Simplify Your Retirement

If you're like many Americans, the bulk of your retirement savings likely sits in tax-deferred accounts like 401(k)s and IRAs. But when tax rates rise—as many experts predict they will—how much of your hard-earned money will you actually get to keep? With the national debt growing at an unsustainable pace and entitlement programs placing increasing pressure on the federal budget, significant tax increases appear inevitable. In this episode, we're honored to welcome David McKnight—nationally renowned tax expert and bestselling author of The Power of Zero, Tax-Free Income for Life, and The Guru Gap. David draws from years of experience and collaboration with leading tax authorities, including insights from his documentary film The Power of Zero: The Tax Train Is Coming. America has made financial promises it simply can't keep. With the national debt projected to hit $62 trillion by 2034, no combination of tax hikes or spending cuts appears capable of reversing the course. The “tax train” is coming—and retirement savers must prepare. One of the most powerful tools for protecting your retirement income is converting tax-deferred accounts to Roth IRAs. Doing so—particularly within favorable brackets like the 24%—can dramatically reduce your long-term tax exposure. But it must be done strategically to avoid unnecessary tax consequences. In this episode, we explore: Rising Taxes as a Retirement Risk Strategic Tax Planning for Retirement Strategic Roth Conversions Why Timing – especially before 2034 – is critical As an independent & full-service financial planning firm, Wise Wealth gives truly objective advice. If you want a retirement plan tailored to your goals and your future, we're here to help.

Stephen Stricklin, Founder and President of Wise Wealth, LLC is joined by COO, Paul Brock to answer frequently asked questions from clients and podcast listeners. They cover common concerns such as: How often do you make changes or rebalance my portfolio? Do you watch the market and move assets out based on short-term volatility? How does my savings or retirement plan compare to others at this stage of life? Stephen and Paul discuss the importance of rebalancing portfolios, which they typically do once a year to maintain the desired asset allocation and capitalize on buying low and selling high. While portfolio managers adjust for short-term market trends, clients should stay disciplined and stick with their long-term plan, as short-term volatility shouldn't dictate investment decisions. Trusting the plan and remaining invested is key to achieving the desired rate of return over time. They also explain how investor behavior, such as trying to time the market, often hinders success more than market fluctuations themselves, as missing just a few of the best market days can drastically affect returns. The key is sticking with a long-term plan, trusting portfolio manager, and remaining disciplined regardless of short-term market volatility. The key is understanding your time frame and risk tolerance—investing in the market should align with your long-term goals. The episode also addresses the idea of “comparing” your savings and retirement plan to others. The truth is, your plan should be tailored to your unique goals, income needs, and lifestyle choices. Everyone has their own "number," which represents what they need to achieve their goals in retirement, and the only way to determine this is through a personalized plan. Ultimately, your retirement plan's success isn't about comparing it to others but ensuring it meets your individual needs and goals. True success is measured by the peace of mind and financial freedom it provides, allowing you to fully enjoy life in retirement. Ready to take the next step? www.wisewealth.com/contact-us info@wisewealth.com 816.246.WISE (9473)

In this episode, Stephen Stricklin, Founder & President of Wise Wealth, is joined by Paul Brock, Vice President. They discuss the importance of having a comprehensive financial plan, focusing on key components such as a liquid plan, an income plan, and a growth plan. One major risk for retirees is long-term care, which should always be addressed in any financial plan. Additionally, the concept of short-term care is becoming increasingly relevant in retirement planning. Paul Brock, an insurance expert with over 21 years of experience, explains the differences between short-term and long-term care. Short-term care typically lasts up to a year, while long-term care extends beyond that, with each serving different healthcare needs. Despite Medicare covering a range of healthcare services, it does not cover either long-term or short-term care, making it crucial to understand these distinctions when planning for retirement. Tune in to the full episode and learn more about: Medicare vs. Skilled Care Conditions for coverage Medicare Advantage vs. Medicare with a Supplement Short-term care insurance Policy types & underwriting For more information on this topic or to explore any other questions you may have, contact the Wise Wealth team at 816.246.WISE (9473) or by email at info@wisewealth.com. Visit us at www.wisewealth.com.

In this episode of The Blockchain Breakdown: Understanding Cryptocurrency, we explore the importance of understanding digital assets and cryptocurrency as they become mainstream. Digital assets, including cryptocurrencies, are emerging as a new asset class with unique risks and opportunities for diversification. Tune in as we discuss key terms such as Bitcoin, tokens, NFTs, and share our insights on how to incorporate digital assets into a well-diversified portfolio While investing in digital assets, like Bitcoin, can add significant potential upside to a portfolio, it should be a small allocation (around 1%) using only funds set aside for high risk. It's also important to treat it as a long-term investment (5+ years) and be prepared for the possibility of losses. The key to successful investing in Bitcoin or other cryptocurrencies is having time and discipline, rather than acting on fear or greed. A well-balanced, thoughtful strategy with small allocations (1-5%) and a long-term horizon (5+ years) is essential. Ultimately, investing should provide peace of mind, fit within your broader financial plan, and free you to focus on life's most important priorities. If you want to learn more about Wise Wealth and our Retirement Freedom Plan™ feel free to contact our team. One of our experience financial advisors will be happy to answer any questions you have! Contact Us: www.wisewealth.com/contact-us info@wisewealth.com 816.246.WISE (9473)

Today, we're joined by Starla Hendricks, Vice President of Intermediary Sales at KEEP by Stone Castle. With over 30 years in financial services, Starla works closely with RIAs and wealth managers to help them navigate the cash and deposit landscape, providing solutions like KEEP—a high-yield, FDIC-insured cash account that offers protection and a better rate than typical savings accounts at local banks. We're excited to dive into how KEEP can provide clients with a secure, higher-yield alternative to traditional banking. • KEEP by Stone Castle offers a unique advantage by providing up to $100 million in FDIC insurance on a single account, compared to the typical $250,000 limit at a local bank. Unlike local banks, where individuals with larger sums must spread their funds across multiple institutions to maintain FDIC coverage, KEEP allows clients to consolidate their funds into one account with full protection, all under a single tax ID. • It's crucial for individuals to fully understand the limits of FDIC insurance. If you have more than $250,000 in a single bank account, any amount over that is not protected if the bank fails. Many people don't realize that, for example, if they inherit money or have accumulated significant savings, they could be leaving a large portion of it uninsured. With over $7 trillion currently sitting above the FDIC limit, much of it earning zero interest, it's essential to stay informed and ensure your funds are properly protected and earning a competitive return. • KEEP not only offers higher returns but also makes a positive impact by investing in community banks and credit unions, particularly those serving underserved populations. Through the Keep Impact initiative, funds are directed to minority depository institutions and community development financial institutions, helping to fund housing, minority-owned businesses, and other vital community projects. It's important to note, this is an option and there are other products to consider. As a fiduciary advisor, it is our responsibility to consider all options available and determine what products are a good fit based on the individual needs and goals of every client. Let's create your Retirement Freedom Plan™, starting with the “Clarity Conversation”. Reach out to us at 816-246-WISE or email info@wisewealth.com to start the journey toward freedom.

The conversation continues with guest, Samantha Tiller who focuses on eight key areas where retirees need to be intentional in order to achieve peace of mind during their retirement. If you missed the last episode, be sure to go back and watch & listen to the first three areas of the “Retire Wellthy Framework” – financial wellness, occupational wellness, and social wellness. Continue watching or listening this episode and learn the final 5 dimensions of the Retire Wellthy Framework: Emotional Wellness Environmental Wellness Intellectual Wellness Spiritual Wellness Physical Wellness Emotional wellness in retirement involves creating balance and managing daily emotional shifts. Key challenges include loss of identity and feeling disconnected. Building a routine with activities like meditation or outdoor walks helps maintain emotional health, fostering peace and contentment. A fulfilling retirement goes beyond finances—it's about developing habits that support emotional well-being. Environmental wellness focuses on creating pleasant, stimulating spaces in both your home and community. This includes improving your living spaces, considering your neighborhood, and ensuring your surroundings support your well-being. Simple changes can have a big impact, whether it's enhancing your home environment or exploring new places that uplift and energize you. Intellectual wellness in retirement is about staying curious and continuously learning, whether through creativity, new topics, or skills like language learning. It's important to avoid stagnation and remain open to growth, exploring new interests and challenges to stay engaged and youthful. Spiritual wellness in retirement involves reflecting on one's relationship with a higher power and finding peace about life's transitions, including aging and the afterlife. It's important to make space for spiritual practices like prayer, meditation, or connecting with nature, helping to nurture the soul and maintain a sense of inner peace. And finally… Physical wellness in retirement involves a holistic approach, focusing on nutrition, activity, and sleep. Instead of jumping into a rigid fitness routine, it's important to ease into healthy habits that suit your body's current needs, while also being mindful of the other dimensions of wellness. To learn more about how Samantha Lane helps retirees walk through all 8 dimensions of wellness, contact her at Sam@Lumina-Coaching.com or by phone at 913.522.9295.  If you're ready to take the next step and talk with one of our experienced financial advisors, schedule a complimentary 15-minute consultation. Call: 816.246.WISE (9473) Contact us: www.wisewealth.com/contact-us

In this podcast conversation, our guest is Samantha Tiller, the owner and founder of Lumina Coaching. She is a life transition coach specializing in helping people navigate significant life changes, particularly retirement. With her expertise, she helps clients find meaning, purpose, and direction after they retire, addressing the common fear of becoming aimless or disconnected. She emphasizes the importance of not only filling time with activities but also exploring deeper questions about identity and who one wants to be in this new phase of life. Samantha shares her experience of working with clients both before and after retirement, helping them navigate feelings of uncertainty and find meaning in their new phase of life. She explains the common "honeymoon phase" of retirement, where people enjoy the initial freedom but eventually face a sense of emptiness after a few months of leisure activities. Samantha offers a coaching approach centered around the idea that awareness plus choice equals peace, encouraging retirees to reflect on what they want their post-work life to look like and how to achieve lasting contentment. Learn the Retire “Wellthy” Framework which includes 8 dimensions of wellness: Financial Wellness Occupational Wellness Social Wellness Emotional Wellness Environmental Wellness Intellectual Wellness Spiritual Wellness Physical Wellness Awareness in these eight areas allows retirees to move confidently into retirement, with a focus on balance and improvement, not perfection. Being intentional about planning for a successful retirement requires focusing on more than just your financial wellness. That is why we are proud to have Samantha on our podcast, as we know how much she can benefit our clients. For more information about her services, visit www.lumina-coaching.com. Call: 816.246.WISE (9473) Contact us: www.wisewealth.com/contact-us Schedule a date & time online: https://calendly.com/myretirementsurvey/15min?month=2024-12

“Every client deserves the right to invest according to their values.” This is a quote from one of our guests, Mark Reifer. He's a financial advisor, and certified kingdom advisor (CKA), with a long history of managing portfolios and experience in biblically responsible investing. He emphasizes the importance of asset allocation, strategy, and moral screening in portfolio management. Along with Mark, we are joined by Ben Malick: A chartered financial analyst (CFA) and certified kingdom advisor (CKA), Ben focuses on building biblically responsible portfolios under Bright Portfolios, which balance good returns with ethical investments. In this episode, we dive into what kind of companies we are looking to include and which ones we want to exclude and why., The main focus is on finding companies that are "doing good" by treating employees, customers, and communities well, while also delivering positive products and services. The goal is to invest in businesses that are ethically responsible, avoid exploiting people or profiting from harmful practices like addiction, and align with values like loving your neighbor. The process for selecting companies to invest in focuses on three key criteria: products, processes, and priorities. 1. We assess whether the products or services a company offers are morally sound. For example, they avoid companies involved in pornography, even if it's just a small part of their business. 2. Then, we evaluate how the company treats its employees and suppliers, considering ethical business practices. 3. Finally, we examine the company's charitable activities and overall stance in the marketplace. A scoring system is used to evaluate companies based on these factors, aiming to find businesses that align with ethical standards. While the process is selective, it still results in a diversified portfolio, providing ample diversification while ensuring that investors can feel confident about the companies they own. The conversation also highlights the importance of "good returns", not only in terms of financial performance but also in the peace of mind investors get from knowing their investments align with their values. Contrary to common misconceptions, values-based investing does not sacrifice returns. Third-party studies on faith-driven and socially responsible investing show that applying a values overlay can enhance performance, rather than detract from it. Ethical investing can be both financially rewarding and aligned with personal values. Have questions about Biblically Responsible Investing? Or, would you like to speak to one of our financial advisors about ethical investing? Contact Us: info@wisewealth.com www.wisewealth.com/contact-us 816.246.WISE (9473)

In this special edition of the Simplify Your Retirement Podcast, Stephen Stricklin, CFP® President of Wise Wealth, and Vice President Paul Brock discuss the recent 2024 U.S. election and its immediate impact on the stock market. The episode focuses on three key questions people have about investing during election years and the broader economic outlook. 1. Why did the stock market respond favorably to Donald Trump's second-term win? 2. Why didn't the advisors change investment strategies before the election? 3. What can people expect economically from a Trump presidency? The episode wraps up with the idea that time and discipline are crucial for successful investing. The focus should always be on having a solid financial plan, which should drive investment decisions, rather than chasing short-term trends or reacting to political events. The hosts encourage viewers to understand their own financial goals and stay disciplined in their approach.

In this episode, Stephen Stricklin and Paul Brock discuss the importance of providing clients with a balanced approach to investing, focusing on portfolio construction that aligns with both financial goals and values. Guests Ben Malik and Mark Riefer offer their experience and expertise. Ben Malik: A chartered financial analyst (CFA) and certified kingdom advisor (CKA), Ben focuses on buildingbiblically responsible portfolios under Bright Portfolios, which balance good returns with ethical investments. Mark Riefer: A financial advisor, and certified kingdom advisor (CKA), with a long history of managing portfolios and experience in biblically responsible investing. He emphasizes the importance of asset allocation, strategy, and moral screening in portfolio management. Philosophy of Investing: Wise Wealth emphasizes long-term investing and discipline, advising clients to stay committed to their growth portfolios despite short-term market fluctuations. Modern Portfolio Theory: While both Mark and Ben appreciate the theory's focus on risk-adjusted returns, they recognize inefficiencies in the market that provide opportunities for active management. Diversification and Asset Allocation: They advocate a forward-looking approach in portfolio construction, taking into account market cycles, risk levels, and opportunities for adjusting asset allocations.  Importance of Values-Based Investing: A key element of the episode is the integration of biblically responsible investing (BRI), ensuring the companies they invest in align with ethical and moral values. Their portfolios are regularly reviewed and adjusted, focusing on long-term growth without losing sight of the clients' values. Investor Behavior: The hosts discuss the importance of investor discipline and how managing emotions during market fluctuations is critical to long-term success. Wise Wealth builds investment portfolios that not only meet financial objectives but also adhere to clients' moral and ethical standards, blending portfolio management with biblically responsible investing principles. Interested in learning more about our portfolios? Schedule a 15-minute Conversation with one of our experienced financial advisors. www.wisewealth.com/contact-us 816.246.WISE (9473) info@wiseweath.com

Many people dismiss reverse mortgages based on misconceptions. Watch & listen to this episode to learn more about the benefits of using a reverse mortgage as a part of your overall financial plan. Meet our guest: HARLAN ACCOLA, National Reverse Mortgage Director, Author of the book, Home Equity and Reverse Mortgages. Harlan Accola has been in the mortgage industry for more than 20 years and is widely recognized as an authority on reverse mortgage loans and retirement finance issues. The most rewarding part of his career has been helping homeowners and homebuyers aged 62 and older to realize the benefits of reverse mortgages and achieve better retirements. In this episode, Harlan highlights that home equity, often overlooked, constitutes a significant asset for retirees—nearly $14 trillion is tied up in seniors' homes. This equity is frequently unmanaged and is rarely utilized effectively, often passed to heirs who may not value it. Using Reverse Mortgages: Leverage home equity to fund experiences and memories with family while still alive, such as vacations. Homeowners can withdraw cash from their reverse mortgage and gift it directly to their children. Since the funds from a reverse mortgage are tax-free, this can be a way to help with expenses like education or a home purchase. Utilize funds from a reverse mortgage for various purposes such as home repairs or modifications, long-term care funding, and more. Eligibility and Rules: Eligibility begins at age 62 (some states allow it at 55). The reverse mortgage is federally insured, ensuring access to funds and protecting heirs from debt if the home value decreases. Upfront costs include a 2% fee based on the home's value, which is deducted from the loan and not paid out-of-pocket. If you have questions about this topic or would like to know more about how Wise Wealth can help you with your unique situation, feel free to reach out. www.wisewealth.com/contact-us 816.246.WISE (9473) info@wisewealth.com

Guest Phil Graham | CEO @ The Beneficiary Liquidity Plan® Phil Graham is the driving force behind the development and innovation of The Beneficiary Liquidity Plan®. Phil brings more than 25 years of financial services experience, with a focus on designing and distributing products through financial advisors. With the Beneficiary Liquidity Plan®, you can help ensure your loved ones have quick, easy access to the funds they need to settle your estate. Many people have faced the burden of paying for a loved one's funeral out of pocket, and in this episode, we explore ways to provide immediate financial relief for families through these tough times. Sometimes it can take anywhere from 2 weeks up to six months to receive death certificates, which delays access to funds from financial institutions. For instance, in New Jersey, an 84-year-old widow had her joint bank account frozen after her husband died, as the bank required a state estate tax form and death certificate before releasing the funds. Nearly everyone (close to 100%) wants their family to access funds for funeral costs, yet only about 8% have prepaid funerals. We recommend pre-planning (not pre-paying) to ease decision-making for beneficiaries. Immediate Payment: The Beneficiary Liquidity Plan® allows for direct payment to the funeral home, eliminating financial stress for the family. For example, with a $25,000 allocation: • Average funeral expenses (approx. $15,000) are covered. • Remaining funds ($10,000) are deposited to the beneficiaries for immediate use. For more information or questions on this topic, feel free to reach out to our team at 816.246.WISE (9473) or by email at info@wisewealth.com. If you're not a client of Wise Wealth and lack a personalized financial plan, we offer a "Clarity Conversation" to help you get started. You can reach out via email, phone, or by taking our online quiz for a free copy of our updated book, "Simplify Your Retirement." Our goal is to simplify your retirement planning so you can fully enjoy life. 816.246.WISE (9473) | info@wisewealth.com | www.wisewealth.com/book | www.wisewealth.com/contact-us

People often research financial products after hearing about them through various channels, but they may be swayed by either overly positive or negative information. This can lead to risky decisions, as news often highlights sensational or negative stories to attract readers and sell ads. Algorithms amplify confirmation bias by continuously showing users articles that align with their previous clicks, which is why we advocate for principles-based financial planning—principles remain constant even as products and industry trends evolve. While products and industry trends may change, principles remain constant, and we've emphasized these principles throughout our previous podcast episodes. No Investment Decisions Outside the Context of the Plan The Plan Determines the Products Don't Let Your Portfolio Take a H.I.T. (health care, inflation, and taxes) Protect the Income; Grow the Rest Financial Peace Comes from Having a Plan For clients of Wise Wealth, we provide continued education, and we were thrilled to host our Summer Education Series. This year's theme, “Non-Traditional Investment, Income, and Inheritance Options,” which sparked many engaging discussions. A Beneficiary Liquidity Plan Including Life Insurance Living Benefits Housing Wealth Including Reverse Mortgages Understanding the Basics of Blockchain Technology and the Investment Opportunity for Digital Assets We're focusing on non-traditional financial methods this season, including reverse mortgages, beneficiary liquidity planning, and digital assets, and we'll be discussing these topics in upcoming podcast episodes. Understanding your options can help you find the best fit for your individual needs. Having a plan is crucial because it allows for a thoughtful evaluation of various financial options, ensuring that each choice aligns with individual goals and needs. As fiduciaries, we are committed to presenting unbiased, well-researched information on diverse financial topics to help clients make informed decisions within the context of a comprehensive plan. If you're not a client of Weiss Wealth and lack a personalized financial plan, we offer a clarity conversation to help you get started. You can reach out via email, phone, or by taking our online quiz for a free copy of our updated book, "Simplify Your Retirement." Our goal is to simplify your retirement planning so you can fully enjoy life. Thank you for joining us as we kick off the sixth season of our podcast! 816.246.WISE (9473) info@wisewealth.com www.wisewealth.com/book www.wisewealth.com/contact-us

It's often said that people spend more time planning vacations than they do for retirement. But just as you wouldn't wing a vacation, retirement planning requires careful consideration. With potential decades ahead, the time invested in planning is relatively short. Therefore, it's crucial to approach retirement seriously, laying out all your desires to ensure they align with your vision. A common mistake is solely focusing on the day you can stop working. While reaching this milestone is significant, the ultimate goal is not just retirement but retirement freedom. Our goal is to guide individuals towards this state of financial freedom, not just reaching retirement but thriving through it. We aim to alleviate the fears and frustrations that often accompany retirement, enabling people to enjoy their golden years with peace of mind. And at the core of achieving this peace is having a well-thought-out plan. Whether it's the cost of healthcare, rising taxes, stock market volatility, or inflation, our personalized Retirement Freedom Plan™ covers all potential risks eliminating those fears and what-ifs. In retirement, you want the freedom to pursue your desires without worrying about uncertainties or risks. Working with someone who understands this is crucial. Going it alone might work, but you could still face fear and frustration along the way. Robo-advisors lack the human touch needed to address your unique concerns. While they can provide numbers and estimates, they can't offer the empathy and experience of a human advisor. Trusting solely in automated assessments, like those from 401k providers, may not give you the full picture. What you really need is a financial planner who can guide you not just to retirement but through it, providing both expertise and empathy tailored to your needs. Let's create your Retirement Freedom Plan™, starting with the “Clarity Conversation”. Reach out to us at 816-246-WISE or email info@wisewealth.com to start the journey toward freedom. www.wisewealth.com

In the pursuit of financial freedom, retirement planning often revolves around achieving a specific nest egg or net worth target. However, true fulfillment in retirement extends beyond mere financial security. It encompasses a holistic approach that addresses uncertainties, unforeseen circumstances, and the desire to leave a lasting legacy. In this episode, we discuss the multifaceted aspects of retirement planning, highlighting the importance of proactive decision-making, essential documents, and specialized expertise to ensure a fulfilling and secure retirement journey. While many financial advisors often focus on reaching a specific nest egg or net worth target to support this goal, experience shows there's a further peak to strive for beyond mere financial security. The reality is a lot of people plan for about 30 to 35 years preparing for the day they retire, but you need to have a plan for the 30 to 35 years after you retire. When you get to retirement, now there are unknowns. How long are you going to live? How much is inflation going to impact you? Am I going to need long-term care? As you get closer to retirement, the risk increase, and the stakes are higher. Mistakes have to be avoided and you need to work with an advisor who specializes in the retirement phase of life. Specific investments are tailored for generating income, while others are geared towards growth. The choice of investment aligns with the intended financial plan. Beginning with an income plan, one progresses to an impact plan which encompasses legacy, insurance, and tax planning. Unforeseen circumstances such as incapacitation or illness can suddenly shift control away from one's intended decisions. This uncertainty can detract from the enjoyment of retirement, raising concerns about the distribution and management of assets, as well as the designation of decision-makers in times of need. The goal of retirement planning is to minimize fear, frustration, and risks to fully enjoy retirement. Essential documents such as powers of attorney, encompassing healthcare and financial matters, are crucial. A living will specifies directives for medical care in certain situations, relieving loved ones of difficult decisions. A traditional will dictates asset distribution, preferably through contractual arrangements. It's essential to document specific wishes and have them legally endorsed to ensure desired outcomes, particularly for personal items with sentimental value, to avoid potential conflicts among beneficiaries after one's passing. It's crucial to ensure that beneficiaries listed on policies accurately reflect your wishes, as these designations override the instructions in your will. Naming beneficiaries expedites the transfer of assets without the need for probate, streamlining the process. Trusts can be simple or complex, but legal expertise is often necessary for complex situations. While we offer assistance, we recommend consulting qualified attorneys to ensure validity and effectiveness. We stress to clients the importance of leaving more than just money behind—a legacy of values, beliefs, and memories. Encourage sharing messages, beliefs, and family stories through videos or other means, ensuring that the true essence of their legacy endures beyond financial assets.

Tax Planning: A Lifetime Approach to Minimize Your Taxes In today's episode, we dive into the topic of taxes, drawing inspiration from Benjamin Franklin's famous quote: "There are only two things certain in life, death and taxes." Considering the uncertainty surrounding taxes and the fear it can evoke, we emphasize the importance of having a plan in case of tax increases. While your current tax rate forms the basis of our strategy, we also incorporate a contingency for potential future tax rate hikes, stressing the need for preparation regardless of your decision to convert to a Roth or not. Now, let me introduce Becca Ollar, whose unique background as a CPA with experience in financial planning sets her apart. Unlike CPAs in accounting firms primarily dealing with business and corporate returns, Becca's focus within a financial planning firm revolves around individual planning. In CPA firms or accounting firms, the work often happens behind closed doors with minimal interaction. Unlike the typical accounting firm setup where clients drop off tax documents in February and only reconnect in March or the following year, working with Becca involves more engagement and conversation throughout the year. It's rare to find a CPA focused on building meaningful relationships and actively helping clients achieve their goals, rather than just offering tax preparation services. This approach involves proactive communication, strategic planning before deadlines, and a partnership mentality, ensuring clients are well-informed and minimizing surprises come tax time. The advantage of combining CPA and financial advisor services lies in seamless access to comprehensive records and consistent advice. The proactive approach, often lacking in traditional tax preparation services, is crucial for a positive client experience. Interested in Tax Preparation? Call our office at 816.246.WISE (9473), or visit our website, www.wisewealth.com. Watch or listen to the full episode to hear Stephen's perspective on paying taxes upfront on the seed, rather than navigating the uncertainties of future tax rates and amounts during the harvest. Also learn other tax strategies such as: Maximize conversion amount within the current tax bracket. Evaluate the Impact of Moving to Higher Tax Brackets: g., 12% to 22% versus 22% to 24%. By incorporating these insights into your tax planning, you can make informed decisions that align with your financial goals.

In this insightful conversation, Stephen Stricklin discusses the complexities of financial planning, focusing on the contrasting viewpoints regarding investments in the stock market and insurance planning. Leveraging his extensive industry experience, Stricklin underscores the significance of crafting a comprehensive plan that seamlessly integrates both aspects. There is an imperative need for objective advice, especially from a firm like Wise Wealth which can objectively navigate the intricacies of both insurance and investments. Many biased financial advisors may favor one approach due to licensing, affiliations, or personal preferences. Wise Wealth's approach involves tailoring recommendations based on a thorough understanding of clients' needs, initiated through a "Clarity Conversation," followed by the “Possibilities Meeting” - exploring diverse avenues for achieving financial goals. It's important to understand that by investing in insurance you are transferring the risk to the insurance company which can lead to financial peace of mind. Stephen and his co-host, Paul Brock talk about the significant financial risk associated with long-term care, the complexities of Medicare, and the role of life insurance. In conclusion, it is crucial and imperative to adopt an objective and fiduciary approach when making decisions related to insurance. Key Topics Discussed: Understanding Insurance as Risk Transfer Long-Term Care as the Largest Financial Risk in Retirement Medicare Complexities and the Need for Expert Guidance Overview of Life Insurance: Death Benefits and Living Benefits Integral Role of Life Insurance in All Seven Areas of Planning The Importance of Comprehensive Financial Planning CONTACT US: www.wisewealth.com Email us at info@wisewealth.com, or give us a call at 816.246.WISE (9473). To request your copy of our book, Simplify Your Retirement, email us at info@wisewealth.com, or visit our website www.wisewealth.com/contact-us.

Investment Planning: The 2 Key Ingredients to Success Ever wondered what it takes to be a successful stock market investor? In this episode, Stephen Stricklin from Wise Wealth breaks down the two essential ingredients for success: time and discipline.

Income Planning: Smart Investment Allocations for Maximum Peace of Mind We understand that when retirees have a well-thought-out plan, they are more likely to experience true freedom. The ultimate goal of our retirement planning efforts is to achieve this freedom, enabling individuals to give, serve, and enjoy life without constraints. Once a plan is established for each of these six areas: liquidity, income, growth, tax, legacy, and insurance, true freedom becomes attainable. Our concept of freedom planning perfectly aligns with the mission of Wise Wealth, encapsulated by the hashtag #GSEL (give, serve, and enjoy life). To realize this vision, meticulous planning is necessary. One of the most pivotal questions to ask in financial planning is, "What does retirement look like to you?" This question is crucial as the answer varies for each individual. Retirement, for some, entails serene moments in a rocking chair or spending time with grandchildren, while for others, it means constant travel and never staying at home. There's no right or wrong answer, but an answer is essential. The response to the question "What does retirement look like to you?" not only carries an emotional aspect but also a numerical component. When we discuss income planning, we are essentially determining that number. At Wise Wealth, one of our guiding principles is that the plan determines the products. Using our easy-to-understand “3-Bucket Approach” we identify the purpose of the money—whether it's for liquidity, income, or growth. and we firmly believe that a single portfolio cannot effectively serve all three purposes. We believe a single portfolio cannot effectively serve all three purposes. Aligning investments with their intended purposes simplifies decision-making and enhances peace of mind. Today, our focus shifts to the income bucket. We'll discuss the rules governing how much should be allocated to this bucket and the investment options it offers. Many individuals approaching retirement, particularly those who have managed their finances independently or worked with advisors focused on asset growth, may find this transition challenging. They are accustomed to growing their assets, often through 401(k) investments. However, in retirement income planning, the dynamics change, requiring consideration of liquidity, safety, income, and growth. Many people mistakenly believe they only have these two extreme options, either taking no risk and accepting minimal returns (barely keeping up with inflation) or risking everything with potential losses as the market fluctuates. The downside is that this type of strategy doesn't lead to freedom or peace of mind. Individuals find themselves in constant fear, tied to market fluctuations, questioning every financial decision. There are alternative options in the middle ground, that are less risky and more cost-effective, giving a more balanced approach. Upon reaching retirement age, individuals should protect the portion of their money needed for an income stream. The rules for the liquid bucket involve determining your income number, solving for the gap by subtracting guaranteed income sources, and figuring out the least amount of assets needed to guarantee the required level of income. Almost everybody has an income gap, and the income gap formula is straightforward. Take your income need in retirement, subtract any guaranteed income sources, and start with a clear budget. To determine your income need, write it down—request our complimentary retirement worksheet at info@wisewealth.com. Our goal as planners is not to sell annuities or CDs but to have as much money as possible growing for our clients while protecting their income needs. We advise individuals, even up to the first 5 to 10 years in retirement, to start allocating assets today to solve for that gap 10 years from now. It's never too early to start planning. To request your copy of our book, “Simplify Your Retirement,

In planning for retirement, creating a budget is crucial for ensuring financial security and making work optional. The simplified approach involves dividing assets into three buckets: one for liquid expenses, another for income, and the third for growth. The budget, a formal plan for managing monthly income, helps avoid overspending and provides the freedom to enjoy retirement. Key points on budgeting for retirement: Living Expenses vs. Lifestyle Expenses: Distinguish between essential living expenses (e.g., housing, utilities, food) and desired lifestyle expenses (e.g., travel, recreation). Guaranteeing living expenses is crucial. Start with the Basics: Ensure a secure retirement by covering the necessities. Just as parents promise a roof, food, and clothes for their children, retirees should guarantee their own living expenses. Healthcare Costs and Inflation: Estimating healthcare expenses is a significant concern in retirement. A reasonable starting point could be $450 per person per month. Account for inflation in estimating future expenses. Regularly monitor and adjust the budget as circumstances change. Customization is Key: While there's no one-size-fits-all solution, everyone needs to identify their unique retirement number. Use a budget worksheet, estimate high, and adjust for inflation over time. Six months before retirement, start living on the budget to ensure its feasibility. Adjustments can be made based on the real experience. Remember, the goal is to retire with confidence, peace of mind, and the freedom to enjoy life without financial constraints.

Liquidity Planning: How to Plan for Short-Term Needs and Where to Invest Liquidity is important for everyone, no matter what phase of investing you are in. If you anticipate needing your money within the next five years, it should be readily accessible. The primary objective is to ensure the protection of your income stream and have assets at your disposal. It's impossible to grow your income, draw an income stream, and keep it liquid all in one portfolio. In our 3-bucket approach, funds are distributed into 3 categories: liquid, income, and growth. Anything in the liquid bucket will not be available for growth or income. There are two reasons someone may want to have liquid assets: 1. Emergency Fund: The recommended amount for an emergency fund may vary depending on your current investment phase. 2. Short-Term Expenses: These are expenses you anticipate in the next five years, such as buying a new car, funding house repairs or renovations, or taking trips. The objective here is to safeguard this money from market risks. If your financial goals are within 1-3 years, there may be an alternative investment to consider besides a checking account. These could include cash alternatives such as CDs, money market accounts, fixed annuities, or specialty savings accounts. Most people think that having money liquid means it doesn't earn anything. That is not the case with these alternatives. Contact our team of professionals for more information about the current return on specific accounts that could benefit you. 816.246.WISE (9473) or info@wisewealth.com With our Simplify Your Retirement Plan® Process, your income stream will be guaranteed and the plan ultimately leads to financial peace of mind so you can live the retirement you always dreamed of. Wise Wealth is an education-based financial planning firm that specializes in retirement.

In this episode, we take a big-picture view of what planning is, and what a retirement plan should include. Products are not a plan. Someone may think they have a plan because they have a 401(k), pension, or insurance policy in place. Or they plan to get a little more conservative over time with their portfolio. Each of those things may be part of a plan, but they are actually products, they are not a plan. Hope is not a plan. When you go to a traditional financial planning firm that is not a specialist in retirement income planning, they will give people a simulation, a percentage chance that you won't run out of money by a certain time. There's a better way to plan for retirement than hoping or assuming or looking at hypothetical assumptions. The numbers can be manipulated, and our concern is with the hypothetical returns. So, what is a true retirement plan? A true retirement plan moves beyond just having a policy or a product, it's understanding why and how it fits within the plan. We believe there are 7 areas of planning: Liquidity, Income, Investment, Tax, Legacy, Insurance, and Freedom Planning. We break these down into two phases: The Income Plan which encompasses Liquidity, Income, and Investment Planning. The Impact Plan includes Tax, Insurance, and Legacy Planning. The entire reason we save, and work for 30+ years is so that when we arrive at retirement, we no longer have to worry about the income stream. This is why we believe income planning is the best way to start. Once the income portion of the plan is complete, then we move into “The Impact Plan” phase. In this phase, the relationship with our clients grows, as we help them define their vision for retirement and beyond. A long-term relationship is needed to cover all 7 areas of planning with the end goal being FREEDOM. We celebrate our clients who are in the freedom stage of our Simplify Your Retirement® Plan. If you are new to Wise Wealth and want to learn more about how the Simplify Your Retirement Plan® Process can help lead you to a peaceful and enjoyable retirement, contact us!

A Retirement Plan That Leads to Confidence If you have a plan that's simple and easy to understand, implement, and follow, you will feel better about your retirement plan. This, after all, is the overarching goal of everything we do: to instill confidence in your financial future. In a landscape where many financial advisors tend to make things needlessly complex, it's essential for everyone to be able to understand their retirement plan. To be successful in retirement you have to take action, and that's where an easy-to-understand plan becomes crucial. Making Work Optional Our mission begins with the phrase, "to guide families on a path that makes work optional." As we get to know people and discover their goals and dreams, this phrase triggers something in their minds… The intention behind this part of our mission signifies preparing for a day when you no longer work for a paycheck. Picture a future where the monotonous morning routine of getting ready for work and battling traffic no longer binds you. One day in the future, you have a paycheck coming in, where you will still get paid and have the lifestyle you want, but you won't have to work to do that. You don't have to exchange your time or expertise in order to get paid. The goal is to make work optional, to allow yourself the freedom to give, serve, and enjoy life. #GSEL

In today's episode, the last of Season 4, Stephen Stricklin, along with Paul Brock, answer FAQ's surrounding retirement planning. In addition to their answers in this episode, we encourage you to look back through the seasons to gain more clarity! One listener asks, “Do you see value in splitting accounts over a few different advisors?” Stephen says with multiple advisors working with the same client, you can end up with similar portfolios, and that may not be as diversified as you'd think. In addition, different advisors have different financial philosophies, Stephen believes in simplicity and consolidation, getting all assets under the same roof.  A common question Stephen and Paul face is, “Should I have an alternative to bonds?” In this current environment where the interest rates are rising, and the value of bonds go down, ultimately it depends what your plan is. Their suggestion is a fixed indexed annuity, a fixed annuity, or CD's. In exchange for the liquidity that bonds offer, you get guaranteed principal protection and no downside risk.   When it comes to retirement planning, someone asks, “How can I build a retirement plan when I don't know when I will retire?” Stephen suggests picking a date and going from there. It doesn't have to be set in stone, but it's best to start putting together a plan sooner than later, to have peace of mind.  Stephen and Paul Discuss:  Overview of all four seasons thus far.  Addressing questions sent in from listeners  Question 1- “Do you see value in splitting my account over a few different advisors?”  Question 2- “Should I use an alternative to bonds, in this environment with interest rates rising?”  Question 3- “How can I build a retirement plan when I don't know when I will retire?”  Podcast show taking a break in between season four and season five. Exciting new improvements to the podcast when we resume! Resources: info@simplifyyourretirement.com http://www.simplifyyourretirement.com/book https://wisewealth.com Season 1 The Three Bucket Approach Part 1 The Three Bucket Approach Part 2 The Three Bucket Approach Part 3 Season 2 Season 3 Season 4 Wise Wealth YouTube Channel Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC

Have you ever considered the views of the companies you've invested in? Do they align with yours? Join Stephen Stricklin and Paul Brock, along with guests Ben Malick and David Sandhu, as they discuss Biblically Responsible Investing. Ben and David have years of financial experience with Wise Wealth, and in this episode, offer clarity on how we can make good decisions when it comes to thinking biblically about our investments.  As an investor, you must screen for companies that take into account the acronym, ESG, Environment, Social and Governance. Do they care for the environment? How do they treat their customers and employees? How well is their board structured? Look for companies that are not harming others for the sake of profit.  As a christian, being aware of what you invest your money in is of highest importance. Focus on companies that give back to their employees and their community and support christian values. In the long run, businesses that care for people will flourish.  Bright Portfolios is Wise Wealth's solution. Bright Portfolios is an asset allocation where they manage the portfolios for individual clients. They screen for companies exhibiting good values, and build a fully diversified portfolio. You can feel good about the companies you own and feel good about the returns. You get positive returns and know the money you're investing is actually doing good in the world.  Ben and David Discuss:  The philosophy of Biblically Responsible Investing  ESG (Environmental, Social, Governance); what investors will screen companies for.  Types of companies to avoid. “Sin stocks”; any company that supports tobacco, alcohol, gambling, manufacturing abortion drugs, creating or distributing pornography, companies that harm others for the sake of profit.  Types of companies to invest in. “Shining light” or “Beacon of hope” companies are focused on giving back to their employees, giving to the community, and honoring God.  Does narrowing down the amount of stocks I invest in because of misaligned values make me lose a little bit of return?  Bright Portfolios is an asset allocation where they manage the portfolios for individual clients. They screen for companies exhibiting good values, and build a fully diversified portfolio.  Resources: Do you have a question to ask for an upcoming podcast episode, or want a FREE copy of our book, Simplify Your Retirement? If so, email: info@simplifyyourretirement.com http://www.simplifyyourretirement.com/book Season 2 Episode 10 with Ben Malick Wise Wealth Phone Number: 816-246-WISE (9473) https://wisewealth.com https://brightportfolios.com Connect With Ben and David: info@simplifyyourretirement.com https://wisewealth.com https://brightportfolios.com  Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC About Our Guests: Ben Malick is the Chief Investment Officer of Wise Wealth, Portfolio Manager for Bright Portfolios, Chartered Financial Analyst and Certified Kingdom Advisor. David Sandhu is a Wise Wealth Financial Advisor, Certified Kingdom Advisor and Chartered Retirement Planning Counselor. 

You may have heard the terms “fee” and “cost” used as synonyms, but there is a distinction that could make all the difference in the world of investing. In this episode, Stephen Stricklin and Paul Brock discuss three major misconceptions many people have about fees and costs.  A fee is something you can “see,” usually in plain sight, and made known up front, sometimes deterring an individual from taking the plunge. A cost is something you can “feel,” usually not laid out clearly in a statement, but you'll feel the hidden costs in your returns.  The three most popular money saving misconceptions are: investing on your own, that your 401(k) has no fees, and investing online with a robo-advisor, all of which lead people to believe that they are cutting losses associated with various service fees. Stephen and Paul expose these myths with facts and statistics, showing the fees of working with an advisor actually yields greater return than the costs associated with the three methods above.  All investments have a cost, and value determines worthiness. The value of having a financial advisor when investing is highly beneficial, and the stats show it is worth it.  Stephen and Paul Discuss:  The difference between fees and costs. A fee is something that you see, a cost is something that you feel. The myths and misconceptions of fees and costs when it comes to investing. Misconception #1 “I can save money by investing on my own, and pay no fees” Vanguard study  Misconception #2 “I can save money by keeping money in the 401K, where there are ‘no fees'”  Misconception #3 “I can save money by investing online through a robo-advisor, because there are ‘no fees'” Dalbar study  Resources: Don't forget to email info@simplifyyourretirement.com if you have any retirement questions you'd like Stephen and Paul to answer in an upcoming episode OR to get a free Copy of Stephen's book, Simplify Your Retirement! info@simplifyyourretirement.com http://www.simplifyyourretirement.com/book https://www.investopedia.com/ Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC

Are there better uses for your home equity? In today's episode special guest Gabrielle Welter, along with host Stephen Stricklin, discuss everything reverse mortgages. Gabrielle is a reverse mortgage specialist in the Chicago area, and with 11 years experience in the financial industry, she has a lot to share.  Gabrielle debunks the negative connotation that a reverse mortgage is the “loan of last resort.” She gives an in depth look into how a reverse mortgage can enhance your retirement portfolio overall.  She answers questions like; How does a reverse mortgage work if you still have a mortgage payment? What is the cost/value? What happens when you sell your house but there's still equity in the home?  Gabrielle Discusses:  Uses for a reverse mortgage, and how it can benefit the retiree- a way to pay for long term care.   Different scenarios for a reverse mortgage and how it would work- even if you still owe money on your mortgage, you can still qualify.  HECM- home equity conversion mortgage Why a reverse mortgage is valuable- Closing costs are high because it is FHA insured, and it is a non-recourse loan, they cannot pass any debt to any errors. Benefits of being FHA insured Explains the scenario of selling the house, still having equity in the home- leaving remaining equity to beneficiaries, “passing money”.  The scenario of not taking equity out of the home, but instead buying a new home, “HECM for purchase” or “H4P”.  Resources: Do you have a question to ask for an upcoming podcast episode, or want a FREE copy of our book, Simplify Your Retirement? If so, email: info@simplifyyourretirement.com http://www.simplifyyourretirement.com/book Myhousecounts.com Connect With Gabrielle Welter: Myhousecounts.com LinkedIn: Gabrielle Welter  Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC About Our Guest: Gabrielle Welter is a reverse mortgage specialist in the Chicago area. She has 11 years of experience in the financial industry, and has even owned her own Allstate agency for 5 years. She is passionate about her work, going beyond just a customer-relationship, to a client-relationship, educating her clients and countless others on her social media platforms. Gabrielle is also married, and the mother of three boys and one golden retriever.

Host Stephen Stricklin and Co-Host Paul Brock take on the topic of taxes in retirement in today's episode, appropriately released on the tax filing deadline date of 2021. An exciting day for some, and dreaded for others, it's a reality of our financial life we cannot avoid, and certainly a factor to consider when planning for retirement.  Stephen and Paul take a deep dive into some tax lingo. They bring listeners through five topics pertaining to taxes and retirement: Tax Planning, Effective vs. Marginal Tax Rate, Capital Gains, Social Security benefits and Medicare. They give clarity to these terms, and give examples of scenarios from the point of view of a married couple filing jointly.  Financial peace comes from having a plan, and having a base understanding of these commonly talked about concepts will help set you up for a successful and peaceful retirement.  Stephen and Paul Discuss:  Tax Planning; making sure you have a plan to deal with increasing taxes in retirement Effective Tax Rate vs. Marginal Tax Rate Capital Gains; short term vs. long term Taxation on Social Security benefits Medicare; IRMAA  Future FAQ episodes to come  Resources: Do you have a question to ask for an upcoming podcast episode, or want a FREE copy of our book, Simplify Your Retirement? If so, email: info@simplifyyourretirement.com http://www.simplifyyourretirement.com/book US Debt Clock Link Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC  

Retirement is not a cliff to jump off of, but an opportunity to build bridges grounded with your values and strengths. In this episode, Stephen Stricklin is joined by guest Samantha Lane, an Associate Certified Coach who most often works with men and women making the huge transition to retirement. Samantha is passionate about helping individuals through major life changes, and being a guiding light for clients to find balance and satisfaction in their life as retirees.  Samantha walks us through six non-financial mistakes people make going into retirement, identifying them and giving tips on how to combat them. She brings up some misconceptions many people have about retirement, and encourages listeners to be proactive about their expectations, so that they can have a fulfilling life in retirement.  Samantha alleviates the heaviness that the new chapter of retirement can bring. The question of “what do I do next?” can be daunting. You don't need to have all twenty years of retirement planned out, what you need to know is just the next right step forward.  Samantha discusses: The longevity of life for the average retiree. How she found a life coach, in Minnesota and found clarity to do what she's doing now. Moving back to Kansas City and starting her own coaching business in 2016. The longevity of your life being tied to your social wellness Six non-financial mistakes people make going into retirement  Resources: https://simplifyyourretirement.com https://www.lumina-coaching.com/ Season 3 Episode 1 Season 3 Episode 2 Season 1 Season 3 Episode 9 https://simplifyyourretirement.com/book/ info@simplifyyourretirement.com Connect With Samantha Lane: https://www.lumina-coaching.com/ LinkedIn: Samantha Lane AAC, ICF Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC About Our Guest: Samantha Lane is an Associate Certified Coach with the ICF. She launched Lumina Coaching in May 2016 and has since served dozens of people in support of their best life. She's a Life Coach passionate about helping people get “unstuck” and gain awareness on developing their personal sense of balance, wellness, and success in life. She most often works with men and women making the huge transition to retirement; understanding that this life change is not a cliff to jump off of, but an opportunity to build bridges grounded with your values and strengths. When she's not on a coaching call, you can find her walking her Chocolate Lab, Leo, hanging out with her nieces or nephews, or on a yoga mat. 

Joining host Stephen Stricklin is guest Mark Willis, financial advisor and owner of Late Growth Financial Services in Chicago IL, and Co-Host of his podcast Not Your Average Financial Podcast, on the topic of banking on yourself.  Graduating college with an immense amount of debt, and starting a new job at a CPA firm during the 2008 stock market collapse, Mark wondered “Is there something better than just climbing out of this hole?” Knowing debt is important to move past, but not wanting to throw away crucial years, where money is more valuable due to compound growth and opportunity cost, Mark thought, “Is there a way to turn my debt liability into an asset?” The Bank on Yourself concept uses a whole life insurance policy tool to build an asset called cash value. Using the “snowbank method” Mark talks about how to continue to pay off debt with minimum payments, and dump the leftover money into the whole life policy that has a non-direct recognition loan. You can borrow against your life insurance cash value and it will continue to grow as if you hadn't touched a dime of the money!  Though it took Mark an extra year to finish paying off his student loan debt, he wasn't back at net zero. He had created a massive asset on his balance sheet.   Mark discusses: Not Your Average Financial Podcast  His story; how he accumulated student loan debt, and how he overcame it.  “Banking on Yourself” concept  The “snowbank method”  Whole life policy with a non-direct recognition loan What would an easy financial life look like? Being aware that a whole life policy is a long term commitment  Having different assets to pull from in retirement  Resources: https://simplifyyourretirement.com https://nyafinancialpodcast.com  Connect With Mark Willis: https://nyafinancialpodcast.com LinkedIn: Mark Willis Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC About Our Guest: Mark Willis is a certified financial advisor in Chicago, IL, owner of Late Growth Financial Services in Chicago, he specializes in building custom tailored financial strategies. He is the Co-Host of Not Your Average Financial Podcast.

Joining Stephen Stricklin for another podcast episode is our guest, David Rosell, financial planner, president and founder of Rosell Wealth Management, author of Failure Is Not an Option, and avid traveler. They discuss common risks that you should consider when planning for retirement.  Risks that occur in the distribution phase of retirement are inevitable. It's up to us to be prepared with a plan when we meet these risks. The most common risks that people run into are inflation risk, interest rate risk, and longevity risk. With these uncertainties in mind, we can find peace by having a plan.  When it comes to distribution planning and how people withdraw their money during these years to handle longevity, there's a hierarchy of needs, similar to the outline of “Maslow's Hierarchy of Needs.” First on the list is core expenses, your necessities, and these must be guaranteed for life. Then comes joy expenses, like traveling, hobbies, and grandchildren. Last are goals: education for grandchildren, a vacation home, and leaving a legacy.  Stephen and David want you to go into retirement with confidence and peace when navigating the inevitable risks. A quote from David's book says it all, “Hit the ball over the fence, and you can take your time going around the bases. -John Roper.”   David Discusses: David Rosell's new book, Failure Is Not an Option Inflation Risk: being aware that the cost of living will double every 20 years, at the rate of 3.5% Interest Rate Risk: considering the uncertainty of the fluctuating value of bonds, making a plan to take all the moving risks into motion.   Longevity Risk: it's becoming more common to live decades past what people plan for, and this fact makes all other risks more dangerous.  Setting a financial plan based off of “Maslow's Hierarchy of Needs.” Core expenses, joy expenses, and goals.  David Rosell's book, Keep Climbing, A Millennial's Guide to Financial PLanning, and looking forward to book #3 in the making.  Resources: https://simplifyyourretirement.com https://wisewealth.com https://www.davidrosell.com Season 1 Season 4 Episode 3 Inflation Season 4 Episode 4 (Part 1) Connect With David Rosell: https://www.davidrosell.com LinkedIn: David Rosell Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC About Our Guest: David Rosell is the author of Failure Is Not an Option, Creating Certainty in the Uncertainty of Retirement. He is the president and founder of Rosell Wealth Management in Bend, Oregon. He is an extreme traveler, having been to more than 75 countries on 6 different continents, including hitchhiking in Nairobi to Cape Town Africa, climbing the Nepalese Himalayas, and even tearing down the Berlin Wall. 

Stephen Stricklin is joined by guest David Rosell, financial planner, president and founder of Rosell Wealth Management, author of Failure Is Not an Option, and world-wide traveler, as they discuss the reality of planning for retirement.  In his book, David combines his two passions, travel stories, and financial survival tips. He ties in his mountain climbing and travel adventures, with impactful advice about retirement. David says FEAR, False Evidence Appearing Real, is our worst enemy. Fear discourages people from making a solid plan. In climbing, the end goal may be for someone to reach the summit, when in reality the end goal needs to be how to get back down the mountain after reaching the summit.  People tend to make their decisions based on emotions. David suggests shutting off the TV. From the panic in the reports on the News, to watching the stock market's fluctuations, it can cause anxiety, and lead to making poor financial decisions.  The goal is to ultimately enjoy your life, have a plan and make sure your money is invested properly.  David Discusses: David Rosell's new book, Failure Is Not an Option His least favorite word: FEAR, which stands for False Evidence Appearing Real Tips on how to not make financial decisions based on an emotional response Preparing for retirement with a solid plan in place Stories about his 1956 Morris Minor, “Peaches,” as a picture of how we should treat our investment accounts Resources: https://simplifyyourretirement.com https://wisewealth.com https://www.davidrosell.com  Connect With David Rosell: https://www.davidrosell.com  Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC About Our Guest: David Rosell is the author of Failure Is Not an Option, Creating Certainty in the Uncertainty of Retirement. He is the president and founder of Rosell Wealth Management in Bend, Oregon. He is an extreme traveler, having been to more than 75 countries on 6 different continents, including hitchhiking in Nairobi to Cape Town Africa, climbing the Nepalese Himalayas, and even tearing down the Berlin Wall.

Should inflation cause panic? Are spikes in inflation a new phenomenon? How will it impact my retirement? Join our hosts Stephen Stricklin and Paul Brock for Season 4, Episode 3 as they answer these questions and more! They talk about the importance of considering inflation when relating to retirement, in this timeless episode designed to share with friends and family. Inflation, as defined by Investopedia, is the decline of purchasing power of a given currency over time. Retiree's feel the impact of inflation more than most. With an average inflation rate of 3% per year, they need to be prepared for a change in the power of their dollar years down the line.  Discussed in seasons 1 and 2, there are three phases of investing when it comes to retirement; accumulation phase, preservation phase, and distribution phase, and no matter what phase you are in, there are different goals set in regards to inflation. For a practical way to meet the goals of each phase, incorporate the three bucket approach, separating your money into a “liquid bucket,” an “income bucket” and a “growth bucket.”  Stephen and Paul discuss: What inflation is Misconceptions about inflation Being proactive when it comes to inflation impacting your retirement.  Three phases of investing; accumulation, preservation and distribution, what they are and what each specifically needs to focus on regarding inflation.  The three bucket approach; liquid bucket, income bucket, and growth bucket, and the purpose for each.  Resources:  https://simplifyyourretirement.com https://wisewealth.com https://www.investopedia.com Season 1 Season 2 Season 1 Episode 4 Season 1 Episode 8 Season 1 Episode 9 Season 1 Episode 10 Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC

"The biggest risk we face in old age, or maybe the second biggest apart from healthcare costs, is longevity risk - out running our money." - Laurence Kotlikoff In this episode, Stephen Stricklin continues his conversation with Laurence Kotlikoff, a Professor of Economics at Boston University and best-selling author. They cover several more details about Laurence's new book, “Money Magic: An Economist's Secrets to More Money, Less Risk, and a Better Life”. A large part of the discussion was around the 5 main risks to one's living standard that Larry talks about in greater detail in his book. Those 5 risks are earnings risk, mortality risk, longevity risk, inflation risk, and investment risk. They discuss: Chapter five of his book titled, Get House Rich. Moving out of his house in Boston to a “new” house in Rhode Island. Living Standard and mitigating several different risks. The 5 main risks mentioned in Money Magic. Laurence shares the importance of annuities and why they got one for his mom when she was 88 years old. Stephen and Paul end the episode talking about the importance of retirement plans that are specific to the individual. Connect With Laurence Kotlikoff: https://kotlikoff.net LinkedIn: Laurence Kotlikoff http://maxifi.com Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC About Our Guest: Laurence Kotlikoff is a Professor of Economics at Boston University, Fellow of the American Academy of Arts and Sciences, Fellow of the Econometric Society, Research Associate of the National Bureau of Economic Research, and President of Economic Security Planning, Inc, and a New York Times best-selling author. His columns, articles, and books cover personal finance, generational policy, climate policy, inequality, tax reform, Social Security, banking, robotization, growth, and much more.

Welcome to season 4 of the Simplify Your Retirement Podcast! Season 4 will be packed with exciting guests, and popular FAQ's Stephen gets from clients.   In part one of this two-part interview, Stephen Stricklin is joined by Laurence Kotlikoff, a Professor of Economics at Boston University and a best-seling author. They discuss Kotlikoff's brand-new book, “Money Magic: An Economist's Secrets to More Money, Less Risk, and a Better Life”. A magician isn't smarter than anyone else, he just happens to learn something that he can convey in a way that surprises people. Laurence's goal is just that – to share what he's learned in an unconventional and entertaining way that will transform your financial thinking and show you how to improve your financial future. He shares snippets from his book such as: Why he decided to become an Economist rather than a doctor, why students should consider not borrowing for college, finding a job you love but others hate, among other things.  Laurence discusses: Why he decided to become an Economist instead of a doctor Discusses his latest book, “Money Magic: An Economist's Secrets to More Money, Less Risk, and a Better Life” Why he has a chapter in his book on not borrowing for college.  Thinking about those who don't graduate or even go to college. What are they going to do? Having a smooth living standard over your lifetime. And more Resources: https://simplifyyourretirement.com Season 1 Season 2 Season 3 Larry's original Episode: S2 Ep3 Connect With Laurence Kotlikoff: https://kotlikoff.net LinkedIn: Laurence Kotlikoff http://maxifi.com Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC About Our Guest: Laurence Kotlikoff is a Professor of Economics at Boston University, Fellow of the American Academy of Arts and Sciences, Fellow of the Econometric Society, Research Associate of the National Bureau of Economic Research, and President of Economic Security Planning, Inc, and a New York Times best-selling author. His columns, articles, and books cover personal finance, generational policy, climate policy, inequality, tax reform, Social Security, banking, robotization, growth, and much more.

In this season of Simplify Your Retirement, we focused on the Wise Wealth mission of guiding investors on the path to financial significance, where they are free to give and serve and to enjoy a life like never before. In this episode, Stephen Stricklin is joined by Bekah Stever, AAMS®, chief growth officer & director … Continue reading S3: Episode 12 – How Wise Wealth Was Giving and Serving This Year With Bekah Stever →

Being free to enjoy life in retirement is one of the missions of Wise Wealth. But you should be enjoying life all the time. In this episode, Stephen Stricklin is joined by Jonathan Dold, a financial advisor at Wise Wealth. Jon is not retired, but he has been living the Wise Wealth mission of enjoying … Continue reading S3: Episode 11 – We Should Always Be Enjoying Life With Jonathan Dold, MBA →

What does retirement look like to you? How do you plan to enjoy your retirement?  In this episode, Stephen Stricklin is joined by clients Barry and Linda, who share how they are enjoying retirement, and how planning has made their retirement successful. He is also joined by a client, Jeff, who discusses the plans he … Continue reading S3: Episode 10 – Enjoying Retirement Requires Planning →

Everyone wants to go on vacation. But work often limits the amount of time you can spend away.  In this episode, Stephen Stricklin is joined by Mark Comfort, owner of Cruise Holiday and Comfort Tours & Travel. Mark dives into the third part of the Wise Wealth mission statement, the ability to be free to … Continue reading S3: Episode 9 – Give, Serve, And Above All, Enjoy Life With Mark Comfort →

Creating a legacy of serving others can inspire your children and those around you to serve and give back to their community. In this episode, Stephen Stricklin is joined by his client Bruce. Bruce is a retiree, and formerly worked at Hallmark. In his retirement he has taken up the Wise Wealth mission of serving. … Continue reading S3: Episode 8 – How Creating A Legacy of Giving Back to Others Can Be Passed On →

Women are a notoriously underserved demographic in the financial industry, even though they are often the ones in the family who make the financial decisions.  With the Wise Wealth mission to serve in mind, Samantha Compton created Wise Women, LLC. In this episode, Stephen Stricklin is joined by Samantha Compton of Wise Wealth and founder … Continue reading S3: Episode 7 – How Wise Women Embodies The Mission of Wise Wealth With Samantha Compton →

This season Stephen talked about being free to give and spoke to several clients about what it means to give in their eyes. This episode Stephen transitions to talking about being free to serve. In this episode, Stephen Stricklin is joined by his client Brad. Brad shares a little about himself and how he gives … Continue reading S3: Episode 6 – What It Means To Be Free To Serve Others →

If you're going to give, there's a tax-efficient way to go about it, and you may as well take advantage of the smartest way to do so.  Enter: donor advised funds. In this episode, Stephen Stricklin is joined by clients Larry and John, who each run a donor advised fund. They discuss how these funds … Continue reading S3: Episode 5 – What It Means to Give Through A Donor Advised Fund →

This season we want to bring on our clients and share some of their stories of giving. In this episode, Stephen Stricklin is joined by his client Bob. Bob and his wife Charlene are one of Wise Wealth's clients involved in charitable giving. Stephen provides an overview of how qualified charitable distributions (QCDs) and required … Continue reading S3: Episode 4 – An Introduction to Qualified Charitable Distributions & Required Minimum Distributions →

Charitable donations have tax benefits, but that's not the primary reason you should be generous.  In this episode, Stephen Stricklin is joined by Evan Lange, president of the Midwest Region for The Signatry. Evan shares what makes giving so great, looks at tax deductions individuals receive when they make a donation and explains what a … Continue reading S3: Episode 3 – What It Means To Give With Evan Lange →

What does it mean to be free to give, serve, and to enjoy life in retirement? In this episode, Stephen Stricklin explores the Wise Wealth mission statement and explains each component. He shares how Wise Wealth guides people to a happy retirement and what it means to be financially significant. Stephen discusses: Understanding what it … Continue reading S3: Episode 2 – Understanding The Wise Wealth Mission →

Welcome to a brand-new season of Simplify Your Retirement! In this episode, Stephen Stricklin recaps seasons 1 & 2 of Simplify Your Retirement to get you up-to-date and ready for season 3!  Additionally, Paul Brock, COO for Wise Wealth is reintroduced as our new co-host. Don't miss this first episode of our new season! Stephen … Continue reading S3: Episode 1 – Recapping Season 1 and 2 →

So, you've implemented your documents, but now what? What do you need to do with your documents to be sure that when it comes time for someone to step in, they know how to access them? In this episode, Stephen Stricklin and Aaron Love dive into part two of the importance of planning tools! Aaron … Continue reading S2: Episode 12 – The Importance of Proper Document Implementation, Part Two – with Guest Aaron Love →

When it comes to your financial documents, proper implementation can lead you to greater peace of mind. If you follow the right steps, this peace of mind is real, and not just imagined.  In part one of this two part series, Stephen Stricklin sits down with Aaron Love, founder of Love Law Group, as they … Continue reading S2: Episode 11 – The Importance of Proper Document Implementation: Part One — with Guest Aaron Love →

What goes into creating a good investment portfolio? How should you be comparing the investments you want to make? What are the risks?  We can help you answer all of these questions!  In this episode, Stephen Stricklin is joined with Ben Malik, vice president of Wise Wealth, as they talk about Ben’s experience with investing … Continue reading S2: Episode 10 – Investment Advice from a Chartered Financial Analyst – with Guest Ben Malick →