PART 1 OF 3: Money Plan To Create The Retirement Of Your Dreams

Have you ever wondered if your current retirement plan truly includes the right strategies to secure your future?

Are you curious how having multiple investment options can protect your savings from unexpected market changes?

Do you know how taxes could impact your retirement income—and if there’s a way to keep more of what you've earned?

Step eight in our retirement strategy is the Money Plan—a cornerstone of achieving the retirement you’ve dreamed of.

In this segment, we’ll walk through the knowledge and steps you need for effective financial planning, empowering you to feel prepared ... 

... and informed as you journey toward your retirement goals.

Hi there, I'm Jason Bergquist, the owner and founder of RetirementOfYourDreams.com.

I’m excited to kick off our three-part series:

"Money Plan to Create the Retirement Of Your Dreams."

We’ll focus on 3 main points for the Money Plan:

1. The Importance of the Right Expertise and Process – Why it’s essential to have a structured approach and expert guidance to build a secure financial future.

2. Diversifying Your Options—This ensures you don’t put all your eggs in one basket. Having multiple options means not relying on just one plan, which can be risky.
Diversification helps protect your savings by spreading them across various investments to reduce potential losses.

3. Understanding Tax Implications—Consider each option's current and future tax impacts. Knowing the tax implications is vital to making informed decisions that support long-term financial security.

Throughout this series, we’ll provide practical insights and expert advice to empower you to retire confidently and control your financial future.

Whether you’re just starting your retirement planning journey or fine-tuning an existing strategy, join us as we explore this path together.

The Retirement Of Your Dreams awaits …

… and we’re here to help you bring it to life!

Before we jump in, if we haven’t met yet, let me introduce myself.
I'm Jason Bergquist.

I help individuals and families create the Retirement Of Their Dreams.

For over twenty years, I’ve navigated the markets' ups and downs, and my mission is to educate and empower people like you.

I realized my calling back in 2010 during a challenging time. As I faced financial hardships, I saw I wasn’t practicing what I preached.

That experience inspired me to get serious about my financial planning, and I dedicated myself to guiding others on the same path.

I became an Independent Financial Professional …

… and a Certified Financial Fiduciary.

This journey has allowed me to prioritize my client’s best interests above all else.

Now, with a team of skilled experts, I’m committed to helping you create the Retirement Of Your Dreams.

Again, we're kicking off part 1 of our 3-part series:

This is Step 8 in our journey:

"Money Plan to Create the Retirement Of Your Dreams."

Let’s dive in:

1. The Importance of the Right Expertise and Process – Why it’s essential to have a structured approach and expert guidance to build a secure financial future.

2. Diversifying Your Options—This ensures you don’t put all your eggs in one basket. Having multiple options means not relying on just one plan, which can be risky.

Diversification helps protect your savings by spreading them across various investments to reduce potential losses.

3. Understanding Tax Implications—Consider each option's current and future tax impacts. Knowing the tax implications is vital to making informed decisions that support long-term financial security.

Let’s start by discussing the term fiduciary.

In the financial world, you’ll often hear people talk about fiduciaries.

You might even hear from someone you’re considering working with that you should ensure you’re talking to a fiduciary. And that’s good advice!

A fiduciary is legally bound to act in your best interests and provide advice that serves you first and foremost.

But here’s something important to remember: when someone emphasizes working with a fiduciary, it’s perfectly reasonable to turn the question back on them.

Ask them, "Are you a fiduciary, and are you only operating as a fiduciary based on your specific license?"

Why do I suggest this?

In my practice, I’ve taken steps to go beyond the basic fiduciary standard required by my license and become a Certified Financial Fiduciary.

This certification requires additional training and a deep commitment to ethical practices, ensuring that my clients receive the highest standard of care and advice.

Being a fiduciary is about more than just a title ...

... it’s about a level of dedication and responsibility that you deserve as you plan for the retirement of your dreams.

I've taken extra steps beyond the standard fiduciary requirements, obtaining an additional certification to deepen my commitment to serving you.

It’s not just about passing a licensing exam that allows me to discuss finances ...

... it's about truly understanding and honoring the responsibility of advising on your financial future.

Working with a fiduciary matters because fiduciaries are held to a higher standard.

This means you have added protection and support if something doesn’t go as planned with the advice or strategy recommended.

A fiduciary is accountable to you, ensuring that the plans and products align with your best interests.

By earning the designation of Certified Financial Fiduciary, I’ve taken that commitment a step further.

This certification process includes additional training, preparing me to go above and beyond to safeguard my client's interests in every recommendation and decision.

I'm glad to see more people seeking true expertise.

This means consulting with someone who understands your goals and has a structured, comprehensive process to guide you effectively.

Being a fiduciary isn’t about making a single sale and moving on. It’s about building a relationship and supporting you as an advisor throughout your journey.

My responsibility is ongoing.

I’m here to provide you with sound advice, support, and guidance for the long term ...

... so you can confidently navigate your path to the retirement of your dreams.

We’ve all heard the phrase, "Don't put all your eggs in one basket."

It’s a principle that’s especially important in retirement planning.

If your advisor or fiduciary only offers you one option, plan, or product, it might be time to look elsewhere.

A good financial advisor isn’t a “one-trick pony” ...

... they should provide you with a well-rounded plan that includes multiple strategies to help secure your financial future.

If your advisor only focuses on one product, such as annuities, long-term care, or Social Security, they're not giving you a comprehensive approach.

Part of a fiduciary’s responsibility is ensuring they understand your entire financial picture and provide options to create a balanced plan.

They may miss the bigger picture, potentially leaving gaps in your plan that could jeopardize your financial security.

When I work with clients, we discuss how to create multiple income streams.

For example, Social Security is one source of income, but it shouldn't be the only one.

Additional income sources should be part of your strategy to ensure financial stability.

Take Rhonda, for example.

She was ready to retire and had the option to start Social Security, but she wanted to be sure she had other income sources to rely on in the future.

Rhonda also had a pension and a TSP (Thrift Savings Plan) from her employer.

We examined her Social Security, her pension, and her TSP to create a comprehensive plan that balanced her options.

• When is the best time to start Social Security to maximize benefits?

• What choices do we have for structuring her pension to provide consistent income?

• How can her TSP or 401k be best utilized to create an additional income stream for her future?

If you only get advice about one product or piece of the puzzle, you may not receive the whole picture.

Our Retirement of Your Dreams Experts team will look at each aspect of your financial landscape, understand your goals, and help you build a complete plan.

We’re here to provide the well-rounded, tailored advice you deserve from a true Certified Financial Fiduciary.

Now, let's talk about a crucial piece of retirement planning ... taxes.

While having options is excellent, each option has tax implications, both now and in the future.

For example, let's recall our conversation with Rhonda about Social Security, pensions, and employer plans.

Each income source has different tax consequences, and it's essential to understand them fully.

Consider this: if most of your retirement funds are in accounts that will be taxed when you withdraw them, it’s critical to plan for that.

Today, many people fall into the 22-30% tax bracket.

So, if you’re looking at an income stream of $100,000 per year in retirement and all of it is taxable, you could lose about 30% to taxes.

Instead of living on $100,000, you’re effectively living on $70,000 after taxes.

This is why it’s one of our most essential client conversations.

There’s a common assumption that taxes will only increase over time.

If you’re in a 30% tax bracket today, imagine what happens if that tax rate jumps to 40% or even 50% in the future. That would significantly impact your retirement income.

You might remember our Step 6 video series, in which we discussed strategies for aiming for a 0% tax bracket in retirement.

My conversation with Rhonda revolved around whether we could transition some of her taxable income streams to tax-free ones.

As I like to say, “If taxes double but you’re in the 0% tax bracket, are you going to care?” Zero times anything is still zero.

So, if you’re currently in a 30% tax bracket and that doubles to 60% ...

... having a solid tax strategy in place today could mean the difference between keeping $70,000 of your $100,000 income and keeping only $40,000 if taxes rise significantly.

As fiduciaries, we aim to set up a plan that maximizes your income while minimizing the tax hit ...

... allowing you to retain as much of your hard-earned money as possible.

Let’s collaborate to create a strategy that will give you the most value now and in the years to come.

Schedule a meeting with one of our Retirement Of Your Dreams Experts to ensure we address tax planning as part of your future retirement strategy.

Even in conversations with CPAs, the emphasis is typically on the present. But our goal is to help you take a broader view—to plan to minimize taxes when you're living off your retirement income.

I look forward to meeting you and discussing strategies for reducing future taxes, which will allow you to keep more of your hard-earned income in retirement.

Today, we covered: 

1. The Importance of Having the Right Expertise and Process – A structured approach and fiduciary guidance ensure your plan is tailored to your best interests. 

2. The Value of Multiple Options – Diversifying your plan helps you avoid putting all your eggs in one basket, reducing risk and enhancing flexibility. 

3. Understanding the Tax Implications—Knowing each option's current and future tax impact is crucial for long-term financial stability.

Retirement planning can feel overwhelming, especially with all the complexities involved.
But with expert guidance from RetirementOfYourDreams.com ...

... you can approach your future with confidence and clarity.

Taking control of your financial future means more than just waiting for the "perfect time."

It's about having a strategic plan and taking meaningful action when the time is right.

Whether you're considering in-service distributions, exploring ways to transition your retirement funds, or navigating market fluctuations, our team is here to help.

Stay tuned for Part 2 next week, where we'll dive deeper into the Money Plan and explore Strategic Retirement Planning: Taking Control with the Right Money Plan.

Thank you for considering Retirement of Your Dreams as your partner on your financial journey!

Let me know what your BIGGEST takeaway from this week's video was. Share in the comments below!

I'm Jason Bergquist.

We’re dedicated to empowering you to LIVE the Retirement Of Your Dreams!