Retirement Answers

Jacob: 00:02

But the goal is not just to have more money or to save a certain amount on taxes. Yes. We wanna save money on taxes when and where possible, but that's not the goal. The goal is to say, whenever we save more money on taxes, what does that allow us to do? Or whenever we get a better investment return, what does that allow us to do?

Jacob: 00:21

Welcome to Retirement Answers, a podcast built to answer your most pressing retirement questions. If you're someone who's either thinking about retirement or already in retirement, well, you're in the right place. Hey there. My name is Jacob Duke, and each week, I'll be walking through different tips and strategies to help you succeed in retirement. So let's go ahead and get started with today's show.

Jacob: 00:44

Hey, friends, welcome back to another episode of Retirement Answers. As always, my name is Jacob Duke. I'm, I'm really glad that you're here, and I hope you had a great Thanksgiving. And I hope you're getting ready for Christmas. It's right around the corner.

Jacob: 00:56

And there's a lot obviously to do for that, especially with getting gifts and presents and doing all the shopping that we've got to do. So, this is a reminder for you to do that so you don't miss or get behind on any of that sort of thing. But by the title of today's episode, you can see we're talking about a retirement plan. Now, I had a recent question come in and it said, hey, Jacob, I know we talked about this retirement planning thing. We've got all these different things we've got to do and and just kind of think about, but what actually is included in a retirement plan?

Jacob: 01:23

What is it? And how do we make sure that those things are the right things? So I wanted to put this together and I wanted to kind of give you an idea of what I think the four most important things are to a successful retirement plan. So that's what we're going to talk about today. But first, before we jump into that, I've got two things that I wanted to tell you about.

Jacob: 01:42

Number one is that I've got a listener survey below down in the description that you can click on. It's linked. Go ahead and go through that survey, fill that out. And the purpose of that is to help me make the show better here in 2024. And the purpose of this is I want to make sure that I'm always improving or producing content that's valuable and helpful for you.

Jacob: 02:00

So if I can do that differently, I want to know about it. Right? So that is, the purpose of that. So that's the listener survey. It's gonna be linked below.

Jacob: 02:07

It's got about 10 questions or so that I'd love for you to fill out. It's really easy, doesn't take but a couple minutes. So I'd really appreciate it if you could do that. That would give me a bunch of feedback, both positive or constructive, right? I want to know what I can do better to help you succeed in retirement.

Jacob: 02:21

So I would love it if you could do that for me. And the second thing I wanted to tell you about is this week's listener review. I wanted to highlight that one. And it comes in this week from twelve x d k o, and he says great podcast. He gives the show five stars.

Jacob: 02:34

He says great podcast, Jacob. I look forward to more. So thank you so much for that review and that rating. It really means a lot. And I'm glad that you're enjoying the show so far.

Jacob: 02:42

And, hopefully future episodes are just as helpful as the ones we've had out so far. So with that said, let's go ahead and jump into the four parts of a successful retirement plan. Okay, so just a little bit of backstory here for you is someone came to me and they said, hey, we know that we've got to have a retirement plan, we know that it's important, but there's just so many things to consider. And we kind of get lost in all of the the business, all the different things that we've got to know about, right? There's just a lot and there's it's really confusing.

Jacob: 03:09

So what are the things that we need to really pay attention to? What are the things we have to have in order to be actually succeed in retirement? So I like, that's a really good question, because we have a lot of things going on in the news, we've got a lot of people telling us what to do or not to do. Right? And maybe I'm one of those people.

Jacob: 03:24

But I wanted to make sure that we had clarity on what the components are of a successful retirement plan. So I put a list together. I've got four things that I think you have to have in retirement plan for it to be successful. Now, obviously, this is not going to be a comprehensive list because there are so many other things we could add to it that I think are important. Yes.

Jacob: 03:41

And I'll talk about that more in a little bit. But I think that these four things are crucial to a successful retirement plan. So what's the first one? Well, the first one is that you have to have an income plan and kind of think of these four different things as almost like mini plans within the greater plan. But the first one is an income plan.

Jacob: 03:59

We've got to know when are we taking social security? When is that gonna start? How much is that gonna be? How much of our fixed expenses we we think we need every month is that gonna cover in terms of a percentage? Are we gonna have a pension?

Jacob: 04:10

Is it gonna be large? Is it gonna be small? Do we have an option with that pension to take a lump sum? Or do we take the the monthly amount for the rest of our life? And do we select, you know, some sort of survivor benefit of 50%, 75%, 100%?

Jacob: 04:23

And how does that decrease our pension while we're living in order to buy that opportunity for our spouse in the future? Maybe we have rental real estate or rental income that's coming in from different sources, whether that's residential or commercial or something of the like, maybe we have to take all of our income from our portfolio, we don't have any pensions or real estate income, maybe we don't even have social security that's very, high in terms of how much we're getting from that. So the first thing is we've got to evaluate what is our income gonna look like in retirement? Number one, you know, when is it gonna start? How much is it gonna be?

Jacob: 04:54

And how much do we need? Right? So I like to do this by building out what I call an income timeline or retirement income timeline. And an example of this would be, you know, hey, I'm gonna retire at 60, and I'm gonna need $5,000 a month, you know, moving forward the rest of my life. Right?

Jacob: 05:07

That's just kind of my baseline expense number, with a few different fun things kind of mixed in at that amount. So $5,000 a month is what I need. That's $60,000 a year, and I'm retiring at 60. Well, if we know that we need $60,000 a year, for the next however many years looking forward into the future, obviously, we will probably be adjusting that for inflation a little bit over time. But we've gotta know, okay, the retirement date is 60.

Jacob: 05:32

The earliest we can take Social Security is 62. But right now, we're not gonna do that. We're probably gonna take it at 65 for x y z reason. Also, the pension starts at 65, but it's actually not very big. It's only $300 a month, so it's not a huge deal, but it is important to kinda consider and know that, hey, I'm gonna be getting that money from my pension.

Jacob: 05:49

We don't have any rental real estate and we have a portion and $0.5. So all that to say, we've got to draw out this timeline of when we're gonna start social security. When does the pension turn on? When are we gonna take money from a portfolio? And are we only gonna be taking money from a portfolio until those other fixed income sources turn on?

Jacob: 06:08

And so we have to build this retirement income timeline out and say, need money at 60, 61, 62, 63, 64, and then at 65, something's gonna change. And then at 66, maybe something changes or at 67, maybe my spouse begins their Social Security at that point. And then at 72, or 73, or 74, we've got RMDs that are gonna be kicking in. Right? And so your income timeline, I think building that out, understanding what the changes are gonna be and when they're gonna happen based on your age, I think is important to your overall income plan.

Jacob: 06:38

And whenever we start to build out this income timeline, we can begin develop a strategy for how and when we're gonna pull money from our portfolio. If we're retiring at 67, we're turning on social security right away, and that's gonna meet 75% of our monthly needs. Well, we're never really gonna have to take a large chunk of our income every month out of our portfolio, right? We don't have to take and sell $10,000 a month out of it because we don't need that much from it. But if we retired 55, that means we're gonna have to rely on our portfolio a lot earlier on in retirement, and the Social Security or a pension or something of the like, that will actually be more valuable later on, but we can't turn it on until at least 62.

Jacob: 07:14

So we have to think about when we're retiring. And then also, have to know when are our different income sources going to turn on. So that's what that income timeline is for. Now, we also want to think about the three bucket income plan, right? This is how I kind of transition into the next thing that I think is important.

Jacob: 07:29

But just really quickly, if you haven't heard any of my previous episodes, go back and listen to the three bucket income strategy that I often talk about. But basically, is a way to allocate our dollars that meet our income needs. So I like to do this by calculating how much money we need on an annual basis. And then I like to say, let's multiply that by a certain number of years to reach our bucket number one, which is how much money we'd like to have in cash. The second bucket is gonna be how much money we want in bonds or treasuries or fixed income type sources, maybe a CD or something like that.

Jacob: 08:00

And then we wanna multiply that by a certain number of years based on how much money we would need each year. So maybe three or four years holding expenses at that point. And anything that we would need to be on that is allowed to be in bucket number three, which is the stock bucket. And that is for future and long term growth, where we have to kinda keep up with and beat inflation over time. And that's the purpose of that bucket.

Jacob: 08:20

So we've got our short term, expenses or income needs met by bucket number one and bucket number two. But then also we have to think about our later years in retirement or, our spouse if we predecease them, or something like that, where we've gotta have assets later on, but we have to make sure we're investing properly to meet those needs in the future. So that's the purpose of the three bucket plan that fits into the retirement income timeline and kinda tells us how we should be investing, which we're gonna talk about in just a second. But piecing these things together, the retirement income timeline, understanding where our money's gonna come from and when, and then also, that's gonna impact our three bucket strategy and how we're investing our assets. Because the reality is, is we've got to know what income we need and when we need it, and that should determine how we're going to invest.

Jacob: 09:04

Now, another question all of this is, you know, should I pull from a certain account first, like a four zero one k or an IRA, or should I pull from my Roth, or should I pull from my taxable investment account or my brokerage account? Where should I pull from first? Well, that's really dependent on your tax rates at the time. Okay. It's also gonna be dependent on your future income that you think you might have.

Jacob: 09:25

So if you've got $3,000,000 in an IRA and you have no income right now, and you're gonna have a really good social security check coming at 67, it would make sense to maybe draw down your tax deferred account balances early on in retirement at lower tax rates. So that number one, you're paying lower tax rates now on an income that's taxable, but then also in the future, have a lower tax deferred account balance so that your RMDs are not quite as high, which would ultimately force you to pay more money on your social security, but then also force you to pay more taxes on your distributions from your IRAs. So that's just one example of, know, depending on when and how much money you need from your portfolio, that will determine how you should pull money out of it, whether it be a tax deferred account first, a tax free account, or a taxable account, or some combination of all those together. That will help you determine, you know, when and how you need to pull money from your portfolio. Also, we have to think about distribution rates.

Jacob: 10:21

We've got to think about, hey, are we distributing, you know, 10% from our portfolios for the rest of our lives, because that's not gonna be sustainable? Or are we only distributing, let's say, 10% for three years, and then after that, because of different fixed income sources, such as a pension or social security, our portfolio distribution rate goes down to 2%. Right? So, the 4% rule is very helpful. Right?

Jacob: 10:42

We all maybe know about that. It just basically says if we pull 4% from our portfolio for the rest of our lives, invested in a certain, investment allocation, we're not going to run out of money. The key there is that you have to, you know, take 4% every year and you have to remain invested a certain way for the rest of your life. Now, retirement doesn't work that way. It's not the same thing year after year.

Jacob: 11:02

There's so much that's gonna be changing. And so when someone comes to me and says, hey, I need $10,000 a month out of my portfolio, because that's how much I need to live, right? Well, that might be possible, but it might not be possible forever. So we might can do it for three years, but we can't do it, you know, for twenty years, because we have to have other sources of income to supplement that distribution and lower that amount as a percentage of your overall portfolio. So that's just one example of distribution rates.

Jacob: 11:26

We've gotta make sure that we're not distributing too much for too long, although I'm not necessarily afraid of high distribution rates, or at least at some point throughout the plan, because I understand that a lot of people simply have to live off their portfolio for at least a period of time before they reach Social Security age or pension, or something like that. So that's the first part of a successful retirement plan. We've got to have an income plan that we understand and can execute month after month and year after year. Okay, the second part of a successful retirement plan in my eyes is a good and solid investment plan. Now, what makes an investment plan a good one?

Jacob: 12:02

Well, you've gotta have a good idea of how aggressive or conservative you need to be. Now, what I like to say is we've gotta relate this back to our income. So that's why I wanted to do income first is because these things kind of build on each other. They kind of tie into each other and they're all related. They're not disconnected.

Jacob: 12:20

They're all interrelated. That's why we think of it as one plan, but I like to view them as many plans underneath that overarching retirement plan. So how aggressive or conservative should we be from an investment standpoint? Well, we have to look back at our three bucket income plan that we created and say, well, depending on how much cash we need, how much bonds we need in bucket number two, and then whatever ends up being bucket number three from a stock standpoint, that's how we should be investing. Now, some might say, hey, we need to be sixtyforty, we need be fiftyfifty, maybe we need to be even less aggressive than that.

Jacob: 12:49

Well, that may or may not be right for you. Right? We've got to evaluate your specific income needs and say, well, if I've got a pension that pays me 5,000 a month, and I've got Social Security that I'm getting 3,000 a month, and I really only need $7,000 a month to meet my normal expenses and have a little fun too, then why do I need to be investing very conservatively? I have all of my income needs met every single month, and they're going to be that way for the rest of my life. Why should I not be growing my money at a better rate?

Jacob: 13:14

So that's one example of, you know, depending on your specific situation, you have to apply the three bucket strategy and you have to apply a custom investment approach, not a cookie cutter or kind of standard investment approach or rule of thumb. You've got to do this specifically for you. You know, other questions come into play, like, you know, should I be focusing on dividends? Well, it really depends, right? Going back to our our situation where how much income do you need from the portfolio, but then also, we've got to think about what are your account types?

Jacob: 13:43

You know, do you want dividend paying stocks in a Roth IRA? Well, maybe not. Maybe you'd have more growth focused stocks in a Roth IRA. Or should I have dividend paying stocks in a brokerage account or that taxable investment account? Maybe not, because you're gonna pay more taxes every year on that.

Jacob: 13:57

Maybe if you're gonna be dividend focused, maybe you should have all of those dividend focused ETFs or mutual funds or stocks in general in the tax deferred account because they're protected and sheltered there on an annual basis. And in some sense, we want to keep the value that the growth amount in those tax deferred accounts down in retirement and let the other two account types, Roth and brokerage account, would rather those grow a little bit more. So should you focus on dividends? I'm not here to tell you yes or no on that. I think that sometimes it's misunderstood on how dividend investing works, but I won't get into that today.

Jacob: 14:30

Another consideration here from an investment standpoint is diversification. I think diversification is one of the biggest things that you can do to eliminate unnecessary risk, right? Many people end up with a lot of stock compensation perhaps from their companies or jobs throughout their career. And so they get to retirement, they've got $600,000 in their particular company's stock, and man, they're like, that's a little bit over allocated towards one stock, right? So maybe we should diversify out of that and actually decrease our risk profile a little bit, because maybe we shouldn't be picking individual stocks or even staying invested in one particular stock, because we simply just don't need to take that risk anymore.

Jacob: 15:04

And maybe it would cause way more harm than good if something were bad were to happen with that particular company. So whenever we're thinking about investing, when it gets to retirement, what we're really doing is is the ultimate goal is we're trying to preserve your wealth, right? There's three things that I think that you're trying to do there. You're trying to beat inflation, you're trying to have your money outlive you, and you're trying to avoid or dampen the potential sequence of return risks. That's really what it comes down to.

Jacob: 15:30

So how can we do all those things together? I think it ties back to the three bucket plan from an income standpoint, and that determines how we should be investing, making sure we're diversified, keeping our costs low from a expense ratio standpoint, and not trying to do things too aggressively by getting in or out of the market at certain times, or trying to pick certain stocks that we think are gonna do well. So that's point number two, we've gotta have an investment plan that we believe in and can execute day after day and year after year. If we don't believe in it and we can't execute it, then it's not a good plan, right? So find something that works for you, find what you believe in and can execute.

Jacob: 16:05

That's really what a good plan means. But consider these other things as you're building that out. The third component of any successful retirement plan is a plan that you need for taxes, right? Most people are going to say, hey, I'm willing to pay what I should pay for my taxes. Totally understand why I need to do that.

Jacob: 16:21

But I never wanna leave the IRS a tip. I never wanna pay more than I otherwise have to, because I'm only willing to pay what I should. So what I found is many people end up paying more in taxes annually, but actually for the rest of their life than they otherwise have to because of a few different strategies that they're not thinking about. So what does this look like? Well, number one is where do I pull from my accounts first?

Jacob: 16:43

I hit on this a little bit earlier, but should I pull from my IRA, my Roth IRA, or my brokerage account first? Or should I pull from them equally? Or should I pull from one this year and one this year? And what does capital gain rates look like? What do income rates look like?

Jacob: 16:56

Do I have other sources of income at that time that affects how and when I'm pulling from my different account types? So we've got to understand, you know, our current situation each year, and that will help determine us that given year where we need to pull money from out of our portfolio and which account type is gonna be the best one to pull from. Another consideration we've got to think about is how Social Security is taxed, because it's not taxed the same way as normal income. In fact, at most 85% of your Social Security will ever be taxable, but it could be a lot less. Now there's a bunch of factors that go into that.

Jacob: 17:29

I've already done an episode on Social Security taxation, so be sure to go check that one out and listen to that to learn more there. But we've got to have a plan for that because let's say we've got, no income for the first three years of retirement and then our Social Security turns on. Well, if we don't do anything in those first three years in terms of use up the lower tax brackets to our advantage, then we're building up a larger tax bill for ourselves in the future based on our retirement portfolio distributions. But then also we're gonna be potentially increasing the taxes we would pay on our social security as well. So understanding how social security taxation works and having a plan for that and saying, here's why we wanna do maybe Roth conversions or or here's why I wanna delay social security all the way to 67 or 70.

Jacob: 18:12

Or maybe here's why I wanna take social security at 62. Right? So we've got to think about the tax situation and all this and the implications there. Another big consideration for taxes is gonna be Roth conversions. Now, Roth conversions are not right for everyone.

Jacob: 18:25

But for those of you who have a large tax deferred account balance like a four zero one k or an IRA, you're gonna run into some tax issues down the road when RMDs kick in, especially if you're married, right? You've got a spouse now, but perhaps one of you will pass away before the other. And let's say you got $2,000,000 that in traditional IRAs at that point, well, a single person is now gonna have to start taking those RMDs from a $2,000,000 account as a single person, which means their tax rate is gonna be really high on those distributions. So Roth conversions are a powerful tool to be able to lower your tax bill for the rest of your life. Now, this is not something to lower your tax bill this year.

Jacob: 19:01

In fact, you're gonna be increasing your tax bill in the years in which you do conversions. But whenever we look at your taxes that you're gonna pay for the rest of your life, Roth conversions can lower that amount by a large chunk. So Roth conversions, I've done episodes on that before, go back and check those out. Another consideration we've got to think about here is gonna be IRMA or income related monthly adjustment amount. This is in relation to Medicare and the premiums there.

Jacob: 19:27

Whenever we have too high of an income in retirement and we're 65 and we're paying for Part B premiums for Medicare, what we could be doing is we could be paying a higher premium if our income is too high. Now, how does this play in to how we should be planning for taxes? Well, if you think about if we don't do any Roth conversions, we have a really good social security check, and we get to 73 and we start taking our RMDs, you could pay no IRMA until you get to 73, but after that, you could start paying IRMA on your Medicare premiums because your RMDs are causing you to go over the the income cliff that is there to that makes you pay more your Medicare premiums because they're income related. So all that to say, yes, you can be taxed, in one way, but you could be taxed in multiple ways from a Social Security standpoint, RMDs on tax deferred accounts, and then also now Medicare, you're being taxed technically more on that because your income is now too high. So what this does is maybe this is kind of pointing out and kind of showing you that taxes all kind of start building on each other, right?

Jacob: 20:27

So we've got to have a really good plan for that in terms of our overall retirement plan. And then one final thing here on taxes, and we have to think about taxes for our, heirs or whoever may inherit these accounts in the future, whether that's a spouse, kids, grandkids, and we have to think about their future tax rates, right? If we're gonna leave $2,000,000 or $4,000,000 to a kid one day, and they're earning $300,000 a year at that time, well, the new SECURE Act rules state that they have to distribute that full $4,000,000 out of that account by the end of a ten year period. So that means now they're gonna have to pay even higher tax rate on the distributions because their income is also really high. So just something to think about, you know, maybe you don't need all of your money maybe for the rest of your life, or maybe you do.

Jacob: 21:10

But if you don't need all of your money the rest of your life, and you know a portion of it's gonna be left to kids, it's important to evaluate and think about do I wanna pay that tax for them at a lower rate now, ultimately leaving them with more money net after taxes in the future? Or do I just wanna kick that can to them down the road and let them deal with it? That's just something to think about and evaluate for yourself. But I do think it is something that's important to consider when you're building out your tax plan. Okay, so we've got an income plan, we've got an investment plan, we've got a tax plan.

Jacob: 21:37

And so far, I hope you can see that all these are definitely related. They're all intertwined, they're all connected, they're not separate from each other. You can't look at each one in its own little silo. They all have to work together and work together well. The fourth one that I've got for you here is not financial.

Jacob: 21:53

Now I think it ends up being financial ultimately, but it's not financial, based on the first three things that we talked about. So the fourth component of a successful retirement plan is having a purpose and having that defined really well, Right? I talk to people all the time, and I've got clients that I'm communicating with all the time, and I'm helping them retire and a year into their retirement, it's not uncommon to hear, hey, Jacob, it's been a really hard year. You know, I don't know what I'm doing, I don't know why I'm doing it, I don't really understand how to live in retirement, right? Because they went to work every day, they did a job every day, they had a purpose, they had a mission, they had tasks, they had people that were counting on them, And now you turn that switch off, and then what?

Jacob: 22:39

Right? If you don't have a hobby, if you don't have, things that you know you wanna do, if you don't know people that you're gonna spend your days with, then then we have to define that. We've gotta figure that out. So what is your why? Like, what is your your purpose as you're doing this thing called retirement?

Jacob: 22:55

I don't think retirement is a stop and forget it or stop and do nothing kind of phase of life. I think it's actually a start and do something different or a start and do something new phase of life. So if we don't have a purpose, I think you're gonna end up having a poor retirement. And in fact, you're gonna have an unhappy one most likely, and unhappy people on average, based on the statistics, they actually end up dying sooner. So whenever we think about it that way, having a purpose is a very important part of a successful retirement plan.

Jacob: 23:23

Because at the end of the day, all the money stuff is important. But the goal is not just to have more money, or to save a certain amount on taxes. Yes, we wanna save money on taxes when and where possible, but that's not the goal. The goal is to say, whenever we save more money on taxes, what does that allow us to do? Or whenever we get a better investment return, what does that allow us to do?

Jacob: 23:40

Or whenever we think about and plan a good income plan for our retirement, how does that give us freedom and peace of mind to go and enjoy a trip to Europe or wherever we'd like to go, right? All these things, the money and the financial side of things is very valuable, but it only works and it only successfully works if we've got a purpose that's attached to it. So this is why I think you have to do the hard work of finding out what your goal is in retirement, not financially. Like, do you wanna spend more time with your kids or your grandkids? Or do you wanna move across country to be close to those grandkids?

Jacob: 24:11

Or whatever it looks like. Find out what that is. I want you to write that down. I want you to have a plan for it, how you're gonna do that, how you're gonna execute it. Because if you don't do that, then all of the money stuff that we talked about from an income plan, an investment plan, a tax plan will not matter.

Jacob: 24:26

That's just from what I hear in conversations all the time is that stuff does not matter because I'm not living life the way I wanna live it. So those are the four things that I think you have to have, to have a successful retirement plan. Now I wanna be clear, these are not all of the things I think you need to have in a retirement plan. In fact, I wanted to give you one bonus here, that that's kind of the fifth part of retirement plan. It's not necessarily essential to you successfully retiring, but it is essential to your family or those who after you.

Jacob: 24:55

I think it's important for them. And so the fifth one here is going to be an estate plan. So what's the purpose of an estate plan? Number one, it's to protect your family from any potential issues from a tax standpoint, any disagreements or arguments that could come up in the future. And I think ultimately, it just says, how can I make their lives as easy as possible whenever I pass away one day?

Jacob: 25:15

Who's gonna get what? Let's write that down. You know, how do we wanna name these beneficiaries? Should we have a trust? Should we have wills in place?

Jacob: 25:21

How do all those things work together? What about powers of attorney? Talk with your estate planning attorney in conjunction with your financial advisor, and make sure that you have that plan in place. This avoids all of the different disputes that could come up from a family member standpoint and deciding who gets what. And believe me, these are big issues that a lot of people don't think about, and they just say, well, I told so and so that they should get the ring, or I told so and so that they're gonna get the IRA and the other person's gonna get the investment account.

Jacob: 25:47

Well, word-of-mouth is only helpful if you're still here. Right? So having these things written down, having a plan for it, I think is crucial, for those who are after you. Now remember, said, this is important for your retirement plan. It's not crucial to having a successful retirement plan while you're alive.

Jacob: 26:04

I think it's important for your overall plan as you look forward beyond your life. So just have that estate plan in place. That's my bonus for you today. So I've got the four things that I think are important. You gotta have an income plan, an investment plan, a tax plan, and you've gotta have a purpose or define your why.

Jacob: 26:21

And also you have to have that estate plan in place to make sure you protect your family when you're no longer here. So with that said, that's my thoughts on what I think you need to have to make a successful retirement plan. I'd love to hear your feedback on that. I'd love to hear your thoughts on it. So shoot me an email, there should be a link down in the description below.

Jacob: 26:40

Also, remember, don't forget to go do that listener survey. I'd love to hear your thoughts or suggestions or tell me what I'm doing well. Tell me what I can improve on. I'd love to know, your thoughts there. So with that being said, thank you so much for tuning into this week's episode of Retirement Answers.

Jacob: 26:53

I look forward to talking with you again right here next week. Hey, it's Jacob again, and I wanted to extend a quick offer to you. If you have a question and you would like to have it answered here on the show, please email me at jacobretirementanswers dot net. And I'd love to answer that question for you right here on the show. Also, I wanted to remind you that nothing discussed in today's episode is meant to be financial, legal, or tax advice.

Jacob: 27:18

Retirement Answers is for educational purposes only. Thanks for tuning into this week's episode. I look forward to talking with you again next week.