Retire Simply Podcast

What are the Long-Term Effects of Rising Interest Rates on Retirement Plans?Tips and Strategies for Retirees to Mitigate Risk from High Interest Rates - Treasuries - CD's - Multi-Year Guaranteed Annuities - Fixed Indexed AnnuitiesThese strategies can help you navigate the current bond market and preserve your investments from the risks associated with rising interest rates.

Scott and Angela start a two-part Retire Simply podcast series discussing different strategies that can help you navigate the current bond market and help preserve your investments from the risks associated with rising interest rates.Tune-in next week to hear Part 2!Key takeaways:• What are Interest Rates and How do They Affect Retirement Planning?• The Impact of Rising Interest Rates on Your Savings• How to Manage Your Retirement Plan

President Biden signed the SECURE 2.0 Act into law on December 29, 2022. This legislation makes some notable changes. It is projected to reshape retirement for years to come by making several changes to retirement account rules. Listen in today and Scott and Angela bring you current information about how these changes could affect you. Changes like:• RMD Age has change for many of us• Higher Catch-up Contribution Limit• The Lost and Found for 401(k)s

This is the 100th episode of the Retire Simply Podcast. We've had a lot of fun! It has been a wild and beautiful ride getting to stay connected with you as we aim to guide you throughout retirement! Always bringing you…• the latest retirement updates • tips to help implement them • great recipes and stories that we think you'll loveWe are so grateful for you! All the support and appreciation you've sent us and the team at Compass Retirement is the fuel that keeps us energized and ready to bring you what you need for these ever-changing times. Looking forward to celebrating episode 200 with you, your family, and your friends…Angela & Scott Winstead!

Scott and Angela share a few conversation starters to help you get through those holiday parties and social gatherings with friends and family where you might need to fall back on something to get those fun (non-argument-starting) discussions going!

Scott and Angela discuss the crazy year we just experienced, from market volatility to inflation and everything that can threaten your retirement. Then, the duo takes a look at the upcoming year and what you can address in your retirement plans.Key takeaways:* Reviewing the Headwinds of 2022 - GDP - Inflation - Interest Rates - US Market* Looking ahead to 2023* Benefits of a solid Retirement Plan* Primary areas to address

In today's podcast Angela shares that she's back out in the community hosting Retire Simply Women Events. Women typically face many different challenges and obstacles than men in their retirement. Listen in today as Angela shares with you some of women's top concerns and ideas about how to find your way through today's retirement landscape!

The retirement space is changing. With constant stock market volatility and the bond market going down, the 60/40 portfolio should be reconsidered for retirement. What can you do to work around this split? Key takeaways:• What does rising interest rates mean for the 60/40 portfolio?• Should you potentially sell to cash?• What about commodities?• Considering your goals and your age.

Scott's commitment is become the best version of himself, while encouraging others to do the same. He is embarking on a massive challenge in Snowbasin, Park City, Utah, a challenge that will take a physical and mental toll. In a special episode of the Retire Simply Podcast, Scott gives details of the 29029 Everest Challenge, The Jones Project, and how you can take help support him.Donate here: https://thejonesproject.org/29029/scottwinstead/More information on the 29029 Everest Challenge: https://29029everesting.com/Key takeaways:• What is the 29029 Everest challenge?• The story of Josh Jones and The Jones Project• Ways to donate and help support those participating in the challenge.

Give and receive. If you are like many of the people, we get to help, and you like to give. Some of you give of your money, some of you give of your time, and some of you give both! If money is a part of your giving equation, then we have an idea you. Have you ever considered Qualified Charitable Distributions? Wouldn't it be nice to give AND receive?Source: https://www.fidelity.com/learning-center/personal-finance/retirement/qcds-the-basics

Key takeaways:IRRMA- what you don't know could hurt you.Wow! I never expected a lookback.62 could be the way to go.

What happens to your personal finances when your spouse passes away? You may be shocked by how this impacts your taxes. Scott and Angela explain the difference between the tax brackets for married people versus individuals.Key takeaways:• The tax bracket exchange, when someone dies… it sure can change• Now you know, don't let your problem grow!• It a may be an uncomfortable conversation that could save a terrible situation.*Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions.

In this episode, Scott and Angela go over what you need to have in order so you can leave a lasting legacy and estate plan!Key takeaways:• Taking Inventory• Maintaining Your Lifestyle• Tell them what to do!• Review your Beneficiaries.• Do you need professional help?• Make sure you're current.

We receive lots of questions about living trusts. Listen in as we share about five reasons you don't need a living trust in the state of Texas, as well as three reasons you might.

You don't need a lot of money to have an estate plan. There are a few necessities that we will be talking about today.Key takeaways:• Start with a will.• Let's talk about a Financial Power of Attorney.• Who will make decisions regarding your health if you can't?

Can you really time the market? No one has a crystal ball that can predict the future, so trying to time the market may cost you in the long run. Scott and Angela explain why time IN the market makes more sense than timing the market.Key takeaways:• It's not about timing the market, but about time IN the market.• Getting in and getting out may not accomplish what you want.• Missing even a few of the best trading days can have a big impact on your account value.• It's important to have protected funds and funds at risk.

You may have a stock portfolio and a few savings accounts, but do you have a written financial plan? If you don't have a written financial plan for retirement, then you are just wishing. Scott and Angela explain why it's crucial - particularly in times like these - have a plan.Key takeaways:• Worst four months since 1939?• Portfolio positioning versus an adaptable and flexible plan.• It may be time to get out of the rain and seek shelter.

Throughout your normal daily tasks are you hearing that scary word….Recession?This may be a good time to review your budget, portfolio, and short-term cash situation. Listen in as Angela and Scott talk about what a big change in the market might mean. And is protection available?

Listen in as Scott and Angela talk about a unique use of life insurance. Could it be used to help cover your long-term care expenses?Key takeaways:• Accelerated Death Benefit• Tax free care• How is it priced?

Believe it or not your approach to life insurance may need to be completely different as you near or enter retirement. The conversation may no longer be about making sure the kids are taken care of and the house is paid off. Join Scott and Angela as they talk about a new perspective on life insurance.• Is life insurance an old, outdated tool? • Leverage is key! • Is your money like a Swiss army pocketknife?

Taxes in retirement seem can be extremely complicated! Today Scott and Angela break down the 5-year rule regarding ROTH accounts…most people aren't aware of.Key takeaways:• What is the 5-year rule?• What does it mean and why does it matter?• Even more trip wires?

Most people think they'll be in a lower tax bracket after they retire, but is that true?This is not a one-size-fits all discussion. Make sure you're asking yourself the right questions.Key takeaways:• Will I really be living on less?• What about my social security?• Can I be doing things now that will help me in the long run?

Taxes can be overwhelming in retirement. The good news is you don't have to try to figure it out yourself. The unfortunate reality is there is no one-size-fits-all solution, but don't worry. Scott and Angela break it down in an easy-to-understand conversation about tax diversification.Listen in to learn about the 3 ways your retirement funds can be taxes. Which is better? Tax-deferred, taxable, or taxed no more?

Scott and Angela ask you to shift the way you've been thinking about taxes. As we move into retirement, it can be beneficial to shift your perspective about taxes…they could be the single largest expense you will have in your retirement.Key takeaways:• Why taxes are important in Retirement?• Paying less might not mean paying less this year.• Having a plan could help you pay less over your lifetime.

Most of us have noticed a change in the behavior of the stock market. How do you find your way? Scott and Angela have some great ideas to share. Have you ever heard of a Portfolio x-ray? Tune in to get some ideas that could help you navigate the new landscape.

You've done a good job saving. But how is your money growing... are you on a hamster wheel? Scott shares three different solutions, that you may not know about, that just might be right for you.

There is so much out there when it comes to risk that makes it easy to get what we call “paralysis by analysis.” Should I use this or that? We get so caught up that we end up just resorting to what we think we should do. This is where we come in!Three takeaways:• The Best Things Out There• Using Tools Differently• Self Management?

It can be an emotional roller coaster when you see the market go up and the market go down. See what Scott and Angela have to say about the advantages of every situation.Key takeaways:• Inflation & Interest rates• Lemons to Lemonade• Different buckets to do different things

When working on a retirement plan, Scott and Angela don't make a cookie-cutter template that stays the say no matter what happens. You plans needs flexibility, and they discuss the importance of staying nimble in an uncertain retirement environment.Key takeaways:- Different buckets to do different things- Preparing on a sunny day- Nimble plan in an everchanging landscape

Starting off 2022 strong with a topic on many people's minds: inflation. Will prices stay this high? What can people playing for retirement do to address this growing concern?Key takeaways:Is it here to stay?Supply Chain Chaos…What can you do about it?

The last podcast of 2021! Scott and Angela look back on their favorite Christmas memories and reminisce on the year.Key takeaways:• Never a dull moment.• That's my favorite cookie.• Did Santa fall off the roof?• So grateful for YOU!

Angela and Scott provide end-of-the-year financial tips to help you finish 2021 strong!Key takeaways:• Saving• Spending• Giving

Trying to make sense of them market going up and the market going down. Listen to Scott and Angela as they share their insights.• Headlines• Omicron• Groceries & Gas

Happy Thanksgiving from all of us at Compass Retirement!

Why is it important to get money to tax free accounts? When I do a conversion, what do I need to think about? This episode describes ways we need to be cautious.Three takeaways:• Cash or Investments• Don't get tripped up• Make it easy* A Roth Conversion is a taxable event and may have several tax related consequences. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA.

When do you pay taxes, now or later? How much do you pay? There are ways to help take control of your taxes.Three takeaways:• Money IN• How Much• Income Rules

When you turn a certain age you are required to take money out of your accounts. These Required Minimum Distributions can become a hamster wheel when it comes to paying taxes. Three takeaways:• Income You Make• Changes Jan2020• Take Out, Put Back In - Repeat

When it comes to long term care, it is never too early to start planning for it. It is not fun thinking about end of life care, but it is always good to be prepared for when these times come in our life. Three takeaways:• More Likely Than Not• Having a Plan to Move Through• Let's Talk About It

One of the things we like doing is helping people understand Medicare. It can be a little bit of an alphabet soup, so let us give you a few things to think about when it comes to this type of care.Three takeaways:• Part A Defined• Part B Explained • Fixed Menu or Buffet

Some people believe social security is just something you take at retirement. It is important to take time to plan this milestone in life. We put together some of our thoughts that can be useful when getting ready to take social security.Three takeaways:• COLA• Cost of Living Adjustment• Plan Your Social Security Like You Plan Vacation

Many times we spend more time planning our vacations then strategizing about social security. You need to plan like you are going to live for a long time. These episodes discuss will help you navigate the waters of social security.For more information on Social Security, visit https://www.ssa.gov/

Just another tool in your tool belt to be used the way you need it. Life insurance can be used in ways you might not know. This episode talks about how to structure life insurance and use it in a way that can benefit your retirement.Three takeaways:• Portable Life Insurance• Paying for Care• How to Deal with Income Loss

We are taking a break in talking about life insurance to discuss the latest tax changes. The Ways and Means committee of our government have met and proposed some new tax plans. Scott and Angela break down what those plans mean to your retirement.Three takeaways:• Plan, Plan, Plan• Report• Changes

Scott and Angela share one of their favorite football season snacks: Scott's Famous Buffalo Chicken Nachos!Ingredients:1 Family Size bag of Scoops (tortilla chips shaped like a cup)1 Rotisserie chicken1 stick butter¼- ½ cup Franks Red Hot sauce 2 – 16 oz bags of shredded cheddarBlue cheese dressing (we like Ken's)Ranch dressing

Most people are aware of life insurance or even have it. Not many people realize the innovation in the financial industry when it comes to this tool. Join us this month as we explore this tool and share some great insight.Three takeaways:• 4 Components• Types• How Much Does it Cost?

We end this month of risk talking about a plan. When taking a chance, it is good to pair it with something that keeps you grounded. When you design what you are going to do in retirement, it makes a path for you to follow instead of just winging it.Three takeaways:• Making $ Back • Winging It• Putting a Plan in Place

People overlook this risk because many times it is an unknown for us. More people need to brave and have the conversation around long term care risk.Three takeaways:• What Ifs• Ease the Burden• Leverage the Dollar

When looking at your total plan and money in your portfolio, you need to think about exposure. How much $ is exposed to the market and how much is not?Three takeaways:• Money Exposure• Drawing Income• Percentages

It is easy to look at the upside, but when it comes to risk you need to think about the things that make a difference when you move from spending to saving. When we work, we aren't really taking $ out of our accounts, so it becomes important to have good strategy when we start to become spenders. Three takeaways:• Ups and Downs of the Stock Market• Becoming a Spender• Minimize

When it comes to risk, it is really about comfort level. What can you stomach to lose? It is always good to talk about risk when things are going good. This will make you prepared when things are not so great.Three takeaways:• Max Risk• Sick to Stomach• Bull or Bear

Annuities comes to a close with our last myth. This week we cover care and how this tool can help you solve the care piece of your retirement. Three takeaways:• What Care Looks Like• Long Term Care Events• Busting the Last Myth