Retirement Flashcards

1
Q

1st year of retirement

A

spend 70-80% of last years work earnings

3.5-4.5% of nest egg

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2
Q

Market crash

A

Rachet down expenses by loss in the market

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3
Q

Set up solo

A

IRA (regular and roth)

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4
Q

Set up via employer

A

Any retirement account starting with #s (Roth or non-Roth)

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5
Q

Roth

A

after-tax, save on taxes later

income is taxed then you can contribute, better in times of growth because it avoids tax at withdrawal

can also include other assets that general capital gain

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6
Q

Before tax

A

make your contribution first and then taxed at withdrawl, defers

better if you are in a higher tax bracket NOW than in retirement

save on taxes now

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7
Q

Employee match

A

max it out

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8
Q

Estate planning

A

if you don’t define your estate, the state might do it

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9
Q

Do I need financial planner

A

Depends on your goals / experience, as well as their compensation scheme

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10
Q

Things to be aware

A

Auto dealers / repair shops

Giving out SSN / credit card

guaranteed returns

off-shore investments

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