Financial Symmetry: Cluing You In To Financial Opportunities Missed By Most People

Claiming Social Security as soon as you become eligible at age 62 is a common choice for Americans. While understandable, this decision can have significant, and often underappreciated, long-term consequences. For many, the urge to claim early may stem from financial necessity, lack of other income sources, or simply a desire to “get what you've paid for.” However, claiming early can reduce your benefit by as much as 30% compared to waiting until your full retirement age (typically around 67). If you are in the fortunate position of having other income sources, such as a pension, 401(k), brokerage accounts, or IRAs, delaying Social Security becomes a viable strategy. This moves the decision away from immediate need and toward maximizing lifetime income, building multigenerational wealth, and supporting charitable or legacy goals. Outline of This Episode [00:00] Most Americans claim Social Security at 62 due to a lack of other income, but those with additional resources or financial advice might delay claiming for long-term wealth planning. [04:16] Consider life expectancy in financial planning, especially for married couples. [08:56] Evaluate claiming benefits at different ages to optimize long-term financial outcomes, considering life expectancy and age gaps between spouses. [11:38] Social Security benefits, combined with other income, affect your tax bracket. [16:00] It's important to integrate Social Security decisions into your broader retirement plan, considering income sources, tax liabilities, legacy goals, and timing. [17:18] Retirement tax decisions are complex, involve varying tax rates, and impact Social Security timing strategies. ***********

Chad and Mike break down the major moves in US and international markets from the past quarter, revealing why diversification works unexpectedly. They chat through the impact of recent tariff news, what those headlines might mean for the economy and your portfolio, and share evidence-based strategies for taking action (or not!) when markets get rocky. Outline of This Episode [0:00] Major moves in US and international markets from the past quarter [4:22] The benefits of diversified portfolios  [9:15] Trade deficit and tariffs explained [9:54] Tariffs impact product prices, and consumer costs increase  [13:03] Historic tariff surge of 22% shocks the stock market [16:27] Top Tech Chart Insights [20:39] Interest rates are expected to decline, making equities better for long-term growth ***********

Market volatility is never comfortable, but with the right mindset and a thoughtful plan, you can face downturns not as a victim, but as an opportunist. On this episode of the Financial Symmetry Show, we're sharing our advice on managing your finances amid turbulent markets and giving you a helpful checklist to guide your decision-making when headlines make your stomach flip. Outline of This Episode [0:00] We discuss the importance of planning, reviewing its steps, and controlling expectations during unforeseen events. [4:29] Evaluate income, expenses, job security, income sources, and potential risks in financial planning. [7:14] Consider delaying major purchases or expenses if income is uncertain. Assess whether postponing could increase costs or cause issues. [12:53] Prepare for significant financial events that may impact your portfolio, like downsizing a home or receiving a large sum. [14:17] Evaluate your portfolio by considering your stock choices. [17:32] Avoid panic selling stocks, which often leads to long-term financial regret. [22:50] Take informed action for peace of mind; mindset and planning are key. ***********

Tax planning might not top everyone's list of leisure activities, but in the middle of tax season there's a hidden opportunity. What if, instead of seeing it as a mere logistic hurdle, we embraced it as a moment to refine our financial strategy?  ***********

What if your retirement lasts much longer than you anticipated? Increasing life expectancies have reshaped our understanding of retirement and financial planning in recent years, and we'll likely become more concerned about effectively managing financial resources throughout a potentially very long life in the future.  In this episode, we're sharing some insights gleaned from a recent industry conference focused on the impacts of longevity on retirement planning. There's a growing need to rethink how long you'll need your savings to last and how you approach your investment strategies to accommodate potentially decades more of life.  We're discussing the intriguing idea of a 150-year lifespan and the emergence of cutting-edge longevity research and how this thought-provoking information challenges our traditional views on aging and needs us to rethink traditional financial planning strategies.  Whether it's reimagining retirement careers or evaluating the future of medical advancements, we have to align our wealth span with a potentially extended health span. Join us as we unravel the financial implications of living longer and healthier lives. ***********

We're spotlighting women's wealth in honor of International Women's Day and Women's History Month. Join us as we dig into some of the stats surrounding women's financial empowerment. From the rising number of women controlling wealth as they outlive their spouses to tackling stereotypes that hinder women's earning potential, this episode addresses the systemic barriers that impact women's financial journeys.  Outline of This Episode [00:00] Women are increasingly managing wealth due to rising life expectancies, career earnings, and control over family finances [04:27] Participation in sports builds confidence, teamwork, and leadership. Parents and leaders should encourage girls to stay active in sports [07:24] Empower women by sharing domestic responsibilities and reconsidering biases to help reduce poverty [10:32] Despite choices for part-time or flexible jobs, women still earn about 8% less than men for the same roles.  [13:04] Women's earnings and potential often decrease when they become mothers, despite studies showing they are more productive than childless women [16:12] Men interrupt women 33% more than they do men, reflecting cultural norms of power and connection in communication [19:53] Prioritizing women's education and economic advancement benefits entire communities

Four categories are recognized under current regulations to qualify as an Eligible Designated Beneficiary (EDB). These include the surviving spouse, minor children of the decedent, a disabled or chronically ill individual as assessed at the time of the decedent's passing, and other individuals who are no more than ten years younger than the deceased account owner. If you fall into one of these categories, you'll be afforded more time and flexibility than Non-Eligible Designated Beneficiaries. This is due to recent regulatory changes, underscored by The Secure Act, altering the landscape of inherited IRAs. Outline of This Episode [00:00] The complexities and benefits of being an eligible designated beneficiary (EDB) for inheriting an IRA. [03:34] Eligible designated beneficiaries have two key advantages: more time and flexibility in inheritance. [08:21] Withdrawing from an IRA before age 59 incurs a 10% penalty and income tax; RMDs depend on age, starting at 73 for most people. [10:10] The stretch IRA avoids a 10% penalty by basing RMDs on life expectancy.  [15:46] Timing distributions strategically can reduce tax liability. Wait until retirement to avoid high tax brackets.  [18:01] Evaluate options carefully when inheriting an IRA, considering tax implications and future changes. ***********

Investing can often feel like riding a rollercoaster of exciting highs and daunting lows. This week, we're digging into the intricacies of the financial planning process, focusing particularly on the importance of understanding market trends and the role diversification plays in safeguarding your wealth. Outline of This Episode (03:08) Investing with diversification mitigates risk; US stocks average 10% annual returns over the long term but vary yearly. (08:39) US and China stock market gains were largely driven by speculative buying, with US stocks being pricier than international and small stocks. (12:07) Tech stocks are currently overvalued, reminiscent of past market bubbles (15:57) Bonds have a stable 5% return, but cash rates are volatile and are expected to drop to 3.9% this year. (17:37) Despite acknowledging the unpredictability of the future, experts from BlackRock, JPMorgan, Schwab, and Vanguard forecast international markets to outperform US markets over the next decade. (20:01) Diversification guards against risk and helps investors achieve their goals ***********

Retirement, often portrayed as a glorious era of freedom and relaxation, has its own set of challenges beyond the financial arena. This week, we're exploring the psychology behind retirement and discussing the four phases retirees go through.  Vacation/Honeymoon Phase: The initial euphoria of not having to set an alarm. Loss Phase: Often associated with disenchantment as the honeymoon phase wears off. Trial and Error Phase: Trying out various activities to find what gives life meaning. Reinvent and Rewire Phase: Adding a new sense of purpose and joy from activities outside oneself. The excitement of retirement can last about a year. The dreamy honeymoon phase is great, but when reality sets in, it can be tough. The transition takes time and usually involves emotional highs and lows as retirees grapple with their newfound freedom while trying to preserve their sense of identity, purpose, and routine.  ***********

As the holiday season approaches, many of us find ourselves thinking about gifts. While gifts can come in many forms, monetary gifts often cause the most confusion. In this episode of Financial Symmetry, hosts Chad Smith and Grayson Blaszak discuss the intricacies of financial gifting.  Financial gifting generally involves transferring assets, such as cash or securities, from one individual to another without expecting anything in return. This process can have several benefits, including seeing your loved ones enjoy the fruits of your generosity during your lifetime. Outline of This Episode [03:38] Individuals can gift up to $18,000 per recipient annually (increasing to $19,000 in 2025) without it being taxable or reportable. [05:17] The tax implications of paying off a loved one's credit card or bills. [06:16] Steps to take if you're making a big gift, such as a home down payment and how to manage the gift tax return. [12:28] Transferring securities can help recipients save and invest more effectively, benefiting from fund growth and potentially minimizing tax burdens when in a lower tax bracket, enhancing wealth transfer and legacy planning. [13:43] Giving to 529 plans and how to fit that into your strategy. [16:02] Payments to medical providers or educational institutions on behalf of a loved one are not taxable gifts, provided they are paid directly. [17:57] Plan carefully to balance wealth stewardship and gifting, ensuring personal financial stability while providing meaningful support to loved ones.  Resources & People Mentioned Grayson Blazek on LinkedIn  The Retirement Podcast Network Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Have you ever been in the middle of a road trip, and you come upon a roadblock where unexpected traffic adds a half hour or more to your journey?  Similar frustrating circumstances pop up in the years just before and just after retirement. During this new life transition, you are forced to confront retirement roadblocks, and if you don't know how to maneuver around them, it can leave you feeling stuck. In this episode, we discuss 3 retirement roadblocks you may encounter along your retirement journey. Think of these tips as your GPS to make it easier to navigate around the retirement roadblocks you will inevitably face. ***********

Early retirement has unique financial planning challenges, particularly regarding health insurance and tax strategies. For people who retire before age 65, the challenge of finding affordable and adequate health insurance adds another layer of complexity to their financial plans.  Outline of This Episode [04:32] Considering Roth conversion for potential tax benefits [09:07] Rules around qualifying for ACA in 2025 [12:36] Early retirement may offer a low-tax window for Roth conversions, potentially reducing the lifetime tax burden [15:49] Consider long-term planning, not just immediate tax impacts, for decisions like Roth conversions [18:44] Roth conversions are typically completed at year's end to account for unexpected income changes affecting ACA MAGI estimates.

An inherited IRA is essentially an IRA received by a beneficiary after the original owner passes away. Whether it's a spouse, child, or another loved one, the key characteristic of an inherited IRA is that it transitions ownership upon death.  As Grayson Blaszek explains, the funds are transferred intact, but the way you handle and withdraw these funds comes with specific rules and timelines. Grayson and Matthew dig into the new rules in this episode.  ***********

Investing can feel like a battle between two polar opposites within us, the rational and the emotional, just like the classic story of Dr. Jekyll and Mr. Hyde. This week, Dr. Jekyll and Mr. Hyde are our model investors, and we're talking you through the spooky story of the risks, emotions, and rational strategies involved in long-term investing.  ****

Reaching your financial goals builds confidence and peace of mind, which are essential for making informed decisions that benefit your entire family. In this episode, we're following a fictional pop culture couple from newlywed to pre-retirement, to demonstrate how their thought process around an emergency fund could evolve with their changing circumstances. Join us as we lay out a case study of planning that helps them balance their accessible wealth with a healthy emergency fund. ****

Retirement, a phase many of us anticipate for a long time, comes with its own set of financial intricacies. Specifically, how do you effectively withdraw funds from your savings to ensure a comfortable, sustainable, and tax-efficient lifestyle?  A well-crafted retirement blueprint is essential. This plan should outline your long-term goals and the steps needed to achieve them. More importantly, your financial plan should be flexible enough to accommodate life's unexpected expenses, such as healthcare costs or home repairs. Revisiting and updating your blueprint annually—or when significant life changes occur—can help ensure you stay on track. In this episode, we're sharing the essential steps to develop a retirement withdrawal plan that caters to your needs. We dig into which accounts to draw from, how to minimize taxes, and how to manage unexpected expenses. You'll also learn about advanced strategies like Roth conversions, tax-loss harvesting, and the benefits of Qualified Charitable Distributions and Donor-Advised Funds. Outline of This Episode [5:06] Your options for retirement tax strategies [8:32] Utilize early years to make strategic financial moves [11:30] Plan your retirement for peace of mind [17:12] Lower RMDs with Roth conversions and reduce the tax impact [19:42] Consider tax loss harvesting, capital gains, heirs' basis [21:30] Use a QCD to reduce taxable income [26:12] Exploring blind spots in retirement withdrawal strategies  Resources & People Mentioned The Retirement Podcast Network Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Retirement planning is a delicate process, and you need to carefully consider your various income streams, including Social Security benefits. For those of us who plan to continue working while claiming Social Security, it's important to understand how this decision can impact the monthly benefits you receive.  In this episode, we're sharing how to avoid financial shocks in retirement. We discuss the essentials of earned income, the reduction in benefits due to excess earnings, and specific scenarios such as spousal and ex-spouse benefits.  Outline of This Episode [1:08] Social Security benefits may be impacted if you work while claiming [04:27] How retirement financial planning strategies vary by individual circumstances [07:17] Earnings affect Social Security benefits before retirement [11:51] Your spouse's income doesn't affect your Social Security [15:18] SSA withholds payments until excess income is accounted for [18:44] Social Security timing advice [20:04] Seek financial advisor help to make an educated decision about retirement  Resources & People Mentioned How Is My Social Security Benefit Calculated? - Financial Symmetry, Inc.  SSA - Social Security in retirement  The Retirement Podcast Network Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

We all have visions of our ideal retirement. However, our financial plans can quickly veer off course if we haven't appropriately managed our risks.  On this episode of Financial Symmetry, Greg Suggs from Greg Suggs Insurance joins me to discuss how to manage common risks that could negatively affect your wealth. You won't want to miss out on these easy-to-implement pieces to your insurance puzzle that could save your assets. Outline of This Episode [1:23] A bit about Greg [2:09] Biggest changes in insurance over the past 30 years [5:12] The biggest risks for homeowners [11:11] Common mistakes homeowners make [14:33] What to think about if you are considering a second home [17:21] What to consider if you own a rental property [19:00] Automobile insurance for young drivers [23:22] What about insurance for gig work? [25:37] How to lower your insurance needs Resources & People Mentioned The Retirement Podcast Network Greg Suggs Insurance

How do you begin to save for your children to go to college? With the rising costs of college education, is it worth the monetary commitment?  Including tuition & fees, room & board, books & supplies, etc. the average cost of college is anywhere from $27,000 for an in-state public school up to $80,000–$90,000 a year for an Ivy League School. How you pay for your student's college is one of the most important financial decisions you'll ever make. In this episode, we cover the three phases of saving for college and what you need to pay attention to in each phase.  Outline of This Episode [1:53] Why college? Is it necessary?  [2:41] Average cost of college [4:42] Phase #1: The Saving Phase  [10:02] Phase #2: Preparing for college [20:44] Phase #3: In-college strategies  [22:57] Summarizing the big points  Resources & People Mentioned The Retirement Podcast Network Social Security – Lifetime Earnings of College Graduates Morningstar – How to Choose a 529 Plan The FAFSA Application IRS – American Opportunity Tax Credit (AORC) IRS – Lifetime Learning Credit Independent Education Consultants Association US News – Qualified 529 Expenses Charles Schwab – 529 to Roth Rollovers

Some problems are easily solved with a bit of reasoning, logic, or by using a bit of math. Other problems go beyond quantitative thinking.  The most thought-provoking issues aren't numbers-based. Many decisions surrounding retirement require much deeper consideration and often cause you to reevaluate your thinking of what you had originally imagined retirement to be. In this episode, you'll learn how to identify “wild problems” people face when retiring and develop a framework for working through them.  Resources & People Mentioned Show Notes  The Retirement Podcast Network BOOK - Wild Problems by Russ Roberts BOOK - The New Retirementality by Mitch Anthony BOOK - Thinking Fast and Slow by Daniel Kahneman

One of the retirement questions that persists through the ages is whether to take a pension or a lump sum payment. On this episode, we flesh out an example from baseball: Did Bobby Bonilla Day make the right decision back in 1999 to take $1.2 million per year instead of a $5.9 million lump sum payment? Seeing this example play out over time can help you make your own pension vs. lump sum choice. Listen to find out whether Bobby hit a home run with his financial decision.  ___________________ Show Notes The Retirement Podcast Network  

What if you had a magic app that told you how much of your net worth you never got to spend at the end of your retirement? The trouble with planning for retirement is all the uncertainty, however, proper planning can help. In this episode, Cameron Hendricks joins me to discuss how you can learn to spend more in retirement.  Outline of This Episode [0:50] We need to talk about your retirement spending [1:55] What if you had an app that told you how much of your net worth you never got to spend? [10:25] Why it's important to have a retirement withdrawal strategy [18:55] Our takeaways Resources & People Mentioned Show Notes The Retirement Podcast Network We need to talk about your retirement spending    

Have you considered how your instincts influence your decision-making around retirement planning? Our natural instincts and biases create frameworks that lead our perspectives on how we think the world works.  These frameworks influence our decisions surrounding our financial decisions.  On this episode of Financial Symmetry, we discuss how to build prosperity by analyzinging and identifying your perspective. Listen in to learn 10 instincts identified by the book Factfulness and what you can do to combat the biases they lead to.  Outline of This Episode [0:50] Our article of the week [1:58] Your instincts influence your decision making [5:41] Why are we worried about the current situation? [7:13] Combatting the gap instinct [10:36] The negativity instinct [16:10] The fear instinct [10:18] Size matters [23:56] The generalizing instinct [26:10] Destiny instinct [29:23] Who's to blame? [31:05] The urgency instinct Resources & People Mentioned Show Notes The Retirement Podcast Network Gapminder BOOK - Factfulness by Hans Rosling Episode 209 - 5 Reasons to Consider Investing in More Than the S&P 500 BOOK - Making Numbers Count by Chip Heath BOOK - Super Communicators by Charles Duhigg  

Today we're diving in to a specific path that many retirees consider as they move away from the “corporate” world and enter their second act – which is starting a business. With increased life expectancy, cost of living increases and a desire for continued fulfillment, many retirees are excited to begin a new experiment in an area they are passionate about. Some surveys show the proportion of people starting businesses at ages 55 to 65 has increased in recent years and, at one point, even surpassed the typical entrepreneur age group of 25- to 35-year-olds. So today we're speaking to those currently operating sole proprietorships and single-member LLCs OR those considering starting their own business. We're going to shine the light on the S Corp business type and provide some details on why this could be an opportunity to explore. Outline of This Episode [0:55] How to know when you have enough [2:09] Starting a business in retirement [6:02] Why it's important to understand what an S-corp is  [10:10] An example  [14:54] The downside of the S-corp ****

Now that you have made it through the retirement danger zone, you have made it to the Arrivement phase of retirement. You may be wondering, what are my next steps? This season can be full of opportunities and connection with those you care about. At this point in your life journey, you may face some difficult decisions around relocating or how best to spend or give the wealth you've worked hard to accumulate. Listen in to hear about the financial and tax moves that we see most commonly used during the middle years of your retirement.

Have you thought about retiring abroad? Oftentimes when we think of retirement, we think about sunny beaches with crystalline water shimmering in the sunshine. Could this or some other idyllic vision be your future?  The realities of retiring abroad can be exciting, but at the same time overwhelming. Complex financial strategies need to be considered before grabbing your passport and setting off for the unknown.  In this episode, we discuss seven crucial financial considerations that you'll need to keep in mind if you are interested in retiring abroad. Outline of This Episode [0:36] Overcoming frugality in retirement [2:15] More people are retiring abroad [3:44] Put together a blueprint of what life will look like for you [5:00] Dealing with finances [6:53] Dealing with taxes [8:40] Dealing with investments [10:32] Dealing with real estate [12:24] Dealing with healthcare [13:41] Dealing with estate issues ****

If you are retiring soon, you've most likely wondered if your asset allocation is too risky. Some have called the period just before and after retirement the Retirement danger zone as it's a time where understanding how you should be invested matters for your long-term financial success. After years of great returns in tech and large cap US stocks, many retirees could have bigger risks present in their allocations than they realize. In today's episode, you'll learn why sequence of return risk has been called the retirement danger zone and how to prepare for it within the context of your retirement plan rather than by planning by generalized rules of thumb. Resources & People Mentioned Show Notes DOWNLOAD our guide to "Retire on Purpose" Retirement Podcast Network

So many of us will be hoping for no tax surprises when preparing our tax returns this year.  This is why we want to provide you with a list of common tax surprises to watch for. After working with hundreds of clients to prepare their tax returns, we're sharing the latest tax surprises we see that could be helpful to know when completing your tax return this year. Outline of This Episode [0:42] The Slott Report [2:39] Inheritance surprises [6:51] Credit card rewards [8:10] Interest income increases [10:54] Income earned in different states [12:32] 1099Ks [14:14] Underwithholding from your W4 [15:56] Forgotten statements [17:32] Double taxation on the Backdoor Roth [19:49] Underpayment penalty [21:14] The K1 for small business owners ****

Retirement can hit us with numerous curveballs. One of those could happen right out of the gate–being forced with an early retirement.  We all know that layoffs are part of the corporate landscape. While they are commonplace, when you are faced with one later in your career it can cause you to reevaluate your financial situation.  In this episode, we discuss your options if you are laid off and how they fit in with your financial plan, your tax plan, and your 401K. ****

While most of our listeners are in or on the cusp of retirement, many have loved ones who are earlier in their careers. Often we get questions on how our listeners and clients can help their younger family members make better financial decisions.  As we celebrate International Women's Day with this episode, you'll meet our newest CFP, Niamh Douglas. Niamh and Allison discuss some tools and strategies to help young people who are just starting out get off on the right financial foot. Resources & People Mentioned Episode 189 - Smart Financial Decisions for Recent College Graduates 9 Retirement Surprises The Retirement Podcast Network 3rd Decade LadiesGetPaid.com BOOK - Simple Wealth, Inevitable Wealth by Nick Murray BOOK - Peaceful Prosperity by Laura Redfern  

Many who approach retirement view it as the ultimate goal, but you could have 30+ years to experience the retirement you've worked to build.  While much of retirement planning is focused on the numbers, people often fail to intentionally plan out how they'll spend their time. In this episode, we explore some common retirement pitfalls and then ten stepping stones to help us overcome challenges you might encounter. ****

Many investors have been tempted to invest more, if not all, of their portfolios in the S&P 500 given the incredible run it's had over the last decade. But today we are talking through five reasons why you should consider not making a concentrated investment only in the S&P 500.  Don't let recency bias rule your decision-making on the road to your ideal retirement. ****

One of the biggest financial disasters that people can experience in retirement is divorce. On this episode of Financial Symmetry, Grace Kvantas chats with licensed marriage and family therapist, Lesli Doares. Lesli shares warning signs to look out for, misconceptions about keeping finances separate, and why couples should seek marriage counseling in retirement. Your marriage affects every aspect of your life. Listen in to learn how you can improve it.  ****

If you have rollover IRA accounts and want to make a backdoor Roth IRA contribution, this episode is for you. There are several steps involved to handle this strategy in the right way including understanding how you roll the IRA accounts to your 401k. Today we walk through five considerations you should think through before you implement a strategy to complete your Backdoor Roth contributions. ****

In our usual episodes, we aim to arm you with a particular insight or strategy that can help you inch closer to your ideal retirement.  But, with todays show, we want to close the year by providing a list of 15 surprising financial facts about the year that you could share in a conversation with a friend or family member. We also pay tribute to the great investor Charlie Munger, by providing a few of our favorite Mungerisms. As you begin your 2024, we thank you all for listening and sharing our show. We look forward to continuing to provide you with helpful steps on your journey to reach an ideal retirement   ****

If you are planning on retiring before age 65, there is no doubt that you have had this question. What do you do about health insurance?  In the United States, the health insurance landscape is ever-changing and takes quite a bit of planning.  Many people even feel anchored to their jobs because of the prohibitive costs of health insurance. However, there are options for healthcare before age 65. Listen in to discover what your options are and what you should be doing to plan for this complicated aspect of early retirement.  Outline of This Episode [2:44] COBRA [8:04] Using your spouse's plan [10:58] The healthcare exchange [17:57] On choosing more than one option Resources & People Mentioned Episode 204 - 10 Tax Planning Opportunities You Don't Want to Miss

Taking advantage of tax planning opportunities before year-end may benefit you this year while also lowering your lifetime tax rate.  Paying more taxes now to lower your lifetime tax rate may seem unconventional, but if you are serious about building wealth, this episode may include a strategy for you. Listen in to hear ten tax strategies you could use on the path to your ideal retirement.  ****

On your journey to reach your ideal retirement stock options can be a valuable tool to have in your arsenal. However, it's easy to make mistakes with them since it's not like there's a class in high school that helps us learn about them. There are many things to consider with stock options: the different types, timing deadlines, tax consequences, and the leverage involved. Since it is such a complex topic, many people tend to push the options to the back of their minds and forget to come back around to consider them and they miss out on a valuable opportunity to increase their wealth.  If you have been offered stock options with your company, you'll want to educate yourself about them to avoid the pitfalls and maximize this valuable benefit.  Join Mike Eklund and me to hear a high-level view of 8 common stock option mistakes to avoid.  Outline of This Episode [2:20] What are stock options? [5:00] The difference between NQSO and ISO [6:41] Common stock option mistakes [20:10] What you should consider Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play

There's so much we can overlook with retirement plans. Here at Financial Symmetry, we are constantly finding ways to help you be aware of retirement opportunities and rules and improve your wealth.  On this special Halloween-themed episode of Financial Symmetry, Allison has come up with some retirement plan horror stories to spook you. Listen in to ensure that these horrors don't ruin your retirement plans.  Outline of This Episode [1:42] Zombie plans [5:02] Orphaned accounts [7:37] Bitten by technicalities [15:32] The monster mash [23:30] Frankenstein plans [28:52] Learn how we can help Resources & People Mentioned Episode 200 - Should I Roll Over My Retirement Account to an IRA? Ed Slott Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

If you are a long-time listener you know that we like to go through the nuances of financial planning that may be valuable to you.  In this episode, Allison and I take a look at net unrealized appreciation (NUA). Listen in to learn what it is, who could benefit from it, and the benefits and pitfalls of using NUA. You won't want to miss out on hearing one of our classic fictional case studies involving Freddie Krueger. Press play to hear if you could benefit from using NUA. Outline of This Episode [1:20] What is net unrealized appreciation? [3:45] A case study [8:40] The four triggering events [11:15] Benefits of NUA [15:44] The drawbacks Connect With Chad and Allison https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

When it comes to the question of rolling over a 401K or 403B to an IRA, many people fear making mistakes. It's true, that retirement account mistakes can be costly. On this episode, we'll explore the options you have, the factors to consider, and the reasons you should and the reasons you shouldn't roll over your employer-sponsored retirement account. Outline of This Episode [3:15] The 6 options you have when you separate service  [8:01] Factors to consider [13:54] Reasons to roll over [20:45] Reasons not to roll over Resources & People Mentioned BOOK - Making Numbers Count by Chip Heath Episode 85 - Unlocking the Secrets to a Successful 401k Rollover Episode 170 - Choose Your Own Retirement Adventure – The 4 Types of Retirement Journeys Episode 182 - How Changes to the Secure Act 2.0 Could Affect You Episode 196 - Are You Making These IRA Beneficiary Mistakes? Connect With Chad and Allison https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Investing is simple but not easy. To that end, what are the impacts if you do a poor job managing your investments? Several studies from Vanguard and Morningstar have attempted to quantify how behavioral coaching can impact your savings. The numbers settle around 1.5-2%/yr. That may not sound like much, but could equate to millions of difference over 30+ years of savings.  On this episode, we continue to explore the benefits of the wealth management relationship. If you haven't listened to the first part you can find it here.  Resources & People Mentioned Episode 198 - The Benefits of a Wealth Management Relationship – Part 1 Episode 177 - 10 Investing Principles: The Fundamentals That Guide Your Investing Decisions Episode 164 - Your Game Plan for Volatile Markets Episode 118 - Do You Ask These Questions When Selecting Investments? Episode 165 - Why You Need a Professionally Prepared Estate Plan Episode 176 - Estate Planning Tales from the Crypt Episode 194 - How to Optimize Your Estate Plan with Adam Tarsitano *****

Many people who reach out to a financial advisor simply seek help creating a financial plan. A financial plan can get you on the right path to financial freedom. However, there are limitations to creating a one-time financial plan.  In this episode, a few of our wealth advisors discuss how wealth management works from the tax planning, retirement planning and risk planning perspectives.   *****

So, you inherited an IRA–now what? The rules surrounding inherited IRAs are more complicated than you think, so if you have already inherited an IRA or expect to in the near future, we are breaking down how you should think about making withdrawals. In this episode, you'll learn the three types of beneficiaries and the six questions you need to ask yourself when you inherit an IRA. *****

When was the last time you thought about your IRA beneficiary form? If you said never, you'll want to listen to this episode of Financial Symmetry. If you said when you signed up, you'll also want to listen.  Many people don't realize this but their IRA has the opportunity to be the star player of their estate plan. In this episode, you'll hear about the biggest mistakes people make with their IRA beneficiaries.  Outline of This Episode [3:46] Not naming a beneficiary [5:22] Assuming your employer has your beneficiaries on file [8:13] Assuming your spouse will inherit your IRA [11:00] On choosing a non-spouse beneficiary [13:13] Make sure to set up the contingent beneficiaries [15:55] Don't be too trusting [17:56] Be aware of changing laws  [21:58] Today's progress principle Resources & People Mentioned Ed Slott Conference Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

The behavioral and emotional side of financial planning takes precedence when planning for our future. I see this play out frequently in the form of anchoring to a perceived value we've grown accustomed to, based on prior experience. This “value”; however, can unfortunately lead to decisions that damage the success of our financial plan. Outline of This Episode [1:40] Anchoring to a dollar amount is what we're used to [5:56] Are you stuck on your stock prices? [10:25] Your retirement number needs to have a basis [15:20] What are you sacrificing to reach your number? [16:13] Don't limit your tax thinking [20:25] Gain confidence with a financial plan Resources & People Mentioned BOOK - Wild Problems by Russ Roberts Connect with Chad and Cameron https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Today estate law attorney, Adam Tarsitano, joins us to discuss how you should think through some commonly misunderstood areas of your estate plan. Listen in to learn why you may not look forward to the sunset in 2026, the difference in various trusts, and whether you should open a trust to avoid probate. *****

Summer is here! That means it's time to brush off the bookshelf and get reading. We have a few book ideas to enhance your reading list. If you are looking to improve your financial life or even just enjoy a light beach-read you won't want to miss this list. Outline of This Episode [0:55] Never Split the Difference [5:20] The Gap and the Gain [9:55] Simple Wealth, Inevitable Wealth [12:52] Hello, Molly Resources & People Mentioned BOOK - Never Split the Difference by Chris Voss BOOK - The Gap and the Gain by Benjamin Hardy BOOK - Simple Wealth, Inevitable Wealth by Nick Murray BOOK - Hello, Molly by Molly Shannon BOOK - Sudden Money by Susan Bradley BOOK - Mindset by Carol Dweck BOOK - What Got You Here Won't Get You There by Marshall Goldsmith Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Most of us feel like we have a sound process for investing, that is until curveballs are thrown our way. Then, emotions like envy, greed, and fear take over, making us feel like we need to abandon our long-term investing process for the short term. We do this by taking impulsive actions like:  Timing the market Buying what's hot Selling what's plunging However, the investors who do well, in the long run, are the ones who stay the course, focusing less on reactionary changes and more on well-defined targets that you can plan for. In this week's episode, we talk about the importance of planning for cash flow needs over the next five years and how to reframe your thinking about making short-term changes to your investment strategy.  *****

What can hockey teach us about pursuing your ideal retirement?  As we watched our Carolina Hurricanes progress in the Stanley Cup playoffs, we were reminded of three hockey strategies that are also vital in fulfilling financial planning outcomes.  And despite the early exit of the Canes in the Eastern Conference Finals, this hockey-themed episode can still assist you in the pursuit of your ideal retirement. As Wayne Gretzky reminded us, don't skate to where the puck is, skate to where the puck is going. Too many investors skate where the puck is currently. This Blackrock graph, mentioned in the show, is a good demonstration of results from people that tend to follow the herd to the hot trends now vs. investing where others are selling. Now on with this week's episode. [2:18] Develop a game plan  [6:50] Taking advantage of power plays [11:23] Winning the face-off *****

Are you the type of person who loves surprises? One surprise you probably don't enjoy is having to pay more taxes than you anticipated.  Unfortunately, taxes are a necessary part of life. The best thing you can do to ensure that you aren't caught off guard at the end of the tax year is to prepare throughout the year.  On this episode of Financial Symmetry, Allison Berger and I review 9 ways to prevent taxes from catching you off guard. Don't let the next tax season take you by surprise. Listen in to hear how you can improve your tax situation so that you can rest easy come tax time. *****