PART 2 OF 3: Money Plan To Create The Retirement Of Your Dreams

Are you prepared to face the unexpected in your retirement journey?

Curious about how much control you have over Social Security, pensions, and taxes?

Want to know how you can aim for the 0 percent tax bracket and keep more of your hard-earned money?

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

Today, I'm excited to bring you ....

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

This series is not just another set of videos ...

... it’s a valuable resource designed to empower you with the insights and tools you need to navigate your retirement journey confidently.

This video explores some critical components necessary to create a retirement strategy that aligns with your goals and financial security.

In part 2, we’re covering 3 essential areas:

1. What We Can and Can’t Control: We’ll discuss the aspects of your retirement plan that you can control and identify factors that are outside your control. This clarity will help you focus on actionable steps.

2. Understanding Social Security and Pensions: We’ll review the elements of Social Security and pensions, highlighting what’s controllable and what isn’t so you can make informed decisions.

3. Achieving the 0 Percent Tax Bracket: Finally, we’ll dive into tax strategies, focusing on how to work towards a 0 percent tax bracket in retirement and take advantage of potential tax savings.

If you missed Part 1, click HERE to catch up!

Throughout this series, you’ll receive practical insights and expert advice you can immediately apply to your retirement planning journey, empowering you to build a fulfilling retirement.

Whether you're just starting your retirement planning journey or looking to refine your current strategy, this series is tailored for you. Join us as we embark on this important journey together.

The Retirement Of Your Dreams awaits ...

... let's work together to make it a reality!

Before we dive in, let me introduce myself if we haven’t met before.

I'm Jason Bergquist!

I’ve dedicated over two decades to empowering individuals and families to create the Retirement Of Their Dreams ...

... navigating through market ups and downs.

IMy mission is to educate and empower people, showing them how to design a retirement that brings security and peace of mind.

I discovered this calling in 2010 during a tough personal period. I was facing financial challenges amid a divorce, and I realized I wasn’t practicing what I preached.

That’s when I committed to aligning my financial strategies with my values, becoming an Independent Financial Professional and a Certified Financial Fiduciary.

This dedication ensures that my clients always receive guidance prioritizing their interests.

Now, I work with a team of experts committed to helping you achieve the Retirement Of Your Dreams.

Let’s dive into part 2 of our 3-part series: 

This is Step 8 in our journey:

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

You'll discover:

1. What We Can and Can’t Control: We’ll discuss the aspects of your retirement plan that you can control and identify factors that are outside your control. This clarity will help you focus on actionable steps.

2. Understanding Social Security and Pensions: We’ll review the elements of Social Security and pensions, highlighting what’s controllable and what isn’t so you can make informed decisions.

3. Achieving the 0 Percent Tax Bracket: Finally, we’ll dive into tax strategies, focusing on how to work towards a 0 percent tax bracket in retirement and take advantage of potential tax savings.

In previous videos, I shared the story of Bob and Karen.

Their experience provides a valuable perspective on managing the controllable and uncontrollable aspects of retirement planning.

When I first met with Bob and Karen, let’s say in June, we discussed their retirement plans and the timing of certain decisions.

Karen had already retired and received Social Security, so we focused on planning for Bob’s retirement.

Our discussions centered on how they would sustain their lifestyle once Bob no longer received a W2 income.

Bob had set up multiple sources to support their retirement. He had an employer-sponsored plan, a state pension, and even unused vacation days that would pay out.

Bob planned to retire the following April after having surgery in February.

This timing allowed him to take advantage of his employer-sponsored health insurance, which would cover the surgery costs he’d no longer have in retirement.

It was Karen on the phone, and she was calling to tell me the heartbreaking news: Bob had been in a car accident and had passed away.

This experience underscored a fundamental truth ...

... there are things in life we cannot control.

Events like this are unpredictable and devastating.

We had already crafted a solid financial plan for Karen and Bob.

The parts of their future that we could control were already in place.

When Karen reached out, she didn’t have to make difficult financial decisions immediately amid her grief.

Because we had prepared for this, she knew the steps were already laid out and could take comfort in knowing her financial future was secure.

We could revisit the plan and adjust to the new reality without rushing or making impulsive decisions.

This gave her the freedom to grieve without the added pressure of immediate financial concerns.

This story emphasizes the importance of working with a Retirement Of Your Dreams Expert to ensure that we prepare for the unexpected as much as possible.

• What aspects of your future can you control? 

• What elements lie beyond your control?

 • How can we create the best plan to manage both? 

Reach out to us, and let us walk you through this process.

Together, we’ll build a retirement plan that provides stability and peace of mind, no matter what life may bring.

Once again, when it comes to retirement, there are aspects we can control and others beyond our influence.

Let’s explore these elements specifically within Social Security and pensions.

Starting with Social Security:

While we can’t control the percentage or amount determined by government policies, some aspects are still within our reach. We can make decisions about:

• How much income do we earn throughout our career?

• How long do we choose to work and contribute to Social Security?

• When we decide to start receiving Social Security benefits, the monthly amount can be impacted.

These choices allow some control over Social Security, but the government's set percentages and formulas remain outside our control.

It’s essential to have a strategic conversation about when to activate your Social Security benefits.

While we won’t go too deep into it here, we’ll also discuss strategies for potentially receiving Social Security tax-free when we meet one-on-one.

Next, let’s look at pensions.

Pensions vary widely depending on your employer, and because they’re so specific, it’s best to sit down with a Retirement of Your Dreams Expert for a personalized discussion.

We can review your pension plan and explore what options are available to you.

When I first met Pam, she mentioned having a pension. As we reviewed her financial details over a few months, I noticed something unusual.

I asked her, “It doesn’t seem like your pension has increased over the past few years. Is that correct?”
She confirmed, saying, “Oh yes, they froze our pension a few years back.”

This meant that her pension was no longer growing while she was still working.

I explained, “If your pension isn’t going to increase, we need to look at options to put that money to work elsewhere.”

We discussed moving her pension into a guaranteed income stream for her future, which would allow her more control and potential growth until she is ready to rely on it.

Pam was unaware of her pension freeze until our conversation. We identified an opportunity to improve her retirement security by examining her finances together.

She works for a large organization offering a pension, but her circumstances and choices differ, so we tailored our advice accordingly.

In both cases, working with an expert allowed them to make informed choices about their pensions, turning something uncertain into a part of their retirement they could count on.

Karen had been with her company long enough to qualify for their pension plan. As we discussed her retirement and possible income sources, she shared a big worry.

Karen was afraid that her company might be unable to keep making those pension payments in the future.

Even when she planned to retire and start using her pension, she feared that the payments might stop or not always be available.

While pensions are often considered guaranteed income for life, there are unfortunate stories of pensions going bankrupt, cutting payments, or changing their rules.

Karen had heard these stories and didn’t fully trust her company to keep its promises. She said, “I want to take control of my pension. What are my options?”

Many people don’t know that, in most cases, a lump sum amount is tied to their pension.

This means that some people can take a lump sum and move it elsewhere instead of receiving monthly payments.

This way, they can create their own reliable monthly income stream independent of their employer.

It’s important to note that this option isn’t available for everyone. Pension rules vary widely depending on the company and the specific plan.

So, if you’re unsure about your pension options, contact us. 

Schedule a meeting with a Retirement of Your Dreams expert, and we’ll help you review your pension to see if this option is available to you. 

We’ll explore possible scenarios and guide you on the best course of action, whether that means controlling your pension with a lump sum or activating a steady income stream as planned.

Now, let's explore the idea of controlling your financial future, especially when it comes to taxes and making sure your money lasts.

I want to share a story to put things into perspective. Imagine you're on an airplane, and the pilot comes over the loudspeaker as you settle in.

He says, "There’s some heavy turbulence ahead. We will likely face a bumpy ride, so please stay in your seats and buckle up. But don’t worry ... I have a lot of experience, and we should be okay."

That word "should" might make you a little nervous, right?

So, you ask the pilot, "How sure are you that we’ll make it through safely?"

And the pilot replies honestly, "Well, there’s only about a 40 percent chance that we’ll land without any issues."

If you heard that, would you stay on that airplane?

Probably not!

You’d be unbuckling your seatbelt, grabbing your things, and getting off that plane as fast as possible. After all, no one wants to fly with a 60 percent chance of danger.

For many people, retirement planning can feel like a risky plane ride.

When we look at the typical retirement setup ...

... do you know the odds of your money lasting as long as you need it to?

Many people unknowingly have a 40—or 60% chance of running out of money by age 80 or 85.

If you knew your odds of outliving your savings, wouldn't you want to improve those odds?

Imagine boosting that percentage to a 95 percent chance that your money will last as long as you do, maybe even to age 100.

Wouldn't that feel a lot more secure than an uncertain chance of running out?

When you meet with a Retirement Of Your Dreams Expert, we aim to examine your entire financial picture.

We’ll work to get you as close as possible to a 100 percent chance of never running out of money.

This way, you can feel confident that your savings will be there to support you no matter how long you live.

It’s about building a solid plan that will give you peace of mind and the highest likelihood of a secure and comfortable retirement for as long as you need it. 

As I mentioned earlier, it's essential to consider your tax bracket now and in the future.

One key element to ensuring that you have enough money during retirement is planning for potential tax increases.

How will we manage taxes if taxes go up?

How do we ensure that, no matter how long you live, you’ll never outlive your money ...

... even if taxes double in the future?

This is a crucial conversation, and I look forward to discussing it with you one-on-one.

Let’s dive into these details together to secure your financial future.

In "Strategic Retirement Planning: Taking Control with the Right Money Plan," part 2 of our 3-part series on creating a Money Plan for the Retirement Of Your Dreams, we covered:

1. Understanding What We Can and Can’t Control: Taking charge of the elements we can influence and preparing for those we can’t.

2. Reviewing Social Security and Pension Options: Examine what we can control regarding Social Security and pensions and how these decisions impact our future. 

3. Achieving the 0 Percent Tax Bracket: Strategies to minimize taxes throughout retirement.

If you missed Part 1, click HERE to catch up!

One of the most vital steps in retirement planning is addressing what we can control and preparing for what we can’t.

Social Security and pension options fall under this category. It’s important to explore these options, understand how they’ll work for you, and consider the best ways to utilize them for your future.

Another critical area we discussed was getting close to the 0 percent tax bracket. How do we position you to pay as little tax as possible for the rest of your life?

Stay tuned for Part 3 next week ...

... where we’ll continue building your Money Plan and exploring the Complete Money Plan for a Secure Retirement: Income Stability, Healthcare Coverage, and Inflation Protection.

Thank you for trusting Retirement of Your Dreams to be your partner on this critical journey.

I’d love to know your BIGGEST takeaway from today’s video.

Share your thoughts in the comments below!

I’m Jason Bergquist.

And we’re dedicated to empowering YOU to LIVE the Retirement Of Your Dreams!