Seven Steps to Financial Freedom in Retirement

An interactive guide to mapping your retirement plans

Planning for retirement? Let financial advising and estate planning expert Hank Parrott guide you through these sometimes murky waters, and make sure that when the time comes, you have the money you need to live the life that you want.

A unique and indispensable resource for assessing finances to determine the full scope of your assets and what they can be made to do for you, Seven Steps to Financial Freedom in Retirement helps you calculate how much money you will need to retire in comfort, and then reviews the investment opportunities that will help you reach that goal. Using detailed questionnaires, the book provides informative guidance for anyone concerned about having enough money to live comfortably in their retirement years.

An educational book employing an easy–to–understand format, Seven Steps explains the basics of IRAs and 401(k)s, the strategies and tax implications thereof, annuities, stocks, bonds, CDs, and much more.

Chapter 1 Getting the Nest Egg Ready to Hatch.

A New Approach.

What You′ve Got.

Additional Sources of Retirement Income.

Where Are Your Retirement Resources?

With Assets Comes Expenses.

Looking Forward.

Chapter 2: Putting Your Assets to Work for You.

The Old Way: Maximizing Returns Based on Risk Tolerance.

The Hank Parrott Way: The Smart Money Approach.

Why Do I Need Such Big Returns?

Checking In.

Accessing Assets in Retirement Accounts.

Converting Money from a Traditional IRA to a Roth IRA.

Organizing Your Non–Retirement Accounts.

Looking Forward.

Chapter 3: IRA Mastery.

Planning for Taxes.

What Makes Up a Traditional IRA?

Contributing to an IRA.

Traditional and Roth IRAs: Learn the Difference!

The Rules of Roth Conversions.

Tax Considerations When Investing IRA Assets.

Taking Distributions from Traditional IRAs.

Estates and IRAs.

Passing it Along.

Looking Ahead.

Chapter 4: Enhancing Your Retirement with Built–in Guarantees

Annuities, Bonds, and CDs.

Bonds: What is guaranteed and what is not.

Annuities: Separating myths from truth.

CDs: A Key Element in an Income–Generating Retirement Portfolio.

Putting It All Together: Investing for the Long Term.

Chapter 5: How the Smart Money Invests.

Learning through Trial and Error.

The Real Story.

Starting Off: The Retirement Investor Quiz.

Busting the Investment Myths.

Active Management.

Tune out the Media′s Advice.

Investing vs. Speculating: Know the Difference!

A Real Story About Speculative Investing.

The Smart Money Investment Strategy.

All About Asset Allocation.

Tax Planning and Investments.

My Best Advice.

Looking Forward.

Chapter 6: Paying for Helping Hands.

The Ins and Outs of Long–Term Care.

What are Your Options?

Planning Ahead.

Common Myths About Long–Term Care.

How You′ll Pay.

Examining Which LTC Payment Option Works for You.

Understanding Long–Term Care Insurance.

Last But Not Least.

Chapter 7: The Basics of Estate Planning.

Why Estate Planning?

Problematic Probate.

All About Trusts.

The Five Essential Documents.

Lightning Round: Other Types of Trusts.

Whom Should I Name as Trustee?

The Value of Real Professionals: Finding the Right Certified Expert.

Frequently Asked Questions.

Estate Planning Checklist.

Where to Go from Here.

Appendix A: Confidential Lifestyle Questionnaire.

Appendix B: Lifestyle Expense Worksheet.

Appendix C: Financial Lifestyle Fact Finder.

Acknowledgments.

About the Author.

Index.

HANK PARROTT is founder and President of Estate & Financial Strategies, Inc., a Tennessee–based firm providing a full range of financial advising and estate planning services that has served thousands of clients throughout the country. Specializing in estate and retirement planning; insurance and annuities; and tax planning, Parrott is a Chartered Financial Consultant (ChFC), an Accredited Estate Planner (AEP), and a Registered Financial Consultant (RFC).