Anthony Anthony, Antony Antony, John discussed on The Ray Lucia Show

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Feature playing right now, which means we are legally bound by federal and state law to go to emails. This one's from. Hey, anthony. Antony Antony has an Anthony Anthony. But you you especially in Italian can't say Anthony, you gotta say Anthony, my grandmother used. Of course, you got to honor your grandparents by saying anti. Let's see how do I decide on taking an amount of retirement income from my portfolio that exceeds the four percent rule or leaving a legacy behind for my kids and my grandkids. Now, this I think we talked about yesterday or sometimes. Yes, I did. I did. I talk about this all the time. Yeah. I mean, so so many of us are between betwixt. I've got a choose between taking an income for myself. And leaving my heirs Anthony. This is the kind of thing you need to have a discussion with a real financial advisor that has studied this stuff and can understand the different ways to approach this. Because when when I hear legacy on one hand, the first thing that pops into my mind is okay. What are the assets that will be available upon death? Where does your home, for example, fit into this? Most of the time when people are talking about the four percent rule. They're talking about why amassed six hundred thousand dollars four percents two thousand bucks a month. But if I need three thousand bucks a month, I'm going to deplete that under the four percent rule. The Bill Benjamin study at cetera et cetera et cetera. And that may in fact, be true. But if you have a five hundred thousand our house, that's free and clear the kids inherit that. Well, then so what if you ran out of money or didn't last as long as you thought it would last because you've got the safety net in the home. The other thing is life insurance policies, so many people John cancel their life. Insurance policies before they retire not thinking through the whole long jetty situation and the legacy plan. They do it because they supposedly bought it as an income replacement. Right. You know? So if something happens to me, you're going to have an income. Well, you know, my income's going away. Anyway. So why am I paying these premiums for life insurance policy? I mean, sometimes it makes sense. But oftentimes not for many people I would suggest most of the middle class upper middle class. It doesn't because it's still an inexpensive way to create a massive amount of money for a very small sum of money and many times those policies if they're permanent nature can be reduced paid up. If you will. In other words, they have what are called non forfeiture values. And if you've got thirty thousand in there, you may.

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