John Martin discusses roadblocks to a successful retirement: identifying and minimizing risks.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-john-martin-with-compass-wealth-strategies-discussing-roadblocks-to-a-successful-retirement/
In this episode of Influential Entrepreneurs, host Mike Saunders discusses roadblocks to a successful retirement with guest John Martin from Compass Wealth Strategies. The episode aims to identify these roadblocks and provide strategies to minimize or avoid them.
One major roadblock mentioned in the episode is the tendency for retirees to overspend in the early years of retirement, which can quickly deplete their assets or portfolio. To avoid this, retirees should create a realistic budget and stick to it, ensuring that their spending aligns with their long-term financial goals.
Another significant roadblock discussed is the potential increase in taxes. Given the national debt and budget deficit, it is anticipated that taxes may rise in the future. To minimize the impact of higher taxes, retirees can explore tax-efficient investment strategies, such as utilizing tax-free accounts like indexed annuities or high cash-value life insurance. These accounts can serve as a buffer against volatility, allowing retirees to make withdrawals without losing money during market downturns.
Market volatility is also highlighted as a risk and roadblock to a successful retirement. While the market may perform well over time, fluctuations can have a significant impact on retirees who rely on their investments for income. To mitigate this risk, retirees can consider diversifying their investments and allocating a portion of their portfolio to assets that are not affected by market downturns.
Additionally, it underlines the importance of understanding and managing risk in retirement. Many retirees may not realize the level of risk they are exposed to with their investments, potentially jeopardizing their financial security. It is crucial for retirees to assess their risk tolerance and align their investment strategies accordingly.
Lastly, the episode briefly mentions the cost of healthcare as another roadblock to a successful retirement. While the future of healthcare is uncertain, it is essential for retirees to plan and budget for potential healthcare expenses. Having the right type of healthcare coverage and exploring options like long-term care insurance can help mitigate this roadblock.
John shared: “Healthcare and long-term care are certainly an issue too, that many people don’t think about that can really ruin an ideal rate of retirement when you think about home health care assisted living facilities, or nursing home facilities. Those are very expensive items. There are a number of programs that you can purchase that will pay for those types of expenses. But ideally, if you never need those services, you get your money back from it. So, it’s either a life policy or an asset-based long-term care policy that can pay for those expenses but not lose the money if you don’t use it or need it.”
John added: “We serve our clients best by providing comprehensive Financial, Estate, and Retirement Planning, through the prism of uninterrupted growth strategies along with protecting their assets while mitigating taxes.”
About John Martin
Hard-working business owners and Professionals shouldn’t have to forfeit paying unnecessary taxes while working and especially during retirement.
John Martin, CEP, RFC, IAR of Advanced Tax Planners started his career 27 years ago as an independent financial advisory & wealth management firm in New York.
He has served the business community by providing tax reduction strategies, along with creating, protecting, and preserving his client’s wealth for their families.
John integrates education with holistic financial planning as the foundation for building real Financial Independence more rapidly, especially when taking advantage of all the tax reduction methods the tax code allows.
Each client can expect the highest level of integrity and confidentially working together to design and implement the right strategies to best achieve their individual goals and aspirations, and to control their financial life.
John is based in Western New York and married to his wife Kit. They have a son and a granddaughter Emma. He enjoys time with family, reading, golfing, and traveling.
Learn More:
https://www.compasswealthstrategies.net & https://redwoodtaxadvisor.com
Recent news and interviews:
- John Martin discusses Business Tax Strategies:
Financial Advisors do not provide specific tax/legal advice and this information should not be considered as such. You should always consult your tax/legal advisor regarding your own specific tax/legal situation. Separate from the financial plan and our role as a financial planner, we may recommend the purchase of specific investment or insurance products or account. These product recommendations are not part of the financial plan and you are under no obligation to follow them. Investment Advisor Representative offering Independent Investment Management utilizing Tactical Active Management through Redwood Private Wealth, SIPC.