Thirty-seven years of service in this industry has revealed many of the shortfalls and hidden problems within traditional financial plans. Most of the popular investments (such as IRAs, 401ks and 403bs) praise tax-deferral, but overlook the impact that taxes will have on your retirement income. We believe your hard work and responsible saving should be rewarded, not hindered, by Uncle Sam.
The Barber Method is a four-part strategy which reveals the truths about income planning and enables you to make informed decisions about your investments. Your plan is built with the benefit of extensive experience and knowledge about investment tax consequences. The results are customized to guide you to a tax-free retirement with financial peace of mind.
STEP 1: BEGIN AT THE END
A candid conversation about retirement goals and objectives is critically important to achieving your desired lifestyle. The first step helps you establish a future retirement date and confirm your priorities. This step also addresses common myths and misperceptions that undermine future retirement income in many of today’s financial plans. We will clarify the true principles that guide investment growth. Knowing the facts will help you protect your assets, your income, and your legacy.
STEP 2: LOOK BEHIND THE VEIL
Every plan has a starting point. Evaluating where you are today helps to narrow the variety of available paths and establish confidence in your new direction. If you’re already accumulating savings in tax-deferred plans, we will identify the tax implications of future income. In today’s economy, innovative strategies are needed to stay a step ahead of additional uncertainties such as market volatility, inflation, and longevity. Our experience provides an informed viewpoint to help you minimize their impact on savings and inheritances tomorrow.
STEP 3: CREATE YOUR CUSTOMIZED SPENDING PLAN
The timing of retirement income withdrawals will impact your bottom line and your lifestyle. You must plan in advance for government rules concerning your tax-deferred accounts. Step 3 provides a projection of future income along with a strategy for making it last. Your spending plan will be based on modern applications of tried and true investment vehicles. With expert guidance to leverage and protect your assets, your income can remain secure throughout your lifetime. (A bonus is that it often creates a legacy so you can secure the future of others.)
STEP 4: THINK OUTSIDE OF THE BOX
Contrary to common perceptions, tax-deferred accounts may not be the best place to accumulate all of your savings and wealth. Research indicates that thirty years of deferred taxes are usually repaid during the first five years of retirement. Meanwhile, Uncle Sam controls the “tax calculation” applied to your income. How would you feel if you learned your overall tax bill was five to ten times greater than what you had saved? This step outlines smart solutions to preserve your assets for your own use and gives you the tools to make objective decisions about your investments.
I invite you to schedule an appointment for a complimentary online assessment with me for 30 minutes. We’ll go over your goals for retirement and how we may be able to help. You are welcome to watch my video explaining the process before you call to give you a good idea of what our call will cover.