How to Avoid Wealth Busters! - S8 | E22

Even if you’ve done a great job saving your entire working life, there are “Wealth Busters” that can destroy your financial plan for retirement. Certainly missteps and mistakes are going to happen as you make your way toward retirement, but just knowing what the wealth busters are can help you avoid them. Joe Anderson, CFP®, and Big Al Clopine, CPA are here today to bust it wide open!

Wealth Busters to Avoid - Download the free guide: https://purefinancial.com/white-paper...

Wealth Busters
• Funding Adult Children
• Tapping Retirement Funds Early
• No Withdrawal Strategy
• Market Performance & Inflation

0:00 - Intro
2:10 - Wealth Busters
3:18 - Funding Adult Children: Sacrifices Parents are Willing to Make
4:52 - Loss of Compounding Effect
6:12 - Download: Wealth Busters to Avoid
7:17 - True/False: When withdrawing money penalty-free from a Roth IRA (before 59 ½) doesn’t mean the withdrawals are tax-free
8:50 - Tapping Retirement Funds: Real Costs
10:56 - Lost Opportunity Costs
11:39 - No Withdrawal Strategy: Rule of Thumb
13:50 - Wealth Busters: Worst Withdrawal Strategy
15:45 - Download: Wealth Busters to Avoid
13:55 - True/False: One dollar today is worth half as much in terms of purchasing power as the same dollar two decades ago.
17:04 - Inflation & Poor Market Performance: Sequencing Risks
18:14 - Poor Market Performance: Recovery
20:00 - Ask the Experts: My husband and I retired almost a year ago based on our situation at the time. Since then the market downturn has dramatically impacted our investment accounts and inflation is busting our budget. The projections now say we'll likely run out of money much earlier than expected. What can we do?
21:12 - Pure Takeaway
22:00 - Download: Wealth Busters to Avoid

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CFP® - The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
AIF® - Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.