Hard Questions About IRA and 401k Accounts
THE PROBLEM YOU’RE FACING:
Your retirement savings represent decades of work and sacrifice.
Your savings have accumulated in an IRA, 401(k), or company stock plan that has specialized tax rules which frequently change.
Misapplication of these tax rules can destroy or seriously impair your savings before you are even aware of the problem.
Your savings make you a target for unqualified and/or high-commission salespeople whose “advice” can lead to catastrophe for you and your family.
If you have large retirement savings accounts, you can’t afford to learn from your own mistakes. You can’t afford to work with a generalist or a commissioned sales advisor.
HARD QUESTIONS TO ASK YOURSELF:
“Do I have the education and experience to recognize the issues that threaten my savings?”
“Do I have the time to fully research the laws that apply to my specific situation?”
“Am I confident that the decisions I’m making are based on current and accurate information?”
“Am I interested enough in this subject to keep up with it throughout the year, every year?”
“Do I have the time, energy and expertise to adjust my plans when laws and circumstances change?”
“Do I have the tools, technology and team to actually implement my planning?”
“How do the investment options that I use compare with those available to professionals managing billions of dollars?”
“Is this really how I want to spend my retirement?”
HARD QUESTIONS TO ASK YOUR ADVISOR:
“Do you have expertise in this area? How would I know that?”
“What books have you read on this topic?”
“What is your professional training in IRA distribution planning? Can you show me the course manual? When was the training?”
“How do you stay current on key tax laws?”
“What is the latest IRA tax rule you are aware of? When did it occur?”
“How do you determine the best option for my lump sum distribution?”
“How are you keeping track of my IRA beneficiary form? When should I update it and what are some key events that would trigger a review?”
“Can you show me the IRS life expectancy tables (the advisor should show you ALL THREE of them).”
“Can you tell me what will happen to my IRA after I die?”
“Who do you turn to when you have questions about IRA distribution planning? No one can know it all.”
Why not take a few minutes and talk with an expert about planning for the future and lowering your family’s taxes? I offer a free consulation on this and other planning topics. Just call 801-377-9787 or schedule an appointment on my calendar here: