On a recent episode of Business Innovators Radio with Mark Imperial, Chartered Financial Consultant and Fiduciary Peter Kitzerow shared how process rather than product is the solution to retiring with peace of mind. Kitzerow also provided answers to common misconceptions and misinformation about accumulating money.
During the interview Mr. Kitzerow stated, “Most of the clients we serve are in my generation, namely the Baby Boomers. For this group, planning usually involves maximizing their guaranteed income streams, like pensions and Social Security, determining just how much risk they are carrying in their investment portfolio and verifying that it is appropriate for them.”
According to Kitzerow, “One thing nobody likes, but loves to talk about is income taxes. For our Baby Boomer clients, there are strategies to reduce their current and/or future income taxes and generate tax free income. Making sure that their retirement plan is tax efficient is vital.”
When asked if a client is a business owner, Kitzerow explained, “If our client is a business owner, or self-employed, even if they aren’t Baby Boomers, there are opportunities to help them reduce their income taxes and grow more wealth for their future.”
Kitzerow went on to explain, “The key with this group is that they must be paying, or expect to be paying at least $20,000 in federal income taxes.”
Among other misconceptions regarding retirement, Kitzerow offered, “One of the biggest misconceptions people have in preparing for retirement is that they will need less money to live. While some expenses may disappear like mortgage or tuition, the reality is this. While you are working (8-10 hours a day) you are not spending money. If you are not working 8-10 hours a day, what will you do. Just about anything you can think of costs money.”
The interviewer asked Kitzerow to give an example of planning for a recent client, in which he answered “One client came to me with all their retirement savings in stock market type vehicles. They were concerned about the volatility of the stock market and what a severe downturn would do to their nest egg.”
Kitzerow continued “By coordinating their resources, which included Social Security, a pension, continuing earned income and other investments, we were able to structure their plan to meet all their current needs and for the next 10 years without making any withdrawals from their stock market portfolio. This gave them the peace of mind to allow their stock market investments to grow and provide for their future income needs.”
Kitzerow offers a one-hour free consultation for individuals and families 50 years of age or older who are nearing or entering retirement. Folks can claim their consultation by contacting Kitzerow’s office by calling 281-210-1341. More information is available at: www.freemarketfinancial.net.
To hear the full interview, visit www.businessinnovatorsradio.com/peter-kitzerow-president-of-free-market-financial-on-retirement-peace-of-mind/