Where to begin, to end up with the results you want?

You’ve worked hard to save and accumulate what you have. And it means a lot to you, for yourself and for others. Unfortunately, there are many possible pitfalls to receiving the full benefits that you are planning on.

They may be “obvious” things–that nobody would ever do, right? And yet they happen every day. They may be more subtle, and occur under the radar, or even right under the nose of a watchful person.
For instance:

Mistake # 1

ACTION

Failing to take an RMD (Required Minimum Distribution) from an IRA/401(k)/403(b) etc.

RESULT

You must pay the full tax due, PLUS an additional 50% Excise Tax on the missed distribution. Totals approximately 70% to 80%+ to the IRS.

Mistake # 2

ACTION

Not establishing designated beneficiaries.

RESULT

The typical default designation is to Spouse, and possibly children. Unintentional disinheritance of grandchildren. Or using a Will or Trust to name beneficiaries (or simply receive the proceeds).

Mistake # 3

ACTION

Not taking the full 1st distribution by Dec. 31.

RESULT

Following the year of the death of the IRA owner. Otherwise, the inherited IRA is subject to immediate taxation!

Mistake # 4

ACTION

Too much of your IRA at risk!

RESULT

The tortoise, not the hare, tends to win most races.

Mistake # 5

ACTION

Forced distribution during big “market” loss.

RESULT

Being forced to take an RMD from an equity account, especially during a time of big market loss is very expensive, and removes that amount from ever “coming back”.

Mistake # 6

ACTION

Paying fees and charges on your retirement assets.

RESULT

Can cost you even more than the income taxes due! Often possible to reduce those fees, or avoid them entirely.

Mistake # 7

ACTION

Too many retirement accounts.

RESULT

Not too much money, but too many accounts, which tend to complicate your decisions, limit your actions, and increase the likelihood of a costly Mistake (1-5 above).

Mistake # 8

ACTION

No formal distribution plan.

RESULT

Lack of this planning often sees the assets completely spent between 90 days and 17 months! Frequently, the IRS is the biggest winner through various mistakes. No plan to turn IRA into Tax Free Income.

Mistake # 9

ACTION

Not getting a Second Opinion.

RESULT

Accumulating a large sum is hard enough. Having to be an expert in protecting it, managing it, consuming and distributing it is asking a lot for most of us.​

Mistake # 10

ACTION

Not acting on a Better Second Opinion.

RESULT

With a real IRA specialist, one who understands the ins and outs of both protection of the assets, and how to best accomplish their desired use and distribution!​
(314) 260-7917
St. Charles, MO 63303​
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