Remember that 80’s phenomenon the Rubik’s Cube, the six sided puzzle where you need to make every side the same color. There are a lot of parts to get right, and retirement planning can be the same way. Tim and Jeff discuss how this analogy fits and how the pieces can be arranged so that your retirement plan – i.e. Rubik’s Cube – can be solved correctly.
- All the pieces of a Rubik’s Cube, or any other puzzle for that matter, need to properly fit together. And so it is with retirement planning, where income needs to be coordinated with taxes, as well as Medicare and other benefits
- The growth vs. safety battle is a constant retirement planning issue. How much of each does your plan need? And how do those needs change as you get older? A good advisor can recognize what you need and can help make sure your money is properly arranged so that you have the right balance
- Income and tax strategies can affect other areas of planning, such as the cost of Medicare premiums that are income based if yours is too high. Also, the right charitable giving strategies can bring down the amount of Federal income tax you need to pay. So many aspects of the plan affect the other areas, which is why all the pieces need to be arranged in a way that makes it work for you