Bob Carlson:  The Essential Guide to Retiring in 2023


Manage episode 352717141 series 2798004
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In this episode, The Annuity Man and Bob Carlson discuss:

  • Changes in 401k and IRA provisions
  • Why you should spend time on income taxes
  • Generating guaranteed lifetime income
  • Be prepared to adapt your plan

Key Takeaways:

  • The Secure Act 2.0 gives provisions that are designed to make employer retirement plans more available and to get more employees participating in the plans. The required minimum distribution’s beginning age has also been bumped to 75, and catch-up contributions are being increased for IRAs and 401ks.
  • People don’t spend enough time on their income taxes. People shouldn’t forget that not everyone pays lower taxes when they retire, some will be in the same bracket, and Congress avoids tax increases but has added provisions that, in effect, work like stealth taxes.
  • Accumulate as big of a balance as possible, then find a way to turn it into cash flow for your retirement phase. Generate guaranteed lifetime income through social security or employer pension, then start looking at putting money into SPIAs or MYGAs to generate that income gap.
  • Be prepared for change. Know that your retirement plan is not set in stone; it’s something that you have to review regularly. See where your assumptions are wrong, where you've changed, where the tax law and other things outside your purview have changed, and adapt your plan to that.

"Anticipate change, be prepared for it. Know that your retirement plan is not set in stone. It's not a roadmap; it’s something you have to review regularly. " — Bob Carlson.

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