The theme this week on the One Minute Retirement Tip podcast is: Get These 4 Things Right For A Successful Retirement. 

What are these 4 things? They’re known as the 4 L’s of retirement and the concept was developed by retirement researcher, Dr. Wade Pfau.

The 4 Ls of retirement are longevity, lifestyle, liquidity, and legacy. Today, we’re wrapping up with legacy. 

Legacy is all about what happens with your money after you’re gone. The wealthier you are, the more this goal tends to work it’s way into your plan for retirement because you’re more likely to have discretionary assets to give, but legacy is something that everyone should think about as they plan for retirement. 

If you plan well, you’ll likely have money left over when you pass from this world, which means you’ll want to decide who will get what and what additional impact you want to have on your community, church, and other charities that you care about. 

I have yet to have a client spend his or her last dollar on the day he or she kicked the bucket, so you’ll want to think about the legacy you’ll want to leave behind, and importantly, I challenge you to give while you’re still living. Giving in a significant way while you’re still living can help you to have a healthier relationship with your money, and not hold on so tightly to your assets and wealth. And you’ll get to see the impact of your legacy by giving in a meaningful way while you’re still alive. 

Maybe you want to work into your retirement spending goals, a monthly or annual contribution to charities. It’s important that you think about this and plan for your legacy and giving goals in advance, so you can give in a  tax efficient way. Haphazard giving is usually stupid giving when it comes to tax planning, and there are easy ways to minimize your taxes with your giving. Just one example is giving directly from your IRA to satisfy your required minimum distributions in retirement, or setting up a donor-advised fund. Both of these simple strategies can have major tax-saving benefits.

That’s it for today. But in case you missed this week’s earlier episodes, I’m planning an upcoming weekly theme on the podcast of “ask me anything”! Questions about your retirement, inflation, can you afford to retire this year, should you pay off your house before retirement...whatever is weighing on your mind about your money right now, submit your question to me, I’ll pick 5 of my favorites, and answer them on the podcast. Just send me an email to [email protected].

Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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