What if you could increase your retirement income by 40%?
Nope, you don’t have to invest in a new cryptocurrency and neither do have to skate on the wrong side of tax shenanigans.
What you do have to do is listen to this podcast with Doug English, a North Carolina-based financial planner who has specialized in optimizing the after-tax income flow from a credit union executive’s typical retirement package which involves tools that frankly are little-known outside credit unions such as SERPs and 457Fs.
The power of English’s approach is that withdrawals and payouts are structured around the recipient’s age and tax bracket.
Remember, some of a credit union executive’s retirement income is taxable. Some – via SERP for instance – usually isn’t.
What English does is create a time sequence for payouts that – legally – minimize tax consequences and of course optimize the retiree’s quality of life.
Understand, I went into this show certain that I would be bored to tears – tax talk usually does that to me – but with English, this is straightforward and, dare I say it, an easy-to-grasp solution to tax issues.
This thinking is all the more important as life expectancy for many of us just seems to be continually increasing. But in an age of inflation money on hand may seem to be going the other direction.
English just may have a fix.
Note: English does not sell SERPs or similar retirement products. What he offers is an analysis on how to make those plans work better.