What does a good retirement plan look like?

ABOUT THIS EPISODE

Defunding your retirement is as important as funding it. How can you do this in the most tax efficient manner? You also need to consider long-term care risk and how you can create your own personal paycheck protection plan. Financial expert and Amazon Bestselling author, John Browning, shares what a good retirement plan can look like. Request John's paper: The 8 Most Common Misunderstandings About Retirement. Connect with John by texting "LIFE" to 21000 or GuardianRockWealth.com.

Welcome to the build your life podcast with John Browning. Build your life as a relaxed and unedited conversation with financial expert in number one Amazon bestselling author, John Browning Jones, the founder of Guardian Rock Wealth and serves clients across the United States. John's the author of the book build a life, not a portfolio, a guide to your financial future based on your personal values, which you can purchase on Amazon, or stay around to the end of today's show and I'll tell you how to get a free copy milled right to your door. I'm Michael The lawn, your host for the next few minutes as we chat with financial expert and business owner John Brownie. Well, hello, John Browning. Is Your Day going super well today? You know, I'd say it is going super well today. Had A few good meetings in the morning. Talking to you right now. What would be better than that? It didn't get much better than that, I'm telling us. Fright, that's right.

At least we have a good time. Yes's really exacly and and and you know, sometimes I look good. My Office looks good and yours office looks pretty good. But what I don't know off top of my head that you probably did not love to talk about today is what does a good retirement plan look like? What? Hmmah, I'm sure there are some components or something. So what do you tell us? What you got there? Well, as always, right, it's different for everybody. Right. I got to say that. I got to tell everybody this is not financial advice. This is just some information for you. You got to give me call, give me callow schedule, being whatever, and we can talk about what a good retirement plan looks like for you in particular. And how would they do that? What's the easiest way for them reach out to you, like text or what? You know, really easy to absolutely easiest ways. Just to text the word life to twenty one tho and you'll get a link with all my information, including a calendar link where you can schedule a meeting. And...

...my meetings are about zero. I'm about being zero CLZ. I'm not going to sell you anything, just going to add some values. Tell you what. If you think that I can help you, then great. We can make it fifteen minutes, we can make it a half an hour, whatever works for you and we'll just chat a little bit and we're in the adding value. I found that. That's just the best way and I hope you become a client, but it might not be the right thing for you and we may have, may have, another option for you other than being a full time fly. Right. Yeah, I just is what rant to my hands like. You might not like John. I like. No, it's not possible, John, it is might not be the right thing for you, but you'll like John when you reach out to him. Text the word life to twenty one thousand. Okay, back on topic. What does a good retirement plan look like? You know, I think one of the things that people don't think about when they are building their retirement plan, which builds their life, Yep, is they don't think about the dfunding process. The...

...what the dfunding? Right? That sounds horrible, doesn't it? It sound forth something it does well. That sounds frustrating. I spent all this time putting this thing together. How am I going to take it apart? Where the second I don't want to take it apart. I built it, but the whole point is that you want to use it in retirement, right. You want to create your own personal paycheck protection program right. How do you do that in the most tax efficient way for you. So this is so let me let me back up like a little bit, because I'm sure I don't want to disappoint anybody. How do you how do you build it right? And depending upon how much you're making everything else, you might be eligible to create what is called a Roth Oroth Rath ir right didn't come limits things like that. We'd have to talk about whether you're eligible or not. Then there's the IRA, the individual retirement account, and of course you've got your...

...k four hundred three B, which we've talked about on this this podcast with before. Certainly, am it's a little bit different. It's very similar, but for three bees and a little different than for one case. There's set, I raise, there's all sorts of acronyms, right, but some sort of tax protected vehicle to systematically every month or every week, every other week, whatever works for you, fund that, invest it correctly. And one thing that people don't utilize enough, and this is only if your employer offers it, is an h s a, which is a health savings account, and what that allows you to do. You can contribute up to thirty six hundred dollars a year and it goes in before you pay taxes on it. So just just like your one K and and if you don't spend most people...

...just spend it there like this is great, I don't have to pay taxes on it and I can spend it on my healthcare, which makes sense. That's how they kind of market it and put it out there. But here's a very little known fact about HSA's is if you do have access to one, if you don't use it then and you save it till when you retire, it comes out tax free. Okay, only. Yes, so it's even better than a roth because it's got the best of both worlds, like he and I'm Montana right, for those of us who remember hand on one time. So it's it's probably the single best way to save retired as the retirement tirement is in your health savings account. And the first thing people tell me is like, oh, that's not a good way to save because you have to spend it on healthcare when it's week. And my answer to them...

...is, do you not think you're going to need healthcare? Right that maybe your healthcare costs might actually be higher in retirement. Maybe, but likely, say likely, they'll be higher and you will probably need to spend money on healthcare and retirement, and whatever you're spending on healthcare, you can take it out of that and it comes out tax free and you can spend something else, for groceries, for Huh, you going trip around the world or whatever. So money is fungible right, unable. I like that and it allows us to now, getting back around full circle to the defunding side of things, it allows us to use some buckets of money for some things and other buckets of money for other things. So as we take this part and we take income from one bucket, it can feed whatever spending bucket we want. So it's you need to be very careful and play and how you take your...

...your money out to fund your retirement and your personal paycheck protection program okay, as you take that upper I wrote a wrote of paper that people can give me call, send me a text to twenty Onezero, text life to twenty one thousand, called the eight most common misunderstandings about retirement and how to understand them better. So it's not mistakes or myths or anything else. It's just a misunderstanding because it's it's fairly complicated. All right, say that again. The eight most common misunderstandings about about retirement. Okay, we're weren't put that in the show notes. Yeah, all right, that's awesome. They can get a copy that. I will send that too, folks, and it can be very, very helpful. I like it. So, obviously,...

...what a retirement plan looks like, it's going to look different for each person. There are some components in there that would be nice to have for each person. All right, so you what you talked about. A personal paycheck protection plan. That be nice, Long Term Care, that be nice, and HSA that you can take out tax free when you're in retirement to pay for your health. That's really kind of a new concept. We need a whole episode on that. And so there are some components of what make a retirement plant what it looks like. But again, everybody's different and you have to have a personal plan. That's what John Does at Guardian Rock huscle. That's fascinating. Yeah, I like that HSA thing to be able to save up for that and use it in retirement instead of using my income. That's in a different bucket. asusly right, might be taxed, that might be taxed. Yeah, that's interesting. HMM. Yeah, we need to do a whole episode on that, because that's a different angle there, dude. HMM. And Hey, here's here's one last parting idea for those of you...

...who have adult kids that are just starting to work, and I actually do have a client that does this. How about funding? Maybe they can't afford to fund their raw but they're in the income bracket where they can do the Rath, great Christmas gift. So it's boring. You know, was not so boring a few years from now and that thing's getting here and growing and when they turn retirement age, they remember mom and dad got that for them and started that out for them. It's a great, great idea. Yeah, gift. So I we're on a whole episode on gifting money to your children and I want to put in Princies, you know, fund their Rath etc. Because that's a big deal, John, that I think a lot of people don't think about for some reason, that a lot of people sayll, I'm going to die and I want to leave my kids millions of dollars...

...or whatever. Okay, but they probably don't. They probably need it more now than they do then. Many Times. I would love to have that discussion on a podcast to just get your perspective on your how can we give some now, maybe, and and say do you really need to return? Are With eighteen million dollars? Would seventeen be okay? And you think your kids, you know, but it's that that feeling of let's yeah, let's look down to the next generation and how can I help them build a more stable retirement now to reduce some of that pressure? Maybe, and who knows? I would love to get your perspective on that. So it's coming great. Yeah, that'd be a great episode. Yeah, all right. Well, this has been a great episode. What does a great retirement plan look like? Well, it looks different for everybody. But at the same time it's kind of like you remember that the commercial when we were kids. John to all this up in the tree. How many licks does it take to get to the center of a Titsi Roll One, who, three, right,...

...the Chitsy role POPs. From the outside they all look the same. You unwrapped them. They have different flavors until you get to the center, right, but that's kind of what a retirement plan on. From the outside they've kind of all look the same. They have similar components, but internally they're all different based on that individual person's need, that families need, and that's what you help people do the Guardian Rock. Well. So, John, thank you so much. Encourage people to reach out to text you lifelife to twenty one thou guardian rockwealthcom, and be sure to request John's paper that you talked about the eight most common misunderstandings about retirement. Ask Him about that when you text life to twenty one thousand. John Brownie, what a tremendous episode. Thanks for helping US understand what a good retirement looks like. It's been good to look at you during the this video podcast and I look forward to I've talking with you next time, but it take care all right, we'll see you. Money really is a big part of our lives and John Browning can help you and your family learn how to keep money in the proper...

...perspective. It's important, but it's only a tool that can help you build the life that you want. If you like John Emil, you a free copy of his book build a life, not a portfolio. Go to John's website, Guardian Rock wealthcom, and click the contact to US link and send your request. John Will Mell a copy of his book right to your door absolutely free. Thanks for listening to building your life podcast with John Browning. Be Sure to subscribe to this podcast so each new episode will be sent to you automatically when it's released. Have a terrific day. Nothing in this podcast should be construed as personal investment advice and past performance is no guarantee of future results. Investing is not appropriate for everyone. There is a risk of loss associated with investing in the markets. No representation or implication is being made that using any methodology or system will generate profits or insure freedom from losses. Please remember that investing carries risk. Guardian Rock Wealth LLC and it's affiliates are fiduciary...

...investment advisors. Please consult with US or another experienced qualified investment advisor before making any investment decisions and or trying to implement any of the strategies and tactics we may discuss in any of our publications or podcasts.

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