Your Life, Your Money with Scott Sierens

As you save for retirement, it's not just about having a retirement account, it's about having the right types of accounts and knowing how to use them most effectively. So today's video will break down the four most important retirement accounts you should consider having and the strategies you can implement to get the amount of income in the most tax efficient way. Here's some of what we discuss in this episode:

Heading into retirement should feel like freedom, but too many people carry financial clutter into this next phase of life, creating confusion, missed opportunities, and unnecessary stress. In this week's show, Scott outlines three key areas to simplify before you retire: your bank accounts, your investment and retirement accounts, and your overall strategy. Here's some of what we discuss in this episode:

When ​the ​market ​is ​down, ​it ​can ​make you ​feel ​pretty ​uneasy. ​Emotions ​can ​rise and panic can feel like the natural response, especially when you're nearing retirement. You ​spent ​decades ​just ​saving ​to ​get ​to ​this ​point, ​and ​now ​you're ​watching ​your ​retirement ​savings ​drop ​in ​value. You ​might ​be ​wondering ​what ​changes ​you should ​make. ​Should ​you ​move ​to ​cash? ​What ​action ​should ​you ​be ​taking ​with ​your ​accounts ​as ​you ​watch ​your ​accounts ​drop ​in ​value ​and ​you're ​getting ​closer ​to ​your ​retirement ​date? We ​want ​to ​focus ​on ​strategies ​that ​can ​help ​our ​plan ​during ​these ​high ​emotions ​versus ​letting ​emotions ​potentially ​hurt ​our ​plan. This video is going ​to ​draw ​out ​some ​simple ​and ​practical ​strategies ​you ​can ​utilize ​during ​a ​market ​downturn ​that ​can ​actually ​help ​your ​retirement ​plan ​instead ​of ​hurting ​it. Here's some of what we discuss in this episode: ⚖️ Strategy #1: Rebalance your portfolio to take advantage of market shifts

You've saved up $2.5 million and you're wondering whether you can buy a vacation home or whether you should just do a long-term rental. Maybe you should just scratch the idea altogether. This is a conversation we have with clients and today's show is going to walk you through how we help determine if the vacation home is going to work with a hypothetical case study. Here's some of what we discuss in this episode:

We talk a lot about taxes because they're going to be a huge expense for you in retirement, which is why many people ask about Roth conversions. It's a strategy that could potentially save you money in retirement, but the truth is that Roth conversions aren't for everyone and could actually cost you money. In today's show, we'll walk you through the five reasons why it might not make sense for you to do a Roth conversion. Here's some of what we discuss in this episode:

Once you reach your early 60s, you're in a window of time where the moves you make will drastically shape the next 30 or 40 years of your financial life and taxes. The right decisions can put you in a great position for retirement but the wrong decisions can leave you playing catch-up. In this video, we're going to walk you through the three most common (and costly) mistakes people make during this pivotal stage and tell you how to avoid them. With rising costs for goods and services, it's vital to factor inflation into your financial strategy. Our retirement chart of the week provides insights into historical inflation rates, emphasizing the importance of having your investments structured for growth to maintain your lifestyle in retirement. We'll close out the show with a listener question regarding how to manage a lump sum inheritance. The advice is simple: take your time to evaluate your options. Here's some of what we discuss in this episode:

Social Security is a key part of maximizing your retirement story. The decisions you make about when and how to claim it can have a big impact on how much you keep versus how much goes to the IRS. In today's show, we'll break down 3 common Social Security tax mistakes- some of which could cost you big- and how to avoid them. Here's some of what we discuss in this episode: 0:00 – Intro 1:51 – Mistake 1: Believing Social Security Is Tax-Free 3:20 – Mistake 2: Not Planning For Medicare Impacts 4:12 – Mistake 3: Timing Social Security with Roth Conversions 7:12 – Retirement Chart Of The Week 9:49 – Diversification In Investing 10:30 – Listener Question Periodic Table of Investment Returns  https://www.callan.com/periodic-table/   Want to get in touch? Company website: https://sierensfinancialgroup.com/ Podcast website and resources: https://maxretirementshow.com/ Phone: (847) 235-6989 Contact our team: office@sierensfinancialgroup.com Schedule your no-cost introductory call: https://sierensfinancialgroup.com/schedule-a-meeting/ Join us for our next financial workshop: https://sierensfinancialgroup.com/ Check out our free guides: Unlocking Hidden Tax Savings Guide: https://maxretirementshow.com/taxes/ Social Security Benefits Guide: https://maxretirementshow.com/socialsecurity/ Will Your Money Last As Long As You Do Guide: https://sierensfinancialgroup.com/   Check us out on YouTube: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ Facebook: https://www.facebook.com/SierensFinancial/ LinkedIn: https://www.linkedin.com/in/scott-sierens-sfg/        

Are you prepared for hidden tax traps in retirement? Many retirees assume their tax rates will go down, but for those with significant savings, unexpected tax burdens could cost them thousands of dollars each year. Today, Scott Sierens, CFP®, uncovers three major retirement tax traps that could push you into a higher tax bracket, increase your Medicare premiums, and reduce your Social Security benefits. We'll also address trending news about the potential elimination of taxes on Social Security benefits and answer a listener's question about the timing of claiming Social Security. Here's some of what we discuss in this episode: ⚠️ RMD Shock – How required minimum distributions can spike your taxes

How much can you really spend in retirement without running out of money? In this debut episode of The Max Retirement Show, Scott breaks down the biggest retirement spending mistakes, why the 4% rule might not work for you, and how to create a dynamic spending plan that adapts to market conditions, taxes, and life changes. Plus, Scott answers a listener question about annuities vs. brokerage accounts for legacy planning and shares his Retirement Chart of the Week, helping you navigate market volatility. Here's what we discuss in this episode: 0:00 – Big updates and intro 2:25 – The 4% rule 4:11 – 3 Key Factors 8:28 – A smarter withdrawal strategy 10:55 – Chart of the week 13:22 – Listener question   Want to get in touch? Company website: https://sierensfinancialgroup.com/ Podcast website and resources: https://maxretirementshow.com/ Phone: (847) 235-6989 Contact our team: office@sierensfinancialgroup.com Schedule your no-cost introductory call: https://sierensfinancialgroup.com/schedule-a-meeting/   Check out our free guides: Unlocking Hidden Tax Savings Guide: https://maxretirementshow.com/taxes/ Social Security Benefits Guide: https://maxretirementshow.com/socialsecurity/ Will Your Money Last As Long As You Do Guide: https://sierensfinancialgroup.com/   Check us out on YouTube: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ?sub_confirmation=1  Facebook: https://www.facebook.com/SierensFinancial/ LinkedIn: https://www.linkedin.com/in/scott-sierens-sfg/  

Are you starting to feel like you might be ready to retire but can't quite pinpoint why? If so, today's episode is perfect for you! We'll explore five clear signs that it may be time to move on to the next chapter of your life. Join Scott as he breaks down these key indicators, including one crucial sign that should apply in every case- being financially prepared to take that next step. Don't miss this insightful episode as Scott shares real-life stories to help you recognize these signs and determine if they apply to you! Here's some of what we discuss in this episode: 0:00 – Intro 3:11 – You can't wait to retire 4:30 – You don't enjoy work anymore 7:01 – Things are changing at work 11:27 – You desire more personal or family time 13:54 – You're financially prepared to retire   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ 

Big changes are on the horizon for 2025, and this episode is all about keeping you in the loop. From updates to 401(k)s, Social Security, and Medicare to new tax brackets and changes for inherited IRAs and HSAs, we're covering it all. Whether you're retired, approaching retirement, or just beginning to map out your plans, this discussion is for you.   Here's some of what we discuss in this episode: 0:00 – Intro 2:30 – 401(k)s, 403(b)s and 457s 6:45 – IRAs and Roth IRAs 8:08 – Social Security and Medicare updates 13:08 – Tax changes 18:34 – Health savings accounts 20:58 – Inherited IRAs for non-spousal beneficiaries   Resources for this episode 401k Changes https://www.irs.gov/newsroom/401k-limit-increases-to-23500-for-2025-ira-limit-remains-7000 https://www.cnbc.com/2024/11/23/401k-changes-2025.html#:~:text=For%202025%2C%20employees%20can%20defer,top%20of%20the%20%2423%2C500%20limit   Social Security & Medicare https://www.ssa.gov/news/press/factsheets/colafacts2025.pdf https://www.kiplinger.com/retirement/medicare/three-medicare-changes-on-the-horizon-for-2025 https://www.cms.gov/newsroom/fact-sheets/2025-medicare-parts-b-premiums-and-deductibles   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ 

Scott recently met with a prospective client who asked, “Why isn't the transition into retirement easy?” While there's no “easy button” for retirement, it doesn't have to feel overwhelming or confusing either. In today's episode, Scott explores why retirement, or the transition into it, might feel difficult, and why many people find the process more challenging than expected.   Here's some of what we discuss in this episode: 0:00 – Intro 2:57 – The junk drawer of accounts 10:13 – Savers who have a hard time spending 15:58 – Putting together your retirement vision   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

A random, retired YouTuber did a simple video exploring the top 5 regrets from other retirees he interviewed (all in their 70s). It blew up to almost half a million views (and counting). In today's episode, we're diving into three of the most impactful regrets from this list and offering proactive steps you can take to avoid making the same mistakes in your own retirement.   Here's some of what we discuss in this episode: 0:00 – Intro 3:04 – The phases of retirement 5:25 – Wishing they retired earlier 13:14 – Wishing they had taken better care of their health 17:15 – Wishing they would have spent more early in retirement   Retirement regrets video https://www.youtube.com/watch?v=mNUSJ3juAbA   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

How do you know when it's time to make updates to your retirement plan? With a personal story as the backdrop, Scott explores two major categories of life changes that can (and should) influence your financial strategy. The first category revolves around changes in financial needs. Whether it's an unexpected job change, a decision to retire earlier than planned, or simply wanting to take on new travel adventures, these scenarios require careful consideration and potential updates to your investment and income plans. The second category focuses on family changes. Scott explains how family dynamics, whether it's a marriage, divorce, or the birth of a grandchild, can affect your retirement plan.  Join us today as we talk about the importance of maintaining a flexible and adaptable strategy that can accommodate the unexpected twists and turns of life!   Here's some of what we discuss in this episode: 0:00 – Intro 3:53 – Changes in your financial needs 10:09 – Family changes and impact on your retirement plan 15:49 – Wrapping up   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

In this second part of our year-end tax reduction series, we dive deeper into actionable steps to reduce your long-term tax burden. If you missed part one, we discussed what makes up taxable income, tax planning vs. tax preparation, and got into some year-end tax planning strategies. In this episode, we're shifting the focus to strategies you can implement now to minimize your future tax liability. Stay tuned to learn about Roth conversions, charitable giving, and more ways to keep more money in your pocket. With the Tax Cuts and Jobs Act set to expire soon, now is the time to act. Listen today to avoid surprises come tax season!   Here's some of what we discuss in this episode: 0:00 – Intro 4:12 – Roth conversions explained 9:27 – Charitable strategies 14:55 – When stock options should be exercised 16:44 – Tax harvesting 19:51 – The annual gift exclusion 22:03 – Avoiding the big surprise   Donor Advised Funds Video - https://youtu.be/RTZMTCrKqCs Qualified Charitable Distributions Video - https://youtu.be/Q3amqWf_G-Y   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ 

You've worked hard for your money, and naturally, you want to keep as much of it as possible instead of handing it over to Uncle Sam. Fortunately, there are smart strategies to help reduce your tax burden and keep more of your earnings where they belong- in your pocket. And, as the end of the year approaches, it's the perfect time to start thinking about these tax reduction strategies. In part one of this two-part conversation, Scott breaks down the difference between tax preparation and tax planning and provides a detailed walkthrough of a hypothetical couple's financial situation to illustrate how different income sources and savings impact their taxable income. As the episode progresses, he shares several year-end tax strategies that you should consider implementing before December 31.   Here's some of what we discuss in this episode: 0:00 - Intro 6:47 – Tax preparation vs. tax planning 9:22 – How income planning ties into tax planning 17:47 – Understanding what your taxable income is 23:06 – Tax brackets 27:19 – Workplace retirement plans 32:08 – Health Savings Account 33:37 – Backdoor Roth IRA   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ 

Feeling uneasy about your finances with election season approaching? You're not alone. Political uncertainty often raises questions about market stability, and it's easy for that anxiety to seep into concerns about your retirement savings.  Join Scott as he breaks down market trends during election years, and explores how elections can affect retirement accounts like IRAs and 401(k)s. Don't miss these actionable insights to help you stay focused on your long-term financial goals, even during election uncertainty.   Here's some of what we discuss in this episode: 0:00 - Intro 4:18 – Common concerns among investors about the election 8:19 – How the stock market performs in election years 12:15 – How the market has performed across past presidencies 16:20 – Focusing on what matters most to you 20:25 – Impact of election on IRAs and 401ks 25:56 – Tax Cuts and Jobs Act 29:42 – Focusing on controllable factors   Resources for this episode: Investor Fear CNBC Article: https://www.cnbc.com/2023/11/13/investors-fear-the-2024-elections-may-hurt-retirement-savings.html   The 2024 Election and Your Finances: https://www.thestreet.com/retirement-daily/your-money/the-2024-election-and-your-finances   How Does the Stock Market Perform in an Election Year?  https://ofdollarsanddata.com/how-does-the-stock-market-perform-in-an-election-year/   Investing During an Uncertain Election Year: https://www.fidelity.com/learning-center/trading-investing/election-market-impact   Average Stock Market Return Under Democratic and Republican Presidents: https://www.fool.com/investing/2024/07/05/average-stock-market-return-democrat-republican-pr/   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ 

When you're nearing retirement, a lot of questions can arise when it comes to decisions around your 401k. In this episode, Scott answers 5 frequently asked 401k questions- specifically for those nearing retirement.  Don't miss out on this essential guide to managing your 401(k) as you approach or enter retirement! Here's some of what we discuss in this episode: 0:00 - Intro 4:16 – Using target date funds 11:46 – Catch-up contributions 17:00 – Company offering 401k advising for a fee 22:00 – Company stock in 401k 25:54 – What should I do with my 401k?   What Should I Do With My 401k Video: https://lifemoneyshow.com/video/what-should-i-do-with-my-401k-when-i-retire/1720/   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ 

Did you know that the first week of August was National Simplify Your Life Week? Just as decluttering your home can ease the stress of cleaning and upkeep, decluttering your finances can reduce stress when it comes to planning for your retirement. Join Scott as he outlines five key strategies to simplify your retirement plan and reduce stress.  Here's some of what we discuss in this episode: 0:00 - Intro 3:40 – Paperwork to keep vs throw away 8:12 – Tax paperwork 11:09 – Automating your savings 14:32 – Simplifying investments 18:47 – Understanding your investment strategy 22:52 – Simplifying taxes 27:53 – Keeping your retirement paycheck simple   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ 

With Fourth of July celebrations recently behind us, we're focusing on the theme of independence in today's episode. But this isn't just about whether you've saved enough money for retirement. Instead, we'll explore different categories that contribute to our sense of independence in retirement.   Here's some of what we discuss in this episode: 0:00 – Intro 2:00 – Independence from employment 9:10 – Independence from the stock market 14:58 – Independence from the IRS   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ 

We hear a lot of half-truths in the financial world. This isn't necessarily because people try to make misleading statements, but because sometimes a simple statement just doesn't quite tell the whole story. Listen in as Scott shares a few examples that show that, while common financial advice can be helpful, it's important to dig deeper and understand the full scope of your retirement needs during the planning process.   Here are some of the half-truths we discuss in this episode: 0:00 – Intro 2:58 – “Diversification is key!” 8:15 – "Medicare will cover all your healthcare needs!" 13:51 – "Contribute enough to get the company match!"   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

We're thrilled to welcome Lauren Jackson, an experienced attorney based in Illinois, to our podcast today! With over two decades of legal expertise, Lauren specializes in real estate, estate planning, and probate law. Today, she's here to demystify the world of estate planning and offer invaluable insights to our listeners. Here's some of what we discuss in this episode: 0:00 – Intro 6:25 – Why do we need estate planning documents? 10:15 – The importance of a healthcare power of attorney 28:44 – The importance of a power of attorney for property 46:50 – What does having a will in place do? 49:53 – How does the probate process work? 1:04:31 – The complexities of guardianship   Learn more about Lauren: https://laurenjacksonlaw.com/   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

Do you need life insurance once you've retired? We get this question all the time in our office. And, as with most things in financial planning, the necessity of it depends on your situation. So, in today's video, Scott is here to share some examples of why one would or would not need life insurance in retirement. Here's some of what we discuss in this episode: 0:00 – Intro 5:20 – Focusing on your investment strategy instead of the news 11:11 – The basics of life insurance and its purpose 15:49 – Do single individuals need life insurance in retirement? 19:57 – Do couples need life insurance in retirement? 26:59 – How to determine the right path for your situation   Stock Market Crashes Article: https://money.usnews.com/investing/articles/robert-kiyosaki-track-record-stock-market-crashes   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

Navigating Social Security can feel confusing. With a sea of information out there it's hard to discern what's fact and fiction. In this episode, Scott addresses five common statements about Social Security and breaks down whether they're true or false.   Here's some of what we discuss in this episode: 0:00 – Intro 1:04 – Average retirement spending for 65-year-old 7:47 – Social Security taxes 13:39 – Taking Social Security when you retire 18:05 – Keeping all Social Security benefits when a spouse passes 20:30 – Penalties for working and taking Social Security 24:29– Collecting Social Security at 70 vs 62   Article – Retirement Planning:  How Much the Average 65-year-old Retiree Spends Monthly https://www.nasdaq.com/articles/retirement-planning%3A-how-much-the-average-65-year-old-retiree-spends-monthly   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

Many of us have experiences that we regret. How can we avoid these feelings in our retirement years? In today's episode, Scott shares common retiree regrets and practical strategies to sidestep them.   Here's some of what we discuss in this episode: 0:00 – Intro 7:13 – Waiting too long to retire 9:01 – Not having goals and a purpose in retirement 13:06 – Losing touch with family 15:16 – Not enjoying more while you're younger 21:20 – Not taking your health seriously earlier in life 23:39 – Not planning for long-term care 26:11 – Listener question about spending in retirement   7 Biggest Regrets of Retirees https://finance.yahoo.com/news/7-biggest-regrets-people-retirement-120010632.html   10 Retirees Share Their Biggest Regrets US News Article:  https://money.usnews.com/money/retirement/baby-boomers/slideshows/10-retirees-share-their-biggest-regrets   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

In this episode, Scott is going to share some of the wisdom he gained from AE Wealth Management's Wealth Elite Symposium he recently attended in Nashville, Tennessee. This event featured esteemed speakers from Schwab, former writers for the Wall Street Journal, experts from Fidelity, and more. Listen in as Scott shares his takeaways on market risk, recessions, interest rates, generational wealth, and happiness in retirement.   Here's some of what we discuss in this episode: 0:00 - Intro 3:23 - Market risks, recessions, and the unpredictability of economic events 10:41 - Having an investment strategy that aligns with your timeline, tolerance, and income plan 12:48 - The impact of Fed interest rates on the market + accounting for inflation in your retirement plan 17:56 - How the potential decline in interest rates affects online savings accounts 20:48 - Items to keep in mind during this election year 23:30 - Normalizing conversations around wealth + being transparent with your beneficiaries 31:31 - Bringing happiness into your morning routine   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ 

In today's financial landscape, the market has been hitting new highs and interest rates remain at elevated levels. You might have even heard some of the buzz surrounding the Federal Reserve and interest rate adjustments. We're here to bring some clarity to the question on many investors' minds: What does all of this mean for my investments and retirement plans? Is all of this exciting or cause for concern?   Here's some of what we discuss in this episode: 0:00 – Intro 3:20 – Understanding S&P 500 + Recent Market Highs 7:36 – Impact of Economic Indicators on Market Performance 9:56 – Analyzing Historical Returns + Being Cautious of Market Noise 15:12 – Market Performance Impact on Your Retirement 19:40 – Understanding the Federal Funds Rate 25:18 – Interest Rates Impact on Your Retirement 32:06 – Listener Question: Financial Indecision     Resources for this episode: JP Morgan Chart – Investing during all time highs https://www.jpmorgan.com/content/dam/jpm/securities/documents/cwm-documents/Is-it-worth-considering-investing-at-all-time-highs.pdf Additional Information https://awealthofcommonsense.com/2024/01/new-all-time-highs-after-a-bear-market/ https://ofdollarsanddata.com/should-you-invest-in-stocks-at-all-time-highs/   Interest Rates USA Today Article - https://www.usatoday.com/story/money/2024/01/31/january-federal-reserve-meeting-live-updates/72409059007/ Nasdaq.com article - https://www.nasdaq.com/articles/wall-street-banks-readjusts-2024-interest-rate-predictions-after-feds-dovish-turn Bankrate – Biggest Winners & Losers - https://www.bankrate.com/banking/federal-reserve/fed-interest-rate-decision-biggest-winners/ https://www.investopedia.com/terms/f/federalfundsrate.asp   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ 

In today's episode, we're going to discuss the retirement hazard zone. This is the 10 years leading up to retirement and the first decade of retirement itself. Listen in Scott compares this period to driving through a construction zone, focusing on the need to slow down, think differently, and be prepared for the unexpected. Before we jump in, Scott will discuss the top 5 financial scams targeting retirees and pre-retirees and share some essential tips to help you avoid financial fraud.   Here's some of what we discuss in this episode: 0:00 – Intro 0:58 – Scams targeting older adults + prevention 14:50 – Thinking differently in retirement 19:00 – Preparing for the unexpected 21:56 – Slowing down 25:39 – Listener question on Social Security   NCOA Article on Scams https://www.ncoa.org/article/top-5-financial-scams-targeting-older-adults   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ 

Are you considering maxing out your 401(k) but unsure what to do next? We face this question all the time at the Sierens Financial Group so today we'll explore if it's wise to max out your 401(k) before investing anywhere else.   Here's some of what we discuss in this episode: 0:00 – Intro 2:44 – What's on today's show 4:33 – What's in the news right now? Spot Bitcoin was just approved by the SEC. 8:40 – What should you know about Spot Bitcoin? 10:50 – An 85-year study from Harvard reveals the one simple element that is the key to happiness. 14:26 – Should you max out your 401(k) first, or consider other options before contributing the max? 16:13 – Reasons you might want to max out your 401(k). 19:23 – Reasons you might NOT want to max out your 401(k). 23:08 – Exploring your options and how taxes play a role. 27:00 – Jacob's question: Should you start Social Security at 67 if you're still working?   References for this episode: https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023 https://scoop.upworthy.com/harvards-85-year-study-reveals-the-number-one-key-to-happiness?utm_source=flipboard&utm_content=topic/personalfinance   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ 

In today's show, we're going to share some crucial changes and strategies that will help you navigate your financial landscape in 2024. Scott will break down the latest adjustments you need to be aware of, from increased standard deductions to updates in Social Security and Medicare. We'll also share some strategic tips and tactics to position your tax and retirement plans for success in the coming year.    Here's some of what we discuss in this episode: 0:00 – Intro 3:52 – What's new in 2024? 12:01 – Is your money in the right bucket? 16:30 - Starting HSA contributions 17:34 – Reviewing your investments 19:45 - Considering QCDs 20:35 - Reevaluating tax withholdings 22:32 - Automation 24:31 - Get a plan in place   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

We're sharing this month's mailbag episode a bit early, but we have 3 great listener questions lined up for today's show! Miyuki asks if Scott can explain more about tax harvesting and how to take advantage of a stock loss. Lauren asks about the tax consequences of withdrawing from the Roth side of her 401(k) after 2023. Click play to see what you can learn!   Here are the questions we discuss in this episode: Can you explain more about tax harvesting? I sold two individual stocks last month. Both are a loss, but I don't know how I can take advantage of this loss. I was just laid off. I am past full retirement age and the Roth side of my 401k hits 5 years on the 1st of 2024. Can I withdrawal from the Roth 401K side without tax consequences after 2023? The 401k plan has pre-tax and post-tax (Roth). Is withholding required on post-tax Roth 401k money?   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

From 24/7 TV channels dedicated to economic news to artificial intelligence, have the advancements in technology made you a financial guru or just more confused? Today, we'll explore how technology is reshaping financial planning, for better and for worse.   Here's some of what we discuss in this episode: Google is a powerful tool for immediate information, but it's important to use it with caution Online financial calculators are handy when used properly, but what if your inputs are wrong? Understanding the biases and goals of the media you're consuming is important Preparing your retirement portfolio for longer lifespans as technology continues to advance   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

In a world where technology has placed instant gratification at our fingertips, it can be hard to make financial sacrifices when the reward might not be seen until several years in the future. Today we'll talk about some of the situations where you might be inclined to take the immediate benefit, when you should really consider the delayed rewards…   Here's some of what we discuss in this episode: Passing up a 401K match Saving only in tax-deferred accounts Claiming Social Security at age 62 Skipping out on regular health check-ups and preventative care   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

It's the last week of the month, so you know what that means! We're back with a new mailbag episode. We've got some great listener questions lined up for you today, so stick around to see what responses and strategies might apply to your situation and help improve your financial picture.   Here are the questions we answer in this episode: I retired last month and started my state pension and Social Security. I'd like to do some part-time work, but I've heard that this can mess up my Social Security. Should I avoid getting a job? I just started a new job, and my base salary is low enough that it would be hard to contribute to a 401k and still pay my bills. Is it okay to just use my commissions for retirement savings? My company makes contributions to my 401k, but they'll only do it in the form of company stock. I've just been selling it immediately and then investing in something else. Any reason I shouldn't be doing that?   Check out episode 124 here!   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ     

Are we on the brink of a retirement renaissance or stormy seas ahead? In this episode, we jump into the pressing issues of Social Security, taxes, and the stock market. Whether you're an eternal optimist or cautious pessimist, this episode will equip you with perspectives to plan your retirement years with confidence as we ask the longstanding question, “is the glass half full or half empty.”   Here's some of what we discuss in this episode: The future stability of the Social Security system + what this means for you Navigating tax code changes and implementing strategic tax planning Recognizing short-term volatility as normal, focusing on long-term positive trends, and developing an emotion-free investment strategy   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

The retirement planning world is filled with plenty of advice and suggestions, but there are critical questions lurking in the shadows – the unasked, the overlooked. These are the questions that can help define the comfort and security of your retirement future. In this episode, we unearth and tackle these essential questions about retirement. Listen in as Scott sheds light on the potential coverage gaps and costs that might catch retirees off guard when it comes to Medicare. He also explores the impact of where you choose to live in retirement, delving into state taxes, cost of living, and other financial considerations, and talks about planning for the care of elderly parents. Stick around to make sure that these 3 overlooked planning topics aren't costing you time, energy and money in your golden years!   Here's some of what we discuss in this episode: The medical coverage you might need over and above Medicare Where you choose to live during retirement can significantly impact your financial situation- considering state taxes, cost of living, and other regional factors What considerations should be made when planning for the time and financial commitments of caring for elderly parents during retirement?   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

Ever thought that minor tweaks in your financial plan could lead to major wins? In this episode, we're exploring the surprisingly powerful world of simple financial adjustments. This episode is filled with straightforward changes that you can put into action now to generate positive effects on your financial life.   Here's some of what we discuss in this episode: Building up your rainy-day fund + Keeping the right amount of cash Ensuring your beneficiary designations are up-to-date and accurate The benefits of automating your savings for retirement Consolidating old 401k accounts when you change jobs Reviewing and updating your life insurance policies   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

Retirement is a unique journey for each of us. The thought that there's a one-size-fits-all solution is a myth, but what if we told you there are certain universal truths that can guide every retiree? Dive deep in this episode, where we juxtapose the individuality of retirement plans with the foundational principles that remain consistent across the board.   Here are the universal truths we discuss in this episode: Everyone needs an income plan No one can consistently time the stock market successfully Estate planning is not just for the wealthy- it's for everyone!   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

We're back for our third and final week of answering listener questions about year-end tax planning. These episodes are a unique opportunity for you to gain insights from real-world scenarios and inquiries shared by our listeners. In this installment, we're delving into the crucial concept of tax diversification, exploring methods to optimize your tax deductions for charitable contributions, and more.   Here's some of what we discuss in this episode: I'm 56 years old and plan to retire at 70. My wife and I have almost all our money in our 401ks- should we start saving somewhere else because of RMDs? I'm retiring toward the end of the year and have about 16 weeks of PTO I can use. I'm told that I can take this all in my final paycheck or continue being paid on my normal schedule every two weeks for a few months after I retire. Does it matter which way I do it? My husband and I give around $10,000 / year to different charitable organizations. Our tax preparer said we are no longer able to deduct these donations.  Is that true?  Is there any way to get a deduction again on our taxes?   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

Today, we're diving into the listener mailbag once again, to answer your questions on tax planning and strategies for the year ahead. As we approach the end of the year, it's crucial to get your financial ducks in a row so that you can keep more of your hard-earned money. Scott offers valuable insights on whether to file taxes jointly or separately, how IRMAA can affect your Medicare premiums, tax surprises that can be caused by receiving unexpected income, and more.   Here are the questions we'll tackle in today's show: Husband is 70, wife is 65- Is it okay to file separately so each one can do Roth Conversions before RMDs kick in? How do you feel about taking a lump sum out of a 457B account? Is there any drawback to this besides taking a big sum of money? Will we owe any more taxes? I received a big bonus this year.  My company withholds for tax.  I assume there is nothing else I need to do from a tax perspective?   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ       

As we move into the fourth quarter of the year, let's take a little time to focus on year-end tax planning. We're opening up the listener mailbag and pulling out questions asking specifically about taxes and tax planning. We'll be taking strategies and opportunities discussed last episode and apply them to certain real-life situations.  No matter where you are today, use these questions today to see if you can take these strategies and utilize them in a similar situation to what we discuss. We'll cover different types of Roth accounts, the benefits of a Health Savings Account, and tax planning for large IRA and 401k savings.   Here are the three questions we'll tackle in this episode: How are the Roth IRA and Roth 403b different? Which is better: to max out your Roth 401(k) or Roth 403b?  I'm 59 years old and plan to retire around Age 65 or 66. I make over $150,000 / year.  My company offers a high deductible health plan and Health Savings Account.  Should I consider switching over to this health plan? Are there any benefits since it will only be fore 6 or 7 years?  I'm in my early 60s. I've got $2 million saved.  $1.7 million in IRAs and 401ks and the rest in a brokerage account. How do I keep from giving a huge portion of it to Uncle Sam?   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

As we move into the fourth quarter of the year, now is the time to be looking ahead and determining what year-end tax planning and retirement planning opportunities and strategies might be available to you. Evaluating where you are today and making the necessary changes can have a very positive impact on your financial position moving forward. Regardless of your situation, this episode will help you identify some areas that you should be discussing with your financial advisor before the year ends.   Key discussion points in this episode: The difference in tax planning and the tax preparation you do each year. How we produce tax projections and why that's a key part of tax planning. The six different ways you can maximize your retirement planning accounts. Should you consider a Roth conversion this year? The other items like charitable donations, tax withholdings, medical expenses, tax loss harvesting and more.   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

In today's show, we're going to open up the listener mailbag and answer questions about pension selections, questions about the challenges you could face if there's an age gap between you and your spouse, and then discuss the hidden costs you might not be seeing in your retirement income.   Each of these questions we'll tackle today cover pretty common scenarios so you might find wondering about these down the road. Scott will provide some great thoughts and insight, recommendations, and strategies that could potentially be used in these situations. We always enjoy taking the strategies and tactics discussed on the podcast and apply them to some real life scenarios and that's exactly what we'll do today.   Key discussion points in this episode: Should I even bother taking the spousal continuation option for my wife to keep getting the monthly payment if she outlives me? My husband is 11 years old than me, and I probably have better genes than he does too, so it seems likely that I'll be a widow for a significant portion of my retirement years. What sort of financial planning challenges does this create for me? I need about $5,000 to live on each month in retirement, and my Social Security and pension will total about $5,300. Does this mean I'll be able to leave my entire 401k behind to my son?   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ 

In today's episode, we delve into a critical aspect of retirement planning that can significantly impact your financial future – Required Minimum Distributions (RMDs). Whether you've stashed your savings in a 401(k), 403(b), 457, IRA, SEP IRA, or simple IRA, understanding RMDs is crucial, especially if you're approaching your seventies.   Join us as we discuss the "why" and "how much" of RMDs, ensuring you're well-prepared for this financial milestone. If you're not yet retired, we've got you covered too! In the latter part of the episode, we'll share valuable steps and strategies to help you proactively reduce the long-term effects of RMDs on your financial well-being.   Key discussion points in this episode: If you have savings in tax-deferred accounts such as 401(k), 403(b), 457, IRA, SEP IRA, or simple IRA, you are required to take RMDs once you reach your seventies RMDs exist because when you contributed to tax-deferred accounts, you received tax deductions. The IRS wants to collect the taxes you deferred, so they require you to start withdrawing from these accounts in your retirement years The age at which you must start taking RMDs depends on your date of birth RMDs are calculated based on your account balances and life expectancy tables published by the IRS. The amount you need to withdraw increases as you get older There are strategies to reduce the impact of RMDs, such as switching contributions to Roth accounts, performing Roth conversions, and managing asset allocation   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

Are you expecting an inheritance, or planning to pass down assets to your loved ones? It's crucial to understand the potential tax implications that come with it. In this episode, we're diving deep into the world of inheritance taxes.   Key discussion points in this episode: If you inherit real estate, the property's value is adjusted to its current market value when you receive it. If you sell it immediately, you may not incur much tax, but holding onto it could lead to tax liability, especially if it appreciates. Inheriting a 401(k), IRA, or similar retirement account means you'll likely have to pay income tax on withdrawals. Explore the benefits and pitfalls of inheriting Roth IRAs, which can provide tax-free growth if managed correctly.  Seek advice from financial and tax professionals to make informed decisions about inherited assets and tax planning, as tax laws can change.   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

Many say that age is just a number, but when it comes to retirement planning, age means much more than that. Join us in this insightful episode as we delve into the world of financial milestones that can significantly impact your retirement planning. From age 50 to 75, we uncover the strategies, opportunities, and pitfalls tied to these pivotal years. Learn why age isn't just a number when it comes to taxes, charitable giving, and required minimum distributions (RMDs), as Scott shares how you can strategically use these age milestones to optimize your retirement planning journey. From Social Security choices to Medicare considerations, we guide you through the intricate web of financial decisions, ensuring that every year counts towards a brighter and more secure retirement.   Here are a few milestones we discuss in this episode: At age 50 and over, individuals can contribute more money to their retirement plans such as 401(k), 403(b), and 457, with a $7,500 increase in contribution limits compared to those under 50. The "Rule of 55" allows penalty-free withdrawals from a 401(k) if you leave your job at age 55 or older. Age 62 is the earliest you can start claiming Social Security benefits, full retirement age varies based on birth year, and age 70 provides the maximum benefit. Turning 65 is an important age for considering Medicare enrollment. RMDs are mandatory withdrawals from retirement accounts like IRAs and 401(k)s. These distributions must begin at specific ages, depending on your birth year.   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989

Recent headlines are buzzing with talk of inflation, recession, and their potential impact on your retirement plans. Should you be concerned? In this episode, Scott takes you through a comprehensive breakdown of these headlines and what they truly mean for your financial future.  By understanding how inflation, recession, and Social Security interplay, you can better navigate the complexities of retirement planning and enjoy financial confidence in your golden years. Join us to learn why Scott encourages listeners to focus on crafting a comprehensive retirement income strategy rather than getting caught up in sensational headlines.   Here's what we'll tackle in today's show: Understanding the fundamentals of inflation and its relationship with interest rates and the Federal Reserve. Gain insight into economic indicators that impact recession predictions and the overall health of the economy. Learn how Social Security cost-of-living adjustments are calculated and discover strategies to optimize your benefits. The importance of a well-rounded retirement strategy that considers market fluctuations, inflation, and your unique financial goals.   Links From Today's Show: U.S. Inflation Rate https://ycharts.com/indicators/us_inflation_rate#:~:text=US%20Inflation%20Rate%20is%20at,in%20price%20over%20a%20year Effective Federal Funds Rate https://ycharts.com/indicators/effective_federal_funds_rate U.S. Unemployment Rate https://ycharts.com/indicators/us_unemployment_rate USA Today Article about Recession  https://www.usatoday.com/story/money/2023/08/10/recession-or-soft-landing-2023/70555621007/ USA Today Article about SS  https://www.usatoday.com/story/money/personalfinance/2023/08/10/2024-social-security-cola-estimate-unchanged/70565924007/    

We're back with another mailbag episode today! Join us as we tackle a range of topics- from navigating investments during significant life changes to figuring out a retirement travel spending amount, this episode covers a lot of ground. Scott is here to answer your questions, so stick around to see what you can learn.   Here are the questions we'll answer on today's show: I have a lot of major life changes occurring in the next six months that I think will affect how I should be invested. Should I just park my money in cash until life settles down? How much is a reasonable amount to spend on travel in retirement? My mom died two years ago, and my three sisters and I inherited her house. I've always wanted to sell it, but they're worried about the tax implications of selling the house. How do I explain that it won't hurt us from a tax perspective? I've been told that I need to make sure I have a mortgage when I retire because that will be the only tax deduction I'll have at that point. I've been paying extra for my house to have it paid off by the time I retire. But maybe I should slow down on that plan?    Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ     

Scott recently came across an article that discussed 8 ways the richest Americans avoid paying taxes. While many might think that these strategies wouldn't apply to their financial situation, we're going to discuss how you can apply these tactics to potentially reduce your taxes. Stay tuned as Scott breaks down these 8 strategies! Here are the 8 strategies that we'll discuss:  1.   No Taxes on Unrealized Capital Gains: Both billionaires and regular investors with investment gains can utilize the strategy of not paying taxes on unrealized capital gains as long as they hold their assets without selling them. 2.   Charitable Deductions: Philanthropy not only benefits causes you care about but also offers potential tax advantages through deductions on contributions. 3.   Long-Term Capital Gains Rates: Discover the tax benefits of holding assets for over a year, leading to more favorable tax rates compared to ordinary income. 4.   Roth IRAs: Understand the power of tax-free growth and withdrawals that Roth IRAs offer, and how they can be an excellent tool for long-term tax reduction. 5.   Pass-Through Income: Learn how business owners and self-employed individuals can benefit from tax deductions on pass-through income, and why proper management matters. 6.   Tax Breaks from Home Ownership: Explore the tax advantages available to homeowners, including mortgage interest and property tax deductions, provided they itemize their deductions. 7.   Medical Expense Deductions: Consider the often-overlooked possibility of deducting medical expenses that exceed a certain percentage of your adjusted gross income, potentially resulting in tax savings. 8.   Real Estate Investing Tax Breaks: Delve into the tax benefits of owning rental properties, including depreciation deductions, but also understand the complexities and potential implications when selling.   Links From Today's Show: CTA:  Tax Guide https://lifemoneyshow.com/taxes/   Review of Article:  Here are 8 Ways the Richest Americans Avoid Paying Taxes -The Ascent https://www.fool.com/the-ascent/taxes/articles/here-are-8-ways-the-richest-americans-avoid-paying-taxes/   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ   

In today's episode, we're diving into three often underestimated issues that could significantly impact your retirement plan. With valuable insight and practical strategies, Scott sheds light on how to overcome these challenges and secure a smoother financial future.   Here are some key takeaways from this episode:  Longevity's Wake-Up Call: Drawing from historical trends and technological advancements, Scott reveals how longer lifespans are reshaping retirement timelines. He explores the potential pitfalls of underestimating the years you'll need your nest egg to last and provides practical strategies to extend your financial security horizon.   Inflation's Undercurrent: Scott illustrates how inflation erodes the value of your money over time, turning today's savings into tomorrow's budget constraints. He emphasizes the importance of incorporating inflation into your financial blueprint and offers insights into leveraging investment strategies to navigate these turbulent waters.   Tax Storms on the Horizon: Unveiling the impact of taxes on your retirement savings, Scott explains how unanticipated tax liabilities can rain on your retirement parade. We'll discuss actionable strategies, including Roth conversions and tax diversification, to weather the tax storm and preserve more of your hard-earned wealth.   Links From Today's Show:  https://www.macrotrends.net/countries/USA/united-states/life-expectancy  https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/guide-to-the-markets/ https://www.calculator.net/inflation-calculator.html?cstartingamount1=1%2C000&cinmonth1=13&cinyear1=2003&coutmonth1=6&coutyear1=2023&calctype=1&x=Calculate#uscpi   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ       

Money can't buy love, but it can certainly start some spicy debates between you and your better half. In this episode, we explore five money minefields that can test even the most solid relationships in retirement. Listen in as Scott shares some tips on how to resolve some of these common financial sources of tension and emphasizes the importance of open communication and compromise.    Here are some areas that could cause tension between couples: When is the best time for you and your spouse to retire? (3:40) Determining your retirement lifestyle. (7:24) How to handle inheritances. (12:15) Leaving behind a legacy for your children. (15:12) How do you plan to manage your finances in retirement? (18:11)   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ