Aug 21, 2018
Planning for the second-half of your life can seem daunting and
overwhelming, but there is a simple system we use to make it much
easier.
One of the biggest risks in retirement is what's called sequence
of returns and you can protect yourself against it by using a
simple system we call The Bucket Plan.
In this episode of The Chris Berry Show, I’ll explain the ins
and outs of The Bucket Plan and how it will help you plan for the
second-half of life.
In this episode you’ll learn...
- Chris’ positive focus for the week.
- Talk about how to handle your finances in that second-half of
retirement.
- The difference between the old paradigms versus the new
paradigms of financial planning.
- How to help in the fight against Alzheimer's.
- Why it's important that you get your affairs in order sooner
rather than later.
- How going through the aging process and death can have
interesting effects on family dynamics.
- What a “Bucket Plan” is, and how it's an interesting way to
organize your finances for the second-half of life.
- What the sequence of return is and how to protect against its
risks.
- How the sequence of returns or the order of returns can have a
drastic effect on our retirement.
- How the Bucket Plan can help fight against the sequence of
returns.
- The 3 figurative buckets of the Bucket Plan and what should be
in them.
- How to work out how much to add to your inflation hedge.
- What legacy planning is and why it’s important to factor into
your financial planning.
- Where to find a list of the upcoming workshops that are
happening to help with any of the topics discussed today.
- Why you should not worry about the things that you cannot
control but instead worry about things that you can control, such
as tax planning and legal planning.
- The four ways that assets transfer to someone after the death
of a family member or a loved one.
- Why you should try to avoid probate?
- What a “lady bird deed” is and what it does.
Q&A
In each episode, I take questions from listeners. If you do have
any questions that you want answers to, feel free to email us at
askchris@thechrisberryshow.com.
Here are the questions I covered in this episode:
- Brock asked: "I'm a new investor. I have some insight on
stocks, ETFs, options and other investment strategies, but I'm
currently looking into mutual funds as another source of
investment. How do I evaluate the funds and actually make money off
them and apply this knowledge to other investment goals?"
- Andrew asked: "What steps do I need to take to probate my mom's
estate?"
- Mark asked: "My wife and I plan to use our IRA to purchase a
home. The amount we'll use from our IRA is $160,000 and we are
first-time home-buyers. So the question is, how much should I
expect to pay in taxes?"
- Jillian asked: "I made a lady bird deed and included my
siblings. Now, I want to sell, but I am concerned one of my
siblings won't sign off."
Links & Resources
TheChrisBerryShow.com
TheElderCareFirm.com
Michiganestateplanning.com
CJBerryGroup.com
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