Your Retirement – What’s It Look Like and How Ya Gonna Get There?

This is more of a preview of coming attractions. One of the questions I’m most asked is about Purposeful Planning and what it really entails. It’s fairly self evident, but the two key concepts — the foundation for your success — are having an intelligent Plan, and always, even when adapting to change on the fly, doing things on Purpose. Sounds simple, doesn’t it?

Calling balls and strikes is a simple concept too, ’till you’re the one behind the dish watchin’ an 84 mph slider smack the catcher’s mitt while fans await your call. Then it ain’t so simple.

Over the next few weeks I’ll be discussing various strategies in particular real life Plans. It’ll entail acquiring tax sheltered income through real estate for retirement — and a separate basket of tax free income that should be designed to kick in when you choose.

We’ll revisit timing as it relates to capital growth and cash flow — definitely not timing the market, which is reserved for fools. Understanding your needs in terms of the stages of your life is something many real estate investors clearly don’t grasp — to their detriment.

We’ll thrash out the ins and outs of planning the use of your tax shelter — something almost always given short shrift — a self destructive practice. Neglecting that factor in your retirement equation invariably leads to regret. A magnificently abundant retirement loses much of its luster when it’s naked every April 15th.

We’ll also answer the oft asked question, “When’s the right time to execute a tax deferred exchange?” Sometimes the answer is, not this time around. Section 1031 of the IRC is a sweet tool, but it’s been given far too much of a workload at times — deferring capital gains taxes wasn’t the 11th commandment on the lost third tablet Moses dropped on his way back down the mountain. A hammer is a solid tool in every carpenter’s belt, but it can’t be used as a wrench — at least without causing more problems than it solves.

So, if you’re thinkin’ of retiring in the next 20 years or so, I look forward to showing you some options for your consideration. The last 40+ years have taught me that things aren’t always what they seem, combining apparently opposing strategies can be productive, and that there’s always something to learn.

Have a good one.

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