Wealth Training Academy with Ed Storer

Ed defines the retirement income replacement rate and looks at what needs to be considered in building income for your retirement.  This includes determining how much income you will need compared to your pre-retirement income, how much you earn, how much you save, when you will retire, your tax rates, and what Social Security covers.  He also looks at tax strategies that can help you presently and in the future.  This includes tradition 401(k) and IRA saving strategies as well as Roth.  Then he discusses a growing trend of working in retirement in explaining why more people are choosing to in some form or fashion and what should be considered when making that choice. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed offers great suggestions for how to use your Christmas bonus if you received one this year.  They include debt payoff, increasing savings, saving for retirement, and securing your family.  He also covers some solid planning tips to help you retire in a challenging economy in 2023.  Understanding sequence of returns and possibly delaying Social Security are part of the conversation.  What are some important questions you should be able to answer when considering your retirement and income plan?  Those include your budget, your tax strategies, long-term care protection, and other sources of income in your retirement.  You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed covers strategies to implement when in the financial red zone which is five to ten years away from retirement.  These include looking at funding your 401(k) to the max, rethinking your 401(k) assignments, and looking at traditional and Roth IRAs.  He offers good tax considerations for the end of the year such as the clean vehicle tax credit, taxes and children, charitable contributions, health accounts, and tax harvesting.  Then Ed moves into delicate ways to approach your parents in starting a conversation about money and retirement. You can reach Ed and the team by calling 800-567-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed stresses the need to make sure you stay on track with your retirement savings in the financial red zone and offers solutions to avoid the obstacles.  Those include inflation, stock market volatility, unexpected expenses, and debt.  He then offers detours around those roadblocks that could keep you from your retirement target date and clarifies some common misconceptions about your 401(k). You can reach Ed Storer and the team by calling 800-567-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed offers good tax strategies to consider to get a better grip on your tax bill.  He talks about connecting taxation with outflow as well as income, spending down traditional IRAs, Social Security claiming strategies, and Roth conversions and contributions.  Continuing with the tax theme, Ed runs through an end-of-year tax checklist to maximize your tax refund in 2023.  He then moves into spending habits to avoid in retirement so as not to bust that retirement spending plan. You can reach Ed Storer and the team by calling 800-567-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed warns of retirement mistakes to avoid and offers reminders of the changes to legacy planning which came with the original Secure Act. Wealth Training Academy investment coach Scott Wright joins in to talk about proper investment strategies in a volatile market. You can reach Ed and the team by calling 800-567-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed looks at strategies to have in place when you first retire.  He covers the adjustment period, prioritizing expenses, continuing to save, having a Social Security Strategy, and seeking out professional help.  What are the income tax brackets for 2022 vs. 2023?  Ed takes a look at that and then moves into some things to consider at the end of the year including maximizing your 401(k), IRA, Roth, and Health Savings Account savings and looking at strategic tax moves. You can reach Ed Storer and the team by calling 800-567-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed points to a study that shows Americans are contributing less to their retirement than every before and that more than half of working U.S. adults feel as though they are behind on retirement savings.  That's according to a recent report from Bankrate.  He points to reasons why which certainly include inflation.  He also talks about the concept of profit first when it comes to approaching your retirement as you would starting a business.  Scott Wright, investment coach at the Wealth Training Academy also joins in to discuss the condition of the markets. You can reach Ed and the team by calling 800-567-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed explains the similarities between planning for and running retirement and planning for and running a business.  He looks at building a business plan for your retirement which is the approach of the team at The Wealth Training Academy.  He also highlights financial moves you can make before you retire to help build a stronger and more efficient plan.  Some of the moves he covers are reducing risk, maximizing your contributions in the financial red zone, building a retirement budget, and forward planning for healthcare and the possibility of long-term care.  Ed then highlights mistakes to avoid to help you ensure you do not run out of money.  You can reach the team at the Wealth Training Academy by calling 800-567-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed cites results of a J.D. Power study that revealed some pitfalls of utilizing digital resources in planning your own retirement.  He breaks down the advantages and, in his opinion, the necessity of working with a professional to build and maintain your retirement.  He also goes over some of the “curveballs” of retirement in the form of unexpected expenses and then offers strategies to stay on track in the current economic environment.  He also goes through steps to consider that could help eliminate the fear, uncertainty, and doubt in retirement planning. You can reach Ed Storer and the team by calling 800-567-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed goes through various streams of retirement income that may not be subject to taxation and breaks down the strategies to achieve that goal.  He also continues to monitor high inflation and its effects on retirement planning and discusses steps to take in order to maintain the lifestyle you want in retirement. You can reach Ed Storer and the team by calling 800-567-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Insurance Coach Miriam Thomas on the team at The Wealth Training Academy joins in with information on Medicare just before the upcoming enrollment window.  Miriam clears up a lot of confusion with Medicare, the different components, the difference between Medicare Advantage and Medicare Supplement, and upcoming changes with the Medicare program. You can reach Ed Storer and the team by calling 800-567-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

In the midst of  market volatility, what are the major concerns of retirees and pre-retirees?  Ed breaks that down in looking at how Americans feel about the future of their retirement, the level of their fear of running out of money, and their ability to cover living expenses.  He then discusses his approach to a safe withdrawal rate and moves into RMD mistakes to avoid. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed looks at the issue that will present themselves in the future with tax-deferred retirement savings and offers some solutions.  Challenges you could potentially face include snowballing required minimum distributions, possible higher Medicare premiums, and a tax burden on your heirs.  Solutions presented include shifting savings from pre-tax to Roth and considering Roth conversions.  He also talks about retirement regrets to avoid and how to make sure you can enjoy the lifestyle you want and then breaks down how interest rate hikes could be an additional challenge in your retirement planning. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed outlines five risks of retirement including longevity, healthcare costs, poor asset allocation, and inflation.  What if you find yourself with excess money in retirement?  He covers some strategic ways you can gift money and assets now.  Ed closes with the options you have with your 401(k) once you retire. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed tackles some of the questions frequently asked by those before they enter retirement.  Questions answered include concerns over inflation, wondering about retirement income necessary, and how to prepare for out-of-pocket health care costs.  Ed then moves into alternatives to traditional long term care insurance that can be used as protective elements and then warns of some retirement saving bad habits to avoid. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed opens dissecting the Inflation Reduction Act, discussing what's in it and how it could affect retirees.  He then moves into strategies to build up your savings when you're in the financial red zone and uses the game of chess analogies and metaphors of pawn, knight, queen, and king to retirement strategic components. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed addresses the concerns on the minds of everyone and especially those entering retirement.  Those concerns are, of course, inflation, recession, and the overall economic climate.  He also talks about the best protection strategies.  He examines a BlackRock survey which asked retirees and savers to describe their “go to” savings and growth vehicles and closed with dispelling myths about annuities. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed looks at the state of our economy and offers information on best protective strategies for retirees and soon to be retirees.  He then turns to spousal retirement strategies when there is a significant age gap.  Ed closes with tips on stretching retirement dollars including the proper Social Security decisions for you, diversification of your portfolio, creating a budget, and building retirement pay checks. You can reach Ed and the team at The Wealth Training Academy by calling 800-563-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed talks about properly managing the concerns felt by retirees in the middle of possible recession, the highest inflation in forty years, and rising interest rates.  He discusses the inverse relationship between the stock and bond market and explains how proper planning can set retirees up with built in income streams that can help ease the anxiety.  He discusses how he determines his client's “numbers” to better custom plan for them.  He includes the financial independence number, the Social Security starting age, the number of guaranteed lifetime income someone will need, estimated health care out of pocket costs and possible long term care costs, and estimated monthly retirement spending.  Ed closes with five things to absolutely consider in retirement planning including checking your asset allocation, building those liquid reserves, and monitoring your spending rate. You can reach Ed Storer by calling 800-563-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed covers steps to take in the financial red zone, the five to ten years before you retire, that can help make sure your money takes you all the way through retirement.  He covers creating tax-diversified sources of income, looking at opening a Health Savings Account for those eligible, eliminating debt, and creating that financial plan with a retirement specialist.  What is the compounding effect of inflation and the loss of purchasing power and how is that affecting retirees and soon to be retirees?  Ed provides answers along with discussing strategies to factor in high inflation.  He closes by looking at certain behaviors that could potentially sabotage your retirement plan such as not looking ahead, being overly optimistic with your budget, and procrastination. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed discusses portfolio models and why we need them.  He talks about Time Value of Money and asset allocation and diversification into multiple asset classes.  Ed then analyzes the common traits and habits of wealthy people.  He then looks at mid-year tax strategies to consider including a review of your tax liability for the current year, considering a tax status change, amortization of Research and Experimental expenditures, budgeting for larger chartiable donations, and considering means and entertainment.  You can reach Ed Storer and the team by calling 800-593-8188. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

Ed points out the risks of retirement planning and focuses on risks of today including market volatility and inflation.  He goes into the strategies that should be considered by pre-retirees and retirees given the standard risks and the risks of our current economic climate.  He moves into good retirement preparation strategies especially for those with just a few more years to work.  Ed then discusses how tax strategies factor into your retirement planning.  He covers options from withdrawing from retirement accounts when retiring early, paying quarterly, understanding the penalties, reverse rollovers, strategizing for Roth IRA, and tax loss harvesting. You can reach Ed Storer and the team by calling 800-800-563-7030. The Wealth Training AcademySee omnystudio.com/listener for privacy information.

You want a retirement with as few regrets as possible.  What are some things you can do in the financial red zone to avoid having those regrets?  Ed covers that in this podcast.   He also goes over critical factors in achieving your retirement goals and how to realize your vision and direction. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

Advanced Business Strategist and Coach Dr. Dean Russell joins Ed Storer in a conversation on the team effort that goes into the business coaching provided by The Wealth Training Academy.  Ed and Dr. Dean talk about the importance of creating and building business building skills and replacing emotion with perspective.  The conversation also involves removing the “clutter” in your business practices and applying the “KISS” principle.  This is a great conversation of applying emotional intelligence in running your business and how to be an effective leader. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

Ed points out how retirement planning is different now due to many factors such as dwindling pensions and longevity.  He talks about the importance of building income, protecting your wealth, and factoring in health care costs and inflation.  He then moves into discovering fees you may be paying and avoiding unnecessary costs in retirement including penalties.  Ed then keeps the conversation grounded in reality as he debunks some retirement myths and old ways of thinking in crafting retirement strategies. You can reach Ed Storer and his team by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

Ed explains what should be considered in formulating your retirement plan including knowing your vision, your day-to-day expenses, reviewing your assets, your risk, and your potential tax liability.  The conversation then moves to options available with your old 401(k) and mistakes to avoid helping to make sure you don't run out of money in retirement. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

Ed covers the topic everybody's talking about and that's inflation.  He talks about the need to have a growth aspect in your retirement plan, planning for healthcare costs, and even touches on TIPS and I-bonds.  He also covers going through the different phases of retirement to pre-retirement planning, the big day, the honeymoon phase, and creating your new retirement identity. He then moves to tax considerations when selling a large piece of property or a business. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training Academy   See omnystudio.com/listener for privacy information.

Ed covers how retirement accounts and dividend stocks can be a great pairing and then goes over some basics to consider as you approach retirement such as time horizon, income needs, risk tolerance, estate planning, and long-term care protection.  He also runs down ten things to consider before starting your own small business.  You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

Ed goes over what should be considered when nearing retirement such as taking advantage of catch-up contributions, looking at your investment strategies, and making decisions about your Social Security.  The discussion then moves into fortifying your portfolio and your retirement plan during times of market volatility and five mistakes to steer clear of when considering your retirement plan. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

Ed breaks down the cumulative impact of federal and state taxes in retirement looking at Traditional IRAs and 401(k)s, Social Security, pension, annuities, and dividends.  He also provides an update on Secure Act 2.0 and the proposed provisions as they stand now as this legislation works its way through Congress.  You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

Ed discusses what to consider in helping to make sure you maintain the lifestyle you want in retirement and how to watch for fees and elements that could be eating away at your retirement.  He also stresses the importance of couples being on the same page when it comes to retirement planning. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

There's so much going on in the economy to cause anxiety and especially for those nearing or in retirement.  Ed offers some tips to help bring that anxiety down.  He also tackles inflation with survival strategies and answers some frequently asked questions about annuities. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

Ed previews what could come with Secure Act 2.0 as it works its way through Congress.  Proposals discussed include raising the RMD age, expanding auto-enrollment in retirement plans, higher catch-up limits for certain ages, student loan payments, and employer matching.  He then moves into a discussion of proper forward looking tax strategies for retirement and shifting from saving to spending when entering retirement. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

Taxes follow you into retirement.  How do you make sure you pay only your fair share?  Ed addresses many things to consider regarding taxes in retirement such as lost tax deductions, income strategies, Social Security tax rules, and components that are and are not subject to taxation.  He stays on the tax theme with looking at the proactive strategy of utilizing the Roth IRA and then covers risks in retirement from longevity to health care and sequence of returns risk. You can reach Ed Storer and the team at 800-563-7030. The Wealth Training Academy   See omnystudio.com/listener for privacy information.

Ed welcomes family and estate law attorney Ken Shabel back to the studio with the overall topic of estate planning.  Ken explains the importance of having a will, a living will, and a Power of Attorney and Health Care Power of Attorney.  He breaks down advantages and possibly disadvantages of the trust you would choose to have.  He also explains how daunting the probate process can be. You can reach Ed and the team by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

Ed welcomes family and estate law attorney Ken Shabel back to the studio with the overall topic of estate planning.  Ken explains the importance of having a will, a living will, and a Power of Attorney and Health Care Power of Attorney.  He breaks down advantages and possibly disadvantages of the trust you would choose to have.  He also explains how daunting the probate process can be. You can reach Ed and the team by calling 800-563=7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

Does cryptocurrency belong in your retirement portfolio.  Ed takes a close look at crypto and if or how to include it in your plan.  He covers retirement planning strategies for those who started a little late and stresses that retirement planning of today is different from that of our parents' generation. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

The Wealth training Academy investments coach Scott Wright joins Ed Storer in the studio.  Topics include not just riding blue chips, always being prepared for what life throws your way, thinking ahead, and having a portfolio that takes into account all market situations. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

Ed holds class on the podcast and covers taxes by sharing a case study of building in planned tax strategies for a client couple and seeing those come to fruition.  He also takes a creative look at what can be considered additional income streams in retirement. Then the discussion turns to fears faced by many retirees and how to allay those fears and concerns. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

Do you have the right answers to important questions to help determine if you are ready for retirement?  Ed covers three of those questions.  Roth IRAs are part of the discussion and the proper legacy strategies with a Roth plus mistakes to avoid.  Ed displays how the little things in retirement savings could make a big difference and offers some simple tips. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

The distribution phase of retirement can be complicated.  Ed covers some retirement distribution strategies to consider.  He covers some important things to consider while utilizing your 401(k) and good strategies with that and other retirement saving tools and options.  What are red flags you may be missing on your road to retirement?  Ed goes over a list of those and offers some solutions that could help you get back on track. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

There are many people who may want to give “well-intentioned” but questionable tips on retirement.  Ed stresses the importance of consulting a professional before making any decisions and he covers some commonly given questionable advice.  He also covers how retirement planning can be different for women and he highlights some retirement mistakes to avoid. You can reach Ed Storer by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

Rules of thumb are approximate methods for doing something and certainly may need to be tweaked to adapt to changing times and situations.  Marty discusses some investment and retirement rules of thumb everyone should know.  He also breaks down retirement planning for couples and how each spouse may view retirement differently.   He then covers much of what needs to be considered for retirement planning and how the strategies and line of thinking could be unique to that stage of your life. You can reach Ed Storer and his team by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

Inflation, taxes, and investment challenges are three major threats that could impact your retirement.  Ed offers suggestions of protection and proactive measures that can be implemented.  He also discusses planning long term for retirement to help alleviate the risk of longevity and explain why the help of a professional is so critical in today's retirement planning. You can reach Ed Storer by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

No one can accurately predict the next bear market and when it will occur, but one thing is for sure.  You can prepare yourself for it and should if you are approaching retirement.  Ed outlines some moves that can help protect your retirement plan.  He also outlines ways to supercharge your retirement savings if you got a late start and covers some calculations to consider in helping determine your retirement launch date. You can reach Ed Storer and the team by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

How do you keep your finances in order when heading to retirement facing challenges like inflation and volatility?  Ed discusses good measure in that regard as well as pointing out things to make sure you do not overlook as you're heading to retirement.  He also covers some important questions that sometimes clients are hesitant to ask. You can reach Ed Storer and the team at The Wealth Training Academy by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

2022 will present some challenges such as inflation and possibly higher interest rates.  That's why our retirement plans need to be robust as we meet those challenges head on.  Ed Storer gives us some things to consider such as tools and strategies to consider to help against inflation, higher interest rates, and possible slower economic growth.  He also presents options and strategies to build income streams in retirement and tips to boost your retirement nest egg. You can reach Ed Storer and the team at The Wealth Training Academy by calling 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

The discussion centers around proper management of your savings to maximize your retirement portfolio.  Ed talks about fees to be aware of, the importance of having a flexible plan, maximizing your contributions, creating income streams, and having good tax strategies.  401(k) statistics and learning from the mistakes and regrets of some current retirees are also part of the discussion. You can reach Ed Storer and the team by calling 800-563-7030.The Wealth Training Academy See omnystudio.com/listener for privacy information.

Ed discusses strategies to consider in your retirement to better weather a volatile market landscape.  He also talks about the return on your investment of lifetime savings including time and what the return of time means to your health.  Ed also continues with part two of his series on questions business owners need to answer before exiting or retiring from their business. You can reach Ed and the team by calling 800-563-7030 or text #WTA to 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.

Rising inflation and market volatility continue to be a concern.  Part of the discussion centers around the importance of considering the effect of the stock market on your retirement savings.  Ed also discusses decisions retirees face regarding their spending and their different sources of income.  In the business segment of the podcast, Ed covers questions that business owners need to be able to answer in the affirmative before thinking about exiting their business. Reach Ed Storer at 800-563-7030. The Wealth Training Academy See omnystudio.com/listener for privacy information.