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Seven Steps to Financial Freedom in Retirement

Seven Steps to Financial Freedom in Retirement

Hank Parrot

ISBN: 978-1-118-11188-8

Jun 2011

224 pages



An interactive guide to mapping your retirement plans

In Seven Steps to Financial Freedom in Retirement, financial advising and estate planning expert Harold Parrott guides the reader through the sometimes murky waters of retirement planning. Using a simple "Lifestyle Expense" planning approach customized to see how much money each person needs to live on in retirement, Parrott explains what investments can help readers reach their desired goals with minimum risk. Using detailed questionnaires, the book provides an informative guide 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, before launching into a more in-depth discussion of the strategies and tax implications thereof, looking at:

  • Annuities, bonds, and CDs
  • The perils of "stock picking"
  • The basics of estate planning

A unique and indispensible resource for assessing finances to determine the full scope of the reader's assets, the book helps to determine projected lifestyle expenses post-retirement and crafts a road map showing what types of products and accounts are likely to be of most value.


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.


About the Author.