Podcasts about retirement made easy

As the year comes to a close, it's the perfect time to review your financial strategy and make the most of every opportunity to optimize your tax situation. In this episode of Retirement Made Easy, we're diving into practical, actionable year-end tax planning tips to help you finish the year strong. You'll learn how tax-loss harvesting can save you money, when a Roth conversion might be a smart move, and how charitable giving, 529 plans, and IRA contributions could work in your favor. We'll also cover key considerations for retirees and why taking a close look at where you stand for the year is so important. Take charge of your year-end planning today.  You will want to hear this episode if you are interested in... [1:30] Submit a question at RetirementMadeEasyPodcast.com! [2:27] Can you take advantage of tax-loss harvesting? [4:41] Are you able to make any Roth conversions? [9:54] Charitable giving, 529 plans, and IRA contributions [12:30] Considerations for someone already retired  [13:44] Where do you stand for the year?  Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

Curious about the changes coming to IRAs and 401Ks in 2025? In this episode of Retirement Made Easy, we're breaking down the latest updates to help you plan your retirement strategy. Learn about the new contribution limits for IRAs, Roth IRAs, and 401Ks, including special allowances for those aged 60–63. We'll also cover updated income limits for Roth IRAs, automatic enrollment in 401Ks, and reduced penalties for missed required minimum distributions (RMDs) on inherited IRAs. Don't miss this essential guide to staying ahead of the curve and making the most of your retirement savings! You will want to hear this episode if you are interested in... [2:24] Visit RetirementMadeEasyPodcast.com for FREE resources [3:00] IRA and Roth IRA contributions for 2025 [4:32] Contribution limits for 401Ks [7:03] Income limits for Roth IRAs [8:41] Penalties for missed RMDs of inherited IRAs [16:28] More changes to come for 2025 Resources & People Mentioned 3 Steps to Retirement Planning Visit RetirementMadeEasyPodcast.com for FREE resources Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

One of the biggest questions people have about retirement planning is: “Will I have enough saved?” This episode of Retirement Made Easy dives into just that—how to determine the “magic number” you'll need to retire comfortably and securely.  From evaluating your current expenses to assessing your future goals, we will start to cover all the bases to help you calculate your retirement needs with confidence. Whether you're thinking about traveling, leaving a legacy for your loved ones, or simply covering the basics, this episode offers practical steps to ensure your money lasts through retirement, no matter how long that might be. Listen in to find out how to navigate expenses, balance risk, and prepare for a lasting retirement. You will want to hear this episode if you are interested in... [2:50] Get free resources at RetirementMadeEasyPodcast.com [4:56] Look at your expenses, budget, and income [12:04] What do you like to spend money on? [14:42] How much will you need to save? [18:35] Do you want to leave an inheritance? Resources & People Mentioned 3 Steps to Retirement Planning I'm 65 With $1 Million - How Much Can I Expect to Spend in Retirement? EveryDollar Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

Getting through retirement while being able to pay all of your expenses is the goal. But how do you make it happen? You'll have to make decisions before and during retirement that will impact whether or not it's successful. I answer some questions directly related to financially surviving retirement in this episode of Retirement Made Easy.  You will want to hear this episode if you are interested in... [1:46] Question #1: Should you build an expected inheritance into your plan? [5:19] Question #2: How can you calculate costs in retirement?  [8:24] Question #3: How does disability work with life insurance?  [10:25] Question #4: How does the survivor benefit work when divorced?  [13:05] Question #5: Why do you need to find specialists? Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

When are the best times for Roth conversions? Should you invest in a target-date fund? Can you avoid the 10% early withdrawal penalty? These are just a few of the questions I'll tackle in this special Listener Questions edition of Retirement Made Easy!  Preparing for retirement is complicated at best. I want to make sure I'm consistently answering the questions that are top of mind for my listeners. So if you have a question, head on over to RetirementMadeEasyPodcast.com and submit one! You will want to hear this episode if you are interested in... [0:28] Submit questions are RetirementMadeEasyPodacst.com [2:57] Question #1: When are the best times for Roth conversions?  [8:23] Question #2: Should you invest in a target-date fund?  [13:59] Question #3: How do I request a lump sum pension?  [16:57] Question #4: Can you avoid the 10% early withdrawal penalty? [19:55] Question #5: How does 401K matching work? [22:28] Question #6: How does the survivor benefit work when divorced?  [25:07] Question #7: How do long-term capital gains taxes work?  Resources & People Mentioned Check out the Retirement Made Easy YouTube channel!  3 Steps to Retirement Planning Rule 72T Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

When should you claim your Social Security benefits? What do benefits look like for teachers who contribute to Teacher Retirement Systems? What is the survivor step-up strategy? In this episode of Retirement Made Easy, we'll dive into some of the more complex areas of Social Security that people need to know about but are rarely told.  You will want to hear this episode if you are interested in... [1:48] Check out our website for some FREE resources [2:27] Should you claim sooner or later? [6:19] The way Social Security is taxed [8:51] The GPO or WEP rules for survivor benefits [12:17] The survivor step-up strategy [19:34] Cost-of-living adjustments [24:03] How the spousal benefit works Resources & People Mentioned 3 Steps to Retirement Planning Widows Move Forward on Their Own – But Not Alone Social Security Cost of Living Adjustment Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

2024 has already been full of many in-depth conversations with current and prospective clients. There have been some common threads among most of those conversations. From those common threads, I've pulled five lessons that we can all learn and benefit from when planning for retirement. Listen to this episode of Retirement Made Easy to learn what they are! You will want to hear this episode if you are interested in... [2:41] Lesson #1: Be careful who you get advice from [8:42] Lesson #2: Invest in line with your risk tolerance [12:29] Lesson #3: Make sure you have the details right [16:18] Lesson #4: Don't be overconfident [18:50] Lesson #5: Always ask, “What am I missing?”  Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

Lately, I've been getting a lot of questions about 401K loans and whether or not they're worth it. People are asking things like, “How do you take out the loan? How does paying it back work? Should we ever consider it? What are our other options?” I'm a financial planner. My job is to give you all of the information necessary so you can make informed decisions. Because at the end of the day, these decisions are yours. So, in this episode of the Retirement Made Easy podcast, I'm going to give you the full picture and let you decide.  You will want to hear this episode if you are interested in... [3:10] Check out our website for FREE resources [4:45] The basics of 401K loans  [7:55] The risks of taking a 401K loan [14:06] Dipping into a Roth IRA [15:49] Alternatives to a 401K loan [19:34] Consider short-term and long-term goals Resources & People Mentioned 3 Steps to Retirement Planning Check out our website for FREE resources The 5-year Roth IRA rule  Episode #118: 3 Types of Accounts You Want to Have to Save for Retirement Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

People often ask me where they should retire. Should they relocate to a new city or state? Most people assume when they retire that they need to move to make the most of their income.  But the answer isn't clear-cut. Everyone has different preferences. In this episode of Retirement Made Easy, I'll dive into some of the factors you should consider to make that decision.  I'll also cover a few areas of retirement planning that have most people confused and shed some light on the situation. Don't miss it!  You will want to hear this episode if you are interested in... [1:58] The Mid-Year Market Outlook is coming in July! [2:57] Where is the best place to retire? [4:51] Factors that influence people to relocate [13:56] When do you have to take required minimum distributions? [16:48] Most people don't understand Roth conversions [19:00] You are responsible for the outcome of your 401K Resources & People Mentioned 3 Steps to Retirement Planning SECURE 2.0 Act The Most Affordable U.S. States to Retire in 2024 Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

“I'm 60 years old and have $1 million saved. Do I have enough to retire?”  I had a conversation with someone who had saved over $1 million and had been told he could retire. So he did retire—and completely regretted it. He wishes someone had told him to wait longer. Sadly, $1 million doesn't go that far anymore.  Too many people answering this question neglect to address all of the factors that influence whether or not you've saved enough to retire. In this episode of the Retirement Made Easy podcast, I'll dive into some of the factors you need to consider in three different scenarios. Because you have to take into account far more than what you have saved.  You will want to hear this episode if you are interested in... [3:49] Scenario #1: Retiring at 60 with $1 million saved [7:41] Scenario #2: Retiring at 60 with $1 million saved [12:53] Scenario #3: Retiring at 60 with $1 million saved [17:00] Why the answer is never as simple as yes or no Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

Over the last two months, we've had close to 8 people contact us to put together a retirement plan because they're fearful of being downsized. If they got laid off, could they afford to retire? People are looking for peace of mind and a retirement plan helps cover the what-ifs in life.  Tom Hegna wrote the book, “Don't Worry, Retire Happy.” In it, he brings up some good points when it comes to retirement planning and what to be aware of. I tweaked his methodology to make it my own. So in this episode of the Retirement Made Easy podcast, I'll cover the 7 steps you need to have a secure retirement.  You will want to hear this episode if you are interested in... [0:28] Why you need a retirement plan in place (and how we can help you)  [6:11] Step #1: Get a retirement plan in place  [8:05] Step #2: Maximize Social Security benefits and pensions [8:45] Step #3: Consider a hybrid retirement [10:40] Step #4: Account for inflation  [14:51] Step #5: Protect your dollars from taxes  [17:30] Step #6: Have a plan for long-term care [18:46] Step #7: Use your home equity wisely Resources & People Mentioned 3 Steps to Retirement Planning “Don't Worry, Retire Happy" Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube   Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

I've recorded over 160 episodes since the Retirement Made Easy podcast launched. In this special “Greatest Hits” episode of the Retirement Made Easy podcast, I'll share snippets from the 5 most downloaded episodes. They include some of my best advice for navigating retirement preparation, so you can live out the retirement of your dreams.  Have an idea for a future episode topic? Do you have a question you need answered? Feel free to submit your questions to me at RetirementMadeEasyPodcast.com! You will want to hear this episode if you are interested in... [0:33] The 5 Most Downloaded Episodes of 2023 [3:21] Episode #5: 5 Ways to Prepare for Retirement, Ep #154 [7:31] Episode #4: What Social Security Isn't Telling You, Ep #150 [12:30] Episode #3: The Level of Detail Required in a Great Retirement Plan, Ep #145 [18:56] Episode #2: The Basics of Managing Your Retirement Income, Ep #143 [28:35] Episode #1: How Saving for Retirement May Change in 2024, Ep #146 Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

Do election years impact the stock market? If so, how? We know that election years introduce a rollercoaster of emotions for a variety of reasons. Those emotions tend to influence the stock market and the decisions individual investors make. So in this episode of Retirement Made Easy, I'll share how the market responds to election years—and what you should do about it.  You will want to hear this episode if you are interested in... [2:00] Head to RetirementMadeEasyPodcast.com!  [2:53] Election years are a roller-coaster ride of emotions  [7:58] The presidential cycles and the stock market [11:36] How the stock market performed during each term [12:55] You can't speculate on what will happen in the market Resources & People Mentioned 3 Steps to Retirement Planning Presidents and the Stock Market How Presidential Elections Affect the Stock Market Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

In this special episode of the Retirement Made Easy podcast, I revisit some of the most commonly asked—and popular—questions from 2023. We'll tackle everything from capital gains tax to tax mapping for my clients. As tax-filing season comes to an end, these are some important things to keep in mind. Give it a listen!  You will want to hear this episode if you are interested in... [1:33] Question #1: How does a capital gains tax work?  [3:39] Question #2: Did contribution limits increase? [5:20] Question #3: How does the gift tax exclusion work? [8:09] Question #4: How do you convert a beneficiary IRA? [11:52] Question #5: How does tax mapping work for my clients? Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

What factors go into the social security claiming decision? How do strategies differ based on your age, health, and marital status? Where do you even start? Social security planning is often neglected—or at the very least not given the attention it deserves.  In this episode of the Retirement Made Easy podcast, I hope to start the conversation about Social Security claiming strategies. I want each of you to be able to make an informed decision with your financial planner. Hit the play button to learn more!  You will want to hear this episode if you are interested in... [2:57] Social security planning can't be neglected [5:10] Claiming strategies for single people  [8:51] Claiming strategies for people still working [12:19] The break-even analysis [16:13] Claiming strategies for married people  [20:32] The answer isn't black and white Resources & People Mentioned 3 Steps to Retirement Planning Scotty Kilmer on YouTube Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

What happens if you start collecting Social Security payments but feel like you've made a mistake or taken it too early? Did you know that you can stop or suspend the benefits? Secondly, when you start collecting Social Security there's an option for a lump-sum payment. Learn more about this little-known Social Security strategy in this episode of Retirement Made Easy! And as a bonus, I'll answer three listener questions!  You will want to hear this episode if you are interested in... [2:08] Submit a question at RetirementMadeEasyPodcast.com! [6:19] Using Subsidies for Retirement Plans to Fix Social Security [12:45] Social Security withdrawal options  [15:26] Social Security's lump-sum option  [17:36] Listener Question #1: Should I roll a 403B into an IRA? [21:25] Listener Question #2: Should I roll over my 401k at 57? [24:50] Listener Question #3: How does disability work with life insurance?  Resources & People Mentioned 3 Steps to Retirement Planning The Case for Using Subsidies for Retirement Plans to Fix Social Security Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

What are required minimum distributions (RMDs)? How will they impact you? How do we account for them? Too many financial advisors neglect to help their clients plan for RMDs. I am not one of them. I cover the basics that you need to know in this episode of Retirement Made Easy.  You will want to hear this episode if you are interested in... [1:54] Carefully choose the people you take advice from [5:29] Something you need to know about 401ks [9:47] The basics of required minimum distributions [13:28] Why you want to work with a professional [15:22] The various ways you can take distributions  [19:07] Know that the time is coming and plan for it [20:46] RMDs for inherited accounts are different Resources & People Mentioned 3 Steps to Retirement Planning 2024 Tax Guide RMD Calculator Qualified Charitable Distribution Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

Let's wrap up 2023—and kick off 2024—with another round of your questions, answered! In this episode of the Retirement Made Easy podcast, I'll answer six listener questions, covering everything from how severance pay is taxed to how the pop-up feature on pensions work. I'll also share my thoughts on what 2024 has in store. Give it a listen! You will want to hear this episode if you are interested in... [2:07] Question #1: What happens to unvested 401k money? [5:31] Question #2: How is severance pay taxed? [7:38] Question #3: What is the outlook for 2024? [12:22] Question #4: What is the pop-up feature on pensions? [16:06] Question #5: How do you convert a beneficiary IRA? [19:48] Question #6: How does tax mapping work for my clients? Resources & People Mentioned 3 Steps to Retirement Planning LPL Financial 2024 Outlook Report Fidelity 2024 Stock Market Outlook Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube   Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

What are 5 ways you can prepare for retirement? Why can actively managed funds be risky in retirement? How does a divorce impact your social security? In the last two episodes of 2023, I plan on answering some amazing listener questions, including these. Listen to this episode of Retirement Made Easy for some rapid-fire answers to your questions.  You will want to hear this episode if you are interested in... [2:40] Question #1: 5 Ways to prepare for retirement [7:02] Question #2: The risks of actively managed funds  [10:56] Question #3: Customer service should be top priority [12:44] Question #4: How does a divorce impact social security? [15:41] Question #5: Should I work with Fisher Investments? [16:13] Question #6: How to pay for long-term care Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

I've received numerous questions all running along the same theme: Are we heading into a recession? What would it mean for the stock market moving forward? How will it impact your retirement? Many of you are concerned that we'll be entering a recession in 2024. In this episode of the Retirement Made Easy podcast, I'll cover what a recession is, the trends we're seeing, and what the stock market teaches us about investing. Don't miss it! You will want to hear this episode if you are interested in... [0:43] Check out RetirementMadeEasyPodcast.com! [3:02] Are we on the verge of a recession?  [6:36] What the stock market teaches us about investing [11:34] Contributions toward Roth IRAs and 401ks in 2024 Resources & People Mentioned 3 Steps to Retirement Planning ERISA Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube   Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

Are you on the same page as your spouse when it comes to retirement planning? Do you both understand your retirement plan? Even if one of you handles the finances, both of you need to understand the ins and outs of your retirement plan. It's inherently important. How do we develop a plan that everyone understands that makes sense? That's what I'll cover in this episode of Retirement Made Easy.  You will want to hear this episode if you are interested in... [4:21] Why your spouse needs to be involved in retirement planning [6:36] Why you need to understand your retirement plan [8:10] How to keep your uninterested spouse engaged  [15:06] Question #1: Should you build an expected inheritance into your plan? [19:25] Question #2: How can you calculate costs in retirement?  Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

What could go wrong in retirement? What if the “what-ifs” become realities? How will it impact your 30-year retirement? We don't know what the future holds which is why it's important to think about the variables. There will be things outside your control but you can reduce risks by taking retirement planning seriously.  No one plans on “failing” at retirement but many people fail to plan ahead of time. But the choices you make will have long-lasting implications. You need a game plan in place. In this episode of Retirement Made Easy, I talk about some of the “what-ifs” and what you can do about them.  You will want to hear this episode if you are interested in... [4:59] My biggest recommendation [5:53] Why a nonchalant mindset makes me anxious  [8:10] What if you're overly concentrated in a single stock? [10:51] What if you overspend during retirement? [15:22] What if you waste money on something you “want?” [18:13] What if you accidentally trap your money?  [20:26] The importance of identifying the what-ifs Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

Social Security isn't likely intentionally misleading us but they are leaving out some details that every person contemplating retirement needs to know. Social Security announced the cost of living adjustment for 2024: 3.2%. This will go into effect 1/1/2024. However, your benefit won't likely go up the full 3.2%. Why? I'll share the answer in this episode of Retirement Made Easy.  You will want to hear this episode if you are interested in... [1:48] Check out RetirementMadeEasyPodcast.com! [2:47] The cost of living adjustment and Medicare Part B [10:03] Social Security benefits will be cut [15:04] Social Security benefits won't likely cover monthly expenses Resources & People Mentioned 3 Steps to Retirement Planning The Consumer Price Index Voluntary Withholding Request Social Security's COLA for 2024 is 3.2% SSA.gov Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube   Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

What is the assumed life expectancy for retirement? What accounts can you open for your grandchildren? Should everyone follow the 60/40 rule? The questions have been rolling in! So in this episode of the Retirement Made Easy podcast, I'll answer some questions and give you a starting place for a conversation with your retirement planner.  You will want to hear this episode if you are interested in... [3:09] Question #1: What is the assumed life expectancy for retirement? [6:22] Question #2: Why not follow the 60/40 rule for investments? [12:01] Question #3: Should you use numerous professionals—or one? [15:38] Question #4: What accounts can you open for grandchildren? Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

Where do you want your assets to go when you're no longer here? I know it may seem morbid, but this is an important part of retirement planning that most people neglect. But the heart of the matter is your family. What do you want to leave behind? Or do you want to leave money to your favorite charities?  Doing what I do for a living, I have these tough conversations every day. It's my job to make recommendations to make sure your wishes are carried out seamlessly and tax-efficiently. In this episode of the Retirement Made Easy podcast, I share the story of a couple who thought they had a great plan—until I started asking questions.  You will want to hear this episode if you are interested in... [3:07] Check out RetirementMadeEasyPodcast.com! [3:51] Setting the stage: An 18-year-old plan [8:43] Splitting the retirement accounts  [12:10] Splitting a home equally [14:44] Beneficiary planning for four children Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

In 2019, there were 61.5 million people on Medicare. By 2027, it's estimated that 75 million Americans will be on Medicare. That's just four years from now. The #1 reason that people push off retirement is because health insurance is too expensive. Do you know what you'll be paying for health insurance when you retire and get on Medicare? Medicare is multi-faceted. It can be complicated to understand. So in this episode of Retirement Made Easy, I'll break down the very basics of Medicare planning to help you make a more informed decision about your retirement.  You will want to hear this episode if you are interested in... [3:47] Submit a question at RetirementMadeEasyPodcast.com [6:05] Understanding the basics of Medicare Part A & B [8:28] Calculating your Medicare Part B premium  [11:59] Medicare Part C: Medicare Advantage vs. Medicare Supplement [14:48] Medicare Part D: Prescription drugs  [15:44] How do you choose the right plan? [18:01] Make Medicare planning part of retirement planning Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

How will things change for those saving for retirement in 2024? What is the estimated cost of living adjustment going to be? Do you think you're on track for a comfortable retirement? These are the questions I discuss in this episode of the Retirement Made Easy podcast. If you're planning for your dream retirement, these are things you need to know. Don't miss it!  You will want to hear this episode if you are interested in... [1:37] Check out RetirementMadeEasyPodcast.com [2:20] Changes to the catch-up contribution in 2024 [8:50] How much should you save for retirement? [12:45] The estimated cost of living adjustment for 2023 [14:06] Are you on track for retirement?  Resources & People Mentioned 3 Steps to Retirement Planning Ed Slott High-income retirement savers may have to pay tax now on catch-up contributions. Eventually. T. Rowe Price Says You Need This Much Saved For Retirement Based on Your Income Cost-of-Living Adjustment for 2024 Could Be 3.1% Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

What will make or break your retirement plan? What makes a plan weak or unrealistic? What needs to be factored into the overall strategy? How do we build a great retirement plan? A retirement plan isn't just reviewing your investment statements. A far greater level of detail is required to make sure your dream retirement isn't just a dream—but a reality. So in this episode of Retirement Made Easy, I share a high-level overview of what we do to build a great retirement plan.  You will want to hear this episode if you are interested in... [2:16] Why it's time to build/update your retirement plan [7:47] Check out RetirementMadeEasyPodcast.com [10:06] Addressing health insurance in retirement [13:48] Do you want to earmark funds for travel?  [14:27] What are your goals and objectives? [16:22] Factoring inflation into your retirement plan [18:08] Your retirement plan needs to be customized to you [19:56] Do your investments align with your goals? [21:00] Where is your income coming from? [22:14] Making your retirement plan tax-efficient [23:25] Legacy, estate, and beneficiary planning Resources & People Mentioned 3 Steps to Retirement Planning The Retirement Story Everyone NEEDS to Hear, Ep #6  Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

Can you convert a beneficiary IRA to a Roth IRA? Can you roll a 401k into a 403B? What about alternative investments—are they worth the risk? The questions have been rolling in, so in this episode of the Retirement Made Easy podcast, I'm tackling some of the most asked questions I've received. Don't miss it!  You will want to hear this episode if you are interested in... [4:19] Question #1: Can you convert an inherited IRA to a Roth IRA? [7:44] Question #2: Can you roll a 401k into a 403B? [12:45] Question #3: Are alternative investments risky? [15:49] Question #4: When do survivor benefits begin? [18:51] Question #5: Can a non-working spouse contribute to a Roth IRA? [20:38] Question #6: How does the gift tax exclusion work? Resources & People Mentioned 3 Steps to Retirement Planning Atomic Habits by James Clear Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

I've had numerous people ask me about managing their income in retirement. Your income in retirement will be different from everyone else's, unique to you. But what sources can you draw from? What will it look like? How do you plan for it? Where can you go wrong? I'll start to dissect each of these topics in this episode of Retirement Made Easy. I'll lay out some of the important things you need to keep in mind as you manage your retirement income. Check it out!   #Retire #Retirement #RetirementPlanning #RetirementPlan #FinancialFreedom #investing #investments #DaveRamsey #SmartVestorPro You will want to hear this episode if you are interested in... [1:56] Check out RetirementMadeEasyPodcast.com!  [4:25] The main source of retirement income: Social Security  [6:34] Other common sources of retirement income [8:58] The most important retirement income source [12:00] Have a retirement income game plan [20:28] Create a tax-efficient retirement income stream Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

Emotions are often the drivers of our financial decisions. This year we've seen record inflation. The Fed continues to raise interest rates. There is a banking crisis. Then there's the discussion of whether or not we're in a recession. Many people have wiped their savings and emergency funds and have held them as cash because they're worried their bank or credit union might fail. 2024 is another election year. But a lot of this is noise. The market will always fluctuate because of numerous factors. As a financial planner, when short-term concerns arise, it's my job to remind people of the long-term goals they have. There will be numerous things per year that can throw us off course—if we react adversely. Listen to this episode of Retirement Made Easy to learn more about controlling your emotions when things get tumultuous.  You will want to hear this episode if you are interested in... [6:49] Why you can't let short-term concerns derail long-term goals [9:42] Should you put money into CDs or money markets? [11:23] People make purchase and investment decisions based on emotions [15:52] Learn more about the bucket strategy for investing Resources & People Mentioned 3 Steps to Retirement Planning The Retirement Bucket Strategy Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

Everyone is likely familiar with 401k plans and many people have them through an employer. But do you know anything beyond the very basics? Does your company offer a match (and do you know how it works)? Do you know how much your plan costs or what your balance is? In this episode of Retirement Made Easy, I'm going to start covering some of the ins and outs of 401k plans. My hope is that you'll gain a better understanding of something so important to a successful retirement.  You will want to hear this episode if you are interested in... [0:35] Send me questions and ideas for future episodes! [4:35] The employer gets to determine 401k matching [9:44] The average 401k balance by age [12:14] Types of investment options in 401k plans [17:13] Why you shouldn't pull your money out of the market [19:18] The advantages of Roth 401ks/traditional 401ks [23:33] Consolidating or rolling over old 401k plans Resources & People Mentioned 3 Steps to Retirement Planning The Average 401k Balance by Age Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

Tax planning is different when you're retired versus during your working years. It also changes from state to state. Some states are more tax-friendly than others. That's why many people retire in Florida, Tennessee, and Texas. Taxes matter in the decisions that we make. However, you can take tax planning too far. In this episode of the Retirement Made Easy podcast, I cover assessing the quality of your assets, why you can't let taxes dictate everything you do, and something to watch out for when you choose a financial planner.  You will want to hear this episode if you are interested in... [4:45] Check out RetirementMadeEasyPodcast.com! [6:13] Assessing the quality of the assets that you own [13:34] How are your taxes going to be different in retirement? [15:55] We can't let taxes take over the driver's seat [19:00] Carefully chose who creates your retirement plan Resources & People Mentioned 3 Steps to Retirement Planning Scotty Kilmer's YouTube channel The Best—and Worst—States to Retire To, Ep #53 Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

Listener questions have been piling up and a Q&A is LONG overdue. So in this episode of the Retirement Made Easy podcast, I'll cover as many questions as I can. I'll cover everything from Medicare Part B to SEP IRAs, and the impact of inflation to collecting Social Security benefits. Don't miss this comprehensive episode!  > You will want to hear this episode if you are interested in... [3:54] Question #1: Does Biden's ESG veto impact your brokerage accounts? [7:17] Question #2: Why is my husband's Medicare Part B premium so high? [10:00] Question #3: Why can't I contribute to my Roth SEP IRA yet?  [11:33] Question #4: Can you help us understand the impact of inflation? [16:07] Question #5: How should I invest my Roth IRA and 401k? [20:00] Question #6: Can you help manage a trust?  [23:44] Question #7: What happens if you die before collecting social security? Why is my husband's Medicare Part B premium so high? The listener's husband turned 65 and applied for Medicare. They were shocked when his Medicare Part B premium was far higher than expected (and his Social Security benefit was reduced far more than they expected). She thought it would be $165 per month, which would cover 80% of his medical costs. Then he'd get a supplement to cover the rest. Why is his premium so high? The Part B Medicare premium is income-based. The amount you're paying for the premium is based on your income two years prior. I bet if you go back and look at his earnings from two years ago, they were likely over the limit for the $165 premium. There's a premium table that dictates the premiums you're paying today. If you believe you're being overcharged, there's a special form you can submit to appeal the premium. It's linked in the resources below!  Can you help us understand the impact of inflation? One of the biggest risks of retirement planning is the rising cost of living, i.e. inflation. Inflation heavily impacted people in 2022. Retired people especially felt it. How can we understand the real risks of inflation?  A 62-year-old non-smoking couple in the US has a joint life expectancy of 30 years. The wife is predicted to pass away at 92. If you're planning for a 30-year retirement, you have to factor in the rising costs of living. Inflation WILL impact your retirement.  But our brains find it hard to imagine things in the future. It seems less real. So instead of trying to guess what costs are 30 years in the future, look back 30 years. How were things in 1993? The cost of stamps, Big Macs, cars, and college tuition has risen significantly since 1993. Prices will continue to rise over time. So you need a retirement plan that accounts for rising living costs.  Can you help manage a trust?  A listener's husband passed away. When he died, all of their accounts went into a trust. The trust names his two daughters and son as co-trustees. They are now responsible for making financial decisions for their mom. However, the kids and their spouses seem to be struggling with the responsibility—The value of the trust was down 38% in 2022. What can she do?  Go see an attorney. With the kids being named as trustees, they get to call the shots. The trust should have designated a financial planner or institution to manage the trust after the husband's passing. The trust should also include guidelines of what the trust can be invested in, what income comes out of it for the widow, etc.  The couple should have been working as a team with a competent financial planner so that when the husband passed, the wife could turn to her financial planner. But because that isn't the case, I recommend speaking with an attorney. I'm sure the children are trying to do what's best, but they likely just aren't qualified to manage the fund. What happens if you die before collecting social security? I had a 45-minute conversation with a bright and friendly listener. He's a single guy worried about his social security. He's been paying into social security for 39 years. If he delays his benefit until he's 70 and dies, does social security pay out a measly death benefit? If he dies before collecting, where does all of that money go? Is it essentially gone?  Hypothetically speaking, yes, it's gone. There is no residual value there. This gentleman didn't believe this was fair. So what can you do if you're worried about passing away before claiming benefits?  He could always claim his benefit early and suspend it later if need be. You can always start your benefit—and within 12 months of starting it—can suspend or withdraw the application. Hoover, you will have to pay back what you received. What else can you do? Listen to the whole episode to learn more! Resources & People Mentioned 9 Ways the SECURE Act 2.0 Will Impact Retirees, Ep #132 3 Steps to Retirement Planning Biden Vetoes First Bill Medicare Part B Premium Chart Medicare Part B Appeal Form Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

The Social Security Expansion Act is being introduced to congress, sponsored by Bernie Sanders, with the “goal” of increasing the solvency of the Social Security fund. Sadly, by 2035, Social Security benefits will have to be reduced by 25% if nothing is done. Senator Elizabeth Warren states that the Social Security trust fund would remain solvent until 2096 if these changes are put into place. But a lot of the proposed changes in the bill are controversial, to say the least—including how they propose we increase payments into the fund. I'll cover four of the main goals of this bill in this episode of Retirement Made Easy and share my thoughts on each one. Don't miss it! You will want to hear this episode if you are interested in... [0:53] A big thank you to my listeners [1:49] Why retirement planning HAS to be customized [5:37] The Social Security Expansion Act [7:50] Goal #1: To increase the benefits for all recipients  [9:23] Goal #2: Change the cost-of-living adjustment calculation  [10:28] Goal #3: Making high-income earners pay more [12:41] Goal #4: Increasing the Net Investment Income Tax  [13:50] My thoughts on the proposed bill Goal #1: To increase the benefits for all recipients The bill starts with a fact sheet, which includes these sad facts: One in seven seniors relies on Social Security for more than 90% of their income Half of Americans 55 and older have nothing saved for retirement The average Social Security benefit is $1,688 per month Many seniors are struggling, which is why they're trying to overhaul social security. That's why their first proposal is to increase the benefit for all Social Security recipients by $200 per month (which would apply to everyone, even those on Social Security who aren't seniors).  Goal #2: Change the cost-of-living adjustment calculation  The bill also proposes changing how the cost-of-living adjustment is calculated. Right now they calculate based on a CPI-W index. They want to change it to a CPI-E index, with the “E” being short for the elderly. It makes a lot of sense. Seniors spend money on doctor visits, medical bills, prescriptions, etc. It's smart to track the cost of living of people in that age group and this index would be a better indication of spending habits for recipients. Goal #3: Making high-income earners pay more Currently, you pay into social security on the first $160,200 that you earn. You pay 6.2% and your employer pays 6.2%. The proposed change is trying to hit high-income earners. Let's say you make $1,000,000. Right now, this person is paying 6.2% into social security on the first $160,200. Anything they earn above that doesn't require paying into social security. This bill proposes that for every dollar they make above $250,000, they'd pay 6.2% into social security.  That's another $46,500 that this person would have to pay that they wouldn't have had to pay otherwise. But it doesn't stop there. Goal #4: Increasing the Net Investment Income Tax Anyone making $250,000 or more already has to pay a net investment income tax of 3.8% on capital gains on investments (stocks, bonds, etc.). The bill proposes increasing this tax by 12.4%, taking the net investment income tax to 16.2%. My thoughts on The Social Security Expansion Act We currently have a divided congress, so the chances of this bill passing are slim. The bill is also asking politicians—i.e. high-income earners—to vote for a bill that will tax their friends and supporters. Secondly, I think the bill overestimates the tax revenues they'll get. If you slap an additional 12.4% tax on high-income earners, they will strategically pivot.  The extra $200 a month would be a permanent increase for everyone. But many people don't need the extra $200 per month. The increase should be proposed based on need, not a blanket policy.  The amount people get now is based on how much they paid into social security over the years. Your social security check should be based on how much you paid in, not how much someone else paid. It doesn't seem fair. I know there are a lot of people hurting and inflation is negatively impacting retirees. But I'm not sure this bill is the answer. Listen to the whole episode to hear my thoughts! Resources & People Mentioned 3 Steps to Retirement Planning The Social Security Expansion Act What Social Security's Cost of Living Increase in 2022 Means for You, Ep #69  How Rising Interest Rates Will Impact Your Retirement, Ep #121 Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

When you retire, where does your income come from? How frequently will you get “paid?” Can you choose when you'll get social security income? In this episode of the Retirement Made Easy podcast, I'll cover how income works in retirement and what you're able to “customize” to you. I'll also cover some listener questions regarding social security and who you should trust. Don't miss it!  You will want to hear this episode if you are interested in... [1:50] Where does your retirement income come from? [14:16] Tom's Question: How does the spousal benefit work? [18:41] Tina's Question: Should I invest in these two mutual funds? Where does your retirement income come from? Many people get paid every two weeks working a normal job. But when you retire, how do you decide how often to pay yourself or make a withdrawal? How do you decide when to withdraw from a Roth IRA, IRA, or after-tax brokerage account? How does it work with social security and pensions? There are a lot of factors to consider. So we break it down into steps and help our clients map it out: Step #1: How much income do you need every month to live the lifestyle that you want? If you don't know, head to my website and check out my “Retirement Budgeting Tool.” Keep in mind that your expenses in retirement will likely be different than while you were working.  Step #2: What are your fixed income sources, i.e. social security/pensions?  Step #3: What gap is there between your fixed income sources and the amount you need to live comfortably every month? We will come up with a game plan where you draw the money you need from Roth IRAs, IRAs, and brokerage accounts to fill that gap.  If someone needs $2,500 on top of social security and pensions, we might draw $500 of income from their Roth IRA, $1,000 from their IRA, and $1,000 from an after-tax brokerage account. We do this strategically to keep them in the lowest tax bracket possible.  All of that being said, many of our clients like to make withdrawals the first week and third week of the month. Others are fine with only getting paid monthly and prefer to receive their distributions in the same week. It comes down to personal preference (in most cases). However, your pension and social security pay out once a month. Tom's Question: How does the spousal benefit work? Tom and his wife are both 62. Tom plans to continue to work while his wife would collect her social security benefit. When they both turned 67, Tom planned to retire and claim his benefit. He understood that his wife would get half of his social security income, or $1,400. In total, they'd receive $4,200 a month from social security.  Tom's wife certainly can claim her benefit at 62. She can also claim her spousal benefit after Tom retires. However, if she claims her benefit at 62, she won't get the full 50% spousal benefit when they're both retired.  For every month that she collects her social security income before full retirement age, it reduces the spousal benefit. However, if both waited until they were 67, he could claim the $2,800 and she could claim the $1,400 spousal benefit. Tina's Question: Should I invest in these two mutual funds? Tina asked my thoughts on a financial expert on YouTube. He claims that the best investment strategy for retirees is to own two specific mutual funds. Would I recommend that? I watched the video. This person isn't a financial planner or financial advisor. He isn't licensed to give financial advice at all.  Someone who is licensed—like me—can't put out videos giving blanket advice to people. Anyone else can—but would you trust it? Would you take financial advice from that person? You can't take this as real advice and implement it. I would never recommend that you put all of your money into two specific mutual funds at the advice of someone not certified to give it.  The bottom line? Be careful who you take advice from. Learn more in this episode of Retirement Made Easy! Resources & People Mentioned  3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

There's a lot of misunderstanding circulating regarding social security claiming strategies with spousal and survivor benefits. Spousal benefits and survivor benefits can be confusing and difficult to understand. So in this episode of Retirement Made Easy, I'm going to tackle this topic. I'll also cover the FairTax Act of 2023 and why you shouldn't make changes to your retirement planning based on this act just yet. Don't miss this informative episode!  You will want to hear this episode if you are interested in... [3:16] The basics of the FairTax Act of 2023 [10:20] The spousal benefit vs. survivor benefit [14:45] Planning social security around spousal benefits The basics of the FairTax Act  The Fair Tax Act is a sales tax bill that was introduced by Republicans to abolish the IRS. It would change the tax code as we know it. I keep getting asked: What's a good strategy in response to the bill that might become law? Let's backtrack a little first. The act proposes getting rid of the IRS and Federal income taxes across the country. It would institute a 30% sales tax on top of local and state taxes. Why? Because 40.1% of US households didn't pay Federal income taxes in 2022. These Republicans want to recoup money from these households to help cover Medicare and Social Security.  Think of what inflation would be if you had a 30% sales tax. The price of goods and services would go up a lot. It would be offset by the amount you'd be saving on Federal taxes, so your paycheck would go up. But would it offset too much? Would you end up paying far more?  I'm not a proponent of this bill. My response to the questions I'm getting is this: We aren't going to change your retirement plans based on a rumor or possibility. Biden says he'd veto the bill if it got to him. I wouldn't make any changes until this became law. The spousal benefit vs. survivor benefit A listener—who I'm going to call Lisa—was married for 20 years and has been divorced for five. She wanted to claim her spousal benefit based on her ex-husband's earnings. She met the time requirements for claiming an ex-spouse. But she was under the impression that if she claimed benefits at 62, she could claim half of her husband's benefit and then claim his entire benefit at his full retirement age. She was misinformed. At her full retirement age, she can get half of her husband's “Primary Insurance Amount” or PIA, which is his benefit at his full retirement age. So if his benefit is $3,000 a month, she could claim half of that. If she claimed it when she was 62, it would be further reduced. When would she get the full benefit? If he passed away, she'd be eligible for the survivor benefit.  Planning social security around spousal benefits I spoke with a couple who was clear that social security would be a large part of their retirement income. Someone had misinformed them about how the benefits worked. She was 62 and he was 58. Let's call them John and Joan. Joan wanted to claim her benefit at age 62. Her benefit was lower than her husband's. She thought it would be dumb to let it sit and not collect it. Then, when he hit full retirement age, she planned on claiming her spousal benefit (50% of her husband's benefit).  But to get the spousal benefit, her spouse has to claim his benefit first. However, when Joan is 67, she won't get the full spousal benefit. Why? Because she collected her own benefit at age 62. Social Security will reduce her spousal benefit because she had claimed her own. What happens if she waits until full retirement age to claim her benefit? Listen to the whole episode to learn more about collecting spousal benefits.  Resources & People Mentioned 3 Steps to Retirement Planning The FairTax™ Act Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

What does your dream retirement look like? What will make you happy? What are you working to achieve? Your goals don't have to sound good to other people. They're your goals. They're based on your dreams. To reach your dream retirement, you have to figure out what you want and set specific goals to get there.  You also can't let emotions rule your decision-making. In this episode of the Retirement Made Easy podcast, I'll share some insights from Vanguard and LPL financial's 2023 market reports. But no matter what these reports tell you, you have to follow the long-term plan you've created to reach the retirement of your dreams.  You will want to hear this episode if you are interested in... [0:33] What does your dream retirement look like?  [6:48] 2023: Starting with layoffs and unemployment  [10:48] Vanguard believes a recession is coming [13:51] Short-term emotions negatively impact long-term results  2023: Starting with layoffs and unemployment There were a lot of layoffs this month (January 2023) and they will likely continue throughout 2023. Google, Microsoft, and 3M had significant layoffs.  Mike Row interviewed the economist, Nicholas Eberhart, about the job situation and unemployment pre-pandemic and post-pandemic. Right now, there are 7 million men ages 25–54 who are not working or looking for work. They're not included in unemployment figures. We've never seen anything like this. We have 4 million more open jobs versus pre-pandemic and 4 million fewer people in the workforce. As of November 2022, there were 10.5 million jobs available. We can't look at unemployment numbers accurately because we have so many people who aren't even looking for work.  Vanguard believes a recession is coming In Vanguard's market outlook, they've stated they believe there's a 90% probability that the United States will enter a recession this year. Recessions slow down the economy. Companies' sales and revenue are down and they have to lay people off. However, I don't think we will see the normal amount of layoffs you'd see in a recession, like what happened in the 2008 financial crisis. Many companies have lean workforces as it is. Vanguard is expecting unemployment to rise to 4.5–5% by the end of the year. They're expecting inflation to be 3% year over year.  Vanguard also expects US stocks to realize 4.7% to 6% of growth for the next 10 years, below a typical 10-year average. Their analysts are not optimistic about 2023 or the next 10 years. However, LPL Financial's market outlook is more optimistic and far more detailed. They put a lot of time, money, and resources into their market outlook. Go to my website to get a free copy.  Short-term emotions negatively impact long-term results  In 2022, as the market began a downward trend, people began to abandon their long-term plans for something that felt better. They sold out of long-term investments to avoid a bumpy ride. It probably gave them temporary peace of mind. But I've seen this happen over and over again: People who pull their money out of the market let years go back and never get back in. The market rebounds with them sitting on the sidelines because they got scared. I spoke with someone last year who gave in to impatience and paid $75,000 over what a home was appraised for. One year later, they know they made a mistake and they're not happy. I spoke with someone else who was convinced Amazon was going to take over the world. He put 90% of his retirement savings in Amazon stock. Guess what happened? Amazon's stock was down 50%. 90% of his retirement nest egg was cut in half. He knew better (and wasn't one of my clients).  The reason we make these mistakes? We let emotions get in the driver's seat because we throw logic out the window. The bottom line? Don't let temporary emotions derail long-term goals. You are where you are now because of past decisions.  If you're doubting yourself and losing confidence, you're not alone. Update your financial plan. Make slight adjustments. You don't have to make drastic changes to see improvements. And if you want a second opinion on your plan, connect with me.  Resources & People Mentioned 3 Steps to Retirement Planning Vanguard's investment and economic forecasts, January 2023 Get the LPL Financial 2023 Market Outlook Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

It can be hard to look back at 2022 and see anything positive, right? Inflation is the highest it's been in 40 years. The stock market had a volatile year and many people's investments are down. But the market conditions allowed us to do some positive things we normally couldn't. In this episode of Retirement Made Easy, I share 6 ways that we helped clients find some wins in 2022.  You will want to hear this episode if you are interested in... [1:23] LPL Financial 2023 Market Outlook [2:34] Get a FREE 30-minute coaching call [3:14] Win #1: Tax-loss harvesting  [4:50] Win #2: Roth conversions [8:10] Win #3: High interest rates [12:30] Win #4: Social security's cost-of-living adjustment [14:36] Win #5: Updating beneficiaries [18:11] Win #6: Unexpected Roth conversions Win #1: Tax loss harvesting I had a lot of questions from listeners and clients about tax loss harvesting. If you sell a stock, mutual fund, ETF, etc., and book the loss, you can deduct up to $3,000 per year of a capital loss on your tax return. Anything above $3,000 gets carried over to future tax years. But you have to be careful of the “Wash Sale Rule.” If you take the loss, you have to wait 30 days to buy back that particular security. The rule wipes out your ability to deduct that capital loss if you buy back that same security.  Win #2: Roth conversions Many people also took advantage of Roth conversions. If you have pre-tax 401k money or an IRA, you can pay the taxes on a portion of the account and switch it to a Roth IRA. Why do that when the stock market is down? You're paying taxes on something worth less. So let's say a stock was worth $10 but because of the market, its value dropped to $8. So when you move it to the Roth IRA, you can take advantage of the market bounceback tax-free. Some people wait to do Roth conversions until the end of the year—listen to find out why! Win #3: High interest rates How we measure inflation is far different than it was in the 80s. The calculations are completely different. That's why we can't compare the inflation of today to the 80s. If we used the same calculation, the inflation in 2022 would have been in the ‘teens.  So where's the opportunity? Series I savings bonds were over 9% last year. Money market rates, savings accounts, CDs, etc. were paying as much as 5.5%. Everyone sought to take advantage of cash alternatives while interest rates were high.  Win #4: Social security's cost-of-living adjustment Social security's cost of living adjustment, effective January 2023, was 8.7%. It was a nice pay raise. I worked with a couple where the husband is 68 and had already claimed his social security.  They didn't have income problems, so we decided to turn off his social security benefit in 2022. Because you're past your full retirement age, you can stop your benefit and get deferral credits, (up to 8% per year).  So his benefits are growing at 8% per year until he's 70. Secondly, He'll also get the 8.7% bump in 2023. In one year, he'll get a 16.7% boost to his social security benefit. It was a huge win for him and his wife.  Win #5: Updating beneficiaries I was able to help someone update their outdated IRAs so that her deceased husband was no longer the beneficiary of her IRAs. Instead, we changed it so that her children would inherit the IRAs, without probate getting involved. We also assigned beneficiaries to her bank accounts so that if something happened to her, it would pass to her son and daughter outside of probate. We made sure her home was titled to pass to her children. Lastly, she had savings bonds that we discovered had matured, so we cashed them out so she could invest the money.  Win #6: Unexpected Roth conversions I was reviewing a new client's 2021 tax return and got a sense of what their income would look like for 2022. I determined they could do a Roth conversion of $14,000—and pay no income tax—or withdraw $14,000 and take a distribution and pay no federal income tax. I recommended they do a Roth conversion without paying taxes.  I had another client who was laid off in 2022. He found himself in a lower-income situation. What does that mean? He'd end 2022 in a lower tax bracket. Normally, he was in the 24% tax bracket. In 2022, he dropped down to the 12% bracket—with enough room to do a Roth conversion of $25,000. In a normal year, he's been paying another 12% in taxes!  I hope this episode helped you see that even in a year when the market is down and inflation is high, there's almost always a way to do something to benefit your retirement. Resources & People Mentioned 3 Steps to Retirement Planning LPL Financial 2023 Market Outlook Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

The beginning of a new year is a great time to review what you should and shouldn't be doing. That's why in this special retirement replay edition of the Retirement Made Easy podcast, we're revisiting episode #110: The Great 8 IRA Mistakes that WILL Cost You Money. This episode covers 8 things you should be mindful of as we dive into 2023: If you're a non-working spouse, take advantage of the spousal IRA option that's available to you (you and your spouse can each contribute up to $7,000 per year. Did you know that you don't have to take required minimum distributions (RMDs) from Roth IRAs? If you don't need the money, don't take the withdrawal and pay unnecessary taxes! Don't roll over an IRA or 401k that has company stock in it or you'll have to pay capital gains on the stock (net unrealized appreciation). Talk to a financial advisor first! Make sure you designate a beneficiary on your IRAs, or your estate will move into probate court when you die (leading to an unnecessary for your family to endure). Don't list a trust as the beneficiary of an IRA. the receiver only has 10 years to empty it and pay taxes. Secondly, trusts are taxed at a high rate ($13,450 and higher is taxed at 37%).  If you're under 59 and ½, make sure you do Roth conversions properly so you're not paying Uncle Sam a 10% early withdrawal penalty. Make sure you're not contributing to a Roth IRA or traditional IRA if you're above the income cap, or you'll be paying a steep 6% penalty each year the excess remains in the account(s). Whenever possible, don't do an indirect rollover. If the money from an IRA is sent to you and you don't put it in another IRA within 60 days, you'll have to not only pay taxes on the money but also pay a 10% penalty. Ouch.  If you avoid some of these costly mistakes (and follow some of the advice) you should be well on your way to saving for retirement and avoid getting hit with unnecessary taxes and penalties. Listen to the whole episode for more details!  Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

I've been talking about this bill for well over six months and it finally passed in December of 2022 as part of a $1.7 trillion-dollar package. So in this episode of Retirement Made Easy, I'll cover the nine core provisions that are changing and what it means for everyone. There are some changes that I've been campaigning for and there are others that just don't make sense. Many of the provisions don't start until 2024 or 2025 to give administrators some time to get systems in place. Learn how it will impact you by listening!  You will want to hear this episode if you are interested in... [3:21] Get FREE resources at RetirementMadeEasyPodcast.com [6:40] Change #1: The required minimum distribution age is changing  [10:29] Change #2 Required minimum distributions for Roth 401ks are ending [12:28] Change #3: Catch-up contributions are increasing [17:13] Change #4: Implementing a database for accessing old retirement accounts [19:12] Change #5: Automatic enrollment in employer retirement accounts [20:07] Change #6: Implementing emergency funds in Roth 401ks [21:46] Change #7: Employers can match student loan payments [24:34] Change #8: 529 plans can be rolled into Roth IRAs after 15 years [26:58] Change #9: Domestic abuse survivors can take penalty-free withdrawals The required minimum distribution age is changing The original SECURE Act changed the age you're required to take required minimum distributions (RMDs) from 70.5 to 72. Now, the SECURE Act 2.0 is changing the age of a RMD from 72 to 73, starting in 2022. In 2033, the new age will be 75. Why? Because they're extending the life expectancy tables because people are living longer. Previously, if you forgot to take your RMD, you were penalized 50% of the RMD and you still had to withdraw the money and pay taxes on it. The penalty is now being reduced to 25% (and as low as 10% if corrected in a timely fashion).  SIDE NOTE: I work closely with tax advisors. The IRS doesn't do a good job of auditing and enforcing the penalties on RMDs. Many people get out of paying that penalty.  Required minimum distributions for Roth 401ks will no longer be required I've been campaigning for this change for years. Starting in 2024, you will no longer be required to take a mandatory distribution from Roth 401ks. Honestly, I'm not sure why someone would leave money in a Roth 401k, because if you roll it over to a Roth IRA, you don't have to take RMDs. But if you leave it in the Roth 401k, once you turn 72 they make you take withdrawals every year. This change just makes sense. Now, these withdrawals are tax-free, but if you want your money to continue to grow, you can leave it in either account.  Catch-up contributions are increasing Starting in 2025, catch-up contributions to 401ks will go up. In 2023, for someone over 50, the catch-up contribution is $7,500. With the new provision, individuals 60–63 can contribute an additional contribution of $7,500 annually to their 401k, 403B, etc. But why stop at age 63?  To complicate it further, high-income earners (making over $140,000) can only contribute the additional money to a Roth 401k. Why? Because Congress is in debt. They want high-income earners to pay their taxes now. This is another way of punishing high-income earners. Starting in 2024, the catch-up number will be indexed to inflation. So if there's inflation, you can contribute extra per year. What other positive changes are happening? Keep listening.  529 plans can be rolled into Roth IRAs after 15 years The SECURE Act allowed 529 plans to pay for trade schools in addition to traditional colleges/school options. The act also allowed 529 plans to pay off up to $10,000 of student loan debt. But what if the 529 plan doesn't get used? What if the child gets scholarships or goes into the military? With the new provision in the SECURE Act 2.0, after the money has been in a 529 plan for 15 years, it can be rolled over into a Roth IRA for the child or grandchild (With a lifetime cap of $35,000).  Listen to the whole episode to learn about other changes, such as implementing emergency funds in Roth 401ks and employers being allowed to match student loan payments (by contributing to their employer-sponsored plans).  Resources & People Mentioned 3 Steps to Retirement Planning SECURE 2.0: Rethinking retirement savings Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

In this special final episode of 2022, I'm going to share clips from the top five most downloaded episodes of 2022. I cover everything from huge retirement mistakes that you should avoid to the types of accounts you want to use to save for retirement. These contain some of my best tips from the year. Don't miss this special edition of the Retirement Made Easy podcast! You will want to hear this episode if you are interested in... [0:29] Episode #118: 3 Types of Accounts You Want to Have to Save for Retirement [3:21] Episode #99: The Two Types of People Who Fail at Retirement [6:44] Episode #103: How to Avoid these HUGE Retirement Mistakes [8:09] Episode #107: 6 Reasons Why People are Scared to Retire in 2022 [11:37] Episode #108: Two Things You Should NEVER Do Episode #118: 3 Types of Accounts You Want to Have to Save for Retirement There are three accounts I believe you NEED to have to save for retirement to create a blended income stream:  Account Type #1: Roth IRA, 401k, 403B, or TSP Account Type #2: The traditional IRA, 401k, 403B, or TSP Account Type #3: A brokerage account/trust account/non-qualified account  If you have a measuring cup with three different pots in front of you, you want to take a little bit from the Roth IRA, 401k, and another scoop from the brokerage account.  Having these three types of accounts gives you flexibility in retirement. We plan and calculate exactly what to withdraw from each type of account. You'll only need to make changes if the tax law or your goals change.  Episode #99: The Two Types of People Who Fail at Retirement The first type of person that fails at retirement lacks a sense of purpose. This is someone who hasn't planned for what they will do with their time. This type of person really struggles once the feeling of living in an infinite vacation subsides. They start to miss the sense of purpose they had when they were working. What can you do to combat this? Listen to hear my recommendations! Episode #103: How to Avoid these HUGE Retirement Mistakes  You can't retire without a plan. I spoke with someone whose husband always told her that they'd be okay, without showing her the plan to prove it. It's so important to have a plan. This woman is 57 with an 87-year-old mother. If she lives as long as her mother, it needs to last another 30 years—or longer.  Episode #107: The top 6 reasons why people are concerned about retirement in 2022 What concerns leave people afraid to retire? According to the Schroders 2022 US Retirement Survey, these are the top six reasons people are concerned about retiring:  The impact of inflation: People are scared of the impact inflation will have on their assets. 65% of people listed inflation as their top concern. The cost of healthcare: Sadly, we can expect that healthcare costs will always continue to rise. Medicare part B premiums continue to climb—so you have to plan.  A major market downturn: This is what we're currently experiencing in 2022. This will impact your retirement accounts. An unexpected health issue: As you get older, you'll focus more on healthcare, so that you're not stuck draining your savings on an unexpected health issue.  Taxes reducing retirement savings: This is something a financial planner can easily help you plan so you don't give Uncle Sam more than you have to. Not being able to afford the lifestyle they want: Everyone wants to maintain the lifestyle they've become accustomed to. Some want to be able to do more when they retire.  Have you noticed a trend? If you don't carefully plan for your future, it's a HUGE mistake. The people that make retirement planning a priority are the ones who will have the retirement they've dreamed of.  Hear a clip from THE most downloaded episode of 2022 by listening to the whole episode! Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

How do you gift money to individuals without getting hit with having to pay taxes on the gift? How do you make withdrawals if you're gifted a beneficiary IRA? What is the most tax-efficient way to carry out charitable giving? These are just a few of the questions that I'll answer in this special end-of-the-year episode of the Retirement Made Easy podcast! You will want to hear this episode if you are interested in... [1:26] Submit questions at RetirementMadeEasyPodcast.com [2:19] Why pension lump sums are declining [6:50] Gifting money to individual people [14:36] Example #1: The Mega Backdoor Roth [16:48] Example #2: Withdrawing from a beneficiary IRA [18:57] Example #3: Giving with donor-advised funds (DAF) Gifting money to individual people I've heard many people say they don't want to gift someone money because they'll have to pay taxes on it (or because the gift receiver will have to). That doesn't have to be the case! If you wanted to give a friend or family member money, the annual individual limit is $16,000 for 2022.  So a married couple can each give $16,000 to one individual, totaling $32,000. You can certainly gift more, but $16,000 is the annual limit you can give one individual without filling out a gift tax form that gets filed with your taxes. Many people gift up to that amount so they can avoid paying taxes.  There's also something called a lifetime gift exemption. That means you can gift someone a maximum lifetime amount of $12,060,000 to another person. The gift form helps you keep an account of what you've gifted someone over your lifetime. What can't you gift? What happens if you loan someone money they don't pay back? Listen to find out!  Withdrawing from a beneficiary IRA I worked with a couple where the wife inherited her mother's IRA. Because it's an inherited IRA, she has 10 years to take withdrawals from that IRA and pay the taxes on them. She thought that she'd just do Roth conversions and move the money into her own IRA. Unfortunately, we can't do that. So what can we do?  We can put more of her earned income into her traditional and Roth 401k. The tax deduction she gets for contributing to her Roth IRA offsets the taxes she has to pay on the withdrawals from her inherited IRA. We wanted her to stay in the 12% tax bracket, so we very carefully balanced her income levels.  Giving with donor-advised funds (DAF) A charitable couple had inherited a lot of cash, stocks, real estate, etc. They wanted to find a way to continue their charitable giving without having to pay excess taxes. We recommended that this couple look at their appreciated stock. If they cashed out the stock that was up in value, they'd pay long-term capital gains, taxed at 20%. Instead of giving cash to charities, we recommended they take that money and use it to fund a donor-advised fund. How would that help them?  They'd see a tax deduction for charitable giving as well as call the shots on how that money was given over the next chunk of years. In that way, they'd also avoid paying the capital gains on the appreciated stock. If you're already planning on charitable giving, I'm a huge fan of donor-advised funds. The money continues to grow and all of the tax-free growth can be gifted.  Resources & People Mentioned 3 Steps to Retirement Planning 1,000 salaried Ford workers retire after pension warning from automaker The gift tax form  Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

When I help a client craft a retirement plan, we want to make sure it lasts at least 30 years, (based on average life expectancy). A lot can change over a 30-year time period, right? So in this episode of the Retirement Made Easy podcast, I share why you can't embrace the “set it and forget it” mentality and tell you why your retirement portfolio must change and adapt with your changing needs and goals.  You will want to hear this episode if you are interested in... [0:28] What makes you more likely to achieve goals? [5:55] Check out RetirementMadeEasyPodcast.com! [6:53] Why you can't apply “set it and forget it” to investing [10:07] Don't forget the purpose of investment account(s) [12:46] You must adapt because change is inevitable  Why you can't apply “set it and forget it” to investing Years ago, my mom bought a rotisserie cooker. The brand's catchphrase was “Just set it and forget it.” That's not how it works for retirement planning. You can't “set it and forget it” with your investment portfolio. Why?  Because it needs to last 30+ years of retirement. In 30 years, there will be tax law changes. Interest raises will rise. Your income needs may change. You may need to withdraw more (or less). As you get older, your risk tolerance may be lower.  How you design your portfolio largely depends on your goals for retirement. Those will likely change as you get older. So how you invest your portfolio will need to adjust based on your changing needs.  Don't forget the purpose of investment account(s) The purpose of a retirement account is to leave behind a legacy for children or loved ones or, it's to help fund your retirement years. Usually, it's a combination of both.  If you want to travel in the first 10 years of retirement, you'll need more income in those years. Your portfolio will need to focus on producing an income. When you're 82, you might not plan on traveling as much. Your travel budget may be next to nothing. Your needs and desires constantly change over your lifetime. So you will need to make changes to how your retirement portfolio is invested.  You can't buy a car and never change the oil, rotate the tires, or replace the brakes. Maintenance must be done to care for your car. Once you retire, the work is not done. Changes will need to be made as your lifestyle changes. You must adapt and pivot.  You must adapt because change is inevitable  If you inherited an IRA before 1/1/2020, you were required to take distributions out on an annual basis for the rest of your life. The law changed with The Secure Act. Now, when you inherit an IRA, you have 10 years to withdraw all of the money from the IRA and pay the taxes on that money. This was a monumental change. There will always be new laws and changes to social security thrown our way.  Have you ever walked into a completely outdated home? Maybe the carpet is dank, the appliances are outdated, and the bathrooms need to be gutted. If you feel like you're walking back 30–40 years in time, you might lose interest in buying that home. You'll have to spend thousands of dollars to make the updates.  If improvements haven't been made to the home, it becomes less valuable. Secondly, it makes you question if the home is being maintained properly. What else is outdated that isn't visible to the naked eye? It's the same with your investment portfolio. You need to adapt and make changes as your needs change. And every adjustment that is made solely depends on you and your goals. Remember, there is no cookie-cutter approach to investing for retirement.  Resources & People Mentioned 3 Steps to Retirement Planning The Retirement Story Everyone NEEDS to Hear Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

What happens when you sell your primary home? What are the tax implications? What's the deal with long-term care insurance? Do you need it? What are Roth 401ks and IRAs and why do you need one? I've been getting numerous questions about these three topics, so in today's episode of the Retirement Made Easy podcast I'll break them down. Don't miss it! You will want to hear this episode if you are interested in... [4:02] Submit a question at RetirementMadeEasyPodcast.com [5:45] Popular Topic #1: What happens when you sell your house [10:33] Popular Topic #2: Long-term care insurance [17:16] Popular Topic #3: Roth IRAs and 401ks Popular Topic #1: The tax implications of selling your primary residence What happens when you sell your home? Will you owe taxes on the gain? Let's say a hypothetical married couple bought their home for $300,000 20 years ago and it's worth $600,000 today. That's a $300,000 gain. Will they realize a $300,000 capital gain on the sale of their home? According to the IRS, if you sell your primary residence, a couple filing jointly has a $500,000 capital gain exclusion on the sale of that residence. This couple would not have to pay capital gains taxes on the first $500,000 of profit. If you're single, the exclusion is $250,000.  However, to qualify for the exemption, you have to have lived in the home full-time for two of the last five years. What if you make improvements to the home? Listen to learn a bit more! Popular Topic #2: Long-term care insurance Some states (like Washington) require you to buy long-term care insurance through an employer. Most of the questions I've received are geared toward the basics of long-term care, so here they are: Traditional long-term care insurance: You pay into a policy, similar to homeowners insurance. If nothing happens and you don't submit a claim, you don't get your premiums back. Those payments are gone. You're insuring for a risk that may not come to fruition (i.e. whether or not you need long-term care).  Hybrid long-term care insurance: This combines a long-term care policy with a life insurance policy. So when you pass away, if you don't use the long-term care, your family inherits a death benefit. These are becoming more popular.  The more competitors you have in any environment, the more choices there are, and the lower premiums will be. There isn't a lot of competition right now, so this insurance is costly. So if you're going to pay for long-term care insurance, we need to account for these premiums in your retirement plan. Listen to hear some positives and negatives of each of these types of policies to decide if it's right for you.  Popular Topic #3: Roth IRAs and 401ks I was recently at a conference for financial advisors. The speaker asked us if taxes would be higher in the future. Thousands of advisors raised their hands. The Biden administration wants to raise taxes, yet we add more and more debt. I believe it's inevitable that taxes will only go up. To combat rising taxes, you could consider a Roth IRA or 401k. Roth IRAs are the one way you can pay taxes on the money now in a lower tax environment and watch it grow tax-free. And when you make a withdrawal, you will not be taxed. If a loved one inherits your IRA, they won't have to pay taxes on it. See the theme? But to contribute to a Roth IRA, you must have earned income or do a Roth conversion. So if you have a traditional IRA, you can take a portion, pay the taxes on it, and move it to a Roth IRA.  When does it make sense to do this? How much should you convert? Why wouldn't you want to put everything in a Roth IRA? Listen to the whole episode to learn more! Resources & People Mentioned 3 Steps to Retirement Planning The Basics of Long-Term Care Insurance 3 Types of Accounts You Want to Have to Save for Retirement Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

Are you ready to retire? Or does the thought of retiring leave you questioning what you'll spend your time doing? Guess what? Retirement doesn't have to be all or nothing. In some circumstances, you may want to consider only partially retiring. Why? I share some viable reasons in this episode of the Retirement Made Easy podcast. Don't miss it! You will want to hear this episode if you are interested in... [1:46] Check out the FREE resources at RetirementMadeEasyPodcast.com [3:32] Reason #1: The cost of health insurance [5:15] Reason #2: An easier transition into retirement [9:05] Reason #3: Put more money into your retirement portfolio [10:22] Reason #4: Delay your social security benefits  [10:56] Reason #5: You're nervous about retirement  [11:44] Reason #6: Retire at the same time as your spouse  [15:50] Is semi-retirement something you should consider?  Reason #1: The cost of health insurance Many people push off retirement until 65 because of the cost of health insurance. When you turn 65, you can get health insurance through Medicare. But getting health insurance prior to age 65 (such as COBRA or insurance off of the marketplace) is costly. But some employers offer health insurance to part-time employees. You can also earmark some of that income for health insurance.  Reason #2: An easier transition into retirement When someone retires from a full-time 40-hour work week, the transition can be difficult. Some people find it easier to ease into retirement. You can move from working five days a week to three, from 40–50 hours to 20–25. Semi-retirement allows you to stay busy enough working on a limited basis. It also gives you more time to take an extended vacation, help with the grandkids, or just go grocery shopping on a Tuesday morning. It gives you more flexibility.  Reason #3: Put more money into your retirement portfolio You can use the extra income to pay for health insurance, pay off a mortgage, fund a Roth IRA, and much more. If you're over 50, you can contribute up to $7,000 a year to a Roth IRA. In 2023, the contribution limit will be $7,500 per person. A part-time income can allow your retirement nest egg to continue to grow. Reason #4: Delay your social security benefits  If you delay social security, you can get deferral credits. This leads to a bigger social security check down the road when you do claim it. Continuing to work and paying into social security, will also lead to a bigger benefit.  Reason #5: You're nervous about retirement  Are you nervous about retiring? It's a huge change in your life. Your career may be a huge part of your identity. That can be difficult to give up. Semi-retirement can make the transition easier for you with the added benefit of lowering your stress level.  Reason #6: Retire at the same time as your spouse  Ideally, we want couples to retire at the same time. You will enjoy retirement far more if both of you retire close to the same time. I've worked with many couples where one spouse retires early and the other continues to work. Nine times out of ten, the second spouse pushes up their retirement because no one wants to be retired alone. You can work part-time until your spouse can fully retire.  Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

The St. Louis Cardinals broadcaster, Dan McLaughlin, was asked what makes the best professional baseball manager. He believes that the vision of a manager is one of their greatest attributes. They're not just focused on the present, but looking forward and putting a strategy together based on what's coming next.  When we are talking about end-of-year tax planning, we are looking at the years ahead, too. Why? Because it might change what we do today. So in this episode of the Retirement Made Easy podcast, I'll share some end-of-year tax planning strategies that you should be mindful of.  > You will want to hear this episode if you are interested in... [1:54] Get FREE resources at RetirementMadeEasyPodcast.com [2:47] End-of-year tax planning is forward-looking [6:04] Strategy #1: Charitable giving in tax planning  [6:52] Strategy #2: Harvesting unrealized capital losses [7:55] Strategy #3: Roth conversions when the stock market is down [10:48] Strategy #4: Max out tax-deductible opportunities [11:12] Strategy #5: Rebalance your portfolio at the end of the year [13:25] Listener Question #1: Why do you need to find specialists? [17:37] Listener Question #2: Did contribution limits increase?  Strategy #1: Charitable giving in tax planning  What have you given this year? Do you want to give more to a favorite charity or nonprofit before the end of the year? If you're 72, giving counts as qualified charitable distributions (QCDs), which can help with taxes. Donor Advised Funds allow you to bunch multiple years of charitable giving to get a deduction in one year.  Strategy #2: Harvesting unrealized capital losses If you have unrealized capital losses, you might look at harvesting some of those before the end of the year. You can deduct up to $3,000 of capital losses in any one tax year. If you have capital losses exceeding $3,000, you can roll them over to the next year.  Strategy #3: Roth conversions when the stock market is down This is one of the most popular planning strategies, partly because of the low tax rates implemented by the 2017 Tax Cuts and Jobs Act. The market is also down for 2022. So with investments decreasing in value, it's an opportune time to do Roth conversions. Why? Let's say you have a $10 investment and it falls 20% to $8. You pay taxes on the $8 and move it into the Roth IRA (a Roth conversion). If the $8 in the Roth IRA rebounds and grows to $12, you don't have to pay taxes on the growth. If you wait to do the Roth conversion until your investments rebound, you'll have to pay taxes on the growth (so you'll pay taxes on $12 instead of $8).  But why shouldn't you convert too much to a Roth IRA? Listen to learn more! Strategy #4: Rebalance your portfolio at the end of the year If you have a Roth account, rebalancing won't have any tax implications. But if your retirement portfolio is in a non-qualified account (brokerage, trust, etc.), you want to keep in mind any capital gains that might result from rebalancing. The market has been volatile, so rebalancing is a good strategy right now.  There's one more strategy that I cover in this episode—listen to find out what it is! Resources & People Mentioned 3 Steps to Retirement Planning Dan McLaughlin Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

Do you feel like you're late to the game? Are you in your 50s and just now seriously looking at what you have saved for retirement? If you feel like you don't have any hope of reaching the retirement of your dreams, I'm here to tell you that you still can. But it will take some sacrifice. So how do you get caught up saving for retirement? I share some ideas in this episode of the Retirement Made Easy podcast.  You will want to hear this episode if you are interested in... [3:42] What to do if you're behind on saving for retirement [6:38] The question you need to ask yourself [8:36] The best 401k match I've ever seen [9:28] A few strategies to save more money [11:43] Start with the end goals in mind [16:30] What got you here won't get you there Make sure you're focused on numbers that matter I spoke with someone who was 55 and wanted to retire at age 65—but only had $100,000 saved. He thought he could save some money by looking for lower-cost mutual funds. Instead of focusing on the cost of the funds (that usually make very little impact), he needed to focus on the amount he was contributing to his 401k. Based on what he wanted out of retirement, he needed to have $1.4 million saved by the time he turned 65. At the time we spoke, he was only saving 4% of his annual income, with his company matching 50% of that (for a grand total of 6% of his annual salary).  He was never going to hit his goal by contributing 6% per year. He'd need a 16% annualized compounded return to reach his goals. That's a steep—nearly impossible—return. He knew where he needed to be in 10 years. So the bottom line? He needed to adjust his behavior to meet that goal.  What do I need to do differently? You must always ask: “What do I need to do differently?” The answer isn't lower-cost investments. It's changing your priorities. You should be saving 15% of your annual household income for retirement. If you're 55 and you haven't been doing this, you may need to save closer to 20% or 25% to get back on track. Once you're back on track, you can bump the number back down to 15%.  Strategies to save more for retirement An even better recommendation? You could work for another company with a better 401k match. This particular man decided to make a career change. He ended up working for a utility company that matched 9% of his salary being contributed to his 401k. A better 401k match can make all the difference. I had one client that retired from Microsoft. They matched—dollar-for-dollar—up to the annual 401k contribution limit ($27,000 if you're over 50).  What else could you do? The average car payment in the US is $667 per month. If you're behind on saving for retirement, why not pay off your car, take the car payment, and put that toward your retirement?  Work backward from your goals (and crunch some numbers)  If you feel like you're behind, decide when you want to retire, what your goals are, and what it's going to take to get there. Then, we can run different scenarios based on a 4% return, 6% return, 8% return, etc. Unless you're investing your money in a CD or annuity with a guaranteed interest rate, you don't know what your return will be. We have to use assumptions.  You've worked your entire life to live a dream retirement. You need to make it count. If you need help getting on track, don't hesitate to reach out. I'd love to help you reach the retirement of your dreams.  Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

The listener questions have been rolling in so I decided it was time to do another listener Q&A edition of the Retirement Made Easy podcast! In this episode, I cover everything from investing your 401k to health insurance, and capital gains tax to social security spousal benefits for divorcees. Don't miss this informative episode—I just might answer questions that have been circling in your mind! You will want to hear this episode if you are interested in... [3:55] Listener Question #1: Why should I invest my 401k? [9:45] Listener Question #2: How does the match on a 401k work? [11:40] Listener Question #3: What are the options for health insurance? [14:49] Listener Question #4: How does capital gains tax work? [19:25] Listener Question #5: How does the spousal benefit work for divorcees? Why should I invest my 401k? If you have $1 million in your 401k and follow the 4% rule (withdrawing 4% every year) the money will last approximately 25 years with no growth. One particular listener asked why he should invest the money if it will last him 25 years. My first thought? What happens if you live more than 25 years?  In episode #6 of the Retirement Made Easy podcast, I share that the average age of the American retiree is 62 years old. The average woman lives 30 more years once they retire. If you don't invest that $1 million, you'll be out of money for the last five years of your retirement! Secondly, every year, everything you buy will cost more. Inflation averages 3% per year. As your expenses rise and you're only withdrawing 4%, you'll have to continue to cut your budget—or take out more money. The goal of a successful retirement is to live out your days comfortably. I don't think you can if you're not investing your $1 million.  What are the options for health insurance if you retire early? Health insurance is the #1 reason people delay retirement. If you want to retire early, you can jump on COBRA until full retirement age—but it's expensive. The plus side is that COBRA can cover dependents for up to 36 months. The second option is private insurance, but this will also be expensive—anywhere from $800 to $1,500 per person. The final option is Obamacare, or the healthcare exchange, but it is income-based. You have to weigh your options until you become eligible for Medicare at age 65.  How does the spousal benefit work for divorcees? I spoke with a listener who asked how the spousal benefit works for divorcees. This listener had been married to her ex-husband for 8 years and never remarried after they divorced. She had asked for a copy of his social security statement since she believed she was eligible to receive a portion of his social security benefits. She was frustrated with his lack of response.  What she didn't realize is that she would have had to have been married for 10 years or longer to be eligible for this benefit. Secondly, her benefits based on her own work history would have to be less than the spousal benefit.  Mickey Rooney was married 8 times but only married to one of his wives for more than 10 years. Seven of the eight wives were not eligible for the survivor benefit. Johnny Carson was married four times, and all four were for longer than 10 years—so all of his exes would be eligible.  Don't fear if you can't get a hold of your ex. With some basic information, the social security administration can help determine the spousal benefit. Your ex-spouse isn't even informed that you're using the benefit.  Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

I recently had a conversation with someone who retired a year ago. Sadly, his financial advisor gave him the worst advice I've heard in a long, long time. So in this episode of Retirement Made Easy, I'll share why it was such poor advice and the two things you should never do. I'll also answer a couple of listener questions at the end. Don't miss it! You will want to hear this episode if you are interested in... [3:20] The worst retirement planning advice I've heard [10:11] Being armed with knowledge leads to confidence [11:14] Listener Question #1: Why can't I roll over my 401k?  [16:05] Listener Question #2: Why I won't work with Wells Fargo  Never get a home equity line of credit to live on I was talking with this prospective client about the bucket approach to retirement planning. The first bucket is your emergency fund (3 months to two years of liquid assets). The second bucket is dedicated to producing an income that will supplement your social security income. Bucket number three is your “growth” bucket. The cost of living and healthcare expenses will continue to grow. Bucket #3 helps you keep up with those costs. His financial advisor advised him—while the stock market is down—to get a home equity loan to draw the income he needed to live on for the next 2+ years. The goal was to spend the equity in the home and avoid dipping into bucket #2 to let it recover. This is terrible advice. I never recommend getting a home equity loan to live on. Why? Because bucket #2 is designed to provide you income.  Never get cash value life insurance to borrow money It's just as bad as using cash value life insurance to borrow the cash value. When you take a withdrawal, you're taking a loan from your policy and paying the insurance company an interest rate to borrow from your policy.  If I recommended either of those options to my clients I could lose my license and be barred from the industry. If you're looking for retirement income when the market is down, stick to your buckets. You have a nest egg earmarked and invested properly. Use it. And remember—it's natural for your portfolio to go up and down in value. Listener question #1: Why can't I roll over my 401k? One of my listeners, Beth, said her brother turned 65 and is not yet retired. But he rolled his 401k into a rollover IRA to make more investment choices. Beith—who is 63—contacted her 401k company and was told she can't roll hers over until she retires.  When you work for an employer with a 401k, some allow you to roll over your 401k into an IRA while you're still working for that employer (after you turn 59 ½). But depending on your employer and how the plan document is written, some 401ks don't allow you to roll over your plan. Every 401k plan is different.  Why won't I work with Wells Fargo? What unethical business practices do they employ that show they aren't operating in your best interest? Listen to find out! Resources & People Mentioned Build your retirement action plan at RetirementMadeEasyPodcast.com  Get a FREE 30-minute retirement coaching call The Retirement Bucket Strategy Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts