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The biggest fear most seniors have is the fear of running out of money in retirement.

That is why Frank is a firm believer of the four bucket system.

The four bucket system:

  1. Liquidity bucket. This bucket is where you would have money kept aside for emergencies, because emergencies will happen and usually at the most inopportune time. Therefore, you never want a short emergency to mess up your long term goals.
  2. Long term bucket. This is where you want to grow your money to keep up with inflation. Inflation which is the silent killer of wealth. Thirty years ago a $20 bill would buy a cart full of groceries, whereas today it will barely buy two items.
  3. Income bucket. This is where you would get your income that will last for the rest of your life, like Social Security, like a Pension or an Annuity. Today less than 20% of the population has a pension, so we have to create our own through something like an annuity.
  4. Legacy bucket. This is what you want to leave for the next generation. For pennies on the dollar you could leave money for your beneficiaries,  income and estate tax free and essentially give yourself a permission slip to spend all your money because your beneficiaries are taken care of.

Ready to come in for an appointment?

Click here to schedule a time to meet with us. We will NOT make dealing with a tax professional as painful as it’s been in the past!

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