Retirement Starts Today

Latest Episodes:

Traveling After 65 with Danielle Roberts from Boomer Benefits, Ep #316 Oct 02, 2023

Show notes

Medicare's open enrollment is starting soon, so I've invited Danielle Roberts from Boomer Benefits to join me today.

In this episode, we're discussing what's new with Medicare in 2024, the important dates to remember for open enrollment, when to reevaluate your health insurance options, and how to ensure you have health coverage when traveling abroad in retirement.

Press play to hear what's new in Medicare.

Outline of This Episode

[2:26] What's new with Medicare this year?
[8:44] How often do people reconsider advantage vs. supplement and drug plans?
[15:42] Bearing risk
[22:00] What can you expect from your Medicare when traveling abroad?

Resources & People Mentioned

Connect with Danielle Roberts

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401K Millionaires are Back! Ep # 315 Sep 25, 2023

Show notes

As retirement super savers, you all know that slow and steady wins the race. According to this Wall Street Journal article, that race is paying off again for many Americans. In the retirement headlines segment, we'll take a look at this article. Then in the Listener Questions segment, Bret and I will discuss the merits of having one firm handle investments, taxes, and retirement planning.

Outline of This Episode

[1:42] Stock market rally
[12:27] When might having one firm handling all aspects of your financial matters might not be the best case

Resources & People Mentioned

Stock-Market Rally Makes More 401(k) Savers Millionaires

Connect with Benjamin Brandt

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The Problems with Monte Carlo Are in Your Mind, Ep #314 Sep 18, 2023

Show notes

Even if you aren't familiar with Monte Carlo analyses, you've probably used it. Monte Carlo drives math behind the retirement planning software that you use. Monte Carlo software is truly amazing, however, the way people look at it is wrong.

In this episode, you'll hear the pros and cons of Monte Carlo analysis and how you can use a Monte Carlo calculator to maximize your full retirement potential.

Outline of This Episode

[1:52] When Monte Carlo simulations work and when they don't
[7:10] How to use Monte Carlo simulations effectively
[15:13] Should you annuitize to provide a safety net?

Resources & People Mentioned

Advisor Perspectives article
Check out the Monte Carlo analysis lesson for FREE at RetirementIncome.University!
BOOK - Die With Zero by Bill Perkins

Connect with Benjamin Brandt

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Why Are the Notes Found in Aretha Franklin's Couch a Valid Will? Ep #313 Sep 11, 2023

Show notes

Aretha Franklin can teach you more than a little R-E-S-P-E-C-T.

On this episode of Retirement Starts Today, you'll learn from her estate plan (or lack thereof). After hearing about this estate plan gone haywire Bret and I will team up to answer a listener's question on how you can transition from a saving to a spending mindset.

Listen in to ensure that your estate isn't tied up for years while your heirs battle out the details in court.

Outline of This Episode

[2:22] Why are the notes found in Aretha Franklin's couch a valid will?
[5:35] My takeaways
[13:23] How to switch from a saving to a spending mindset in retirement

Resources & People Mentioned

Connect with Benjamin Brandt

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Overdoing Delayed Gratification, Ep #312 Sep 04, 2023

Show notes

Here at Retirement Starts Today, we are always looking for ways to teach you how to spend more money so that you can enjoy an even better retirement. However, many times our clients and listeners have trouble loosening their purse strings.

After years of being diligent savers, instead of enjoying the fruits of their labor, retirees reaching financial independence often find another reason to be frugal. Listen in to hear how you may be overdoing delayed gratification.

Outline of This Episode

[1:32] Will gratification always lead to a more fulfilling life?
[2:55] How to find balance
[4:01] Habits are hard to make and hard to break
[10:12] How are expense ratio fees charged?

Resources & People Mentioned

Connect with Benjamin Brandt

Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/
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7 Tips to Maintain a Sense of Purpose in Retirement, Ep #311 Aug 28, 2023

Show notes

I've always said that it's important to retire to something rather than away from something. To do that means finding a sense of purpose.

In this episode, we'll explore an article from PhysicianOnFIRE.com that discusses how retirees can discover and maintain a sense of purpose in their lives after leaving the workforce.

Make sure to stick around for today's listener question. This one was my favorite one this year so don't miss it!

Outline of This Episode

[2:12] How to maintain a sense of purpose as a retiree
[8:43] Why a purpose-filled life is important to retirement
[12:40] How to deal with guilt about retiring from a much-needed service profession

Resources & People Mentioned

PhysicianOnFIRE.com
Annual Listener Survey
Episode 263 - Be Your Future Self Now
Episode 303 - Your Future (Retired) Self
BOOK – Be Your Future Self Now by Benjamin Hardy
BOOK – Your Future Self by Hal Herschfield

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How to Pay 0% on Capital Gains, Ep #310 Aug 21, 2023

Show notes

Would a 0% tax rate help you live an even better retirement? In this week's Retirement Headline, we'll explore a WSJ article titled How You Can Grab a 0% Tax Rate. If that doesn't pique your interest, I don't know what will!

Listen in to hear how you can learn to plan so that you can take advantage of a 0% tax rate on capital gains income.

Outline of This Episode

[1:42] How to grab a 0% tax rate
[7:08] 4 ways to take action
[11:22] How will lowering my taxable income affect my future Social Security benefits?

Resources & People Mentioned

How You Can Grab a 0% Tax Rate

Connect with Benjamin Brandt

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Dirty Dozen Tax Scams, Ep #309 Aug 14, 2023

Show notes

Scammers are constantly changing their playbooks to try and stay ahead of the authorities. That is why the IRS annually updates its "Dirty Dozen Tax Scam" list. This week we'll explore the latest article from the IRS on this year's tax scams then we'll check out an article from Financial Advisor Magazine that involve questionable tax practitioners and charitable remainder annuity trusts.

Don't miss out on this week's listener question because chances are, you have had this question as well.

Outline of This Episode

[2:22] What the IRS has to say about the dirty dozen in 2023
[9:54] Tax scams that target the wealthy
[14:02] On making larger withdrawals in your 60s and lesser withdrawals later on

Resources & People Mentioned

Connect with Benjamin Brandt

Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/
Follow Ben on Twitter: https://twitter.com/retiremeasap
Join the newsletter: https://retirementstartstodayradio.com/newsletter
Dive deeper into retirement planning with Ben at www.RetirementIncome.University

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Should We Even Worry About IRMAA? Ep #308 Aug 07, 2023

Show notes

As a financial advisor that thinks a lot about the Medicare surcharge IRMAA, an article titled Stop Worrying About IRMAA written by a source I trust certainly caught my eye.

In this episode, we'll explore what IRMAA does, reflect on the article, and discuss whether the IRMAA surcharge is worth worrying about. If you have questions about IRMAA or are starting to approach Medicare age you won't want to miss out on this episode.

Outline of This Episode

[1:22] How Medicare works
[5:33] How IRMAA works
[8:09] My thoughts
[9:18] Action items
[14:50] How to pay taxes on Roth conversions

Resources & People Mentioned

The White Coat Investor - Should We Even Worry About IRMAA?
Episode 101 - How to Navigate the Upcoming Changes in Medicare Supplement Plans

Connect with Benjamin Brandt

Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/
Follow Ben on Twitter: https://twitter.com/retiremeasap
Join the newsletter: https://retirementstartstodayradio.com/newsletter
Dive deeper into retirement planning with Ben at www.RetirementIncome.University

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The Most Powerful Way to Live Longer? Ep #307 Jul 31, 2023

Show notes

Who wants to live longer? I know I do! Before you start taking magic pills and seeking the fountain of youth in an effort to increase your life span, Alex Janin from the Wall Street Journal suggests you start exercising.

In this episode of Retirement Starts Today, we'll explore Alex's article, What if the Most Powerful Way to Live Longer Is Just Exercise?

Make sure to stick around for the end of the show where Bret and I turn traditional retirement advice on its head as we answer one listener's question about how to draw down their various retirement accounts.

Outline of This Episode