CPA Bob Berry Educates Retirees on Getting the Most Out of Golden Years

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South Carolina CPA Bob Berry, of Berry Financial Group, lists the top three tips on getting the most out of retirement.

South Carolina CPA Bob Berry

South Carolina CPA Bob Berry

I frequently remind people that they might live longer in retirement than they worked.

The average American spends the first third of their life going to school or being trained for a specific field of work. The second third is spent on children, houses and things that make people happy. During the last third, spending their hard earned retirement dollars; however, it is difficult to predict who stays healthy from age 65 to 70.

“At this point in life one might ask, ‘Why save the biggest retirement payouts for the sickest years? Why not just get a good long-term care policy that takes care of health issues?’” said CPA Bob Berry, partner and CEO of Berry Financial Group. “I frequently remind people that they might live longer in retirement than they worked.”

To help people get the most out of retirement, Berry lists the following three tips:

No. 1: Be aware of RMD. “People over 70 need to be aware of the Required Minimum Distribution (RMD),” stressed Berry. “At age 70 and six months you must begin your RMD from any retirement account, such as an IRA. The RMD is a slow drain from your retirement assets until you are in your late 70’s; the drain gets severe if you live to 85 or older. So, get ready for the IRS to mandate what you pull out of your retirement plan. Also, save after-tax RMDs in an emergency fund. Even if you have a long-term-care policy, you may have unusual expenses, like a new car, for example.”

No. 2: Start small with withdrawals. This will help one get a feel for how it affects their investments. “No matter when you start retirement, sell some market investments and put the proceeds in cash,” added Berry. “This will segregate what you will spend this year.”

No. 3: Use retirement funds for fun and plan year one. Berry recommends using retirement funds for travel, family gatherings, special times with one’s spouse, etc. “It is important to be active in retirement because you don’t know what life will be like after 75,” concluded Berry. “In all cases, I ask my clients to plan year one of their retirement. Make that first year a memory for all the ones you love.”

About Bob Berry, Berry Financial Group
Bob Berry has more than 25 years of experience in financial services and over 10 years of experience in accounting and finance. The primary objective of the Berry Financial Group is to build, manage, protect and transition their wealth for a selective group of individuals. For more information, please call (803) 359-2000, or visit Berry Financial Group is located at 5140 Sunset Blvd., Suite F, Lexington, SC 29072.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Level Four Advisory Services, a registered investment advisor. Level Four Advisory Services and Berry Financial Group are separate entities from LPL Financial.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual, nor intended to be a substitute for specific individualized tax advice. Please consult your tax advisor regarding your specific situation.

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since: 05/2010
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