My 4-part retirement savings strategy is financial adviser-approved - Business Insider

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'I'm using four 'buckets' to stash my retirement savings because I've learned that having more than one retirement funding stream is key to my financial stability'

term life versus whole life insuranceAll four of these types of accounts are tax-deferred. That means that you can receive a tax deduction for contributions to 401s or traditional IRAs. But when you withdraw from those accounts at retirement, you'll pay taxes then.Another bucket for retirement savings is taxable investment accounts. With a taxable account, you pay taxes as you go.

Generally, you should maximize tax-exempt and tax-deferred accounts before you worry about taxable accounts. That is because for most people it will be more advantageous to either get a tax deduction now or be tax-exempt when withdrawing. However, most tax-exempt or tax-deferred accounts have either income or contribution limits. So depending on your financial situation, you may have more money you want to save than you're able to contribute to one of those accounts.

One type of taxable account would be liquid savings accounts, such as where you might have your emergency fund. While you would want to keep your emergency fund separate from your other taxable investment accounts, you do pay taxes on any gain or interest you get from your savings.The final bucket where I have some of my retirement savings is in real estate. I have three single-family rental homes as well as three small commercial buildings. Each of these has a positive monthly cash flow.

In addition to the monthly cash flow, these properties should hopefully appreciate in value. Most importantly, the income and appreciation that comes from these properties is not tied to the stock market. So if I need cash in retirement during a stock market downturn, I have the ability to sell or do a

 

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As it turns out, all my buckets have holes in them.

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