5 Questions You Didn’t Know To Ask

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Today’s Question:

You don’t know what you don’t know. So, we go over five questions that might shed some light on ways to make your retirement plan better and more efficient.

Click on the timestamps below to jump to specific topics. 

Confidence Corner

When working on your financial plan, have you ever stopped to ask these important questions? Understanding the answers may lead you in a more productive direction. On today’s episode of the podcast, we discuss five financial questions you need to ask.

How much are my tax-deferred accounts going to actually cost me in taxes? Don’t forget that you will be paying taxes on this money, even if it is 30 years later. Make taxes a part of your plan. We can’t control what our government does, so your tax brackets and tax rates may change. Do what you can to minimize your taxes as we likely have higher taxes coming our way.

How much can you take out of your savings? Ultimately, it comes down to what fits your plan. There’s a general rule of thumb that says four percent is a good withdrawal rate, but that doesn’t necessarily mean it’s the right rate for you and your goals. Inflation, taxes, and timing all go into that decision as well as what your needs and goals are. There’s a strategy behind when, where, and how much to pull money from your accounts.

Do you really need life insurance in retirement? Life insurance can be used to help supplement your spouse’s income or can be a way to leave something to your kids. Most people don’t need it in retirement, but will it help your plan? Everyone’s situation is different, but life insurance can be useful in your retirement plan.

What medical coverage do you need beyond what is covered by Medicare? Things like dental and vision are not covered by Medicare. You’ve got to make sure you plan for supplemental insurance that you might need. Be sure to plan for inflation with medical expenses as well.

Finally, what kind of value are you getting for the fees that you’re paying? What’s a fair rate for an advisor? It really comes down to what you’re getting in return. Are you getting a comprehensive financial plan? An advisor is there to help coach you through financial decisions and make sure you don’t make emotional decisions. Advisors don’t work for free, but free shouldn’t be the goal. Check to know your total cost and see if it’s worth it or not for what you’re getting.

[0:41] – Praying for everyone impacted by the floods.

[2:55] – How much will taxes cost?

[6:29] – How much can I withdraw from savings each year?

[9:14] – Should I still have life insurance in retirement?

[12:45] – What kind of medical coverage would I need?

[17:02] – What value are you getting for the fees you’re paying?


A Point Of Wisdom:

There are a lot of things you can do to reduce and even eliminate some of those taxes. You can’t wait until the last minute, you have to plan ahead of time. 

-Nathan O’Bryant


Related Content:

PODCAST: Understanding Values-Based Planning

PODCAST: Unreasonable Requests for Financial Advisors


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Your Guide:

Nathan O’Bryant – Contact

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