Webinar Replay - 12 IRA Planning Mistakes to AvoidSubmitted by Private Client Advisory, Inc. on March 8th, 2017
[Webinar Replay] "12 IRA Planning Mistakes to Avoid"
Originally aired February 3, 2017
If you would rather read than watch the 35 minute video, we have included a transcript below for your convenience.
[Roger:] Hello, thank you for coming today to Road Map to Retirement, 12 IRA Planning Mistakes to Avoid. My name is Roger Sulhoff, financial advisor doing family wealth counsel with Private Client Advisory headquartered in Gainesville, Georgia. Today is Rick Young joining me here in our firm. [00:00:30] Hello Rick.
[Rick:] Good morning. Welcome everybody.
[Roger:] Want to do the disclaimer?
One thing we just want to let you know, there are a lot of places to receive information out here via Google, the internet, dark web, you name it. One thing to just keep in mind, the information that we are presenting has been given to us by MFS, a Mutual Fund Company, they're one of the many companies [00:01:00] that we utilize, and I would like to stress we are independent financial advisors which means that we have flexibility and freedom to use a wide variety of investment products.
When you go to look for financial advisors, one thing you should consider is looking for somebody who's independent. Roger?
[Roger:] Rick, you're absolutely right and the independence has really given us a leg up I believe in terms of really focusing in on the client’s needs, wants, and desires [00:01:30] through our financial planning process, to be able to work toward these goals.
First, have you ever found yourself at an intersection like this?
Most of us have. You're out driving with a special destination in mind. You come to a spot like this, and before you know it, you're off to the wrong direction.
Kind of reminds me of what Yogi Berra used to say, “When you come to a fork in the road, take it.”
[Roger:] Right? We all make wrong turns sometimes, and when you find yourself lost, [00:02:00] what's the best step to take? Look for someone who knows the area well and can tell you the rules of the road. You need a qualified professional. Planning for retirement is much the same. As a financial advisor, my goal is to strive to make sure that your road map to retirement is clear and accurate, so that you can stay on track toward retirement goals. Today I'm going to outline some IRA mistakes for you and your beneficiaries, that may help you make the most of your IRA [00:02:30] savings.
[Rick:] You know Roger, looking at this slide reminds me of driving in downtown Atlanta traffic, and the one thing we had talked about is these days you probably don't want to be caught in Atlanta especially, but driving in general without a GPS system right?
[Rick:] What we're going to try to provide you with today, really are some GPS directions for your IRAs.
[Roger:] Let's start with the number one thing that we hear a lot about [00:03:00] past the accumulation stage is how do I handle the distributions? Rick, why don't you pull up on that and talk about it.
[Rick:] Yeah, absolutely Roger. One of the cardinal rules of IRAs, or any type of deferred account, when we're deferring the taxation of the earnings, whether it be capital gains or dividends, is we want to stretch that out, stretch that account out as long as we can.
One way to do it with the IRA, is [00:03:30] through the use of beneficiary choices, for taxes, and established flexibility.
Your beneficiary does have a choice on taking distributions. They could either take the money out right away as a lump sum, or following some IRS rules, they could stretch it either with a five year stretch, or perhaps over their life expectancy.
Taking all the money at once causes any taxable income to be recognized in that tax year. They could [00:04:00] create a significant problem as we've seen Roger. In terms of eliminating or reducing exemptions or deductions.
[Roger:] Absolutely, Rick. I don't know how many times we've had situations of people coming in seeking advice from you or from me, with regard to the tax issues that you're going to talk about here just a minute.
People have to just think of it very simply. If mom or dad leave us a couple hundred thousand dollars [00:04:30] in their IRA, and we take it out, it's like adding that as a bonus to our income this year. It's potentially going to drive our tax bracket up to the top, and we're going to be paying right through the nose on them.
I don't think mom and dad want us to liquidate that money to the government.
[Rick:] Well absolutely, you know you bring up another point, and that's the flexibility Roger. We can't always know what our beneficiaries are going to need 10, 20, 30 years down the road in light of their changes. By naming beneficiaries in the [00:05:00] right manner, it gives them flexibility to choose the time.
It's important again to talk to your financial advisor and tax advisor to make sure that your beneficiary designations match. Roger, that leads us really into the next error we see a lot of. That's regarding beneficiary mistakes. I think you're going to give us some information on that.
[Roger:] Absolutely. Not naming or updating IRA beneficiaries is absolutely key. Rick, you ever had anybody come in with an old [00:05:30] IRA, perhaps a new client, and the estate is listed as the beneficiary?
[Rick:] Yeah, yeah.
[Roger:] You know what happens then. That's a non-natural person, that's 100% taxable when they die.
[Rick:] Immediately taxable.
[Roger:] They don't even have a choice of doing a stretch or a distribution.
[Roger:] Yeah. We're here to be able to help clients list beneficiaries correctly, and to the way that they want in terms of their legacy plan.
Even when one owner intends to name [00:06:00] a beneficiary, mistakes are sometimes made. Here's some common ones.
- Missing forms
- Blank designations
- No contingent beneficiary named (if all the primary beneficiaries disclaim or predecease the owner, assets are distributed as an IRA document, or as the state law provides)
- Outdated personal information (some of these examples are like mom or dad are still listed when the owner has subsequently married or had children and intends for the assets to go to his or her new [00:06:30] family, and ex-spouse is still listed when the owner intends the assets to pass elsewhere).
That'd be a joke wouldn't it?
[Roger:] Hurts. A beneficiary is deceased, does not match with the current estate plan. One of the best ways to keep beneficiary designations current, is to review them regularly. Here are some pretty good times to do it.
- At least annually
- Any time there's significant life events, like a marriage, [00:07:00] a birth, a divorce, a death
- At retirement
All of those things need to be looked at, and that really ties into our financial planning process.
[Rick:] I'm glad you mentioned that Roger, because the process that we follow here at Private Client Advisory really provides for us to do beneficiary reviews as clients come in.
Whoever you're using as your financial advisor or service, a beneficiary review is a critical part of that. Reminds me of a quick story Roger, there was a couple in New York. They were married [00:07:30] for over 40 years. The husband had never changed the beneficiary of his pension plan to his wife, and it ended up going to his mother.
[Roger:] Oh my gosh!
[Rick:] Totally disinherited his wife. Make sure that doesn't happen to you.
[Roger:] I know that you are really good at these spousal roll overs, and people can make a very, very simple, knee jerk reaction on doing an IRA roll over when somebody dies [00:08:00] for example. They don't do it right, so let's focus in and react on the spousal rollovers.
[Rick:] Yeah, I'm glad you brought that up, that is the third most common mistake with a rollover. A unique characteristic of having a spouse as your beneficiary on an IRA, is that that spouse has the ability on the owner's death, to roll over the IRA to his or her own name.
In many cases it's a good solution, but it's not always the right one.
Some reasons to consider not rolling [00:08:30] it over, or not rolling right away, would include the following. If the surviving spouse is older than 70½, and the deceased spouse was not. In this case, rolling over would immediately require the surviving spouse to push out or send out RMDs instead of being able to defer those assets.
Again, a good role of thumb, the longer we can defer those taxes, potentially the better you'll be in the long run.
Second scenario we run into, [00:09:00] is when the surviving spouse is under age 59½, and they need money out of that IRA Roger. How many times have you seen that? I can think of several right now, where they're under 59½ , they need to access that account.
If that hasn't been structured properly, they can be subject to a 10 percent penalty in addition to income tax. Imagine the pain with that. Not only have they lost their loved ones, but now they're paying the government a penalty. If it's done correctly, that can be mitigated, and even avoided.
[00:09:30] Last, surviving spouse may wish to disclaim all, or part of that IRA. With a good estate tax plan in place, we try to mitigate and eliminate taxes as much as possible.
If the IRA has been rolled over, that decision has been made, it cannot be disclaimed. If the beneficiary disclaims part or all of the IRA, the IRA assets pass as if no beneficiary had been made. [00:10:00]
All these scenarios involve choices that may seem complicated Roger. I know when I first looked at it, it was, however you need to speak to a qualified professional when making these decisions.
[Roger:] That is absolutely so true, and getting back on this 10% thing for a minute, you're right. We've had several clients with us now who unfortunately their husband died before they were ... Maybe they might have been 55 or something, and they used that IRA money [00:10:30] to be able to help replace some of the income that was lost when the spouse died. By doing that, that distribution plan, I know you're going to talk about more in detail here in a little bit, but that made all the difference in the world, and I want to point out that even if they don't have a federal tax liability, that 10% penalty is still going to be charged.
[Rick:] Absolutely, absolutely. We want to make sure that you don't, those in the audience don't hit those penalties. Roger, [00:11:00] I think you're going to cover some common mistakes that happened when often times people moved from one company to another right?
[Roger:] Right these rollover mistakes happen more often than not. You'd think that this wouldn't happen but it just does, and you don't always get the best advice from the benefits department although I have generally found, at least in our area, that benefits people are very astute and do a great job. These mistakes happen. The three are the 60 day deadline, [00:11:30] and once over 12 months, and not available for non spouse beneficiaries.
You can move funds between IRAs in three ways:
- An indirect rollover
- A direct rollover
- A direct transfer
With an indirect rollover, now listen up everyone. With an indirect rollover, the account owner takes receipt of a distribution, and then redeposits it to another, or the same, eligible retirement plan within 60 [00:12:00] days.
Keep in mind, you can only do an indirect roll over once in a 12-month period.
Now a direct rollover occurs when a distribution occurs electronically by one trustee transferring the assets directly to a new trustee, or through a check sent out to the account owner, but payable to the new trustee financial institution, for the benefit of, and it's often abbreviated “FBO” by client's account.
[00:12:30] Direct transfers occur when an IRA owner directs a financial institution to move his or her assets to another IRA of the same type, in a trustee-to-trustee transfer.
Let's ratchet back a minute and talk about that rollover.
People often times say well I'm just going to roll it over, so send me a check. Often, the old, the current holder of that IRA will prepare a check and they'll do a 20% [00:13:00] mandatory withdrawal, or withholding for taxes, and then they'll send it into IRS. Let's just say it's $10,000. They're going to take $2,000, send it to IRS, they're going to leave the remaining $8,000 and send it to the person.
The person within 60 days, runs down, opens up a new IRA, and says here's my $8,000, I want to roll it over, and they say well what about the other $2,000? Then oops, I've got to come out of pocket for the $2,000 that they sent the government, and then try to [00:13:30] get it back when I file my tax return next year.
Negative cash flow… not a good thing.
Now getting back to this, with regards to non-spousal beneficiaries. They cannot do an indirect roll. A failure to follow these rules could result in a significant taxable event. Non-spouses can transfer the assets to an Inherited IRA. I want to point out to “Inherited IRA,” where they will continue to keep the tax deferred status. They can also withdraw the assets.
Distributions [00:14:00] will be subject to tax earlier in time than if they were otherwise eligible to roll into an IRA.
But thirdly, the non-spouse may be able to disclaim the assets. You should consult your tax advisor. They will be able to guide you.
Covering that and those rollover mistakes, I think it's pretty clear that financial advice is essential to the average person.
There's another area that a lot of people don't really realize, but it's cool. Rick, do you want to get into the Net Unrealized Appreciation?
[Rick:] Yes, absolutely Roger. Here in the north Georgia area, we have people that work for all kinds of companies. Large and small. Many times you find that in their company qualified plan, they're given company stock. Whether it be matching or in the form of profit sharing, or even invest your own money.
Well, a little-known rule with the IRS, [00:15:00] is it allows us to take that company's stock, and potentially receive very low taxation on the distribution of it.
Typically, distributions via retirement plan, or qualified plan, are taxed as ordinary income. However, that portion of the company stock may be able to come out of your plan, go into a non IRA or regular brokerage account. If you do [00:15:30] that, the cost basis of the stock is taxed at long term capital gains rate.
It's really an advantage that we don't see a lot of people taking advantage of, and the different between ordinary income and capital gains can be substantial.
It brings up a couple of other differences, too, between a qualified plan and IRAs. Both [00:16:00] employer plans and IRAs, they involve fees Roger, as you know, and we've seen clients.
Many times, however, these plan participants, if you're in a qualified plan, your company is paying those costs. When an employee leaves, they retire, they often times have the ability to leave that money there, but they begin paying a cost for that. If you look at the cost compared to an IRA, there can be a substantial difference with [00:16:30] that.
Additionally, would be the level of service. With the service with your qualified plan, it's whoever the company has selected as their vendor.
With an IRA, you get to decide where the money goes, and generally you have more options. Talk to a financial advisor to determine what's appropriate for you.
[Roger:] Well that's great, and I think a lot of people overlook the fact that maybe they bought that Delta stock into their IRA [00:17:00] back when it was pretty cheap. After the bankruptcy for example. All of a sudden now it's worth a whole lot more money.
We're seeing that with the AirTran/Southwest pilots—we're seeing a lot of that, and then being able to pull that out and only having a capital gains rate tax on the distribution of those shares. Pretty cool concept.
[Roger:] Unknown strategy to most people.
[Rick:] A lot of people don't realize this, one of the keys to having long [00:17:30] term wealth is paying the absolutely lowest tax that you can.
[Roger:] That's what Rockefeller said; he's done all right.
[Rick:] And Warren Buffet, absolutely. His nominal tax rate, last we checked was around 15% if you can believe that.
[Roger:] Yeah. Why don't you pick up on these Roth IRAs. I love Roth IRAs.
[Rick:] Yeah, you know, all we've talked about up until this point, we've talked about really distributions [00:18:00] from an IRA.
With these next few points, we want to talk about utilizing IRAs to the maximum benefit for you.
The first is something called a Roth IRA. These became available in the ‘90s. A Roth IRA is almost like a traditional IRA in reverse.
Your traditional IRA may lower your current income taxes now, but generally when you take the money out, it's taxable in retirement.
[00:18:30] A Roth IRA won't decrease or change your taxable income now, but it can be federally income tax-free in retirement. A Roth IRA can be a valuable retirement resource. Not only the withdrawal tax rate, but Roth distributions don't impact tax ability of Social Security, and qualifying Roth IRAs can pass to beneficiaries federally income tax-free.
Another big difference, these Roth IRAs [00:19:00] Roger, when a client turns 70½, they can leave the money in there. They're not forced into mandatory distributions. That's really a neat trick.
[Roger:] Absolutely, the other thing that I think is important to point out, and as you said you've done a lot of 401K plans, and being able to counsel those employees on the basis of what is their actual tax bracket?
I know that you've suggested the Roth version as well as the traditional version, the deductible version in those 401s. [00:19:30] As a result, when you counsel those employees, they can easily see, does it make more sense for me to pay maybe three or five or seven percent tax on this money now, and then have it tax-free in retirement with all the deferral of all the gains and everything still tax-free out there? In a Roth type 401K? Great opportunity rather than just automatically defaulting to the deductible type.
[Rick:] You know Roger, when 401Ks came into existence in the ‘90s, the original thinking was most retirees, [00:20:00] when they retire from a company would drop into a lower tax bracket. For many, that is not the case.
[Roger:] No, no, no, it did not work.
[Rick:] Ben Franklin said, “Two things in life are certain: death and taxes.”
[Roger:] You got that right. I think I'd like to cover this part about making the most of your IRA savings, and talk about these contribution limits.
People get kind of confused on some of these contribution limits, because there's so many different charts and graphs. You can put so much in a 401, you can [00:20:30] put so much in a SEP, you can put so much in a Roth and IRA. If you're over 50 you get different amounts, so let's clear that up now.
One, you should do what you can do to maximize your contribution. For the tax years you had in 2015 and 2016, an individual can contribute $5,500 into an IRA or into a Roth. Also many individuals still don't take advantage of the $1,000 additional catch up revision, which allows investors [00:21:00] over age 50 to make a bigger contribution to IRAs.
“Catch up,” they're called catch up contributions, are a great opportunity to jumpstart a retirement savings program.
Here's another IRA savings tip.
Make IRA contributions early in each year. Potentially maximizing the tax deferred growth of assets over the life of the IRA. Generally April 15th is the tax deadline to contribute to your IRA for the prior year. Getting back to that, getting [00:21:30] your contributions in earlier in the year, why leave it to another investment account that you may be pulling from at the end of the year to fund your IRA if it creates some taxable dividends or capital gains or something.
During the year, you might as well have it in the IRA to begin with.
[Roger:] I'll be the first to admit, there's a lot of cases where we've done plans where the client, [00:22:00] where they weren’t sure if they were going to do a Roth, or if they were going to do a traditional IRA—wasn't sure about their income for the year.
Maybe they were going to do a SEP because they have an outside business. This isn't a one size fit all strategy, but we need to look at it and make a sound, intelligent determination. Once again, this takes some financial advice and takes financial planning.
[Rick:] It does, absolutely. Here we are in first of February 2017, Roger. We've [00:22:30] got people out there that maybe haven't made a contribution for ‘16, so potentially they could make a contribution for 2016 as well as 2017 right now, am I correct?
[Roger:] That is absolutely correct. The other thing that I think people really get off base on, is this business of a married couple and maybe the non-employed spouse, and their contribution.
[Rick:] Absolutely. I'd like to cover that. It's the 8th mistake we run into, and that involves spousal [00:23:00] contributions, and this requirement from the IRS that there be an earned income from the person to make a contribution.
What the service will tell us is you need to have earned income to make an IRA contribution. In the case of maximizing it, it will be equal to that IRA contribution of $5,500 dollars, or $6,500 if you're using the make-up. It makes it sound like the nonworking spouse, they can't make a contribution, but that's [00:23:30] not correct is it Roger?
[Rick:] Yeah, so essentially their filing status would have to be married, filing jointly, and a working spouse would need to earn enough money to cover both contributions.
[Rick:] Pretty simple, but again, review that with your financial professional.
[Roger:] Let's jump into some beneficiaries that oftentimes miss important dates.
Most [00:24:00] unfortunately we do have people die, and there are issues that come up then.
I just had a call yesterday where a guy was down to the wire on that nine months. The various reasons, the probate process was taking a little long, that type of thing.
Anyway, let's talk about that beneficiaries miss these important dates. You've got the nine months, the disclaim deadline, and the estate taxes are due. Then 9/30, beneficiaries had to be determined. 9/30 multiple beneficiary payout determined [00:24:30] and 12/31 is a RMD deadline. Let's talk about these important dates.
The first deadline is the nine months after the IRA owner's death. Any beneficiary who wishes to disclaim must do so. As mentioned earlier, you should consult your attorney and tax advisor, as well as working with your financial advisor as a team with these folks, about the disclaimer guidelines. Estate taxes are due also by that date if you are subject to estate taxes.
[00:25:00] The next deadline is September 30th of the year following the year of the owners death. Any beneficiary who disclaims or cashes out his or her entire interest by this date, is disregarded in calculating the payout period from any remaining beneficiaries, and the beneficiary who's life expectancy will be used to control payout, is based on who remains a beneficiary as of this date.
Also, for IRAs [00:25:30] with multiple beneficiaries, there are regulations to determine how IRA assets will be paid. Examples. The payout period is based on the life expectancy of the oldest beneficiary who remains a beneficiary as of September 30th of the year after the owner's death. An exception to this rule occurs if the IRA is split into separate accounts for each beneficiary, by December 31st of the year following the year of death.
[00:26:00] Then each beneficiary can use his or her own life expectancy, however if the beneficiary is a trust, the trust beneficiary must use the life expectancy of the oldest beneficiary, to determine the payout period.
Finally, December 31st of the year following the year of the IRA owner's death is another important deadline. By this date, beneficiaries must take the total RMD due them, for that time period. That is a lot [00:26:30] of gibberish!
[Rick:] It is.
[Roger:] If there's ever a point to having a financial advisor engaged with a team of their attorney and tax advisor, this just points it out.
[Rick:] You know Roger, we've had cases where you have multiple children who may be beneficiaries on these accounts, and the children are different ages. If we separate—and we've done it for clients in the past, and I'm sure we'll do it in the future—if we separate each of those beneficiaries [00:27:00] and give them their own account, they're potentially able to stretch those IRAs out substantially longer than they would otherwise.
[Roger:] Mm-hmm (affirmative).
[Rick:] Really by proper planning, the long-term benefits can be tremendous.
[Roger:] That ties in too with a surviving spouse doing a disclaimer to the grandkids. Or to the kids. What a benefit that is, yet it's commonly overlooked.
[Rick:] Absolutely. Another common thing that people tend to overlook is [00:27:30] this next issue. Mistake number 10 that we run into, and really it's an unforgivable sin of IRAs.
If you like income taxes, you'll love the required distribution penalty. You know Roger, that penalty is 50% on the amount that should have come out. That is tremendous. Remember that RMD or the “required minimum distribution” has to come out by 12/31 of the year after somebody [00:28:00] turns age 70½.
A couple of tips that you may want to consider to avoid the 50% penalty.
First, you could consolidate or bring together all of your IRAs. Many times we have clients that at the last minute will come up and say hey I have this $1,000 or $2,000 IRA, they forgot to include it and we have to recalculate that distribution.
Another thing is some [00:28:30] people don't realize they might be taking a systematic withdrawal from their account, assuming that it equals the RMD number, and it doesn't.
That could create another failure there. Another thing that the people run into very commonly, we've already mentioned 401Ks.
By the way, the Department of Labor said around 60% of U.S. workers have 401Ks at this point in time. More often than not, somebody will have a qualified plan and an IRA. [00:29:00] Those have to be calculated and taken separately as far as their distribution goes. You can't combine those. Last, a lot of services, many of the companies that we use have automated services, so once we put it on there for the account, you don't have to worry about that penalty again.
[Roger:] That's absolutely true. It doesn't negate the fact that like at our firm, back testing this, they can look at the existing client, double checking a lot [00:29:30] of people who have any doubt about it at all, that they have an old bank IRA laying out there they haven't told them about it yet, or something like that, just to be able to avoid these kind of issues.
[Roger:] I love trusts too. I guess I love Roths and trusts. Trusts have been such an incredibly fine tool for us over the years, and I'm going to talk a little bit about placing the beneficiary assets of an IRA into a trust.
However, transferring [00:30:00] ownership of an IRA to a trust causes the assets to become immediately taxable, and result in a 10% penalty if the owner is younger than age 59½.
You may consider naming the trust as a beneficiary; however there may be reasons to not name a trust as beneficiary, because it could limit the payout options available to trust beneficiaries.
Be sure to talk to an estate planning professional that is knowledgeable [00:30:30] about IRAs before deciding to name a trust as an IRA beneficiary.
I know a few years ago there was all this mumble jumble by a lot of different groups out there about we can do an IRA trust for you, and we're going to do this, do that, and then we're going to take that money and buy timeshares and lake property with your IRA money.
What a concept that is. These trusts are really tricky. Let me just make it as simple [00:31:00] as I can.
As people would think through this in everyday life, a trust is a non-natural person. If you leave it to a beneficiary who is a living, breathing person, then living breathing real people have tons of options of distributions like we talked to before, but non-living trust “people” are not people, and they don't have as many [00:31:30] options.
[Rick:] You know Roger, here's a great example of the law of unintended consequences, where you can have a great estate planned on one side of the house, have a perfect trust established, and on the other side, you make a mistake with your beneficiary designations and foul the whole thing up.
[Roger:] Right, absolutely. Well how about jumping into these unnecessary penalties. This is a real happy thought!
[Rick:] Yes, absolutely. The 12th and final flaw that we're going [00:32:00] to cover, or mistake we're going to cover today with IRAs, is regarding unnecessary penalties.
The first is paying an extra 10% in taxes, which I think we all agree, the less taxes we can pay the better. There are some ways to avoid this, but typically IRS code §72(t) tells us that if you're not 59½, then you'll pay a 10% excise tax [00:32:30] or penalty on money coming out.
That same code section also gives us the ability to take what's called a substantially equal periodic payment, or SEPP, based on either life expectancy, annuitization, or amortization, provided that those distributions have come out for five years, or until the owner turns 59½, whatever's later.
Using those correct calculations, again you can avoid that 10% penalty. As long [00:33:00] as the withdrawals are made in accordance with §72(t), there won't be any penalties.
Be careful though. If you make a change or modification, it could be a retroactive penalty that applies.
[Roger:] Let's make a number 13, is our little strategy tip of the day. Over and above what we have the slides for, okay?
A lot of people will make too much money to be able to qualify for an IRA or for an IRA [00:33:30] or a Roth, so they get what's called phased out because of income.
[Rick:] There are income limitations.
[Roger:] Right. Or they have a 401K where they're at, and they get phased out through this. One of the little tricks that we've done, that Rick and I have found very beneficial to a lot of people, is then to be able to open up a non-deductible, traditional IRA which does not have a cap on it.
As long as you're doing it before age 70½, it [00:34:00] doesn't have a cap to do a non-deductible IRA, so you put the money in an account as a non-deductible IRA, and then the next day just convert it to a Roth. Then you can have a Roth IRA when otherwise you wouldn't be able to do the Roth.
Tip of the day… Little extra strategy.
Keeping these common mistakes in mind will potentially help you really stay on course on your road to retirement and avoid those wrong turns. [00:34:30] Please keep in mind that tax and estate planning issues can be complicated.
[Roger:] One of the best ways to make the most out of your retirement savings is really to work with a qualified professional or a professional team: Attorney, your tax advisor and your financial advisor.
I appreciate everybody being on this webinar today.
We're going to be taking questions, but we need to do it primarily by email on this particular [00:35:00] webinar. I would recommend you do two things.
One, just go to our website privateclientadvisory.com. That's www.privateclientadvisory.com.
You go to our website, and you'll find two things I think you'll be very interested in seeing:
- There's quite a bit of material in blog posts, other data that we have in there regarding IRAs, regarding a lot of other financial issues that you [00:35:30] can research.
- Secondly, if you want to contact us, you can easily see our contact information there. You can drop us an email or give us a call and then we can be able to assist you with whatever questions you have, which we'll be glad to do and certainly is no obligation on your part, and it certainly is at no cost to you. We're glad to do that complimentary.
Thank you so much for attending this particular webinar, and Rick, any parting comments [00:36:00] you've got?
[Rick:] No, Roger, I think you pretty well covered it.
Actually, the one thing I would like to just remind folks about. Whoever you decide to use for your IRA and planning needs, number one, look for the right people. Number two, look for an excellent process in place, and that they're concerned about your needs, your goals, and your objectives—not their own.
[Roger:] I'll vote for that!
[Rick:] Thanks for your time, really appreciate it.
[Roger:] [00:36:30] Thank you.
For further information regarding retirement planning advisory services, click here => http://www.privateclientadvisory.com/retirement-planning-advisor-gainesville-ga, or call for an introduction to one of our advisors (770) 297-9000.