Hank Parrot - Seven Steps to Financial Freedom in Retirement

Contents

Additional Praise for

Seven Steps to Financial Freedom in Retirement

As Hank Parrotts accountant for many years, I unequivocally trust him to provide financial planning services to our firms valued clientele. Time and time again, not only does Hank deliver extremely well planned and executed strategies that are always tailored to each clients individual situation, he also dedicates the kind of time and attention required to ensure he reaches, or even exceeds, his clients distinct financial goals.

Friday Burke, Ph.D., Williams, Williams & Williams

Those with IRAs can benefit from a professional like Hank Parrot who, as a member of Ed Slotts Elite IRA Advisor Group, understands the many complexities of this investment option and can evade the many costly, though avoidable, mistakes made all too often by well-intentioned financial planners. I know Hank goes the extra mile to safeguard and service his clients, having myself witnessed his commitment to staying current on the ever-changing and notoriously confusing IRA market. He is also incredibly adept at identifying the best financial planning solutions and strategies suited for each of his clients unique needs.

Ed Slott, CPA, Founder of Ed Slotts IRA Leadership Program and Ed Slotts Elite IRA Advisor Group

They dont come any more solid than Hank Parrott. I have had the honor of working with Hank for many years, and have always valued his high level of ethics, deep understanding of financial principals, and his genuine concern for the welfare of his clients.

Dennis Brown, M&O Marketing

In a society where buyer beware still holds trueparticularly when ones finances are at stakeHanks thoughtful, methodical, and highly personalized approach exemplifies retirement-based financial planning at its best.

Kathleen Calligan, CEO, Middle Tennessee Better Business Bureau, Host of the Consumers Edge television program

As an independent representative of The Estate Plan Advisor Network, the nationally recognized, leading authority on living trusts, Hank Parrott is uniquely qualified to offer his clients the most proven effective estate preservation programs available working in conjunction with an estate plan licensed attorney. Through his professional affiliation and continued education with this venerable industry organization, Hanks clients benefit from an impeccable reputation for success and vast field experience as it relates to living trusts and overall estate planning.

Henry W. Abts III, Founder of The Estate Plan

Hank, like me, strives to provide unsurpassed service to his clients, knowing that traditional investment methods commonly employed by financial planners are shrouded in mythor otherwise fall short. His integrity, diligence, and commitment to securing his clients financial future is palpable, as is his dedication to applying the most proven intelligent investing strategies that minimize portfolio risk and volatility, and achieve the clients goals in the shortest order possible.

Mark E. Matson, Financial Planning Expert, Speaker, and Author

I highly recommend the services of Hank Parrott to anyone. His knowledge of estate planning techniques and willingness to patiently shepherd each and every client through the complicated process guarantees positive results for the benefit of his clients.

Russ Cook

Copyright 2011 by Hank Parrott. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

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Library of Congress Cataloging-in-Publication Data:

Parrott, Hank.

Seven steps to financial freedom in retirement / Hank Parrott.

p. cm.

Includes index.

ISBN 978-1-118-09528-7 (hardback); 978-1-118-11187-1 (ebk); 978-1-118-11188-8 (ebk); 978-1-118-11189-5 (ebk)

1. Retirement income. 2. Finance, Personal. 3. Estate planning. I. Title.

HG179.P238 2011

332.024'014dc22

2011012857

To my mom: Some of my earliest and fondest memories are of sitting together with you reading.

You taught me to read before I ever attended school and instilled a love of books and learning that has enriched my life beyond measure.

You lived a hard and all too short life, but I see evidence of your love every day. Not a day goes by that I dont think of you and the lessons you taught me.

Introduction

Learn from the mistakes of others; you cant live long enough to make them all yourself.

Eleanor Roosevelt

I believe there are clues in the past that can help us make more sense of our fast-moving, ever-changing, present-day world. Studying the past can also help us more effectively and realistically plan for a better future. Is it possible that some commonly held beliefs from the past that still influence how we plan today are based on paradigms that are no longer valid? Could you in fact be sabotaging your retirement and the financial future of your family by pursuing strategies based on beliefs that may no longer apply? The following anecdote illustrates this principle.

A young bride was preparing a pot roast for dinner. As her husband watched, she carefully cut the ends off the roast before putting it in the roasting pan and placing it in the oven. Her husband asked her, Why did you cut off the ends of the roast? She replied, I dont knowthat is the way my mother taught me. The young woman then called her mother and asked her why she always cut the ends off the roast before putting it in the roasting pan. Her mother replied, I dont knowthat is the way your grandmother taught me. The young woman then called her grandmother and asked her why she always cut the ends off the roast. Was there some special cooking secret that made for a better roast when you cut the ends off? Her grandmother replied, No, it was because my roasting pan was too small for a full roast.