Retirement Starts Today

Latest Episodes:

The Father of the 4% Rule - an Interview with Bill Bengen Jun 16, 2025

Show notes

If you've been anywhere close to a retirement podcast over the last 10-20 years, you've heard of the 4% rule. And like many people, you might have questions about it.

We're going to hear about it directly from the horse's mouth as we talk to Bill Bengen, who first articulated the 4% withdrawal rate as a rule of thumb for withdrawal rates from retirement accounts.

The 4% rule is not a rigid rule but a guideline. Its application requires careful consideration of individual factors, including health, life expectancy, and specific financial circumstances. Bengen encourages retirees to tailor their withdrawal strategies based on their unique situations. Our discussion also explored required minimum distributions (RMDs), which may necessitate higher withdrawals in later years of retirement. However, Bengen suggests that for most people, RMDs would not exceed the calculated withdrawal rates until a very advanced age, making the two compatible.

Core Points:

The 4% rule, initially a worst-case scenario calculation, suggests a 4% annual withdrawal from retirement savings. This has since been refined
Research indicates a more generous 4.7% withdrawal rate is now possible due to portfolio diversification and lower investment costs
Higher withdrawal rates might be feasible (5-5.5%), depending on market valuations and inflation
Early retirement withdrawal timing significantly impacts long-term success
Consider individual circumstances, market conditions, and inflation when adjusting withdrawal strategies

Resource: Bill Bengen's book, "A Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More" https://www.bengenfs.com/order-my-book

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Who Has Actually Saved $1 Million for Retirement? Jun 09, 2025

Show notes

Only 3% of Americans have saved $1 million for retirement. according to 24/7 Wall St. & AOL. I'll break down what that means—and why your personal number might be more important than any national average.

After that, I answer a listener question where we tackle how to cover healthcare costs in early retirement—specifically for a 58-year-old retiree with a non-working spouse and three adult kids under 26 still on the family plan. We'll explore ACA strategies, income planning, and a clever way to help the kids get their own coverage at a big discount.

Resource:

AOL article by David Beren: A Look at U.S. Workers Who've Accumulated $1M in Retirement Funds

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What to do with RMDs you don't need Jun 02, 2025

Show notes

What do you do with RMDs you don't actually need?

If you're retired and over age 73 — or 75 if you were born in 1960 or later — you know the IRS requires you to start taking Required Minimum Distributions (RMDs) from your traditional IRAs and workplace retirement accounts.

Even if you don't need that money for living expenses, you still have to take it - which means more taxable income, higher Medicare premiums, and a bigger chunk of your Social Security benefits becoming taxable in some cases.

Today I share "6 Strategic Ways to Make the Most of Distributions You Don't Need", an article by Greg Hammons from TheStreet.com.

Reinvest in a Taxable Brokerage Account - super straightforward.
Make a Qualified Charitable Distribution (QCD)
Use RMDs to Fund Life Insurance
Cover the Taxes on a Roth Conversion
Fund a 529 Plan for Education
Give to Family—Tax-Free

So what's the best move for you?

That depends on your goals—whether it's growing your money, reducing taxes, helping your family, or supporting a cause. But the key message is this: RMDs don't have to be a tax burden. With some intentional planning, they can be an opportunity.

Before making a move, talk to your financial planner or tax pro. These strategies can have long-term effects on your retirement plan, your taxes, and your legacy.

I also tackle a listener question: "What is your recommendation to cover the gap in sustainable income from pre-retirement (e.g., 60) to Social Security claiming age (e.g., 70)?"

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10 Sources of Emergency Cash, Ranked From Best to Worst May 26, 2025

Show notes

What happens when your emergency cash runs dry—and life keeps happening?

A recent article lays out a ranked list of ten ways to access emergency cash, starting with the best options and ending with the ones you'll want to avoid unless it's truly a last resort:

Emergency Fund / Short-Term Securities
Low-Risk Assets in Taxable Accounts
Roth IRA Contributions
Life Insurance Cash Values
401(k) Loan
Home Equity Line of Credit (HELOC)
Hardship Withdrawals from 401(k)
Reverse Mortgage
Margin Loans
Credit Cards

The takeaway?

Know your emergency funding hierarchy before a crisis hits. With a plan in place, you'll be better equipped to make calm, informed decisions when life throws you a curveball.

Resource:

MorningStar article by Christine Benz: 10 Sources of Emergency Cash, Ranked From Best to Worst
Christine Benz's book - How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement https://a.co/d/3rZ3JgF

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Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

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Maximizing Memories With Money May 19, 2025

Show notes

"By the time your child turns 18, you've spent 95% of the time you'll ever spend with them in your lifetime."

This comes from research by the American Time Use Survey, highlighted by Our World in Data. And let's be honest, when you first hear that, it stings a little. Especially as a parent. You can't help but wonder, "Have I been a good steward of that precious time?"

But here's the twist: this isn't about guilt. It's about awareness. It's a gentle, data-backed nudge to savor the moments that feel small now—but that become the biggest memories later.

So how do we maximize the return on the time—and the money—we spend on experiences? Research tells us something powerful: experiences give us more lasting happiness than stuff. That's not just my opinion, that's from a 2020 study by Kumar, Killingsworth, and Gilovich. Experiences beat material goods both in prospect and in retrospect. In other words, we enjoy them more before and after they happen.

Step 1: Listen & Learn Step 2: Create Curiosity Step 3: Build Together Step 4: Build Up—and Look Back

What does this have to do with retirement? EVERYTHING!

Listen in to understand why.

I also answer a question from Wendell, a retiree who's considering swapping out some of his stock-heavy portfolio for the safety of short-term government bonds — a strategy known as "T-Bills and Chill." He's wondering: with guaranteed income already in place, is it time to say goodbye to the stock market for good?

Resource:

Forbes article by Tim Maurer: A Method For Maximizing Memories With Money

Connect with Benjamin Brandt

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Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

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How Often Should I Rebalance in Retirement? May 12, 2025

Show notes

We're talking about rebalancing! Rebalancing is key to any retirement plan, but how often should we do it? That's the topic of today's retirement headlines segment, where we're going to look at an article by by Jennifer Reed

Key discussion points:

💵 Financial Considerations 💔 Emotional Considerations 🧩 Relational Considerations 📊 A Look at the Numbers

Resource: Article by Jennifer Reed: Is The Optimal Rebalancing Strategy To Not Rebalance At All? https://www.fa-mag.com/news/is-there-an-optimal-rebalancing-strategy--maybe-82136.html

After that, I answer a listener question: "Could you discuss the financial emotional and relationship issues with disclaiming an inheritance?"

Connect with Benjamin Brandt

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Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter
Work with Benjamin: https://retirementstartstoday.com/start

Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

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Should We Move to Save $$$ on Taxes? May 05, 2025

Show notes

What are the perceived benefits of moving to a low-tax state in retirement? Is it all it's cracked up to be?

We're gonna cover a Wall Street Journal article by Debbie Carlson that delivers an important dose of nuance: "Don't let the income-tax tail wag the total-spending dog."

I also answer a very thoughtful question from Lynn about sequence of returns risk, as well as average returns vs order of returns.

Key topics from the article:

🏠 Real Estate & Insurance Can Eat Up the Savings 📊 For Middle-Income Retirees, Sales & Property Taxes Matter More 💵 Homeowners Insurance Is a Big—and Growing—Expense 📚 Don't Forget State-Level Retirement & Estate Taxes 🧮 Ben's Take: Look at the Whole Picture

Resource: Article by Debbie Carlson: https://www.wsj.com/personal-finance/taxes/retirement-low-tax-rate-states-move-cabdb31b

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Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

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9 Smart Moves to Make During Market Volatility Apr 28, 2025

Show notes

How do you stay calm and confident when the markets get messy? In today's Retirement Headlines we go through Cullen Roche's article from Discipline Funds - "Finding Certainty in a Sea of Uncertainty".

With tariffs, global uncertainty, and market volatility making headlines again offers nine practical steps to help you stay grounded, focused, and on track with your retirement plan.

The 9 Calming, Confidence-boosting steps the article lays out are:

Revisit Your Financial Plan
Update Your Estate Plan
Consider Tax Loss Harvesting
Dollar Cost Average Excess Cash
Think in Terms of Time Horizons
Stay the Course (If You Can)
Talk About It
Focus on What You Can Control
Go Do "Leg Day"

After that, I answer a listener question: "I've been paying $1,600 a year for a $500,000 level term life insurance policy, which runs through 2031. I have two financially stable adult children in their 30s, who are the policy's beneficiaries, and two grandchildren. Should I keep making the premium payments—or let it lapse?"

Resource:

Article by Cullen Roche: Finding Certainty in a Sea of Uncertainty

Connect with Benjamin Brandt

Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com
Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter
Work with Benjamin: https://retirementstartstoday.com/start

Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

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When Does Sequence of Return Risk Go Away? Apr 21, 2025

Show notes

One of the biggest and often overlooked risks facing retirees is sequence-of-returns risk. The risk of experiencing investment losses early in retirement can have an impact on the sustainability of savings over the long term.

Morningstar researchers dug into this in their latest State of Retirement Income study. Their findings confirm what many retirement planners already suspect: the first five years of retirement are make-or-break.

I'll also answer a listener question: "Are there advantages to moving all your mutual funds into a brokerage firm such as Schwab? "

Resource: Morningstar article: How to Avoid Outliving Your Retirement Savings? It's All in the Sequence

Connect with Benjamin Brandt

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Get the book - out now!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

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What We've Learned From 150 Years of Stock Market Crashes Apr 14, 2025

Show notes

It's no secret that market volatility can feel especially nerve-wracking when you're no longer earning a paycheck.

But what if I told you that, historically, every single crash has ended the same way—with a recovery?

That's what happened after the Covid-19 market crash, the 2021 downturn, and even the Great Depression.

We're going to discuss an article titled "What We've Learned From 150 Years of Stock Market Crashes" by Emelia Fredlick. The article highlights some of the worst market downturns in history and, more importantly, the lessons they offer for long-term investors like you.

Takeaways:

Lesson #1: We Can't Predict Recovery Times Lesson #2: Every Decade Brings a Market Crash Lesson #3: Staying Invested is the Only Winning Strategy

Then I answer question sent in from a listener: "What are some good ways to gift money to my children while I'm still living?"

All of this in less than 20 minutes.

Resources:

MorningStar article by Emelia Fredlick: What We've Learned From 150 Years of Stock Market Crashes
Book by Bill Perkins: Die With Zero
How many annual exclusions are available? IRS website on Gift Taxes

Connect with Benjamin Brandt

Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com
Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter
Work with Benjamin: https://retirementstartstoday.com/start

Get the book - out now!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

Follow Retirement Starts Today inApple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart

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