Retirement Explained Show

On the 66th episode of the Retirement Explained show, I'm talking to you about what you should expect from working with a Financial Advisor! You are unique and not every Financial Advisor is created equal and with almost a 500,000 financial advisors to choose from, I wanted to take some time to equip you with the tools you need to make a good decision on what to expect from working with a Financial Advisor.

On the 65th episode of the Retirement Explained show, I did something a little different: I published the first Retirement Explained Live! These episodes will feature real-life examples of our financial planning process with real people (like you)! On today's episode, I'm looking at Mark and Julie: a couple in their 50s living in Lake Ozark, Mo. that want to retire in the next fifteen years. They make about $90,000/year combined, have about $300,000 saved in IRAs/401ks and are spending about $4,500/month. They've also got two kids. You're going to hear me walk Mark and Julie through my financial planning process with their circumstance as well as give you some feedback on some financial advice that they received from another financial advisor. It's going to be a great episode!

On the 64th episode of the Retirement Explained show, we're discussing inflation and what you should be thinking when considering combating rising prices as well as looking to provide your portfolio with safety. With the fallout of the Covid pandemic and fiscal policies stemming back from the fallout of the 2008 Global Financial Crisis still being enacted, this is a super important and timely topic that isn't straightforward.

On the 63rd episode of the Retirement Explained show, we're discussing Medicare and some of the important pieces of an often confusing and intricate government program that's really important to most people's retirement plans.

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On the 61st episode of the Retirement Explained show, we're discussing a little known financial planning strategy called the backdoor roth! If you're single and your income is larger than $140,000 or if you're married and your combined income is larger than $207,000, then pull up a char, this is going to be the best episode ever!

Asset allocation is simpler than it sounds; it's basically just how you divide your investments up. Imagine you've got a pie divided into 8 pieces but they're not all from the same pie: two pieces are Grandma Rasmussen's world famous Dutch Apple, three pieces are Pumpkin Pie, two Pecan slices, and one Blueberry slice. It's similar with how you're IRA (or other investment account) is divided up!

On the 59th episode of the Retirement Explained show, we're discussing asset allocation strategies and how you can take advantage of the predictable business cycle to increase your returns!

On the 58th episode of the Retirement Explained show, we're discussing what dividend stocks are and why they're important. Dividend stocks have a place in most investment strategies and retirement portfolios and today's episode will showcase why they're such a great and important investment vehicle.

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On the 56th episode of the Retirement Explained show, I'm discussing an Life Insurance. Life Insurance get's a bad rap and is often associated with dishonest sales people, however it can be an important part of a well-crafted financial plan and can have a place both in the accumulation stage of life as well as the distribution stage of life.

On the 55th episode of the Retirement Explained show, I'm discussing an investment vehicle called Long Term Care. It's an insurance product that helps you to deal with costs associated with needing care when you reach the point in life where you might have difficulty clothing yourself, feeding yourself, bathing yourself, etc. Approx. half of people will need some care of some kind during their lifetimes and addressing this topic is an important part of constructing and executing a well-designed financial plan, so you'll love this episode whether you're a do-it-yourselfer or you work with a financial advisor like me.

On the 54th episode of the Retirement Explained show, I'm discussing Exchange Traded Funds, what they are, why they're important, and all of the in's and out's of this very popular investment vehicle. If you're like most people, you probably have mutual funds somewhere; whether in your 401(k) or in an IRA so you'll love this episode whether you're a do-it-yourselfer or you work with a financial advisor like me.

On the 53rd episode of the Retirement Explained show, I'm discussing Mutual Funds, what they are, why they're important, and all of the in's and out's of this very popular investment vehicle. If you're like most people, you probably have mutual funds somewhere; whether in your 401(k) or in an IRA so you'll love this episode whether you're a do-it-yourselfer or you work with a financial advisor like me.

On the 52nd episode of the Retirement Explained show, I'm talking to you about how to retire early! Typically people retire sometime in their 60s, so today's episode is all about the steps to take when trying to get to your post-work years sometime in your 50s!

On the 50th episode of the Retirement Explained show, I'm discussing how you should be approaching your budget after you retire. Budgeting is a super important part of building wealth, reaching your financial goals, and retiring when you want to, but the way you approach your budget will change after you stop working and move onto the next phase of your life.

On the 49th episode of the Retirement Explained show, I'm talking about the five-year Roth IRA rule that is often confusing and overlooked. The Roth IRA is a really great investment account to have, but the five-year rule can be tricky to navigate and it's very important to get it right…like most things, if you do it wrong, there are penalties! Whether you're a DIY'er or work with a financial advisor, this is a great episode that I think you'll enjoy.

On the 48th episode of the Retirement Explained show, I'm talking about tips and tricks that I want you to keep in mind when you're thinking about paying as little in taxes during retirement and, in particular, about how to minimize the taxes you pay on your Social Security income. Believe it or not, you have to pay taxes on the income you receive from Social Security…but there are ways to get around that and I'm giving you all of the information you need to be prepared for it. Whether you're a DIY'er or work with a financial advisor, whether you're still working or already retired, Social Security is something we are all going to deal with and this is a great episode for you to check out because no matter where you are in life, I'm giving you tools that can help you deal with this TODAY!

On the 46th episode of the Retirement Explained show, I'm talking about IRA planning mistakes that I want you to avoid! With retirement planning, we most definitely want to make sure we're measuring twice and cutting once, because if we make mistakes, often there's no going back! This episode is all about the IRA; we're in the middle of tax season so your IRA should be on your mind and today's episode is going to be a great help to you!

On the 45th episode of the Retirement Explained show, I'm talking about the retirement planning mistakes that I want you to avoid! With retirement planning, we most definitely want to make sure we're measuring twice and cutting once, because if we make mistakes, often there's no going back!

On the 44th episode of the Retirement Explained show, I'm talking about how you should approach investing your savings with an eye on turning it into a reliable income stream so you can have the option of not working. Investing with creating an income stream in mind is a bit more nuanced than the strategy you might have taken when it came to accumulating your assets and saving your money throughout your working years and on today's episode, I'm going to share and discuss with you the best vehicles for you to do so.

On the 43rd episode of the Retirement Explained Podcast, I'm talking with you about the steps you need to take to prepare for retirement. Typically people fall into one of two categories; they're either preparing for retirement, or they're living in it. If you're in the former, this episode is for you! If you're already retired, I think you'll enjoy this episode because this has great information that you can share with loved ones that are still working and you can give them tips and advice on what to do as they follow in your footsteps.

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Do you ever stand in the cereal aisle and really look at it? At the endless sea of options, rows and rows of boxes with noisy colors standing at attention. How do you choose? Should you get Fruit Loops or Fruity Pebbles? Maybe you should try Fruity Flakes, or maybe you should get Frosted Flakes, it's been awhile since you've that particular sugar rush while having Tony the Tiger give you a thumbs-up at 7 o'clock in the morning. Financial planning and investing is probably more complicated than breakfast cereal and you're probably more inclined to suffer from decision fatigue when staring down the different decisions you have to make both when considering what you should invest in and how to think about planning your life decades in advance. On the 40th episode of the Retirement Explained show, I talk about how you can use cutting edge research from philosophers and psychologists about the way we, as humans, make decisions, and how you can use that to make better and easier decisions whether you're a do your financial planning yourself, or you work with a financial planner, like me.

On the 39th episode of the Retirement Explained podcast, I'm talking about an advanced investment strategy called ‘Tax Loss Harvesting'. It's something any good financial advisor is looking to do with their clients and if you're doing it yourself, you should be looking for opportunities to harvest your tax losses. There are some things to watch out for when conducting this strategy and make sure you pay attention to the Wash Sale Rule! It'll get ya!

On the 38th episode of the Retirement Explained podcast, I'm talking about Social Security and why you should consider delaying taking your benefit. It's one of the most important conversations I have with clients; discussing when they should take their benefit and we typically discuss and look at different scenarios using our financial planning software to determine what is best. Like most things in financial planning, the decisions we make today will affect us for decades to come so it's really important to measure twice and cut once, so to speak. On today's episode I talk about: -Don't look at Social Security in isolation from your other assets -Separate the emotions of taking Social Security from your decision making -Consider your longevity -Crunch the numbers -Be realistic

On the 37th episode of the Retirement Explained show, it's Thanksgiving week and I'm revisiting one of our best episodes where I cover steps women can take to better prepare for retirement. Believe it or not, women are typically less prepared for retirement than men and while there are some reasons why, I think it's important to address how women can overcome their obstacles and be as prepared for retirement as possible. In this episode, I talk about how it's important to: Maximize contributions before, during, and after work disruptions. Get off of the investment sidelines Work longer Make smart Social Security claiming decisions Have a plan for healthcare costs I hope you have a great holiday week and hopefully get to spend some time with your family!

On the 36th episode of the Retirement Explained show, I'm talking about important tax breaks that are reserved for those of us who are 50 years old or older! Age before beauty folks and on today's episode I cover the following: -Bigger standard deductions -Higher tax-filing thresholds -Property tax breaks -A special tax credit for the elderly or disabled -Additional IRA deductions -Additional 401k deductions -No more early withdrawal penalties! -Expanded qualified charitable distribution rules -Higher HSA contribution limits -Free tax help when filing your taxes

On the 35th episode of the Retirement Explained show, I'm talking about how important year-end deadlines that are coming up quickly for 2020. A lot of the deadlines are surrounding your ability to deduct contributions against your taxes so you want to make sure you don't miss the deadline…if you miss it, there's usually no going back! When it comes year end deadlines, I cover the following: -Contribute to your 401(k) plan by Dec. 31. -Retirees can skip required minimum distributions for 2020. -Take coronavirus expense withdrawals by the end of the year. -Donate your IRA distribution to charity. -Qualify for the saver's credit. -More time for IRA contributions.

On the 34th episode of the Retirement Explained show, I'm talking about how to pick a financial advisor and the ten questions to ask them. Picking a financial advisor is a big decision and you should have a process when interviewing advisors. It's a lot like dating and you want to make sure you have an idea who you're dealing with before you hand them your life savings. When it comes to picking a financial advisor, I cover the following: Figure out if you need a financial advisor Decide what services you need Select which type of advisor you want Get referrals from friends or the internet Check the financial advisor's credentials Interview multiple advisors -Brian

On the 33rd episode of the Retirement Explained show, I'm talking about how to get your money out of your retirement accounts. You've been saving your money for years…decades and I want to talk to you about the ins and outs of how to get your money without paying extra taxes or paying penalties. Retirement accounts are basically investment accounts that the IRS have allowed for some tax sheltering. The laws and rules regarding these types of accounts are very nuanced and you don't want to make a mistake when it comes to making a withdrawal. For instance, if you mess up taking your RMD, the penalty is 50%. You read that right…50%! However it's all good because you'll know everything you'll need to know on today's episode!

On the 32st episode of the Retirement Explained show, I'm talking about 529 Plans and saving for college. College has become increasingly expensive and there have been some changes to the law regarding how 529 plans work so I'm excited to share with you some information about what these accounts are and how they work.

On the 31st episode of the Retirement Explained show, I'm talking about how to pick stocks. Picking stocks for your portfolio can be a tricky task and there has been a lot of research that shows that the average fund manager/investor doesn't have much better success than a chimpanzee randomly picking stocks, but, with today's episode I hope to give you some insight as to the how/why that has been the foundation of prudent and intelligent stock picking for the last hundred years or so.

On the 30th episode of the Retirement Explained show, we discuss a situation that might seem counterintuitive but can be a problem if not addressed: saving too much money for retirement (or any other financial goal) We discuss a case study with a client we worked with recently to give you some insight as to what can happen when you're saving money like a maniac, but not doing it with precision and per a well designed financial plan. Don't get us wrong, it's a good problem to have! But we can avoid unnecessary taxes, etc by planning a little bit better.

On the 29th episode of the Retirement Explained show, I discuss how what you should be doing when you're in debt. A large part of building your wealth and creating financial security for you and your family is debt; if you have it, how you're dealing with it, and it most cases, a person with no/little debt are much more financially secure than those without it. Consider your personal financial situation as if you were a business and you were the CEO of You, inc. Businesses maximize profits by either increasing sales or reducing expenses or both. We can literally create a more profitable 'you' by lowering your expenses and one of the largest expenses that people have are tied to their debts, auto loans, credit card loans, medical loans, etc. On this episide I discuss ways you can approach paying off your debts so that you can be wealthier, happier, and retire faster than if you were to ignore it.

On the 28th episode of the Retirement Explained show, I discuss how starting an online business in retirement help you retire earlier and feel happier in retirement. Working during your early retirement years on something you're an expert/passionate about can help you retire early by providing an income stream to help bridge the gap between your 9-5 job and a life of financial freedom. It can also help address shrinking social circles that's an all too common once a person retires; many of our friendships and social relationships come vis-a-vis our work so it's important to address replacing those relationships if/when they begin to naturally fade away. The beauty of retirement is the freedom that comes with it, whether it's golfing, drinking wine, spending time with family, pursing something you love/passionate about, or spending your time doing what you're good at, but on your terms and without a boss telling you what to do!

On the 26th episode of the Retirement Explained show, I'm talking about how to prepare for your medical expenses during retirement. Did you know that the average medical costs for a couple in retirement are nearly $300,000 throughout their life; It's on average the largest expense most people encounter during retirement and I think it's one of the least discussed aspects of retirement planning. In today's episode I touch on Medicare and understanding some of the costs of healthcare in retirement, including Medigap insurance. I also discuss what a Health Savings Account is and how it can come in handy for dealing with healthcare costs in retirement, and I spend some time on the importance of contesting the high-income surcharge on your Medicare Part B, a very underdiscussed item that most of us deal with.

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On the 24th episode of the Retirement Explained show, I'm talking about the nine most overlooked tax breaks for retirees. Sadly, taxes don't go away once you retire and often times, if you have a strong pension or social security benefit and you've been diligent saving your money throughout your life, your tax troubles might be as bad or worse in retirement. I cover a lot of ground in this episode and I think it's great content whether you're preparing for or are living in retirement since it's something Retirement planning is something that is nuanced and different for everyone, and part of the nuance is it's something that you really have to do over several decades, it's not a short process, so it takes some finesse to do it, and do it well.

In the 23rd episode of the Retirement Explained show, I'm talking about the ten important age groups that you need to keep in mind when planning for retirement. Starting from ages 49 and under and going all of the way to 72 and older, I discuss all of the important things to consider and remember in the different age groups leading up to retirement. Retirement planning is something that is nuanced and different for everyone, and part of the nuance is it's something that you really have to do over several decades, it's not a short process, so it takes some finesse to do it, and do it well.

In the 22nd episode of the Retirement Explained show, we're talking about one of the most important aspects of planning for retirement; your Social Security benefit. Sounds like a dry subject, but it's on many of our clients minds because it's a nuanced program with lots of rules that can be confusing and it's really, really important to the ability for most American to be able to retire. In the episode, we discuss how the program is funded with payroll taxes for those that are working, how much of your income is able to be taxed (good news is there's a ceiling on how much of your income can be taxed for Social Security), how your benefit is calculated based on how many years you work, the average benefit that people get nationwide, how your benefit can change depending on what age you take your benefit, and much more!

On the 21st episode of the Retirement Explained show, I talk about annuities; what they are, what they do, and the pitfalls of having them. They're not for everyone and they're also not awful, like sometimes they're portrayed as. I think you're going to enjoy today's episode because whether you're a do-it-yourselfer planning for retirement on your own, or you have a financial advisor that's helping you plan for retirement and other financial goals, you will get some insight as to how I think about annuities and the role they play when I work with clients on their retirement planning needs.

Do you ever stand in the cereal aisle and really look at it? At the endless sea of options, rows and rows of boxes with noisy colors standing at attention, vying for your attention? How do you choose? Should you get Fruit Loops or Fruity Pebbles? Maybe you should try Fruity Flakes, or maybe you should get Frosted Flakes, it's been awhile since you've that particular sugar rush while having Tony the Tiger give you a thumbs-up at 7 o'clock in the morning. Financial planning and investing is probably more complicated than breakfast cereal and you're probably more inclined to suffer from decision fatigue when staring down the different decisions you have to make both when considering what you should invest in and how to think about planning your life decades in advance. In the 20th episode of the Retirement Explained show, I talk about how you can use cutting edge research from philosophers and psychologists about the way we, as humans, make decisions, and how you can use that to make better and easier decisions whether you're a do your financial planning yourself, or you work with a financial planner.

In the 19th episode of the Retirement Explained show, we're talking about the importance of keeping the end in mind when investing; retirement income. Retirement income can be broken down into three key areas: guaranteed sources of income (think Social Security, Pensions, Annuities, etc), non guaranteed sources of income (think investment real estate properties, business income, royalties, etc), and portfolio sources of income (think money you've saved in your 401k, IRA, Roth IRA, etc). I've spent the last couple of episodes talking about some of the ways psychology and investing meet and we think that remembering that your goal is to make it to retirement and to stay in retirement is important, it will help you to wash out a lot of the noise that comes with stock markets and investing. There is a game called Go that I wanted a documentary on where the world's best Go player played an advanced AI from a subsidiary of Google. What I found really interesting is that the AI wasn't trying to win each match by ridiculous margins, it was trying to win by one move. Humans have a tendency of valuing victories that have great margins attached to them. Somehow, we think that a basketball game ending with a score of 100-70 is a better win than 100-99. You don't need to crush markets, you just need to do as much as you need so that you can replace your work income after you stop working. That is a very freeing thought. It will allow you to relax, to a large extent, and count on your retirement plan and investment strategy to navigate through keeping you from running out of money.

On the 18th episode of the Retirement Explained show, we're getting to know ourselves a little bit better. We're talking about personality types and investor bias and how knowing yourself can help you better invest and avoid the pitfalls that come inherently with bias. It's nearly impossible to avoid bias because you're emotionally attached to your money, and of course you are. Money is the storage of time. Your time, your life is literally stored in those numbers that you see when you pull your bank accounts up and it's no joke! One of the reasons that my clients hire me is because I'm emotionally unattached to their money and I can make better decisions with their money than they can. They're trying to read the label from inside the can, so to speak, whereas I'm looking at the label from the outside. Whether you're a do-it-yourselfer or you work with a financial advisor, like me, I think you're going to enjoy this episode. I discuss tips on how to use your knowledge of your personality and the biases you're more easily susceptible to better make you able to read the label from inside the can. It's all about process. If you have a process and a plan, you can overcome your biases. If you enjoy this episode, please subscribe and give the show a 5-star review. I depend on listeners like you to share and rate the show so it grows and it's been growing like crazy! I really appreciate your help!

On the 17th episode of the Retirement Explained show, we're getting to know ourselves a little bit better. We're talking about personality types and investor bias and how knowing yourself can help you better invest and avoid the pitfalls that come inherently with bias. It's nearly impossible to avoid bias because you're emotionally attached to your money, and of course you are. Money is the storage of time. Your time, your life is literally stored in those numbers that you see when you pull your bank accounts up and it's no joke! One of the reasons that my clients hire me is because I'm emotionally unattached to their money and I can make better decisions with their money than they can. They're trying to read the label from inside the can, so to speak, whereas I'm looking at the label from the outside. Whether you're a do-it-yourselfer or you work with a financial advisor, like me, I think you're going to enjoy this episode. I discuss tips on how to use your knowledge of your personality and the biases you're more easily susceptible to better make you able to read the label from inside the can. It's all about process. If you have a process and a plan, you can overcome your biases. If you enjoy this episode, please subscribe and give the show a 5-star review. I depend on listeners like you to share and rate the show so it grows and it's been growing like crazy! I really appreciate your help!

On the 16th episode of the Retirement Explained show, we're getting to know ourselves a little bit better. We're talking about personality types and investor bias and how knowing yourself can help you better invest and avoid the pitfalls that come inherently with bias. It's nearly impossible to avoid bias because you're emotionally attached to your money, and of course you are. Money is the storage of time. Your time, your life is literally stored in those numbers that you see when you pull your bank accounts up and it's no joke! One of the reasons that my clients hire me is because I'm emotionally unattached to their money and I can make better decisions with their money than they can. They're trying to read the label from inside the can, so to speak, whereas I'm looking at the label from the outside. Whether you're a do-it-yourselfer or you work with a financial advisor, like me, I think you're going to enjoy this episode. I discuss tips on how to use your knowledge of your personality and the biases you're more easily susceptible to better make you able to read the label from inside the can. It's all about process. If you have a process and a plan, you can overcome your biases. If you enjoy this episode, please subscribe and give the show a 5-star review. I depend on listeners like you to share and rate the show so it grows and it's been growing like crazy! I really appreciate your help!