Peter Mallouk, President and CEO of Creative Planning, shares invaluable insights on retirement planning, trust, and wills. Topics include maximizing retirement savings, understanding life insurance, the benefits of living trusts, earning from Airbnb hosting, and critiquing whole life insurance policies.
Maximize benefits by contributing to 401k with employer match for retirement planning.
Diversify investments across taxable and non-taxable accounts to optimize long-term gains.
Deep dives
Hosting on Airbnb: A Lucrative Side Hustle
Hosting on Airbnb can be a profitable side hustle, offering an opportunity to monetize your space without significant startup costs. By utilizing your existing resources, like your home, you can earn extra income easily. Airbnb provides a user-friendly platform for new hosts to get started, making it accessible even for beginners. Consider exploring the potential value of your home by hosting on Airbnb.
Retirement Account Strategies
When planning for retirement, it's crucial to consider pre-tax and post-tax retirement accounts. Prioritize contributing to a 401k with an employer match, maximizing benefits. Additionally, opening a Roth IRA after the match can provide tax-free growth and withdrawals. Consult with a financial advisor or CPA to optimize distribution strategies based on changing tax brackets in retirement.
Investment Account Allocation
Diversifying investments across taxable and non-taxable accounts is vital. Assets in accounts like 401k or IRA grow tax-free, optimizing long-term gains. For taxable accounts, such as individual investment accounts, focus on purchasing stocks for potential appreciation. This approach minimizes tax implications until assets are sold, offering greater control over tax payments.
Financial Planning for Retirement
Navigating retirement planning can be overwhelming, especially when transitioning from saving to spending. Establish a financial plan that ensures sustainable income throughout retirement while allowing for enjoyment of accumulated assets. Strike a balance between prudent financial management and embracing life's experiences by setting clear financial goals and managing assets effectively.
In the second part of Nicole's conversation with Peter Mallouk (President and CEO of Creative Planning), they cover everything you need to know to enrich your future self: smart strategy for your retirement planning, protecting your assets in a trust and yes, your will.
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