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How to Retire: Prioritize Tax Planning in Retirement Oct 23, 2024

Show notes

Christine Benz, Morningstar’s director of personal finance and retirement planning, interviews financial experts about different aspects of retirement in ‘How to Retire,’ the companion podcast to her book of the same name. In this episode, Christine talks with financial planning expert Jeff Levine about the importance of tax planning in retirement.
Why Tax Planning is Key When Withdrawing from Your Retirement Portfolio

Will Your Taxes Decrease in Retirement?

Key Tax Strategies for Retirees Before They Have to Take RMDs

Do Rules of Thumb for Retirement Spending Make Sense?

How to Lower Your RMD Tax Bills

How Qualified Charitable Distributions Can Help Lower Your Tax Bill

Key Takeaways

Today's episode will focus on the tricky topic of tax planning during retirement. To tackle this topic, I reached out to Jeff Levine, who is Lead Financial Planning Nerd at Kitces.com, and also serves as Chief Planning Officer at Buckingham Wealth Partners. Jeff is exceptionally good at explaining complex tax matters, so I knew that he would do a great job of delving into this topic.
More from Jeff Levine

Buckingham Wealth Partners

Kitces.com

Jeff Levine on The Long View: Smart Tax Moves for 2023 and Beyond

Read more from Christine Benz.

Can You Control Required Minimum Distributions?

The Big Retirement Myth

8 Little-Known Facts About RMDs

An Investing Road Map for Retirees

Read about topics from this episode.

4 RMD Mistakes to Avoid

How Retirees Can Avoid the ‘Tax Torpedo’

Watch more from How to Retire.

How to Retire: Transition from Saving to Spending

How to Retire: Consider a Retirement Bucket Portfolio Strategy

How to Retire: Know What ‘Enough’ Means in Retirement

How to Retire: Understand the Role of Working Longer

How to Retire: Stay Flexible with Your Retirement Spending

Read what our team is writing:

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3 Lessons From Recent Stock Market Drama

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Is Your Portfolio Built to Withstand a Market Rotation? Oct 18, 2024

Show notes

Dan Lefkovitz, Morningstar Indexes strategist, discusses why it’s important to be ready for a range of outcomes during a market rotation. Nic Owens, equity analyst for Morningstar Research Services, talks about his outlook for Boeing stock ahead of earnings.
Trends from the Q3 Market Rotation Extending into Q4

Key Moments Sparked Market Volatility

Will Value Stocks Make a Comeback?

Value and Small-Cap Stock Outlook

What’s Fueling Dividend Stocks Outperformance Against the Broader Market?

Bond Performance in Q3 and Early Q4

What Investors Need to Watch Out for in Q4

Will the Market Rotation Persist?

What’s Coming Up in the Markets?

Why Boeing’s New CEO Announced Massive Layoffs

How Boeing is Trying to Prevent a Credit Downgrade

What Boeing is Delaying and Eliminating to Move Forward

Where the Machinists’ Strike Stands at Boeing

What to Look for in Boeing’s Q3 Earnings

How Investors Should Approach Boeing Stock

Read about topics from this episode.

Q3 in Review and Q4 2024 Market Outlook

What the Election Could Mean for Big Tech Stocks

How to Use Large-Cap Stocks in a Portfolio

Boeing: Machinists Union Strike Unavoidable and Unfortunate

What to watch from Morningstar.

Inherited IRA Rules: What You Need to Know Before 2025

How to Find the Best Health Savings Account

How GLP-1 Drugs Like Ozempic Are Boosting Biopharma Stocks

Read what our team is writing:

Dan Lefkovitz

Nicolas Owens

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How to Retire: Transition from Saving to Spending Oct 16, 2024

Show notes

Christine Benz, Morningstar’s director of personal finance and retirement planning, interviews financial experts about different aspects of retirement in ‘How to Retire,’ the companion podcast to her book of the same name. In this episode, Christine sits down with Washington Post personal finance columnist and author Michelle Singletary. They talk about the difficult psychological transition from saving to spending in retirement.
Transitioning from Saving to Spending in Retirement

How to Plan for Retirement When Your Spouse Doesn’t Retire at the Same Time

Are Annuities Helpful for In-Retirement Cash Needs?

Delaying Social Security in Retirement

How Couples Can Approach Different Money Mindsets in Retirement

Key Takeaways

One of my favorite personal finance journalists is author and Washington Post columnist, Michelle Singletary. Happy to say that I've gotten to know Michelle a bit through our regular conversations. In her work and presentations, she frequently discusses her thriftiness. So, I wanted to discuss with Michelle an issue that I've observed through talking to a lot of retirees, that if they've been good savers like Michelle, it's difficult to flip the switch into spending. I asked her to discuss that transition in her own household.

More from Michelle Singletary

What To Do With Your Money When Crisis Hits: A Survival Guide, by Michelle Singletary

The Color of Money

Spend Well, Live Rich

Michelle Singletary on The Long View: 'You Need Diversity'

Read more from Christine Benz.

3 Tricky Decisions for Every Retirement Plan

We Need to Talk About Your Retirement ‘Spending’

Social Security Planning Tips for Married Couples

How to Determine Your Expected Retirement Date

Read about topics from this episode.

The Psychology of Retirement Income: From Saving to Spending

How Retirees Can Avoid the ‘Tax Torpedo’

Watch more from How to Retire.

How to Retire: Consider a Retirement Bucket Portfolio Strategy

How to Retire: Know What ‘Enough’ Means in Retirement

How to Retire: Understand the Role of Working Longer

How to Retire: Stay Flexible with Your Retirement Spending

Read what our team is writing:

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IRS Finalizes RMD Regulations: Key Takeaways and the 10-Year Rule for Beneficiaries

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Inherited IRA Rules: What You Need to Know Before 2025 Oct 11, 2024

Show notes

Secure Act Concerns

Rules for Traditional and Roth IRAs and Changes for Inherited IRAs

Will Beneficiaries Need to Withdraw RMDs Every Year?

Do People Who Inherit IRAs Still Need to Follow the 10-Year Rule?

Why Congress Wants Inherited IRA Heirs to Follow the 10-Year Rule

What Is Required of Non-Spouse Beneficiaries When Someone Passes After Starting RMDs?

What Happens if the Original Account Owner Dies Before Taking Required Minimum Distributions?

Can Non-Spouse Beneficiaries of Inherited IRAs Do a Rollover?

When Should People Born in 1959 Begin RMDs?

What You Should Do if You Skipped RMDs Between 2020 and 2024

Key Takeaway

Read about topics from this episode.

How to Avoid Unintended Distributions from Inherited IRAs and 401(k)s

4 RMD Mistakes to Avoid

IRS Extends Waiver of Excise Tax for Inherited IRAs, but Not RMDs

Inherited IRAs: What to Know About Taxes, RMDs, and More

What to watch from Morningstar.

How to Find the Best Health Savings Account

How GLP-1 Drugs Like Ozempic Are Boosting Biopharma Stocks

Don't Overlook These Crucial Parts of Your Retirement Plan

Denise Appleby, Morningstar contributor, explains the new inherited IRA rules including whether heirs need to take RMDs and follow the 10-year rule. Plus, what the next steps are if a beneficiary, who inherited an IRA since 2020, hasn’t taken RMDs yet.

Read what our team is writing:

Denise Appleby

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How to Retire: Consider a Retirement Bucket Portfolio Strategy Oct 09, 2024

Show notes

Christine Benz, Morningstar’s director of personal finance and retirement planning, interviews financial experts about different aspects of retirement in ‘How to Retire,’ the companion podcast to her book of the same name. In this episode, Christine sits down with wealth manager Harold Evensky, who inspired Christine’s work in retirement portfolio bucketing.
How the Bucket Approach to Retirement Planning Helps Investors

How the Bucket Approach Helped Keep Clients Steady During Market Downturns

Benefits of Limiting Cash in Retirement Portfolios

Why Investors Should Avoid Too Many Retirement Buckets

Why Prioritizing Goals is Most Important for Retirement Planning

The Most Underrated Aspect of Retirement Planning

Overrated Discussions in Retirement Planning

Harold Evensky’s Transition from Work to Retirement

Key Takeaways

Many of you know that I frequently talk about the bucket approach to retirement portfolio construction. I was inspired to work on bucketing after talking to Harold Evensky nearly two decades ago, and I knew that I wanted to chat with Harold for this podcast. He is the founder of Evensky & Katz/ Foldes Wealth Management and a retired professor of practice of the Texas Tech University Personal Financial Planning Department. Harold and I talked about how he hit on the bucket strategy and used it with his clients.

More from Harold Evensky

Evensky & Katz / Foldes Wealth Management

Blog

Hello Harold: A Veteran Financial Advisor Shares Stories to Help Make You Be a Better Investor, by Harold Evensky

Harold Evensky on The Long View: 'It's an Unmitigated Disaster'

Read more from Christine Benz.

Do You Need More Than 3 Buckets?

The Bucket Investor’s Guide to Setting Retirement Asset Allocation

Why Retirees and Investors Approaching Retirement Should Reduce Risk Today

Take This Simple Step As You Approach Retirement

7 Key Tasks for Investors Approaching Retirement

Read about topics from this episode.

Panicking About Market Volatility? Don’t Lose Money Chasing the Crowd

Watch more from How to Retire.

How to Retire: Know What ‘Enough’ Means in Retirement

How to Retire: Understand the Role of Working Longer

How to Retire: Stay Flexible with Your Retirement Spending

Read what our team is writing:

Follow Christine Benz on social media.

What Can My HSA Be Used For?

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How to Find the Best Health Savings Account Oct 04, 2024

Show notes

Morningstar Inc editor Margaret Giles discusses the triple-tax-benefits of HSAs, how they compare to other tax-advantaged accounts, and whether you can save too much. Greg Carlson, senior manager research analyst for Morningstar Research Services, highlights the providers that received Morningstar's top ratings.

What is an HSA?

Who is Eligible for an HSA?

HSA vs FSA

How to Maximize the Triple-Tax Benefits of HSAs

How Do HSAs Compare to Other Tax-Advantaged Accounts?

Can You Save Too Much in an HSA?

How Has the HSA Landscape Evolved Over Time?

HSA Adoption Growth and the Rise of High Deductible Healthcare Plans

How Does Morningstar Assess HSAs?

What Makes a Good HHSA for SA for Spending?

Top 3 HSA Providers for Spending

What Makes a Good HSA for Investing?

Top 3 HSA Providers for Investing

Morningstar’s Guide to the Best HSA Providers

Read about topics from this episode.

The Best HSA Providers

3 Tricks for Getting the Most Out of Your HSA

HSA vs. FSA: How to Choose One

What to watch from Morningstar.

How GLP-1 Drugs Like Ozempic Are Boosting Biopharma Stocks

Don't Overlook These Crucial Parts of Your Retirement Plan

Boating Season Is Over, but Don't Overlook These Recreational Vehicle Stocks

Read what our team is writing:

Margaret Giles

Greg Carlson

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How to Retire: Know What ‘Enough’ Means in Retirement Oct 02, 2024

Show notes

Christine Benz, Morningstar’s director of personal finance and retirement planning, interviews financial experts about different aspects of retirement in ‘How to Retire,’ the companion podcast to her book of the same name. In this episode, Christine sits down with personal finance expert Manisha Thakor to address the question of “What is enough?” when it comes to retirement.
Do You Have Enough Financial Resources to Retire?

How Retirement Spending Changes as We Age

Planning for Long-Term Care in Retirement

Non-Financial Planning for Retirement

How to Establish a Sense of Identity Away From Work

How to Take a Phased Approach to Retirement

Key Takeaways

One big question that people often grapple with as they contemplate retirement is whether they'll have enough, financially and otherwise, in retirement. To help address that question, I sat down with author and personal finance expert, Manisha Thakor. She wrote a book called MoneyZen: The Secret to Finding Your "Enough". She is also the founder of MoneyZen, which is a financial education consultancy.

More from Manisha Thakor

MoneyZen: The Secret to Finding Your “Enough,” by Manisha Thakor

MoneyZen.com

Manisha Thakor on The Long View: Finding Your Enough

Read more from Christine Benz.

How to Determine Your Expected Retirement Date

A Retirement Readiness Checklist

How Likely Are You to Need Long-Term Care?

I’m Not Ready for Retirement (but I’m Not Waiting)

Read about topics from this episode.

Your Retirement Checklist Should Go Beyond Finances

Watch more from How to Retire.

How to Retire: Understand the Role of Working Longer

How to Retire: Stay Flexible with Your Retirement Spending

Read what our team is writing:

Follow Christine Benz on social media.

2024 Biopharmaceutical Industry Landscape

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How GLP-1 Drugs Like Ozempic Are Boosting Biopharma Stocks Sep 27, 2024

Show notes

Karen Andersen, biotechnology strategist for Morningstar Research Services, discusses what GLP-1 drugs’ demand means for the biopharma industry’s five-year outlook. And whether the weight-loss drugs pose a threat to snack food stocks.

Why GLP-1 Drugs Are in Demand

Competition Between Novo Nordisk and Eli Lilly

How Expanding the Conditions GLP-1 Drugs Treats Could Influence Insurance Coverage

Are Weight Loss Drugs a Threat to Snack Food Stocks?

Big Pharma’s Looming Patent Cliff

How Medicare Negotiations Impact the Pharmaceutical Industry

What is a Biologic Drug?

Upcoming Innovations in the Pharmaceutical Industry

Which BioPharma Drugs Do We Expect to Contract?

Big Pharma’s Five-Year Outlook

Biopharmaceutical Stock Picks

Read about topics from this episode.

Obesity Drugs: Can New Firms Take Market Share From Eli Lilly and Novo Nordisk?

Investment Opportunities in the Biopharma Industry

Obesity Drug Market: The Next Wave of GLP-1 Competition

What to watch from Morningstar.

Don't Overlook These Crucial Parts of Your Retirement Plan

Boating Season Is Over, but Don't Overlook These Recreational Vehicle Stocks

5 Ways to Improve America’s Retirement Savings

Read what our team is writing:

Karen Andersen

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How to Retire: Stay Flexible with Your Retirement Spending Sep 25, 2024

Show notes

Christine Benz, Morningstar’s director of personal finance and retirement planning, interviews financial experts about different aspects of retirement in ‘How to Retire,’ the companion podcast to her book of the same name. In this episode, Christine sits down with senior nerd at Kitces.com and assistant professor of finance Derek Tharp. They talk through how adjusting your spending throughout your retirement can enable you to spend more in the long run.
How Actual Retiree Spending Deviates from Conventional Retirement Research

Why Early Retirees Can Spend More Than the 4% Guideline

How to Adjust Your Retirement Spending Over Time

How to Get Comfortable With Variability in Retirement

How to Transition from Saving to Spending

How to Account for Long-Term Care in Your Retirement Spending Plan

Key Takeaways

Hi, I'm Christine Benz from Morningstar and welcome to the How to Retire podcast. It's a companion to my book, which is also called How to Retire. Each episode will provide a bite-sized lesson about how to do some aspect of retirement well. Today's episode will focus on how to make sure that the amount that you're spending from your portfolio is reasonable. To tackle this topic, I sat down with Derek Tharp, who is a Senior Research Nerd at Kitces.com and an Assistant Professor of Finance at the University of Southern Maine. I've loved Derek's work on how adjusting your spending in retirement can actually enable you to spend more over your lifetime. I feel like it's so practical and helpful, especially for people with tight financial plans heading into retirement.
More from Derek Tharp

Derek Tharp on The Long View: An Alternative Approach to Calculating In-Retirement Withdrawals

Kitces.com

Peer Reviewed Research

Read more from Christine Benz.