Recently, Doug has recommended that two different couples in his personal wealth coaching program stop saving for retirement.
You’re probably wondering: WHY? To stop saving for retirement flies in the face of every piece of financial advice you’ve ever received, right? But before you jump to conclusions about Doug’s sanity, consider that every case Doug handles is unique, and so the advice is also unique to that client. In the case of the two couples he helped recently, he advised them both to reconsider their retirement savings strategies.
In the first case, Doug’s clients—a couple in their late sixties—have been blessed to work for organizations that offer pensions. After meeting with them, Doug found that both the husband and the wife have pensions, both of them will be receiving social security, and both of them will soon receive required minimum distributions (RMDs). Between the two of them, they have six sources of income. Weighing these factors, Doug advised both of them to pause and rethink their options. Because a large retirement savings account means a large tax bill, Doug suggested they should redirect their savings dollars to a trust account—or a taxable portfolio—because more savings in their retirement will create a tax problem for them in the not so distant future.
In the second case, Doug’s clients are a couple in their early sixties looking at an early retirement. In his consultation with them, Doug found that they have large sums of money in their IRAs and 401Ks, and that their expenses are low. These are all good factors, but the factor that bothered Doug is that the number of dollars in their taxable savings was much smaller comparatively. Doug recognized that this couple has been great at saving their entire lives—they have put an admirable chunk of money into their savings account every year. Unfortunately, though—without purposeful strategies—that nicely cushioned retirement savings account they’ve worked to hard to build would come back to bite them in taxes. To keep them from owing a heart-stopping tax bill year after year, Doug recommended that they redirect their retirement savings into taxable savings, so they can build up their trust accounts.
What you should do with your money—savings, investment or otherwise—all depends on the factors in your life. That’s what Doug Fabian’s personal wealth coaching program is all about: helping you assess your situation and determine a solid plan of action.
Thanks to Doug’s personal coaching, the two couples you just read about learned a valuable (pun intended) lesson and protected their assets for years to come.
Do you want to pay less taxes? Do you want to grow your income and save more of what you already have? Do you think a financial game plan tailored to your needs and goals sounds like a pretty good idea?
Contact Fabian Wealth Strategies today and ask about our personal wealth coaching program. You’re just a phone call away from a free consultation!
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