It's All About the Math
July 23, 2014
Hosted by Wayne Firebaugh, CPA, CFP®
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Episode Description
Planning for retirement is all about the math. Just like grade school your retirement equation has two sides. However, in grade school the only stakes were a missed recess. Not understanding the retirement equation can cause you to run out of money. Have you considered the retirement equation and thought that one way to avoid running out money was to purchase some sort of annuity? Do you feel like you fully understand how an annuity works? Wayne will describe some common features of annuities so that you can make better decisions about their proper place in your retirement plan. Together, we'll discuss the various types, common provisions, and costs of annuities. Wayne will also describe how the IRS taxes money you take out of your annuity.
Cultivate Your Financial Health
Archives Available on VoiceAmerica Variety Channel
Some people believe money scores success in life. If that’s true, then you’re really only keeping score between your current and future selves. Financial planning allows you weigh the trade-offs necessary to achieve your goals both now and then. Consume too much now and you limit your future choices. Save all your money for later, your family unnecessarily sacrifices current quality of life and, more importantly, the memories and experiences that truly make life rich.
Just like your favorite board game, money has its own rules. However, money rules cover long stretches of your life, not just a single evening. Plus, break a money rule in an area such as income taxes, investment management, or risk management, and you lose much more than a turn. You could lose everything you’ve hoped to achieve. On Cultivate Your Financial Health, Wayne helps you understand the rules of money. You’ll learn how the choices you make now will increase or limit the choices you have in the future.
Wayne Firebaugh, CPA, CFP®
Wayne Firebaugh owns a wealth management firm that strives to provide objective advice to families looking to create and preserve financial choices in their lives. Providing such advice requires planners to possess two traits: independence and specialized expertise. For Wayne, independence means not accepting commissions from the sale of any products. Working as a fee-only planner aligns Wayne’s advice with his clients’ needs because it removes perception of bias.
With respect to specialized expertise, Wayne is a Certified Public Accountant and CERTIFIED FINANCIAL PLANNER (tm) Practitioner. Prior to starting his practice more than fifteen years ago, Wayne was a Manager in the Financial Advisory Services consulting practice of Coopers and Lybrand, then one of the world’s largest accounting firms. He has also taught investments at the collegiate level as an adjunct faculty member. Wayne chairs the technical committee for the National College Advocacy Group, a non-profit resource for planners assisting college-bound students and their families. He graduated from the University of Virginia’s McIntire School of Commerce.
Wayne regularly lectures and writes. His articles have been published in Physicians Money Digest, the Virginia Society of CPA’s magazine Disclosures, Physician’s Practice and Valley Business Front. Recently, Wayne and a group of partners launched specialized software for use by other planners.