Retirease Radio with Victor Medina CFP®, RICP®, CELA®

Latest Episodes:

Financial Planning for Life's Unexpected Events Jan 11, 2024

Show notes

Life happens. It's such a simple but complicated statement because no one know what life will throw at us. The good and bad often comes at the most unexpected times and that makes planning very difficult. The good news is a comprehensive retirement plan prepares for what we know and is built to adapt to the events we can't predict.

In this episode, let's go through some situations that require a little bit of extra attention and assessment in your overall retirement plan. If you haven't taken the time to review the possibility of these in your life, make that a priority for 2024 so you don't have to worry about being caught off-guard financially.

Here's some of what we discuss in this episode:

If you're leaving an old job, discuss what to do with the assets in your old employer's retirement account. Then look for Roth options with the new company.
What are you facing if you get laid off or fired unexpectedly?
The financial burden that comes along with the death of a spouse.

About Retirease Radio:

Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

New Year Financial Resolutions Jan 04, 2024

Show notes

As we begin another year with a fresh slate and a chance to improve ourselves, let's talk about some resolutions that we could put in place to take positive financial steps forward in 2024. Hopefully this is something that you'll revisit well beyond January, but we want to help you build a list for the new year.

The stats say people stick to their new year resolutions an average of 15 days so it's not easy, which is why we like making it a part of an ongoing effort for self-improvement.

Here's some of what we discuss in this episode:

Why Victor doesn't use resolutions for annual goal-setting.
How to stop being so disorganized with your finances.
Take the time to understand what you're invested in.
Stop giving away your retirement savings in the form of hidden fees and expenses.
Stop taking on unnecessary risk.
Get on the same page with your spouse when it comes to your finances.

About Retirease Radio:

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

Mailbag: Healthcare Costs, Retirement Savings Target, and Estate Disputes Dec 28, 2023

Show notes

Retirement is more than just a numbers game; it's an intricate dance of elements that blend to create a fulfilling post-career life. In this episode, we'll open up the mailbag and unpack the components that make up a robust retirement strategy, addressing everything from the ebb and flow of market volatility to maximizing Social Security benefits and tackling healthcare costs head-on.

We also shine a spotlight on the thorny issue of estate disputes, illustrated by a listener's question about a contested beneficiary designation. Sharing insights on setting up a revocable trust and other mechanisms, we help you be equipped with the tools and knowledge to safeguard your legacy and retire with peace of mind.

Here's some of what we discuss in this episode:

How can you figure out if your parents need help financially as they age?
Do you need 15-20 times your annual salary to be able to retire comfortably?
How to settle estate disputes between when wishes aren't clear.

About Retirease Radio:

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

Navigating Retirement Challenges: Smart Strategies for Investing and Insurance Dec 21, 2023

Show notes

Join us today as we address some of the critical pillars of a successful retirement: investing, income, taxes, and estate planning. We'll do this by tackling a few great questions from our listeners, offering clarity and strategic insights for your retirement journey.

Whether you're worried about unexpected life insurance policy charges or seeking stability in volatile markets, we're here to help you navigate these challenges with confidence.

Here's some of what we discuss in this episode:

Why would your life insurance policy require you to start paying premiums again?
Which investments you should consider if you can't tolerate the volatility in the market.
Ways to supplement your income if you reduce your work hours.

About Retirease Radio:

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

Financial Mailbag: Gifts to Children, Roth Conversions, & Life Insurance Dec 14, 2023

Show notes

It's time to open up the mailbag on the show and answer a few financial questions that we've gotten recently. Listen as Victor addresses situations dealing with helping your adult children financially, making Roth conversions, and determining how much life insurance is needed.

Today's show will cover three topics that almost everyone will face so this conversation should be very insightful. Victor will share his approach to each of these scenarios and explain how he works through them with clients to find the best strategy moving forward.

Here's some of what we discuss in this episode:

What's the best way to help an adult child financially? Is it college funds, daycare, retirement, or something else?
What you need to consider before converting a large amount of money into a Roth
How much life insurance do you need to have on the main breadwinner of the family?

About Retirease Radio:

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

Financial Forecast: Planning That Can Weather the Elements Dec 07, 2023

Show notes

You can find financial lessons everywhere in life and today we're going to relate planning to the weather, something we all pay attention to every day. From tornadoes to black ice, we'll share the appropriate analogies for each type of forecast and explain how our approach to planning will help you prepare for all of the elements.

Much like the weather, you have to be ready to face anything the day brings your way. Life, like retirement, doesn't pause when the elements get a little rough. We have to use the tools available to handle the devastating force of a tornado and the unforeseen effects of the jet stream and help you better prepare in today's episode.

Here's some of what we discuss in this episode:

Tornadoes happen quickly and cause large damage in minutes, which is much like a market downturn in retirement.
The unseen force of the jet streams and how it affects all of the weather.
How the heat index compares to the risk in your portfolio.
How people slip on 'black ice' in retirement planning.

About Retirease Radio:

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

Grade Yourself on a Retirement Readiness Quiz Nov 30, 2023

Show notes

How financially fit are you for retirement? Get ready to find out with a self-assessment on must-know topics like assets, spending, risk tolerance, fees, and income streams.

We have five questions that every retiree needs to be able to answer and Victor Medina will explain why each of these is so crucial for retirement planning. Acing it requires knowing the purpose of your investments, understanding how to calculate risk, and having an income plan prepared. Tune in now to assess your preparedness and pick up practical pointers to improve your retirement planning report card.

Here are the questions we're going to quiz you on today:

Do you know how much you have financially?
Do you know how much you're actually spending?
Do you know how much risk you have?
Do you know what you're paying fees?
Do you know what your retirement income streams will look like?

About Retirease Radio:

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

The Financial Draft Nov 21, 2023

Show notes

If you were the general manager of a financial team, which products or investments would you prioritize to give you the best chance of success? That's what we want to discuss today so we'll have a little fun with this conversation by making Victor the GM. We'll present some of the financial topics and items you might be most familiar with and find out where he would draft them.

If you're a sports fan, this should be an enjoyable exercise, but even if you're not, there should be some useful information you can apply to your approach to planning in order to help win the game of retirement.

Here are some of the things we'll ask Victor to evaluate:

The Roth IRA
Where does gold fit in?
The Life Insurance Retirement Plan
The variable annuity
The indexed annuity
Rental properties

About Retirease Radio:

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

Is This an Investment or Not? Nov 16, 2023

Show notes

Today we are going to play a little game we'll call, 'Investment or Not?' People will try to justify a purchase by calling it an investment, but just because you spend a little extra money on something doesn't make it an investment.

On today's show, we examine the definition of an investment and explore how investing is not just about stocks and bonds. We'll present Victor with various scenarios and find out if he would classify them as investments. We'll be exploring if buying a snazzy car for a long commute, or even adding a screened-in porch to your home, could be considered investments. We'll also help you understand if they're actually good investments as well.

Here's some of what we discuss in this episode:

Is it worth spending more on a nice car if you spend a lot of time commuting?
Are collectibles like baseball cards an investment?
What about adding a home renovation like a screened-in porch?
As a business owner, is hiring quality people an investment in your business?
Buying land without a plan to build on it or not.

About Retirease Radio:

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

Finding the Right Financial Advisor Nov 09, 2023

Show notes

Not every financial advisor is created equal so picking the right one to work with can benefit you for years to come. But no one intentionally chooses someone that isn't a good fit so what should you be looking for in a financial advisor? In this episode, we'll talk about the characteristics that make up a good advisor and provide guidance on what questions you should be asking.

Whether you're looking for an advisor for the first time or just curious whether your current advisor is the best fit, Victor will help you identify someone with the right philosophy to get you to and through retirement. Building t

Here's some of what we discuss in this episode:

Our philosophy at Palante Wealth and how we approach our relationships with clients.
How do you truly know if someone is the right fit?
What could go wrong if you're working with someone who isn't a good fit?
What are your options if you aren't comfortable with your current advisor?

About Retirease Radio:

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

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