Where’s Your Paycheck?

Hello friends, 

A few months back, Charlie and Rhonda sat down at our conference table and he pulled out a stack of papers from his briefcase. He’s an easy-going guy. The kind of guy you’d probably enjoy having lunch with. Rhonda had clearly been through something rough.

I quickly learned that Rhonda was battling stage four cancer. Charlie told me he’d been working with a financial adviser for 17 years, but he wasn’t too certain he was on the right financial track. Things had changed for him since his wife’s diagnosis.

I discovered that Charlie did not have a plan in place to know when or if they would run out of money. Rhonda’s medical expenses had recently depleted one of their IRA accounts. Charlie had begun to fret… And for good reason. Without a well thought out a financial plan, everyone should worry.

Charlie isn’t the only one worried about running out of money. When retirees are surveyed, one of the most common fears is running out of money (a). 

There’s good reason to worry about running out of money EVEN if you have a sizable nest egg. Taxes alone are reason to fear not having enough. How much of your money could you lose to taxation?

The federal deficit for 2020 will be over one trillion dollars (b). It’s our belief that taxes will have to be increased to pay down our massive national debt.

Charlie and Rhonda were missing an important detail in their financial plan. They didn’t have a Retirement Income and Distribution plan. They did not know where the best place to draw their next paychecks from out of their savings and investments.

You need to have a Retirement Income and Distribution plan in place before you’re retired. If you don’t have one, we can help you with one. You don’t have to hope you won’t run out of money. You can have financial confidence and know you won’t run out of money.  

When we are working and bringing home paychecks, we are in a Growth and Accumulation phase with our savings and investments, but we need to have different goals when we retire. We need to transition our assets to a Retirement Income and Distribution Plan. Once retired the game has changed and your plan should too. We can help you put a plan in place to ensure your money can last as long as possible.

To begin working on your Retirement Income and Distribution Plan, call our office to schedule a session. 864.618.4800.
Until next time, 

David C. Treece,
Financial Adviser
PS: Our 2020 new client seminars begin this week and our calendar fills quickly. We have left several times open for our newsletter readers to schedule sessions. Please respond to this email or call our office to schedule a session. 864.618.4800. 

PSS: With Congress recently passing the SECURE Act into law, tax-deferred accounts like IRAs, 401Ks, 403Bs, and 457 plans have changed. The RMD requirements are different and several other parts of the law are different. If you have one of these accounts, please consider scheduling a session with us so that we can inform you of these changes. This is complimentary and there is no obligation for this service. 
Scenario is for illustration purposes. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Clients Excel, LLC are not affiliated companies. Our firm is not affiliated with the U.S. Government or any governmental agency. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. Investing involves risk, including the potential loss of principal. Any references to protection benefits, safety, security, lifetime income, etc generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. 466564

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