very important is the
accumulation years, because in the accumulation years, that's when you're
(02:48):
building growing money for retirement and retirement income. The accumulation
phase starts when you enter the workforce and that's when
you're more aggressive. So if you're underage fifty, you can
be classified in that accumulation stage. You're supposed to be aggressive. Also,
(03:15):
you need to make sure that you are diversified. If
you're not, changes in different segments of the market can
really put a damper on your savings and maybe even
make you frustrated. And many are frustrated when the market
(03:37):
goes down and they see the effect it has on
their four one K and they might even be discouraged
from contributing to their four A one K account. Yes,
it's going to go up and down, but if we
look back in history, it's always came back and over
(04:00):
the long haul, it provides excellent growth, especially when you're
receiving matching funds. I think it's important that your four
A one K account or any other retirement accounts such
as a TSP four H three B, to make sure
(04:22):
you're balanced in the right accounts based on your age
and based on your risk tolerance. We see situations where
these type of accounts have not been rebalanced or reallocations
have not been made since the account was started. An
(04:45):
example would be let's say your age fifty five, you're
going to retire in ten years. Should you be in
risky investments strategies in that four one KAY? Possibly, but
possibly not, So it's good to review it make sure
(05:08):
at whatever given age, you're in the right strategies that
are in that account. Now, keep in mind you probably
don't have a representative or an advisor that can help
you and work with you on that account to make
(05:29):
sure you're where you need to be to minimize potential losses.
For example, you have to do it yourself or you
have to call the company to get their advice over
the phone. So we welcome the opportunity to help you,
(05:51):
give you advice as to where you're at, how much
risk is in that retirement account, and possibly recommend some
changes or advise you to stay right where you're at.
It's our way of helping our radio listeners at no
(06:14):
cost and no obligation. In a volatile market, most people
do get scared, and it would be a good way
to give you peace of mind knowing how risky your
account is, and equally is important to have somebody to
(06:35):
talk to and look over review that account a day
to eight four two six zero one seven seven, we
can schedule a time to meet talk about your account
for a few minutes and answer your questions and your concerns.
(06:57):
Take advantage of this noab wouldation, no cost service for
you eight eight, eight, four two six zero one seventy seven. Remember,
the more you keep and accumulate for retirement means more
(07:20):
retirement income. Very important the preservation stage. What about the
preservation of your assets that you've accumulated for retirement. Obviously
we want growth during this stage, but also want to
(07:43):
keep and preserve the money that you've accumulated. If you're
going to retire let's say in three years, and your
retirement accounts I raise four to one case pensions equal
about four hundred thousand dollars, you don't want to see
(08:05):
that drop twenty percent, fifteen ten percent at this stage
of your life. What's the formula? Do you protect eighty
percent fifty percent and keep the balance tied to risk? Well,
(08:27):
everyone's different, everyone's percent is different, and that's why you
need to start seeking advice, get the ideas from a
retirement planner as to how much needs to be preserved.
(08:49):
And I think this is one phase that is really
overlooked or disregarded because pause pre retirees don't necessarily think
about keeping what they've built up and minimizing risk at
(09:12):
this point. Well, as I mentioned earlier, the market always
comes back, but will it stay back, will it be volatile?
And how long is it going to take you to
rebuild what you've lost. Once again, this is money that
(09:35):
is going to provide income during your retirement. And don't
get me wrong or misunderstand what I'm saying. I think
there should be some money at risk. The question is
how much and how risky? And I guess I could
(09:56):
add one other important point, which is at what point
in your pre retirement should preservation be addressed five years
prior to retirement, ten years prior, And to answer that,
(10:18):
it depends. There's several variables that have to be taken
into consideration for each individual, and that's what should be
reviewed prior to retirement. Today, I think it's more important
than ever because of the future, the unknowns that have
(10:44):
many people concerned, and I think that concern needs to
be addressed, possibly a few changes, repositioning assets, make sure
you're in a position where your plan is going to
(11:06):
survive regardless of what's thrown at us in the future.
I don't think it's that difficult, and many times there
are no changes to be made or very little, but
you need to find out, get a second opinion, and
(11:27):
by all means, make sure you're going to get advice
when and after you retire in order to get good
income planning that is in your best interest. I don't
think anyone should have to worry during retirement, but yet
(11:51):
a very high percentage do and they're facing which is
probably the biggest risk today in retirement planning out living
your money. So let's prevent that all return with the
Safe Money and Retirement Show after the break.
Speaker 1 (12:16):
Your journey through life ard retirement can be a tricky
path to navigate. A poor decision can lead to serious
difficulty later in life. Choosing the right path requires the
right help. Let Heischman Financial Services keep you on the
path to a safe and secure retirement. Call them today
at one eight eight eight four two six zero one
(12:36):
seven seven, or visit their website at heischmanfs dot com.
Click on there ask a question tab and you can
get the answers to your retirement questions before they lead
you down a precarious path. Give them a call for
a free consultation at one eight eight eight four two
six zero one seven seven. Welcome back to the Safe
(12:58):
Money and Retirement Show with John Heisman. To contact John,
the number to call is one eight eight eight or
two six zero one seven seven. That's one eight eight
eight or two six zero one seven seven. Once again,
here's John Heisman.
Speaker 2 (13:14):
Welcome back to the second half of the Safe Money
and Retirement Show. I'm your host, John Heischmann. I'm glad
you took the time to tune in. I'm going to
go into this third phase, which is income. In the
first part of the show, I talked about accumulation phase,
(13:39):
the preservation stage, so we have preserved our money that
is going to generate income. In the income planning, I
think it's very important to look at the long game,
which is challenging because of longevity. Do you know the
(14:04):
chance of an individual or at least one partner in
a couple living to age ninety or beyond is higher
than you might think. Factors affecting longevity It's going to
include health, family history, gender, women tend to live longer
(14:27):
than men, marital status, wealth, and profession. This is separate
from life expectancy, which is simply an average of millions
of people within a diverse background and circumstances. Retirement planning,
(14:47):
for all entails addressing a fundamental uncertainty, how long is
an individual going to live in how long long the
money will last. Now, for those with a reasonable expectancy
of living into their nineties, the complexity only increases. According
(15:14):
to mortality tables from the Social Security Administration, half of
Americans who have reached age sixty five can expect to
live to at least eighty five for men and eighty
eight for women. The probability of a sixty two year
(15:38):
old living to at least age ninety is thirty point
one percent for the average man and forty one point
eight percent for the average woman. Again, according to Social Security,
there is a fifty nine point three percent chance that
(16:02):
at least one spouse of a couple age sixty two
is going to live at least to age ninety. I
think it's imperative that we plan early and revive as needed,
start as early as possible, and continue well into retirement
(16:28):
years because of longevity. You know, it's not unusual for
me to change and upgrade my client's retirement plans, making
adjustments to where we make sure that their retirement income
that they've established through me is going to continue through
(16:53):
the nineties. It's so important to stay on top of
all sources of income that my clients may have when
they retire, and I'll give you some examples. Individual retirement
accounts iras for a one case, and other tax sheltered
(17:14):
retirement plans, taxable investment accounts, social security, work place pensions, annuities,
income from employment, whether it be full or part time
or self employment, income realized from the sale of a
(17:36):
business or property, any potential inheritance, including inherited IIRA accounts.
When we look at all these different options, so many
aren't aware that income can be generated from these potential sources.
(18:00):
What about claiming Social Security? When to claim Social Security benefits?
It's a key part of retirement income, and as most
of you know, benefits can be claimed as early as
age sixty two, with the maximum benefit available at age seventy.
(18:24):
For those who reasonably expect to live to ninety, it
makes sense to wait longer to claim. This will provide
a larger monthly benefit, and if they live until ninety,
they will have exceeded their break even point versus having
(18:48):
to claim at an earlier age. And I think that
is important to figure out where your break even point
is out when to claim. There's a lot of things
to take into consideration, and it's one of the important
(19:08):
areas that I work with clients in planning Social Security income,
and I'll just give you one example. It's particularly important
for married couples to be strategic about their claiming. Especially
with couples with a big earnings gap, it can make
(19:31):
sense for the higher earning spouse to wait longer, possibly
to age seventy, to claim their benefit. This will ensure
that if they die first, the surviving spouse will receive
the highest survivor's benefit, with the lower earning spouse claiming earlier.
(19:56):
This also provides the couple with added cash flow during
the early part of retirement. It makes sense, doesn't it.
But it's surprising how many aren't aware of this strategy,
and of course they need to be. What about a
(20:18):
retirement withdrawal strategy. Once you reach retirement age, it's going
to be important to develop a retirement with draw strategy
in your income plan that's going to support the desired
(20:38):
retirement lifestyle that's going to extend into your nineties. The
best withdrawal strategy it's going to evolve over retirement. In
the early years, it makes sense to tap retirement accounts
such as traditional i ras, especially if you decide not
(21:02):
to work full time and have not yet claimed Social
Security income. There's different strategies and one that I like
is called the bucket approach. Bucket number one would be
used to fund near term cache needs, perhaps two to
(21:28):
three years' worth of expenses. This bucket would be invested
in low risk liquid holdings like a savings account, money
market fund, a fund that you have access to your money,
but we try and get the best rate to return.
(21:49):
Bucket number two is for immediate term of three to
five years out. This bucket should contain a mix of stocks, bonds,
other cash investments with a conservative tilt. The money in
this bucket would shift to bucket one over time. And
(22:13):
the last bucket, which is bucket three. Now this is
geared towards long term growth investments. Here would be stocks,
other growth oriented holdings. Annuities providing long term guaranteed income
are typically placed in this bucket with a mixture of
(22:38):
volatile stocks that would need to be rebalanced on a
regular basis. And along this line, we want to incorporate
some tax planning simply because they can take a large
bite out of an individual's nest egg during retirement. That
(23:03):
needs to be prevented. So a couple of strategies. We
want to determine which accounts to tap in retirement and
when to tap those accounts using WROTH accounts including ROTH conversions,
managing those required minimum distributions that you have to take
(23:26):
to every extent possible, maximize social security and pension claiming decisions.
And this is just an overview that I wanted to
give you so you can get an idea of what's
involved in income planning for retirement. Many retirees, those going
(23:53):
into retirement or the first couple of years, typically we'll think, well,
I've got social security, I've got a pension, I've got
money in an IRA and a four to oh one
K I'll draw income from that. But there's more involvement
in planning and making sure your withdrawal rate doesn't exceed
(24:18):
the recommended rule for withdrawing. That's where I can direct
you to make sure you have an income well into
your nineties. I mentioned there were four phases, and actually
Phase four is probably the simplest because it involves managing
(24:44):
your accounts, reviewing the income plan on a regular basis,
monitoring that and making changes when needed. In today's world,
things change quickly time seems to go by extremely fast
(25:05):
and reviews updates are more important than ever and those
of you that are retired, I hope you're receiving reviews
at least once a year to make sure you're still
on track. Before I close for this morning show, I
(25:28):
want to give you the number where you can reach
me to have a discussion of your planning. What have
you done, where do you want to go and are
you on track to have that income coming in through
your nineties eight eight eight four two six zero one
(25:51):
seven to seven HEISHMANFS dot com. I'll be back next
week at the same time on the same station, so
be sure to join me, and as with every week,
hope to give you some good ideas that will secure
(26:13):
your retirement and provide you with guaranteed sources of income.
Speaker 3 (26:21):
The Safe Money and Retirement Joe John Heisman Senior. To
get in touch with John, call one AA eight four
two six zero one seven seven. That's one triple eight
four two six zero one seven seven. For more information
about Heisman Financial Services, visit their website Heisman FS dot com.
(26:42):
That's h E I, S C H M A n
F S dot com. Join us again next time for
the Safe Money and Retirement Joe with John Heisman Senior
People really don't know what their expenses will because they
don't know how long that they're going to live.
Speaker 2 (00:06):
The Americans are worried they won't have enough safe for retirement.
Now more than.
Speaker 3 (00:09):
Ever, retirement's going to cost for many folks over a
million dollars. He is no short thing in investing, but
a lot of people think that annuities may come close
to that. It's going to more safe, safe, safe, safe
things that they know.
Speaker 1 (00:22):
If they know they're going to need that money to
supplement the retirement, well then you can't play that rest.
Speaker 3 (00:27):
This is the Safe Money and Retirement Show. But John
Heischman Senior, Founder and partner of Heisman Financial Services serving
the Columbus and surrounding areas. John specializes in educating pre
retirees and retirees about safe money strategies and ideas. Now
it's the Safe Money and Retirement Show. Here's John Heischman, Senior.
Speaker 2 (00:48):
Good morning, and welcome to the Safe Money and Retirement Show.
I'm your host, John Heischmann. I want to talk about
four stages of retire and see if you can figure
out where you're at based on your age and where
you're at in your work history. Before I get started.
(01:12):
I want to remind you that past radio shows are
available on my website. Possibly you missed one and want
to catch up, or there's a particular topic that would
interest you, go to my website, which is Heischmann fs
(01:36):
dot com. That's spelled h Ei s ch m An
the initials fs dot com. You can contact me by
email through the website with questions or if there's a
particular topic that you would like for me to discuss.
(02:00):
The number is eight eight eight four two six zero
one seven seven triple eight four two six zero one
seventy seven. Let's talk about these four stages which I
do spend time talking about these stages with people who
(02:24):
are retired or getting ready to retire in the near future.
These four stages, it covers a lot of ground. But
one stage that I think is very important is the
accumulation years, because in the accumulation years, that's when you're
(02:48):
building growing money for retirement and retirement income. The accumulation
phase starts when you enter the workforce and that's when
you're more aggressive. So if you're underage fifty, you can
be classified in that accumulation stage. You're supposed to be aggressive. Also,
(03:15):
you need to make sure that you are diversified. If
you're not, changes in different segments of the market can
really put a damper on your savings and maybe even
make you frustrated. And many are frustrated when the market
(03:37):
goes down and they see the effect it has on
their four one K and they might even be discouraged
from contributing to their four A one K account. Yes,
it's going to go up and down, but if we
look back in history, it's always came back and over
(04:00):
the long haul, it provides excellent growth, especially when you're
receiving matching funds. I think it's important that your four
A one K account or any other retirement accounts such
as a TSP four H three B, to make sure
(04:22):
you're balanced in the right accounts based on your age
and based on your risk tolerance. We see situations where
these type of accounts have not been rebalanced or reallocations
have not been made since the account was started. An
(04:45):
example would be let's say your age fifty five, you're
going to retire in ten years. Should you be in
risky investments strategies in that four one KAY? Possibly, but
possibly not, So it's good to review it make sure
(05:08):
at whatever given age, you're in the right strategies that
are in that account. Now, keep in mind you probably
don't have a representative or an advisor that can help
you and work with you on that account to make
(05:29):
sure you're where you need to be to minimize potential losses.
For example, you have to do it yourself or you
have to call the company to get their advice over
the phone. So we welcome the opportunity to help you,
(05:51):
give you advice as to where you're at, how much
risk is in that retirement account, and possibly recommend some
changes or advise you to stay right where you're at.
It's our way of helping our radio listeners at no
(06:14):
cost and no obligation. In a volatile market, most people
do get scared, and it would be a good way
to give you peace of mind knowing how risky your
account is, and equally is important to have somebody to
(06:35):
talk to and look over review that account a day
to eight four two six zero one seven seven, we
can schedule a time to meet talk about your account
for a few minutes and answer your questions and your concerns.
(06:57):
Take advantage of this noab wouldation, no cost service for
you eight eight, eight, four two six zero one seventy seven. Remember,
the more you keep and accumulate for retirement means more
(07:20):
retirement income. Very important the preservation stage. What about the
preservation of your assets that you've accumulated for retirement. Obviously
we want growth during this stage, but also want to
(07:43):
keep and preserve the money that you've accumulated. If you're
going to retire let's say in three years, and your
retirement accounts I raise four to one case pensions equal
about four hundred thousand dollars, you don't want to see
(08:05):
that drop twenty percent, fifteen ten percent at this stage
of your life. What's the formula? Do you protect eighty
percent fifty percent and keep the balance tied to risk? Well,
(08:27):
everyone's different, everyone's percent is different, and that's why you
need to start seeking advice, get the ideas from a
retirement planner as to how much needs to be preserved.
(08:49):
And I think this is one phase that is really
overlooked or disregarded because pause pre retirees don't necessarily think
about keeping what they've built up and minimizing risk at
(09:12):
this point. Well, as I mentioned earlier, the market always
comes back, but will it stay back, will it be volatile?
And how long is it going to take you to
rebuild what you've lost. Once again, this is money that
(09:35):
is going to provide income during your retirement. And don't
get me wrong or misunderstand what I'm saying. I think
there should be some money at risk. The question is
how much and how risky? And I guess I could
(09:56):
add one other important point, which is at what point
in your pre retirement should preservation be addressed five years
prior to retirement, ten years prior, And to answer that,
(10:18):
it depends. There's several variables that have to be taken
into consideration for each individual, and that's what should be
reviewed prior to retirement. Today, I think it's more important
than ever because of the future, the unknowns that have
(10:44):
many people concerned, and I think that concern needs to
be addressed, possibly a few changes, repositioning assets, make sure
you're in a position where your plan is going to
(11:06):
survive regardless of what's thrown at us in the future.
I don't think it's that difficult, and many times there
are no changes to be made or very little, but
you need to find out, get a second opinion, and
(11:27):
by all means, make sure you're going to get advice
when and after you retire in order to get good
income planning that is in your best interest. I don't
think anyone should have to worry during retirement, but yet
(11:51):
a very high percentage do and they're facing which is
probably the biggest risk today in retirement planning out living
your money. So let's prevent that all return with the
Safe Money and Retirement Show after the break.
Speaker 1 (12:16):
Your journey through life ard retirement can be a tricky
path to navigate. A poor decision can lead to serious
difficulty later in life. Choosing the right path requires the
right help. Let Heischman Financial Services keep you on the
path to a safe and secure retirement. Call them today
at one eight eight eight four two six zero one
(12:36):
seven seven, or visit their website at heischmanfs dot com.
Click on there ask a question tab and you can
get the answers to your retirement questions before they lead
you down a precarious path. Give them a call for
a free consultation at one eight eight eight four two
six zero one seven seven. Welcome back to the Safe
(12:58):
Money and Retirement Show with John Heisman. To contact John,
the number to call is one eight eight eight or
two six zero one seven seven. That's one eight eight
eight or two six zero one seven seven. Once again,
here's John Heisman.
Speaker 2 (13:14):
Welcome back to the second half of the Safe Money
and Retirement Show. I'm your host, John Heischmann. I'm glad
you took the time to tune in. I'm going to
go into this third phase, which is income. In the
first part of the show, I talked about accumulation phase,
(13:39):
the preservation stage, so we have preserved our money that
is going to generate income. In the income planning, I
think it's very important to look at the long game,
which is challenging because of longevity. Do you know the
(14:04):
chance of an individual or at least one partner in
a couple living to age ninety or beyond is higher
than you might think. Factors affecting longevity It's going to
include health, family history, gender, women tend to live longer
(14:27):
than men, marital status, wealth, and profession. This is separate
from life expectancy, which is simply an average of millions
of people within a diverse background and circumstances. Retirement planning,
(14:47):
for all entails addressing a fundamental uncertainty, how long is
an individual going to live in how long long the
money will last. Now, for those with a reasonable expectancy
of living into their nineties, the complexity only increases. According
(15:14):
to mortality tables from the Social Security Administration, half of
Americans who have reached age sixty five can expect to
live to at least eighty five for men and eighty
eight for women. The probability of a sixty two year
(15:38):
old living to at least age ninety is thirty point
one percent for the average man and forty one point
eight percent for the average woman. Again, according to Social Security,
there is a fifty nine point three percent chance that
(16:02):
at least one spouse of a couple age sixty two
is going to live at least to age ninety. I
think it's imperative that we plan early and revive as needed,
start as early as possible, and continue well into retirement
(16:28):
years because of longevity. You know, it's not unusual for
me to change and upgrade my client's retirement plans, making
adjustments to where we make sure that their retirement income
that they've established through me is going to continue through
(16:53):
the nineties. It's so important to stay on top of
all sources of income that my clients may have when
they retire, and I'll give you some examples. Individual retirement
accounts iras for a one case, and other tax sheltered
(17:14):
retirement plans, taxable investment accounts, social security, work place pensions, annuities,
income from employment, whether it be full or part time
or self employment, income realized from the sale of a
(17:36):
business or property, any potential inheritance, including inherited IIRA accounts.
When we look at all these different options, so many
aren't aware that income can be generated from these potential sources.
(18:00):
What about claiming Social Security? When to claim Social Security benefits?
It's a key part of retirement income, and as most
of you know, benefits can be claimed as early as
age sixty two, with the maximum benefit available at age seventy.
(18:24):
For those who reasonably expect to live to ninety, it
makes sense to wait longer to claim. This will provide
a larger monthly benefit, and if they live until ninety,
they will have exceeded their break even point versus having
(18:48):
to claim at an earlier age. And I think that
is important to figure out where your break even point
is out when to claim. There's a lot of things
to take into consideration, and it's one of the important
(19:08):
areas that I work with clients in planning Social Security income,
and I'll just give you one example. It's particularly important
for married couples to be strategic about their claiming. Especially
with couples with a big earnings gap, it can make
(19:31):
sense for the higher earning spouse to wait longer, possibly
to age seventy, to claim their benefit. This will ensure
that if they die first, the surviving spouse will receive
the highest survivor's benefit, with the lower earning spouse claiming earlier.
(19:56):
This also provides the couple with added cash flow during
the early part of retirement. It makes sense, doesn't it.
But it's surprising how many aren't aware of this strategy,
and of course they need to be. What about a
(20:18):
retirement withdrawal strategy. Once you reach retirement age, it's going
to be important to develop a retirement with draw strategy
in your income plan that's going to support the desired
(20:38):
retirement lifestyle that's going to extend into your nineties. The
best withdrawal strategy it's going to evolve over retirement. In
the early years, it makes sense to tap retirement accounts
such as traditional i ras, especially if you decide not
(21:02):
to work full time and have not yet claimed Social
Security income. There's different strategies and one that I like
is called the bucket approach. Bucket number one would be
used to fund near term cache needs, perhaps two to
(21:28):
three years' worth of expenses. This bucket would be invested
in low risk liquid holdings like a savings account, money
market fund, a fund that you have access to your money,
but we try and get the best rate to return.
(21:49):
Bucket number two is for immediate term of three to
five years out. This bucket should contain a mix of stocks, bonds,
other cash investments with a conservative tilt. The money in
this bucket would shift to bucket one over time. And
(22:13):
the last bucket, which is bucket three. Now this is
geared towards long term growth investments. Here would be stocks,
other growth oriented holdings. Annuities providing long term guaranteed income
are typically placed in this bucket with a mixture of
(22:38):
volatile stocks that would need to be rebalanced on a
regular basis. And along this line, we want to incorporate
some tax planning simply because they can take a large
bite out of an individual's nest egg during retirement. That
(23:03):
needs to be prevented. So a couple of strategies. We
want to determine which accounts to tap in retirement and
when to tap those accounts using WROTH accounts including ROTH conversions,
managing those required minimum distributions that you have to take
(23:26):
to every extent possible, maximize social security and pension claiming decisions.
And this is just an overview that I wanted to
give you so you can get an idea of what's
involved in income planning for retirement. Many retirees, those going
(23:53):
into retirement or the first couple of years, typically we'll think, well,
I've got social security, I've got a pension, I've got
money in an IRA and a four to oh one
K I'll draw income from that. But there's more involvement
in planning and making sure your withdrawal rate doesn't exceed
(24:18):
the recommended rule for withdrawing. That's where I can direct
you to make sure you have an income well into
your nineties. I mentioned there were four phases, and actually
Phase four is probably the simplest because it involves managing
(24:44):
your accounts, reviewing the income plan on a regular basis,
monitoring that and making changes when needed. In today's world,
things change quickly time seems to go by extremely fast
(25:05):
and reviews updates are more important than ever and those
of you that are retired, I hope you're receiving reviews
at least once a year to make sure you're still
on track. Before I close for this morning show, I
(25:28):
want to give you the number where you can reach
me to have a discussion of your planning. What have
you done, where do you want to go and are
you on track to have that income coming in through
your nineties eight eight eight four two six zero one
(25:51):
seven to seven HEISHMANFS dot com. I'll be back next
week at the same time on the same station, so
be sure to join me, and as with every week,
hope to give you some good ideas that will secure
(26:13):
your retirement and provide you with guaranteed sources of income.
Speaker 3 (26:21):
The Safe Money and Retirement Joe John Heisman Senior. To
get in touch with John, call one AA eight four
two six zero one seven seven. That's one triple eight
four two six zero one seven seven. For more information
about Heisman Financial Services, visit their website Heisman FS dot com.
(26:42):
That's h E I, S C H M A n
F S dot com. Join us again next time for
the Safe Money and Retirement Joe with John Heisman Senior
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