Retirement Starts Today

Latest Episodes:

A Comparison of Variable Spending Strategies, Ep # 297 May 22, 2023

Show notes

If you have found this podcast you're probably interested in spending more money, spending less in taxes, and making life even better in retirement.

On this episode of Retirement Starts Today, we're taking a look at how to spend more money in retirement by assessing a two-part article from AdvisorPerspectives.com called A Framework for Assessing Variable Spending Strategies.

If you are trying to figure out how to maintain your desired standard of living throughout retirement, you won't want to miss hearing the authors' findings. Press play to listen.

Outline of This Episode

[1:28] A variable spending strategy is better than a fixed withdrawal strategy
[6:40] Different types of spending strategies
[8:35] My thoughts
[11:45] How employee stock option plans work

Resources & People Mentioned

Connect with Benjamin Brandt

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My Kids Don't Want My Stuff - Lessons in Estate Planning Part 2, Ep # 296 May 15, 2023

Show notes

Welcome back to the second part of our lessons in estate planning. Bret and I recently reviewed all of our clients' estate plans and in doing so, we learned a lot from this exercise that could help you and your heirs.

If you haven't listened to last week's episode make sure to go back and listen–especially if you have stepchildren or blended families. In this episode, you'll learn why you might want to disclaim some assets, how to specifically disinherit a child, and why it is so important to clearly state your medical wishes to all of your kids.

Outline of This Episode

[1:22] Why you may want to disclaim assets
[6:00] What to do if you want to specifically disinherit one of your children
[8:07] Common
[11:22] Make sure your medical wishes are clear to all your children
[13:53] Surprising things we learned from our clients

Resources & People Mentioned

Episode 295 - How Could This Go Horribly Wrong? Lessons in Estate Planning Part 1
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How Could This Go Horribly Wrong? Lessons in Estate Planning Part 1, Ep #295 May 08, 2023

Show notes

Bret and I recently reviewed all of our clients' estate plans this spring and, as a result, we have so much to share with you about what we learned. It was so much that we had to break it into multiple episodes!

If you are curious about how this sort of meeting goes and wish that you could be a fly on the wall, you won't want to miss this episode.

Today we'll discuss why you need to ask yourself what could go wrong, why it's so important to consider where your documents are located, why you may want to consider having your medical power of attorney or living will a digital document, and how an executor is a mini dictator.

Everyone needs an estate plan. Listen in to hear what you need to consider when you create or update yours.

Outline of This Episode

[2:02] Having your estate planning docs in order can help you sleep better
[4:14] Don't create complexity by trying to keep things simple
[9:17] Where are your documents located?
[12:38] How can your kids prove to a hospital that they can make medical decisions on your behalf?
[14:24] Commonly misunderstood ideas about estate planning
[25:01] The pros and cons of having co-powers of attorney or individual powers of attorney

Resources & People Mentioned

Use this calendar link to set up a 20-minute fit meeting

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 Puzzling Gap Between How Old You Are and How Old You Think You Are, Ep #294 May 01, 2023

Show notes

Do you ever get together with your friends from high school and wonder why they all look so old? Are you surprised by the image that you see in the mirror each morning? If so, you're not alone.

In today's retirement headline segment, we'll explore an article from Jennifer Senior at MSN.com that examines the abstract concept of feeling a different age in your head than you physically are in years.

Related to the retirement headline, today's listener question is about how to understand when you are mentally ready to retire. Learn how important purpose is in your decision to retire.

Outline of This Episode

[1:02] Subjective age is feeling a different age in your head
[6:37] What can this teach us about retirement?
[8:50] Understanding the mental aspect of deciding when to retire

Resources & People Mentioned

The Puzzling Gap Between How Old You Are and How Old You Think You Are

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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50% of Americans Stopped Saving Last Year! Ep #293 Apr 24, 2023

Show notes

Have you made any changes to your retirement savings due to the poor economy? If you did, you're not alone.

According to a Financial-Planning.com article, half of America stopped saving for retirement last year. Don't miss hearing why this is such a bad idea.

Stick around for the listener questions segment where Bret and I address one listener's worry about the upcoming changes to the tax code. Retirement Starts Today is the podcast where you learn how you can spend more money, pay fewer taxes, and live a better life.

Outline of This Episode

[1:42] 50% of Americans stopped saving last year
[6:10] My thoughts
[8:46] How prepared should I be for the sunset on tax laws in 2026

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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Early Retirement Can Accelerate Cognitive Decline, Ep # 292 Apr 17, 2023

Show notes

You may be excited to jump on the early retirement bandwagon, but before you do, listen to this episode. In our retirement headlines segment, we explore a peer-reviewed article that shows that early retirement can accelerate cognitive decline.

Stay tuned for the listener questions segment to hear how to reimagine your retirement spending mindset by creating a flexible spending plan.

Retirement Starts Today Radio is a way to learn about having more income, paying fewer taxes, and creating an even better retirement, so if that sounds like the life you're trying to create, press play now.

Outline of This Episode

[1:22] Cognitive decline can increase in retirement
[3:50] My takeaways from the article
[6:52] How can I convince my partner to spend more money in retirement?

Resources & People Mentioned

Research shows that early retirement can accelerate cognitive decline

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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Conference Breakdown, Ep #291 Apr 10, 2023

Show notes

Many DIY investors would like to learn more about the latest changes in financial and tax laws but don't have the same opportunities to attend professional financial conferences. The good news is that Bret and I do have these opportunities, and we relish sharing our findings.

On this episode of Retirement Starts Today, Bret shares his insights from his boots-on-the-ground experience at Ed Slott's recent conference in Las Vegas. If you are curious about the changes surrounding IRAs and other retirement accounts as a result of the Secure Act 2.0, you won't want to miss Bret's distillation.

Outline of This Episode

[3:22] Private letter rulings are very expensive
[6:23] Tax laws are getting more complicated
[11:52] Main themes of the conference
[17:30] Don't squander your biggest advantage in retirement

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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Monte Carlo Failures Aren't Plane Crashes, Ep #290 Apr 03, 2023

Show notes

Have you ever used a Monte Carlo analysis to help you plan retirement? If so, the results can seem scary. You may be looking for a 100% likelihood of success so that you can rest easy–after all, you are probably hoping for a 100% successful retirement.

However, in this episode of Retirement Starts Today, you'll learn why a 100% success rate should not be your goal. Listen in to hear why.

Outline of This Episode

[1:42] Retirement plan uncertainties
[8:00] Don't shoot for 100% success with a Monte Carlo analysis
[10:25] How to figure out the cost basis

Resources & People Mentioned

Monte Carlo Failures Aren't Plane Crashes

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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Conversations about "Guardrails," Ep #289 Mar 27, 2023

Show notes

We talk about retirement income guardrails a lot on this show, but today we'll go into greater depth while exploring an article from Kitces.com. This article was written by a mentor of mine and takes an advisor's perspective on how to discuss spending increases and decreases with clients.

These are fantastic conversations to review if you have been implementing or thinking about using the guardrails strategy in your retirement plan. Grab a pen and paper and take some notes to reflect as you listen so that you can keep them handy and run them through your own filter.

Stick around until the end to hear from a listener who is unhappy with their advisor, yet concerned about the tax implications of switching to a new one.

Outline of This Episode

[2:22] What are guardrails?
[10:20] How to have the spending reduction conversation
[15:30] What to do if you are unhappy with your financial advisor

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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Delaying Taxes in Retirement Isn't Always Best, Award-Winning Paper Shows, Ep #288 Mar 20, 2023

Show notes

Do you want to know how you can fully utilize your biggest advantage over the IRS? Listen to this episode to find out.

Today, we explore a ThinkAdvisor.com article that turns traditional retirement tax thinking on its head. Then, Bret helps me answer a listener's question about opening a Roth IRA when your salary is too high. Bret has a great tip that you may not have thought of before. Finally, you'll hear from Mike in Tuscon who is engaging in his love of music in retirement. Don't miss out on this episode to hear how you can plan to improve your retirement.

Outline of This Episode