Managing Your Financial Future with Lucia Capital Group

The Bucket Strategy® is both simple and complex: while the structure on the outside is easy, the inner workings can vary wildly from person to person, depending on several factors.  No wonder, then, that many people (journalists included) have some incorrect ideas about what the strategy is. A few assumptions are that it's only about cash and stocks, it's static, and it only provides a steady income. But if you have a properly designed strategy, you'll find that these ideas are completely wrong. In this week's episode of Managing Your Financial Future, podcast host Johnny Dean and Rick "The Professor" Plum, CFP® talk about what people get wrong about the Bucket Strategy® and why it's so important to know not just how it works, but why it's set up the way it is. 

It's true that in general, the basic Bucket Strategy® consists of a 3-, 4-, or 5-Bucket plan, with each bucket separated into short-term, mid-term, and long-term assets.  But did you know that a good Bucket Strategy will often “blend” buckets to potentially give a retiree a much better overall outcome?"Blending" the buckets means to combine the cash flow to try to get a desired outcome.  But where do you take that cash flow from? Your IRA? Your 401k? Your personal money? Roths? This is where blending buckets can potentially be very helpful.Learn more about why this strategy may yield better results for you as podcast host Johnny Dean and Rick “The Professor” Plum, CFP® give you the inside scoop on today's episode of Managing Your Financial Future!

What's the most important quality an investor could have? Some people would say it's the ability to achieve the highest rates of return possible over the longest period of time possible. But those people are wrong.It's the survival instinct - especially over the short term. Too many investors are so busy jumping in and out of stocks as trends and markets fluctuate that they end up with virtually no money left.  What they should focus on instead is keeping their cash flow needs in steady and secure in retirement, thus buying enough time for long-term compounding to work its magic.So how do you survive the short term volatility?  Have a strategy.  Podcast host Johnny Dean and Rick "The Professor" Plum, CFP® tell you all about how to do it on this week's episode of Managing Your Financial Future.

A steady cash flow stream is one of the most valuable things you can have, both before and after you retire. Pensions guaranteed by the PBGC and Social Security are two forms of this "protected income," and are designed to pay you as long as you live, regardless of current stock market conditions.  But if you don't have a pension, or your Social Security isn't enough to cover your short-term needs, then you may want to consider purchasing another form of protected income, one that you also cannot outlive.  But those guarantees come at a cost, and you need to make sure that cost is worth it for you.How do you determine that?  Find out who should (and who should not) consider a form of protected income with podcast host Johnny Dean and his guest, "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!

In our previous episode, we answered 5 of your most common questions about The Bucket Strategy®. Those covered some of the more "basic" elements of the strategy, but they're important to know in order to understand the deeper meaning of Buckets.This week we're answering a few more, but these questions are what we might call the "next level up" from basic, including: what's a good time horizon for each bucket? When should you refill the buckets? And are there any potential risks that could jeopardize the strategy?Great questions, and we answer them all with podcast host Johnny Dean and "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!  

We've been talking about The Bucket Strategy® for decades, and over that period of time, we've received thousands of questions about how the strategy works: what it does, when the buckets should be refilled, and how it works when interest rates rise or fall, among others.People's questions about The Bucket Strategy® generally range from the very basic to the extremely sophisticated, but most fall somewhere in the middle.  Today, we decided to take 5 of the more basic questions we've gotten and answer them.Find out what others are asking us about the strategy with podcast host Johnny Dean and Rick "The Professor" Plum, CFP® on today's episode of Managing Your Financial Future! 

How is it possible that two individuals could retire with the exact same portfolio allocation and use the exact same withdrawal strategy, and yet one is still going strong after 40 years while the other is completely destroyed before year 10?The problem comes with the uncontrollable element of investing: the stock market itself.  What happens with the markets in the first few years after retirement can determine the success or failure of a financial strategy.This is why your strategy needs to anticipate what may happen before it actually does happen. Learn more about how to potentially protect yourself from the uncontrollable market swings with podcast host Johnny Dean and Rick "The Professor" Plum, CFP® on this week's episode of Managing Your Financial Future!

Have you heard of the "Gift Tax?"  Many people are at least familiar with the term, but relatively few know how, when, or where it might be applied.  Generosity certainly has its benefits, but is there also a tax that someone should be paying?The answer is both yes and no.  And it all depends on a few important factors.  Knowing how the gift tax works can be especially helpful when it comes time to pass your assets down to your heirs, and if you're worth a lot of money, it's even more vital that you understand how it works.  Find out who should worry about a gift tax and who should not with podcast host Johnny Dean and Rick "the Professor" Plum, CFP® on this week's episode of Managing Your Financial Future!

For many people, the 401(k) is their largest source of retirement savings. Because of that, it may be tempting to tap into some of that money in the form of a loan if you need some quick cash.But is that smart?  Maybe - but only if you're aware of the rules and the potential pitfalls of borrowing from your plan.  While it can provide you with a certain amount of temporary money, if you don't know what the downsides are, you could find yourself in a big financial mess.So what are the pros and cons?  Find out what you need to know about 401(k) loans from podcast host Johnny Dean and Rick "The Professor" Plum, CFP® on this week's episode of Managing Your Financial Future!

After years of building your savings, there are a number of scenarios that threaten to deplete it. But what happens if you retire just when the stock market takes a big downturn? If you're selling stocks to provide yourself with an income, you're courting disaster.Of course, you have to have an income, and maybe a portion of that income has to come from your savings and investments. And yet, those investment may be shrinking in value. What can you do about this scenario?  The answer may be as easy as choosing the right withdrawal strategy.Learn more from "Professor" Rick Plum, CFP® and podcast host Johnny Dean on this week's episode of Managing Your Financial Future!

The first trading two weeks of March, 2025 were brutal for stocks. Nearly $4 trillion of value was lost in less than a month.  All of this negative volatility, with suspicions that more is to come, has created a great deal of fear and panic among savers who don't want to see their gains wiped out.What many people don't understand, though, is that volatility by itself is not risk. The risk only comes along when an investor makes the wrong moves at the wrong times based on strictly emotional responses. So what can you do about it?Learn the truth about market volatility and how you may be able to emerge unscathed with podcast host Johnny Dean and Rick "The Professor" Plum, CFP® on this week's episode of Managing Your Financial Future.

In the middle of 2024, the rules changed for people who become beneficiaries of an IRA.  We devoted an entire episode to those changes at that time, but there's a lot more you need to know if you're planning on inheriting a tax-deferred account like a traditional IRA.While it's always nice to inherit assets of any kind,  there are rules you need to be aware of.  Depending on when the person died and how old you are when you received the asset, among other things, if you're not careful with how you treat it, you could be looking at a much bigger tax bill than you'd expected.Learn more from podcast host Johnny Dean and his guest, "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!

Several weeks back, we talked about how different types of retirement income are taxed. This topic created a follow-up question from several listeners who wanted to know: Will I be in a lower - or higher - tax bracket in retirement?You might think that once you begin retirement, your tax bill will tend to go up at first, since people normally have much (if not most) of their retirement funds in a company retirement plan (401k, 403b, etc.) - all of which are taxable upon withdrawal at ordinary income rates.But this may not necessarily be the case. It all comes down to proper planning. In this week's episode of Managing Your Financial Future, podcast host Johnny Dean and “Professor” Rick Plum, CFP® talk about what you might expect to see from your taxes once you hang it all up for good!

The US tax system is by design a complicated beast, and trying to understand it all is a daunting challenge.  And yet, unless you understand how the tax brackets work, you may be paying a LOT more in taxes than you actually owe.Most taxpayers assume that the amount of tax they pay is determined by which tax bracket they're currently in.  This is both a true and untrue statement.  If you're in the 24 percent bracket, does that mean every dollar you earn is taxed at that rate?  Going forward, yes; looking backward, no.Confused?  Tune in to this week's podcast with host Johnny Dean and Rick "The Professor" Plum, CFP® to perhaps gain some clarity on this week's episode of Managing Your Financial Future! 

You've probably heard that your Social Security benefits are subject to taxation.  You may have also heard that they're never taxed at all. Is it possible that both scenarios are true? The fact is that under current law, sometimes a recipient's Social Security benefits will wind up being taxed under certain conditions, while others may never pay a dime on their benefits at all, even if they receive the maximum amount allowed.  No wonder there's so much confusion out there!When might your benefits be subject to income tax, and how much will be taxed if that's the case?  And most importantly: how can you potentially minimize that tax?  Find out more with podcast host Johnny Dean and "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!

For many people, the 401(k) plan has become the default retirement savings plan. Opting in early enough, combined with consistent contributions over a long period of time, may yield very good results.  Thus, it's an important saving vehicle.But the setup, rules, options, and investments of a 401(k) are often extremely confusing.  Is there a match? What does the match percentage mean? What do you do with a Roth 401(k) option? What's an effective rate of savings?All common questions that have to be addressed.  Learn more from podcast host Johnny Dean and his guests, "Professor Rick Plum, CFP® and Lucia Capital Group advisor Ara Freedman as they tell you what you need to know on this week's episode of Managing Your Financial Future!

Having money in a Roth account can be great - especially if the cost to get that money in there is minimal.  But there are some people who cannot contribute to a Roth IRA because their annual income is too high.  Wouldn't it be great if you could not only get money into a Roth without worrying about the income limits, but also be able to fund a lot more than the $7,000 or $8,000 that is currently allowed? This is where the so-called "Mega-Roth" (or "Super-Roth") may be a wonderful solution.What is it, and how does it work?  Podcast host Johnny Dean and his guest, "Professor" Rick Plum, CFP® give you the answers on this week's episode of Managing Your Financial Future!

It's been said – by us – that keeping your wealth can be a much harder task than accumulating that wealth.  And it's true.  If you don't have the right withdrawal strategy when taking cash flow from your investment portfolio, you stand a real risk of running out of money.What methods do people use when they're taking money out?  And which, if any, may potentially be the best way to avoid the scary scenario of watching your funds dwindle to nothing?Podcast host Johnny Dean and his guest, Rick "The Professor" Plum, CFP® compare the various withdrawal strategies and tell you which one they believe is the best – and why they believe it. Tune in to this week's episode of Managing Your Financial Future to learn more!

It's the start of a new year, which means right now is a very good time to begin thinking about what your financial goals are for 2025.  Sometimes, though, that's easier said than done.How do you know what to prioritize this year?  What sort of goals should you be setting, and how do you know if those goals are both reasonable and attainable? And what's the best way to get started?All legitimate (and common) questions.  Get the answers from "Professor" Rick Plum, CFP® and podcast host Johnny Dean on this week's episode of Managing Your Financial Future!

Many retirees have several sources of retirement income: IRAs, 401k accounts, personal money, pensions, and Social Security, to name just a few.  Because of this, they may find that it's extremely hard to predict their tax bill each year if they're not sure how - or if - these sources of income will be taxed.Knowing the potential taxation of your income can put you in a much better position from a financial planning perspective.  But how do you know what types of income may or may not be taxed?  Simple - have a listen to this week's episode of Managing Your Financial Future with podcast host Johnny Dean and "Professor" Rick Plum, CFP® as they tell you what you need to know about the taxation of your retirement income!

When the SSA sends you your benefit projections each year, there is an actual amount that they're telling you that you will receive, depending upon what age you begin taking them.  So you might think that the number they tell you is the amount you'll be receiving.But this is not always the case.  There are a few scenarios in which the benefits you receive will be lower than the benefits you thought you'd get.  And since Social Security forms the basis of many people's retirement income plans, it's important that you recognize if and when this could happen to you.How might your benefits be reduced?  Learn more from podcast host Johnny Dean and "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!

We're nearing the end of the year, and while there's not a whole lot left that you can do to perhaps improve your tax situation for this year, there actually is one more thing you may be able to accomplish before 2025.It's called a QCD - or Qualified Charitable Distribution. If you're at least 70 1/2 years old, and you're charitably inclined, this technique may allow you to save even more on your tax bill this year. Learn more about this little-known tax move, and find out what the new tax, IRA, and Social Security limits are for 2025 with host Johnny Dean and Rick "The Professor" Plum, CFP® on this week's episode of Managing Your Financial Future!

Today we're asking the question that we posed to our listeners at the beginning of 2024: Is this a good time to do your Roth conversions?There are reasons for doing them at the end of the year, just as there are also sound reasons for waiting until the new year begins.  What it all comes down to is whether or not you know your tax situation for the year - which, with just a few weeks left, is much easier to determine right now.  But how do you really know when may be the best time to get some money into your Roth IRA?Podcast host Johnny Dean speaks with his guest, "Professor" Rick Plum, CFP® about what you still need to consider when doing a Roth conversion in this week's episode of Managing Your Financial Future!

Building a nest egg is relatively easy if you're both consistent and patient. Regular contributions over time can lead to compounded growth, which may give you the amount of money you need to live on.But while building a savings can be easy, keeping it from running out is a whole other challenge.  How you take withdrawals from your savings once you're retired is crucial to the survival of your portfolio. If the strategy you're using to take cash flow from your nest egg is faulty, your entire life savings may be at risk.What happens if you do it the wrong way, and how might you be able to fix it?  Find out from podcast host Johnny Dean and his guest, Rick "The Professor" Plum, CFP® on this week's episode of Managing Your Financial Future!

Regular listeners to this podcast know that we talk a lot about a Bucket Strategy, and why we so firmly believe in it.  But it's important to note that we're not just referring to any bucket strategy - rather we like to refer to it as THE Bucket Strategy®.To us, it's not as simple as dividing up assets into three segments and then calling it a day.  There are individual circumstances that make each one unique.  But what is the process that we use?  Have you ever wondered what an actual Bucket Strategy may look like?Wonder no more!  Tune in to today's episode with host Johnny Dean and his guest, "Professor" Rick Plum, CFP® as they go through the details of putting together a hypothetical strategy right here on the program!

There's a well-known topic in the investing world known as Asset Allocation which is primarily about deciding which asset categories you should own – stocks, bonds, CDs, alternative investments, etc. It's an important part of building your portfolio. But there's another, equally important part that doesn't get talked about nearly enough: Asset Location. This has to do with how assets located in different types of accounts (Roth, IRA, or personal) are ultimately taxed to you. When done properly, an asset location strategy may dramatically decrease the amount you'll ultimately pay in taxes on those assets. How does it work, and why is the distinction so important? Podcast host Johnny Dean welcomes his guest, Rick "The Professor" Plum, CFP® on this week's episode of Managing Your Financial Future to tell you all about it! 

Most people, by the time they reach retirement age, have a certain amount of money saved up that they'll need to tap into from time to time.  Problem: that money may need to last a lifetime, and because you don't know how long you'll live, you have no idea how much is "too much" to take out.You' re going to require a certain amount of money to meet your basic expenses, but that stash of money - your investment portfolio - may have to last at least a few decades.  So here's the question: is there a "safe" amount you can withdraw each month so that you won't outlive your savings?Podcast host Johnny Dean talks with his guest, "Professor" Rick Plum, CFP® about how to figure out what may potentially be the "right" amount you can remove from your portfolio in this week's episode of Managing Your Financial Future!

When the stock market behaves erratically, it can create a lot of fear and anxiety among investors. Large swings to both the up and down side are what is known as volatility, and, like turbulence in an airplane, it can make people jittery and prone to making rash moves.Stocks are always volatile in the short run.  But stock market investing should never be a short-term play.  So why does volatility get all the headlines?  The more important aspect of stock market investing should not be trying to manage volatility (because you can't); rather, it's about managing risk.You should never confuse volatility with risk, especially if you have a strategy that's designed to deal with it.  Find out more as podcast host Johnny Dean talks with his guest, "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!

It's a fact that many people are not aware of: your wealth accumulation strategy should be vastly different from your wealth distribution strategy.  In fact, they require very nearly opposite skills.Building your nest egg requires you to use the market volatility to your advantage, using various means like dollar cost averaging and buying through the many market downturns.  But keeping your nest egg means avoiding that volatility over the short term so that your cash flow in retirement isn't interrupted by those same market downturns.How are those two disciplines different?  Learn more from podcast host Johnny Dean as he speaks with his guest, "Professor" Rick Plum, CFP® on today's episode of Managing Your Financial Future.

The Bucket Strategy® is both simple and complex.  It's simple in the sense that there's a short-term, midterm, and long-term bucket, and maybe a couple of others, depending on your needs.  The complexity begins when you need to determine which assets should go into which buckets.There are many things to consider: time frame, taxability, income needs, and available assets, to name a few. How do you determine what to put into each bucket?We'll tackle that question today. Tune in to podcast host Johnny Dean and Rick “The Professor” Plum, CFP® as they answer this all-important question on Managing Your Financial Future!

If stocks are inherently risky, and if you're retired and you're risk-averse, doesn't it make sense to lessen your exposure to the stock market as you get older?  That's the logic behind certain "rules of thumb" that say the older you are, the less money you should have in stocks.But that logic is faulty.  It assumes that everyone's situation is the same, and, even worse, that people should be selling stocks in order to fund their short-term income needs.  It's time to revisit this idea.Could it actually be better to own more stocks in retirement?  Get the details from podcast host Johnny Dean and "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!

Social Security retirement benefits are the bedrock of guaranteed income for most American retirees.  It forms the income basis that helps to build the rest of your portfolio's withdrawal strategy.  So it makes sense to ask the question: at what age should I begin taking my retirement benefits?Everyone eligible for benefits has a "full retirement age" at which benefits may be paid out. You may also take them earlier and receive a reduced benefit, or you may take them later for an enhanced benefit.  Figuring out the "best" age to start those benefits depends on a number of factors and can be complicated.And that's why we're talking about it today! Find out what you need to know about when to start your Social Security benefits from podcast host Johnny Dean and Rick "The Professor" Plum, CFP® on today's episode of Managing Your Financial Future!

Very few things in life are universal, especially when it comes to finances.  What's right for one person may be completely wrong for another.  Yet there are certain lessons with money that everyone could benefit from knowing, no matter what a person's individual circumstances may be. After careful review, we've narrowed them down to six. What are the six financial lessons that everyone should know?  Find out from podcast host Johnny Dean and Rick “The Professor” Plum, CFP® on today's episode of Managing Your Financial Future! 

You may have noticed that real estate prices have been ticking up at a steady rate for the past several years.  For many people, that means they have no choice but to take out a mortgage. At the same time, there are those who have either enough current gains or enough cash on hand to consider buying a home with cash.Having the cash to pay for a home, versus investing that amount and taking out a mortgage, is something of a dilemma.  Some people like the security of owning a home outright, but there are also those who believe they can earn more than the cost of the mortgage through savvy investing.Which way may be potentially right for you? Should you pay cash for your home or take out a mortgage? In this episode of Managing Your Financial Future, podcast host Johnny Dean and "Professor" Rick Plum, CFP® talk about what you need to consider before making that big decision!

Once you hit retirement, you'll probably have money in several types of accounts: a 401(k) from work, some personal money in a brokerage account, your regular checking account at the bank, and maybe some Roth IRAs, to name a few.Once it's time to start withdrawing that money, the important question you should ask yourself is this: from which account(s) should my funds be taken out, and in what order?  Do I spend my fully-taxable IRA money first, do I defer and use the Roth or personal funds, or some combination of all of them?Getting it wrong can be costly, and detrimental to your financial health.  Find out more about the "Spending Order of Funds" with podcast host Johnny Dean and "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!

There are many ways to save for retirement.  Two of the most popular are the 401(k) and the IRA. Both are savings vehicles, but both have different attributes that may make one of them better for you.  There are advantages and disadvantages to both.  Do you need a tax break now? Are you able to deduct contributions to an IRA? Does your company have a match on any of your 401(k) contributions? These are important questions that you need to consider.Learn more about what should factor into your decision with podcast host Johnny Dean and Rick "The Professor" Plum, CFP® on today's episode of Managing Your Financial Future!

You may have heard that stocks are too volatile for retired people to own. In fact, there's an old rule-of-thumb formula that says you should decrease your stock holdings by 1 percent every year and replace them with bonds.  These generic “guidelines,” though, are hardly prudent advice for most people, because everyone's situation requires a different approach. It may actually be more beneficial for some people to have a greater exposure to stocks as they get older.  What counts more is having a withdrawal strategy that takes into account the short-term risks of investing in stocks by creating the time – and cash flow – necessary to overcome those risks.  Find out more from podcast host Johnny Dean and “Professor” Rick Plum, CFP® on this week's episode of Managing Your Financial Future! 

We're half way through 2024, and it's time to get your financial house in order!  What moves, if any, should you have made at this point?  What about going forward? There's still time to do some tax management, maybe take a look at your 401(k) plan, and decide how you may want to allocate your investments before the year is out.So what's left to do? There's still plenty of time, but then again, the clock is ticking.  What should be on YOUR mid-year money checklist? Find out from podcast host Johnny Dean and "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!

What's your most valuable asset when it comes to investing? Is it maybe knowing the right stock to buy and when? How about a spreadsheet of things like P/E ratios, or being diversified across dozens of different classes?  No – as it turns out, your most valuable asset with investing is time. The stock market, despite what you may have heard, is a long-term game. The daily, weekly, and monthly noise you hear on TV and online about why stocks went up or down is nothing more than that – noise.  But over long time periods, magical things can happen to people who are regular savers and who don't panic when times get rough. So how do you acquire the time you need for that “magic” to happen when you have bills you need to pay right now?  Learn more from podcast host Johnny Dean and Rick “The Professor” Plum, CFP® on today's episode of Managing Your Financial Future!

When you buy a bond, you might expect that the amount of interest stated on the coupon is the amount of interest that you'll be receiving.  So if you have, say, a $10,000 bond paying 5 percent interest, you probably figure it will pay you $500 each year. But that isn't always the case.  This is where it's important to understand not just the bond's current yield, but probably more importantly, the bond's yield to maturity. There may be a difference between the bond's present cash flow and what you'll ultimately receive after all interest payments and the return of the principal. Sound confusing? Let's clear it up.  Tune in to today's episode of Managing Your Financial Future as podcast host Johnny Dean and “Professor” Rick Plum, CFP® tell you what you need to know before – and after – you purchase your bonds! 

It's been said that the most important rule of finance is to not consistently mess things up.  In other words, you need to survive the short-term chaos – and there's lots of it – to reap the potential long-term rewards. If you can buy enough time to weather the constant storms, you may find yourself in a very good position down the road.The Bucket Strategy® is something we've talked about for decades.  What we love is that its aim is to buy enough time for those above-noted potential long-term gains to become reality.  By matching your assets to your liabilities, you may stand a much lower chance of running out of money before you run out of time. And isn't that what financial planning is all about?Learn more from podcast host Johnny Dean and Rick “The Professor” Plum, CFP® on this “don't miss” episode of Managing Your Financial Future!

Many times in life, we see how one career field translates extremely well into another.  Engineering is a great example of this. A good engineer needs to know what a project's goal is, put the pieces together in a way that works, and then stress test it to make sure it works in all conditions.Financial planning is a lot like this. What does each individual want to achieve financially? What do we have available to work with? How can these pieces fit together to potentially reach their goals? And how will that financial plan work under extreme conditions, both good and bad?Our guest today is former engineer and current financial planner, Patrick Klacka, CFP®, who talks about how his math and engineering skills prepared him so well for the financial planning field.  Tune in and find out more with podcast host Johnny Dean and “Professor” Rick Plum, CFP® on today's episode of Managing Your Financial Future!

If you're at all familiar with the Roth IRA, you probably know that there are income limits for people who want to make a contribution to a Roth. These limits generally go up a little bit each year, but anyone who makes over a certain amount of money is ineligible to make a Roth contribution.But that doesn't mean those with a high income have no access to a Roth, or to certain Roth strategies.  Everyone loves something that's tax free, and that notion is especially attractive to people who may be in a high tax bracket when it comes time to distribute those funds.What Roth can strategies can you employ if you're a high-earner?  Find out from podcast host Johnny Dean and "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!

Are you in line to inherit an IRA? While inheriting almost any asset is generally a good thing, it's helpful to know the rules - mainly tax rules - that come along with it, especially if you plan on keeping as much of that money as you can.Some new laws went into effect on inherited IRAs within the past few months, and when you combine those with the regulations that were already in place, it can be rather confusing to know what to expect. What's the best course of action so that you don't wind up paying more in taxes and penalties than you should?Find out all about it from podcast host Johnny Dean and "Professor" Rick Plum, CFP® on today's episode of Managing Your Financial Future!

Many people who are at Required Minimum Distribution age find themselves wanting to give some of that distribution to charity. They don't need the money to live on, and they'd like to help out their favorite organizations or causes in any way they can.A standard way to do that is to take possession of the RMD, then turn around and write a check to the charity. Taxable money coming in, tax-deductible money going out, and it all comes out even - right? Not necessarily. That RMD you took may actually create a tax bill that you didn't count on, even if you gave money to a charity.Is there anything you can do?  Yes! Learn more about a Qualified Charitable Distribution strategy from podcast host Johnny Dean and "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!

How much money does it take for you to retire in comfort?  Is it $1 million? $2 million? Far more than that?  Far less?  Large investment firms and many media outlets often throw out big "retirement" numbers based on small surveys they took of people who may or may not have any clue about how much money they actually need.But it's a fair question.  And it's one that everyone should be asking themselves, especially if they're within 5 to 10 years of actually retiring.  But if everyone's circumstances are different, how do you know how much is potentially enough for you?  Podcast host Johnny Dean and "Professor" Rick Plum, CFP® analyze this important question and provide you with some vital suggestions on how to answer it on this week's episode of Managing Your Financial Future!

There are two distinct phases of your financial life.  The first one is the years (decades) that you spend accumulating assets: building your savings, investing in retirement plans, etc. The second phase is when you begin taking those accumulated assets as distributions and live off of that income in retirement.The first phase is usually the one that gets all the attention.  Books have been written on how to accumulate millions of dollars.  But it's the second phase that is far more important.  How do you distribute your assets so that you don't run out of money before you run out of time?Learn all about it from podcast host Johnny Dean and Rick "The Professor" Plum, CFP® on this week's episode of Managing Your Financial Future! 

Social Security is vital part of many people's retirement income. It forms the foundation of a retirement plan and helps to determine how much (if any) money an individual's portfolio will have to provide throughout their retirement.But it's also extremely complex.  There's much more to it than simply turning on an income stream once you're eligible: spousal benefits, survivor benefits, family benefits and disability are just a few things to consider, as well as any potential taxes you may have to pay on those benefits.In this episode of Managing Your Financial Future, podcast host Johnny Dean and Rick "The Professor" Plum CFP® pass along 5 things you (probably) didn't know about your Social Security benefits.  Tune in to learn all about it! 

If you have a pension, the decision of how and when to take the payments is an important one.  Are you offered the choice to take the entire amount as a lump sum?  If so, is that option potentially better than a stream of monthly payments?What about your other choices? For married people who want to get as much as they can now, are they sacrificing the financial stability of their surviving spouse down the road?  Maybe.  But there may also be a solution to that dilemma.On this week's episode of Managing Your Financial Future, “Professor” Rick Plum, CFP®  speaks with podcast host Johnny Dean about what you need to consider before you make this “one-and-done" pension decision. Tune in and find out more! 

What are people's most prominent financial fears?   There are many: losing a job, not saving enough for retirement, financial emergencies, and many others.  But it all seems to boil down to one basic concern: Not having money available when you need it the most.This creates a lot of anxiety for people - especially for retirees, who rely on a steady stream of cash flow to meet their short-term spending needs.  Without that cash flow, you would have to rely on your portfolio, which is a big problem if the stock market isn't behaving well at that time.How do you overcome that one big fear?  It's all about having a strategy.  Learn more from podcast host Johnny Dean and "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!

You may have heard that a basic Bucket Strategy® consists of a 3-, 4- or 5-Bucket plan, with each bucket separated into groups of short-term, mid-term, and long-term assets.  What you may not have heard is that a good Bucket Strategy will often “blend” buckets to potentially give a retiree a much better overall outcome.What do we mean by “blending” the buckets? In essence, it means to blend the income stream to try to get a desired outcome.  Where do you take your income stream from? Your IRA? Your 401k? Your personal money? Roths? This is where blending buckets can potentially be very helpful.Learn more about why this strategy may be right for you as podcast host Johnny Dean and Rick “The Professor” Plum, CFP® give you the inside scoop on today's episode of Managing Your Financial Future!