Retirement Starts Today Radio

The (f)law of averages challenges a dangerous assumption we see far too often in retirement planning: The use of average life expectancy as a reliable planning target.  The question is: If you make it to retirement - are you already above average - and if that’s true, how do we use that in our planning?  I share six key takeaways from the article: Life expectancy is an average, not a prediction The mode — not the mean — may be more useful for planning  Life isn’t neat and tidy Even “complete” life expectancy isn’t safe to use Relying on life expectancy is a planning shortcut — and not a good one The better tool is the survival curve After that, I answer a listener question: Can you really self-insure for long-term care and use the tax code to make your dollars go further? One listener heard about using the medical expense deduction to offset the cost of care — and wants to know which types of care actually qualify. So, what does qualify? Resource: Article by Jeffrey Dellinger in Advisor Perspectives:  Life

Could heaven be an RV in a state park? It is for Marian Barry, who became a traveling nurse after working in hospitals during the pandemic. We share this story from a Business Insider article, pointing out that she lives on $2,972 a month in Social Security and is lovig life. "I literally live in heaven." Key takeaways: Low-cost retirement living Lifestyle vs. possessions Community and mental well-being Flexibility in retirement Pursuit of happiness If any of this interests you - practice it first!  Then I share some of my thoughts from our Spring client meetings. I found some common threads from some our clients that seemed the most at peace - even during the reported "market turmoil". Resource:  Article by Eliza Relman from Business Insider   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 Follow Retirement Starts Toda

New research from David Blanchett, head of retirement research at PGIM, challenges one of the biggest assumptions in retirement planning: that happiness in retirement depends on maintaining a constant—or even increasing—level of spending. ⬇️ Upon entering retirement, households experience a median consumption decline of about 20%. This drop is often viewed as a red flag in traditional financial planning models. However, Blanchett argues that this decline is not necessarily problematic, especially when you look at how financial well-being changes over time. ☎️ Then on our listener question, we hear from a 34-year-old investor who’s been all-in on stocks since taking Dave Ramsey’s advice early in their career. Now, they’re wondering how and when to start easing into a more balanced portfolio with bonds.  We’ll talk strategy, psychology, and sprinkle in some data on market highs that might surprise you. Resource: Article by John Manganaro from ThinkAdvisor: Spending Drops in Retirement, but Satisfaction Doesn't:

There is a lot to cover in this episode, including new legislation that could impact your retirement. Plus, 6 More Retirement Financial Myths to Avoid, and a listener with substantial assets who wants to know how to pay for a new car. The OBBB The One Big Beautiful Bill became public law on July 4, 2025. Included are: Lower Tax Brackets Are Now Permanent 
Larger Standard Deduction New Senior Bonus Deduction (2025–2028)
 Above-the-Line Charitable Deduction (2026–2028)
 Expanded SALT Deduction
 ACA Subsidy Planning Alert
 New Car Deduction 
 If you’re a client of ours - we’ll go into these changes in detail during our year-end appointments. If you really like the numbers, we’ll do a before & after to calculate your specific tax savings impacted by these changes.  Article: 6 More Retirement Financial Myths to Avoid This article by Sheryl Rowling from Morningstar addresses these six myths: You Should Never Make a Big Splurge in Retirement 2. It’s Best to Give to Charity After You Die  3. Spending Less Is

This week’s headline reads like a financial horror story — and unfortunately, it’s a true one.

According to BankRate, 23% of Americans 60-78 have a side-hustle. Maurie Backman says in an article by Kiplinger that this would help with two key areas in retirement planning: It provides us with something fulfilling to do after our primary career and provide a little extra cash in retirement.   The benefits of a side hustle: Mental Engagement Extra Income Social Connection Sense of Purpose The Pitfalls of a side hustle: Tax Complications Outspending your retirement budget in search of business profits Medicare Premium Creep (IRMAA) Lifestyle Clash Time Commitment Also in this episode, we discuss a listener's question about global stock allocations - and asks if I think it's better to own a global fund or to own US & international equity separately. How can one balance simplicity and effectiveness in their plan?  Resource:  Article by Maurie Backman: Monetizing a Hobby in Retirement: The Benefits and Pitfalls Article by Bankrate: https://www.bankrate.com/credit-cards/news/side-hustles-survey/   Conne

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, s

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   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 Follow Retirement Starts To

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

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   Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayrad

“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: Bui

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:

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: 

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:

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 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 Re

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

Is your 401(k) prepared for a market crash? With market volatility on the rise, many investors are wondering how to protect their portfolios.  In this episode, I share an article from Go Banking Rates on how to safeguard your retirement savings during turbulent times. I’ll highlight key takeaways from the article, share my own insights on where I agree or disagree, and explain why certain strategies may be more effective than others. After that, I answer a listener’s question about long-term care (LTC) insurance. We’ll explore different types of LTC policies, discuss the ideal time to purchase coverage (such as around age 50), and consider whether self-funding might be a smarter financial strategy. Key takeaways: Diversify, Diversify, Diversify Shift Toward Conservative Investments as You Near Retirement Rebalance Regularly—Not Just After a Crash Consider a 401(k) Rollover for More Flexibility Stay the Course—Don't Panic Sell Resources: Go Banking Rates article: How To Protect Your 401(k) from a Stock Marke

Most people assume their tax burden lightens in retirement, but what if I told you that some taxes are actually designed to creep up on you year after year—without Congress passing a single new law? In this episode, we expose the sneaky taxes that can quietly erode your retirement income, from Social Security taxation to Medicare IRMAA surcharges. These hidden costs don’t just affect the ultra-wealthy anymore; thanks to outdated rules and inflation, they’re hitting everyday retirees harder than ever. If you're relying on Social Security, investment income, or Medicare in retirement, you may already be on the IRS’s radar—without realizing it. We break down the four biggest tax traps, explain how they’ve changed over time, and why they’re pulling more retirees into the tax net each year. Whether it's the frozen thresholds for Social Security taxes or the stealthy Medicare penalties that kick in just because you had a good income two years ago, these sneaky policies can add up fast. By the end of this episode, y

Most people focus on saving for retirement, but what happens when you actually get there? Retirement isn’t just about having enough money—it’s about managing risks that can threaten your financial security and lifestyle.  In this episode, we explore Five Key Retirement Challenges (and Solutions), inspired by a Kiplinger’s Personal Finance article by Walt West. From unexpected market downturns to rising healthcare costs, these challenges can catch retirees off guard if they’re not prepared. We break down each challenge—financial instability, healthcare expenses, taxes, inflation, and estate planning oversights—and discuss practical strategies to navigate them. Learn how to structure a flexible withdrawal plan, prepare for long-term care costs, use tax-efficient strategies like Roth conversions, and ensure your estate plan protects your loved ones.  Plus, we tackle a listener question about using a MIGA ladder strategy to bridge the gap until Social Security—offering insights into the pros and cons of annuities