Don't Let Taxes Get The Best Of Your Retirement
Bob and Mary were 62 years old and wanted to retire at 67. The problem was, they were overwhelmed with caring for Bob’s father who was in his 90s, in hospice care, and who owned 3 rental properties. Bob and Mary were so tired of managing the properties, they decided to put them on the market to sell them. While this sounded like a good idea, they were actually setting themselves up for even more pre-retirement stress!
After they learned more about taxes in the masterclass, they decided to hold off selling the properties until Bob’s father passed. They were glad they did because it saved them over $150,000 in taxes!
Instead, Bob and Mary ended up paying $0 in taxes AND were able to retire 3 whole years earlier than their original plan.
Strategize How To Spend Wisely
The Thompson’s had saved as much as they could for most of their careers with the hope of having a modest retirement filled with family time and a few trips they had put off. As they got closer to retirement, however, they began to grow uncertain if their savings would grant them the easy years they had been looking forward to. They had an idea of their goals, but hadn’t put together an in-depth plan that they could fully measure.
What really made the difference for the Thompson’s was understanding the Social Security withdrawal strategies that were available to them. By making simple adjustments they were able to create a smart Social Security distribution strategy that reduced their taxes by knowing which retirement accounts to draw from and when. Ultimately, they were able to increase the total benefits collected over their lifetime — meaning they had more money to spend on their dream retirement!
Structure Your Investments & Pad Your Savings
Andrew and Sam worked and saved into their 401(k)s over the course of their careers. With just 2 years away from retiring, their 401(k)s were their biggest accounts and an important piece of their retirement plan. They had always been “set it and forget it” investors. But as they got closer to retirement they made some changes to their accounts.
After going through the Retirement Intelligence Masterclass, they learned that the changes they made meant they were taking a much bigger risk than they thought. As a result, they were able to better structure their investments to provide retirement income and grow their investments throughout retirement. Plus, they gave their savings the best chance possible to outlast economic shifts such as inflation, or recession.