The 4 Retirement Decisions That May Be Costing You 100's of 1,000's of Dollars

The 4 retirement decisions that are costing you 100's of 1,000's of dollars include investment management, tax planning, social security planning and estate planning. These 4 parts of retirement planning are part of The Oak Harvest Retirement planning process that we take all of our clients through.
00:00 Introduction
01:30 Expensive Mistake Number 1
09:17 Expensive Mistake Number 2
09:48 Expensive Mistake Number 3
13:51 Expensive Mistake Number 4
18:48 The Importance of a CPA
19:18 Summary
20:25 Subscribe!
#InvestmentPlanning #TaxPlanning #EstatePlanning
Working with a CFP® professional can be an important step toward reaching your financial goals. Not only do these advisors meet rigorous education and experience requirements, but they are also held to some of the highest ethical and professional standards in the industry.
Education
CFP® professionals must master nearly 100 integrated financial planning topics, including:
- Investment planning
- Tax planning
- Retirement planning
- Estate planning
- Insurance planning
- Financial management
In addition to completing a comprehensive financial planning curriculum approved by the CFP Board, or equivalent academic coursework, CFP® professionals are required to complete continuing education coursework, including a CFP Board approved code of ethics course, to ensure their competence in financial planning.
Examination
CFP® candidates must pass a comprehensive 6-hour CFP® Certification Examination that tests their ability to apply financial planning knowledge in an integrated format. The exam is notoriously difficult and only 64% of people who took the exam in 2017 passed. Based on regular research of what planners do, the exam covers:
Establishing and defining the Client-Planner relationship
Gathering information necessary to fulfill the engagement
Analyzing and evaluating the client’s current financial status
Developing recommendations
Communicating recommendations
Implementing recommendations
Monitoring the recommendations
Practicing within professional and regulatory standards
Experience
CFP® professionals must have a minimum of three years experience in the personal financial planning process prior to earning the right to use the CFP® certification marks. As a result, CFP® practitioners possess financial counseling skills in addition to financial planning knowledge.
Ethics
As a final step to certification, CFP® practitioners agree to abide by a strict code of professional conduct, known as CFP Board’s Code of Ethics and Professional Responsibility, that sets forth their ethical responsibilities to the public, clients and employers. CFP Board also performs a background check during this process, and each individual must disclose any investigations or legal proceedings related to their professional or business conduct.
This video discusses fixed income investing and utilizes the 10 year U.S. treasury as a general representative fixed income investment. Conclusions reached, opinions stated, and downside risks and potential returns presented should not be construed as applying to other types of bonds or fixed income assets. Other types of fixed income products carry different levels of risk and return potential and should be evaluated as an element of a diversified portfolio with your specific risk tolerance, investment objectives, and timeline in mind. Nothing in this video is investment advice, an investment recommendation, or an offer to buy or sell any security. Investing involves risk.
Do you have a retirement plan that goes beyond allocating funds to truly fit your needs? We can help you create a retirement life plan customized for your retirement vision and legacy. Call us at [phone]
If you have $500K or more and would like a partnership with a firm to help you manage your investments and financial plan as in these videos, click on this link to connect with our advisors:
click2retire.com/ihave15milli...

[@pensacola321]

I have been retired for 15 years. Having an interest in personal finance I would say that I would agree with you and that you are spot-on in regard to the points you have made. However, you do not want your entire retirement taken up with retirement planning. What fun would that be? Make a plan, but do not be obsessed that you have to have the maximum outcome.... nobody has a crystal ball, and one way or another life is going to happen... until it doesn't...

[@c.thompson6638]

Right on Victor. Don't be obsessed about it. Otherwise, you miss the point of enjoying your retirement.

[@rajbeekie7124]

This dude seems honest and has one's best interest at heart. However, at the end of the day, advisors are all guessing where the market will go. The bad part is they generally underperform the market with all of their dynamic portfolio management. The fees are also a drag on a portfolio. The conservative/aggressive portfolio has a lot to do with how much money you have. For example, one can be very aggressive if one's portfolio is $20,000,000 and above and one's expenses are below $200,000. Even if the market gets wacked, one still has great financial strength and over time the portfolio will regrow. I see the value of advisors as tax strategist in conjunction to a tax lawyer, etc, not as money managers. For many, financial advisors give them a sense of security. As a result many are willing to pay the fees for that comfort.

[@franciscomedina3522]

Thanks so much again

[@joerozario4406]

Excellent informative videos from this channel! These provide validation of my own investment strategies. Glad you emphasize how great Roth IRA and Roth 401K are.

[@OakHarvestFinancialGroup]

Glad you like them! Keep watching and share with friends!

[@Dividenddream]

Great advice from these folks but honestly nothing that you can't do yourself. It comes down to controlling your emotions

[@drheili]

Excellent video. It really encapsulates your competitive advantages over other so called financial advisors. I contacted your office before Xmas for more info. I look forward to being a potential client of yours.

[@OakHarvestFinancialGroup]

Thank you for watching and reaching out! We look forward to working with you in the New Year!

[@edwardglatzmayer5466]

Good video. Contacted your office. However, in my case, after discussing the costs of doing business with your company, I found it to be far too expensive for me for your services. Thank you for the video and information.

[@NipItInTheBud100]

Did they ask for a flat monthly fee or did they want a portfolio percentage?

[@richardfenton1769]

What is the fee structure? per $500K, per $1M, $per $5M?

[@ElectricUnicycles]

@@richardfenton1769 It's over 1% of your total assets, per year. That's a huge drain on your wealth, over time. I really wanted to use their service but I can't get past the fees. I'm sure it's well worth it for some people.

[@Markazoid6041]

Is it based on what you invest with them or what your net worth is?

[@viaggi3945]

@@Markazoid6041 usually it’s the amount of money they manage for you.

[@calbob750]

I’ll admit it. My biggest losses were a result of being taken out of the market during the Great Recession and the Covid Pandemic. And I pay to have my IRA managed.

[@daleholler8277]

Thank you for the good information. I do have a portfolio "bouncing " just at the 1 million dollar amount. IRA. 401K, And my wife has a small inherited IRA. I Am 62. Social security plan is between 67 and 70. What portfolio balance should I be looking for to prepare for the "distribution " phase? I know that there are many other factors. But what is a good rule of thumb. Thank you.

[@joerozario4406]

It depends on how much money you need to withdraw when you need to start taking it out and if you have any other sources of income. If you can live with 3-4% annual withdrawal, you can probably go 75% equity, 25% bond in low-cost index funds.

[@stevejohnson2108]

Look, to me it simple and this is why I have reached a net worth of 6.5 million. You need income in retirement but bonds pay you next to nothing AND your return is taxed at a higher rate most likely. I have broken down my portfolio to 25% growth, 25% income/growth and 50% income stocks. Even the growth stocks however I want to make some dividends. So Say you have Apple as growth, Broadcom as income/growth and aristocrat paying stocks as income stocks. All of these companies not only pay you a dividend but increase their dividend year after year. If you can live off that dividend you are golden. My dividends come to 202.1K per year and growing. Enjoy life.

[@Dapperdave-gg6vx]

Not many people have the total assets that require estate taxes. So why would a trust or FLP be needed?

[@Yette]

I'm in retirement and still have income. So do most others

[@dlswa0310]

Sure looking back and assessing is easy to see what we should have done. With your theory we all should have been 100% stocks not just 75%. And I completely agree looking back but we have no way of knowing what the future brings. The content on this channel is generally awesome. But the investment allocation portion is not beneficial and possibly misleading.

[@OakHarvestFinancialGroup]

Hi Donnie, thanks for watching and commenting! While no one has a crystal ball and allocations should be based on each individual's risk capacity and goals and circumstances, there are indicators and historical patterns that we believe can lend a viewpoint into what may be more likely than not to happen in different market circumstances. To see our views, go to our website where we have the last three years of market forecasts still posted under the Investment Management tab. With that said, what part do you feel is misleading?

[@donaldwebster2866]

Troy, most of your video content is spot on, and I've learned a lot. BUT, I have to disagree with a few points you made regarding Social Security. 1 - Social Security is not as safe as you (and many others) make it sound. Per ssa.gov, if nothing is done, by 2037 there will have to be a 24% cut in benefits. Reforms will likely include lowering or removing COLA from the top payment amounts. 2 - Your example of taking out Social Security early should take into account the gains on money you didn't have to take out of your IRA. In the early example, they receive $300K before getting paid in the FRA example. If you get 6-8% average annual returns on that money, it pushes the crossover period out at least another 10 years. Slightly higher rates of return and there is never a cross over.

[@jessefletcher9116]

totally agree, especially if you're holding money in Roth accounts, why start drawing that at age 62 when you could instead start social security and leave as much as possible in that Roth growing tax free for several more years, and in those later years drawing on the Roth means fewer worries about the tax man picking your pocket.