Retirement Answers

Latest Episodes:

3 Estate Planning Must-Haves May 14, 2024

Show notes

Estate planning is often a forgotten part of a financial plan, but there are a few steps you can take to start building your estate plan.

It doesn't have to complicated, so I am sharing 3 must-haves to include in your estate plan. There are more elements to think about including in your estate plan, but these should get you started.

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Website: https://www.rivertreewealth.com
LinkedIn: https://www.linkedin.com/in/jacobduke

Jacob Duke, CFP, MBA is the founder of Rivertree Wealth and the host of the Retirement Answers podcast.

👉 Do you have your custom retirement strategy? If not, get started today.

🔔 Subscribe so you never miss an episode!

DISCLAIMER: This video is not meant to be taken as tax, legal, or investment advice. All content is for educational purposes only.

Inherited IRA Rules EXPLAINED (10-Year Rule) May 07, 2024

Show notes

So you inherited an IRA... But now what? Do you have to take all of the money out immediately? Over your lifetime? Within 10 years?

The SECURE Act was instituted in 2020, but we are still trying to understand what the rules actually are for IRA inheritors.

Prior to the SECURE Act, you could stretch the Required Minimum Distributions (RMD) over your lifetime. This gave you the benefit of spreading out your tax liability over many years.

The SECURE Act took this "stretch" provision away for many beneficiaries and left it available to others. Also, the "10-year rule" was created. This new ruling forces certain beneficiaries to distribute the entire balance of the IRA by the end of the 10th year following death.

This video is meant to serve as a guide for you in determining how to properly follow the SECURE Act rules for Inherited IRAs.

The biggest questions you have to ask yourself are:
- What type of beneficiary am I?
- What account type have I inherited? (Tax-deferred or Roth)
- Did the decedent pass away before or after their Required Beginning Date (RBD)?

Answering these questions will help you determine how to distribute your the funds in your Inherited IRA correctly.

Want help with your retirement plan?👇🏼

☎️ Book a call with me: https://calendly.com/jacobduke/intro
✉️ Email me: jacob@rivertreewealth.com
Website: www.rivertreewealth.com

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurityretirement #socialsecurity #secureact #SECUREAct2.0

Retirement Planning Do's & Don'ts Apr 30, 2024

Show notes

There are lots of opinions and ideas around how to properly plan for and live out a successful retirement.

Today, I'mis sharing 8 do's & don'ts of retirement planning that I often run into when talking with prospective clients.

Topics covered:
- How to invest in retirement
- How you can trust your plan
- Why you should be proactive instead of reactive
- Understanding Social Security
- Talking to others who have already retired

A big part of having a successful retirement is knowing what pitfalls to look out for. Hopefully, this helps you on your retirement journey.

Want help with your retirement plan?👇🏼

☎️ Book a call with me: https://calendly.com/jacobduke/intro
✉️ Email me: jacob@rivertreewealth.com
Website: www.rivertreewealth.com

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

How Do Presidents Impact the Stock Market? Apr 23, 2024

Show notes

It's an election year! We will be choosing the next President of the United States later this Fall and times like this often raise a lot of questions in investors' minds.

"Will the stock market go down is this person is elected?"
"Should I get out entirely to avoid any turbulence?"
"Which political party has the best track record when it comes to stock market returns?"
"If that person get's elected, things with definitely go south."

But here's the hard part... We all have preferences and political biases. Separating our personal convictions from our investment decisions is the hardest part for most investors. Because of the need to confirm our biases, we make decisions that are detrimental to your investment success.

Hopefully this episode shows you that the President has far less impact on the stock market that you may think and that big decisions based on Presidential elections can prove to be very harmful.

Remember: We are investing in for-profit companies that provide goods and services you and I need, not a President. We are betting on those companies to find a way to sell those goods and services regardless of the current political or regulatory environment we find ourselves.

If you found this episode helpful, subscribe so you don't miss any future episodes.

Also, I'd greatly appreciate it if you gave a rating and review. It helps other people just like you find the podcast and benefit from discussions on these topics as well.

Want help with your retirement plan?👇🏼
☎️ Book a call with me
✉️ Email me: jacob@rivertreewealth.com

My YouTube Channel

Resources:
How Stocks Have Behaved in an Election Month
The Market & US Presidential Elections
Interactive Visuals

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

Avoid These 8 Retirement Mistakes Apr 16, 2024

Show notes

As a retirement planner, I get to see the good and the bad of every retirement plan. All the good decisions and the mistakes that come up.

In an effort to help you avoid some common mistakes I see, I put together a list of 8 mistakes to avoid. These are mistakes around investing, income planning, withdrawal strategies, and mindset mistakes.

I hope this helps you know what to look out for and encourages you if you are already aware of these potential mistakes.

If you enjoy the podcast, I'd love it if you could give a rating and review on Apple Podcasts. It's the best way you can say 'Thank You'!

Want help with your retirement plan?👇🏼
☎️ Book a call with me
✉️ Email me: jacob@rivertreewealth.com

My YouTube Channel

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

BIG NEWS & My Retirement Planning System Apr 09, 2024

Show notes

I have some big news to share with you... I have launched my own wealth management firm, Rivertree Wealth! I'm excited to continue serving my clients and begin working with new clients in the future.

To learn more about Rivertree and how we can help you, please visit www.rivertreewealth.com.

Also, I wanted to share our system, the Rivertree System, with to give you more insight to how we approach retirement planning. Hopefully these insights give you an idea of how the different planning topics (taxes, investments, income, estate, etc) fit together.

If you enjoy the podcast, I'd love it if you could give a rating and review on Apple Podcasts. It's the best way you can say 'Thank You'!

Want help with your retirement plan?👇🏼
☎️ Book a call with me
✉️ Email me: jacob@rivertreewealth.com

My YouTube Channel

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

How Do Financial Advisors Get Paid? Mar 26, 2024

Show notes

Alright... Let's talk about financial advisor fees.

Understanding how a financial advisor gets paid can be hard because there are numerous ways an advisor can receive compensation.

In this episode of Retirement Answers, Jacob breaks down the main things you need to know about advisory fees in an objective, unbiased way.

Topics covered:
- Commissions vs Fees
- Fee Only vs Fee Based vs Commission Based
- Conflicts of interest

If you enjoy the podcast, I'd love it if you could give a rating and review on Apple Podcasts. It's the best way you can say 'Thank You'!

Want help with your retirement plan?👇🏼
☎️ Book a call with me
✉️ Email me: jacob@rivertreewealth.com

My YouTube Channel

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

5 Benefits of a Roth IRA in Retirement Mar 19, 2024

Show notes

Roth IRAs are powerful retirement accounts. You get to pay your tax now, let your investments grow tax-sheltered, and take from the account in retirement TAX-FREE! (The tax-free part depends on whether or not you meet the age 59.5 and 5 year requirements)

Having a Roth IRA in retirement will help you lower your tax bill in your retirement years and be a huge benefit when it comes to Social Security taxation or IRMAA (Medicare premium surcharges).

In this episode of Retirement Answers, I share 5 benefits of having a well-funded Roth IRA in retirement and how you can maximize the potential of your Roth IRA.

If you enjoy the podcast, I'd love it if you could give a rating and review on Apple Podcasts. It's the best way you can say 'Thank You'!

Want help with your retirement plan?👇🏼
☎️ Book a call with me
✉️ Email me: jacob@rivertreewealth.com

My YouTube Channel

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

How to Plan for Retirement Gap Years Mar 12, 2024

Show notes

Maybe you have heard of retirement "gap years" or maybe it's a new concept to you, but how to plan for your retirement gap years is a common question for retirees.

The value of these years is that they are likely going to be the lowest tax years for the rest of your life. This means you could have an opportunity to take advantage of those lower tax rates and lower your lifetime tax bill.

In this episode of Retirement Answers, we cover:

What these gap years are
Discuss how you can use them to your advantage
Walk through a real life example of this in action
My big takeaway

The most important thing you can do is evaluate your situation to see what opportunities you can take advantage of during this crucial time in retirement because you won't get those opportunities back in the future.

If you enjoy the podcast, I'd love it if you could give a rating and review on Apple Podcasts. It's the best way you can say 'Thank You'!

Want help with your retirement plan?👇🏼
☎️ Book a call with me
✉️ Email me: jacob@rivertreewealth.com

My YouTube Channel

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

How Much Income Will I Need in Retirement? Mar 05, 2024

Show notes

Trying to figure out how much income you will need in retirement can be challenging to figure out...

There are rules of thumb such as 80% of your current, pre-retirement income or just take 4% of your savings each year for income.

But the hard part about rules of thumb is that they are not unique to your or your needs. Some need far less than their pre-retirement income and others need the same amount.

In this episode, I walk through how you can determine how much income you will need in retirement and some important considerations to think about. Enjoy!

If you enjoy the podcast, I'd love it if you could give a rating and review on Apple Podcasts. It's the best way you can say 'Thank You'!

Want help with your retirement plan?👇🏼
☎️ Book a call with me
✉️ Email me: jacob@rivertreewealth.com

My YouTube Channel

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

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