Ready For Retirement

One Simple Tip to Make Spending Easy in Retirement Feb 25, 2025

One of the biggest ironies in retirement is that the people who save and invest the most often struggle the most with actually spending their money in retirement. In this video, I’ll walk you through a simple framework to make spending easier—without guilt or second-guessing.
I’ll share a compelling client story, a personal experience, and actionable steps you can take to shift your mindset and enjoy the retirement you’ve worked so hard for. If you’ve ever hesitated to spend on things you value, even when you can afford to, this is for you.
We’ll cover:

Why our money habits from the past shape how we spend (or don’t spend) today
A five-step process to help you feel comfortable spending in retirement
A practical tip that makes it easier to say “yes” to the things that truly matter

🎯 Don't let a scarcity mindset hold you back—start living your best retirement!
Questions answered:
1. Why do some retirees struggle to spend money, even when they have more than enough saved?
2. How can retirees overcome a lifetime of saving habits and confidently spend on things they truly value?

Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here

Timestamps:
0:00 - A pertinent story
3:24 - A personal story
5:10 - Steps 1& 2—acknowledge and evaluate
7:05 - Steps 4 & 5—Identify values and make it easy
9:44 - Healthy tension
12:30 - Step 5—Withdrawal and set aside
14:49 - Wrap-up

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Root Talks: How to Overcome the Scarcity Mindset and Start Spending in Retirement Feb 20, 2025

You’ve worked hard, built wealth, and reached financial security… so why is it still so hard to spend? In this episode, we dive into the unexpected challenge of shifting from a saver’s mindset to actually enjoying your money.
From a millionaire couple hesitating over a $5 bag of M&Ms to a husband upset about a bottle of Fiji water—this is more common than you think! Behavioral finance reveals why past money habits stick with us, even when we don’t need them anymore.
We’ll break down how to retrain your mindset, align spending with what truly matters, and ensure your wealth enhances your life instead of holding you back. Plus, a practical strategy to help you finally enjoy your money guilt-free!
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here

Timestamps:
0:00 - A scarcity mindset story
2:36 - Comment that sparked conversation
4:12 - Identifying the problem
7:00 - A personal story from James
10:00 - Practical takeaways
12:18 - Make small, aligned shifts
16:14 - An example from Ben
18:04 - Death is coming
19:55 - The wrap-up

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Retire Now If you Answer "Yes" to These 5 Questions Feb 18, 2025

Retirement isn’t just about the numbers—it’s about time, health, and the life you want to live. Too many people delay retirement, chasing "one more bonus" or "one more year" without considering the bigger picture.
In this video, we’ll walk through five key questions that can help you decide. If you answered yes to any of these, retirement might be closer than you think! Watch now to gain clarity on your next steps.
Questions answered?
1. How do you know if it's the right time to retire?
2. What are the risks of delaying retirement for financial reasons?

Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here

Timestamps:
0:00 - Is time passing you by?
2:30 - Is your health suffering?
3:40 - Want more time for relationships?
4:50 - What is your life and health span
6:25 - Are you financially ready?
7:59 - Wrap-up

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Root Talks: How Should I Split Retirement Withdrawals Between Pretax and Roth Accounts? Feb 13, 2025

In this episode, we're talking about the importance of a strategic withdrawal plan in retirement to keep taxes in check and set you up for long-term financial stability. Ari and I break down why a simple 50/50 split between traditional and Roth accounts isn't enough—you need to plan based on your tax situation and future needs. Using a listener's example, we walk you through how to think about tax brackets, required minimum distributions (RMDs), and when it might make sense to convert funds to a Roth IRA.
We also discuss the role of asset location—putting riskier investments in Roth accounts for tax-free growth and stable investments in traditional IRAs for withdrawals. It’s all about balancing tax strategies with your lifestyle goals. At Root, we prioritize your purpose first, and we encourage you to explore our resources, like our podcasts, YouTube channel, and community, to learn more about smart retirement planning.

Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here

Timestamps:
0:00 - The comment that prompted this chat
2:39 - Run some projections
5:14 - The benefit of Roth
7:31 - Asset location and allocation
10:07 - Root reserves
13:50 - More often than not
15:22 - Tax insurance
17:17 - Cart before the horse?
19:30 - It starts with purpose
21:33 - Where to find James and Ari

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The Most Important Thing You Can Do For Your Financial Plan Feb 11, 2025

James challenges the idea that financial security comes from always having more—more savings, more income, more investments. Studies show that no matter how much people have, they often feel like they need twice as much to feel secure. That mindset can make fulfillment feel just out of reach.
Instead, James asks: What’s one thing you could do or buy to make this year special? He shares stories like a couple who used an unexpected windfall to buy a boat—not as an investment, but to create years of unforgettable memories.
The takeaway? Money isn’t the goal—it’s the tool that helps you build a life that feels rich in the ways that matter most.
Questions answered:
1. Why do people always feel like they need more money to feel wealthy?
2. How can I use my money to create a more meaningful life?

Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here

Timestamps:
0:00 - A question and some statistics
3:07 - Steph's answer
6:00 - Other answers
8:01 - An exercise

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Root Talks: What Does Vanguard Say About Financial Advisors? Feb 06, 2025

Vanguard’s Advisor Alpha study shows that working with an advisor can boost net returns by around 3% annually through smart investing, tax planning, and behavioral coaching. But the real value? It’s not just about numbers.
Ari and James break down how advisors help clients stay level-headed, avoid costly mistakes, and feel more confident about their future. Research even shows investors with $1.2M+ report greater financial happiness with an advisor by their side.
Not everyone needs one, but knowing when professional support can make a real difference? That’s the key.

Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here

Timestamps:
0:00 - Vanguard Advisor Alpha study
1:50 - The claim and a story
3:56 - Asset allocation
7:40 - Cost-effective implementation
9:10 - Rebalancing
13:38 - Behavioral coaching
18:35 - Asset location
21:49 - Spending strategy/withdrawal order
26:17 - Total return vs income investing
27:48 - An advisor can increase your happiness

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No Taxes on Social Security? Here’s What Trump’s Plan Means for You Feb 04, 2025

For nearly 50 years after Social Security's inception in 1935, benefits were not subject to federal income taxes. That changed in 1983 when Congress introduced taxation on benefits for higher-income retirees, using a "provisional income" threshold of $25,000 for individuals and $32,000 for couples. However, these thresholds were never adjusted for inflation, leading to a significant increase in the number of retirees paying taxes on their benefits—now nearly 50%.
President Trump has proposed eliminating federal taxation on Social Security, a move that could benefit retirees financially but would accelerate the depletion of the Social Security Trust Fund, currently projected to run out by 2034. Removing taxes could shift the depletion timeline up by about a year, raising questions about alternative funding solutions. Potential fixes include raising payroll taxes, increasing the wage base, or pushing back the full retirement age. While tax relief sounds appealing, long-term sustainability remains uncertain.
Questions answered:
1. Why are Social Security benefits taxed, and how did this change over time?
2. What would happen if Social Security taxes were eliminated, and how could it impact the program’s future?

Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here

Timestamps:
0:00 - SS payments are taxed?
1:25 - Provisional income
3:18 - Trump's plans for SS
6:17 - The downsides
8:06 - The SS Trust Fund
9:19 - The challenge
11:21 - In the meantime

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Root Talks: Introducing the New Root Retirement Community Jan 30, 2025

Join the new Root Collective HERE!

Retirement isn’t just about having enough money—it’s about making the most of it. That’s why we’re launching a new retirement community designed to go beyond financial planning. Sure, we’ll cover investing, tax strategies, and estate planning, but we’re also creating a space to talk about the things that make retirement fulfilling—connection, travel, health, and purpose.
Inside, you’ll be able to engage with like-minded peers, get expert insights, and explore ideas to shape the next chapter of your life. We’ll have guest speakers, live events, and interactive discussions to help you feel confident in your planning and inspired about what’s ahead.
Root clients get free access, and for everyone else, it’s $50 per month—early adopters can join for just $20. If you’re looking for more than just financial advice, we’d love for you to be part of it.
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - A new retirement community
2:56 - Sharing experiences, creating initiatives
4:22 - Goal: best possible retirement
5:36 - Who is this for?
7:07 - Why join?
10:17 - Pricing
12:13 - The power of community

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5 Advanced Social Security Strategies to Maximize Your Retirement Income Jan 28, 2025

To maximize your Social Security benefits in retirement, it’s essential to understand five key limits and thresholds:
✅ Earnings Limit: If you start Social Security before full retirement age, benefits may be reduced if your wages exceed the annual or monthly earnings limit. Only income earned after starting benefits counts.
✅ Social Security Wage Base: This is the maximum amount of earnings subject to Social Security taxes each year. It impacts both how much you pay into the system and the benefits you may receive.
✅ Maximum Benefit: Your benefit amount is based on factors like your lifetime earnings and the age at which you begin collecting benefits. Delaying benefits increases your monthly payments, while starting early reduces them.
✅ Provisional Income: This determines how much of your Social Security benefit is taxable. Higher income levels can result in up to 85% of your benefit being taxed at the federal level.
✅ Bend Points: These thresholds influence how your lifetime earnings are converted into benefits. Lower earnings are replaced at a higher percentage, meaning early contributions can have a significant impact.
Understanding these limits helps you make strategic decisions and optimize your retirement income.
Questions answered:
1. How can I maximize my Social Security benefits and avoid unnecessary reductions?
2. What factors determine how much Social Security I will receive in retirement?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - David's question
1:47 - SS earnings limit
4:51 - Monthly numbers matter
6:04 - SS wage base
9:11 - Max SS earning amount
11:26 - Provisional income
13:32 - SS bend points

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Root Talks: How Do We Approach Team Building? Jan 23, 2025

Root Financial is redefining what it means to serve clients by putting team culture front and center. In this episode, James and Ari dive into the firm’s bold move to hire a Head of Culture—an uncommon role in financial advising—dedicated to supporting the growth and well-being of their advisors. Why? Because when advisors thrive, clients get the personalized attention they deserve.
At Root, we’re intentional about avoiding the usual industry traps, like overloading advisors with massive client lists or sales quotas that can compromise service. Instead, we focus on sustainable growth, aligning our goals with yours and using tools like OKRs (Objectives and Key Results) to stay on track.
With a Net Promoter Score of 91—well above the industry average—we’re proving that building a strong internal culture leads to happier clients and better outcomes.
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Company culture affects clients
4:08 - Ari's quick story
5:59 - Hiring a Head of Culture
10:54 - Advisors have how many clients?
14:24 - NPS and retention rate
17:28 - OKRs
20:57 - What makes Root different

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Major Social Security Bill Passed: $190B in New Benefits to be Paid After Eliminating WEP & GPO Jan 21, 2025

The Social Security Fairness Act, signed into law on January 5 by former President Joe Biden, repeals the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), which previously reduced Social Security benefits for individuals with non-covered pensions, such as teachers, firefighters, and postal workers. This change significantly increases benefits for affected individuals, in some cases by over $1,000 per month, and applies retroactively to the end of 2023.
While the law addresses long-standing concerns about fairness, it also accelerates the depletion of Social Security funds, already projected to face insolvency by the 2030s. This $190 billion expense over the next decade may force future changes, such as tax increases, higher retirement ages, or adjustments to the system. For those impacted by WEP or GPO, the law offers immediate financial relief but highlights the need for broader, sustainable reform to preserve Social Security for all beneficiaries.
Questions answered:
How does the Social Security Fairness Act impact individuals with non-covered pensions like teachers, firefighters, and postal workers?
What are the potential long-term consequences of the Social Security Fairness Act on the Social Security fund's sustainability?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - SS Fairness Act -- ex. Maria
2:46 - Bend points
4:49 - Back to Maria's situation
5:54 - Pros and cons
7:38 - Bill magnifies SS problems

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Root Talks: What's the Difference Between Root Financial and Other Advisory Firms? Jan 16, 2025

In this behind-the-scenes episode, James and Ari explore what sets Root apart in the financial advising industry. Moving beyond traditional roles like stock pickers and planners, they emphasize Root’s mission as “protectors” of clients’ most cherished goals, helping them achieve a life of purpose and fulfillment. They discuss how Root’s culture prioritizes personalized care and intentional growth, from hiring advisors who embody Root's ethos to reinvesting in services like tax planning and estate planning to enhance client experiences.
James and Ari also address how Root balances expansion with maintaining high service quality, ensuring each client feels uniquely supported. They share insights into Root’s “master plan,” which includes innovative frameworks for advisor development and creating scalable yet deeply personalized services. Root’s philosophy of holistic, forward-looking financial planning integrates life coaching elements, focusing on helping clients live richer, more meaningful lives. This episode offers a fresh perspective on financial advising, showcasing Root’s commitment to redefining the industry.
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Root in one word -- protector
3:54 - Life advisors
7:31 - Beating the waiter
9:31 - Integrating tax planning
12:45 - Services to add in the future
16:47 - Gauging fit; growth philosophy
20:23 - Client satisfaction and advisor development
24:07 - Wrap-up

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How Should You Invest $10M+? Most Underutilized Strategy Revealed Jan 14, 2025

Direct indexing, an advanced investment strategy, allows investors to own individual stocks within an index instead of a mutual fund or ETF, offering greater control and flexibility. This approach is particularly valuable for tax-loss harvesting, where selling underperforming stocks and reinvesting can offset gains and reduce taxes without losing market exposure.

Ideal for high tax brackets, concentrated stock positions, or charitable giving, direct indexing can boost returns by 0.5%-1.85% annually over decades, a benefit known as “tax alpha.” Once reserved for ultra-wealthy investors, advances in technology now make it accessible to portfolios starting at $500K. However, success requires sophisticated tools and tax expertise, making it a powerful strategy for the right investors.

Questions answered:
1. How can direct indexing and tax-loss harvesting improve investment returns without increasing risk?
2. Who benefits most from using a direct indexing strategy?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - The strategy - direct indexing
3:57 - Tax loss harvesting
7:22 - More than locking in losses
9:36 - The research
11:38 - An involved process
13:05 - Criteria 1, 2, and 3
17:04 - Criteria 4 and 5
19:52 - More accessible due to technology

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Root Talks: Behind the Scenes at Root Financial: How We Approach Team Building Jan 09, 2025

James and Ari provide a behind-the-scenes look at Root Financial, shifting from typical financial strategies to how their team operates. They discuss Root’s intentional approach to maintaining consistency in financial advising through rigorous hiring practices and its structured training program, "Root University." James emphasizes the importance of aligning advisors with the firm's ethos to ensure clients receive a consistent and personalized experience. The hiring process focuses on cultural fit, technical skills, and a shared philosophy of integrating financial planning with life goals.
Ari highlights the collaborative and values-driven workplace culture, sharing anecdotes about the thorough training process and the effort to foster long-term relationships with both clients and staff. They also hint at future episodes that will cover Root’s unique approach and plans for growth, aiming to deliver impactful services while creating a workplace where advisors thrive.
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - A peek behind the scenes
2:04 - The Root process
5:08 - The hiring process
9:08 - Associates vs lead advisors
12:31 - Book vs real-world smarts
15:11 - Who's Louis?
16:56 - Root advisors love their jobs
20:22 - Advisors choose their clients
21:37 - Future episodes

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3 Simple Steps to Retire in 2025 Jan 07, 2025

Many individuals are hesitant to retire, even when financially prepared, due to uncertainty and a lack of clear planning. This episode provides a practical guide to making retirement a reality, focusing on three key steps:

Assess Your Current Financial Health
Envision Your Ideal Retirement
Connect Financial Readiness to Goals

By addressing these steps, you can retire confidently, balancing future preparation with enjoying today.
Questions answered?
1. How can I determine if I am financially ready to retire?
2. What steps should I take to plan for a fulfilling and sustainable retirement?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Assess current financial position
2:21 - Know monthly income and expenses
4:30 - Review debts
6:46 - Envision ideal retirement
9:29 - Connect the dots
13:26 - Retire with confidence

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Here's How to Avoid a Retirement Filled with Anxiety or Regret Jan 02, 2025

In this episode of Root Talks, James and Ari dive into the reality that retirement planning can be tricky, with the fear of running out of money and the regret of underspending often at odds. The key is finding balance—spending wisely while enjoying life. Tools like projections, guardrails, and trade-off scenarios help bring clarity.
The “rule of 72” shows how compound interest can grow savings significantly over time, helping build lasting wealth.
On the flip side, too much frugality can lead to regrets, like missing out on travel or neglecting health. Intentional spending, aligned with your values and goals, is crucial for a fulfilling retirement.
Ultimately, great planning isn’t just about security—it’s about living the life you want. Strategies like Roth conversions or spending adjustments help address concerns while embracing the future.
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Fear of outliving money
3:16 - Threat of frugality and regret
6:23 - Define what could go wrong
9:23 - What ifs and contingencies
11:45 - Only retire once
15:18 - Minimize regret
19:31 - Having tradeoffs is a luxury

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How to Travel the Country and Start Living Before Actually Being Fully Retired Dec 31, 2024

LJ and Kelly share their inspiring journey of embracing a retirement lifestyle before fully retiring. Motivated by Kelly’s experiences as a physical therapist, witnessing many patients unable to enjoy retirement due to health issues, the couple prioritized travel and adventure. In 2021, they embarked on a year-long U.S. road trip, staying in Airbnbs for months at a time, visiting friends and family, and exploring cities deeply.
They emphasize meticulous planning for finances, healthcare, and logistics. By selling their home and minimizing costs, they made travel affordable, often matching their former San Diego rent. They highlight the importance of travel insurance and a proactive approach to health to maintain the ability to explore.
Their advice for aspiring adventurers includes budgeting intentionally, ignoring negativity, and embracing creativity in retirement. Kelly and LJ remind us to seize opportunities now and design a retirement filled with meaningful experiences, hobbies, and freedom from societal expectations.
Questions answered:
1. How can someone afford to travel extensively, even before retirement, without drastically increasing their expenses?
2. Why is it important to embrace travel and new experiences before traditional retirement?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Meet LJ and Kelly
2:59 - Traveling from CA to ME and back
5:51 - Planning for a year of travel
7:33 - Domestic vs international travel
11:24 - Benefits of slow travel
13:42 - The cost
17:36 - Surprises - expenses, healthcare
21:01 - Perspective of a PT
25:53 - Get some hobbies
28:09 - Three points to remember
32:35 - Final advice for future travelers

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How Many Investment Firms Should I Split my Money Between? Dec 26, 2024

James and Ari discuss diversification and the nuances of managing investments. A client plans to split his funds across multiple institutions, like Schwab and Vanguard, believing it will improve diversification, but true diversification isn’t about holding accounts at different places but ensuring varied asset allocation. Using examples, James and Ari highlight risks such as single stock and sector concentration, explaining that owning the same stock or sector across institutions offers no added diversification.
They emphasize the importance of understanding risks—like single stock, sector, and asset allocation risks—before trying to diversify. While protections like SIPC keep most investors’ funds secure against institutional failures, splitting accounts unnecessarily can overcomplicate things without real benefits. Instead, they focus on simplifying accounts, building portfolios that match your goals, and clearing up common myths about diversification. It’s all part of Root’s mission to make financial decisions and management simpler for you.
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - A question about diversification
3:10 - Single-stock and sector-concentration risk
6:37 - The S&P 500
9:24 - Grocery analogy
10:46 - Risks of too many accounts
13:09 - Ensuring assets are protected
16:19 - Guarantees vs real diversification
18:45 - Summary

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5 Biggest Retirement Fears and How to Overcome Them Dec 24, 2024

Retirement is an exciting milestone, but it often comes with common fears. With proper planning, these concerns can be addressed to ensure a fulfilling and secure new chapter. Here are five major retirement fears and strategies to overcome them:
Fear of Outliving Savings

Optimize your Social Security strategy (e.g., delay benefits for higher payouts or collect earlier to reduce portfolio withdrawals).
Save adequately by identifying your retirement goals and creating a tailored savings plan.
Conduct a test run of retirement expenses to ensure your projections align with reality.

Fear of Losing Purpose

Identify valuable aspects of work, such as routine, connection, and productivity, and replace them with meaningful activities.
Engage in social clubs, volunteering, hobbies, or fitness routines to maintain structure and fulfillment.

Fear of Healthcare Costs

Educate yourself on Medicare and supplemental policies, and consult with experts for personalized advice.
Utilize a Health Savings Account (HSA) to save tax-free for medical expenses.
Understand tax strategies for managing medical costs.

Fear of Loneliness

Build and maintain relationships through community activities, clubs, or social groups.
Be intentional about creating a support network and consider location carefully when planning retirement.

Fear of Long-Term Care Expenses

Explore long-term care insurance options to mitigate potential costs.
Assess whether your financial assets (e.g., property, pensions, portfolios) can cover care if needed.

By addressing these fears with thoughtful preparation, you can enjoy a secure, purposeful, and fulfilling retirement.
Questions answered:
How can I overcome the fear of outliving my savings in retirement?
What can I do to maintain purpose and connection after retiring?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Outliving savings
4:45 - Losing purpose
6:59 - The wrong healthcare coverage
10:25 - Feeling lonely
12:39 - Affording long-term care
14:43 - Wrap-up

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What If Social Security is Cut? Here's What it Means for Your Retirement Dec 19, 2024

Many middle-aged adults nearing retirement face anxiety over uncontrollable factors like Social Security cuts, lower investment returns, and increasing tax rates. Ari and James discuss how fear of these uncertainties can cause “analysis paralysis,” leading some to delay retirement unnecessarily. Instead of fixating on what cannot be controlled—like Congress or market behavior—they recommend proactive financial planning and modeling worst-case scenarios. For example, if Social Security were cut by 50%, retirees could rely on portfolio withdrawals or adjust spending. They emphasize flexible strategies, such as delaying benefits, working part-time, or reducing expenses to balance income needs.
Ultimately, successful retirement planning isn’t just about math; it’s about aligning decisions with personal values, like family time and health. Planning should account for changing lifestyles across retirement phases. By running realistic scenarios, individuals can gain confidence, avoid rash decisions, and retire on their terms while ensuring financial stability, even amidst uncertainty.
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Wayne's comment about SS
2:23 - Focus on what you can control
5:25 - An example
9:04 - Another example
11:55 - Multiple options
15:10 - Common mistakes
18:38 - Other considerations
21:25 - Don't cheat yourself

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Why You Should Avoid Simplistic Monte Carlo Results and Create a Real Financial Plan Instead Dec 17, 2024

Are you mistaking a Monte Carlo analysis for real financial planning? I'll explain why this common tool, often used by financial advisors, is not a substitute for a true financial plan. A Monte Carlo analysis provides probabilities of success based on investment outcomes, but it doesn’t offer actionable steps, strategies, or a clear path to achieving your goals.
I’ll break down the benefits and limitations of Monte Carlo simulations and show you what real financial planning should deliver: clarity on spending, income strategies, tax-saving opportunities, investment optimization, and a roadmap to living your best life. Don’t settle for vague probabilities—learn how a comprehensive financial plan can give you the confidence and direction you deserve.
Questions answered:
1. Why is a Monte Carlo analysis not the same as a comprehensive financial plan?
2. What should a true financial plan include to ensure success and peace of mind?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Monte Carlo analysis vs financial plan
1:34 - What is Monte Carlo analysis?
4:02 - Why a MC analysis is not enough
6:08 - Benefits of a MC analysis
7:59 - Downsides of MC analysis
11:18 - Consider of severity of failure
13:23 - Perspective and peace of mind
14:51 - What a financial plan do
17:08 - Summary

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Here's What Your Retirement Strategy Should Look Like with an $8M Portfolio Dec 12, 2024

Here’s the thing: retirement isn’t just about hitting a magic number—it’s about understanding what you actually want out of your life once work is no longer in the picture. In their chat, Ari and James dive deep into this question, starting with a listener’s email: “I’ve got $7.8 million, no debt, and I’m 57—can I retire?” Sounds simple, right? Not quite.
The duo walks through their Sequoia system, a framework designed to help people figure out whether they’re ready to retire and, more importantly, how to do it right. It starts with defining your purpose. Are you clear on how you’ll spend your time? Then it’s about crunching the numbers—your cash flow, investment strategy, and how your spending might change over time.
They stress the importance of avoiding extremes. Sure, you want to make your money last, but don’t be so cautious that you miss out on enjoying life. Taxes, estate planning, and protecting your assets round out the process. It’s not just about financial security; it’s about confidence and living with purpose. As Ari puts it: “If you’re still worried, you’re not wealthy.” Retirement should be freeing, not nerve-wracking.
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - The "simple" question
3:08 - Purpose
5:50 - Projecting cashflow
9:43 - Investments/creating income
13:50 - Taxes
18:50 - Strategies for reducing tax bills
20:37 - Insurance and estate planning
24:23 - The Sequoia System

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Top 5 Most Avoidable Retirement Mistakes Dec 10, 2024

James breaks down five common retirement mistakes and how to avoid them for a secure and fulfilling future:

Spending Wrong: Overspending risks running out of money; underspending misses out on life.
Bad Timing: Retiring too early strains finances, while retiring too late sacrifices experiences.
Ignoring Risks: Overlooking inflation or focusing only on market volatility hurts long-term stability.
Over Helping Kids: Excessive financial support can jeopardize retirement security.
No Strategy: A lack of planning for taxes, investments, and withdrawals leads to inefficiency.

Plan wisely to balance financial security with an enjoyable, purposeful retirement.
Questions answered:
1. How can retirees avoid common financial pitfalls to ensure a secure and enjoyable retirement?
2. What steps can retirees take to balance responsible spending with meaningful life experiences?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Spending the wrong amount
4:13 - Retiring at the wrong time
7:08 - Focusing on only one risk
9:58 - Too much support for adult kids
12:43 - Not having a strategy

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Root Financial's Backstory: How and Why the Company Was Founded Dec 05, 2024

In their new podcast, Root Talks, James and Ari open up about the story behind Root—their financial advisory firm—and how it grew from humble beginnings into a nationwide company with hundreds of clients, a 30-member team, and nearly $1 billion in managed assets.
James shares how the unexpected twist of being forced out of a stable financial advisor role led him to reevaluate everything. That introspection sparked the vision for Root, a firm built around purpose-driven financial planning. For him, it’s always been about using money as a tool to create meaningful lives—not just about building wealth for wealth’s sake.
Ari talks about his journey to joining Root, which started with his persistence in convincing James to bring him on board. What drew him in? The firm’s deep integrity and mission. He reflects on how his own experiences with financial stress and lack of literacy growing up inspired him to make a difference in people’s lives.
Together, they dive into what makes Root’s approach unique: blending financial management with holistic life planning. It’s all about helping clients align their money with their values and purpose.
To cap it off, they share some exciting news: Root is expanding its reach with a new YouTube channel, more social media content, and increased team engagement. It’s all part of their commitment to growth, innovation, and leaving a lasting impact on their clients and the industry as a whole.
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Root Talks
2:09 - The roots of Root
5:38 - James and Ari meet
7:22 - The vision
11:08 - Focusing on integrity, not sales
13:46 - Business challenges
17:43 - More than financial planning
23:06 - Self-starters and systems
25:59 - Final thoughts from James
27:37 - Get connected

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Unconventional Retirement Strategy: How to Save Less AND Retire with More Dec 03, 2024

Chris was burned out. Despite enjoying aspects of his work, the relentless grind of long hours and aggressive saving left him exhausted and longing for retirement. His goal was to save as much as possible, retire in a few years, and finally spend time with his wife, travel, and enjoy life. However, James, founder of Root Financial, offered surprising advice: stop saving for retirement.
After analyzing Chris’s portfolio, James discovered that the growth of Chris’s investments was outpacing his new contributions. Continuing to save aggressively was unnecessary and came at the cost of his health, relationships, and overall happiness. By redirecting funds toward enjoying life—such as taking trips, playing golf, and reducing work stress—Chris could create a more fulfilling life today without jeopardizing his financial future.
James explains that compound growth allows established portfolios to do the heavy lifting, especially later in life. He outlines five scenarios where pausing retirement savings might make sense: when you already have enough, are on track to meet goals, feel sacrifices today are too great, lack legacy goals, or don’t need tax benefits.
Questions answered:
1. When might it make sense to stop saving for retirement?
2. How can you balance enjoying life now while preparing for retirement?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Chris's dilemma and James's advice
2:45 - An example of compound growth
4:46 - Unbalanced living
7:12 - Having enough and being on track
8:53 - Sacrificing important things today
10:25 - Legacy goals and tax benefits
12:25 - Summary

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STOP! Why You Shouldn't Do a Roth Conversion Nov 28, 2024

Roth conversions are almost a buzzword today, with many people jumping into them like they’re a guaranteed fix for tax worries—much like rushing into surgery hoping it will solve all your problems. But just like surgery, Roth conversions require careful consideration, and they’re not always the right solution. Before deciding to convert, it’s essential to understand why not to do it.
Here are some key reasons to skip—or at least pause—on Roth conversions:
- Lower Future Tax Bracket: If you anticipate being in a lower tax bracket during retirement, it might not make sense to pay taxes upfront. For example, retiring and moving to a no-income-tax state like Texas can naturally reduce your tax obligations.
- No Significant RMD Issue: If your required minimum distributions (RMDs) won’t be large enough to push you into a higher tax bracket, the urgency to convert may not exist.
- Charitable Giving Plans: Those planning to donate through qualified charitable distributions (QCDs) after 70½ can leave funds in tax-deferred accounts, making those donations tax-free without needing to convert.
- Social Security Tax Torpedo: Conversions can increase your provisional income, causing more of your Social Security benefits to be taxed, effectively raising your tax rate.
- Medicare Premium Surcharges (IRMAA): Conversions can push your income above IRMAA thresholds, leading to higher Medicare premiums.
- Spending More or Retiring Earlier: Sometimes, simply increasing your spending or retiring sooner can reduce the need for conversions by naturally lowering tax-deferred account balances.
While Roth conversions can be a valuable tool, they’re not a one-size-fits-all solution. Thoughtful planning and understanding your unique financial situation are key to making the right choice.
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Roth conversions are like surgery
3:07 - Questions that prompted this episode
5:28 - Why not to do a Roth conversion
8:38 - RMDs prompt Roth conversions
10:50 - Spend more money, and retire earlier
13:27 - Rethinking what Roth conversions mean
15:12 - A financial example
18:06 - IRMA considerations
22:31 - Knowing enough to be dangerous
24:04 - More reasons to be cautious

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This is the Biggest Way People Waste Money in Retirement Nov 26, 2024

Meet Sarah—a retiree with a multi-million-dollar portfolio, no mortgage, and all her income needs covered by Social Security. Yet, she hesitates to furnish her newly expanded home, fearing it would “waste” money. In this episode, James unpacks Sarah’s story to explore why so many of us struggle to spend, even when we're financially secure.
James explores concepts like:
- The Purpose of Money: Money is a tool, not an end goal—it’s meant to be exchanged for experiences and joy.
- Diminishing Marginal Utility of Wealth: More money doesn’t always bring more happiness, especially as wealth grows.
- Time vs. Money: Time becomes more valuable as we age, making it critical to use wealth meaningfully.
- Mindset Shifts: Frugality that builds wealth can hold you back from spending in alignment with your values.
- Future Self Perspective: Align today’s decisions with the life you want in retirement to avoid future regrets.
This episode challenges traditional views on retirement spending, encouraging listeners to shift their mindset, embrace their financial freedom, and focus on living a fulfilling life.
Questions answered:
Why do we sometimes struggle to spend our money, even when we have more than enough to meet our needs?
How can you reframe your mindset to align your spending with the life you truly want to live?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Wasting $ on furniture?
1:59 - What money is
3:26 - A different view of "waste"
5:30 - Diminishing marginal utility
8:49 - Consider what serves you
11:45 - An example from Charlie Munger
14:58 - Audit your decisions
17:04 - Consider your future self
18:55 - Conclusion

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Join the new Root Collective HERE!

The Downside of Working "Just One More Year" Nov 21, 2024

Are you delaying retirement, working for "just one more year" to feel ready? In this episode, Ari and James dive into goalpost planning—the tendency to postpone retirement over financial or emotional uncertainties. Learn how to prioritize life goals over arbitrary benchmarks, like saving $1M or following a generic 60/40 portfolio strategy.
🎙️ Highlights from the conversation:

The emotional challenges of leaving work and finding purpose in retirement
Why cash flow matters more than hitting a specific savings number
Real-life example: a mid-50s teacher couple weighing part-time work, pensions, and travel
The truth about 60/40 portfolios and inflation-proof investing

Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Goalpost planning
3:09 - Procrastinating finding meaning
4:42 - Tradeoffs
6:43 - An example
9:20 - Initial analysis
12:48 - Roleplaying
15:09 - Use your PTO
18:01 - Allocation
20:39 - No cookie-cutter formula

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How Soon Before Retirement Should You Adjust Your Portfolio? Nov 19, 2024

In today’s episode of Ready for Retirement episode James covers when to adjust your portfolio as retirement nears—a crucial step for balancing growth and security. If adjustments happen too late, market downturns could delay your plans; if too early, you might miss out on potential growth.
The focus is on reallocating stocks to more stable investments like bonds as you approach the time you’ll need to start drawing from your portfolio. Historical data shows that while the stock market grows over the long term, short-term volatility can be risky close to retirement. Timing this transition, often starting about 10 years before needing funds, provides a smoother adjustment and reduces risk.
Besides financial factors, psychological comfort with market swings also matters. Striking the right balance helps ensure your retirement funds last while maintaining your peace of mind.
Questions answered:
1. When should I start adjusting my investment portfolio as I approach retirement?
2. How can I balance growth potential with stability in my retirement portfolio to minimize risks and ensure financial security?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Protect against stock market decline
2:22 - Investment fundamentals and market trends
6:12 - When will you need the funds?
8:06 - Risk capacity
10:55 - Consider dividends and interest from bonds
14:20 - Use bonds for a specific purpose
17:07 - Risk tolerance
20:59 - 5-10 years before retirement
24:36 - Goal: minimize risk and regret

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Here's How To Discuss Money Effectively With Your Parents Nov 14, 2024

Meet Ari Taublieb 👋 If you didn’t already know, Ari and I work together at Root Financial, and we thought it was finally time to launch a podcast series together.
In our very first episode, we dive into a topic that many people shy away from: talking to your parents about money. Whether it’s discussing their estate plans, long-term care, or the tough conversations around wealth, these talks can feel awkward—but they’re absolutely essential.
In this episode, we break down:
▪️ Our personal stories and insights on how to approach these conversations
▪️ Tips for handling these talks with grace and understanding
▪️ Strategies to ensure peace of mind for everyone involved
If you’ve ever felt uncertain about talking money or navigating estate planning with your parents, this episode is for you.
Subscribe to Ari’s YouTube channel
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Ari and James
2:03 - A listener's question
5:54 - Approaching parents
9:26 - Focus on the parent's needs/desires
11:13 - Start with long-term care
14:33 - Initiating conversations
18:03 - Have questions? Ask!

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7 Things You Need to Know About Roth IRAs to Maximize Tax-Free Income Nov 12, 2024

Roth IRAs offer great tax-free income benefits, but to make the most of them in retirement, here are seven things you need to know:

Contribution Limits: In 2024, you can contribute up to $7,000 annually ($8,000 if 50+), across both Roth and traditional IRAs.
Access to Contributions: You can withdraw your contributions at any time, tax-free and penalty-free. Only earnings are subject to penalties if withdrawn early.
The Five-Year Rule: To withdraw earnings tax-free, the Roth IRA must be held for at least five years.
Income Limits & Backdoor Roths: High earners may not be able to contribute directly, but a backdoor Roth strategy can help. Consult a financial advisor for guidance.
No RMDs: Roth IRAs don’t require minimum distributions, allowing your funds to grow as long as you want.
No Impact on Social Security: Roth IRA withdrawals won’t count toward your provisional income, potentially lowering your Social Security tax.
No Medicare Surcharge: Roth withdrawals don’t affect your adjusted gross income, helping you avoid higher Medicare premiums.

By understanding the points above, you can use a Roth IRA to manage taxes and increase flexibility in your retirement.
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - What is a Roth IRA?
1:38 - Free withdrawals
3:15 - The 5-year rule
4:49 - Income thresholds
6:01 - Backdoor Roth contribution
8:18 - No RMDs
9:26 - Not provisional income
12:10 - Not part of IRMA calculations
13:06 - Income requirement nuances
14:49 - Wrap-up

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3 Steps to Prepare for an Out-of-State Retirement Nov 05, 2024

Have you thought about what moving to a new state might mean for your retirement budget and lifestyle? In this Ready for Retirement episode, the focus is on preparing for an out-of-state retirement. James outlines three essential considerations for retirees planning a move:
1. Housing Costs and Expenses: From property values and local property taxes to potential capital gains from selling a current home.
2. Overall Cost of Living: Everything from groceries to utilities varies widely between regions. It’s also wise to consider personal lifestyle goals—like travel or access to nature—as these can impact ongoing expenses
3. A Solid Tax Strategy: Particularly if moving to a state with different tax laws. Retirees can benefit by adjusting their tax strategy based on the state they’ll be in, potentially saving thousands over time.
These tips offer invaluable guidance for anyone considering a fresh start in a new state after retirement.
Questions answered:
How can moving to a different state impact my retirement expenses?
What tax strategies should I consider if I plan to retire out of state?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - An overview
1:27 - Compare housing costs
4:04 - Moving to higher property tax state
6:32 - Moving to lower property tax state
7:12 - Compare cost of living
10:48 - Dial in your tax strategy
13:44 - Consider state tax rates
14:51 - Summary

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5 Things People Regret About Early Retirement Oct 29, 2024

Many dream of retiring early, but you would be surprised to learn that many people who retire early regret doing so. James reveals five things that lead people to regret early retirement and provides practical tips to avoid these pitfalls.
He explains why many individuals who retire before 65 struggle due to a lack of planning, overly conservative investment strategies, and failure to envision life beyond work. He highlights the importance of aligning financial plans with personal goals, maintaining a balanced portfolio to outpace inflation, and considering part-time work as a transitional phase. He also encourages listeners to “practice” retirement before fully committing and cautions against adhering to common retirement “rules” without understanding their context. By addressing these critical aspects, listeners can make more informed decisions and transition into retirement, at any age, with confidence.
Questions answered:
Why is it important to have a life plan in addition to a financial plan when retiring early?
What lifestyle adjustments should early retirees be prepared to make to sustain their retirement long-term?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Defining early retirement
1:15 - Not knowing what you’re retiring to
4:14 - Being too conservative
7:51 - Not considering part-time work
12:25 - Not practicing retirement
14:05 - Relying on retirement “rules”
17:26 - Being too dependent on 401(k)

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This Is the Single Most Important Thing You Can Do to Prepare for Retirement Oct 22, 2024

James sits down with someone who’s financially set to retire—mortgage paid off, kids through college, and investments in place—but he’s still grappling with one big question: what’s next?
Instead of focusing solely on financial strategies or retirement planning, James gives him some unexpected advice: start journaling. This led to a deeper conversation about finding purpose beyond optimizing your portfolio.
What would your life look like without constraints? What actually matters most to you? And how can you ensure your future is filled with meaning, not just money?
It’s not just about retiring from something but retiring to a life you love.
Questions answered:
How can I avoid feeling unfulfilled in retirement, even if I have all the money I need?
What are some practices I can do now to flush out what I really want out of life?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - A pertinent conversation
1:53 - Journaling prompts
3:00 - What matters
4:47 - Imagine no limitations
6:43 - Best, second-best, worst scenarios
10:00 - Addressing fears steps 1&2
13:22 - Addressing fears steps 3&4
16:43 - Take action
18:50 - Wrap-up

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The Complete Guide to Maximizing Your Social Security Benefit Oct 15, 2024

For many, Social Security makes up a large portion of their retirement income, so it’s important to know how to maximize your Social Security benefit. James explains how Social Security works, diving into some important foundational aspects. He then explains four key strategies for maximizing benefits:
1. Work for 35 years to avoid zero-income years in the calculation.
2. Delay benefits, if possible, until age 70, increasing payments by 8% annually after full retirement age.
3. Leverage spousal benefits, allowing a lower-earning spouse to claim up to 50% of the higher-earning spouse's benefit.
4. Plan for survivor benefits, where a surviving spouse can receive 100% of the deceased spouse’s benefits.
By understanding how these factors work, retirees can make informed decisions to maximize their Social Security income, reducing pressure on their savings and ensuring a more stable retirement.
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Questions answered:
How is Social Security funded, and how does it affect my retirement income?
How are Social Security benefits calculated based on my earnings?
Timestamps:
0:00 - How SS works
4:16 - Drilling deeper
6:27 - Full retirement age
8:08 - Work 35 years
10:08 - If possible, wait
12:17 - Spousal benefits
14:03 - Survivor benefits
17:39 - Summary

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Restricted Stock Units: The Basics of RSUs and How to Use Them Oct 08, 2024

ames responds to a question from Chris regarding restricted stock units (RSUs) and how to avoid costly mistakes when managing them. He explores whether it’s wise to hold onto company stock or diversify for a safer financial future. He breaks down how RSUs work, from vesting schedules to the tax implications of receiving stock as part of your compensation package. He also explains the critical considerations you should make when deciding whether to hold or sell vested shares and how this decision fits into your broader investment strategy.
Questions answered:
Should I hold onto or sell my vested RSUs?
What are the tax implications of RSUs, and how can I avoid mistakes?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - How RSUs work
4:24 - Like a cash bonus
7:17 - Question your performance assumptions
12:25 - How RSUs are taxed and paid
15:14 - Default withholding rate and wash sale rules

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Should We Always Pull From our Brokerage Account First in Retirement? (Hint: No) Oct 01, 2024

Patrick and Mary will soon both be retired. They are curious about what their withdrawal strategy should be as they balance various retirement accounts, including a pension, IRAs, and a brokerage account. They've been using tax gain harvesting to minimize taxes and plan to eliminate gains by 2024. A key question is whether to withdraw from their IRAs or brokerage account first, considering their state’s tax exclusion. James explains that by managing withdrawals and Roth conversions strategically, some retirees can reduce tax liability, optimize income streams, and preserve the tax-free growth of Roth accounts during retirement.
Questions answered:
Should retirees withdraw from their taxable brokerage accounts or IRAs first to minimize taxes?
How can Roth conversions and state tax exclusions be used to optimize income and lower taxes during retirement?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Meet Patrick and Mary
3:14 - Retirement taxes are different
6:37 - Consider combined tax rates
8:42 - Tax gain harvesting
12:35 - Strategizing income in retirement
16:48 - Realized gains
20:12 - A twist on traditional thinking
23:47 - The bottom line

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How to Overcome Fears of Spending in Retirement Sep 24, 2024

Ben has been a saver his entire life, which helped position him for an early retirement at the age of 53. Yet, he faces a big challenge. Having maintained his modest lifestyle, Ben’s comfortable portfolio has continued to grow and has nearly doubled in value. James and Ben discuss the challenges of making mindset shifts and the proactive steps Ben has taken to encourage himself to spend more.
Questions answered:
How did Ben decide to retire when he was in his peak earning years?
What are the steps Ben has taken to force himself to spend more?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Meet Ben
2:36 - A lifetime saver
5:28 - Confidence to retire early
6:41 - Retirement reality vs expectations
9:12 - The appeal of retirement
11:46 - The biggest challenge - spending
14:13 - A growing portfolio
17:33 - The lure of subsidies

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Retire Happy: Build a Personalized Retirement Plan that You Can't Wait to Live Out Sep 17, 2024

Monique aspired to retire early, and while she had faithfully saved throughout her working years, she wasn’t sure if she had enough to retire. After getting assurance from professionals, she took the plunge and quit working. Monique and James talk about the first two years of her retirement – how she’s been able to focus on her health and pursue some hobbies she didn’t have time for previously. Monique also shares some surprising challenges related to spending, travel, and family dynamics.
Questions answered:
What can retirees who are natural savers (and have more than enough) do to loosen the purse strings and spend more?
What does Monique wish she had done differently during her working years in preparation for retirement?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Meet Monique
3:58 - 5 years before retiring
8:03 - Money impressions from childhood
10:47 - Transition to retirement
15:06 - Spending and travel challenges.
20:50 - Family pressure and self-awareness
25:51 - A spending exercise
32:19 - Better physical and mental health
35:53 - Persons and social changes
39:01 - Advice for younger self

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Unexpected Retirement: Finding Happiness and New Adventures Sep 10, 2024

Elaine didn’t decide to retire at age 57, but changes in her company meant an early retirement for her. Being caught off guard, she didn’t feel emotionally prepared to make the shift, even though she knew that her family would be fine financially.
One year into her retirement, she found her groove by focusing on her family, building new relationships, trying new things, and staying physically active. Today she says she’s never been happier.
James and Elaine discuss how she found her footing in retirement, the advice she would give her younger self, and the plans she and her husband have for when they are both retired.
Questions answered:
How did Elaine find the activities and community she is now enjoying?
What advice would Elaine give to others on the verge of retirement?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Meet Elaine
2:55 - The “decision” to retire
4:44 - The loss of income
6:05 - New social outlets and new routine
8:15 - A year to make shifts
11:19 - Advice for younger self
13:58 - Search for activities; don’t say no
16:21 - Challenges and advice
18:37 - What’s next
19:58 - Try new things; build relationships

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Facing Health Challenges in Retirement and Learning to Reconnect with Your Spouse Sep 03, 2024

After his father lost healthcare coverage in retirement and had to pay for a major health event with savings, Derek was highly motivated to ensure sufficient coverage in retirement. He even considered leaving the job he loved for one with better healthcare and retirement benefits.
Derek shares his retirement journey with James, including:
➡ Decisions he made pre-retirement
➡ How he addressed healthcare concerns
➡ How his perspective on life and giving back has shifted
➡ How he and his wife prepared for the changes retirement would bring to their marriage
Questions answered:
What are some questions my spouse and I could explore now in preparation for when we’re spending more time together in retirement?
What is Derek’s advice for soon-to-be retirees?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Meet Derek
3:23 - Importance of healthcare
6:48 - Health in retirement
10:07 - A new perspective and purpose
14:13 - Financial concerns and readiness
16:29 - The biggest challenge
19:30 - Adjustments in the marriage
23:13 - Derek’s advice
26:11 - Final thoughts

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How to Thrive in Retirement by Embracing the Unknown Aug 27, 2024

Chris has been retired for a little over a year while his wife has continued to work. Now that Chris has “tried on” retirement and found the fit good, his wife will likely join him within the year. In his conversation with James, Chris, who could be described as goal-oriented and one who likes to be prepared, talks about the pros and cons of retirement. He’s found that by staying flexible, maintaining an adventuresome spirit, and focusing on giving back, retirement can be quite fulfilling. And he’s paved the way for his wife to retire with confidence.
Questions answered:
What sort of conversations could spouses be having before and during retirement about goals and expectations?
How will relationships with colleagues shift and change in retirement?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Meet Chris
3:50 - Impressions regarding retirement
6:17 - Preparatory conversations
9:09 - Decompressing and adjusting
12:24 - Purpose and mystery
15:59 - Exploring and serving
21:19 - Missing colleagues
25:57 - One spouse retiring first
29:41 - What’s next and final advice

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The Benefits of a Retirement Community and How to Find Your Purpose in Retirement Aug 20, 2024

Meet Joe Sullivan, who found the first few years of retirement very difficult. Community is important to Joe, but he wasn't getting sufficient, routine social interaction to make meaningful connections while living in rural Virginia. He found his groove once he moved to a retirement community in Florida.
James and Joe discuss the phases of retirement and what those phases have looked like for Joe. Joe emphasizes the importance of remaining flexible and trying new things as retirees explore who they will be in retirement and what will bring them the most satisfaction and joy.
Questions answered:
How can I test the waters to see if a retirement community is a good fit for me?
What is Joe's advice for new retirees?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - Meet Joe Sullivan
3:07 - The decision to retire
5:28 - Impressions vs real retirement
9:11 - Needing something else
10:39 - Retirement community decision
12:05 - Before and after the move
14:32 - Finding purpose
17:16 - Phases of retirement
20:08 - Joe’s advice
22:05 - Emotional preparation
24:32 - Next phase of Joe’s retirement
26:07 - Final thoughts

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Introducing the New Ready For Retirement Aug 13, 2024

Ready for Retirement is on a mission to be the most valuable source of retirement information in the world. In that light, we’re making some changes. The biggest change is that rather than James doing all the talking, he’s inviting people like you to be part of the show. Some of you have real-life retirement advice to share. Others of you have questions that James can address. Ready for Retirement is poised to be a place for both. Get all the details in today’s episode.
Questions answered:
How will the format of the Tuesday YouTube video and the Saturday podcast change?
How can I participate?
Submit your request to join James:
On the Ready For Retirement podcast: Apply Here
On a Retirement Makeover episode: Apply Here
Timestamps:
0:00 - A new format
1:41 - Upcoming podcast changes
2:56 - Retirement makeovers on YouTube
4:23 - How to participate
6:39 - How to apply
7:43 - Wrap-up

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Am I Too Old for Roth Conversions? 3 Things to Consider Aug 06, 2024

Gary is a 73-year-old with $8 million in savings. Despite having substantial assets, he’s concerned about missed opportunities for Roth conversions as he faces significant required minimum distributions.
James encourages Gary to reassess his investment strategy, particularly the bond funds in his Roth IRA, and align his tax planning with his broader financial goals. By doing this, Gary could make more informed decisions that support his retirement goals and charitable aspirations.
Questions answered:
How can I give money to friends and family without them incurring a huge tax bill?
What advice do you have for someone who has more than enough but has a hard time switching from saving mode to spending mode?
Timestamps:
0:00 - Gary’s question
2:04 - More wealth = less freedom?
5:16 - The controlling factor
7:22 - An exercise
10:09 - Living life; investment allocation
12:49 - Giving considerations
16:09 - Medical expenses considerations
18:45 - Modeling
20:40 - Summary

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3 Key Factors to Consider Before Paying Your Mortgage Off in Retirement Jul 30, 2024

Connor plans to retire soon and wonders if he should pay off his mortgage of $300,000 or invest those funds, especially since he has a low interest rate. James gives a detailed response and reveals why there is no one-size-fits-all answer. When it comes to having a mortgage in retirement, math and spreadsheets can help with part of the question, but emotions and personal values should be considered too.
Questions answered:
Should you pay off your mortgage as you head into retirement, especially if you secured a low interest rate mortgage in recent years?
How should you weigh the financial benefits of investing available funds versus the emotional peace of mind of being debt-free in retirement?
Timestamps:
0:00 - Connor’s question
1:36 - An example scenario
4:51 - Interest rates
6:22 - Tax considerations
9:13 - Tax-adjusted mortgage interest rate
12:13 - Sequence of returns
15:27 - Peace of mind
17:07 - Conclusion

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Pre-Retirement Tax Planning: Things to Know to Save Big in Retirement Jul 23, 2024

Retirement tax planning should begin well before retirement. Listener Jodie, with over $2 million in assets in various types of accounts, is concerned about the high tax bracket she anticipates she be in in retirement. Is there a tax strategy that would put her in a lower tax bracket?
James explores some often-overlooked tax strategies that can save retirees thousands in retirement, especially for those like Jodie with diverse portfolios.
Questions answered:
How could my home be part of my tax strategy?
How can understanding different income sources and account types can help minimize tax burdens in retirement?
Timestamps:
0:00 - Jody’s question
3:54 - The home
7:06 - Inflation and tax thresholds
11:04 - Cash flow vs taxable income
15:07 - Withdrawal strategy
19:30 - Summary

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Social Security Demystified: Calculating Taxation, Provisional Income, and the Tax Torpedo Jul 16, 2024

Listener Michael asks about how Social Security is taxed, the rationale behind the 50% and 85% tax thresholds, and the implications of these taxes on Social Security and IRA withdrawals.
James responds by explaining how Social Security is taxed at the federal level, highlighting the concept of provisional income and the thresholds that determine the taxability of benefits. He notes state taxation of Social Security, explaining that most states do not tax these benefits and naming the ones that do.
He also explains practical strategies for managing Social Security taxes, including the Social Security tax torpedo, and how to incorporate these considerations into broader retirement and tax planning.
Questions answered:
How is Social Security income taxed at the federal level, and what are the provisional income thresholds?
What is the Social Security tax torpedo, and how does it impact the effective tax rate on retirement income?
Timestamps:
0:00 - Michael’s question
1:06 - How SS is taxed
3:15 - Provisional income thresholds
5:21 - Another example
7:13 - Thresholds for married filing jointly
8:41 - SS state taxes
9:59 - How to pay taxes on SS
12:26 - SS tax torpedo
14:27 - Effect on Roth conversions

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The Roth Conversion Sweet Spot: Maximize Retirement Savings (And Avoid Costly Mistakes) Jul 09, 2024

Listener Nael opens up a discussion about Roth conversions. There are benefits to doing Roth conversions, but can you do too many? Are there any downsides to Roth conversions?
Reaping the tax benefits from Roth conversions requires hitting a specific sweet spot. If you convert too little or too much, you’ll be leaving money on the table.
So, how do you find Roth-conversion the sweet spot? James lays out five things you should consider as you plan when and how much to convert:
1. Macro and micro tax environment
2. Required minimum distributions
3. State tax brackets
4. Charitable giving
5. Legacy planning
Questions answered:
How might a future out-of-state move impact Roth conversion decisions?
What impact might Roth conversions have on charitable giving or legacy gifts?
Timestamps:
0:00 - Question from Nael
2:20 - The wrong
4:27 - The right way
7:21 - The reality
9:12 - Macro/micro tax environment
11:19 - RMDs and state taxes
15:36 - Charitable giving
17:12 - Legacy and life expectancy
21:22 - Wrap-up

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How to Estimate Your Tax Bill in Retirement (And How to Pay it) Jul 02, 2024

David has a question about taxes in retirement: When you’re retired and no longer getting a regular paycheck from which your employer withheld tax payments on your behalf, how do you estimate the taxes you’ll owe?
To answer this question, it’s important to understand where income in retirement will be coming from and how that income is taxed. Once you have an idea of what you’ll owe, you need to make estimated tax payments throughout the year.
James explains how Social Security, withdrawals from pre-tax accounts, pensions, and brokerage accounts are taxed, and he explains how and when to make estimated tax payments to the IRS.
Questions answered:
What is the Safe Harbor Rule and how is it relevant to estimated taxes?
Is all income in retirement taxed the same?
Timestamps:
0:00 - David’s question
2:09 - Estimated tax payment options
5:28 - Back to David’s question
7:48 - Types of income – SS
11:02 - Pre-tax retirement accounts
13:53 - Average vs marginal tax rate
15:50 - Pensions
17:26 - Brokerage accounts
21:20 - How to make estimated tax payments
23:23 - Other considerations

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Retirement Income Strategies: IRA vs. Brokerage Withdrawals (The Tax-Smart Choice for Retirees) Jun 25, 2024

Mark asks a common question – What should I do regarding my withdrawal strategy? Should I first pull from my brokerage account or my IRA?
There is no one-size-fits-all answer, but James provides a framework for creating a strategy to increase your odds of getting the most out of your money saved. He walks through the pros and cons of first pulling from your IRA versus a brokerage account, taking into consideration required distributions, tax rates and strategies, capital gains, Roth conversions, tax gain harvesting, and charitable giving.
Questions answered:
What are the tax implications of giving to family members versus charities?
How should capital gains affect my withdrawal and tax strategy?
Timestamps:
0:00 - Mark’s question
3:12 - Pros of pulling from IRA
7:24 - Lower tax rate today
9:27 - Cons of pulling from IRA first
11:38 - Charitable giving
13:58 - Pros of brokerage pulls
18:40 - Other potential pros
21:39 - Cons of pulling from brokerage
26:03 - Things to consider
30:50 - Wrapping up

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The Four Phases of Retirement with Dr. Riley Moynes Jun 18, 2024

Dr. Riley Moynes, author and creator of a popular TED Talk joins James to discuss his own retirement which led him to become the author of The 4 Phases of Retirement. While Dr. Moynes was financially prepared for retirement, he wasn’t prepared for the boredom and depression that followed the first two years of retirement fun. As it turns out, his retirement path was far from unusual.
Dr. Moynes shares what leads to a truly meaningful retirement and how you can prepare now for a meaningful, deeply satisfying retirement, one that is about much more than vacations and golf.
Connect with Dr. Riley Moynes:
Website: https://thefourphases.com/
YouTube Channel: https://www.youtube.com/@rileymoynes545
TedX Talk: https://youtu.be/DMHMOQ_054U?si=wr1B3lw5ysc05GPS
Book: https://thefourphases.com/buy-the-book/
The Workshop: https://thefourphases.com/book-a-workshop/
Questions Answered:
Why are some people unhappy in retirement, and is there a way to prevent that?
What are some reflective questions that can set me on the path to a satisfying retirement?
Timestamps:
0:00 - Dr. Riley Moynes and his research
4:55 - Phases 1&2 - vacation and boredom
9:57 - Phases 3&4 - trial and reinvention
12:45 - Ask the tough questions
16:06 - Skip Phase 2 and 3?
18:39 - Pre-retirement preparations
22:52 - Service to others
26:05 - Summary

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Planning for Large Costs in Retirement | Beyond the 4% Rule Jun 11, 2024

Listener Sherry asks a good question: How do large, one-off expenses (like a new roof, new car, etc.) fit in the 4% Rule?
James explains the concept of the 4% Rule and its limitations while demonstrating how it can be an effective guideline in planning and forecasting retirement success.
He addresses the importance of anticipating one-off expenses and, depending on your portfolio withdrawal rate, using sinking funds to get a reality check on where you stand.
Questions answered:
Are one-off expenses covered in the 4% Rule?
Who should be concerned with creating sinking funds for one-off expenses?
Timestamps:
0:00 - Sherry’s question
3:19 - Shortcomings of the 4% Rule
5:30 - Look at income and outcome
6:58 - Portfolio withdrawal rate
10:51 - Example of no margin
13:02 - Sinking funds
16:57 - New reality check
18:49 - Consider the duration of expenses
20:17 - The wrap-up

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Early Retirement Health Insurance Strategies | Roth Conversions vs. ACA Subsidies Jun 04, 2024

Healthcare subsidies are like a tax break and should always be optimized, right? That seems like an easy question that should have a straightforward answer. But the correct answer is, “It depends.”
Cole from Move Health is back, as he and James explain how advanced premium tax credits work, when you might not want to take them, and why it’s imperative to have a financial plan and a tax strategy in mind as you make healthcare insurance decisions. They share case studies and remind listeners that we don’t need to feel intimidated regarding healthcare in early retirement. We just need to be informed.
Questions Answered:
Who is eligible for advanced premium tax credits?
When should I not try to optimize healthcare subsidies?
Timestamps:
0:00 - ACA coverage
2:19 - Advanced premium tax credits
4:59 - Determining subsidies
8:09 - Modified adjusted gross income
9:36 - Estimating income
13:17 - Optiming premiums and subsidies
15:28 - Tax/subsidies strategies
18:56 - A case study
21:43 - When to optimize subsidies
27:10 - Another case study
29:34 - Tips and takeaways

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Health Insurance Options for Early Retirement May 28, 2024

We meet many people who are in a position to retire early. But when they think about healthcare in retirement and not being eligible for Medicare until age 65, they feel stuck, even though they’re ready for retirement in every other way.
Cole Craven of Move Health Partners chats with James about the healthcare options that are available for early retirees and why there is no one-size-fits-all, “best” solution. He also lays out a general timeline for ensuring a smooth transition between your current healthcare, early-retirement healthcare, and post-age 65 healthcare.

Questions Answered:

What are my healthcare options if I retire before age 65?

What are advanced premium tax credits, and how can I make the most of them?
Time stamps:
0:00 - Cole Craven on early retirement
4:05 - 5 pre-65 retirement healthcare options

9:35 - Determining the best option

11:38 - Advanced premium tax credits

13:27 - Upcoming ACA changes

16:16 - Is low-income strategy a good idea?

18:50 - How/where to get coverage

22:03 - Timeline for pre-and-post 65

24:32 - Wrap-up

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Everything You Need to Know About Medicare: Q&A with a Medicare Expert May 21, 2024

Drew Shockley of MOVE Health Partners joins James to address questions about Medicare. He overviews the Medicare system, explains Parts A, B, C, and D, and breaks down what Medicare does and doesn’t cover, who is covered, and when/why you might want alternative coverage.
Questions Answered:
I’m 65, still working and qualify for Medicare, but I have health coverage through my employer. What should I do?
Does Medicare provide good, reliable coverage?
Timestamps:
0:00 - Medicare overview
5:28 - About enrollment
9:49 - Part C, Advantage vs traditional
16:26 - Switching plans
19:26 - Plans F, G, etc.
22:56 - Plan D
26:11 - Dental and vision
28:25 - Fear about coverage
33:09 - Denied coverage?
35:19 - What Medicare doesn’t cover
37:24 - Other options
39:08 - MOVE Health Partners

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How to Prepare for Retirement Within 5 Years: 401k, Savings & Investment Changes May 14, 2024

Graham and his wife are in their early 50s and plan to retire in 5 years. He wonders if they should continue maxing out their 401ks, how their investments should change, and what they should do with savings accounts to best prepare for their retirement goals.
James addresses these questions, Graham’s biggest risk as he nears retirement, and potential tax strategies for him to employ.
Questions answered:
Which is a better tax strategy – tax gain harvesting or Roth conversions?
Do I need to have a dedicated emergency fund in cash?
Timestamps:
0:00 - Graham’s question
3:16 - The move from single position
5:43 - Identify biggest risk
8:00 - Tax gain harvesting and Roth conversions
12:14 - Tax strategy
15:14 - Two variables to consider
20:44 - Max out 401k plans?
22:07 - A question of tax
24:52 - Tax plan in action
26:44 - Concern about emergency savings

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How to Know When You Should Stop Saving for Retirement (and What to Do Next) May 07, 2024

Drew, a burnt-out, financially responsible 40-something father of two, hopes he can scale back from his stressful job and still be okay when it’s time to retire. James offers a practical and philosophical take as he tackles Drew’s question. He demonstrates how to determine when Drew and his wife will be in a good position to fully retire. He also challenges listeners to assess their spending and saving habits and to strike a balance between planning for an unknown future while still finding fulfillment, freedom, and purpose today.
Questions answered:
How can I determine if I can stop saving for retirement?
What introspective questions should I ask now to help me live well pre- and post-retirement?
Timestamps:
0:00 - Drew’s question
2:07 - Two mindsets
6:08 - Assess current and future needs
7:33 - Projection exercise
11:28 - Working backwards
14:50 - Working 10 more years
18:21 - Back to the initial question
19:47 - Considering growth rate
21:38 - A philosophical question
23:52 - 3 Levers
26:07 - Check spending/saving habits

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3 Simple Steps to Determine If You Can Retire Apr 30, 2024

How do you know if you can retire? It seems straightforward, but the answer is far from simple. Beyond portfolio balances and age thresholds, there are other things to consider. James explains his three-step test to determine your retirement readiness.
By pulling together principles from the 4% Rule, straight-line projection, and a Monte Carlo analysis, you can assess whether your portfolio can sustain your desired lifestyle over decades amid various market conditions. However, these tests alone don’t paint the complete picture. James emphasizes the importance of considering other assets like potential inheritances or property downsizing to more fully and confidently evaluate when you can retire.
Questions Answered:
How can I determine if I’m financially ready to retire?
Is the 4% Rule sufficient for determining retirement readiness?
Timestamps:
0:00 - Consider withdrawal rate
2:14 - 4% Rule
5:12 - Not a perfect strategy
7:39 - Straight line projection
9:09 - Downside of SL projection
11:07 - Monte Carlo test
13:07 - Understand severity of failure
16:20 - Defining success,
18:25 - Looking ahead

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Tax Planning for Widowed Retirees: How to Optimize Your Tax Strategy Apr 23, 2024

Jennifer, 54, plans to retire soon. Her husband, 70, is retired, on Social Security, and dealing with some severe health issues. Jennifer worries about possibly becoming single in retirement, which could result in a higher tax bracket for her.
Jennifer is considering whether to convert her traditional accounts to Roth to lower future taxes or to change her contributions to Roth 403b, even if it means paying more taxes now. James walks us through several factors for her to consider and demonstrates why her future tax situation is likely not as dire as she thinks.
Questions Answered:
How should Jennifer maximize her retirement savings in light of her current financial situation and future tax implications?
What factors must Jennifer consider when deciding whether to convert her traditional retirement accounts to Roth or change her contributions to Roth 403b?
Timestamps:
0:00 - Jennifer’s question
4:46 - Retire early for tax benefits?
6:05 - Roth conversion strategy
8:43 - Consider future expenses
12:38 - Assess SS strategies
13:56 - Consider living situation
15:54 - The conversion question
17:54 - Main takeaways

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Lump Sum vs. Annuitization: Tax Implications for Your Non-Qualified Annuity Apr 16, 2024

Joe is planning for retirement and wants to minimize his tax burden, especially on the interest earned from his three annuities. James explains that non-qualified annuities are purchased with post-tax money and offer tax deferral on growth until withdrawal. When taking out funds, the principal is tax-free, but earnings are taxed at ordinary income rates.
He explores strategies for tax-efficient withdrawals. He also touches on annuities, options like a 1035 exchange to transfer an annuity into a different product for improved performance, the tax implications for heirs, and early withdrawal penalties before age 59 and a half.
Questions Answered:
How are non-qualified annuities taxed upon distribution, including both lump sum and annuity options?
What strategies can be implemented to keep the tax burden as low as possible when withdrawing from non-qualified annuities?
Timestamps:
0:00 - Joe’s question
1:52 - Non-qualified annuity overview
5:11 - Potential tax strategies
10:02 - Annuitization option
12:31 - Annuity regret
13:22 - 1035 Exchange
14:33 - Things to know

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At What Age Should I Work with a Financial Advisor? Apr 09, 2024

Deciding to work with a financial advisor is about more than how much you've stashed away. It's also about determining whether an advisor's benefits outweigh the costs.
In your higher earning years, finances become more complex. More money means more decisions and more chances to make mistakes or miss out on opportunities. That's where a quality advisor can come in handy. They help you steer clear of bad investments, seize the right opportunities, and keep financial stress at bay.
Having more than one perspective to draw from is the key to well-informed financial decisions. Teaming up and talking it out, whether with your partner or a financial advisor, is always beneficial.
Questions answered:
How can I determine whether working with a financial advisor is worth it for me?
What factors should I consider when deciding if I need a financial advisor beyond just my age or income level?
Timestamps:
0:00 - Not an age-related decision
2:43 - Value and pricing structure
4:12 - Natural conflicts
7:24 - When benefit exceeds cost
10:02 - Cost of mistakes
12:18 - Cost of missed opportunities
14:16 - Cost of anxiety
16:02 - Thought partnership
21:36 - Summary

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Sell, Rent, or Borrow? Best Ways to Use Home Equity in Retirement Apr 02, 2024

Listener Ray is wondering what to do with his home as he embarks on a nomadic, van-life journey in retirement. Should he sell it to finance his travels or retain it for potential appreciation and cash flow?
James explores the nuances of home ownership as an asset versus an investment. He considers cash flow and leverage as he looks at Ray’s three options – sell, rent, or borrow – while emphasizing aligning financial decisions with personal goals and aspirations.
Questions Answered:
Why shouldn’t I consider my home an investment?
What are the key financial considerations for retirees when deciding whether to sell, rent them out, or explore other options?
Timestamps:
0:00 - Ray’s question
1:56 - Why a home isn’t an investment
4:38 - Do you want to be a landlord?
8:22 - The financials
10:14 - Asset appreciation
11:30 - Cashflow
15:04 - Leverage
19:02 - What should Ray do?
20:33 - Reverse mortgage

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Pay ZERO Capital Gains Tax vs Roth Conversions in Retirement: How to Determine Which is Best Mar 26, 2024

Listener Drew asks about a tax strategy for juggling capital gains and Roth conversions. While it can be a complicated question – especially when large accounts are involved – James provides some general guidelines that can be helpful for anyone with similar gnarly tax strategy challenges in retirement.
In this episode, we’ll cover the extent to which required distributions will be an issue, what you need to alleviate that issue, and the timeframe within which you have to do that.
James explains how to work backward to project your various tax brackets and determine how to prioritize tax gain harvesting, Roth conversions, and other tax strategies.
Questions Answered:
What is tax gain harvesting?
What is the tax planning window and how do I use it to my advantage?
Timestamps:
0:00 - Drew’s question
2:50 - Determine use for each asset
5:59 - Tax gain harvesting
11:10 - Back to Drew
15:30 - James’ priorities for Drew
18:41 - Usually not either/or
20:07 - Working backwards
24:50 - General principles
29:50 - Tax planning window
32:16 - Summary

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Tax-Smart Strategies for Wealth Transfer: Secure Your Family's Future Mar 19, 2024

James responds to listener Jerry’s question about the optimal time to distribute inheritance or charitable gifts: before or after passing away.
James walks listeners through four important things to consider when it comes to gifting and inheritance: your gifting goal, whether you have a strong desire to see the assets gifted within your lifetime, the tax implications of various types of gifts, and what to do with assets you plan to retain for now but are intended for future generations.
Questions Answered:
Should I give my children and grandchildren their inheritance before or after I die?
What are the tax implications to my children when I gift them my assets?
Timestamps:
0:00 - Jerry’s question
2:20 - What is your gifting goal?
3:38 - Gift during your lifetime?
6:51 - Timing and priorities
9:17 - Different tax implications
12:08 - Exemption amounts
14:13 - Tax implications to child
15:33 - Proper beneficiary designations
21:41 - The right time horizon
24:45 - Summary

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Roth Conversion Strategies to Protect Your Spouse's Future Tax Burden Mar 12, 2024

A listener says, “Eventually, one spouse will pass before the other, which will often catapult the survivor into a significantly higher tax bracket. Shouldn’t a Roth strategy take this into account?”
James explores several factors that could positively and negatively impact a survivor’s tax liability and what to consider when creating a Roth conversion strategy.
Questions Answered:
How can Roth conversions benefit married couples beyond tax savings?
What factors should be considered when determining the optimal strategy for Roth conversions to protect a surviving spouse?
Timestamps:
0:00 - Steve’s question
3:40 - An example
6:41 - 3 changes
12:32 - Positive impacts
15:22 - RMD calculations
16:45 - Widows tax penalty
19:46 - When to do Roth conversions
23:40 - Big age gap
28:45 - Start with a good reason
29:57 - The bottom line

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Should I Fund my Retirement Needs by Purchasing an Annuity? Mar 05, 2024

Jason and his wife face a crucial decision: whether to purchase an annuity or pursue traditional investments as they prepare for a full-time, slow-travel retirement.
With a diverse array of income sources, including pensions, 401k, property sales, and Social Security, they estimate their monthly expenses at $7,500. James analyzes their situation, emphasizing the balance between annuity stability and investment flexibility.
He highlights the security of annuities and explains their limitations, guiding the couple towards a tailored approach that aligns with their goals and circumstances.
Questions Answered:
What are the pros and cons of annuities?
How can I effectively balance the stability of annuities with the flexibility of traditional investments?
Timestamps:
0:00 - Jason’s question
3:07 - Pros and cons of annuities
6:32 - Assessing Jason’s situation
9:52 - The role of Jason’s portfolio
11:40 - Annuity alternatives
13:23 - Support your retirement vision
16:54 - Integrate financial plan and portfolio

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How Should I Invest Bucket #1 of my Retirement Portfolio (3 Bucket Strategy) Feb 27, 2024

The "Three Bucket Strategy" is a popular retirement income planning method. The first bucket covers immediate expenses in retirement. Listeners John and Donna are seeking advice on constructing their first bucket. With $1.6 million in assets and pension incomes, they aim to retire in 2026.
James analyzes their needs, income sources, and portfolio and lays a foundation for their Bucket #1. It's crucial to bridge the gap between expenses and income, considering risk capacity and tolerance.
Questions Answered:
How do you divide assets into the three buckets, and what is the purpose of each?
What role do risk capacity and risk tolerance play in determining portfolio allocation?
Timestamps:
0:00 - John and Donna
3:36 - The bucket approach
5:50 - Start with expenses
8:53 - Non-portfolio income sources
11:23 - Identify and bridge the gap
13:06 - Assessing their portfolio
14:53 - Portfolio dividend yield
16:49 - Do you need Bucket 1?
19:16 - What is the specific need?
21:07 - Risk capacity
23:22 - Test contingencies

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At What Point Should I Take the Tax Hit on Unrealized Gains? Feb 20, 2024

Benjamin, nearing retirement at 65, faces a familiar dilemma with his taxable account housing expensive mutual funds. Despite their underperformance, converting to low-cost index funds entails a significant tax hit due to long-held appreciable value.
James explains weighing the immediate tax consequences against the risk of holding onto underperforming assets. He also provides a framework for assessing risk, identifying options, and making decisions based on personal financial goals.
Questions Answered:
How can you decide whether to sell underperforming mutual funds or continue holding onto them?
What factors should you consider in determining whether converting to low-cost index funds aligns with your financial goals and risk tolerance?
Timestamps:
0:00 - Listener question from Benjamin
2:17 - Tail wagging dog?
3:52 - Benjamin’s situation
5:31 - WCS of selling vs not selling
11:17 - Be careful about tax drag
12:47 - Rethinking the break-even point
14:11 - Consider your goal for the money
17:17 - Identify the bigger risk
19:26 - Make your decision
20:26 - Will your tax situation change?
24:20 - Consider staggering sales
28:21 - Summary

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Maximize Your Early Retirement: Should You Save to 401k or Brokerage Accounts? Feb 13, 2024

Typical retirement strategies assume a retirement age of over 60. With an earlier retirement goal, a careful look is required to determine what strategies will create the best outcome. James responds to a listener’s question about where to invest as he anticipates an early retirement. James walks through the steps of Root’s Sequoia System to explore options for early retirement scenarios.
Questions Answered:
How does early retirement impact traditional retirement planning strategies, such as the 4% rule?
When deciding between retirement accounts (e.g., 401k) or brokerage accounts for pre-60 funds in early retirement, what factors should be considered?
Timestamps:
0:00 - Question about early retirement
2:21 - Is early retirement possible?
3:30 - Why the 4% rule doesn’t apply
6:08 - Assessment of Juan’s situation
8:11 - The Sequoia system Step 1 - purpose
10:16 - Step 2 - retirement income
12:49 - Relying on SS benefit?
14:09 - Withdrawal strategy
15:32 - Sourcing funds from age 50-59
17:20 - Brokerage vs 401K
20:22 - A part-time income scenario
23:04 - Consider how expenses might change
25:14 - Step 3 - investment planning
28:09 - Steps 4 & 5- taxes and protection

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Safe Withdrawal Rate Myths: Debunking 3 Common 4% Rule Mistakes Feb 06, 2024

The 4% rule helps us understand how much we can safely take out of our portfolio each year without running out of money in retirement.
Yet, as simple as the 4 percent rule seems, the practical implications are drastically misunderstood. I explore the three common mistakes people make when applying this rule and how to avoid them.
Questions Answered:
How do RMDs impact the 4 percent rule?
Does the 4 percent rule account for changes in expenses and income sources?
Timestamps:
0:00 - Questions from listeners
1:26 - Misconception 1 - RMD
3:27 - 4% rule applies to portfolio
5:51 - Assumption of 30 years retirement
7:51 - Misconception 2 - annuity distributions
10:01 - An example
12:33 - Misconception 3 - static cash flow
13:42 - Examples of changes
17:44 - Summary

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Secrets to a Happy Retirement: What the Research Shows Jan 30, 2024

Retirement is not just about financial readiness; it's also about finding purpose, passion, and personal growth.
James and guest Cynthia Meyer debunk the arrival fallacy, the illusion that reaching retirement will bring lasting happiness.
Having structure in retirement and pursuing your passions is vital to feeling fulfilled. Although it's easy to fall into comparing our retirement experiences to those around us, this is a dangerous trap. Finding what's truly important to you and following that will lead to much greater happiness.
Questions Answered:
What is the arrival fallacy?
How can retirement coaching help you find freedom and fulfillment in retirement?
Timestamps:
0:00 - Arrival fallacy
1:25 - Retire…then what?
3:58 - Structure in 4 chunks
6:06 - Risks of no structure
7:59 - Procrastination
9:35 - Finding your passion
12:33 - Microsteps and consistency
14:32 - Prodding the brain
17:01 - Not just for retirement
20:33 - Passion follows commitment
22:43 - Experiment and be flexible
24:20 - Be careful of stereotypes
26:17 - Rewire retirement
28:08 - Advice and resources

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What's the Right Roth Conversion Amount to Avoid a Tax Nightmare in the Future? Jan 23, 2024

Sammy, a 51-year-old retiree, is seeking advice on how much she should convert from her traditional IRA to a Roth IRA each year to avoid jumping tax brackets and minimize the taxation of her social security benefits.
James analyzes Sammy's current financial situation and offers guidance on approaching the tax planning aspect of her retirement strategy.
Learn:
How to determine how much to convert from an IRA to a Roth IRA
Why forward-looking tax planning is essential
The potential consequences of certain financial decisions
Questions Answered:
What factors should you consider in planning Roth conversions?
How can you avoid going into a higher tax bracket?

Timestamps:
0:00 - Sammy’s Roth conversion question
2:29 - The Roth/tax rules today
4:58 - Tax on different types of income
7:24 - Some assumptions
10:19 - Figuring tax and making assessments
12:28 - RMD part 1
15:33 - RMD part 2
17:25 - Caution about tax bracket assumptions
21:58 - Important side note
23:45 - Takeaways

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How to Maximize Social Security Spousal Benefits Jan 16, 2024

James addresses a common concern for a couple approaching retirement through a listener’s question. Listener Rob plans to collect Social Security early at 62, raising questions about his wife’s retirement.
Understanding Social Security strategies to avoid potential losses during retirement is important.
James explains the intricacies of spousal benefits, detailing how they are calculated based on the primary earner's full retirement age benefit.
Key Takeaways:
-Wait until full retirement age to maximize spousal benefits
-Primary earner must start to start collecting for the spouse to be eligible
-Nuanced calculations involving the spouse's own retirement benefit
Questions Answered:
When should a spouse collect Social Security spousal benefits?
How are spousal benefits calculated?
Timestamps:
0:00 - A listener’s question
3:00 - Two SS options
5:17 - Spousal benefit amounts
7:24 - When spouses can collect
8:55 - Spousal + primary benefits
11:59 - Implications of collecting early
14:16 - The good news
16:00 - The key takeaways

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Bond Ladders in 2024: How to Build a Bond Portfolio for Your Retirement Jan 09, 2024

As one listener prepares for an early retirement, James discusses the situation, covering how to build a bond ladder based on non-retirement funds.
James provides a different way of looking at the stock-to-bond conversation.
Learn how to determine the appropriate amount to have a bond ladder and whether you should own individual bonds or bond funds as a part of that ladder.
Questions Answered:
How do you balance risk capacity and risk tolerance in portfolio allocation?
How do you build an effective bond portfolio for retirement?
Timestamps:
0:00 - Listener case study
2:37 - James’s perspective on bonds
7:42 - Considering purchasing power
10:18 - Balance of stocks and bonds
13:39 - Dividends are typically resilient
16:40 - All bonds not created equally
20:30 - Bond ladder
23:09 - Different types of bonds
24:51 - Withdrawal strategy
26:39 - More on bonds
30:09 - 3 questions to consider

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3 Ways to Protect Against Sequence of Return Risk in Retirement Jan 02, 2024

James explores the concept of sequence of return risk in retirement planning. Most people are unaware of how risky this is, as it doesn’t become an issue until you begin living off your portfolio.

Responding to a listener’s inquiry about early retirement, James dives into the potential impact of market timing on retirement outcomes.

Learn three actionable strategies:

Ensure a reasonable initial withdrawal rate.
Implement a suitable withdrawal strategy.
Own a diversified mix of assets.

Questions Answered:

How does sequence of return risk impact retirement outcomes?

How can early retirees protect against sequence of return risk?

Timestamps:
0:00 - Ben’s question
3:19 - Sequence of returns matters
6:48 - 3 projections to consider
11:49 - The 4% rule
16:05 - Considerations for early retirees
18:57 - 3 protective takeaways
22:15 - Summary

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Should We Sell Stocks to Make a Large Purchase? Dec 26, 2023

Should you sell long-term stocks for a real estate investment?
I walk through one listener’s question and explain what you need to consider before making such a decision.
Aside from the obvious–is it a good financial investment–you also need to consider if it's a good emotional decision.
Learn:
➡ The tax implications: how are capital gains taxed differently?
➡ How to compare the dividends of a bond to those of a property investment
➡ What important factors and questions need to be carefully accounted for
Questions Answered:
When does it make sense to sell long-term stocks for real estate investments?
How can you determine the “dividends” of a real estate investment?
Timestamps:
0:00 - Trade stock for real estate?
2:55 - Calculate yield
6:39 - Consider net operating income
9:15 - Other considerations
12:36 - Calculate taxes
18:57 - Quick summary

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Am I Crazy For Paying My Financial Advisor $25k/year? Dec 19, 2023

When you’re doing well financially, paying advisor fees might seem unnecessary. So do you need an advisor if you’re already in a good place?
Having a successful retirement isn’t just about not running out of money; it’s about what more you can do.
Through a real-life client story, I explain how having an advisor’s perspective to implement the right strategy can be more valuable than the cost of their fee.
Advisors can help you avoid biases in the way you invest and plan. They can ensure you have the right withdrawal strategy and don’t overpay on taxes. When handling finances for yourself, you may worry about what you could be missing. A good financial advisor will give you peace of mind, knowing you have all the right information.
It’s important to reframe your thinking: Is the cost of your advisor justified by the value provided?
Questions Answered:
What’s the opportunity cost of not having an advisor?
What value does an advisor provide when you are stable financially?
Timestamps:
0:00 Financial advisor vs DIY
3:37 Does an advisor add value?
8:30 Story of lost opportunity
12:27 Understand the bigger picture
13:41 Being ok vs optimizing
17:44 Risk of wrong withdrawal strategy
21:13 Risk of overpaying taxes
22:20 Continuity costs
23:27 The real goal
27:31 Appropriately compare

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When Should You Collect Social Security if Your Spouse is Much Older? Dec 12, 2023

James addresses a listener's question regarding Social Security strategies in retirement. Sasha, aged 59, seeks advice on when to start collecting Social Security, considering her husband's benefits and their overall retirement plan.
James emphasizes the importance of considering spousal benefits, survivor benefits, and age gaps in making this decision. He explores the complexities of Social Security analysis, encouraging listeners to run break-even calculations based on the assumed age of the first spouse's death rather than just life expectancy.
James also shares a real-life example where delaying one's own benefit and collecting a survivor’s benefit early can be a strategic move. When choosing a Social Security claiming strategy, evaluate the broader impact on taxes, withdrawal rates, asset allocation, and legacy considerations.
Questions Answered:
How does the age gap between spouses impact the Social Security claiming strategy?
What factors should be considered when deciding on your Social Security claiming strategy?
Timestamps:
0:00 - Sasha’s SS question
2:19 - Analysis of Sasha’s situation
5:51 - The challenge
9:08 - When assumptions don’t pan out
12:29 - General principles
16:08 - Look at the whole picture

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Roth IRA Tax-Free Withdrawals: 5-Year Rule Explained Dec 05, 2023

James explores the nuanced aspects of Roth IRAs, shedding light on intricacies that can confound even experienced investors.
Through a listener question from Manfred, a retiree contemplating a $50,000 conversion from a 401k to a Roth account, James dissects the crucial five-year holding period and the order in which contributions, conversions, and earnings are treated during withdrawals.
James also provides clarity on distribution rules, exceptions, and strategic considerations, offering a comprehensive guide to navigating the complexities of Roth IRAs for optimal retirement planning.
Questions Answered:
How does the timing of subsequent conversions impact the application of the five-year rule?
In Roth IRA withdrawals, what is the specific order of operations, and what implications does that have?
Timestamps:
0:00 Manfred’s question
1:39 Get the cheatsheet
2:37 Understanding source nuances
7:01 The five-year rule
8:37 IRS’s order of operations
11:59 Exceptions to the rule
13:49 Only a small impediment
16:14 Back to Manfred’s example

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Retire Happy: How to Navigate Your Retirement Transition with Joe Kuhn Nov 28, 2023

When we think of retirement, it often evokes dreams of leisure, relaxation, and the freedom to pursue one's passions. Yet, the decision to retire is not merely about leaving a career; it's about embarking on a new chapter filled with purpose and fulfillment. Joe Kuhn, a seasoned retiree and creator of the "Joe Kuhn Loves Retirement" YouTube channel, shares valuable insights gained from his personal journey.
Retiring to Something, Not Just From Something
Rather than focusing solely on leaving behind the stresses of work, Joe advocates for retiring to something meaningful. His emphasis on having specific plans, hobbies, and activities in retirement resonates with the idea that the transition isn't just a departure; it's an arrival into a new, purposeful phase of life.
Slow Travel and the Joy of Unplanned Adventures
James and Joe discuss the concept of "slow travel," an approach that involves savoring the journey rather than rushing to the destination. By embracing the beauty of unplanned adventures, he emphasizes that retirement opens up the possibility for individuals to explore at their own pace, fostering a deeper connection with the world around them.
Adaptability and Embracing Change
Joe shares the evolution of his retirement plans, demonstrating the importance of being open to change. Unforeseen events, such as the COVID-19 pandemic, forced him to reevaluate his consulting work, inspiring his YouTube channel’s transformation into a retirement coaching platform. Joe's story underscores the resilience required in retirement, encouraging individuals to navigate the uncertainties with flexibility and a willingness to explore new paths.
Slowing Down and Recognizing Stress
Joe reflects on the shift from a high-stress, task-oriented mindset to a more relaxed and balanced lifestyle. The act of slowing down, evident even in routine tasks like mowing the lawn, becomes a metaphor for the broader shift in priorities during retirement. Joe's candid revelation about being unaware of the stress he carried during his working years prompts listeners to reconsider their own well-being and the impact of stress on health.
Spending Less and Financial Realities
Contrary to expectations, Joe reveals that he is spending significantly less than initially estimated. Adjustments in car usage, changes in insurance, and a transition to streaming services contribute to this surprising revelation. It is important to carefully assess finances and the need to adapt spending habits in retirement based on changing circumstances.
Confidence to Spend and Seeking Support
Joe addresses a common fear amongst retirees – the confidence to spend money. Despite having sufficient resources, many individuals hesitate due to economic uncertainties. Joe advocates for seeking support, such as from financial advisors, to gain confidence in financial decisions. Retirement is not just about financial planning; it's about developing the confidence to enjoy the fruits of one's labor.
Joe Kuhn's journey through retirement offers unique insights for those contemplating or navigating this significant life transition. From the importance of retiring to something meaningful to the adaptability required in the face of unforeseen challenges, Joe's experiences provide a roadmap for creating a fulfilling retirement anchored in purpose, flexibility, and financial mindfulness.
Timestamps:
0:00 Emotional prep for retirement
1:34 Joe retires at 54
4:54 Fear versus time
10:04 Retire to (not from) something
14:57 Try different paths
19:44 Adjust to a slower pace
24:42 Release hidden stress
26:55 Spending in retirement
3

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Tax-Loss Harvesting Strategies to Maximize Your Benefit and Avoid Costly Mistakes Nov 21, 2023

Tax loss harvesting is a strategy that investors use to reduce their tax bill. However, there are many misconceptions about tax loss harvesting, including when it's valuable and how to do it effectively.
James debunks some of the most common myths about tax loss harvesting and explains how to use this strategy to your advantage.
Questions Answered:
How can investors benefit from tax loss harvesting by offsetting capital gains and ordinary income taxes?
What are the rules and limitations surrounding tax loss harvesting, including the wash sale rule?
Timestamps:
0:00 Intro
3:59 Listener example
6:26 Identify a replacement security
11:17 Example
17:20 Capital losses
20:30 Looking at tax loss harvest
23:44 Intentionally realizing gains
24:25 Outro

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How to Teach Your Adult Children to Plan for Retirement Nov 14, 2023

James walks through a framework of how you ensure that your legacy goals include more than just leaving a chunk of money to your kids when you're gone.
He explains the key concepts that can help your child develop strong money management skills. From starting early to diversifying your investments, learn how you can help set your child up for financial success
Questions Answered:
Why is it important to start investing for retirement early in life?
How does early investment preparation not only benefit your retirement but also your financial well-being in your younger years?
Timestamps:
0:00 Intro
3:42 Here's where to start
7:36 Owner vs lender
13:46 Diversification
15:42 Starting early
18:26 Why it matters
21:53 Where are you investing?
25:11 Questions to consider
26:08 Outro

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Is Your Portfolio Big Enough to Benefit From Roth Conversions? Nov 07, 2023

What are the benefits of Roth conversions in retirement planning? James addresses questions about when Roth conversions become worthwhile.

This episode explores key factors:
Changes in tax bracket
Spousal scenarios
Impact of portfolio size on tax savings
Potential tax savings tend to increase with a higher portfolio balance but be careful not to take unnecessary Roth conversions. James explains different strategies to optimize tax planning.
Questions answered:
Is there a specific portfolio value at which Roth conversions should be considered?
Why might one choose not to do a Roth conversion, and what are the alternatives?
Timestamps:
0:00 Intro
3:14 Scenario
6:47 Tax bracket
11:15 Provisional income
14:27 Spousal scenario
16:45 Bottom line
20:29 Outro

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Does It Ever Make Sense to Purchase an Annuity? Oct 31, 2023

Have you ever wondered if purchasing an annuity makes sense for you?
There are two conflicting opinions from financial advisors: some advocate for annuities while others advise against them. James explores the concept of being a fiduciary and the challenges of understanding the financial advisory industry. He covers when annuities may be a suitable option, such as providing guarantees, protecting against longevity, guaranteeing core expenses, and the benefits of Qualified Longevity Annuity Contracts (QLACs) in reducing required minimum distributions.

There is no one-size-fits-all approach to financial planning. Your individual circumstances and goals will determine whether annuities are the right choice. It's always a good idea to seek professional advice and review all your options when making decisions about annuities.
Questions answered:
Is an annuity a suitable financial product for retirement planning?
What factors should you consider when deciding whether to purchase an annuity?
Timestamps:
0:00 Intro
2:51 What is a fiduciary?
8:43 Explaining annuities
10:53 The wrong way to look at it
13:23 Another way to look at it
17:53 When is there a case for an annuity?
19:49 Another case
22:06 Qualified Longevity Annuity Contract
24:40 Outro

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Pretax vs Roth- Which is Better for You If You're in the 24% Tax Bracket? Oct 24, 2023

If you're in a high tax bracket now and expect to remain in a high tax bracket after retirement, should you prioritize pre-tax retirement accounts or Roth retirement accounts for individuals?
James answers this and discusses various factors to consider in making this decision, including current and future tax brackets, required minimum distributions (RMDs), charitable giving, life expectancy, and the impact on heirs. Using a real-life scenario, James offers a thoughtful approach to help you make an informed decision based on your unique circumstances.
Questions Answered:
Should individuals in high current tax brackets prioritize pre-tax retirement accounts or Roth retirement accounts?
What impact will required minimum distributions (RMDs) have on your future tax situation?
Timestamps:
0:00 Intro
3:48 Considering Roth contributions
7:05 Example
13:25 Charitable giving
15:42 Life expectancy
18:18 What about your heirs?
20:52 Outro

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Here's How a Pension Should Change Your Investment Strategy Oct 17, 2023

James debunks common misconceptions about retirement portfolio allocation and explains how to factor in your pension, social security, and other fixed-income sources into your plan.
He discusses the importance of dividends in assessing investment performance, risk capacity and tolerance, and how mastering them can help determine your optimal retirement portfolio allocation.
Questions answered:
How should you allocate your portfolio in retirement, considering pensions, social security, and other fixed-income sources?
What is risk capacity, and how does it factor into portfolio allocation in retirement?
Timestamps:
0:00
3:34 The wrong way
5:09 The right way
5:14 Example 1
7:59 Risk capacity
14:53 Example 2
19:05 Another consideration
21:00 Risk tolerance
21:40 Example 3
22:28 The emotional side
24:35 Outro

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Your Retirement Roadmap: A 5-Step Plan to Retirement Readiness Oct 10, 2023

In this episode, James emphasizes the importance of having a well-thought-out financial plan for retirement, rather than relying solely on the size of your investment portfolio. Financial security doesn't come from a specific portfolio number but from having a comprehensive plan.

Using a listener's question, James walks through a step-by-step approach to assessing retirement readiness. He discusses aspects like income planning, investment strategies, tax optimization, and protection through insurance and estate planning.

Shifting your mindset from a saving mentality to a spending mentality in retirement allows you to fully enjoy your savings. Learn how to determine if you'll be financially secure in retirement and how to optimize your financial resources to enhance your overall retirement experience.
Questions Answered:
How do you assess your retirement readiness?
How can you optimize their retirement plan to enhance their overall retirement experience?
Timestamps:
0:00 Intro
1:26 Listener question
4:03 The bills
6:03 Alternative strategy
10:36 The first thing we looked at
12:55 How to maximize
15:35 Your investments
18:58 Risk capacity
21:05 Deductions
23:19 Big picture consideration
25:28 Outro

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How to Break Up with Your Financial Advisor Oct 03, 2023

In this episode James explores signs that may indicate it's time to move on from a current financial advisor and discusses the professional and respectful ways to handle this transition. There are three core aspects to consider when contemplating the change:
Deciding to Leave:
The first step involves recognizing signs that it may be time to move on.
Telling Your Advisor:
James provides two scripts for notifying your financial advisor about your decision.
Handling Logistics:
After the decision to switch advisors is made, there are several logistical considerations.
James highlights that making the decision to switch advisors can be emotionally challenging, but ultimately, it's a crucial step in securing your financial future.
Questions Answered:
How do you decide if it's time to leave your financial advisor?
What's the best way to tell them that you're leaving?
How do you handle the logistics?
Show notes links:
When Should You Work with a Financial Advisor?
https://www.youtube.com/watch?v=1V1X-dovlF4
Script: Break up with your Financial Advisor
https://docs.google.com/document/d/1IwYM5DDcvm0FEtkc99Lf9sy840wmGfhLm62-o7NmMpg/edit
Timestamps:
0:00 Intro
1:18 How to decide
7:00 How to tell them
8:10 Script 1
9:09 Script 2
11:03 Script 3
15:28 The logistics
17:54 Outro

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Spend Guilt-Free: How to Shift from a Savings to Spending Mindset in Retirement Sep 26, 2023

One of the most ironic things about retirement spending is that the people who have saved the most money are often the same ones that have the most difficult time spending that money.
We often think that if we save up enough money or build up enough of a portfolio that in retirement it will open up unlimited fun and enjoyment.
The reality is, for those who have saved well, one of the hardest things you'll find about retirement is the difficulty you'll likely face trying to spend some of that money.
James discusses how you how you can shift your savings mindset to a spending mindset.
Questions Answered:
Why is it so difficult to go from a savings mindset to a spending mindset?
How do we start making the shift with our mindset?
Timestamps:
0:00 Intro
4:57 James' perspective
7:48 Example
10:47 We need to realize this
14:52 How do we reframe?
16:58 Pillar 1
18:38 Pillar 2
19:19 Pillar 3
20:36 Pillar 4
22:25 Pillar5
24:34 Summary
27:18 Outro

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Donor Advised Funds - The Secret Weapon for Tax-Efficient Charitable Giving Sep 19, 2023

The majority of people who participate in some level of charitable giving in retirement aren't getting a tax deduction for any of it. While external reasons should drive charitable giving, you should absolutely look to maximize the tax effectiveness of any giving you're already doing.
In this episode, James covers how to optimize your tax benefits, detailing donor-advised funds, an often-overlooked tool for maximizing your tax benefits.
Learn about when to write off cash contributions, gift appreciated securities, and how your mortgage can play a role in the deductibility of your giving.
Questions answered:
What should you do differently with your tax strategy when making charitable donations?
When does a donor-advised fund make sense for you?
Timestamps:
0:00 Intro
1:28 Deductions
4:02 Why it matters
6:15 Donor advised fund
11:03 Important information
14:16 When does it make sense?
17:43 When does it not make sense?
23:09 Outro

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The Tax-Smart Way to Consolidate Your Retirement Accounts Sep 12, 2023

By the time you get to retirement, it is not uncommon to have many different accounts at multiple different institutions. You may be wondering, "How do I begin the process of consolidating everything without paying a bunch in taxes or penalties?"
In this episode, James covers three types of taxes you're likely to encounter when consolidating: ordinary income, capital gain, and early withdrawal penalties. He also explains strategies to sidestep these taxes and penalties and how to decode your current allocation to pinpoint your income needs.
Questions answered:
What is a good strategy for consolidation?
How do you ensure you won't get penalized for consolidating?
Timestamps:
0:00 Intro
1:55 The situation
5:18 Capital gains
8:46 Income taxes
14:03 401k plans
17:31 Allocation
21:21 Alternatively
23:45 Outro

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The Retirement Portfolio Shift- How to Make the Transition Smoothly Sep 05, 2023

It’s common knowledge to have a different portfolio allocation before retirement than you actually have in retirement. But how and when do we actually go about making that change?
This episode is based on a listener question: Alan, has a portfolio mix weighted too heavily in stocks. As he shifts into retirement, he is looking to have a new allocation strategy.
James discusses how to shift into a different allocation, when the right time to do that is, and what makes the most sense for Alan’s situation.
Questions Answered:
How do we shift into a new allocation strategy?
When should you begin that process?
Timestamps:
0:00 Intro
3:08 The framework
8:41 Where should you hold assets?
14:14 What’s the timing?
18:14 In summary
19:11 Outro

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Are Adjustable Rate Mortgages Right for You in a High Interest Rate Environment? Aug 29, 2023

Are short-term savings using an adjustable rate mortgage worth the risk of rate hikes? In this podcast, we cover how adjustable rate mortgages (ARMs) work, how they differ from fixed-rate mortgages, and the reality of their adjustment periods.
James uses a real-life scenario to dive into the comparison of adjustable and fixed-rate mortgages. Learn how to plan for the worst-case scenarios and evaluate the benefits and drawbacks of each option.
Questions answered:
Is it better to get a fixed rate mortgage, or is it better to get an adjustable rate mortgage?
What is the risk versus reward?
Timestamps:
0:00 Intro
3:10 Buying a home
5:18 How ARMs work
7:24 Why use an ARM?
10:11 What's the risk?
14:07 When not to get an ARM
16:15 When to get an ARM
18:50 Other considerations
20:21 Analysis
21:06 Outro

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How Rising Interest Rates Should Impact Your Pension Decision (Lump Sum vs Annuity) Aug 22, 2023

How can rising interest rates impact your pension value?
In this week's episode, we analyze a real-life scenario from our listener, Mark, who is weighing the pros and cons of an early retirement, a higher lump sum, or a commit to an annuity.
Learn how to calculate the imputed returns of an income annuity and how to determine if taking the lump sum and investing it would be the better option.
Questions Answered:
What considerations and calculations can be used to decide between a lump sum payout or an annuity?
Are you working against yourself by continuing to work?
Timestamps:
0:00 Intro
2:40 Mark's question
4:24 Unpacking it
7:38 Don't do your analysis this way
14:09 Here's how to do your analysis
18:54 Risk
19:58 Planning
20:50 Takeaway
24:47 Outro

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What's the Best Way to Fund a Remodel During Retirement? Aug 15, 2023

If you’re retired, you can’t wait around for the next bonus or stock to vest when you have a large expense. When you’re on a fixed income it’s more important than ever to find the best way to pull funds for large expenses.

In today’s episode, James explains how to find the best way to pay for large expenses in retirement while answering a listener’s question.

Questions Answered:

Should you use IRAs (or other assets), cash, or finance to pay for large expenses with today’s high-interest rates?

What considerations should you take into account when planning for a big expense in retirement?

Timestamps:
0:00 Intro
3:48 Cashflow
8:46 Taxes
10:52 Timing
13:14 Example
20:58 Investment
27:04 Legacy
30:32 Outro

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Here's the Right Way to Determine How Much Individual Stock to Hold Aug 08, 2023

How much of your portfolio is safe to hold in one individual stock?
While 5% or 10% is typically recommended, rules of thumb like these are often irrelevant and harmful. The right answer depends upon your specific situation.
James explains the right way to determine how much individual stock you should hold based on your situation.
Questions Answered:
How much is okay to have in an individual stock?
What conditions make owning individual stock acceptable or unacceptable?
Timestamps:
0:00 Intro
2:02 Monica's story
3:30 Individual stocks
5:02 Example 1
7:45 Conditions
10:18 Technicalities
12:37 Example 2
14:34 Emotional implications
16:11 Framework
19:43 Portfolio size
21:49 Time best spent
22:50 Underperforming
25:07 Why diversify?
27:01 Outro

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Ask Yourself This Question to Transform Your Retirement Aug 01, 2023

What do you think is the key to a successful retirement?

By asking yourself the right questions and being intentional about using money to enrich life, you can live more presently in the moment and enjoy a meaningful and successful retirement.

James explains the most important question to ask yourself so that you can transform your retirement.

Questions Answered:

How do you get the most out of life with your money by living intentionally?
How do you live intentionally for a more meaningful life?

Timestamps:
0:00 Intro
2:37 The email
6:42 The responses
9:46 Points to note
12:03 Steph’s story
13:35 Important things to think about
15:30 Outro

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What Age Should I Collect Social Security If I Don’t Need It? Jul 25, 2023

For many people, Social Security will be their primary income source in retirement, but some individuals have sufficient assets or income from other sources, making them less dependent on Social Security benefits.
James explains the factors that can affect when you should collect Social Security and how to create a dynamic strategy.
Questions Answered:
What if you have sufficient assets/ income that you don't depend on Social Security for your retirement needs?
How should that change your approach to collecting social security?
Timestamps:
0:00 Intro
2:36 If you don't need Social Security
5:40 First thing to look at
7:48 Listener's situation
10:11 Working in retirement
12:50 The second thing to look at
14:30 The third thing to look at
15:44 The fourth thing to look at
17:15 Examples
20:18 Needing cash down the line
24:49 Final thoughts
25:22 Outro

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Is It Possible to Have Too Much in Roth IRAs? Jul 18, 2023

Description
There are a lot of good reasons to put your money into a Roth account. But does it make sense to have all your money in Roth accounts?
The truth is, there is a point at which it's potentially harmful to continue putting money into Roth accounts.
James explains the nuances of Roth accounts and tax planning, while answering a listener's question.
Questions Answered:
Is there a point at which you can have too much in a Roth account?
How can you use tax planning in retirement?
Timestamps:
0:00 Intro
1:17 Listener question
3:59 Short answer
5:41 Example
8:04 Tax planning
9:10 Eample
11:45 Two questions
14:18 Charitable giving
18:22 Example
20:57 Outro

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Do We Have Enough for Retirement? [Plus Bonus Worksheet] Jul 11, 2023

How much it will cost to meet your needs is one of the hardest parts to understand about retirement. Relying on conventional wisdom will only get you so far, and may even lead you astray.
In this episode, we explain how to get an accurate sense of your retirement expenses while walking you through a real example from a listener question.
As a bonus, we are including a free worksheet for you to use:
Retirement Cash Flow Planner
Questions answered:
How can you tell if you're financially on track for retirement?
What do you do before social security kicks in to supplement income?
Timestamps:
0:00 Intro
3:10 Listener question
3:57 A few things to consider
6:00 Here's where to start
10:23 Where does the rest go?
13:07 Steps 1 and 2
16:31 Their portfolio
18:31 Retirement expenses
21:50 Income strategy
23:40 Outro

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Here's When It Makes Sense to Rent In Retirement Jul 04, 2023

Many people believe that when you're retired, you need to own your own home, ideally without a mortgage. But there are instances where renting can make more sense, not just financially but for several other reasons.
In this episode, James discusses the pros and cons of owning versus renting and when it makes sense to rent instead of own.
Questions answered:
In what instances does it make more financial sense to rent than own?
What other reasons might factor into the decision to rent?
Timestamps:
0:00 Intro
3:33 Cost of rent rising
6:00 Less control
7:22 Equity
9:00 First issue: tax implications
11:49 Second issue: budget
15:08 Lifestyle
18:44 Your health
19:56 Example
23:20 Emotional factors
24:33 Outro

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Everything You Need to Know About RMDs (Required Minimum Distributions) Jun 27, 2023

Required Minimum Distributions work differently depending on the type of account. How can you most effectively plan for them?
Today we're talking through everything you need to know about RMDs so you can understand their nuances and create a plan to best address them.
Questions Answered:
At what age do you need to take an RMD?
What accounts do you have to take an RMD on?
Timestamps:
0:00 Intro
2:59 At what age do you need to take out an RMD?
4:19 How much is the RMD going to be?
7:40 What accounts do you have to take an RMD on?
9:25 Basic rules
11:26 Spouse and non-spouse inherited IRAs
16:11 Extra benefit
20:07 Exceptions to the rules
23:54 Keep this in mind
25:55 Example
32:26 Outro

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[Case Study] How to Prepare for Early Retirement Jun 20, 2023

For people who are planning to retire early, planning for retirement can be especially daunting.
There are many different points to consider, but the most important is ensuring that your income stream will sustain you for the rest of your life.
Today’s case study examines someone who is looking to retire early so that you can understand what framework and approach to apply to your own situation.

Questions Answered:
What do you do for income when you no longer receive a paycheck?
What sort of strategies do you use for taxes, medicare, withdrawal, etc?

Timestamps:
0:00 Intro
1:11 Today’s question
4:11 Considerations
6:55 Strategy and Expenses
9:34 Recommendations
11:30 Implications
13:27 Are they on track?
18:35 A couple of things you can do
22:22 Adding in Social Security
25:42 Quick thoughts
27:34 Outro

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Here’s How You Can Tell If a Roth Conversion Is Right For You Jun 13, 2023

One of the best things you can do for your portfolio is to implement the right tax strategy. Each situation is unique and requires a personalized approach.
Using a listener’s question, James explains one specific example to show when and how to implement the right strategy.

Questions Answered:
Why should or shouldn't you do Roth conversions?
What should you be mindful of when doing Roth conversions?
Timestamps:
0:00 Introduction
0:53 Listener question
4:03 Two core things to focus on
5:56 Should we do a Roth conversion?
7:13 Taxable income
9:16 Lower tax bracket
11:24 Taking a basic look
14:21 Gray area
16:40 Control the balance
19:31 Big picture plan
20:41 Outro

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How to Manage Cash Reserves in Retirement Jun 06, 2023

Managing your cash reserves in retirement can get complicated quickly between living expenses, multiple income streams, taxes owed, etc.

James explains how you should manage your cash reserves based on your financial plan and answers a listener’s question.

Questions Answered:

How do you incorporate cash needs and short-term assets into your bigger-picture portfolio?
How does that change from working years into retirement years?

Timestamps:
0:00 Intro
0:44 Listener question
2:42 Review of the week
4:09 Three “buckets”
5:30 Other tax accounts
6:57 Emergency fund
7:51 Example
10:39 Free access to your accounts
12:45 Savings accounts
14:37 Reframing your view
16:14 Cash vs portfolio
18:05 Outro

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5 Things You'll Wish You Knew Before You Retired May 30, 2023

When you retire, there are surprising things you’ll wish you knew beforehand. Unlike social security, IRAs, or Medicare, most people don’t often plan for the emotional and personal matters of retirement.

James discusses the five things people often regret not understanding before retirement.

Questions Answered:
What do people regret not knowing before retirement?
How can you avoid those mistakes?
Timestamps:
0:00 Intro
3:20 Regret one
5:54 Regret two
7:42 Regret three
9:14 Regret four
11:34 Regret five
13:45 Summary
14:30 Outro

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What's the Best Way to Sell Out of a Concentrated Stock Position? May 23, 2023

James discusses a listener’s question about what to do with stock positions and single stock positions, explaining the pros and cons of holding a concentrated stock position.

He highlights the importance of understanding tax implications and assessing your ability to handle financial and emotional implications.

Questions Answered:
What should you do when you have a large concentrated stock position from an investment perspective?
How do you exit and diversify your position?
Timestamps:
0:00 intro
3:59 Single concentrated stock positions
4:47 The role of taxes
7:07 What’s the biggest risk?
7:52 Two examples
12:10 Takeaway
12:30 Other considerations
15:35 JP Morgan study
20:13 Here’s what I’ve noticed…
21:46 Understanding risk
24:16 What would I look at?
25:52 Outro

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6 Financial Rules of Thumb to Avoid May 16, 2023

James debunks six popular rules of thumb that can actually do more harm than good when it comes to retirement planning.

From the 100-minus-your-age stock allocation rule to the 70% to 80% income replacement myth, James breaks down why rules like these can be counterproductive and suggests alternative strategies that will help you create a personalized financial plan that meets your unique needs and goals.

Questions Answered:
Which rules of thumb should not be universally applied?
What can you do instead?
Timestamps:
0:00 Introduction
2:36 The First Rule
5:57 The Second Rule
9:04 The Third Rule
11:48 The Fourth Rule
14:04 The Fifth Rule
18:08 The Sixth Rule
20:09 How to Measure Risk
22:02 Outro

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How Should I Invest Proceeds from Selling My Home? May 09, 2023

In this episode, James tackles a listener’s question about investing a lump sum for his upcoming retirement.

James analyzes one's situation and gives realistic insights on determining the right mix of stable and growth assets that will generate a rising income stream for the rest of your life.

Tune in for tips on how to secure a comfortable retirement using a real-life example.

Questions Answered:
Should I invest lump sump sum or dollar cost average approach?
How do I invest a lump sum once I receive the funds?
What other planning points should I be aware of?
Time stamps
0:00 Intro
0:45 Listener Question
2:55 Summarizing
4:10 Will You Be Okay?
7:10 Make Sure That Number is Accurate
8:20 4% Rule
9:53 Guyton-Klinger Rule
10:53 Two Things to Note
13:30 You Need Income to Live on
15:15 Part 2 of the Question: How to Invest the Lump Sum
18:10 Dollar Cost Averaging
21:06 Using An Example
23:40 The Principle Is This
27:00 Properly Addressing Risk
28:50 Most People Do This…
30:25 Back to the Listener Question
31:00 Summary
32:20 Outro

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Plan Better: Financial Strategies vs Tactics May 02, 2023

Oftentimes we make decisions about our portfolios based on what we think is the smartest move. Yet when we do that, we can lose sight of the bigger picture.

In this episode, we’ll discuss how the context in which you view your portfolio can steer your financial decisions for years to come.
Questions answered:
What’s the difference between financial strategy and financial tactics?
What are the key pitfalls to avoid?

Time stamps
0:00 Intro
1:15 Losing focus on the bigger strategy
2:40 Example of focusing too much on tactics
6:40 Your tactics would be…
7:45 Why Roth conversions aren’t always the right choice
8:50 Example of winning the battle but losing the war
11:00 Make sure you’re prioritizing strategy
11:20 Summary
11:54 Outro

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Avoid This Major Pitfall of Standard Withdrawal Strategies Apr 25, 2023

You might be missing something if you're focusing only on your initial withdrawal rate...

...on today's episode, we'll cover what you might be missing, and how you can maximize your portfolio withdrawal strategy.
Questions answered:
What is the 4% rule and how does it apply to me?
How should staggered income and expenses alter your withdrawal strategy?

Time stamps
0:00 Intro
2:15 What is the 4% rule?
4:00 Example of staggered income or expenses
9:13 You might be limiting your withdrawals
12:20 Staggered income and expenses
13:15 Example of staggered income and expenses
18:20 Looking at your portfolio differently
19:09 Summary
21:30 Conclusion
22:38 Outro

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4 Reasons You SHOULDN'T do a Roth Conversion Apr 18, 2023

In this episode of Ready for Retirement, James discusses how 4 reasons to NOT do a Roth Conversion.

Questions Answered:

How to think through whether a Roth Conversion makes sense for you
Understanding how to implement effective Roth Conversions
How can your overall retirement strategy be improved?

Timestamps:
00:00 - Introduction
2:13 - Example
4:25 - Plan for Conversions
7:22 - Age / Life Expectancy
10:19 - Not ONLY A Dollar Amount
12:49 - RMDs
14:58 - RMD Example
17:02 - RMD Issue
19:00 - Working With Us

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5 Reasons You Should Retire Now Apr 11, 2023

In this episode of Ready for Retirement, James discusses how to protect your most important financial assets.

Questions Answered:

How should you think about protecting your most important financial assets?
Understanding how to protect what's most important (your TIME)
How can your overall retirement strategy be improved?

Timestamps:
00:00 - Introduction
2:13 - Downsides To Continuing Work
4:25 - Savings/Bonuses
6:55 - Financial/Personal
8:50 - Wages
12:03 - Financially Ready
14:58 - How Much?!
16:33 - TIME
17:02 - Working With Us

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How to Protect Your Most Important Financial Asset Apr 04, 2023

In this episode of Ready for Retirement, James discusses how to protect your most important financial assets.

Questions Answered:

How should you think about protecting your most important financial assets?
Understanding how to protect what's most important
How can your overall retirement strategy be improved?

Timestamps:
00:00 - Introduction
1:30 - Income
3:25 - Compounding
5:04 - Take-Home Pay
8:50 - Wage Increases
10:03 - 1% Better
13:58 - How Much?!
16:33 - Summary of What's In Your Control
19:35 - Working With Us

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How Much Umbrella Insurance Coverage Do You Need? Mar 28, 2023

In this episode of Ready for Retirement, James discusses umbrella insurance coverage and how much you need.

Questions Answered:

How should I think about an Umbrella Insurance Policy (how much)?
Understanding how much defense (risk management) is needed
How can your overall retirement strategy be improved?

Timestamps:
00:00 - Introduction
2:30 - Umbrella Insurance 101
3:25 - Home/Auto Policies
5:04 - Insurance Policies Examples
8:50 - Net Worth Value
10:03 - State Exemptions
13:58 - How Much?!
16:33 - Two Examples
19:05 - Working With Us

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How to Supercharge Your Retirement with Deferred Comp Plans Mar 21, 2023

In this episode of Ready for Retirement, James discusses Deferred Compensation Plans and how to consider them within your overall retirement strategy.

Questions Answered:

How should I think about Deferred Compensation in context of my overall plan?
When does it make sense to defer compensation (and when does it NOT)?
How can your overall retirement strategy be improved?

Timestamps:
00:00 - Introduction
2:30 - Deferred Compensation 101
3:25 - Retirement Expenses
5:04 - Tax Planning
8:50 - AVOID This Common Mistake
17:03 - Inflation Impact
19:58 - Deferred Comp Example
23:50 - Aligning Your Financial Goals
24:00 - Working With Us

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Where To Pull Income From First When You Retire Early? (Part 3 - Early Retirement) Mar 14, 2023

In this episode of Ready for Retirement, Ari Taublieb, MBA guest hosts the Ready for Retirement podcast to discuss where you should pull income from first when you retire early. Ari Taublieb, MBA is the Vice President of Root Financial Partners and a Financial Advisor. This episode is part three of a three-part series.

Ari is the host of the Early Retirement podcast available here.
Ari is also on YouTube here.
Create your customized early retirement strategy with Ari here.

Episode Summary:

Should I pull from my Brokerage, IRA, Roth IRA or 401(k) account first?
Should I consider the Rule of 55 or 72(t) distribution?
How to improve your overall early retirement strategy

Timestamps:
00:00 - Introduction
1:41 - Assumptions
4:51 - Life First, Money Second
7:24 - Inflation & Taxes
9:55 - Rule of 55
12:17- 72(t) Distribution
15:30 - Income Needs
18:28 - Capital Gains Explained
22:15- How To Minimize Income
25:57 - Not Qualified
28:35 - Align Your Money With Your Goals

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3 Ways To Create Tax-Free Income in Retirement - (Part 2 - Early Retirement) Mar 07, 2023

In this episode of Ready for Retirement, Ari Taublieb, MBA guest hosts the Ready for Retirement podcast to discuss the 5 mistakes to make sure you avoid when retiring early. Ari Taublieb, MBA is the Vice President of Root Financial Partners and a Financial Advisor. This episode is part two of a three-part series.

Ari is the host of the Early Retirement podcast available here.
Ari is also on YouTube here.
Create your customized early retirement strategy with Ari here.

Episode Summary:

How can you create tax-free income most effectively in retirement
Common tax mistakes people leave on the table which could save tens of thousands of dollars (or hundreds of thousands)
How to improve your overall early retirement strategy

Timestamps:
00:00 - Introduction
1:20 - Life over Money
3:03 - Legacy Goals
5:31 - Examples Examples Examples!
8:35 - Never Pay Taxes Again
10:52 - Standard Deduction v. Itemized Deduction
14:28 - Brokerage Account
19:17 - AAPL Stock Example
22:15- MASTER Tax Tip!
25:01 - Working With Us

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5 Common Mistakes To Avoid When Retiring Early (Part 1 - Early Retirement) Feb 28, 2023

In this episode of Ready for Retirement, Ari Taublieb, MBA guest hosts the Ready for Retirement podcast to discuss the 5 mistakes to make sure you avoid when retiring early. Ari Taublieb, MBA is the Vice President of Root Financial Partners and a Financial Advisor. This episode is part one of a three-part series.
Ari is the host of the Early Retirement podcast available here. Ari is also on YouTube here. Create your customized early retirement strategy with Ari here.

Episode Summary:

How can you retire early with confidence
How to avoid common mistakes people make when retiring early
How to improve your overall financial strategy in retirement

Timestamps:
00:00 - Introduction
1:30 - Pretend You're Retired Today
2:25 - Financial Freedom
5:31 - Retirement = Tradeoffs
8:35 - Life First
10:43 - Part-Time Income
12:40 - Financial v. Nonfinancial aspects
14:28 - Practice Retirement First
18:52 - Guardrails Approach
21:45- Aligning Your Financial Goals
23:45 - Working With Us

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How Much Do You Need to Retire? Feb 21, 2023

In this episode of Ready for Retirement, James discusses how much you need to retire.

Questions Answered:

How much do I need (financially)?
How do I prepare (mentally)?
How can your overall retirement strategy be improved?

Timestamps:
00:00 - Introduction
2:30 - How much is ENOUGH?
3:25 - Retirement Expenses
5:04 - Assigning Your Dollars
8:50 - First Step
13:40 - Avoid THIS!
17:03 - Inflation Impact
19:58 - Taxes (Single v. MFJ)
21:55 - Health Considerations
23:50 - Aligning Your Financial Goals
24:00 - Working With Us

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Where Should I Invest Extra Income After Maxing My 401k? Feb 14, 2023

In this episode of Ready for Retirement, James discusses what you should do with extra income after you max out your 401(k).

Questions Answered:

What are the best accounts to invest in after your 401(k)?
Should you invest in a brokerage/Roth/IRA/etc?
How can your overall retirement strategy be improved?

Timestamps:
00:00 - Introduction
1:00 - Key Benefit
2:23 - Order of Operations
4:30 - Where To Save Next
6:14 - Example (Person A v. B)
9:50 - HSA (Health Savings Accounts)
12:33 - Backdoor Roth Contribution
15:46 - Brokerage Account Hack
18:50 - Paying Down Debt
21:08 - ESPP
23:50 - Working With Us

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What Should You Do With Your 401k When You Retire? Feb 07, 2023

In this episode of Ready for Retirement, James discusses what you should do with your 401(k) when you retire.

Questions Answered:

What are the best ways to reduce fees in a 401(k)?
Should you move your 401(k) elsewhere?
How can your overall retirement strategy be improved?

Timestamps:
00:00 - Introduction
1:45 - Listener Question
3:23 - 401(k) Hidden Fees
7:52 - Gaining More Control
9:45 - Investment Options
13:40 - Clunky Planning
17:03 - After-Tax Contributions
21:05 - Net Unrealized Appreciation
24:02 - Tax Treatment
26:08 - Age Importance
29:50 - Working With Us

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5 Steps To Create A Meaningful Retirement with Cyn Meyer Jan 31, 2023

In this episode of Ready for Retirement, James discusses with retirement life coach Cyn Meyer how to create the most meaningful retirement.
Guest: Cyn Meyer is a Retirement Life Coach and founder of Second Wind Movement. She has free resources here on her website available to all of you. Cyn also offers a free workshop here.

Questions Answered:

What are the best ways to have a meaningful retirement?
What are the best strategies to implement TODAY to start preparing for your dream retirement?
How can your overall retirement strategy be improved?

Timestamps:
2:08 - Introduction
4:03 - Fear-based living
7:22 - Subtle Isn't SUBTLE!
12:27 - Encourage Yourself
16:39 - Understanding The NEW You
20:46 - Overall Happiness Levels
23:29 - Intentional Work
26:08 - You Are Unique
20:50 - Working With Us

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How to Use Roth Conversions to Protect Your Spouse's Future Jan 24, 2023

In this episode of Ready for Retirement, James how to use Roth Conversions to protect your spouse's future.

Questions Answered:

What are the best ways to implement Roth Conversions?
What are the best strategies to implement tax planning for your spouse?
How can your overall retirement strategy be improved?

Timestamps:
00:00 - Introduction
1:45 - Roth Conversions
3:23 - When To Implement
6:52 - Income Assumptions
9:27 - Taxable Income
12:05 - Roth Conversion Planning
14:35 - Surviving Spouse Tax Planning
16:48 - Life Insurance Protection
19:21 - Analysis Assumptions
20:50 - Working With Us

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When Should You Start Withdrawing Cash Instead of Stocks For Retirement Income? Jan 17, 2023

In this episode of Ready for Retirement, James discusses when you should start withdrawing cash instead of stocks for retirement income?

Questions Answered:

What is the best way to optimize withdrawals?
What are the best strategies to optimize pulling funds from cash vs. stocks?
How can your overall retirement strategy be improved?

Timestamps:
00:00 - Introduction
2:27 - Spending Down Cash
4:14 - Funding in Retirement
5:58 - Sustainable Withdrawal Rates
8:54 - Withdrawing Cash Instead of Stock
13:25 - Avoid Unnecessary Sales
17:25 - Conservative Assets Needed
20:35 - Allocation For Life
21:45 - Working With Us

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8 Important Planning Opportunities From the SECURE Act 2.0 Jan 10, 2023

In this episode of Ready for Retirement, James discusses 8 important planning opportunities from the SECURE Act 2.0

Questions Answered:

What are the major changes from the SECURE Act 2.0?
What are the best strategies to implement from the SECURE Act 2.0?
How can your overall retirement strategy be improved?

Timestamps:
00:00 - Introduction
3:14 - SECURE Act 2.0 Overview
4:22 - RMD Changes
6:52 - Tax Planning Window Changes
9:04 - Roth Conversions
12:05 - 529 Plan to Roth IRAs
19:38 - RMD Spouse Changes
21:45 - RMD Changes (overall)
23:10 - IRA Catch-Up Contributions
24:40 - Employer Matching Contributions
26:00 - Roth 401(k) Catch-Up Contributions
27:05 - Catch-up Contributions
28:10 - Qualified Charitable Distributions
30:25 - RMD Penalties
32:45 - Working With Us

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3 Steps to Make 2023 Your Best Year Yet Jan 03, 2023

In this episode of Ready for Retirement, James discusses 3 steps to make 2023 your best year yet.

Questions Answered:

What is the best way to get your "money right"?
What are the best strategies to optimize your money choices?
How can your overall retirement strategy be improved?

Timestamps:
00:00 - Introduction
2:46 - Examples of Prudent Financial Decisions
5:23 - Future Assumptions
6:00 - Mindset Shift With Money
9:27 - Important Goals with Money
15:30 - What-If Scenario's
19:10 - Write Out Your Dream Future
20:35 - Implementing Your Vision
21:45 - Staying Present With Your Money

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5 Wrong Assumptions People Make About Retirement Dec 27, 2022

In this episode of Ready for Retirement, James discusses 5 assumptions that you shouldn't make in retirement.

Questions Answered:

What are the best practices when making assumptions in retirement?
What are the best strategies to create income in retirement?
How can your overall retirement strategy be improved?

Timestamps:
00:00 - Introduction
4:22 - Example of an Investor
6:28 - Short-Term v. Long-Term
12:15 - Retirement Income (Reality)
16:15 - Aligning Your Financial Goals (Cash Flow)
19:30 - Portfolio Income Creation
20:45 - Summary of Assumptions

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Is a Reverse Mortgage a Good "Plan B"? Dec 20, 2022

In this episode of Ready for Retirement, James discusses if a reverse mortgage is a good "Plan B".

Questions Answered:

What are the best practices when using a reverse mortgage?
What are the best strategies to create income in retirement?
How can your overall retirement strategy be improved?

Timestamps:
00:00 - Introduction
5:05 - Reverse Mortgage Basics
9:35 - Example of Income Creation
12:15 - Retirement Income
16:15 - Aligning Your Financial Goals

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When Does it Make Sense to Work with a Financial Advisor? Dec 13, 2022

In this episode of Ready for Retirement, James discusses when it does (and doesn't) make sense to work with a financial planner.

Questions Answered:

When does it make most sense to consider working with a financial advisor?
What are the main benefits you can expect from working with a financial advisor?
How can your overall retirement strategy be improved by having a financial advisor?

Timestamps:
00:00 - Introduction
3:05 - Cost/Benefit Decision
6:36 - Cost of an Advisor
11:30 - Partnering Throughout Life
16:45 - History of 4% Rule
23:09 - Sign of a Good Financial Life
28:05 - Working With Us

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What Investments Should I Own in My Retirement Portfolio? Dec 06, 2022

In this episode of Ready for Retirement, James discusses what investments you should own in your retirement portfolio?

Questions Answered:

What are the best investments to provide income throughout retirement?
What are the best strategies to maximize income?
How can your overall retirement strategy be improved?

Timestamps:
00:00 - Introduction
5:05 - Stock Ownership
12:15 - Company FAQs
19:55 - Just Need S&P 500?
26:03 - Safe Investments?
29:09 - How Much Do You Need?

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Are Withdrawal Rate Rules Still Applicable in Today's Markets? Nov 29, 2022

In this episode of Ready for Retirement, James discusses if withdrawal rates are still applicable in today's markets.

Questions Answered:

Can we still trust withdrawal rate rules?
What are the best strategies to maximize income?
How can your overall retirement strategy be improved?

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What Are the Pros and Cons of Mega Backdoor Roth Conversions? Nov 22, 2022

In this episode of Ready for Retirement, James discusses the pros and cons of Mega Backdoor Roth Conversions.

Questions Answered:

When does it make most sense to implement?
What are the best strategies to implement Mega Backdoor Roth Conversions?
How can your overall retirement strategy be improved?

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Should You Get a 15 or 30 Year Mortgage? Nov 15, 2022

In this episode of Ready for Retirement, James discusses if you should get a 15 or 30 year mortgage.

Questions Answered:

What mortgage is best for you?
What are the best strategies to view real estate in retirement?
How can your overall retirement strategy be improved?

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How Should You Invest Your Bridge Account? Nov 08, 2022

In this episode of Ready for Retirement, James discusses how to invest your bridge account.

Questions Answered:

How should you invest your brokerage account?
What are the best strategies to think about how your bridge account impacts your overall plan?
How can your overall retirement strategy be improved?

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How to Plan Differently When Spouses Retire at Different Times Nov 01, 2022

In this episode of Ready for Retirement, James discusses how to plan for retirement when you and your spouse will be retiring at different times.

Questions Answered:

Where will income come from when one spouse is no longer working?
What are the best strategies to create income in retirement when you retire at a different age than your spouse?
How can your overall retirement strategy be improved?

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Why Are Bond Prices Falling & What to Do About It Oct 25, 2022

In this episode of Ready for Retirement, James discusses why bond prices are falling and what you can do to protect your portfolio.

Questions Answered:

Why are bond prices falling?
What are the best strategies to protect your portfolio for the long-term?
How can your retirement strategy be improved?

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5 Steps To Prepare For Retirement Today with Ari Taublieb Oct 18, 2022

In this episode of Ready for Retirement, James Conole discusses with guest, Ari Taublieb, the 5 steps so you can begin preparing for retirement today!
Ari is the Vice President of Root Financial Partners and host of the Early Retirement Podcast. Ari also has a YouTube Channel here where he discusses tips and strategies to retire early.

Questions Answered:

What are the 5 steps to prepare for retirement today
What is the framework to start thinking through so you can optimize your retirement?
How do investments, taxes, withdrawal strategy, Social Security, etc. all connect to build a comprehensive financial strategy?

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How Do You Know if You Have Enough to Retire? Oct 11, 2022

In this episode of Ready for Retirement, James discusses if you how to know if you have enough to retire.

Questions Answered:

How do you know if you have enough to retire?
What are the best strategies to understand your retirement timeline?
How can your retirement strategy be improved?

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Should You Use Roth or Pre-Tax if You're in the 24% Tax Bracket? Oct 04, 2022

In this episode of Ready for Retirement, James discusses if you should use Roth or Pre-Tax if you're in a 24% tax bracket.

Questions Answered:

How do your taxes impact your overall financial plan?
What are the best strategies to understand your tax plan?
How do your investments impact your overall retirement plan?

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A Story of What You Are Actually Investing In Sep 27, 2022

In this episode of Ready for Retirement, James discusses a story to better understand what you're actually invested in.

Questions Answered:

How can you reframe the way you view investing
What are the best strategies to better understand your investments
How do your investments impact your overall retirement plan?

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What's the Best Way to Help My Kid Buy a Home? Sep 20, 2022

In this episode of Ready for Retirement, James discusses the best way to help your children buy a home.

Questions Answered:

How can I best help my child buy a home?
What are the best strategies to help?
How does this impact my overall retirement plan?

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How to Best Align Your Portfolio with Other Income Sources Sep 13, 2022

In this episode of Ready for Retirement, James discusses how to best align your portfolio with other income sources.

Questions Answered:

How can I align my portfolio with my other income sources?
What are the best investments for your specific goals?
How do your investments and other income sources connect to your overall retirement plan?

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Should Gold Be Part of Your Investment Portfolio? Sep 06, 2022

In this episode of Ready for Retirement, James discusses if gold should be part of your investment portfolio.

Questions Answered:

Should gold play a role in your investment portfolio?
What are the best investments for your specific goals?
How do your investments connect to your overall retirement plan?

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What Are the Best Strategies for Reducing Required Minimum Distributions? Aug 30, 2022

In this episode of Ready for Retirement, James discusses the best strategies for reducing RMDs (Required Minimum Distributions).

Questions Answered:

How can you minimize Required Minimum Distributions?
What's the best account for your specific goals?
How do your investments connect to your overall retirement plan?

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Avoid These Pitfalls of Asset Location Aug 23, 2022

In this episode of Ready for Retirement, James discusses how you can avoid the pitfalls of asset location.

Questions Answered:

How can you effectively invest in the right accounts?
What's the best account for your specific goals?
How do your investments connect to your overall retirement plan?

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What's the Best Way to Teach Kids About Money and Investing? Aug 16, 2022

In this episode of Ready for Retirement, James discusses the best way to teach kids about money and investing.

Questions Answered:

How can you effectively teach kids about money and investing?
What's the best strategy to have kids start to understand about money?

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What Return Should You Expect for a 60/40 Portfolio Going Forward? Aug 09, 2022

In this episode of Ready for Retirement, James discusses what return you should expect from a 60/40 portfolio going forward.

Questions Answered:

Is the 60/40 portfolio the best portfolio in retirement?
What's the best strategy to utilize when it comes to determining the best allocation for my retirement goals?
How does this impact your overall retirement strategy?

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How do State Taxes Impact Roth v. Traditional Considerations? Aug 02, 2022

In this episode of Ready for Retirement, James discusses how state taxes impact Roth v. Traditional Contributions.

Questions Answered:

How should you determine what tax strategy is best based on your state?
What's the best strategy to utilize when it comes to determining when to prioritize Roth contributions?
How does this impact your overall retirement strategy?

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How to Use 72t Distributions to Access Retirement Funds Early and Penalty-Free Jul 26, 2022

In this episode of Ready for Retirement, James discusses Rule 72t distributions to access retirement funds early and penalty-free.

Questions Answered:

How can you withdraw funds from retirement accounts early?
What's the best strategy to execute the Rule 72t distributions?
How does utilizing the Rule 72t impact the overall financial strategy?

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How to Use Individual Stocks for Better Tax-Planning Jul 19, 2022

In this episode of Ready for Retirement, James discusses how to use individual stocks for better tax-planning.

Questions Answered:

How can you use individual stocks for strategic tax planning?
What's the best strategy to utilize with individual stocks?
How does this impact your retirement strategy?

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How to Most Effectively Pull Funds Out of Your College Savings Account Jul 12, 2022

In this episode of Ready for Retirement, James discusses how to most effectively pull funds out of your college savings account.

Questions Answered:

What are the tax implications of pulling from college savings accounts?
What are the best ways to utilize this account for your retirement goals?
What strategies exist when it comes to funding college?

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How to Turn Real Estate Equity Into Income in Retirement? Jul 05, 2022

In this episode of Ready for Retirement, James discusses how to turn real estate equity into income in retirement.

Questions Answered:

How can I best use my real estate equity to create income in retirement?
What are passive investments to create a secure retirement?
How can you ensure you reach your retirement goals?

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Is Rental Real Estate a Good Idea in Retirement? Jun 28, 2022

In this episode of Ready for Retirement, James discusses if rental real estate is a good idea in retirement.

Questions Answered:

Is it worth investing in rental real estate for retirement income?
What are passive investments to create a secure retirement?
How can you ensure you reach your retirement goals?

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4 Steps to an Early Retirement with Ari Taublieb Jun 21, 2022

In this episode of Ready for Retirement, James discusses with guest, Ari Taublieb, the four most important steps when considering an early retirement (non-traditional retirement). Ari is a financial planner at Root Financial Partners. Ari Taublieb is the host of the Early Retirement podcast. Ari also has a YouTube channel focusing on early retirement.

Questions Answered:

What are the primary considerations when it comes to retiring early?
How can you set up your finances to optimize your withdrawals?
What are the steps to a successful retirement when retiring early?

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How to Implement (And Do Better Than) the 4% Rule Jun 14, 2022

In this episode of Ready for Retirement, James discusses how to implement (and do better than) the 4% rule.

Questions Answered:

How can you maximize your withdrawal strategy?
What should you consider in terms of withdrawing funds from your investments?
How can you ensure you reach your retirement goals?

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How to Invest Different Portfolio "Buckets" Jun 07, 2022

In this episode of Ready for Retirement, James discusses how to invest in different portfolio "buckets".

Questions Answered:

How can you best be invested for your goals?
What should you consider in terms of withdrawing funds from your investments?
How can you ensure you reach your retirement goals?

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How to Become a Better Investor with Chad Hufford May 31, 2022

In this episode of Ready for Retirement, James discusses how to be a better investor with guest, Chad Hufford, owner of Veritas Wealth Management in Anchorage, Alaska.
Questions Answered:

How can you become a better investor?
What should you to become a better investor and set yourself up to reach your retirement goals?
How can you ensure you reach your retirement goals?

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How Should Withdrawal Rates Change if You Don't Have Any Legacy Goals? May 24, 2022

In this episode of Ready for Retirement, James discusses how withdrawal rates should change if you don't have any legacy goals.
Questions Answered:

How can you plan most effectively for your legacy goals (or lack thereof)?
What should you consider in terms of withdrawing funds and your goals?
How can you ensure you reach your retirement goals?

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How to Get Financially Organized May 17, 2022

In this episode of Ready for Retirement, James discusses how to get financially organized.

Questions Answered:

How can you be most organized financially?
What should you consider when planning for financial organization?
How can you ensure you don't outlive your money?

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How to Enjoy Life Today While Also Preparing for the Future May 10, 2022

In this episode of Ready for Retirement, James discusses how to enjoy life today while also preparing for the future.

Questions Answered:

What can you do today to prepare for the future?
What should you consider when planning your retirement?
How can you ensure you don't outlive your money?

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The Complete Guide to Health Savings Accounts (HSA) May 03, 2022

In this episode of Ready for Retirement, James discusses the complete guide to Health Savings Accounts (HSA).

Questions Answered:

How can you use an HSA most effectively?
What should you consider when planning your healthcare expenses?
How can you ensure you don't outlive your money?

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The 3 Most Important Mindset Shifts to Make Going Into Retirement Apr 26, 2022

In this episode of Ready for Retirement, James discusses the 3 most important mindset shifts to make going into retirement.

Questions Answered:

What are the mindset shifts to make going into retirement?
What should you consider when planning your retirement expenses?
How can you ensure you optimize your money?

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How Likely is it That You'll Run Out of Money in Retirement? Apr 19, 2022

In this episode of Ready for Retirement, James discusses how likely it is that you'll run out of money in retirement?

Questions Answered:

Is it likely that you will outlive your money in retirement?
What should you consider when planning your retirement expenses?
How can you ensure you don't outlive your money?

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Investing for Longevity When There's a Spousal Age Gap Apr 12, 2022

In this episode of Ready for Retirement, James discusses how to invest for longevity when there's a spousal age gap.

Questions Answered:

What would change if one spouse predeceased the other?
How would your income and portfolio be impacted?
What are the considerations when planning around one spouse predeceasing the other?

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How Do Roth Conversions Impact Inheritance/Legacy? Apr 05, 2022

In this episode of Ready for Retirement, James discusses how Roth Conversions impact inheritance, specifically legacy planning.

Questions Answered:

How can Roth Conversions be best implemented for legacy planning?
What are the important strategies to be aware of when implementing Roth Conversions?
How can Roth Conversions impact planning for inheritance?

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Where Should You Pull Income in the First Year of Retirement? Mar 29, 2022

In this episode of Ready for Retirement, James discusses where you should pull income from in the first year of retirement.

Questions Answered:

What is the best account to pull from in retirement?
Why do you need to have more than just a good financial plan?
What are the best ways to withdraw income in retirement?

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4 Steps to Navigating Down Markets Mar 22, 2022

In this episode of Ready for Retirement, James discusses 4 ways to navigate market downturns.

Questions Answered:

How should investors approach down markets?
Why do you need to have more than just a good financial plan?
How do you implement the guardrails approach?

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What's the Best Way to Rebalance Your Portfolio? Mar 15, 2022

In this episode of Ready for Retirement, we’re talking about the best way to rebalance your portfolio.

Questions Answered:

How do I know if I need to rebalance my portfolio?
How can we make sure I'm setting myself up to optimize my retirement strategy?
What is the best rebalance strategy?

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How to Prioritize Roth Conversions Vs. Tax Gain Harvesting Mar 08, 2022

In this episode of Ready for Retirement, we’re talking about how to prioritize Roth Conversions v. Tax Gain Harvesting.

Questions Answered:

How do I know if I should prioritize Roth Conversions or Tax Gain Harvesting?
How can we make sure I'm setting myself up to optimize my retirement strategy?

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The 5 Most Important Parts of a Successful Financial Strategy Mar 01, 2022

In this episode of Ready for Retirement, we’re talking about the 5 most important parts of a successful financial strategy.

Questions Answered:

What is the most important parts of a successful financial strategy?
How can we make sure we're setting ourselves up for success in retirement?
What should we make sure to avoid in retirement?

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Should I Take My Pension as an Annuity or Lump Sum Rollover? Feb 22, 2022

In this episode of Ready for Retirement, we’re talking about pensions and how you should take your pension when you retire.

Questions Answered:

Should I take my pension as an annuity or lump sum rollover?
What are the pros and cons of each?
When might both make sense?

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Should I Prioritize Health Insurance Subsidies or Roth Conversions? Feb 15, 2022

In this episode of Ready for Retirement, we’re talking about how to know whether you should prioritize health insurance subsidies or Roth conversions.

Questions Answered:

Should I prioritize health insurance subsidies or Roth conversations?
When won’t these strategies be relevant?

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How to Manage Roth Conversions Before Taxes Increase Feb 08, 2022

Our topic on this episode of the Ready for Retirement podcast is about how to manage Roth Conversions before taxes increase.

Questions answered: How can you manage Roth Conversions before taxes increase? What strategies can you implement to ensure you create your ideal retirement? What is the best strategy for your individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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How Do I Know if I Should Purchase Long-Term Care Insurance? Feb 01, 2022

Our topic on this episode of the Ready for Retirement podcast is about understanding if you should buy long-term care insurance.

Questions answered: Should you buy Long-Term Care insurance? What strategies can you implement to ensure you create your ideal retirement? What is the best strategy for your individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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Why a Monte Carlo Analysis Is Not a Financial Plan Jan 25, 2022

Our topic on this episode of the Ready for Retirement podcast is about why a Monte Carlo analysis is not a financial plan

Questions answered: What is a Monte Carlo analysis and how does it impact our retirement plan? What strategies can you implement to ensure you create your ideal retirement? What is the best strategy for your individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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Should I Invest In a Tax-Deferred Annuity Instead of a Brokerage Account? Jan 18, 2022

Our topic on this episode of the Ready for Retirement podcast is about the differences between investing in a tax-deferred annuity and a brokerage account.

Questions answered: Should you invest in a tax-deferred annuity or a brokerage account? What strategies can you implement to ensure you create your ideal retirement? What is the best strategy for your individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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Should I Invest in iBonds Paying 7.12%? Jan 11, 2022

Our topic on this episode of the Ready for Retirement podcast is about the recent iBonds paying 7.12%.

Questions answered: Should you invest in iBonds paying 7.12%? What strategies can you implement to ensure you create your ideal retirement? What is the best strategy for your individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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Key Planning Points to Consider When Retiring Before 65 Jan 04, 2022

Our topic on this episode of the Ready for Retirement podcast is about the key planning points to consider when retiring before age 65.
Questions answered: How can you make sure you're on track to retire before age 65? What strategies can you implement to ensure you create your ideal retirement? What is the best strategy for your individual situation?
Are you ready to start focusing on the things that truly matter when it comes to your financial future?
We’re on YouTube!

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How to Plan For Varying Withdrawal Needs In Retirement Dec 28, 2021

Our topic on this episode of the Ready for Retirement podcast is about planning for varying withdrawal needs in retirement

Questions answered: Where should I pull funds from first and how does that impact my retirement strategy? What strategies can I implement to maximize my income in retirement? What is the best strategy for your individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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How to Avoid the Risk of Working Too Long Dec 21, 2021

Our topic on this episode of the Ready for Retirement podcast is about how you can avoid the risk of working too long.

Questions answered: How can I make sure I don’t work longer than I need to? What strategies can I implement to ensure I create my ideal retirement? What is the best strategy for your individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

We’re on YouTube!

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Everything You Need to Know About The Roth IRA 5-Year Rule Dec 14, 2021

Our topic on this episode of the Ready for Retirement podcast is about everything you need to know about the Roth IRA 5-year rule.

Questions answered: How does the Roth IRA 5-year rule impact my retirement strategy? What strategies can I implement to maximize my income in retirement? What is the best strategy for your individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

We’re on YouTube!

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How To Best Plan for Retirement Income Gap Years Dec 07, 2021

Our topic on this episode of the Ready for Retirement podcast is about how to best plan for the retirement income gap years.

Questions answered: What is the best strategy to prepare for years without income? What can I do to increase income before I can access my retirement accounts? What is the best strategy for your individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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How to Prioritize "Competing" Retirement Strategies Nov 30, 2021

Our topic on this episode of the Ready for Retirement podcast is about how to prioritize competing retirement strategies.

Questions answered: What are the benefits of having one comprehensive strategy? What are the risks of having multiple strategies? What is the best strategy for your individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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How Do I Invest My Own Personal Money? Nov 23, 2021

Our topic on this episode of the Ready for Retirement podcast is about the framework behind how I invest my own money.

Questions answered: How do I invest my own money? What are the strategies I’ve learned when it comes to creating an investment portfolio? My goal is to give a framework as to how I think about money.

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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Top 5 Avoidable Retirement Mistakes Nov 16, 2021

Our topic on this episode of the Ready for Retirement podcast is about the top 5 avoidable retirement mistakes (and how you can avoid them).

Questions answered: What are the most common retirement mistakes? How can I ensure I have a secure retirement? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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Should I Collect Social Security Early and Invest It? Nov 09, 2021

Our topic on this episode of the Ready for Retirement podcast is about understanding if you should collect Social Security early and invest it.

Questions answered: What are the benefits of collecting Social Security early? What are the benefits of delaying Social Security? Should I collect Social Security and invest it to attempt to achieve a higher return? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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How to Choose Between Multiple Pension and Annuity Options Nov 02, 2021

Our topic on this episode of the Ready for Retirement podcast is about understanding how you can best choose what’s best for you when provided with multiple pension and annuity options.

Questions answered: When might electing a lump-sum option make more sense than an annuity? Are there certain annuity options that make more sense than others? What are the best strategies when it comes to deciding between all of my options? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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How Should You Invest to Take Advantage of The 4% Rule? Oct 26, 2021

Our topic on this episode of the Ready for Retirement podcast is about understanding how you should invest to take advantage of the 4% Rule.

Questions answered: What is the 4% rule and how does it impact my ability to retire? What are the best strategies when it comes to investing to take advantage of the 4% rule? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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How to Prepare for a Career Change Before Retirement Oct 19, 2021

Our topic on this episode of the Ready for Retirement podcast is about understanding how to prepare for a career change (or lifestyle change) before retirement.

Questions answered: What should I take into consideration before I change my career (prior to retirement)? What are the best strategies when it comes to preparing for a career change (or lifestyle)? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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Is it Time to Give Up on International Investments? Oct 12, 2021

Our topic on this episode of the Ready for Retirement podcast is about international investments.

Questions answered: Should I be investing internationally? What are the best strategies when it comes to investing around the world? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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Roth Conversions in Non-Traditional Scenarios & Investing in Muni Bonds Oct 05, 2021

Our topic on this episode of the Ready for Retirement podcast is about Roth Conversions in non-traditional scenarios & investing in municipal bonds.

Questions answered: When do Roth Conversions make the most sense to implement? What are some examples of non-traditional scenarios where a Roth Conversion makes sense? Should I be investing in municipal bonds for tax-free income? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?
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When Should I Stop Saving For Retirement? Sep 28, 2021

Our topic on this episode of the Ready for Retirement podcast is about when you should stop saving for retirement.

Questions answered: How do I know when I no longer need to save for retirement? What are the best strategies when it comes to exploring whether or not I need to continue saving? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?
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How to Combine Retirement Planning with Legacy Planning Sep 21, 2021

Our topic on this episode of the Ready for Retirement podcast is about combining retirement planning with legacy planning.

Questions answered: How do I combine retirement planning goals with my legacy planning goals? What are the best strategies when it comes to exploring retirement planning and legacy planning together? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?
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How to Manage Asset Allocation and Asset Location Leading Up to Retirement Sep 14, 2021

Our topic on this episode of the Ready for Retirement podcast is about managing asset allocation and asset location leading up to retirement.

Questions answered: What are the benefits of Asset Location and why is it important for retirement planning? What is the right asset allocation for my various accounts? How can I position my portfolio for my retirement goals? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?
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Your Questions Answered; RMDs, Social Security Taxes, Income Annuities, and Dividend Reinvestment Sep 07, 2021

Our topic on this episode of the Ready for Retirement podcast is about answering multiple questions that have been recently submitted surrounding RMDs (Required Minimum Distributions), Social Security Taxes, Income Annuities, and Dividend Reinvestment.

Questions answered: What are the best strategies to manage RMDs (Required Minimum Distributions)? How should I be determining when to collect Social Security and what can I expect from a tax perspective? When does an income annuity make sense? Should I be reinvesting dividends? What is the best approach for my individual situation?
Are you ready to start focusing on the things that truly matter when it comes to your financial future?
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Inflation Concerns: How Do We Protect Against Looming Inflation? Aug 31, 2021

Our topic on this episode of the Ready for Retirement podcast is about protecting against inflation.

Questions answered: How can we position our portfolio to protect against inflation? What are the best strategies to create a hedge against inflation? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?
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What Makes ETFs More Tax-Efficient Than Mutual Funds (Plus a Hidden Benefit of Tax Efficiency)? Aug 24, 2021

Our topic on this episode of the Ready for Retirement podcast is about understanding what makes ETFs more tax-efficient than Mutual Funds.

Questions answered: Why are ETFs more tax-efficient than Mutual Funds? What are the best strategies to use ETFs? What types of funds are best for each of my accounts? What is the best approach for my individual situation?

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How Do I Plan for Longevity Without Sacrificing the "Good Years"? Aug 17, 2021

Our topic on this episode of the Ready for Retirement podcast is about understanding how to plan for longevity without sacrificing the “Good Years”.

Questions answered: What are the best strategies to ensure I don’t outlive my money? How can I use my finances to ensure I’m maximizing my different goals (pre-retirement and post-retirement)? What is the best approach for my individual situation?

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When Does it Make Sense to Work with a Financial Planner? Aug 10, 2021

Our topic on this episode of the Ready for Retirement podcast is about understanding when it makes sense to work with a financial planner.

Questions answered: Should I work with a financial planner? When is the best time to hire a financial planner? What are the different ways financial planners work with clients? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

Schedule Your Initial Consultation Call Here

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How to Consolidate Accounts Without "Putting All Your Eggs in One Basket" Aug 03, 2021

Our topic on this episode of the Ready for Retirement podcast is about understanding how to consolidate your accounts without putting all of your eggs in one basket.

Questions answered: How can I ensure I’m diversified if all of my accounts are in one location? What are the best strategies when it comes to implementing diversification? What is the best approach for my individual situation?

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Should I Switch From Pre-tax to Roth 401(k)? Jul 27, 2021

Our topic on this episode of the Ready for Retirement podcast is about 401(k)s and specifically whether or not you should switch from pre-tax 401(k) to an after-tax (Roth) 401(k).

Questions answered: Should I be contributing to my 401(k) or Roth 401(k)? What are the pros and cons to each? What strategies can I implement today to improve my financial future? What is the best approach for my individual situation?

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How Much Do People Actually Spend in Retirement? Jul 20, 2021

Our topic on this episode of the Ready for Retirement podcast is about understanding how much people actually spend in retirement.

Questions answered: What do people actually spend in retirement and how much does it differ from what they anticipated? What planning can I do now to ensure I don’t outlive my money? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?
Episodes Mentioned:

Episode 27: How Much Can I Safely Spend In Retirement?

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Lessons Learned From History's Greatest Investors Jul 13, 2021

Our topic on this episode of the Ready for Retirement podcast is about the lessons learned from history’s greatest investors.

Questions answered: What do all great investors do? What are the most important lessons / stories throughout history surrounding investing? What strategies can I implement to improve my financial future? What is the best approach for my individual situation?

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5 Things You'll Wish You Knew Before You Retired Jul 06, 2021

Our topic on this episode of the Ready for Retirement podcast is about 5 things you will have wished you knew before you retire.

Questions answered: What should I know before I retire? What can I do to prepare for retirement? What strategies can I implement to improve my financial future? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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Pros and Cons of Dividend Investing Jun 29, 2021

Our topic on this episode of the Ready for Retirement podcast is about the pros and cons of dividend investing.

Questions answered: What percentage of my portfolio should be coming from dividends in retirement? What strategies can I implement to improve my financial future? What is the best approach for my individual situation?

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Here's the Mindset Shift People Struggle to Make in Retirement Jun 22, 2021

Our topic on this episode of the Ready for Retirement podcast is about how to go from a saving mindset to a spending mindset.

Questions answered: What amount should I feel comfortable spending in retirement? What can I do to shift anxiety that comes from no longer receiving a consistent paycheck? What strategies can I implement to improve my financial future? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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Should I Purchase an Annuity With Part of My Portfolio? Jun 15, 2021

Our topic on this episode of the Ready for Retirement podcast is about annuities and whether or not you should have one in your portfolio.

Questions answered: What do I need to look for when determining if an annuity is right for me? What are the benefits and cons of including an annuity in my portfolio? What strategies can I implement to improve my financial future? What is the best approach for my individual situation?

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[Case Study] How to Make the Right Decision With All of My Retirement Options? Jun 08, 2021

Our topic on this episode of the Ready for Retirement podcast is a case study on how to make the right decision for you with all of the various retirement options.

Questions answered: What are the best investment strategies throughout retirement? What strategies can I implement to improve my financial future? What is the best approach for my individual situation?

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How Should You Invest Once You Have More Than "Enough" to Retire? Jun 01, 2021

Our topic on this episode of the Ready for Retirement podcast is about how you should invest once you have more than enough to retire.

Questions answered: How should I invest throughout retirement? What investment strategies can I implement to improve my financial future? What should I do with additional funds in retirement that I want to invest? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?
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Here's How I Do My Budget And Why Most Budgeting Doesn't Work May 25, 2021

Our topic on this episode of the Ready for Retirement podcast is about how I do my budget and why most budgeting doesn’t work.

Questions answered: Should everyone have a budget? What’s the best way to track my budget? How can I make sure I’m on track to reach my financial goals? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?
I'm A Financial Planner and This Is How I Budget

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Financial Tune Up - What to Look For When Reviewing Your Estate Plan May 18, 2021

Our topic on this episode of the Ready for Retirement podcast is part four of the financial tune-up series: What to Look For When Reviewing My Estate Planning Documents.

Questions answered: What do I need to look for when reviewing my Estate Planning documents? What strategies can I implement to improve my financial future? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

What Issues Should I Consider When Reviewing My Estate Planning Documents?

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Financial Tune Up - What to Look For When Reviewing Insurance Policies May 11, 2021

Our topic on this episode of the Ready for Retirement podcast is part three of the financial tune-up series: What to Look For When Reviewing Insurance Policies.

Questions answered: What do I need to look for when looking at insurance policies? What strategies can I implement to improve my financial future? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

Checklist - What Issues Should I Consider When Reviewing My Health & Life Insurance Policies?

Checklist - What Issues Should I Consider When Purchasing Long-Term Care Insurance?

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Financial Tune Up - What to Look For When Reviewing Your Investments May 04, 2021

Our topic on this episode of the Ready for Retirement podcast is part two of the financial tune-up series where I discuss what to look for when reviewing your investments.

Questions answered: How do I know if I’m invested appropriately for my goals? What should I invest in? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

Checklist: What Issues Should I Consider When Reviewing My Investments

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Financial Tune Up - How to Review Your 2020 Tax Return Apr 27, 2021

Our topic on this episode of the Ready for Retirement podcast is part one of the financial tune-up series: How to Review Your 2020 Tax Return.

Questions answered: What does my 2020 Tax Return tell me about how best to manage my financial situation? What tax planning strategies can I implement to improve my financial future? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

Checklist: What Issues Should I Consider When Reviewing My 2020 Tax Return

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How to Navigate Required Minimum Distributions (RMDs) Apr 20, 2021

Our topic on this episode of the Ready for Retirement podcast is about understanding how to navigate Required Minimum Distributions (RMDs).

Questions answered: What do I need to know about RMDs? How do I calculate RMDs? What tax strategies can I implement to avoid or limit RMDs? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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At What Point Should I Consider Making Roth Conversions? Apr 13, 2021

Our topic on this episode of the Ready for Retirement podcast is about understanding when it makes most sense to consider making Roth Conversions.

Questions answered: When should I consider a Roth Conversion? What are the pros & cons of a Roth Conversion? What is the best approach for my individual situation?

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Should I Pay Off My Mortgage or Invest? Apr 06, 2021

Our topic on this episode of the Ready for Retirement podcast is about paying off a mortgage or investing.

Questions answered: Should I pay off my mortgage or invest? What are the trade-offs of investing vs. paying down a mortgage? What is the best approach for my individual situation?

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How to Create Purpose and Meaning in Retirement Mar 30, 2021

Our topic on this episode of the Ready for Retirement podcast is all about how you can create a purposeful and meaningful retirement.

Questions answered: How do I create a strategy to have a fulfilling retirement? What activities should I do in retirement? How can I make sure I don't outlive my money?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

Guest Interview: Joe Casey

Joe Casey helps individuals nearing retirement (or in retirement) who want to create a purposeful and meaningful retirement.

Joe has a podcast dedicated to focusing on how you plan on investing your precious time in retirement: The Retirement Wisdom Podcast

Website: https://www.retirementwisdom.com/

Joe can be reached at joe@retirementwisdom.com

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The Ultimate Tax Planning Strategy - Combining Roth Conversions with Other Deductions Mar 23, 2021

Our topic on this episode of the Ready for Retirement podcast is about creating the ultimate tax planning strategy - combining Roth Conversions with Other Deductions.

Questions answered: When should I do a Roth Conversion? How do I know which deductions I should take advantage of? How could a Donor-Advised Fund help reduce my taxes? Can I gift stock to my Donor-Advised Fund? What is the best approach for my individual situation?

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How to Use Roth Conversions to Save Huge Amounts in Taxes Mar 16, 2021

Our topic on this episode of the Ready for Retirement podcast is about how to use Roth Conversions to save huge amounts in taxes over time.

Questions answered: When should I do a Roth Conversion? When is the best time to invest for retirement? What are the benefits of Roth Conversions and when is it best to do them? What is the best approach for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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Can Capital Gains Push Me Into a Higher Tax Bracket? Mar 09, 2021

Our topic on this episode of the Ready for Retirement podcast is about understanding if capital gains can cause you to move into a higher tax bracket.

Questions to ask ourselves: Are there different tax brackets for Ordinary Income v. Capital Gains? When does it make most sense to realize Capital Gains? How should I be approaching tax planning as I near retirement? How should I be approaching tax planning if I’m already retired? How can I minimize my tax bill with proper tax planning, both for today and the future?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

Reference Sheet: 2021 Important Numbers Tax Sheet

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Should I Invest a Lump Sum All at Once or Over Time? Mar 02, 2021

Our topic on this episode of the Ready for Retirement podcast is about whether or not you should invest all at once (lump-sum) or invest smaller amounts over a longer period of time (dollar-cost averaging).

Questions answered: Should I invest when the market is at all-time highs? When is the best time to invest? What is the best approach for my individual situation? Should I gradually invest to decrease risk?

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What You Need to Know Before Coming Into a Large Sum of Money Feb 23, 2021

Our topic on this episode of the Ready for Retirement podcast is about what you need to know when you receive a windfall (inheritance, gift, high income year, etc).

Questions answered: What do I need to know when I receive a large sum of money all at once? What should I be considering as I’m expecting a large sum of money? When is the best time to invest those funds? What other considerations may impact my overall financial strategy?

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How to Coordinate Portfolio Withdrawals with Social Security (And Other Income Sources) Feb 16, 2021

Our topic on this episode of the Ready for Retirement podcast is about how to best coordinate portfolio withdrawals with Social Security (and other income sources).

Questions answered: How can I best coordinate my portfolio withdrawals with when I intend on collecting Social Security? If I’m currently collecting Social Security, how much should I be withdrawing from my portfolio? How can I plan when to best withdraw funds from my portfolio based on my individual Social Security income options? How should my investments be allocated during retirement?

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4 Common Investment Mistakes to Avoid Feb 09, 2021

Our topic on this episode of the Ready for Retirement podcast is about the 4 common investment mistakes to avoid.

Questions to ask ourselves: How should my investments be allocated based on my different goals? What investment accounts are best for tax planning? Which investment accounts are best as I head in to retirement? Which investment accounts are best if I'm currently retired?How often should I be checking my account? What should I do when the market is going down?

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What's the Best Way to Save for a Short-Term Goal? Feb 02, 2021

Our topic on this episode of the Ready for Retirement podcast is about understanding the best way to save for a short-term goal.

Questions to ask ourselves: How soon will I need the funds for my short-term goal? How should I be invested when saving for a short-term goal, if I choose to invest at all? What types of investments are best for capital preservation? How do my investments change when investing for a short-term goal vs. medium and long-term goals?

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Understanding Social Security and How You Can Maximize Your Benefit Jan 26, 2021

Our topic on this episode of the Ready for Retirement podcast is about understanding social security and what you can do to maximize your benefit.

Questions discussed: When should I collect Social Security based on my age and work experience? How is Social Security calculated? What percentage of my income in retirement should be funded by Social Security? What are the pros and cons of collecting Social Security before and after full retirement age?

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5 Steps to Design the Optimal Portfolio Jan 19, 2021

Our topic on this episode of the Ready for Retirement podcast is about the 5 steps to design the optimal portfolio.

Questions to ask ourselves: Am I invested the right way? Am I owning the right types of investments for my goals? Where do I start when it comes to designing the optimal portfolio for my individual situation?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

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Should I Just Own the S&P 500 Index? Jan 12, 2021

Our topic on this episode of the Ready for Retirement podcast is about understanding if you should just own the S&P 500 in your portfolio.

Questions to ask ourselves: Does the S&P 500 give proper diversification for my individual goals? Should I be allocated to stocks outside of the United States? Does the S&P 500 fit my risk tolerance? Should I hold the S&P 500 in both my taxable and non-taxable accounts?

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4 Steps to an Early Retirement Jan 05, 2021

Our topic on this episode of the Ready for Retirement podcast is about understanding how to plan for an early retirement if you want to retire before your full retirement age.

Questions to ask yourself: Why do you want to retire early? Do you not want to work at all? Do you want to work part-time or change careers? What does retirement really look like if everything were to stop today?

Are you ready to start focusing on the things that truly matter when it comes to your financial future?
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Where Should I Pull Funds From First in Retirement? Dec 29, 2020

Our topic on this episode of the Ready for Retirement podcast is about understanding where you should pull funds from first in retirement.

How much of my retirement expenses are covered by fixed income sources and how much income do I need my portfolio to generate?

When it comes to pulling funds in retirement, identifying how to create the most income is important, but arguably less so than the tax implications of how those funds are withdrawn, and not just the for the first few years, but throughout the entirety of retirement.

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How Should I Determine When to Collect Social Security If I'm Single? Dec 22, 2020

Our topic on this episode of the Ready for Retirement podcast is about understanding when it's best to collect Social Security for your specific situation.
This week, we have a listener question:

My question regards the date for a single person to collect social security. My thinking is the main benefit to wait is to obtain larger monthly benefit and also survivor benefit. I have no one who will receive SS survivor benefit, but fear if I pass away prior to collecting, my estate would have less for beneficiaries. So, now I believe it best to just collect shortly after FRA and bank it or invest it. I do not believe I will need a larger monthly amount to protect longevity, but who really knows. Am I framing this correctly? Thank you.

Question to ask ourselves: How much income can be generated from Social Security and how does Social Security play into your overall financial plan?

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What Would Biden's New Tax Plan Mean for You? Dec 15, 2020

Our topic on this episode of the Ready for Retirement podcast is about how Biden’s new tax plan may impact your financial goals.

Biden’s proposed tax plans come with many changes and knowing the right questions to ask ourselves can help us navigate the changes so we can stay on course with our financial plan.

Questions to ask ourselves include:
Should I think about realizing capital gains if I am in a higher income bracket? Should I pay more medical expenses now if I know I will be having a major medical expense in upcoming years? Should I front-load charitable expenses? Should I do a Roth conversion?

All of these questions are discussed below with answers to help you stay on track and in control of your financial future.

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How to Invest at Stock Market All-Time Highs Dec 08, 2020

Our topic on this episode of the Ready for Retirement podcast is about how to invest when the stock market is at all time highs.

Investing in the market can come with drastic increases and/or decreases in a short amount of time, and it can often take years to recover. It’s important to ensure you have a portfolio that provides stability when stocks take a turn for the worst.

Over the past 10 years there have been extremely negative headlines such as: economic and political outcomes surrounding the U.S. Election, Ebola virus, Dow Jones Industrial Average falling 1,000 points in one day for the first time, COVID-19 pandemic, and the media is constantly telling us not to invest. If you were invested in the past 10 years, despite all of these negative headlines, you would have made around ~ 500%.

So, how should I invest during all-time highs?

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6 "Hidden" Tax Savings Opportunities Before Year End Dec 01, 2020

Our topic on this episode of the Ready for Retirement podcast is “6 "Hidden" Tax Savings Opportunities Before Year End”.

Maximizing tax savings can be one the greatest ways to save money; James gives a checklist of six things we should review for tax savings before 2020 comes to a close.

Should I take an itemized deduction or standard deduction? When is it best to do charitable giving? How can I lower my future taxable income with a Roth conversion? Is my stimulus check taxable? Listen to find out all of this and more to best take advantage of your tax situation and ensure you’re on track to meet your financial goals.

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Don't Focus on These 5 Wrong Things Nov 24, 2020

Our topic on this episode of the Ready for Retirement podcast is “Don't Focus on These 5 Wrong Things”.

With so much information, it can be difficult to know what’s truly worth spending our time on. James gives examples in this episode of five things we shouldn’t focus on and four things we should focus on.

Active vs. passive management, fee’s, small impact decisions, recent performance & the news can all be things we focus far too much attention on that won’t greatly impact whether or not we achieve our financial goals. Focusing on consistent saving, creating portfolios that match our objectives, personal goals, and high impact decisions are all things that are extremely important when it comes to reaching your financial goals.

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Should You Have a 100% Stock Portfolio in Retirement? Nov 17, 2020

Our topic on this episode of the Ready for Retirement podcast is thinking through the question, “Should you Have a 100% Stock Portfolio in Retirement?”

James discusses the statistical and practical standpoints on this topic to help listeners understand that when you are investing, there are thousands of options. The conventional wisdom is to own more stocks during your working years, as you primarily focus on growth, and own more bonds during retirement, as you focus on income and capital preservation.

James discusses the implications of owning bonds and the primary reasons why bonds can be great for your portfolio, as well as reasons why owning more bonds later in retirement may make achieving your financial goals more difficult.

So, Should you Have a 100% Stock Portfolio in Retirement?
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Where Should I Keep My Emergency Fund with Interest Rates so Low? Nov 10, 2020

This episode of Ready for Retirement is all about emergency funds. James walks the listener through the purpose of an emergency fund, as well as potential options of what to do with your emergency fund.
He shares that the purpose of an emergency fund is to be able to cover unexpected expenses, such as loss of income, medical emergencies, or home and auto repairs. Without an emergency fund, when these moments happen, you may have to use credit, or draw from your portfolio, in order to cover the expense.
So, when people want to make money off of their emergency fund, James encourages them to think of an emergency fund as an insurance policy, not an investment. There are, however, a few options of what to do with your emergency fund. While you can always leave the money in a bank savings account, you will likely receive no interest.
One of the best options is to move your money to a high yield savings account. Here, you will be able to earn some interest and can still access your money easily. The final option is to purchase a certificate of deposit. While this will likely earn you a little more interest, you will not be able to access your money, early, without penalty.
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What's Better - Roth or Traditional 401k (or IRA)? Nov 03, 2020

On this episode of Ready for Retirement, James answers the question “Should I do a Roth or Traditional 401k?” James addresses this question by discussing, with practical examples and numbers, when it makes sense to use a Roth 401k, or IRA, and when it’s a better option to use a Traditional 401k, or IRA.
The general difference between the two is when you pay taxes, and whether your contribution is part of your taxable income. However, there are benefits to both options. With Roth accounts, you don’t have to worry about your tax brackets during retirement, since you’ve already paid taxes on that money.
Additionally, income from Roth accounts is not considered part of your provisional income, and therefore will not impact your Medicare costs or push you into a higher tax bracket. Finally, there is no required minimum distributions, so you are not required to take any income you don’t want or need. In regard to Traditional investment accounts, you are able to save money in the present, as the money you invest is not taxed when you invest it, but later, when you withdraw the money.
Therefore, you have less taxable income now. This can be very beneficial if you’re in a higher tax bracket. With Traditional accounts, however, there are required minimum distributions, which means that you may be required to take income you don’t want or need, as well as be pushed into a higher tax bracket during retirement.
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What Goals Should You Invest For? Oct 27, 2020

The topic on this episode of the Ready for Retirement podcast is goals. Our host, James, urges listeners to reframe how they think about financial goal-setting. He walks through why goals matter as well as some of the most common goals and how to approach them.
When you think about goals, consider what is important to you, what you want to be able to accomplish in the future, and what you envision when you picture a successful outcome.
James says that goals are important because if you don’t know what you’re aiming for, you won’t know if you’re on track. Setting a goal helps you to make a plan and determine the appropriate timeline and savings or investment strategy.
He covers common goals and gives tips on how to think about planning for them: retirement, home purchase, college funds (for children or grandchildren), legacy, and other miscellaneous goals.
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Should You Use a Target Date Fund in Your 401k Plan? Oct 20, 2020

On this episode of the Ready for Retirement podcast, James discusses target date funds and explains what they are, how they work, what the fees are, and how to know if a target date fund is the best option for you.
He tells listeners that when creating a 401k, you’re given a list of fund options to choose from as you invest money. One option is to build your portfolio on your own. Another option is to select a target date fund, which is simply a portfolio that is built for you based on the year you think you might retire.
James then discusses the differences that can exist between target date funds such as the peripheral asset classes and fees. You’ll also learn how to decide if a target date fund is right for you. It takes the decision-making pressure off of you and it may have exposure to asset classes you wouldn’t have access to with individual funds in your 401k.
However, if you know what you’re doing, replicating the blend of a target date fund and creating a portfolio that’s unique to your own personal goals could be more beneficial.
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How Soon Before Retirement Should I Begin Adjusting My Portfolio? Oct 13, 2020

Our topic on this episode of the Ready for Retirement podcast is thinking through the question “How soon before retirement should you start to adjust your portfolio?” James discusses the statistical and practical standpoints on this topic to help listeners develop a comprehensive view of this question and its trickle-down effects.
By the numbers, there are several things to keep in mind: the data regarding positive returns in the S&P 500, your time until retirement, and ways to diversify your portfolio to protect it from drastic swings based on the market. It is also important to recognize that stocks and bonds complement each other and often have opposite returns trends, so when one goes down the other is likely going up.
When it comes to the practical application of these financial principles, James outlines how this might look in a real-life scenario which is worth a listen. To answer the original question, James summarizes his thoughts by marking the 10-year mark as a milestone at which you should consider adjusting your portfolio to make it more conservative and resistant to market fluctuations.

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How Much Can I Safely Spend in Retirement? Oct 06, 2020

Our topic on this episode of the Ready for Retirement podcast is the question “How much can I spend in retirement?” Most people are concerned that they won’t have enough money and they worry that they will outlive their money, but James outlines the traditional and newer thought processes on withdrawals amounts during this episode.

While the traditional rule of thumb has been to withdraw 4% of your portfolio amount in the first year and then increase your withdrawals every year based on inflation, Jonathan Guyton has come out with a new school of thought in the past 15 years that is proving beneficial for retirement planning.
Guyton’s guidelines have proven with 95% confidence that a 5.2-5.6% initial withdrawal and then monitoring the market before deciding on your withdrawal amount every year will be sufficient for a 40-year retirement horizon. The four main rules associated with this method are: the portfolio management rule, the withdrawal rule, the capital preservation rule, and the prosperity rule.

Coupled with the consideration that retirement costs are not static and that your income sources and expenses will likely fluctuate throughout retirement, James encourages his clients and listeners to have a holistic approach. Remaining aware of market conditions and the status of your own portfolio rather than just making blind withdrawals is always the best course of action.
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Open Enrollment: How to Navigate Medicare Options? Sep 29, 2020

On this episode of the Ready for Retirement podcast, James provides listeners with a broad but detailed overview of Medicare. Medicare is the federally maintained health care plan for all qualifying Americans aged 65 and up.
There is always something in the news about Medicare and it can seem daunting to understand all of the different parts and supplemental plans, but James breaks down the basics during this episode.
Medicare Part A is also known as hospital insurance, covering inpatient and skilled nursing facility treatments as well as related prescription drugs for a specified length of time.
Medicare Part B is also known as medical insurance, covering outpatient treatment by healthcare providers and preventative care. Medicare Part D is prescription drug coverage and is often paired up with a Medicare Supplement plan (Medigap).

Medigap plans coupled with Medicare Part D is one option for reducing your risk in the case of medical emergencies. These plans typically have higher premiums with lower out of pocket costs and are good for folks with health concerns or pre-existing medical conditions.
Medicare Advantage plans are similar to employer-sponsored healthcare plans and typically feature lower premiums and higher deductibles and copays. These plans are good for people who are in good health and do not anticipate needing medical care outside of their network or by specialists.
James recommends that people looking for more comprehensive information to refer to Ashby Daniels’ book “Medicare Simplified.”
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5 Retirement Mistakes to Avoid Amidst Coronavirus Sep 22, 2020

The COVID-19 pandemic hit hard in early 2020, and it continues to remain prevalent as we near the end of the year. Whether you’ve just recently retired, or it’s coming up in the next few years, it’s likely the virus has brought about some financial uncertainty regarding your readiness for retirement. Before making any sudden changes, it’s important to remain rational and avoid these five big retirement mistakes.
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Retirement Uses for your Health Savings Account (HSA) Sep 15, 2020

James introduces the problem of saving for medical expenses in retirement and explains the concept of the Health Savings Account.
In this brief episode, James lays out some of the basics of the HSA, including its framework and operation. James points out that the HSA is one of the easiest ways to save and accumulate money tax-free, whether saving for health expenses or not.
He encourages listeners to consider an HSA for retirement spending needs because of its easy growth. He mentions that HSAs are only available to people who participate in a high-deductible health plan. Your decision to participate in a high-deductible plan is a separate conversation, though, so you could say this advice is for people with high-deductible plans only.
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7 Ways to Plan Better with Roth IRAs Sep 08, 2020

The topic of this episode of the Ready for Retirement podcast is Roth IRAs. A Roth IRA allows your money to grow tax-free and provides fewer limitations than other investment accounts. James outlines 7 of the main benefits of using Roth IRAs in your portfolio to strengthen your retirement funding.
Unlike other investment accounts, you are able to withdraw your contributions at any time as long as you have met the 5-year rule, and these funds are not subject to the required minimum distributions that other investment accounts require.
Also, even though Roth contributions are not included in your provisional income, if your income prohibits you from contributing to a Roth IRA usually, you could open up a spousal Roth IRA account and/or look into doing a backdoor Roth conversion from a traditional IRA account.
Finally, Roth contributions are not included in the IRMAA calculation, so Roth IRAs can help your Medicare Part B and Part D premiums stay lower than contributions to other accounts that would be considered in the IRMAA.
If you have questions about Roth IRAs, backdoor conversions, or anything else discussed on today’s show, reach out to James or to your personal financial advisor for more information!
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Should I Invest In Gold? Sep 01, 2020

In this episode of the Ready for Retirement podcast, James discusses gold and whether it is a good investment or not. He begins by giving an update on the current price, reminding listeners that this is a unique environment and conclusions should be drawn from historical data only.
After giving a disclaimer about his experience, he explores whether gold has a history of holding value. Prior to 1971, the gold standard kept the price of gold artificially low. This can skew the data, so the question is not whether it held its value, but what are the alternatives? Most notably, can you compound your money by investing in companies instead?

Next, James discusses whether gold is an inflation hedge and finds that the real return (earnings minus inflation) during this period falls at just 1.3%. By using the standard deviation to determine risk, James concludes that the stock market actually exhibited less risk over time. Gold hedged against inflation, but at a significant cost because fluctuations and swings were dramatic.

To conclude, James studies whether gold is good for portfolio diversification. The way he looks at it, gold is not an investment because it can’t generate earnings. So is it a good investment? It depends on the decade.
By looking at the growth of gold compared to the S&P 500, it is clear that gold’s growth mostly came in the period following the end of the gold standard. Not only did it have more down years than companies, but it also had more down years of large percentages. In short, James determines, gold is not the best investment given the alternatives.
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What Tax-Efficient Investment Strategies Exist After I Max My 401(k)? Aug 25, 2020

The topic of this episode of the Ready for Retirement podcast is tax-efficient ways to invest after maxing out your 401(k). You might not know that you can deposit after-tax contributions to your employer 401(k) plan, which will allow you to save future money and attain higher growth in that plan.
Another option is mega backdoor Roth contributions, which are in-plan conversions to Roth IRAs that grow tax-free and add to your retirement income.

If you have already employed these options and you are looking for more, it would be worth your while to explore backdoor Roth IRA contributions, health savings accounts, and opening up a solo 401(k) account based on any side income that you have coming in.
Beyond these options, you could also look into a regular taxable account which is not a retirement account but could be used to grow retirement savings. A great way to begin the process of determining which options you want to research further is to ask yourself what your goals are and the level of market risk you are comfortable with.
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How Will the Presidential Election Impact the Stock Market? Aug 18, 2020

Our topic on this episode of the Ready for Retirement podcast is the myth that investments are negatively impacted during election years. Many people shift their portfolios to less risky investments or pull out their funds entirely during election years because of this belief, but is it true?

While there may be some residual effects of elections, particularly presidential elections, on the stock market and other investments, the data shows that these effects are not substantial enough for investors to need to take drastic steps.
Every year has volatility and variance, but the long-term returns are optimized by staying the course regardless of the political party that is in power. In fact, the stock market seems to do best when there is some level of political gridlock in Washington.

If you want to ensure that your investments are going to provide you with adequate returns for your retirement goals, your best bet is to diversify your portfolio and include international investments as well as the typical US-based stocks, bonds, real estate, and business investments.
Have an overall investment strategy, perhaps with the assistance of a financial planner, and don’t make your decisions out of the fear of what could happen if a certain person or party gets elected.
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What are the Best Retirement Plan Options for the Self-Employed? Aug 11, 2020

Whether you’re a freelancer or an entrepreneur, being your own boss has many perks. You can set your own schedule, prioritize the projects that mean the most to you, and you have the leverage to make key decisions that can alter the course of your career.
When you’re self-employed, however, you don’t have the built-in HR benefits that come with being an employee of a company — instead, you need to manage things like retirement savings for yourself.

Luckily, there are plenty of options when it comes to planning for retirement if you’re self-employed. Below we explore six types of accounts you can open to start saving for the future.

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What Issues Do You Need to Consider For Aging Parents? Aug 04, 2020

Our topic on this episode of the Ready for Retirement podcast is the issues you need to keep in mind when helping your aging parents with their finances and estate plans. James describes the five main categories of issues that need to be considered: cash flow and living arrangements, estate planning, insurance, tax planning, and asset and debt.

No one is really ever prepared to walk through these categories with their aging parents, but with the help of this podcast and the downloadable checklist James has provided on www.readyforretirement.co, hopefully you will feel more adequately prepared for this process.
At its core, this process is an investigative one during which you are working with your parents to locate all of their cash flow, estate planning, insurance, and asset/debt documentation. It is important to review the policies and benefits, making note of any requirements and adjusting beneficiaries or other details as needed.
It would be helpful to you and your siblings or the others involved in your parents’ estate plans to have access to the contact information for any attorneys, financial planners, doctors, etc. that are key stakeholders as well as the passwords for any digital assets that your parents maintain before you have a need for them.

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[Case Study] How to Turn Charitable Giving Into $100k+ Tax Deductions Jul 28, 2020

On this episode of the Ready for Retirement podcast, James discusses a strategy for increasing your tax savings through charitable giving. James gives the example of a couple who contributed $12,000 to charity every year but they were still taking the standard deduction every year on their taxes, so they were never able to reap any tax deduction benefits from their contributions.
He helped them set up a Donor Advised Fund into which they could contribute a large sum of money that could be distributed at their discretion over the next few years while providing them significant tax savings in the process. This is a great strategy for folks who do not qualify to itemize their deductions but are contributing significantly to charity throughout the year, but there are other beneficial strategies for other situations as well.
Don’t feel limited by what you “qualify for”, because you likely fall into multiple categories and a financial planner can help you navigate these dynamics.

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What Issues Should You Consider Before Retiring? Jul 21, 2020

This episode of the Ready for Retirement podcast is a top-level flyby of the topics to consider as you prepare for retirement. Many of these topics have been covered in detail in previous episodes, so you may find it helpful to go back and listen to have a better understanding.
The main issues that should be involved in your retirement planning are cash flow, healthcare and insurance, asset and debt options, and tax planning. While you can do some of this planning on your own, you will notice several times throughout this episode that there are strategies for optimizing your Social Security or tax benefits based on your particular situation, which would best be handled by talking with a financial advisor or planner.
Be sure you also download the issues checklist and review the HSA contributions flowchart on our website!
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Countdown to Retirement: Is Your Spouse Ready For You to Retire? Jul 14, 2020

You have made it to the final episode of the countdown to retirement mini-series on the Ready for Retirement podcast! If you didn’t catch the previous episodes, go back and listen to Episodes 12-14 of the podcast to have a full understanding of the countdown.

The fourth question, which is the topic of this episode, is: Is your spouse ready for you to retire? The answer really comes down to expectations, and there are 5 main pitfalls that James sees couples fall into:

1. Misaligned expectations – While you may be planning to be with your spouse 24/7 and work on house projects, they may think that their ideal retirement involves tee times every morning and spending time with friends.

2. Bringing the workplace home – You spent your entire career working up the corporate ladder, and by the time you retired, you were in a leadership position with many direct reports. When you suddenly aren’t in that leadership position anymore, it is likely that you will try to “manage” your spouse.

3. Handling money – There is usually one spender and one saver in the family, so of course, you will have different ideas of how to spend your money in retirement.

4. Depression – Studies have shown that people are up to 40% more likely to experience clinical depression after retiring due to the loss of a sense of purpose. A great way to combat this is by having a solid answer to question 3 (from Episode 14).

5. Disenchantment – Your entire working life, you have looked forward to retirement and built it up to be the best thing you could have ever imagined. When you actually retire and the honeymoon phase wears off, you may become disenchanted.

So what can you do now to ensure you and your spouse are on the same page? Share your visions for retirement with each other and communicate about compromises when necessary. Set appropriate expectations about what you are both going to do. Listen to Episodes 13 and 14 of the podcast and have your answers prepared. Talk to an objective third party, whether that is another couple who are retired, a counselor, or a financial planner.
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Countdown to Retirement: Do You Know What You'll Do When You Retire? Jul 07, 2020

The topic of this episode of the Ready for Retirement podcast is the 3rd question in the Countdown to Retirement series: “Do you know what you’ll do when you retire?”
This can be an overwhelming question to contemplate at the end of a long career, when you’ve spent your entire life up to that point pushing towards the “next thing”, and you don’t have to have the answer right now, but hopefully this episode will help you narrow down your thought process.

Perhaps you have spent your life in the same town for decades and your children have moved to another part of the country; consider packing up and moving somewhere new for your retirement years, maybe close to your children/grandchildren.
Or you could stay put and commit to traveling. You could look into getting a fulfilling part-time job or volunteer position with an organization you are passionate about.
You could sign up for some exercise classes or a new sports league to make that a part of your routine. Pursuing educational endeavors such as becoming a mentor, taking a class, reading, or writing a book or blog could be helpful in prolonging your health span and preventing cognitive decline.
No matter what you plan to do, you would likely find it helpful to take a breather at the beginning of retirement to get used to living on a fixed income. Think about these things now so you feel like you are retiring into something, not just out of something.
Tune back in next week for the final part of this Countdown to Retirement series!
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Countdown to Retirement: Have You Had Enough Work? Jun 30, 2020

This episode of the Ready for Retirement podcast is the second part of four within a mini-series that answers the question “How do you know if you are on track for retirement?” In these four episodes, James outlines the four distinct questions that will ultimately help you know if you are on track.

In this episode, James answers this question: Have you had enough work? Some people think that there’s no reason not to retire if they have the money to do so. While you need to be prepared financially in order to retire, retirement is about much more than just giving up a paycheck. You want to make sure that you’re actually ready to give up your job and everything that goes along with it.
How can you know if you’ve had enough work? James explains four signs that you’ve had enough and are ready to retire: One, you consistently bring negative energy from work into your home life. Two, you’re too comfortable and aren’t challenged in your work. Three, you dread going to work in the mornings. Four, your work environment is toxic. And five, you feel physically or mentally unhealthy.

On the flip side, James also gives four reasons you might want to continue working for a few more years: One, if your work provides you with a sense of purpose. Two, if you have mentorship opportunities and want to invest in others or the company. Three, if you have good friendships with your coworkers and would miss seeing them five days a week. Four, if work provides a routine that you need.

If you’ve already determined that you’re financially ready to retire, this episode will help you decide if you’re ready to retire in other ways. Continue working if you feel that the benefits of working outweigh the benefits of retiring. But what should you do if your work isn’t providing benefits to your life? Tune back in to the third part of this series to find out!

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Countdown to Retirement: Do You Have Enough Money? Jun 23, 2020

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Is It Better to Pay Off Debt or Invest Going Into Retirement? Jun 16, 2020

Our topic on this episode of the Ready for Retirement podcast is how to handle your debt and investments before retirement. It seems like there is a constant tension between paying off debt and contributing to investment accounts when you have extra cash flow. How do you know which is the right decision in the long run?
James outlines several crucial considerations as you develop the strategy that will work for you, starting with understanding the specifics of the debt you are paying off and taking a look at your actual cash flow to see how quickly you could pay debt down and how much you have available to invest. It is also important to keep in mind all of the places you could have your money, from contributions by you and your employer to retirement and HSA accounts to paying off debt. While it might seem like these decisions are black and white, there are also behavioral aspects that impact how aggressively you will pursue your strategy.
It is also imperative to keep in mind the volatility of the market and plan out some contingencies for sticking to your retirement plan if the market conditions are not ideal. Research has shown that starting at a 4% withdrawal rate is typically sufficient to avoid outliving your money but sticking to that safe withdrawal rate may not always be easy. Overall, the biggest consideration is asking yourself what will bring you the most peace of mind in retirement and how to structure your pre-retirement decisions to align with the retirement you want.

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Will COVID-19 Cause Social Security to Run Out of Money? Jun 09, 2020

On this episode of the Ready for Retirement podcast, James discusses the question: Will Social Security run out? In the aftermath of the economic impacts of COVID-19, many people are concerned by the new budget model predictions that purport that the Social Security trust will be depleted sooner than expected. There are many factors to this prediction, a considerable one being the high unemployment rate at this time.
It is important to remember that Social Security was created in 1935. The average life expectancy was 60 years old and Social Security was intended to be a social safety net for those people who lived longer and were unable to work to earn a living wage. The current life expectancy is 79 years old, the birth rate is declining, and 10,000 Baby Boomers are turning 65 every day, but the Social Security system has not changed much to accommodate for these factors.
The short answer is that Social Security will not run out of money, but the longer answer is that while there will always be a flow of money as long as there are people working, the amount of benefits could be drastically reduced unless some things change. A few key areas of changes could be increasing the ages of drawing Social Security benefits, incorporating a means test, raising employment taxes, and increasing or eliminating the wage base.
Finally, in response to the question of if people should consider collecting Social Security earlier than normal to ensure the highest benefit, James says that this is not a compelling enough reason. If you collect Social Security early, you are not only limiting your pre-retirement earnings, but you are also limiting the benefits you can receive. For more information on this topic, listen to Episode 6 of the Ready for Retirement podcast.

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How "Safe" is Too Safe For Your Retirement Portfolio? Jun 02, 2020

Many of us know people who needed to continue working into retirement in the wake of the 2008 financial crisis. There are benefits and risks to having a diversified investment portfolio, but it would be helpful to know what’s too risky—and what’s too safe.

In order to better understand what makes a portfolio safe in the first place is to understand what kinds of risks exist. There are risks across the board, but some kinds of investments carry much more.
There are short term and long term risks, but the argument is that long term risks loom the largest. This is because the ultimate goal is to be able to draw on your retirement accounts in your retirement and expect that they actually cover your living expenses. Some investments, like cash and bonds, will not grow very much, and are likely not to hedge against inflation.

For your retirement portfolio to really serve you, you should also consider what other income sources you have (or will have). For example, your Social Security or pensions will only hedge against inflation but so much. You need the rest of your portfolio to do that work for you and ensure a comfortable retirement by taking on risks that will leverage the most growth over time—all while keeping some conservative investments!

Too safe means it is not going to be able to keep up with your standard of living in the future. The biggest risk is often not the short term ups and downs but rather that inflation will increase too much, hurting our ability to keep up with expenses down the road.

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Should I Take a Small Mortgage Into Retirement? May 26, 2020

Our topic on this episode of the Ready for Retirement podcast is whether you should retire with a mortgage. Many people believe that carrying a “small” mortgage into retirement with them will be advantageous in terms of tax deductions, but the reality is that unless your mortgage is rather large or you contribute to charity significantly, you will likely be better off using the standard deduction.

In association with episode 7 of the podcast, where we discussed how much money you should have in order to retire, it is very important to consider your monthly expenses, the largest of which is likely your mortgage payment. Keeping in mind that your financial goal is to outlive your money, evaluate your portfolio returns when determining if your income can support a mortgage.

It is also worth mentioning that there is a psychological component to this discussion as well. There is an element of stability and peace that comes with knowing you own your home outright before you retire, but if this is not a big factor for your wellbeing, then you may be fine continuing to pay a mortgage into retirement.

The two key risks of carrying a mortgage into retirement are having higher expenses and the sequence of return risk. There isn’t a whole lot you can do about the volatility of the market at the time you retire or afterward, but it is important to get advice from a professional regarding how best to account for this fluctuation.

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How Much Will It Cost For Me To Retire? May 19, 2020

On this episode of the Ready for Retirement podcast, James tackles the topic of how much money you will need to retire. Many people have an inflated view of their retirement needs, thinking that they will need to save dollar for dollar what they currently need each month to maintain their standard of living. However, this is not necessarily the case because of the shifts in expense amounts between working life and retirement.

There are two main approaches for determining how much money you will need in order to retire: the bottom-up approach and the top-down approach. The bottom-up approach is the most accurate but also the most time-consuming to determine, drilling down to your monthly expenses and one-time expenses during retirement to dictate how much income you will need to cover those expenses.
The top-down approach can be calculated rather quickly but it is not as comprehensive as bottom-up. This approach starts with your current net income and removes any expenses that will not be present during retirement while adding additional retirement expenses to help you determine your income requirements. It is important to consider which expenses are fixed versus variable, how inflation might affect your future expenses, and if taxes may impact your savings in the future.
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Should You Collect Social Security As Soon As You Retire? May 12, 2020

In this episode, James discusses one of the biggest questions about retirement: when should you collect Social Security?
There are many opinions about this topic which is why it’s important to understand Social Security and your personal financial situation to make a well-informed decision. James tells listeners six things to take into consideration to decide when to collect Social Security.

The six considerations are your income needs, whether or not you’ll work part-time during retirement, your risk tolerance, your taxes, your life expectancy, and, if you’re married, your spouse.

James guides listeners through each consideration and discusses topics like earning limits on Social Security, how Social Security is taxed, and what you can do to maximize your after-tax income. And, while no one can perfectly predict life expectancy, James also covers how your estimated life expectancy influences when you start collecting Social Security and how your children and spouse play into the decision.

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What Should You Expect Taxes to Be in Retirement? May 05, 2020

In this episode, James talks about key factors that might influence future tax policy. This is especially important for retirees and soon-to-be retirees because a change in your tax bracket could affect your income in retirement. We cannot see into the future, but we can make some predictions about how to best prepare for what taxes will look like in retirement.

James talks a bit about the history of federal income taxes to show how even compared to their origins, we are currently close to those historic lows. The average income taxes people are paying today are substantially lower than before. New tax law was signed into place in 2017, but those brackets are going to expire in 2025. For most people, there will likely be an increase of 3-4% in their tax bracket at expiration in 2025.

James lists three things that can inform what taxes will look like in the future: 1) the fact that taxes are near historic lows, 2) the national debt levels are rising, and 3) the population is getting older. The government must offset debt by either cutting spending or raising taxes. It looks like there will probably be tax hikes in the future. James then lists some specific strategies you can use to hedge against potential tax hikes, including diversifying your investments and delaying drawing from retirement accounts.

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Lump Sum vs Annuity - Which Pension Option Should You Choose? Apr 28, 2020

People who have a pension often wonder whether they should convert it into an annuity or a lump sum rollover. This is a huge decision and most people don’t know the right questions to ask that will help guide them while making it as they approach retirement.
In this episode, we dive right in by giving listeners some definitions of what annuities and lump sum rollovers are before covering the main things to keep in mind before choosing between the two. The benefits of each are discussed with reference to five main considerations.

How will your choice fit into your overall retirement income plan?
How much control do you want to maintain?
Do you have heirs that you hope to leave assets to?
What tax planning opportunities exist in your financial plan?
How much risk are you comfortable taking on?

As you will see in this informative session, each option has its unique benefits under each of these considerations.
Make sure you catch this episode because no matter how unique your situation, the considerations covered shine a lot of light on the most sensible ways to handle your retirement money.

Key Points From This Episode:

Whether to take a pension out as an annuity or a lump sum rollover.
Understanding the difference between an annuity and a lump sum rollover.
An initial consideration: what are your different sources of income?
The benefit of having security that your income will be managed if choosing an annuity.
Knowing the amount you’ll get each month with an annuity plan.
Understanding ‘sequence of return risk’ and how a pension reduces it.
The fact that people live longer and pensions reduce longevity risk.
Less work involved in managing a pension over an investment portfolio.
Taking out the rollover if you are not confident in your company.
Using more when you need more: the higher level of control a rollover gives you.
The ability of a lump sum rollover to be passed on in contrast to a pension.
How lump sum rollovers allow for building in inflation adjustments, or COLAs.
Converting a taxable lump sum to non-taxable by converting it into a Roth IRA.
A warning to be careful of financial advisors who only get paid if you buy their product.

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How Will This Bear Market Impact Your Retirement? Apr 15, 2020

The recent bear market was the fastest in the history of the S&P 500, taking only 16 days for it to fall 20%. For younger investors, this is a great opportunity to buy good stocks at low prices, while for those closer to retirement, it might seem like there is no time to recover.
In this episode, James shares a four-part framework which helps you to see if you are still on track with your retirement. Firstly, you need to know how much you are spending before you do a deep-dive into your portfolio. He shares two ways to get a handle on this: The bottom-up and top-down approaches and how they differ.
After this, James talks about knowing your income, which includes your non-portfolio resources. Not everything is affected by the turbulent stock market in the same way, so see what’s stable in your portfolio. Then, James highlights the importance of understanding your withdrawals.
He provides a formula, which uses a 4% rule of thumb to calculate your withdrawals. The final point James touches on is the importance of diversification. Stocks and bonds fluctuate differently which is why a balanced portfolio helps you weather storms.
We don’t know when this bear market will recover, so it is important to implement this four-part framework as soon as possible. Be sure to tune in today!

Key Points From This Episode:

Bear market: What it is, how it happens and why this one is so scary.
Why it is important to get a firm handle on spending.
Two different approaches to calculate spending: Bottom-up vs top-down.
Know your income and don’t forget your non-portfolio income sources.
How to understand your investment withdrawals and calculating them.
Different investments have different tax structures, so you need to bear this in mind.
A properly diversified portfolio with stocks and bonds is crucial.
A look at bear markets and their impacts on retirees throughout history.

Tweetables:

“Without knowing how much income you need and without knowing what your spending’s going to look like throughout retirement, we have no idea what your portfolio needs to do to endure this.” — @jamesconole [0:02:33]

“Diversification is crucial right now.” — @jamesconole [0:14:03]

“The time to panic and change everything is not in the midst of a falling market.” — @jamesconole [0:18:18]

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4 Easy Ways to Reduce Taxes In Retirement Apr 14, 2020

Episode 02: Show Notes.

Welcome to the first full episode of Ready for Retirement, we are so happy to have you join us here as we share some great and simple strategies for making retirement that much easier and enjoyable! A big part of doing this has to do with tax and that is our focus today.
If you can optimize your taxation situation you can alleviate a lot of unnecessary strain on your finances and so we are providing you with four easy ways to reduce tax. These are guaranteed to help you keep more of your income, which is ultimately the goal.
This list is not exhaustive and there are definitely others too but these four are approachable and common enough to start with! We talk about maxing your social security benefit to make the most of it when you do collect it, important considerations for asset location, looking beyond investment dividends, and reducing IRMA surcharges.
All of these measures can help you retain more of your resources and maintain the type of lifestyle you hope for as you enter an important part of your life. Please join us for this accessible and informative exploration, today!

Key Points From This Episode:

Learn how Social Security is taxed and
Pay attention to your asset location; tax-efficient investments in taxable accounts!
Focus on more than just dividends; other considerations to take into account.
Reducing IRMAA surcharges; considering your modified adjusted gross income.
You do not need to reduce your lifestyle, but think about when and how you take your income.

Links Mentioned in Today’s Episode:

Modified Adjusted Gross Income

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James Conole on LinkedIn

Ready for Retirement

Root Financial Partners

Create Your Custom Strategy ⬇️

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Ready For Retirement Intro Episode Mar 27, 2020

Welcome to the Ready for Retirement Podcast!

Episode 01: Show Notes.

Hello, everyone, and welcome to the first episode of the Ready for Retirement podcast! Your host for the show is James Conole, a certified financial planner and the founder of Root Financial Partners. Before getting into the details of this new show, we want to thank you for taking the time to tune in – you will not be disappointed by the many surefire tips and strategies that we will share on the podcast.
In this episode, James walks listeners through the basic information of the show, including who it is designed for, the depth at which topics will be explored, the kind of subjects that will be covered, and how often new episodes will be published. In addition to learning what you can expect from the show, listeners will also hear a bit about James and how his day-job has equipped him to bring you the most up-to-date information on retirement.

Key Points From This Episode:

• Who the show is designed for and will benefit most from its content.

• The depth at which we will explore topics related to retirement.

• Investments, taxes, social security, insurance and other topics to look forward to.

• Learn more about your host James, a Certified Financial Planner™ with a passion for people.

• James' unique perspective working with people who are planning to retire.

• The frequency of the podcast and the estimated running time of each episode.

• BONUS: Check out the two additional episodes we have ready for you!

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James Conole on LinkedIn

Ready for Retirement

Root Financial Partners