Retirement may be something that has you feeling like you’re stepping into the boxing ring. It’s a financial fight you want to win because nobody wants to lose money they’ve worked hard to save for their “golden years”. But, are you truly prepared?
Phil Huff, a partner with Golden Reserve in Detroit, appeared on “Live In The D” to discuss four major risks that play into a financial fight. One of the big risks he started with, that’s a hot topic right now, is the Stock Market.
“Our focus with risk is making sure that; do we know how much we are taking,” said Huff. “Sometimes it takes a wake up call like we’ve seen already to start this year, some of these down markets, to be like ‘Well, maybe I am taking a little bit more risk than what I really want to.’ So, for market risk, you just want to make sure you understand how much risk you are taking.”
Huff also discussed tax strategies and why they’re important, but he said people face a big risk when they overlook those strategies. That’s why Golden Reserve offers a Tax Map.
“It’s built by our team of CPAs (Certified Public Accountants). It tells us every year when and how much money should we be taking out this IRA, paying tax at a lower retirement rate, so that we can minimize what goes to Uncle Sam,” said Huff.
Fees are also something that can add up and have a huge impact on your retirement nest egg. To hear how Golden Reserve addresses this risk, click the video player above.
You can also learn more by calling 313-888-8884 or clicking here.
