Last episode we discussed meat on the bone and this week we are going to talk about what you can do with that extra meat. Roth IRA’s are just one opportunity you have when it comes to retirement. Since there are many ways to navigate these accounts, we want to give you a quick overview of how they work.

Three takeaways:

• Roth Myths

• What is earned income?

• Limits & Deadlines

You can get a handle on your taxes! The government controls rates, but there are other things you can control. There are ways to control parts of your income. There are certain accounts that deal with additional savings that can be taxed forever and these are the accounts to look at closely. Also, knowing your tax bracket and how to use it can help you. Taxes are not a year to year project. It is important to look at your tax life journey.

It is that time of year! It is time for taxes and we want you to consider some things. We are looking at 3 categories and what the money does in each.

Key takeaways:

• Categories to Consider

• Macro vs. Micro

• Benefit the Kids

Income gives us choices in retirement, so we have been spending this month talking about what you need to know when it comes to your income.

Key takeaways:

• Income Review

• Rates of Return

• Risk Diversification

We are continuing to talk about income and what you need to know to help ensure you have what you need each month.

Three takeaways:

• "No Matter What" Income

• Fluctuation Income

• Income strategies to help cover you and your spouse

There is one question that we get from the people we work with over and over.

Three takeaways:

Define “Enough”

Want to vs Have to

Extras

Link to the Compass Retirement Budget Worksheet: https://documentcloud.adobe.com/link/review?uri=urn:aaid:scds:US:b93510c7-7f98-4520-9761-c34ce2a20576#pageNum=1

It is the start of a new year! There are times when we say, “we will worry about retirement when we get closer to it.” Why not take 2021 to do some planning and get your goals set?

Three takeaways:

• Target Income

• Over Exposed Risk

• More $ in Your Pocket

2020 was a year filled with unexpected elements. Some people are ready to move on from 2020, but at Compass we take time to say thanks. We hope you all blaze new trails in 2021. Merry Christmas and Happy New Year!

When it comes to charity, many retirees are not sure how this strategy fits into their planning. There are ways to give back in retirement. Here are some ideas to think about when giving generous donations.

Three takeaways:

• The Pledge

• Common Parts of Trusts

• 2021 & Beyond

It’s December so why not talk about legacy planning! As you spend the end of the year with family over the holidays, it is a great time to think about your legacy and what you want to leave to them. It is also a good gift to give yourself because when you have a plan in place, you feel more prepared in retirement.