Troy Sharpe
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episode 5: Retirement Success Plan: Building a transition from accumulation to distribution
In the latest episode, Troy Sharpe of Oak Harvest Financial Group and Cory Clark discuss how he guides clients into building a Retirement Success Plan that plans the transition from asset accumulation to asset distribution.
Troy shares what he calls the "light bulb moment," when clients realize the gravity of how consequential retirement distribution decisions are, and he shares his unique Retirement Success plan, breaking it down into five crucial steps. After defining what retirement success means to themselves, the first is working on investment allocation based on risk capacity versus risk willingness. Step two is income planning while step three is the tax plan, the intricacies of which can be overlooked, and some financial advisors do not get into. Step four is healthcare planning, a critical aspect often underestimated. Estate planning is the fifth and final step, wherein working with client attorneys is integral. Troy shares how guiding clients to both build and stick to this retirement success plan through market anomalies such as COVID can be practically managed.
Troy encourages us to remember, however, that these steps are not a one-time deal; retirement plans are dynamic and require continuous monitoring and adjustments to ensure a secure future. Join us as we explore these vital aspects of retirement planning on this insightful episode of Finance Lab!
Listen to full episode:
Key Moments:
00:47: Today’s topic is building a retirement success plan and features Troy Sharpe of Oak Harvest Financial Group.
01:56: Hear how Troy defines what he calls the “lightbulb moment.”
04:16: Troy argues that successful retirement is not a one-size-fits-all situation, and he gives a broad overview of his first step.
05:47: The second step involves income planning.
06:13: Troy’s third step involves the intricacies of tax planning.
07:20: Learn about the fourth step: healthcare planning.
09:07: Understanding financial and emotional risks is crucial for stability and informed decisions.
10:52: Troy shares how Oak Harvest focuses on capacity and willingness.
13:01: Cory adds that navigating risk capacity and willingness is crucial, and balancing math and personal comfort is key.
14:01: Troy makes the case that understanding risk capacity is vital, preventing financial jeopardy in retirement.
16:05: Learn about the importance of balancing risk.
17:39: Troy discusses how monitoring risk dynamics is crucial.
19:49: Retirement assets should generate income, not just growth.
21:30: Troy encourages us to consider spending habits, Social Security, and diverse tools.
24:51: How does a retiree avoid paying taxes that don't have to be paid?
27:38: Troy details how to optimize retirement income.
32:11: What does the consideration of healthcare look like in retirement planning?
34:47: Cory adds that we should plan for post-retirement assets by considering tax protection, control, and legacy distribution strategies.
36:03: Coordinate with attorneys, addressing risks like divorce, ensuring assets pass to intended beneficiaries.
38:32: Troy leaves us with an insightful comparison to golf.
About Troy Sharpe, CFP®:
As CEO, Troy is responsible for the vision, execution and delivery of services at Oak Harvest Financial Group in Houston, Texas. He is the creator of the firm’s Retirement Success Plan (RSP), which is a customized blueprint for coordinating investments, income, taxes, health care and estate planning into a comprehensive plan of action and timeline.
Troy is a CERTIFIED FINANCIAL PLANNER™ Professional (CFP®), Certified Private Wealth Advisor® (CPWA®) and Certified Tax Specialist® (CTS®). He holds a Series 65 Investment Advisor license and a Texas life insurance license.
Troy earned his finance degree from Florida State University and completed his Certified Financial Planning certification at the Susanne M. Glasscock School of Continuing Studies at Rice University. He then completed his CPWA® coursework through the Yale School of Management. The CPWA® certification is administered by the Investments and Wealth Institute.
You can hear Troy at 12 p.m. each Sunday on NewsRadio AM740, KTRH in Houston, TX, when he hosts The Retirement Income Show®. And you can see Troy on our Oak Harvest YouTube page. There, he regularly shares videos to help educate clients and prospective customers on the basics and the nuances of retirement planning, estate planning, income generation, tax strategies, investment management and more.
Troy spends his free time golfing, cooking, reading and relaxing. He is also a big supporter of many charities in the local Houston area that share similar values, with a focus on faith, family and children.
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