Seven Steps to Financial Freedom in Retirement

Book description

An interactive guide to mapping your retirement plans

In Seven Steps to Financial Freedom in Retirement, financial advising and estate planning expert Harold Parrott guides the reader through the sometimes murky waters of retirement planning. Using a simple "Lifestyle Expense" planning approach customized to see how much money each person needs to live on in retirement, Parrott explains what investments can help readers reach their desired goals with minimum risk. Using detailed questionnaires, the book provides an informative guide for anyone concerned about having enough money to live comfortably in their retirement years.

An educational book employing an easy-to-understand format, Seven Steps explains the basics of IRAs and 401(k)s, before launching into a more in-depth discussion of the strategies and tax implications thereof, looking at:

  • Annuities, bonds, and CDs

  • The perils of "stock picking"

  • The basics of estate planning

A unique and indispensible resource for assessing finances to determine the full scope of the reader's assets, the book helps to determine projected lifestyle expenses post-retirement and crafts a road map showing what types of products and accounts are likely to be of most value.

Table of contents

  1. Cover
  2. Contents
  3. Title
  4. Copyright
  5. Dedication
  6. Introduction
  7. Chapter 1: Getting the Nest Egg Ready to Hatch
    1. A New Approach
    2. What You’ve Got
    3. Where Are Your Retirement Resources?
    4. Looking Forward
  8. Chapter 2: Putting Your Assets to Work for You
    1. The Old Way: Maximizing Returns Based on Risk Tolerance
    2. The Hank Parrott Way: The Smart Money Approach
    3. Looking Forward
  9. Chapter 3: IRA Mastery
    1. Planning for Taxes
    2. What Makes Up a Traditional IRA?
    3. Traditional and Roth IRAs: Learn the Difference!
    4. Tax Considerations When Investing IRA Assets
    5. Taking Distributions from Traditional IRAs
    6. Estates and IRAs
    7. Passing It Along
    8. Looking Ahead
  10. Chapter 4: Enhancing Your Retirement with Built-In Guarantees: Annuities, Bonds, and CDs
    1. Bonds: What Is Guaranteed and What Is Not
    2. Annuities: Separating Myths from Truth
    3. CDs: A Key Element in an Income-Generating Retirement Portfolio
    4. Putting It All Together: Investing for the Long Term
  11. Chapter 5: How the Smart Money Invests
    1. Learning through Trial and Error
    2. The Real Story
    3. Starting Off: The Retirement Investor Quiz
    4. Busting the Investment Myths
    5. Active Management
    6. Tune Out the Media’s Advice
    7. Investing versus Speculating: Know the Difference!
    8. A Real Story About Speculative Investing
    9. The Smart Money Investment Strategy
    10. All About Asset Allocation
    11. How Do You Measure Diversification?
    12. The Importance of Staying Disciplined
    13. Tax Planning and Investments
    14. My Best Advice
    15. Looking Forward
  12. Chapter 6: Paying for Helping Hands: The Ins and Outs of Long-Term Care
    1. What Are Your Options?
    2. Planning Ahead
    3. Common Myths About Long-Term Care
    4. How You’ll Pay
    5. Examining Which LTC Payment Option Works for You
    6. Understanding Long-Term Care Insurance
    7. Frequently Asked Questions
    8. Last But Not Least
  13. Chapter 7: The Basics of Estate Planning
    1. Why Estate Planning?
    2. Problematic Probate
    3. All About Trusts
    4. The Five Essential Documents
    5. Lightning Round: Other Types of Trusts
    6. Whom Should I Name as Trustee?
    7. The Value of Real Professionals: Finding the Right Certified Expert
    8. Frequently Asked Questions
    9. Estate Planning Checklist
    10. Where to Go from Here
  14. Appendix A: Confidential Lifestyle Questionnaire
  15. Appendix B: Lifestyle Expense Worksheet
  16. Appendix C: Financial Lifestyle Fact Finder
  17. Acknowledgments
  18. About the Author
  19. Index

Product information

  • Title: Seven Steps to Financial Freedom in Retirement
  • Author(s): Hank Parrott
  • Release date: July 2011
  • Publisher(s): Wiley
  • ISBN: 9781118095287