Key Steps to Financial Freedom: How to Improve Your Retirement Readiness - YMYW TV S7 | E6

Looking forward to retiring, but not sure how close you are to achieving financial freedom? Retiring too early can leave you financially strapped or even feeling unfulfilled. Retiring without a plan in place for how you will withdraw the money you have saved or a plan to help you minimize your tax exposure, can dramatically limit how far your funds will go. Financial professionals Joe Anderson and Alan Clopine guide you through the key steps you can take to get closer to financial freedom. Regardless of where you are in meeting your financial goals, the duo will help you improve your retirement readiness by giving you the key tools and strategies to implement.


Important Points:
(01:10) – How Much Money Have Americans Saved for Their Retirement

(01:50) – Key Questions to Ask Before your Retire
• Can I afford to retire?
• When should I collect my Social Security benefits?
• What will I do with my time?
• How can I minimize taxes in retirement?

(02:31) - Can I afford to retire?

(05:06) – Calculating Your Current Spending

(07:40) – Key Options to Improve Your Retirement Readiness
• Reduce spending
• Work part-time or side gig
• Downsize your home
• Reverse mortgage
• Rent a room in your home


(10:30) –Key Considerations for Social Security
• Claiming late is often (but not always) beneficial
• Claim early when you need to cash flow
• Spousal & Survivors benefits are available for couples


(14:00) – Keys To Reducing Taxes in Retirement
• Donor Advised Fund
• Qualified Charitable Distribution
• Tax Loss Harvesting
• Roth Conversion in Low Tax Years

(18:58) – Tax Brackets

(20:25) - Ask The Experts

(25:17) –Key Questions To Answer Before Your Retire
• Can I afford to retire?
• When should I collect my Social Security benefits?
• What will I do with my time?
• How can I minimize taxes in retirement?


Schedule a free assessment with one of our experienced financial professionals: http://bit.ly/PureAssessment

Subscribe to our YouTube channel and stay tuned for the next episode of the Your Money, Your Wealth® TV show: http://bit.ly/YMYW-YouTube

Subscribe to the YourMoney, Your Wealth® podcast: https://lnk.to/ymyw

IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor.
• Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. As rules and regulations change, content may become outdated.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.