$2 Million Household Retirement Plan

In this episode, Kolin and Kyle continue their case study of a married couple with $2 million in assets who are close to retirement. They discuss the income plan, tax planning, and investment strategies for the couple. The income plan includes exploring spending options, maximizing Social Security benefits, and choosing a withdrawal strategy. The tax planning focuses on proactive Roth conversions to lower long-term tax bills. The investment strategy involves setting aside three years of portfolio income in stable assets and adjusting spending based on portfolio values. The key takeaways include the importance of comprehensive planning, the need for proactive tax strategies, and the benefits of aligning all financial aspects of retirement.

Takeaways

Comprehensive retirement planning involves considering income, tax, and investment strategies.Proactive tax planning, such as Roth conversions, can save significant money in the long term.Setting aside three years of portfolio income in stable assets can help mitigate sequence of returns risk.Regular monitoring and adjustment of the retirement plan is necessary to adapt to changing circumstances.Aligning all financial aspects of retirement, including investments and advisors, is crucial for a successful retirement plan.

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Disclosure: You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. This podcast is intended for educational purposes only. Nothing in this podcast constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. MOKAN Wealth Management is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.