Jay Forgione, Owner of Summit Retirement Solutions, Interviewed On The Influential Entrepreneur Podcast Discussing Retirement Planning Buckets

October 21, 2024 at 11:41 AM EDT

Jay Forgione discusses the importance retirement planning buckets

Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-jay-forgione-owner-of-summit-retirement-solutions-discussing-retirement-planning-buckets/

Jay Forgione, owner of Summit Retirement Solutions. He dives into the concept of retirement planning buckets, a simplified approach designed to help clients navigate their financial futures without needing a financial background. Jay explains the three buckets—red, yellow, and green—each serving a unique purpose in retirement planning. Jay emphasizes the importance of having a clear plan for how to allocate funds for spending, investment, and safety.

The retirement planning bucket system is a structured approach to managing finances in retirement, designed to help individuals allocate their resources effectively to meet their needs and goals. This system consists of three distinct buckets: the Safety Bucket, the Income Bucket, and the Want Bucket. Each bucket serves a specific purpose and is tailored to different aspects of financial planning.

Safety Bucket (Red Bucket)

The Safety Bucket is primarily focused on emergencies and unexpected expenses. It provides a financial cushion that ensures individuals are prepared for unforeseen circumstances without having to liquidate investments or incur debt. This bucket is designated for emergency funds, such as home repairs, medical expenses, or any urgent financial needs that may arise. Typically, the Safety Bucket is not invested in aggressive assets. Instead, it consists of cash, money market accounts, or certificates of deposit (CDs) that are quick and liquid. A general rule of thumb is to allocate around 10% of one’s portfolio to this bucket, although the exact percentage may vary based on individual circumstances and comfort levels.

Income Bucket (Green Bucket)

The Income Bucket is designed to cover essential living expenses during retirement. This bucket focuses on ensuring that retirees have a reliable income stream to meet their basic needs. It is intended to cover the “have to have” budget, which includes necessities such as food, clothing, shelter, and other essential expenses. The Income Bucket is filled with predictable income sources, such as Social Security benefits and pensions. Additionally, it may include investments that generate regular income, such as dividends or interest from bonds. It’s crucial to account for inflation over time. Understanding how much money will be needed in the future is essential, as today’s dollar will not have the same purchasing power in 20 or 30 years.

Want Bucket (Yellow Bucket)

The Want Bucket is focused on discretionary spending and investments. This bucket allows retirees to enjoy their retirement and pursue their desires without compromising their financial security. It is meant for the “I want” budget, which includes non-essential expenses such as travel, hobbies, and gifts for family members. The Want Bucket can be invested more aggressively since the funds are not needed for immediate expenses. This allows for potential growth over time, taking advantage of market fluctuations. This bucket can also be used for legacy planning, enabling retirees to leave behind financial gifts for their heirs or contribute to educational funds for grandchildren.

Jay Shared: “At Summit Retirement Solutions, we take a strategic, results -driven approach to your Retirement Journey. Our Philosophy is simple: Keep you on track and your goals clearly in focus”

Video Link: https://www.youtube.com/embed/WnZPe21H25s

About Jay Forgione

Founded in 2009, Summit Retirement Solutions, is made up of qualified financial professionals who are passionate about helping individuals and families achieve their ideal retirements. Jay is committed to helping clients work toward their retirement dreams by crafting customized, easy to understand financial strategies. Beginning as a Senior Regional Manager for a major corporation, Jay decided to follow his passion for helping others and opened Summit Retirement Solutions. As the leader of his firm, he works each day to ensure his clients receive the guidance, support and resources they need to retire with confidence and joy. That includes protecting nest eggs with tax-efficient strategies. Jay has a Bachelor’s Degree in Business Management from the University of Connecticut. Jay enjoys being outdoors, skiing, hiking, golfing and spending time with his wife and three k

Learn More: https://summit-rs.com/

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Jay Forgione discusses retirement planners vs traditional wealth management firms: Jay Forgione, Owner of Summit Retirement Solutions Interviewed On The Influential Entrepreneur Podcast Discussing Retirement Planners v Traditional Wealth Management Firm – Authority Press Wire

Investment advisory services offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser.

The commentary reflects the personal opinions, viewpoints and analyses of the author, Jay Forgione, and should not be regarded as a description of advisory services provided by Foundations Investment Advisors, LLC (“Foundations”), or performance returns of any Foundations client. The views reflected in the commentary are subject to change at any time without notice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security, or any security. Foundations manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Foundations deems reliable any statistical data or information obtained from or prepared by third party sources that is included in any commentary, but in no way guarantees its accuracy or completeness.

This content may include information and statistical data obtained from and/or prepared by third-party sources that Foundations Investment Advisors, LLC (“Foundations”), deems reliable but in no way does Foundations guarantee its accuracy or completeness. Foundations had no involvement in the creation of the content and did not make any revisions to such content. All such third-party information and statistical data contained herein is subject to change without notice and may not reflect the view or opinions of Foundations. Nothing herein constitutes investment, legal or tax advice or any recommendation that any security, portfolio of securities, or investment strategy is suitable for any specific person. Personal investment advice can only be rendered after the engagement of Foundations, execution of required documentation, and receipt of required disclosures. All investments involve risk and past performance is no guarantee of future results

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Jay Forgione, Owner of Summit Retirement Solutions, Interviewed On The Influential Entrepreneur Podcast Discussing Retirement Planning Buckets

Investment advisory services offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser.

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