How We Saved One Client 20% in Taxes

Be one of a kind with Mike's plan.

It's Friday and spring is literally hours away. It's the One of a Kind Financial Show Daily with your host, Mike Milligan. A retirement account balance isn't the same as retirement strategy. Today, we're going to discover how to turn savings into sustainable income. Gary and I talked about that. On the One of a Kind Financial Radio Show this past weekend. So I hope you enjoyed the segment. As we approach the weekend, I just want to remind you, you are one of a kind. And, uh, I hope you enjoy the— what spring has to offer for the next 3 months, wherever you're listening to this. We thank you. We appreciate you. Let us hear from you. I'd love for you to comment in the comment section of the YouTube here, just telling us where you're from. And then ultimately, know you are one of a kind.

Welcome back to the One of a Kind Financial Show. I'm Gary Nolan. Here with me, of course, is Mike Milligan of One Oak Financial. Now, in the very last segment, we talked about why retirement can feel uncertain even when you did everything right. So Mike, let's answer the question many listeners are probably asking right now. What's the real difference between having money and having a financial plan? What do you think?

Well, that's such an important distinction. Having money means you accumulated assets, that you see numbers on a statement. Maybe you feel comfortable seeing a couple commas and a lot of zeros. But having a financial plan means that those assets are organized intentionally to answer specific questions. Specifically, like, how do I generate income so that I can stop working? How do I manage taxes over time so that I pay Uncle Sam a lower amount of total, so that expense goes down, so I pay Uncle Sam less over time? How do I reduce unnecessary risk? How do I protect against longevity and inflation? Because I hope to live longer, but I also know by living longer, things are going to cost more. And how do I leave a legacy if that's really important to me? Investments are components. A financial plan is really the architecture.

Of course, you talk about the one-of-a-kind financial plan all the time, Mike. What, what, but tell our listeners what makes it different.

It, it starts with this simple principle. No 2 lives are identical. 2 people may have the same account balance, but completely different pension structures, family obligations, health outlooks, or legacy priorities. So the plan must reflect the person. So we evaluate income sources. That is how much your Social Security would be and when's the best time to take it. Your pension, how to structure it. Is it, should it be just for your life or should it be for your life and a spouse's life? And then we structure investment withdrawal strategies. Should it be the bucket strategy? Should it be safe withdrawal? Should it be guaranteed income? So we look at those. Then we evaluate taxes. Because tax positioning is important. One of our clients, one of our prospects who came in from the radio show, had a financial advisor who told him, just budget 33% for taxes. When we analyzed his $9 million account and what his goals are, we were able to show him that the budget of 33% for taxes was 20% too high. He really only needed to budget for 13% if he executed the right income strategy. And then we evaluate risk tolerance and risk capacity. Like how much How well can you sleep at night if the market swings wildly? Then we look at your healthcare considerations. Like, what is your longevity? What does the end of the life look for you from a cost standpoint, but also a quality of life? And then finally, we look at how your estate plan aligns with all of that. See, the one-of-a-kind financial plan is comprehensive and also dynamic at the same time, because just as your life evolves, We want the financial plan to evolve with it.

Yeah, it's not a set it and forget it. It is completely fluid. Let's talk about income specifically. That's where the emotional shift happens, moving from growth to withdrawal, Mike.

See, many people who've accumulated assets their whole life, they fear that they're going to run out of money if they start taking some of those assets as income. But that's, but that's because that makes that transition uncomfortable. See, during accumulation, the goal is growth. As you contribute. In retirement, the goal shifts to sustainability and predictability. We looked at, uh, we, we look at structured withdrawal approaches, not as a fixed rule, but as a framework. We model different market environments. We examine what happens if returns are lower earlier in retirement. We look at the flexibility levers. Where can we adjust spending if needed? See, no strategy eliminates risk 100% of the time, but thoughtful modeling can improve preparedness and keep you out of, uh, out of the poorhouse in retirement.

Yeah. Get that one-of-a-kind financial plan that Mike was just talking about. Starts by picking up the phone and dialing this number: 800-748-1838. 800-748-1838. Or text the word IDEAS to 600-700. The show is a one-of-a-kind financial show with Mike Milligan. I'm Gary Nolan, your host. You mentioned flexibility a few times. So why is that so central?

Because retirement is dynamic. You're— the version of you at 65 is not going to want to do the same things as the version of you at 85. Just think about like the difference between age 25 and 45. You were different people. You're going to be different in retirement. Also, what happens is things you can't control, market shifts, tax laws change. Healthcare costs evolve, personal priorities adjust. A financial plan should not be a static document created once and placed in a drawer or put up on a shelf. It should be reviewed, adjusted, and refined regularly. That ongoing process is what transforms uncertainty into informed decision-making.

So for someone who's listening, Mike, and they're feeling kind of anxious, what, what do you say their first step should be?

Uh, well, step one is to call. There is a caring person on the other end of the line who you just haven't met yet and who's not going to try to sell you anything. I'm going to try to bring clarity to your situation, not fear-based decision-making, not reactions to headlines that are emotional. I'm going to bring clarity, a structured review that helps you understand what you've done well, where risk may exist today, what adjustments that can improve your outcomes, whether your income plan is sustainable. See, I'm going to be able to find the problems you're not even thinking about or the problems that you're consumed with and bring solutions to the table. And sometimes the outcome is simple reassurance that everything's going to be fine. Sometimes it's refinement. Sometimes it's a complete teardown and rebuild. But either way, informed decisions tend to reduce anxiety.

All right, Mike, we're up against the clock. Final thoughts. Tell us about the One of a Kind Financial Plan.

Well, this has been— the whole show today has been about how we can help people reduce fear and anxiety. The whole show exists for an educational purpose so we can help people here every weekend on the radio stations we are on to feel more comfortable that they can have the life they deserve, that unique life that's one of a kind. See, the one-size-fits-all world that exists in the financial space is profit over people. Your story gets lost in their system and your name is whittled down to an account number. Well, that's not what One Oak Financial is. One Oak Financial, one of a kind financial, is about you. It's about finding out why money is important to you, building a vision for what retirement is like, and then tackling the biggest risk you face: taxes, retirement income you can outlive, investment risk that's suitable and is best for where you are currently, a long-term care plan that takes care of the older version of you, and a legacy plan that says, I love you. Guys, I wrote the book on it. The One of a Kind Financial Plan. You could find it on Amazon. It's got a lot of great reviews on it. But more important than that is what I'd love to do is I'd love to build your personal one of a kind financial plan because you're unique and you live a one of a kind life.

Sorry, Mike, I cut you off there. We want to give our listeners the opportunity to review their individual plans for retirement. Folks, you can find out if there's any potential red flags that could cause problems down the line for you with your current planner advisor. Now, we want to make this accessible, so we're offering this consultation at no cost and no obligation. So here's that phone number: 800-748-1838. 800-748-1838. Or text the word IDEAS to 600-700. Do it right now. Mike and the team at Warnock Financial standing by, ready for your phone call this weekend. One more time before we take our final break: 800-748-1838. Or text the word IDEAS This is Mike Milligan.

That has been the One of a Kind Financial Show Daily for today. I appreciate the continued listenership that you, you bestow on us by coming back daily to hear retirement investing, legacy, emotional psychology tips, psychological tips when it comes to your money. If this brings value to you, I'd love for you to comment. what value that brings. I'd also love for you to check out the other media that we put together, the Ideas by Mike podcast, where just this week we launched an episode with Deidre Van Nest. Our recent guests have been Casey Shoen on tax strategy, Jill Schulman on the science of being brave, and Adam Dale, how fee-based financial planning works. And this the next leg, the next quarter century from 2026 to 2050. And just as a reminder, Ideas by Mike, doing business as One Oak Financial, is an unaffiliated entity of Advisory Alpha LLC, where I am an investment advisor representative. All opinions expressed by me and Gary on the One of a Kind Financial Show and on this daily podcast, the One of a Kind Financial Show Daily, are just those They're my opinions. This is for educational purposes only. Please do not use this to make education or to make financial or investment decisions on your own without consulting a financial professional. Thanks again for listening, and we will talk to you soon.

Be one of a kind with Mike's Plan. Innovation, growth, take a stand. Visibility, strategy, take the lead. Transformation's yours, fulfill the need. Mike's got the way. To help you rise and stay. Leadership impact you'll find in your one-of-a-kind mind. Be one of a kind, take the flight. Mike's the guide, you'll shine bright.