Welcome to "The Planning for Retirement Podcast," where we help educate you on how to successfully retire. Here are some topics you will learn about: - Social Security - Retirement Income Planning - Roth Conversions - Tax Planning - Charitable Giving - Investment Strategies in Retirement - Estate Planning - Long-term Care Planning - Medicare - Required Minimum Distributions - Retirement Mortgage Strategies - And even some behind the scenes into building Imagine Financial Security I hope you enjoy the show!
Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my websiteI hear a lot of financial advice out there to take Social Security as early as possible. But what if I told you that for many high-net-worth retirees, claiming early could cost you several hundreds of thousands of dollars of lost income and even furthermore negatively impact your investment portfolios over time.Episode 68, 9 Reasons to Claim Social Security Early. Make sure to check that one out as well. In this episode, we'll look at the other side of the coin on why you might want to DELAY Social Security. I hope it helps!-Kevin ***Important edit***I mentioned a reduction in your "Primary Insurance Amount" when you claim benefits before Full Retirement Age. However, I meant to say there is a 30% reduction @ 62 for those who were born in 1960 or later...NOT a 35% reduction! The 35% reduction applies to a "Spousal Benefit" when claiming @ 62. Thank you, Roberto, for catching this! I will attach a link to the IRS website which has a helpful chart showing the impacts on claiming early below. https://www.ssa.gov/benefits/retirement/planner/agereduction.htmlConnect with me here:YouTubeJoin My Company NewsletterFacebookLinkedInInstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my websiteThere is a lot of focus in the financial advice industry related to the “Accumulation Phase.” In the beginning, you're trying to save as much as possible as you start your careers. Then you gain some traction and start building up a nice nest egg. As your income increases, maybe you start to think about the tax impact of your savings. And finally, you really start to focus in on how much you “need” or “want” before you stop the accumulation phase. The problem is that it continues to be a moving target based on your lifestyle changes, inflation, the markets, or ultimately, the unknown about how long you might live!But when is enough “enough?” It's easy to have the blinders on and just focus on building up as large of a nest egg as possible. As a result, many pre-retirees and retirees fail to think through the distribution phase…or in other words, the decumulation phase.And many of the folks we serve are surprised to find out they have a SURPLUS in retirement. Meaning, it's going to be hard for them to spend all their nest egg during their lifetime (not a bad problem to have).In today's Whiteboard Retirement Plan breakdown, we'll look at Bruce and Jennifer Lee, who are 62/61 and looking to retire in January of 2026…We'll show you WHY they have a surplus and ultimately discuss some strategies to help them optimize for today, as well as maximize their legacy to their 2 adult children.I hope you enjoy it.-Kevin Connect with me here:YouTubeJoin My Company NewsletterFacebookLinkedInInstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my websiteEver hear of the “Sell in May and Go Away” catch phrase as it relates to the stock market? In this episode, we'll look at the actual data of market returns from May to October vs. November to April and see if there is any merit.We'll also touch on the stock market since the “Liberation Day” sell-off, as the market has gained a ton of ground in April and early May. I hope you enjoy this episode, and make sure to share the podcast with someone who is PFR Nation caliber!-Kevin Connect with me here:YouTubeJoin My Company NewsletterFacebookLinkedInInstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my websiteRoth IRAs, 401ks, Health Savings Accounts and Traditional IRAs generally get the most hype when it comes to saving and investing for retirement. However, the TAXABLE BROKERAGE ACCOUNT, in my humble opinion, is the unsung hero in the retirement planning puzzle. This is due to the ultimate flexibility and surprising tax efficiency during the accumulation, distribution, AND legacy phases. Check out this episode where I talk about the benefits in each phase, as well as some of the mistakes I see retirees make when using these accounts to plan for and execute a successful retirement.I hope you enjoy it!-Kevin Connect with me here:YouTubeJoin My Company NewsletterFacebookLinkedInInstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my websiteThe first quarter of every year is a great opportunity for us to meet with our clients and discuss things like:Required Minimum Distributions (RMDs)Cash Flow NeedsRebalancing opportunities and overall market outlookTax opportunities before the deadlineTax opportunities to tee up for the year(s) aheadAnd overall retirement planning landscape for each of our clientsBut this past quarter, we have had some significant volatility relative to what we've seen since 2022 when inflation topped out at 9.1%!!There were some great takeaways I wanted to share in hopes that it will HELP YOU in your journey to plan for and execute a successful retirement…I hope you enjoy this episode, and make sure to share it with a friend who is “PFR Nation” caliber! Thank you!-KevinConnect with me here:YouTubeJoin My Company NewsletterFacebookLinkedInInstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my websiteThe conventional wisdom is to spend down your taxable accounts first, then your tax-deferred accounts, and finally your tax-free accounts. However, this may not always be the case. In this episode, I'll break down the case of “Rory and Erica” on the whiteboard, which goes against this conventional wisdom. We'll cover max spending strategies, optimal investment strategies, tax-efficient withdrawals, charitable giving, and long-term care planning.I hope you enjoy this edition of the Whiteboard Retirement Plan! Make sure to share this with someone who would find it useful.-Kevin Connect with me here:YouTubeJoin My Company NewsletterFacebookLinkedInInstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my websiteThe VIX (Wall Street's fear index) topped out at 57 as I write this on 4/9/25. Which for perspective, 15 is a normal level. In 2020, the VIX topped out at 66, and in 2008 it topped out at 88! So, this means there is a lot of fear in the markets.We just wrapped up our Q1 reviews, and our clients are also in that camp feeling uncertainty. However, the market rallied today (4/9/25) with the S&P 500 gaining 8.5%! This is just a friendly reminder that you never want to bail on your strategy during periods of volatility.We'll break down the VIX, we'll also talk about the winners and losers in the market from the first quarter.I'll share some questions that are on my mind related to economic uncertainty. And finally, I'll talk about 4 tactical strategies for you to implement during this time of market volatility. I hope you find it helpful!KevinConnect with me here:YouTubeJoin My Company NewsletterFacebookLinkedInInstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my websiteShoutout to my wife, Jess, for this podcast idea! I started my list with 5, then went to 10…but I had to put 20 down for this list! But, there are several more that SHOULD have made this list!We talk about purpose in retirement, and what better purpose than to have some amazing golf courses that you want to play in retirement!? My hope is to provide some inspiration as you all plan for retirement and begin to hit some of your bucket list golf courses!Enjoy this one and let me know what you think of my list. And let me know what courses I should be targeting as I continue to explore the amazing world of courses out there! Thank you!-KevinConnect with me here:YouTubeJoin My Company NewsletterFacebookLinkedInInstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my websiteThe Federal Reserve elected to hold steady on rate cuts for now. The market did react positively to this news, but ultimately volatility has ensued since then in response to tariff concerns and their impact on inflation. So naturally, we are fielding more and more questions about the markets and the impact on their retirement portfolio. As a result, I wanted to dig into past economic cycles where interest rates had peaked (like they did in 2024) and ultimately rate cuts began (like in September of 2024). I looked at the results for the S&P 500 returns vs. the Bond Index returns for each cycle from when rate cuts began to when they bottomed out, and there were 5 of them since 1980 (Hyperinflation).I think you'll be interested in the results! Of course, this is in no way solicitation to buy or sell ANY securities, as this is for general education only. Hope it helps.-Kevin Connect with me here:YouTubeJoin My Company NewsletterFacebookLinkedInInstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my websiteOur retirement planning firm, Imagine Financial Security, turned 4 in February and I have been wanting to do a podcast celebration for this one! To celebrate, I thought I would do an episode about some of my initial experiences of going independent as a financial advisor.I'll touch on 4 things I miss about working for a larger financial institution.Then, I will touch on 4 of the things I LOVE about being an independent financial advisor.I hope you guys enjoy it.Happy 4th Anniversary to IFS!And congratulations to Roberto Fortuna on his official promotion!Connect with me here:YouTubeJoin My Company NewsletterFacebookLinkedInInstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my websiteNo, I'm not saying a Bear Market is certain. Nobody has a crystal ball. However, the markets are volatile right now, and it's a great reminder that the market doesn't operate on a straight line upwards. It has bumps along the road. And that is a GOOD thing! If there was no risk, there would be no opportunity for gains!However, it's important to begin preparing before you enter a bear market, or worse, a recession. In this episode, I'll discuss 14 Retirement Planning moves to help you prepare for the NEXT bear market. Because it's not a function of “if,” but “when.” As always, everyone's situation is unique, so please consult with your own advisors before making any changes! This is for educational purposes only.I hope you find it helpful.-KevinConnect with me here:YouTubeJoin My Company NewsletterFacebookLinkedInInstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my websiteThe default assumption for many online social security calculators, financial planning tools and expert advice tells you to DELAY Social Security as long as possible! After all, that does yield the highest monthly benefit, assuming you wait until age 70.Well, that may not be the best strategy for you! In this episode, I am going to break down 9 reasons why you may want to claim Social Security early! As always, everyone's situation is unique, so please consult with your own advisors before making any changes! This is for educational purposes only.I hope you find it helpful.-KevinConnect with me here:YouTubeJoin My Company NewsletterFacebookLinkedInInstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my websiteToday, we will be looking at a client example of a 62/61 year old couple with $1mm inside of a Traditional IRA, about $50k in cash savings, and a $450k home that is paid off. In this episode, we're going to dive into the timing of their Social Security income, IRA distribution strategy, Roth Conversions, as well as their investment strategy. We'll also discuss some of the key risks they'll face throughout retirement. I hope you enjoy this 4th edition of the “Whiteboard Retirement Plan.”-KevinConnect with me here:YouTubeJoin My Company NewsletterFacebookLinkedInInstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my websiteOne of the top concerns for the clients we serve is related to taxes in retirement. They've worked hard to get to this point where they could even think about retiring, but then realize that the more they pay in taxes, the less money in their pocket to enjoy life and ultimately leave to their kids or beneficiaries. After all, the federal government has shown that they have been a pretty poor money manager, leading us to a $36T deficit and counting.Naturally, deciding on whether or not to convert funds from a tax deferred IRA or 401k to a ROTH IRA is a big deal. In this episode, we'll talk about 7 reasons you may want to delay, reduce, or even avoid Roth conversions altogether. As always, everyone's situation is unique, so please consult with your own tax professionals before making any changes! This is for educational purposes only.I hope you find it helpful.Resources Mentioned: Senior Citizens Tax Elimination Act Episode 10: 6 Reasons to Take Advantage of Roth ConversionsConnect with me here: YouTube Join My Company Newsletter Facebook LinkedIn InstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my websiteMost people start to think about taxes right about now around the tax filing deadline.They gather a bunch of documents, send them to their tax preparer, and mistakenly believe their tax preparer is going to come up with this MAGIC way to save a bunch of money on taxes.Then they get ticked off because there is not much you can do in April to lower your tax bill. Finally, they get frustrated by the complexity of the tax code and call it a day…until next year, rinse and repeat.So what they are failing to comprehend is that “TAX PREPARATION” is NOT “TAX PLANNING!” Tax Planning is ongoing, it doesn't start and stop at the tax filing deadline. And it's about reducing your LIFETIME tax bill, not simply looking for a maximum tax refund year to year. In this episode, we are going to talk about this concept of “Tax Planning” and what can you, PFR Nation, do to reframe your way of thinking about your taxes in your retirement journey. Then, we're going to talk through some action items you still can take advantage of before tax time, as well as a few common misconceptions about our tax code.And finally, we are going to talk about TAX PLANNING strategies for YOU, PFR Nation!But first, I had to go on a brief rant about what is rattling the markets right now. I'll give you a hint: it has to do with DOGE.Connect with me here: YouTube Join My Company Newsletter Facebook LinkedIn InstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my website“Legacy is not about leaving something for people, it's about leaving something behind IN people.”— Peter StropleMany retirees create estate plans with their attorneys. They get a big binder with their documents, hopefully they update their beneficiaries, retitle their assets to their trust, and then they throw that big binder in a safe and “tell their kids where it is.”But they ignore the fact that some day those documents will be read by their beneficiaries, or, perhaps an ‘ex-beneficiary.' Warren Buffet has a different take on estate planning that we will dive into today. So, we're going to dive into Warren Buffett's annual ‘Thanksgiving Letter.'Then, I'll also discuss 3 potential reasons this might be hard for you.And as a result, I'll give you 5 tips to make it easier to at least get the ball rolling.I hope you all find this episode helpful. Make sure to follow along and share this with a friend/family member who would also find it useful. -KevinResources Mentioned:Warren Buffet advised on reviewing your will with adult childrenConnect with me here:YouTubeJoin My Company NewsletterFacebookLinkedInInstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
WELCOME to the OFFICIAL episode 63! I was jumping ahead of myself last week when I thought I was recording 63, but in fact that was episode 62. Las week we talked about cash flow and budgeting, and how that sets the framework for one of the core assumptions for your retirement planning. Today, we are going to dive into how your cash flow needs impacts your rate of withdrawal, and ultimately how you should be giving yourself “raises” in retirement. We'll walk through the revolutionary study by Bill Bengen and his 4% rule. We'll also walk through some of the downsides of the 4% rule, and ultimately how this dovetailed into Guyton and Klinger's “Guardrail” study. We'll walk through the 4 different “Decision Rules” from the Guardrail study which creates the framework of what a safe rate of withdrawal is for your retirement and ultimately when you should give yourself a raise from your investment portfolio. I'll also touch on a couple of news stories that are relevant related to: DeepSeek and the selloff of Nvidia last week. Deferred Resignation Program (Federal Government's buyout program) and how this impacts Federal employees. I hope you enjoy this episode! If you are interested in working with us on your retirement income plan, start by filling out our Retirement Readiness Questionnaire linked below. And make sure to check out our YouTube channel so you can follow along with our Whiteboard Fireside Chats and fun retirement meme videos
Hello PFR Nation, Welcome to the official kickstart of our show going weekly! Yes, we switched the day of the week to Tuesday. I will also be continuing the weekly “Fireside Chats” on YouTube, and those will be released weekly on Thursdays. For this episode, I wanted to chat with you all about a core financial planning topic that I haven't discussed enough. BUDGETING. For some of you, that may feel like a 4-letter-word. For others, it's music to your ears. I'll highlight why tracking cash flow and having a budget will be the foundation to designing your retirement projections. I'll also explain 4 popular budgeting frameworks to get you started. And finally, I'll discuss a few things to be aware of and think through as you create your budget for retirement. I hope you find this one helpful! And as always, please be sure to follow our show and give us that 5-star review if you find value in our content. Thank you! -Kevin Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness Questionnaire Or, visit my website Connect with me here: YouTube Join My Company Newsletter Facebook LinkedIn Instagram This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation, I am very excited to have one of our very own, Roberto Fortuna, on to the show this week! We are going to discuss the benefits of ‘Working' in retirement. But, when we say ‘Working' we just mean having purpose in retirement. Whether that is part time work, volunteering, starting a consulting business, or just being Grammy and Grandpa! Whatever it is that is going to give you purpose in retirement, you should do more of! For those of you who don't know, Roberto joined my financial planning firm last May. Yes, I do this for a living and I'm not a ‘professional podcaster! Roberto is a big part of our financial planning process, but he's also a retired firefighter! Yes, he's the youngest looking retiree in America, I know. Anyhow, I thought he could bring a unique perspective to this topic, plus I always enjoy my chats with Roberto and thought you would enjoy his cool, calm and collected perspective on retirement, his journey to find purpose, taxes, and of course a fun story about how we joined forces. I hope you all find value in this one. If you do, make sure to give our show a follow and leave that 5-star review. It helps “pump the algorithm” in our favor so we can reach and impact more people. Also, make sure to check out our YouTube channel as we post the video form of our podcast in addition to weekly videos on retirement related topics. We'll link it in the notes below. We'll be seeing you every week on the PFR Podcast very soon!
Happy 2025 everyone! First let me say, this is NOT a market prediction episode! They are always wrong. However, I do believe that many of you who are recently retired or approaching retirement will be interested in this episode. I put together a list of 5 things the market is looking for in 2025 that will impact both the stock and bond market. Additionally, I have 5 key takeaways for you to help you improve the success of your retirement plans. Make sure to follow our show if you are over 50 and have accumulated at least $1million for retirement or are pretty darn close (you are considered “PFR Nation”). I am confident you will find value in what we are doing here. And lastly, make sure to share our show with a friend or family member who is also “PFR Nation” caliber. I hope you enjoy it! Kevin Resources mentioned: Where do I Find a Retirement-Focused Financial Advisor? (article) Connect with me here: YouTube Join My Company Newsletter Facebook LinkedIn Instagram Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness Survey Or, visit my website *This is for general education purposes only and should not be considered as tax, legal or investment advice.*
PFR Nation, It's hard to believe we are wrapping up 2024! I hope everyone is having a wonderful holiday season with their loved ones! This is Volume 3 of the “Whiteboard Retirement Plan” edition of the podcast. The numbers don't lie, Volume's 1 and 2 were among the top downloaded episodes for 2024. I will continue to do the Whiteboard Retirement Plan breakdowns every 4 or 5 episodes or so. I don't want to overplay it, so I'll track the data to ensure you are still finding value in that content. If you want to be FEATURED in a Whiteboard Retirement Plan breakdown, you can fill out the Retirement Readiness Survey which is linked at the end of the show notes. There is a question that asks, “How do you want to engage with us?” One of the responses is the Whiteboard Retirement Plan on YouTube, so check that box. That is also the questionnaire you would fill out if you are interested in hiring our firm in 2025. Based on our current capacity, I see about 8 new client slots will be available for us to bring on in 2025. So, I would highly recommend acting soon if you've been thinking about engaging with us. With all of that out of the way, I hope you find value in this episode! I think there is a lot to learn from “Sonny and Cher's” breakdown related to: Part time work Delaying Social Security Spousal Social Security Spending phases (Go Go Years, Slow Go Years, No Go Years) Rates of withdrawal Investment returns related to a “Balanced Portfolio” Process of withdrawals during a down market Downsizing in retirement And more! If you are 50+ and have accumulated over $1mm for retirement, you will probably want to follow/subscribe to the show as I am sure you will find some value in the content we put out. And with that, I am signing off for 2024! Wishing you a Healthy, Happy, and Prosperous 2025! -Kevin Connect with me here: YouTube Join My Company Newsletter Facebook LinkedIn Instagram Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness Survey Or, visit my website
PFR Nation…you're somewhere in the ballpark of 50-60+ and you've gotten to the point where you feel you are on the verge of achieving financial independence. Congratulations!! All of that hard work and sacrifice pays off in the end. I wanted to make an episode about when I thought it made sense to hire a financial advisor, and more specifically a financial advisor who specializes in retirement planning. However, I realized how BIASED I am personally on this topic
Happy Thanksgiving, PFR Nation! What a ride 2024 has been. You all were a HUGE part in making this year so exciting. Listen, it's a lonely business that I chose…being a rogue financial planner in the independent space. However, I wouldn't trade it for the world. Given it is the season of gratitude, of course I want to give a shoutout to my team! Zack, The Podcast Man. Amy, our Client Services Associate. Mason, my shorts/social media editor. And of course, Roberto, the backbone of our financial planning process. I could not do what I do without all of you, and I just want to thank you for the impact you are making on the families we serve. So, It is the end of another year, it's hard to believe. For our practice, this is when we do a our end of year tax planning. We are not only looking at opportunities for 2024, but opportunities in 2025 and beyond. Given we are firmly planted in our tax planning season, I thought I'd share some tips and tricks for you to consider in your own retirement planning journey. I hope this helps. My only ask is that you share this with a friend or family member who is “PFR Nation” caliber as I can guarantee they will also find value in our content. Much appreciated! -Kevin Resources: Whiteboard Fireside Chat playlist Connect with me here: YouTube Join My Company Newsletter Facebook LinkedIn Instagram Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness Survey Or, visit my website
I'm excited for this episode, as we have a real-life retiree, Michael Levine, who successfully owned and sold a home healthcare business. Michael spent the beginning of his career in accounting until he and his wife started their company over a decade ago. His knowledge in the home health care space in addition to maximizing the benefits of long-term care insurance is going to be extremely valuable to all of you who are planning for your own retirement as well as caring for aging parents. Some of the topics we'll touch on are: Why homecare? Homecare vs. Medicare Hiring a home care company vs. privately How does Long-term care insurance fit into Home health care? Cost of care, how to decide how much LTCi to buy? Maximizing your LTC policy What if you don't have LTC…and what if our clients are stepping in to care for aging parents I hope you enjoy this one and make sure to share it with a friend or family member who would benefit from this content. -Kevin Resources: Deducting your Long-term Care Insurance premiums Download your free PDF on What questions to ask about your long-term care insurance policy Connect with me here: YouTube Join My Company Newsletter Facebook LinkedIn Instagram Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness Survey Or, visit my website
Full disclosure, many of these proposals will never come to fruition. However, it is election time, so why not have some fun with this? I spent a lot of time digging into each candidate's tax proposals, as well as the potential impact to you, PFR Nation. Let me be clear, this is not an endorsement for either candidate, nor is it a recommendation to make changes based on these hypothetical proposals. However, tax changes will inevitably impact all of us, so it's important to understand what each candidate is proposing. Furthermore, I would note that I am not going to vote solely based on tax proposals, but it's a pretty big deal to me personally and professionally. The topics I'll hit on are in regards to: Business Taxes/Corporate Taxes Capital Gains and Dividends Credits, Deductions, Exemptions Estate and Wealth Taxes Excise Taxes Individual Income taxes Social Security and Medicare Tariffs and Trade I recognize there are MANY more tax proposals in the mix, but I wanted to focus on the ones that will impact PFR Nation the most. So, without further ado, I hope you enjoy this episode. Kevin Resources Mentioned: Tracking 2024 Presidential Tax Plans Tariff Tracker: Tracking the Economic Impact of the Trump-Biden Tariffs Why the Economic Effects of Taxes (Including Tariffs) Matter The Unpleasant Arithmetic of Kamala Harris's Housing Plan Congressional Budget Office Shows 2017 Tax Law Reduced Tax Rates Across the Board in 2018 Who Bears the Burden of the Corporate Income Tax? No Tax on Tips: An Answer in Search of a Question Neighbor to Neighbor Disaster Relief Fund Connect with me here: YouTube Join My Company Newsletter Facebook LinkedIn Instagram Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness Survey Or, visit my website
Annuities have become the four-letter word of retirement planning products. However, is this warranted? When should annuities be positioned in a well-diversified retirement income plan? How do you ensure you aren't being taken advantage of by an agent who doesn't have your best interests? In this next edition of The PFR Podcast, I host annuity experts Sheryl Moore and Tacy Lownesberry to discuss this notorious retirement product and attempt to reduce the stigma associated with annuities. Why do this? Well, I personally do not sell annuities…nor do I receive any compensation from annuity agents or their providers. However, I see the value when they are in fact a good fit, but oftentimes preconceived biases against the product prevent right-fit clients from purchasing them. I hope you all enjoy this episode. And thank you Sheryl and Tracy for joining to share your insights. -Kevin Resources Mentioned: Life and Annuity Illustrations Confuse Clients, Advisor Tells Regulators Annuities are key to retirement. So why are so few of us buying them? Sheryl on LinkedIn Tracy on LinkedIn Connect with me here: YouTube Join My Company Newsletter Facebook LinkedIn Instagram Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness Survey Or, visit my website
Thanks so much to our recent listener who submitted their financial info for this next edition of the ‘Whiteboard Retirement Plan.' This was a fun case to break down. "Travis" is 58, "Taylor" is 54, and they are currently putting 3 children through college. They've managed to save a nice nest egg of approximately $5.5mm and it's tax diversified quite nicely. In this episode, I'll break down my thoughts on: College planning and 529s Bridge to Social Security ‘COASTing' to retirement Order of withdrawal Roth conversions and the RMD Tax Trap Spending/withdrawal rates Risk tolerance vs Risk Capacity Long-term Care Planning Financial Legacy And more! Remember, we are just having fun with this! This is not advice, nor a solicitation for any specific action. I've never met with this couple, nor do I have the full details of their financial picture. However, I hope you all can take 1-2 things and learn something related to your OWN journey as you plan for retirement. ‘Travis and Taylor' – thank you for participating and I hope that you find this video especially useful! If you are interested in participating in a future edition of the “Whiteboard Retirement Plan,” make sure to submit your “Retirement Readiness Survey” in the links below. Please make sure to indicate somewhere in the survey that it's for a Whiteboard Retirement Plan episode, as that's the same link new clients fill out when they apply to work with us. Also, make sure to follow the podcast on YouTube so you don't miss out on my weekly “Whiteboard Fireside Chats” where I do a mini deep dive into a specific topic. There is a playlist in the channel that you can check out. I hope you all enjoy it! And make sure to share my show with a friend or family member who is in the 50-60+ range and preparing for retirement. Thanks for tuning in! -Kevin Connect with me here: YouTube Join My Company Newsletter Facebook LinkedIn Instagram Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness Survey Or, visit my website
Are you approaching retirement while juggling paying for your kids' college, or even perhaps caring for aging parents? You are not alone. In fact, 48% of adults are providing some sort of financial support to their grown children, while 27% are their primary support. Additionally, 25% are financially supporting their parents as well. The conversation focuses on the sandwich generation, which refers to individuals who are planning for their own retirement while also supporting their children and aging parents. In this conversation, Kevin Lao and Jeff McDermott discuss various financial planning topics, including college planning, retirement savings, and caring for aging parents. They emphasize the importance of balancing saving for college and retirement, taking advantage of catch-up contributions after age 50, and having open conversations about estate planning and long-term care. They also highlight the benefits of using 529 plans, taxable brokerage accounts, Health Savings Accounts, and more. I hope you enjoy this episode! -Kevin Links referenced: Forbes Article: The ‘Sandwich Generation' Is Financially Taking Care Of Their Parents, Kids And Themselves Jeff McDermott on IG CreateWealthFP.com Whiteboard Fireside Chat: You are 50+ and want to catch up for retirement Whiteboard Fireside Chat: The different types of permanent life insurance SECURE Act 2.0 529 Rollover Rules Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness Survey Or, visit my website
Are you approaching retirement and worried about the impact of Artificial Intelligence (AI) on the future of your job? What about the impact of AI on the financial markets? And lastly, do Bitcoin and other cryptocurrencies have a place in a well-diversified investment portfolio? I hope you enjoy my interview with Brian Bonewitz. Brian is an AI consultant, CFA holder, and has a unique perspective on AI, digital assets, and the impact they have on investing for retirement. Personally, I believe the mainstreaming of Bitcoin in 2024 is likely to cap some of the upside potential, but also it reduces the downsize given some of the world's largest asset managers are now substantial stakeholders in crypto assets. To each their own, but I believe a decision should be made one way or the other, and likely sooner rather than later. -Kevin Lao Connect with me here: YouTube Join My Company Newsletter Facebook LinkedIn Instagram Links Referenced in Episode: The godfather of AI sound alarm about potential dangers of AI Digital Assets (IRS website) 6 Things to know about Wash-Sale Rules Michael Saylor on Bitcoin Coinbase Brian Bonewitz on Linkedin Rafa.ai Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness Survey Or, visit my website
Do you ever wish you could get inside the minds of existing retirees to ask them what their experience has been? Or, ask them what they wish they would have known before they quit their day job? This episode is for you! In this episode of the Planning for Retirement podcast, I'll share 50 truths that retirees wish they knew before they quit their day jobs. Some of these are straight from the horse's mouth, some are my observations in serving retirees for more than a decade, and some are research-based that I uncovered during this process. I'll cover a range of topics including finding purpose in retirement, the misconception of retirement expenses going down, the importance of exercise and brain stimulation, the high costs of healthcare in retirement, tax traps, and much more. Thanks for tuning in! Make sure to subscribe to give me a follow on social media and company newsletter below. We're also getting the YouTube side of things going and I'll be posting one offs in bet Connect with me here: YouTube Join My Company Newsletter Facebook LinkedIn Instagram Links Referenced in Episode: 50 Truths Retirees Wish They Knew Before They Quit Their Day Job Purpose and Successful Retirement Transition Questionnaire Shocks and the Unexpected: An Important Factor in Retirement The life expectancy of older couples and surviving spouses How to plan for rising healthcare costs Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness Survey Or, visit my website
Welcome to "The Planning for Retirement Podcast," where we help educate you on how to achieve financial security and fire your boss. Here are some topics you will learn about: - Social Security - Retirement Income Planning - Roth Conversions - Tax Planning - Charitable Giving - Investment Strategies in Retirement - Estate Planning - Long-term Care Planning - Medicare - Required Minimum Distributions - Retirement Mortgage Strategies - And even some behind the scenes into building Imagine Financial Security I hope you enjoy the show! -Kevin Lao Social Media: Facebook LinkedIn Instagram Are you interested in working with me 1 on 1? Fill out our Retirement Readiness Survey
Welcome to this edition of The Planning for Retirement Podcast. This is Volume 1 of this new series, The Whiteboard Retirement Plan, where Kevin breaks down a real-life client case for “Bob and Jennifer” in plain English. The goal is to help answer the question, “Can I fire my boss?” He discusses the savings rate, income sources, and withdrawal rate, highlighting the need for adjustments and planning opportunities. The episode ends with a discussion on the impact of early Social Security claiming and survivor benefits. Bob and Jennifer are in a good position to retire, but there are some risks they need to address. Long-term care planning is important, as 70% of people over 65 will need some form of long-term care. They should consider whether to self-fund or get long-term care insurance. Tax planning is also crucial, as 80% of their assets are in tax-deferred accounts. They should explore Roth conversions to minimize taxes and leave a financial legacy to their children. Finding purpose in retirement is essential, and they should consider how to spend their free time to maximize their life experiences with their loved ones. Lastly, they need to have an optimized investment strategy to spin off income for the rest of their lives, while at the same time address a potential bear market or recession. Takeaways Diversification is crucial in investment portfolios to mitigate the risk of selling the wrong thing at the wrong time. Interest rate cuts by the Fed can impact the stock market and the economy, but volatility and corrections are normal in investing. The Whiteboard Retirement Plan is a straight forward analysis on whether or not a client can fire their boss and retire comfortably. Early Social Security claiming can result in reduced benefits, affecting both the retiree and potential survivor benefits. However, in some cases you may consider collecting early to offset a high rate of withdrawal on investments. Adjustments to your plan are necessary to ensure a sustainable retirement income. Long-term care planning is important for all retirees to consider, as it can have a significant impact on your loved ones, particularly your surviving spouse and children. Tax planning, including Roth conversions, can help minimize taxes and maximize your financial legacy to the next generation. Finding purpose in retirement is crucial for a fulfilling and meaningful retirement. Links Social Media: Facebook LinkedIn Instagram Referenced in Episode: June Inflation Report: https://www.barrons.com/livecoverage/cpi-inflation-june-report-data-today Purpose and Successful Retirement Transition Questionnaire: https://dashboard.mailerlite.com/forms/81643/127757558462022794/share Are you interested in working with me 1 on 1? Fill out our Retirement Readiness Survey
In this episode, Kevin discusses the topic of downsizing to retire early. He shares the reasons why people downsize their homes to fund their retirement and talks about the tax implications of doing so. Takeaways Downsizing to a smaller home can help fund retirement and allow for an earlier retirement. Home equity can be a valuable asset to consider when planning for retirement. Consulting with financial and tax professionals is crucial to understand the tax implications of downsizing. Social media algorithms can shape people's opinions and contribute to the perception of a divided society. Considering the emotional attachment to a home when downsizing is important, but it's essential to consider financial goals and retirement plans. Chapters Introduction and Overview The Influence of Social Media Algorithms Emotional Attachment and Financial Goals in Downsizing Tax Implications of Downsizing Maximizing Home Equity for Retirement Links Social Media: Facebook LinkedIn Instagram Referenced in Episode: How to keep most (if not all) of your home sale profits tax-free! Are you interested in working with me 1 on 1? Fill out our Retirement Readiness Survey
It's official, we moved to Chattanooga, Tennessee where my wife's family is from. Considering this big move and the fact that I've spoken with hundreds of retirees who relocated during retirement, I thought this would be a timely topic! I'll unpack some of the main reasons I see people relocating during retirement including; the weather lower cost of living lower taxes healthcare family politics. The reasons I hear are good ones, but make sure you find a tight-knit community. Every study I read on this topic points to a close social community being vital to maintaining health and happiness during your golden years. I will also encourage listeners to be open to the possibility of change and to prioritize their physical, mental, and financial health in retirement. Nothing has to be “set in stone” in terms of where you move initially. You can always “try it out” and decide on the long-term plan after a year or two. Takeaways Relocating in retirement can offer opportunities for a change in lifestyle and a lower cost of living. Factors to consider when deciding to relocate include the weather, lower taxes, healthcare options, proximity to family, and political climate. It's important to build a sense of community and find like-minded peers in the chosen location. Relocating doesn't have to be permanent, and it's okay to try out different areas before making a final decision. Prioritize your physical, mental, and financial health in retirement. Links Social Media: Facebook LinkedIn Instagram Referenced in Episode: AARP Article – Reasons to relocate Smart Asset article – Best states to retire for taxes Are you interested in working with me 1 on 1? Fill out our Retirement Readiness Survey
In this episode, Kevin Lao discusses the key takeaways from the book 'Die with Zero' by Bill Perkins. He emphasizes the importance of using money as a resource and not hoarding it. He also talks about the concept of return on experiences and the different life phases for different experiences. Kevin highlights the significance of investing in one's health and giving with a warm hand instead of a cold one. He also mentions the Life Cycle Hypothesis and the importance of insurance products in mitigating financial risks. Lastly, he discusses the potential drawbacks of enabling children and the importance of open communication when giving money. Takeaways Money should be used as a resource and not hoarded. Invest in experiences and prioritize return on experiences. Consider the different life phases for different experiences. Invest in your health to enjoy retirement fully. Give with a warm hand instead of a cold one and consider the impact of timing. Evaluate insurance products to mitigate financial risks. Be cautious about enabling children and have open communication about money. Customize your financial plan based on your unique circumstances and objectives. Chapters 00:00 Introduction and Mission of the Podcast 02:26 Recommendation of the Book 'Die with Zero' 04:29 Using Money as a Resource 07:43 Prioritizing Return on Experiences 11:10 Different Life Phases for Different Experiences 14:01 Investing in Your Health 16:14 Giving with a Warm Hand 26:49 The Role of Insurance Products in Retirement Planning Links Social Media Facebook https://www.facebook.com/KevinLaoCFP/ LinkedIn https://www.linkedin.com/in/kevin-lao-cfp%C2%AE-ricp%C2%AE-4181a29/ Instagram https://www.instagram.com/imaginefinancialsecurity/ Retirement Readiness Survey https://us5.list-manage.com/survey?u=85d31240005020d412afa7ca3&id=95db102295&attribution=false Living to 100: https://www.livingto100.com/ Die with zero book: https://www.diewithzerobook.com/welcome
You can invest in your company stock in several ways, whether you are working for a publicly traded corporation or even a privately owned company. And who wouldn't want to have ownership in the company you have your sweat equity with? However, there are tax implications and investment risks you must weigh before moving forward with doing so. And even if/when you decide to invest in your company's stock, you must have a plan and process to ensure you are not taking on unnecessary risk. In this episode, we'll cover: the different ways you can invest in your company stock the tax implications of each strategy we'll cover why investors are often so concentrated in their own company's stock and we'll talk about some planning strategies along the way to help reduce unnecessary risk Connect: Imagine Financial Security Imagine Financial Security on Facebook Kevin Lao on LinkedIn Links referenced throughout this episode: Ways to invest in your company stock https://finance.yahoo.com/news/invest-own-company-stock-160142745.html RSU vs. ESOP https://www.moneycontrol.com/news/business/personal-finance/mc-explains-how-is-an-esop-different-from-rsu-and-espp-9779721.html The risk and underperformance of concentrated stock positions https://www.fa-mag.com/news/the-risk-and-underperformance-of-concentrated-stock-positions-78253.html?section=68&utm_source=FA+Magazine&utm_campaign=3dd4479fde-FAN_AM_John+Hancock_060324&utm_medium=email&utm_term=0_-4b692acec9-%5BLIST_EMAIL_ID%5D Excessive Extrapolation and the Allocation of 401(k) Accounts to Company Stock https://www.anderson.ucla.edu/faculty/shlomo.benartzi/excessive.pdf If you are interested in working with me 1x1, start by filling out our Retirement Readiness Survey below. I'll follow up with feedback on how you are tracking towards your goals, as well as how we can help you in your journey to financial independence. Take The Retirement Readiness Survey Thanks for tuning in and hope you enjoyed this episode. -Kevin Lao
Thanks everyone for tuning in! As we continue our review season with clients, it's a friendly reminder of how important a retirement spending budget is! This is a key input your financial advisor must know to run accurate projections for you. Remember, the outputs are only as good as the inputs. In our last episode, we talked about how important an assumed retirement age is. This week, we will focus on projecting how much you'll spend in retirement. This is a very personal question that is tough to fit into a “rule of thumb.” However, I'll focus on discussing a few rules of thumb and ways you can project an accurate spending number. From there, we'll talk a bit about some research in retirement spending phases and how that will impact your projections. And finally, I'll talk about some of my observations on retiree spending patterns based on my years of practice. I hope you enjoy today's episode. Make sure to give us a follow if you're interested in how to plan for retirement. Connect: Imagine Financial Security Imagine Financial Security on Facebook Kevin Lao on LinkedIn Articles: Exploring the Retirement Consumption Puzzle https://www.financialplanningassociation.org/sites/default/files/2020-09/MAY14%20JFP%20Blanchett_0.pdf How much does the average 65+-year-old retiree spend? https://www.gobankingrates.com/retirement/planning/how-much-the-average-65-year-old-retiree-spends-monthly/?utm_term=incontent_link_8&utm_campaign=1264931&utm_source=yahoo.com&utm_content=11&utm_medium=rss Are you interested in working with us? Fill out our "Retirement Readiness Survey" and we'll follow up with some feedback on how you're tracking for your goals and how we could help. Retirement Readiness Survey Link
Two of our recent client meetings were with folks who retired much earlier than they had anticipated. So, I started to go down a rabbit hole of research and thought this would be a great episode to encourage you all to STOP planning for a “normal” retirement age in your assumptions! Even if you do end up working until 65 or 70, you should not build that into your calculations when planning for retirement. Instead, whatever you think your expected retirement date is, push it forward 5 years. So if you want to work until 60, push it to 55. If you want to work until 70, push it to 65. The point is, that you cannot control what you cannot control. It then got me thinking about assumptions for retirement planning. And how the inputs/assumptions we, as financial planners, put into the calculations make a huge difference. So, what I thought I would do for the next several episodes is go through each of those inputs (retirement age, retirement spending, inflation, longevity, investment returns, and taxes) to coach you through some of those important considerations before making certain assumptions. Also, to point out mistakes that I've seen in my career practicing retirement planning. I hope you enjoy this episode, the FIRST-ever time we are publishing a video recording! (*Welcome to 2024
Here is part 2 of 2 in the "blended wealth" series! I hope you enjoy it! Episode Overview In this episode we shed light on the unique financial planning and estate planning considerations for blended families, emphasizing the importance of tailored advice and open family communication to navigate these complexities successfully. Today's guests are Tim and Alexis Woodward, co-founders of Blend Wealth, a firm specializing in financial planning for blended families and business owners. If you haven't already done so, make sure you listen to episode 41: Blending and Building Wealth in a Blended Family before listening to this episode. Connect with Tim and Alexis: Instagram: https://www.instagram.com/theblendcouple/ Twitter/X: https://twitter.com/theblendcouple Facebook: https://www.facebook.com/blendwealth/ Blend Wealth: https://blendwealth.com/ Key Points 3:56 - Retirement Distribution and Wealth Preservation: Complexities of retirement distribution, wealth preservation, and estate planning for blended families. Managing different account types for tax diversification and creating a retirement income strategy that supports both parents and children in blended families. 8:14 - Estate Planning and Beneficiary Designations: The critical role of updating estate plans and beneficiary designations to reflect current family dynamics and intentions. 15:10 - Family Meetings for Estate Planning: The value of holding family meetings to discuss and clarify estate plans to prevent misunderstandings and ensure fairness. 21:40 - Long-Term Care Planning: The necessity of planning for long-term care, particularly in blended families, and the options available, including insurance. 27:48 - Life Insurance as a Tool for Estate Planning: How life insurance, especially permanent policies, can be strategically used in estate planning for blended families. 31:36 - Investing in Relationships and the Future: The importance of investing time and resources in family relationships and future generations. Resources: Blend Wealth https://blendwealth.com/ Blended Kingdom Families https://blendedkingdomfamilies.com/ Ron Deal's Smart Stepfamily https://smartstepfamilies.com/ FamilyLife Blended https://www.familylife.com/familylifeblended/blended-families/
40% of marriages today create a blended family, which involve children from previous relationships or marriages. I'm very excited for these next two episodes with Tim and Alexis Woodward from the Blend Wealth team! Financial issues are a hot topic within families. And when you add additional parties, it can create added complexity. We are breaking down this topic of blended family financial planning considerations into two parts: Episode 41: Blending and Building Wealth in a Blended Family Episode 42: Wealth Protection and Transfer in a Blended Family Tim and Alexis Woodward are co-founders of Blend Wealth, a firm specializing in financial planning for blended families and business owners. We hope you enjoy this episode! If you do, make sure to share this with a "blended family" you care about!! Thank you! Connect with Tim and Alexis: Instagram: https://www.instagram.com/theblendcouple/ Twitter/X: https://twitter.com/theblendcouple Blend Wealth: https://blendwealth.com/ Key Points 6:51 - Financial Planning Complexities in Blended Families: Blended families face unique challenges in both family dynamics and financial planning, often dealing with children from previous marriages. 9:36 - Starting the Financial Planning Journey: Importance of transparency and communication about finances between partners. Different approaches to managing finances: joint, separate, or a combination. 14:55 - Prenuptial Agreements: Discussed as a tool for addressing financial anxieties and ensuring security for both partners. 18:29 - Setting Financial Goals: Shared goals might include retirement planning, travel, and charitable giving. Individual goals often relate to obligations towards biological children from previous relationships. 26:33 - Blended Family Dynamics: Emphasizes the importance of prioritizing the marital relationship and intentional parenting in blended families. 33:46 - Retirement Specifics: Social security strategies for blended families. Tax-efficient withdrawal strategies from retirement accounts. Resources: Blend Wealth https://blendwealth.com/ XO Marriage https://xomarriage.com/ Blended Kingdom Families https://blendedkingdomfamilies.com/ Ron Deal's Smart Stepfamily https://smartstepfamilies.com/ FamilyLife Blended https://www.familylife.com/familylifeblended/blended-families/ Blended Family Breakthrough Podcast “Blended Family Breakthrough” Podcast with Mike and Kim Anderson I hope you enjoyed today's episode! Stay tuned for Part 2!
The financial markets are well known to cause some stress and anxiety, but this escalates even more during a Presidential election. Especially this one which is likely to bring out emotions from both sides. As a result, I felt called to do this episode to provide some facts about how Presidential elections impact the stock market. I hope you enjoy this episode! Make sure to share it with a friend or family member who might find it helpful! I want to impact as many people as possible with this message! Thank you! ***Just a footnote here. I mentioned I was recording on video, which I did...However, I do not have time to edit this video in time for the next episode. I am currently working on hiring an editor, and will hopefully be adding video as a feature to tune into the show soon enough! If you're interested in becoming a client, fill out our Retirement Readiness Survey Here Links from the show: https://www.usbank.com/investing/financial-perspectives/market-news/how-presidential-elections-affect-the-stock-market.html https://www.eatonvance.com/advisory-blog.php?post=election-cycle-is-very-likely-to-impact-stocks- https://www.fidelity.com/learning-center/trading-investing/election-market-impact https://www.newyorkfed.org/medialibrary/media/research/capital_markets/Prob_Rec.pdf https://www.ustreasuryyieldcurve.com/ https://www.blackrock.com/us/financial-professionals/insights/investing-in-election-years
First and foremost, it's been a whirlwind for the Lao family in March. My financial planning firm just went through its first audit, woohoo! In the midst of all of the heavy lifting preparing for said audit, my wife gets the worst food poisoning of her life. Needless to say, Daddy's daycare was in session for the majority of last week. To cap things off, my oldest son got sick, so I took my twin boys to their first hockey game on Sunday just the three of us. While there, my wife called me with the news that one of our dogs, Guinness, was bitten by a venomous snake. We spent the rest of the day in the ER while he received anti venin and pain meds. Thankfully, he survived and was released the following evening. He's doing much better now, but the pain meds are keeping him up all night with "stomach problems." TMI, but I woke up this morning to prep and record this podcast only to find multiple piles of you-know-what scattered throughout my office. When it rains, it pours!! But thankfully, I was able to do some prep and record later in the afternoon...so you all BETTER enjoy this episode! ... The issue with getting too conservative too quickly is that you bring inflation, longevity, and interest rate risk into the picture! This is NOT an ideal situation for retirees in 2024! In this episode, I discuss the three reasons I believe most investors get too conservative too early, my issue with "Risk Tolerance" as the primary driver of asset allocation, and the concept of "Risk Capacity." Instead of selecting your asset allocation based on how you feel, or overly simplistic rules of thumb, reverse engineer your asset allocation based on your personalized financial goals and "required rates of return!" Meaning, don't invest based on how someone ELSE tells you to invest but invest based on your priorities and values. A few links I referenced: Jack Bogle's Asset Allocation Rule of Thumb The 15/50 Rule of Thumb Ep. 36 - Asset Location to Improve Tax Efficiency in Retirement If you are interested in working with me 1 on 1, please fill out our Retirement Readiness Survey here, and we will provide personalized feedback on how and what we would address your financial situation. Feel free to send me an email with your support, feedback, or questions for me! kevin@imaginefinancialsecurity.com Thank you! Follow me on FB Follow me on LinkedIn
The SECURE Act of 2019 was the first major overhaul of retirement plans, specifically 401ks. However, many people are still curious about what the changes are and how they impact these group 401k plans. I had the pleasure of being joined by Alex Jenkins, the Chief Revenue Officer @ Nest Eggs, to unpack all of this for us. You'll be sure to learn a lot whether you are a small business owner, an executive at a privately held company, or you're just interested in the evolution of 401k plans and how to maximize them for retirement. Links from the show: Interested in learning more about Nest Eggs? Contact Alex Jenkins alex@nesteggs401k.com 904 252 6780 (cell) Check out their website here: https://www.nesteggs401k.com/ The SECURE Act 2019 details and how they impacted 401ks Information on Pooled Employer Plans ("PEPS") Are you interested in working 1x1 with me? Fill out our "Retirement Readiness Survey" and we'll follow up with some initial feedback on your progress to financial independence and whether or not we would be a good fit to work together. You can also check out my website at https://imaginefinancialsecurity.com/ I love to hear from YOU, the listener! Email me directly at kevin@imaginefinancialsecurity.com -Kevin
Have you heard of the 4% rule?! It's the most recognized benchmark for safe withdrawal rates in retirement. However, it lacks flexibility and often leaves retirees "under-spending," particularly in their prime retirement years. Think Advisor put out this article (link below) that touched on three alternatives to the 4% rule and how they can potentially increase your spending capacity over time, while also protecting downside risk (outliving your assets). I hope you enjoy this episode! If you are interested in learning what it would be like to work with me, fill out my complimentary "Retirement Readiness Survey." We'll ask you to answer a few basic questions to determine the key areas of opportunity for you. Make sure to check "Podcast" at the end when we ask how you heard of us! Here are some other links I referenced in the show: Think Advisor article - Pros and cons of 3 retirement spending plans Bill Bengen's SAFEMAX, 4% Rule Study Guyton and Klinger Decision Rules Ep. 14 - "Retirees, Stop Underspending in your Go-Go Years" My blog article on using Guardrails to boost retirement spending! IRS Life Expectancy Tables Make sure to share this with a friend or family member who needs to learn about how retirement works! I appreciate all of you! Kevin@imaginefinancialsecurity.com Follow me on Facebook Follow me on LinkedIn
According to the Vanguard "Advisor's Alpha" study, asset location can add up to 60 bps in returns on an annual basis! The larger your taxable brokerage account balance, the more you need to pay attention to what investments you own in that bucket! Conventional wisdom says that the taxable accounts should be tapped into first, and therefore should be the most conservative. However, the result could leave you paying more in taxes than you need to! This is where proper Asset Location comes into the picture. I hope you enjoy this episode and make sure to share this with someone else like you! If you are interested in working with me 1x1, make sure to visit my website: https://imaginefinancialsecurity.com/ Links: - Follow me on Facebook - Follow me on LinkedIn - Vanguard's Advisor's Alpha - Schwab article on after-tax returns - American Century average etf and mutual fund distributions - Kitces article on the benefits of asset location - Is the 60/40 portfolio dead (episode 29)
Housing wealth is one of the largest, if not the largest, assets on the balance sheet for retirees today. However, many retirees simply pay off their mortgage and let their housing equity sit idle. There's nothing inherently wrong with this line of thinking because being debt-free is often a goal for most people. However, you may want to look at a reverse mortgage as a tool in the toolbelt to achieve your ideal retirement, minimize taxes, and age in place. A big thank you to George Vrban, a reverse mortgage specialist with Movement Mortgage, for joining us on this episode and providing education on how this strategy fits into a retirement income plan. For me personally, my conversation with George has shifted my mindset from thinking of home equity as a "last resort," to using it as a potential strategy to maximize retirement wealth and tax efficiency. Additionally, the reverse mortgage can also be used as a line of credit, not just an income stream, which can be invaluable in case of an emergency. Finally, I loved the idea of using the reverse mortgage for creative financial planning strategies like Roth conversions, or purchasing a dream vacation home! Here is a link to George's contact information. office: 904 616 8181 email: george.vrban@movement.com Here's a link to Ep. 24 - Self funding long-term care expenses I always love to hear from you all, so never hesitate to email me directly: kevin@imaginefinancialsecurity.com If you are interested in working with me 1x1, we are currently on a waiting list for Q2 2024. If you have saved between 2 million - 5 million in retirement assets and you're looking to maximize spending, minimize taxes, and maximize your financial legacy to your children, our firm was built to serve you! Visit our website to learn more: https://imaginefinancialsecurity.com/
Welcome to another episode of The Planning for Retirement Podcast. I'm your host, Kevin Lao! 2020-2023 brought about legitimate market volatility, the first we've experienced since The Great Recession of 2008. I thought I would share some common mistakes I've personally seen retirees make over the last few years to highlight the importance of having a disciplined, unemotional, repeatable, investment process. I'll also highlight some of the key metrics we are watching in 2024 and how we are currently managing risk in portfolios. Here are some of the links I referenced in the show: - Follow me on Facebook (I posted both the Consumer Confidence and the Periodic Table of Returns charts on my Facebook page because they weren't linking properly in the show notes). - Follow me on LinkedIn - Economic Trends in Equity Markets - What do the markets do after rate cuts are over? - What do the markets do when there is a Presidential election? - 2004 - 2023 Periodic Table of Returns - Magnificent 7 vs. the market I always love to hear from you all, so never hesitate to email me directly; at kevin@imaginefinancialsecurity.com If you are interested in working with me 1x1, we are currently on a waiting list for Q2 2024. If you have saved between 2 million - 5 million in retirement assets, you're looking to maximize spending, minimize taxes, and maximize your financial legacy to your children, you are in our target demographic. Visit our website to learn more: https://imaginefinancialsecurity.com/
2023 was an amazing year, and I just wanted to spend some time sharing my sincere gratitude for my listeners, clients, and most importantly my wife, Jessica, for supporting me on this journey. I also wanted to share a few tax planning observations as we close out 2023. Here are some links I referenced in the show: - Ep. 18 - Roth conversion strategy could save $427k in taxes - Ep. 10 - 6 reasons to take advantage of Roth conversions -IRMAA limits for 2024 For those of you interested in working with me 1 on 1, visit my website: https://imaginefinancialsecurity.com/ Wishing you and yours a happy, healthy and prosperous 2024! -Kevin
I decided to record this episode as a follow-up to Ep. 30 given how many questions and discussions I've heard from listeners. If you have not listened to Ep. 30 (link here), you should go back and listen as Cody Garrett joined me to talk about the challenge of psychologically going from "Saver to Spender" in retirement. However, many of the follow-up questions were about what tactical action items you could take to get comfortable with "spending" down your retirement nest egg. There are 7 potential tactics and philosophies you could adopt, but be sure to coordinate these concepts with a comprehensive financial plan. Here are some of the resources I referenced in the show: -The Retirement Planning Education Facebook Group - Changes in retirement spending behaviors over time (Michael Kitces article) - Bill Bengen's original 4% rule study - Immediate Annuity (SPIA) rates - IRS single life expectancy tables ***Just a note here, I meant to add that the "Required Minimum Distribution" is based on qualified tax-deferred accounts including IRAs, 401ks, 403bs, TSPs, etc. Roth IRAs are exempt, non-qualified brokerage accounts are exempt, AND Roth 401ks/403bs/TSPs will be exempt from RMDs beginning in 2024. - Ep. 14 from The Retirement Planning Podcast (Retirees - Stop Underspending in your Go-Go Years) -Using the Guardrail Withdrawal Strategy to Increase Retirement Income -Guyton and Klinger Guardrail Decision Rules If you are interested in working with me 1x1, visit my website: https://imaginefinancialsecurity.com/ You can email me directly at kevin@imaginefinancialsecurity.com I hope you enjoy this episode! -Kevin
I'm excited to have Brady Slack, the proud owner of High Country Finance based in Utah, join for this fascinating topic. At first, I was planning to steer Brady in two directions with regards to tax planning opportunities for business owners and W2 employees. But, we ended up mainly focusing on using real estate as a nontraditional retirement planning vehicle, and the tax efficiency of leveraging this asset class. Just a word to the wise, investing in Real Estate is NOT as easy as it sounds. Many of these expert investors have been through ups and downs, and Brady talks about the need to be experienced in order to be successful in this market. We also talked about a few charitable giving ideas for all taxpayers. I hope you enjoy this episode! Here are the details on how to connect with Brady and his team. Website - Highcountryfinance.com Instagram - @thebradyslack Brady's podcast - Slackin' Off If you are interested in learning more about how to work with me 1x1, visit my website: www.imaginefinancialsecurity.com -Kevin Lao
I've known Cody for almost 3 years now, and this man is a true student of his craft. Cody is an advice-only financial planner passionate about helping DIY investors on the path to financial independence and through early retirement. He is a CFP practitioner and proud owner of the Measure Twice® brand. His educational insights have been featured by Barron's, Forbes, Fox Business, CNBC, Morning Brew, Business Insider, and MarketWatch. You can also hear him on the ChooseFI, The Long View (Morningstar), The Financial Independence Show, and Michael Kitces' Financial Advisor Success podcasts. Twitter: @MeasureTwiceMNY LinkedIn: https://www.linkedin.com/in/codylgarrett/ Website: https://www.measuretwicemoney.com/ Cody brought up an interesting question that received a ton of engagement in the "Retirement Planning Education" Facebook group. The question was: "Is it easier to go from a spender to a saver, or a saver to a spender?" So naturally, we recorded a podcast about it! In this episode, we will cover: - the topic itself - the poll results - the psychological shift from saving to spending in retirement - tactics to solve this behavioral challenge And much more. I hope you enjoy this episode! -Kevin
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