CHAPTER THREE
Conflict No. 2: Income vs. Legacy
I
n the last chapter, we focused on how you might be growing your retirement funds. In this chapter, I want to focus on how you might use your retirement funds. Not surprisingly, there are conflicts in your IRA here, too. I have good friends, James and Lynda. They’ve been blessed with two children and more importantly — as anyone my age will tell you — four beautiful grandchildren. James and Lynda are planning to retire in two years, when they reach seventy. When we get together for dinner at their house, one of their favorite things to do is update my wife and me on their plans for retirement. They’re building a swimming pool in their backyard for when the grandkids visit in the summer. They’re planning to spend two months every winter out in Phoenix, where their son and his wife live. The point is, James and Lynda are going to need a good amount of income to make their retirement plans a reality. Thankfully, they’re in a good place: they’ve saved well. But over dinner one night, the conversation turned to inher- itances. Unwittingly, during the course of the discussion, James uncovered a big conflict in his retirement account.
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