Judy Wingett Corbin asked, "How do you calculate how much money you need to live on in retirement?'"
Garrison said, "That's a great question. I get asked that a lot. You want to know what your expenses are going to be and what your sources of income are," he said. "Then you're going to want to have a retirement analysis prepared, which any good financial advisor can do for you and make sure your income after taxes will exceed what your expenses will be."
Scott McAdory asked, 'Would you invest in a bond mutual fund with rates low and set to stay that way for some time?'"
Garrison said, "Honestly, bonds are not the best place to be right now. The yield on a bond may be a little higher than what you can get on a CD or something else, but as interest rates rise and your yeild rises, the principal value of your bond goes down, so it can be a risky deal."
Dean Moore asks, "At 53, would I be better to close out my 401k and pay off all my bills with the exception of my mortgage, or just leave it alone?'"
Garrison responded, "Good question, and no, you want to keep your 401K in tact at all costs, because that is going to insure you have a good retirement." He said, "Do not take money out of your 401K unless it's just absolutely necessary, because it can also trigger a huge income tax bite for you."
Gary Garrison is president and founder of Asset Protection Wealth Management: http://www.apwealthmanagement.com/news.php
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