Are You a DIY Retirement Planner? Four Things You Need to Know

While saving is a huge part of retirement planning, tax efficiency and estate planning can be just as important, especially once you actually retire.

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(Image credit: Getty Images)

I was working with a couple who had a great retirement awaiting them. They had done a great job saving throughout their working years and had amassed a retirement nest egg of $2 million. They surely had enough to retire comfortably. The question wasn’t whether they would have enough money; instead, it was whether they were maximizing their hard-earned life savings.

They had done well on their investments, but the rest of their plan had no focus, and they were missing important details. These weren’t mistakes that would cause failure, but they were mistakes that could cost them hundreds of thousands of dollars over the course of their retirement. They needed to understand that when you have saved millions of dollars and enter into retirement, your focus shifts.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Joe F. Schmitz Jr., CFP®, ChFC®
Founder and CEO, Peak Retirement Planning

As Founder and CEO of Peak Retirement Planning, Inc., Joe Schmitz Jr. has built a comprehensive retirement planning company focused on helping clients grow and preserve their wealth. Under Joe’s leadership, a team of experienced financial advisers use tax-efficient strategies, investment management, income planning and proactive health care planning to help clients feel confident in their financial future — and the legacy they leave behind. Joe has also written a book, titled I HATE TAXES. You can find Joe on YouTube by clicking here, where he creates educational videos for those in or near retirement. If you would like to talk to Joe’s team, you can schedule a meeting by clicking here.