$4 Million Household Retirement Plan

Retire Ready with Kyle Hammerschmidt

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In this episode, Kolin and Kyle discuss a case study of a married couple in their mid-50s who are planning for retirement. The couple has a desired retirement age of 61 for the husband and 62 for the wife. They currently have an income of $270,000 and a desired retirement income of $144,000 per year. Their assets include $3.1 million, with the majority in tax-deferred accounts. At retirement, they are expected to have roughly $4 million. The couple's primary goals are to focus on tax diversification, create a comprehensive retirement plan, and optimize their income and tax strategies. They also discuss the importance of tax efficiency and investment management in retirement planning.
Takeaways

• It is important to have a comprehensive retirement plan that includes tax diversification and tax planning.
• Consider your desired retirement age and income when creating a retirement plan.
• Focus on tax efficiency and minimize your tax bill in retirement.
• Investment management is crucial in retirement planning to ensure the required rate of return and manage risk.
• Regularly review and update your retirement plan to adapt to changing circumstances.

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Disclosure: You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. This podcast is intended for educational purposes only. Nothing in this podcast constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. MOKAN Wealth Management is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.