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

Latest Episodes:

Hindsight is 20/20 in Financial Planning Nov 02, 2023

Show notes

Knowing what you know now, you'd probably go back and change some of your past decisions. Since that's not possible, the next best thing is learning from other people's mistakes. We all have things we wish we'd done differently, and today we're going to share some of those scenarios where financial mistakes were made that don't look so good in hindsight.

From the lessons of the 2008 crisis to understanding the risk in your investments, we walk you through real-life scenarios that can significantly impact your retirement plans. Tune in, and equip yourself with knowledge that could redefine your financial future in retirement.

Here are some of mistakes we can learn from:

Investing too conservatively following a market crash and missing out on a big bull run
Not understanding the risk in your portfolio until a down year happens.
Making Social Security decisions without understanding your options.
Wishing you put more money into a Roth IRA to avoid the tax time bomb in retirement.
Retiring too early and realizing you have to go back to work.

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/

Ways That People Ruin Their Retirement Oct 26, 2023

Show notes

Would you like to avoid the financial missteps that can derail a retirement? Knowing where people often make the wrong decision or fail to take the proper action can help you keep from making the same mistakes and ruining your retirement.

In today's show, Victor will lean on his past experience to help identify the areas that typically cause people to have problems in retirement and he'll also help you know what to do differently if you're in these same positions.

Here's some of the mistakes we discuss this episode:

Treating retirement like the destination rather than the beginning of the next chapter in life.
Retirement doesn't mean that all of your challenges disappear and all of your problems are gone.
Your monthly spending habits likely can't be determined strictly based on what you're spending while you're working.
Not having a plan for being active in retirement.
Investing the same way in retirement that you were when you were in your 30s.

About Retirease Radio:

Connect:

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

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

The Risk of Living a Long Time Oct 19, 2023

Show notes

More and more people are living a longer time, which is a great thing. But it can also pose a significant risk to your retirement if you haven't planned properly.

If we knew exactly how long you were going to live, determining how much you need for retirement would be pretty easy. Since we can't plug that number into a calculation, we need to take the proper steps to ensure your money lasts as long as you do. In this episode, we'll talk about planning with longevity in mind and how we build that risk into every plan we build.

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

Why Victor would choose spending money to gain time when given the option.
Who are some of the older people we work with.
Does longevity run in Victor's family?
How effective are people at planning for this possibility of a long retirement on their own?
How we help people who worry about running out of money.

About Retirease Radio:

Connect:

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

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

Pre-Retiree Mistakes to Avoid Oct 12, 2023

Show notes

No one wants to make mistakes, but we're all human. It's going to happen to all of us, and we see pre-retirees make many of the same mistakes with their finances. Our role as financial advisors is to not pass judgment and make you feel bad about those mistakes, but to help you right the ship and get back on the correct path.

In this episode, we'll discuss some of the most common mistakes and talk about how we help people avoid them. It's important to remember that it's not about the mistake but rather how you react to it. If we can help you recognize the problems and help you make a different decision, you'll be able to continue to get a little better with your finances.

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

People continue to invest like they're in their 30s even though they are approaching retirement.
How to determine when you should be claiming Social Security.
Why tax planning is more important for long-term success than tax preparation.
Can you assume that your healthcare needs are going to be covered by Medicare?
Why you shouldn't take on more risk to play catch-up if you feel you're falling behind.

About Retirease Radio:

Connect:

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

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

The Client Review Process for Different Personalities Oct 05, 2023

Show notes

We want to talk today about client reviews and how we approach them depending on the type of client we're working with. Periodic reviews with certain clients can look very different from reviews with others, and we enjoy the variety of conversations we'll have with folks.

We'll have a little fun with this conversation by describing a handful of personalities and then have Victor explain what the reviews will consist of for each person. Plus, you'll get a better idea of what our review process looks like in general and why it's so important for us to provide continuing education for our clients.

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

What we do for people who are very busy and don't often have time to meet.
How we provide continuing education for people so that they feel comfortable with their plan.
How we work with someone who is emotional about money and the markets.
We want to stay objective and dispassionate with people who always seem to have major life events happening.
Providing support for people who worry a lot about money and what's happening in the news.

About Retirease Radio:

Connect:

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

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

Retirement Wisdom from Bruce Springsteen Quotes Sep 28, 2023

Show notes

New Jersey's own Bruce Springsteen is one of the most successful musicians of all time and he's been entertaining people around the world for decades. His fans can recite many of the lyrics in his songs word-for-word, and it's easy to find inspiration from his music.

In this episode, we're going to spotlight some of our favorite quotes from The Boss and apply them to what we do each day in retirement and estate planning. There's a lot to learn from Bruce, and even though we may not listen to as much of his music as many others in New Jersey, we can appreciate the wisdom in each of these quotes.

Here are the quotes we'll discuss in this episode:

"Adult life is dealing with an enormous amount of questions that don't have answers."
"The release date is just one day, but the record is forever."
"A good song takes on more meaning as the years pass by."
"If you're good, you're always looking over your shoulder."

About Retirease Radio:

Connect:

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

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

Constructing Your Financial House Sep 21, 2023

Show notes

For some people, the idea of putting together a financial plan doesn't sound like much fun. But the idea of building a home sounds much more enjoyable. So let's find the similarities in building a strong financial plan and a dream home.

In this episode, Victor will help us construct our financial house step-by-step and explain which pieces of planning play the part of the foundation, walls, roof, and the finishing touches. Putting together a strong financial plan, like a home, will be built to last for years and through any type of weather.

Here are the quotes we'll discuss in this episode:

The foundation of any plan, like a home, has to be solid and it starts with an income plan.
The investments we choose will serve as the walls of our financial house to provide structure.
The tools we use to help someone protect their financial house.
Putting the finishing touches on your house and buttoning up all the little items comes in the form of estate planning.

About Retirease Radio:

Connect:

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

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

Financial Planning with Yogi Berra Sep 14, 2023

Show notes

Yogi Berra is one of the most quotable people to ever live. He could entertain even more than he could play baseball, and he was a really good catcher. Even as a Red Sox fan, Victor has an appreciation for many of the things Yogi said through the years.

When we look at some of his quotes through the right prism, they can teach us some lessons about financial planning. So that's what we'll try to do in this episode. We've pulled six great quotes that Yogi said through the years and we'll going to make sense of them for what we do every day in retirement and estate planning.

Here are the quotes we'll discuss in this episode:

"I never said most of the things I said."
"A nickel ain't worth a dime anymore."
"If you don't know where you're going, you might wind up some place else."
"When you come to a fork in the road, take it."
"The future ain't what it used to be."
"It's like déjà vu all over again."

About Retirease Radio:

Connect:

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

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

The Good News-Bad News in Financial Planning Sep 07, 2023

Show notes

Life is all about balance and today's show will keep you level-headed when it comes to certain financial situations. Every decision we make needs to take into consideration the pros and cons and weigh them against each other to determine which option is best.

We going to look at a few different situations where there are positives but those don't usually outweigh the bad. This good news-bad news happens all the time in financial, retirement, and estate planning and our job is to help clients sort understand the full picture so they choose what benefits them the most.

Here are some of the things we'll discuss in this episode:

The interest on your debt might be tax deductible but that's not worth carrying it.
Should you let low fees keep you in a mutual fund that doesn't perform well?
If you're depending on Medicaid to pay for your nursing home care, it means you don't have much else left in the bank.
Can you count on your portfolio always bouncing back after a big drop?

About Retirease Radio:

Connect:

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

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

Financial Planning with George Bernard Shaw Aug 31, 2023

Show notes

No matter where you go or who you meet, there's always an opportunity to glean financial wisdom from unexpected places in life. Today's show is a great example of that as we're going to see what we can learn about financial planning from these quotes from the great playwright George Bernard Shaw.

The Irishman was born in the mid-19th century who made an impact on the arts along with being a critic and political activist. As you'll see from the list of quotes below, he was a very thoughtful man. Let's dive into a few of his most memorable quotes and apply them to the way we approach financial planning and retirement.

Here are the quotes we will translate to the financial world:

"Progress is impossible without change, and those who cannot change their minds cannot change anything."
"We don't stop playing because we grow old; we grow old because we stop playing."
"Beware of false knowledge, it is more dangerous than ignorance."
"The possibilities are numerous once we decide to act and not react."

About Retirease Radio:

Connect:

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

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

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