What are the 10 things successful retirees do?
Is the rain Lucia show. Get that excited me. The raylucia program bringing you the best in money information. That's exactly what I have planned for this hour. Money power as I talk strategy with you. Also, one of the ten things successful retirees do John wash who's been on this program before four. A good writer. No doubt wrote about that. He doesn't look old enough to be retired. So I don't know where he's getting his info, maybe reading books and stuff. But it does have some interesting ideas here on retirement, and since I am an expert when it comes to trying to retire. But can't. I should be able to have some commentary to go with that. Robert C Lawton rights fiduciary investment advisers may add more than six percent in value nine talked about the Russell study. And all that the four percent four percent is kind of the number. You get that from Russell you get it from from vanguard. Good best practices advisor gross of fees about four percent and Etta vs. It's worth three percent per year. That's been proven out MorningStar did a report as well. And without behavioral coaching. It was still about one and a half percent whip behavioral coaching. It's about three percents. Morningstar study was even more interesting in my mind because it generated twenty five thirty percent. More income in retirement, that's really important. Anyway, I don't know about this six percent number may get a chance to talk about that conversions for the older, folks. If you're over seventy and a half, should you consider doing Roth conversions Mr. Ed slot wrote about that I'll have my own comments. But I start today with strategy and a mistake that a lot of retirees especially those that are a little bit wealthier and charitably inclined are making Larry light from Forbes actually did an interview with a felon. The name of Rick keilor's from the Keillor financial group in rapid city, South Dakota, where you're listening to this program right now, I believe I do appreciate that. Kayla. Brought out some interesting points when he talked about the mistakes big mistakes. I think that those that make charitable contributions each year are missing, and that's the cue CD. Remember when you're over age, seventy and a half. You're able to send money directly to your charity from the IRA a lot of people say, well, that's not that big of a deal. Can be a big deal. Remember when you're seventy and a half, you have a required. Minimum distribution a required. Minimum distribution must be taken every single year based on the account balance as of twelve thirty one from the prior year, and that's the account balance of all of your IRA's set by are as simple IRA's, traditional IRA's, non-deductible IRA's, rollover, IRA's all of them, Adam altogether. What's the balanced? The end of twelve thirty one seventeen. And if you're seventy and a half this year, you've gotta take approximately four percent of whatever that number is and pay tax on it. Now, if your age sixty five or older. Under the new law. You get thirteen thousand three hundred dollars of itemized deductions if you're married that's twenty six thousand six hundred dollars. So by donating out of your IRA, you can reduce that required. Minimum distribution by an amount equal to your charitable gift. Think about that for a minute. You must take and our MD that's a requirement required. Minimum distribution. So have you take your required minimum distribution? And then on Sunday donate a bunch of money to your church. You got a double whammy on that had to pay tax on the required minimum distribution. And you may not get a deduction.