5 Common Mistakes to Avoid in Retirement

Video Transcript:

You’ve been saving for your retirement for decades. Don’t undermine your own plans by making these 5 common mistakes when you retire.

First, don’t retire too soon. Lifespans are increasing and many retirees underestimate their life expectancy when calculating the money needed to live on.

The second mistake to avoid? Spending too much in the first years. It’s easy to overspend while playing with your newfound freedom, but it can cause shortfalls later in life. Budget accordingly and stick to your plan.

The third mistake is underestimating medical expenses – and overestimating Medicare benefits. Avoid surprises by factoring in enough money to supplement Medicare and consider buying added health insurance to fill in any gaps.

Another mistake is taking Social Security benefits too early. You can claim benefits at age 62, but the longer you wait, the higher your monthly benefit will be.

Lastly, don’t fail to do estate planning. An estate plan and a will maximizes the chances that your wishes will be followed and your assets will go where you dictate.

It’s easy to make mistakes in the beginning stages of retirement – for more information, please give us a call or stop by our website today.

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How to make your retirement tax free

Video Transcript:

Are you planning for retirement and wondering how to get the most out of your 401k or other retirement funds? (show mature couple with question marks over their heads)many people don’t know is that Life Insurance can provide a wonderful vehicle for a tax free retirement. Here’s how it works.

When you put money into a 401K, you get a tax deduction, and the money grows tax deferred. When you withdraw the money in retirement, you pay taxes on it.

But when you purchase a life insurance policy, it’s different. You don’t receive a tax deduction at first. The money grows tax deferred, just like a 401K. But when you withdraw the money, it’s tax free!

This could add up to a savings of 400% on taxes over a 30 year period.

To learn more about smart retirement saving strategies, give us a call, or visit our website today.

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How to Maximize Social Security Survivor Benefits

Video Transcript:

As life expectancy has grown, your retirement now can last between 20 and 30 years. So Social Security planning is critical, no matter how much money you have. It can make a difference of hundreds of thousands of dollars. For example, if you retire at age 62 and pass away at age 86, you’ll receive at least 25% less for 24 years. But, if you wait to retire at age 70, you’ll receive 32% more for 16 years.

If your retirement income at age 66 was $2,000 per month, this could be a difference of over $200,000 during your lifetime. Arriving at a decision on when to retire is not easy. If you retire early, it could affect your spouse’s benefits. And wages and other taxable income could cause up to 85% of your Social Security benefits to be exposed to income taxes. Proper planning takes all of these factors into account to determine a Social Security strategy. For instance, a repositioning of assets could reduce taxable income and provide for more reliable monthly income. With over 500 different combinations of factors affecting benefits, it makes sense to talk to a financial advisor and get it right.

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How To Strategize for Your Social Security Benefits

Video Transcript:

As life expectancy has grown, your retirement now can last between 20 and 30 years. So Social Security planning is critical, no matter how much money you have. It can make a difference of hundreds of thousands of dollars. For example, if you retire at age 62 and pass away at age 86, you’ll receive at least 25% less for 24 years. But, if you wait to retire at age 70, you’ll receive 32% more for 16 years.

If your retirement income at age 66 was $2,000 per month, this could be a difference of over $200,000 during your lifetime. Arriving at a decision on when to retire is not easy. If you retire early, it could affect your spouse’s benefits. And wages and other taxable income could cause up to 85% of your Social Security benefits to be exposed to income taxes. Proper planning takes all of these factors into account to determine a Social Security strategy. For instance, a repositioning of assets could reduce taxable income and provide for more reliable monthly income.With over 500 different combinations of factors affecting benefits, it makes sense to talk to a financial advisor and get it right.

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What’s the Best Way to Set Aside Funds for Future College Costs?

Video Transcript:

One way to plan for your children’s college education is through a 529 plan, which is an education savings plan operated by a state or educational institution. The name 529 comes from section 529 of the Internal Revenue Code, which created these types of savings plans in 1996. Although your contributions are not deductible on your federal tax return, your investment receives tax-deferred treatment and qualified distributions to pay for the beneficiaries’ college costs come out federally tax-free.

Non-qualified withdrawals are subject to state income tax and a 10% penalty. College savings plans offered by each state differ significantly in features and benefits. The optimal plan for each investor depends on his or her individual objectives and circumstances. In comparing plans, each investor should consider each plan’s investment options, fees and state tax implications.

State tax deductions vary by the state of issuance. Plan assets are professionally managed either by the state

Treasurer’s office or by an outside investment company hired as the program manager. But you have some control over how your investment is managed. You may be able to change to a different option in a 529 savings program every year, although plan restrictions may apply. Everyone is eligible to take advantage of a 529 plan and the amounts you can put in are substantial.

The availability of tax or other benefits may be conditioned on meeting certain requirements. 529 plans are subject to enrollment, maintenance, administrative and management fees and expenses. Per beneficiary plans can vary greatly and care should be given to fully understand your 529 plan before you invest.

Let us help you decide which 529 plan is right for you. Give us a call today.

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Seed versus Harvest

Video Transcript:

While most people contribute to retirement plans to save on income taxes and grow their retirement fund, it’s highly possible they’ll pay more in taxes at retirement than they’ve saved!

Here’s an example – say you buy some seeds at a local feed store, and when you go to pay, the clerk asks: Would you like to pay tax on the Seed now and get the harvest tax-free, or get the seed tax-free and pay tax on the harvest?

Wouldn’t you rather pay tax on the seed and get the harvest tax-free? But that’s just the opposite of how qualified or regulated retirement plans work!

Regulated retirement plans give you a tax break on the funds you contribute, or the seed, but when you retire, uncle Sam arrives with a wheel barrow to collect his taxes on your harvest.

So if you put 5,000 dollars per year at a 20 percent tax bracket into a qualified plan, you end up saving 30,000 dollars in 30 years.

[for illustration purposes, the formula is:
Annual contribution ($5000) x tax bracket (20%) =annual income tax savings ($1,000).]

Let’s say after 30 years, your account equals over a million dollars. You retire and decide to take 75,000 dollars a year as income – the harvest.

If you’re retired for only 20 years, you’ll end up paying over 300,000 dollars in income taxes! You saved 30,000 dollars to pay out 300,000 dollars – in other words, you’re paying tax on the harvest.

Let us help you keep more of your harvest tax-free when you retire.

Call us or visit our website today!

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Starting Out

Video Transcript:

Are you career-focused with big aspirations? Make sure your finances don’t get left behind.

Life is fast-paced, and your finances need to keep up.

Let us help you jump-start your progress toward your financial goals.It’s never too early to invest in your future.

Tupler Financial can help you with an expert plan and guidance designed for newer investors.

Your finances are too important for DIY. Our Do-For-You [written as DFY] service allows you to feel confident in your financial decisions and progress.

Our clients who are just beginning their financial journey have unique situations and challenges, but some questions are common;

How can I manage my expenses and put away some savings? Which company benefits make the most sense for my personal situation? How much should I contribute to my 401k and what should I be invested in?

Let us help you plan for life. Give us a call today or visit our website to schedule an introductory phone call.

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What are Required Minimum Distributions and How Are They Determined?

Video Transcript:

What are required minimum distributions and how are they determined? Beginning at age 70.5, you must begin to withdraw money from your retirement accounts every year. The amount is determined based on your life expectancy as contained in the IRS tables. Required minimum distributions are computed by dividing the account balance at year-end by the life expectancy factor.

Assuming a husband and wife are about the same age, then this factor at age 70 is 27.4 years. Alternatively, you can multiply your account balance by 3.649%, which is 100 divided by 27.4.The first required minimum distribution must be withdrawn by April 1st of the year following the year that you turned 70 and a half. Subsequent required minimum distributions must be withdrawn by December 31st each year. Every year, your required minimum distribution will increase over your lifetime.

If you want an estimate of your required minimum distributions each year, let us do the math for you and help you develop a winning strategy.

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Do you Know the Silent Killer for Retirees?

Video Transcript:

The medical profession refers to high blood pressure as the silent killer. In investing, the silent killer is INFLATION.

The minimum return on any retirement investment must be at least equal to inflation. Here’s why.

Suppose your retirement goal is to withdraw $90,000 per year from your IRA. To maintain your purchasing power you must adjust your withdrawal amount for the inflation factor.

That means that to get $90,000 per year at an inflation rate of 3%, your withdrawal amount in year 15 would be $140,217.

Are you on track to manage inflation during your retirement?

To learn more, give us a call today, or visit our website.

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Financial Advisors: How to Get Your Video Content Approved by Compliance

Compliance. This is a tough part of doing marketing for financial advisors. Every job has its pros and cons, and for financial advisors, marketing is a little more difficult because of compliance regulations. The good news is, we have successfully worked with many compliance departments to get our video content approved and into use for many advisors like you, so it can be done. This means that compliance is not a barrier to using the video strategies we teach to grow your business.

We’ve found that 95% of the compliance departments we work with just want to add disclosures at the end of the videos. That’s it. So compliance is usually not a barrier. And because we work exclusively with financial advisors, it’s already part of our Turnkey Video System to add these disclosures to your videos, which makes the approval process very easy.

Wondering if you have to do other Internet marketing besides video to make this work? The answer is yes. These video marketing strategies we teach are for advisors who are committed to building an irresistible online presence and want to accelerate their results and go all in. So, if that’s not you, these video marketing strategies to help you stand out from the crowd are not for you.

This is probably a good time to talk about who these strategies are NOT for.

  • This system is not for financial advisors who are so new to digital marketing that you don’t have any digital marketing strategies already in place. So, if you don’t at least have a website and an email newsletter, this system is not for you.
  • Our perfect client is a motivated financial advisor who is focused on a niche client and specialty, and who has already laid a foundation for their digital marketing strategy, including a website and an email newsletter.
  • If you don’t have any digital marketing strategies in place, but you’re highly motivated and committed to getting your digital marketing systems dialed in quickly by taking massive action on multiple fronts, then you can still qualify for our program.

These strategies are for the advisor who sees the value of regular fresh marketing content that’s delivered on auto pilot. An advisor who doesn’t necessarily want to be on camera but sees the value of video as the best medium to connect with clients (apart from meeting in person, and in some ways even better… and definitely more scalable than that!)

The is for the advisor who…

  • wants to connect with a younger generation very active on social media platforms such as YouTube and Facebook.
  • realizes that financial topics can sometimes be boring and cumbersome for clients and appreciates a unique and novel way to present sound financial strategies to customers and prospects alike.
  • wants to get more referrals.
  • wants to solidify existing relationships with clients by reaching out in a new way.

If you want to get to the next level, where your digital marketing becomes a well-oiled machine that showcases the special value you offer to your ideal clients, then this exclusive system is for you.

This Turnkey Video System

  • Helps you stand out from the crowd and be recognized for your specialty.
  • Compels your current clients to refer new clients to you on a regular basis.
  • Enables you to get these things with a minimum of time and effort from you.
  • Positions you to help more people with our expertise.
  • Helps you stay relevant to position your firm for long term success.

This Turnkey Video System features whiteboard videos because they are wildly popular and they’re the most engaging type of video. People just love to watch them. There’s actually a scientific reason for that. When we watch the images being drawn, at the moment of discovery when we see what the finished image will be, dopamine, the happiness chemical, gets released in our brains. We experience a burst of delight. And because people make buying decisions based on emotion, not logic, this lowers their defenses and puts your prospective clients in a happy state that’s much more conducive to them taking the next step to becoming your client.

Still worried about compliance? We’ll make any changes your compliance department requests, so that is not a problem. Again, we find that 95% of the compliance departments we work with just want us to add disclosures at the end of the videos, so we’ve made that part of our video production process. Problem solved.

Want to find out more about how to get a video strategy and tools that your compliance department will approve without a problem? Watch the full webinar here: https://faclientmachine.easywebinar.live/registration

Financial Advisors,

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You Will Discover…

  • How to Turn Current Clients into Raving Fans
  • How to Speed Up the Pace of Your Referrals
  • How to Multiply Your Results through the Internet Effortlessly
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JILL ADDISON
Founder, FA Client Machine
Author, 7 Steps to Video Marketing Success
Co-Creator, Turnkey Video System

Digital Marketing Expert.
Video Specialist.
Retired World Traveler (24 countries).
Philanthropist.
Future Real Estate Queen.
Devoted Wife.
Learner.

JAMES STEWART, CFP®
Co-Creator, Turnkey Video System

Certified Financial Planner ® (30+ years)
Internet Marketing Expert.
Social Security Workshop Presenter.
Dog-lover/Breeder.
Husband, Father, Grandfather.