An interactive guide to mapping your retirement plans In Seven Steps to Financial Freedom in Retirement, financial advising and estate planning expert Harold Parrott guides the reader through the sometimes murky waters of retirement planning. Using a simple "Lifestyle Expense" planning approach customized to see how much money each person needs to live on in retirement, Parrott explains what investments can help readers reach their desired goals with minimum risk. Using detailed questionnaires, the book provides an informative guide for anyone concerned about having enough money to live…mehr
An interactive guide to mapping your retirement plans In Seven Steps to Financial Freedom in Retirement, financial advising and estate planning expert Harold Parrott guides the reader through the sometimes murky waters of retirement planning. Using a simple "Lifestyle Expense" planning approach customized to see how much money each person needs to live on in retirement, Parrott explains what investments can help readers reach their desired goals with minimum risk. Using detailed questionnaires, the book provides an informative guide for anyone concerned about having enough money to live comfortably in their retirement years. An educational book employing an easy-to-understand format, Seven Steps explains the basics of IRAs and 401(k)s, before launching into a more in-depth discussion of the strategies and tax implications thereof, looking at: * Annuities, bonds, and CDs * The perils of "stock picking" * The basics of estate planning A unique and indispensible resource for assessing finances to determine the full scope of the reader's assets, the book helps to determine projected lifestyle expenses post-retirement and crafts a road map showing what types of products and accounts are likely to be of most value.
HANK PARROTT is founder and President of Estate & Financial Strategies, Inc., a Tennessee-based firm providing a full range of financial advising and estate planning services that has served thousands of clients throughout the country. Specializing in estate and retirement planning; insurance and annuities; and tax planning, Parrott is a Chartered Financial Consultant (ChFC), an Accredited Estate Planner (AEP), and a Registered Financial Consultant (RFC).
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Introduction xiii Chapter 1: Getting the Nest Egg Ready to Hatch 1 A New Approach 2 What You've Got 5 Where Are Your Retirement Resources? 11 Looking Forward 15 Chapter 2: Putting Your Assets to Work for You 17 The Old Way: Maximizing Returns Based on Risk Tolerance 17 The Hank Parrott Way: The Smart Money Approach 19 Looking Forward 29 Chapter 3: IRA Mastery 31 Planning for Taxes 32 What Makes Up a Traditional IRA? 35 Traditional and Roth IRAs: Learn the Difference! 39 Tax Considerations When Investing IRA Assets 43 Taking Distributions from Traditional IRAs 45 Estates and IRAs 48 Passing It Along 49 Looking Ahead 51 Chapter 4: Enhancing Your Retirement with Built-In Guarantees: Annuities, Bonds, and CDs 53 Bonds: What Is Guaranteed and What Is Not 53 Annuities: Separating Myths from Truth 58 CDs: A Key Element in an Income-Generating Retirement Portfolio 73 Putting It All Together: Investing for the Long Term 82 Chapter 5: How the Smart Money Invests 83 Learning through Trial and Error 84 The Real Story 85 Starting Off: The Retirement Investor Quiz 89 Busting the Investment Myths 90 Active Management 94 Tune out the Media's Advice 96 Investing versus Speculating: Know the Difference! 96 A Real Story about Speculative Investing 97 The Smart Money Investment Strategy 98 All about Asset Allocation 100 How Do You Measure Diversification? 102 The Importance of Staying Disciplined 103 Tax Planning and Investments 104 My Best Advice 107 Looking Forward 107 Chapter 6: Paying for Helping Hands: The Ins and Outs of Long-Term Care 109 What Are Your Options? 110 Planning Ahead 111 Common Myths about Long-Term Care 112 How you'll Pay 115 Examining Which LTC Payment Option Works for You 116 Understanding Long-Term Care Insurance 119 Frequently Asked Questions 125 Last But Not Least 127 Chapter 7: The Basics of Estate Planning 129 Why Estate Planning? 130 Problematic Probate 131 All about Trusts 136 The Five Essential Documents 137 Lightning Round: Other Types of Trusts 141 Whom Should I Name as Trustee? 144 The Value of Real Professionals: Finding the Right Certified Expert 145 Frequently Asked Questions 147 Estate Planning Checklist 149 Where to Go from Here 150 Appendix A: Confidential Lifestyle Questionnaire 151 Appendix B: Lifestyle Expense Worksheet 161 Appendix C: Financial Lifestyle Fact Finder 165 Acknowledgments 177 About the Author 181 Index 183
Introduction xiii Chapter 1: Getting the Nest Egg Ready to Hatch 1 A New Approach 2 What You've Got 5 Where Are Your Retirement Resources? 11 Looking Forward 15 Chapter 2: Putting Your Assets to Work for You 17 The Old Way: Maximizing Returns Based on Risk Tolerance 17 The Hank Parrott Way: The Smart Money Approach 19 Looking Forward 29 Chapter 3: IRA Mastery 31 Planning for Taxes 32 What Makes Up a Traditional IRA? 35 Traditional and Roth IRAs: Learn the Difference! 39 Tax Considerations When Investing IRA Assets 43 Taking Distributions from Traditional IRAs 45 Estates and IRAs 48 Passing It Along 49 Looking Ahead 51 Chapter 4: Enhancing Your Retirement with Built-In Guarantees: Annuities, Bonds, and CDs 53 Bonds: What Is Guaranteed and What Is Not 53 Annuities: Separating Myths from Truth 58 CDs: A Key Element in an Income-Generating Retirement Portfolio 73 Putting It All Together: Investing for the Long Term 82 Chapter 5: How the Smart Money Invests 83 Learning through Trial and Error 84 The Real Story 85 Starting Off: The Retirement Investor Quiz 89 Busting the Investment Myths 90 Active Management 94 Tune out the Media's Advice 96 Investing versus Speculating: Know the Difference! 96 A Real Story about Speculative Investing 97 The Smart Money Investment Strategy 98 All about Asset Allocation 100 How Do You Measure Diversification? 102 The Importance of Staying Disciplined 103 Tax Planning and Investments 104 My Best Advice 107 Looking Forward 107 Chapter 6: Paying for Helping Hands: The Ins and Outs of Long-Term Care 109 What Are Your Options? 110 Planning Ahead 111 Common Myths about Long-Term Care 112 How you'll Pay 115 Examining Which LTC Payment Option Works for You 116 Understanding Long-Term Care Insurance 119 Frequently Asked Questions 125 Last But Not Least 127 Chapter 7: The Basics of Estate Planning 129 Why Estate Planning? 130 Problematic Probate 131 All about Trusts 136 The Five Essential Documents 137 Lightning Round: Other Types of Trusts 141 Whom Should I Name as Trustee? 144 The Value of Real Professionals: Finding the Right Certified Expert 145 Frequently Asked Questions 147 Estate Planning Checklist 149 Where to Go from Here 150 Appendix A: Confidential Lifestyle Questionnaire 151 Appendix B: Lifestyle Expense Worksheet 161 Appendix C: Financial Lifestyle Fact Finder 165 Acknowledgments 177 About the Author 181 Index 183
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