When it comes to your retirement, balancing investments when you have multiple streams of income is vital to getting the most out of your money.   Today on the show, Dave talks about a few best practices for balancing your monies and setting aside monies for long-term care.   Why is it important to balance your investments with Long-Term care? - At some point, you won’t be able to provide a living benefit for the family you leave behind.   2. More importantly how much Long-Term Care monies will I need? - Depends – talk to your financial advisor to be sure it’s worth it to you financially.   3. I hear people lose their life’s savings by not having insurance means to pay for Long-Term care; is that true? - YES.   4. In other words, is buying a policy through DAK Financial really going to make a difference? - It could make all the difference. If you don’t get with us at DAK, find someone like us. Be sure your definition of help is addressed.   5. In a previous episode you talked about using Life Insurance or an annuity to pay for Long-Term Care, why is it important to separate monies that will be earmarked for income and monies that need to be set aside for Long-Term care? - You will not have access to some monies in the future. Be sure you have enough monies to use that are not tied up. - Money in your policy generates interest, so the more you take out the less that money grows.

 

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This week, we're discussing various retirement risks like longevity, medical expenses, and the death of a spouse and how they affect you during your retirement.

Other things we talk about in this episode:

• How to avoid outliving your income
• Life insurance can make up the difference
• Differences between using a life insurance vs a pension plan during retirement
• Why medical insurance is so expensive before age 65
• Review of negative sequence of returns

Questions to ask yourself:

• What income will I be bringing in during retirement?
• What about long-term care?

 

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Takeaways:

 

• Be sure your financial advisor is asking the right questions
• • 1. What is your definition of help?
  • 2. Do you have a financial profile in place?
• You don’t know, what you don’t know
• What it’s important to have an advisor that is a fiduciary
• Having estate planning documents in place

 

1. If you aren’t defining what help means to you, someone will define it for you.
2. This helps your advisor see your retirement benefits and limitations.

 

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Some things we talk about in this episode:

• When you take money out on a regular basis and assets decline, negative sequences of returns can cause you to lose money
• Positioning assets to avoid a negative sequence of returns
• Black swan events
• The biggest threat is having all your money in the equity markets
• Locking down your income needs
• The perpetual nature of bond funds

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Some things we discuss in this episode:

 

Distribution phase of retirement - The time in your life when you start collecting on the investments and retirement savings accounts you've set up throughout your life. 

• Accumulation vs distribution phase
• Being "successful" during this phase of your life can not only provide an income for you but can help you with long-term health costs as well
• Avoiding unpleasantness of retirement costs with planning
• Common sense planning

 

Questions to ask yourself:

1. Which phase are you in - accumulating or distribution? 

2. Where are you currently distributing your money? 

3. Does your advisor know what you want to get out of your money?

 

If you want to know more about what DAK Financial Group can do for you, check out our website or send us a message on Facebook. We'd love to hear from you!

This week, we're talking about the nature of an IRA - what is it and why is it important?

Some things we talk about in this episode: 

• Financial Planning Checklist that gets you from point A to point B
• Potential aspects of the checklist:
  • Earning Statements
  • Tax Returns
  • Etc. 

Some questions to ask:

Q: How do I start making my checklist? 

• Ask your financial advisor

Q: Who can help me plan?

• Financial advisor
• Registered investment advisors (RIAs) 

Q: Why is life insurance an important part of my list?

• Life insurance leverages you against unexpected loss

If we have checklists for everything we do, why would our finances be any different? Has your financial checklist been made? 

 

If you want to know more about what DAK Financial Group can do for you, check out our website or send us a message on Facebook. We'd love to hear from you!

David Kutcher is a graduate of Bridgewater State College and spent 15 years as a Ground Combat Infantry Officer in the Marine Corps. He started DAK Financial Group in 1992 and is active in the community as a member of the Meredith Rotary Club. David is an avid outdoorsman and enjoys spending his spare time in the woods and on the water. David and his team dedicate their time and resources to helping you understand and become an active voice in your retirement planning.

DAK Financial Group, LLC is dedicated to helping our clients and their families succeed in planning their perfect retirement. We specialize in helping you get the most out of your money with safety, growth, and control.

At DAK Financial Group, LLC, we believe that planning your retirement shouldn’t be stressful. It’s a process of determining goals, strategies, and what’s best for you and your family. From there, we can show you which options best suit your situation and tailor a plan to meet your family’s needs.

David Kutcher cares deeply about helping his clients. Willing to go the extra mile, Dave says.

David lives in Meredith, NH with his lovely wife Lorraine. 

 

If you want to know more about what DAK Financial Group can do for you, check out our website or send us a message on Facebook. We'd love to hear from you!

 

 

Welcome to the first episode of the DAK Financial Podcast!