Jerry Golden on Retirement

Fill Your Retirement Income Gaps – and Even More

June 24, 2021 By Jerry Golden in Income Allocation Tags: Gaps, Income allocation, Jerry Golden, retirement income

I have some friends who developed a wonderful estate plan for their kids that involves the purchase of a large survivorship life insurance policy. However, because of today’s lower interest rates, the projected premiums on their policy have increased significantly. That means some of the money they were putting into a 529 plan might have to be diverted to pay those rising premiums.

This raises a common question about future legacy vs. finding money for shorter-term needs: Which one should take priority? (They are both important; there will have to be some trade-offs, but thoughtful planning can lead to less disruption than you might assume.)

You could describe this as a problem for the 1%, but most of us — not just our estate planning friends — need income for legacy planning, gifting, bucket list items or essential living expenses, and we need to address these potential retirement income gaps either now or in the future.

How to Generate an Extra $20,000 a Year in Retirement

May 17, 2021 By Jerry Golden in Income Allocation Tags: Income allocation, Jerry Golden, Retirement Planning, safe income

That amount of money could change your life. Let me help.

Many retirement plans allocate your savings to varied stock and bond portfolios and, based on historic averages, tell you how much income those assets might generate until you reach a certain age, such as 90. That planning does not typically account for unexpected expenses, such as health care or a storm-damaged roof, and usually ignores what happens if you live longer than planned.

Better retirement planning ensures you have basic income for life along with a plan for meeting those extra expenses.

Retirement Income Plan — Better Than a Pension?

April 6, 2021 By Jerry Golden in Income Allocation Tags: annuity payments, better than a pension, Income allocation, Income annuities, Jerry Golden, lower investment fees, lower taxes, retirement income

For two generations, people have been saving for retirement. Originally, indirectly by their employer; and then on their own.

After WWII, the middle class of the Silent Generation enjoyed a great economy and often also benefited from the company pension, which promised to guarantee secure income in the after-work years.

Baby Boomers began to lose pensions as an employer benefit but gained the IRA and 401(k), which required them to save on their own with in some cases an employer-matching contribution.

Now there are tens of millions of Boomers with trillions of dollars in these qualified savings accounts invested in stocks, bonds and cash, and several trillions of dollars of equity in their homes. Unlike the pension era, these Boomers have to decide how to convert those savings into a lifetime of retirement income.

A recent article in Employee Benefit News points out that “traditional retirement plans aren’t enough to secure a worker’s financial future anymore.” Instead, everyday employees need help not only with savings, but often with unexpected health care costs and other emergency expenses.

Name Your Plan – Select Both Retirement Income and Legacy Target

March 6, 2021 By Jerry Golden in Income Allocation Tags: annuity payments, income all, legacy plan, lower fees, lower taxes, Name your plan, Retirement Planning

You know how much income you need and what kind of legacy you want to leave, but what you don’t know is if you might be able to hit those targets. Here’s one way to find out.

Everyone has retirement goals, but the big question is, are they attainable?

Take the 70-year-old woman I wrote about recently. She has $2 million in retirement savings, and she’d like to use those savings to generate $70,000 in annual income increasing by 2% a year early in retirement, but still be able to leave her heirs a $2 million legacy at age 90. Can she do it?

That’s a question many financial advisers might have trouble answering, but after seeing the results of many, many plans over the years, I believe I’ve created a method that can answer her question using Income Allocation planning. While her legacy results will depend on market returns, this planning method incorporates annuity payments into the mix and lowers costs and taxes to deliver reliable income.

Study Says The Cost Of Retirement Has Tripled!

February 11, 2021 By Jerry Golden in Income Allocation Tags: annuity payments, Income allocation, Legacy Income Tool, Pay for retirement, retirement income, retirement trifecta

Don’t Panic, A New Legacy Income Planning Tool Helps You Manage Your Retirement

Advisor Perspectives magazine reported last month that you will need much more in retirement savings today to produce the same amount of retirement income. Three times more!

Current low interest and dividend rates simply make it impossible, the article said, to replicate the income of just a few years ago. For instance, historically it has cost $26,267 in savings to produce $1,000 of annual income with a 50/50 portfolio.

Today you need about $79,118 to reap that $1,000.