Ready For Retirement

Latest Episodes:

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

Show notes

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

Show notes

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

Show notes

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

Show notes

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

Show notes

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

Show notes

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

Show notes

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

Show notes

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

Show notes

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

Create Your Custom Strategy ⬇️

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

Show notes

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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