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KMOX News Radio 1120

Automatic TRANSCRIPT

They're thinking about retirement where every day is Saturday right now we talked about income in retirement last segment but this time we're talking about expenses in retirement now one thing that's always occurred to me meeting with clients is that a lot of people think that their expenses are going to go down and retirement right but think about it do you spend more money on a Saturday or on a Wednesday we spent on a Saturday taking grand kids to the zoo you're doing whatever you're playing golf and a lot of people we run into first of all they're having quite budgeted for their retirement but most importantly in you just started touching on this there are other expenses might be a lot more than they think like long term care health care Medicare Medicaid taxes and so on look first things first I know the guy the other day all right between his wife they had about a two hundred thousand dollar your income all right now they're thinking that a retirement they didn't need that much they were gonna need less money well after we did the math this is what we saw and as we see all the time we will come to our office we found out that what they needed to enjoy the lifestyle they want to have in retirement was the same exact take home pay that they were having right now they need the same amount of money now what's interesting is that they didn't need two hundred thousand dollars necessary to get there because you know what he's not maxing out a four one K. anymore and either she but after you take out the four one K. deductions and all those other expo things are put money away for he turns out the money they were taking home was exactly the money they were gonna need retirement to do all the things they want to do so they didn't need less money they needed the same take home pay now another thing you have to look at this whole process is one other expenses are you going to have that you don't currently have right now you're still gonna have to do the same thing your car oil changes repairs buy new cars once in awhile your roof still gonna leave your transmission is still going to go out those things are still going to happen but you know what's going to happen you're gonna get older and when you get older like it or not your body's gonna start breaking so now all of a sudden you got to start worrying about things like health care expenses and man those expenses can be really really hi that's right they're just going up and up they're going up and up so you got to make sure your account for those and you've got to make sure your portfolio is in a is in a Lowe's risk situation necessary has the least amount of restrict returns you want so that you can pay for those health care events so that you don't have your portfolio invested in such a way is that the stock market goes down fifty percent forty five fifty sixty percent and all of a sudden you have a healthcare crisis near your portfolio's been cut in half or cut down by a third that can't happen so the other thing that you have to really do and pour in and retirement is you have to say what is my biggest expense can be and how to account for well guess what the biggest expenses were you know what it is just told about it taxes taxes one ward taxes your taxes and retirement are probably gonna blow you away in terms of how much you have to actually pay so you need to prepare tech day for the taxes that you're gonna have to pay in the future and there's things you can do and we'll make sure you do right that you could literally save tens of thousands hundreds of thousands of dollars in taxes that otherwise you paid ocal Sam don't make that mistake how much money have you saved in an IRA or four oh one K. let's say it's two hundred fifty thousand dollars you know this tuner fifty thousand dollars is an all yours right because when you withdraw this money in retirement you still have to pay taxes on it in those taxes could be a lot more than you realize there are some simple tax planning strategies that could help you dramatically reduce the taxes on these retirement accounts so you can keep more.