Seven Steps to Financial Freedom in Retirement

Informationen zum Autor 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). Klappentext 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. Zusammenfassung 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. Inhaltsverzeichnis 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 ...

List of contents

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

About the author

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).

Product details

• Authors: Hank Parrot, Parrot Hank, H Parrott, Hank Parrott
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Hardback
• Released: 28.10.2011
• EAN: 9781118095287
• ISBN: 978-1-118-09528-7
• No. of pages: 224
• Subjects: Guides > Law, job, finance; Social sciences, law, business > Business > Business administration; BUSINESS & ECONOMICS / Accounting / General, BUSINESS & ECONOMICS / Finance / General, Finance & accounting, Finance and accounting