Retirement Starts Today Radio

Since travel is on many soon-to-be retirees' must-do lists I have created this summer travel series with various travel experts. Danielle Desir from the Thought Card podcast joins me today to discuss how to travel to any destination on a budget. Recognized by Flight Network as one of the best travel hackers in the world, Danielle has figured out how to travel to bucket-list destinations on a dime. Are you ready to learn how to plan your next big trip on any budget? Listen in to discover how. Outline of This Episode Danielle’s journey to bucket list budget travel Identify the things that you value Take an individual approach  Danielle’s top destinations How to choose to repeat a destination Jet lag tips Where to learn more about travel hacking with Danielle If you’re on a budget, don’t settle for inexpensive destinations, think big! Many people think that if they are on a budget they can only travel to budget-friendly places, but Danielle Desir takes a different approach. As a travel hacker, Danielle has lea

Now is a great time to start financial and tax planning for the next year. To do so, you must first look at any changes that were made to tax laws. We’ll do that by exploring 2 articles from Forbes and CNBC which take a closer look at any imminent changes to the tax code. Then we’ll dive into the main segment with an article from Investment News which claims that fewer retirees are claiming Social Security at age 62. Listen in to hear if there will be any tax and retirement planning changes that affect you and to hear why fewer people are claiming Social Security early.  Outline of This Episode [1:42] Changes in tax planning for 2022 [5:12] Changes in retirement savings plans for 2022 [8:08] Fewer retirees are claiming Social Security at 62 Tax updates from Forbes Despite all the news media clamoring that there might be significant tax changes in 2022, there haven’t been many changes. According to an article from Forbes, marginal tax rates will rise slightly. The standard deduction will rise to $12,950 for

Have you ever filled out a questionnaire at your financial advisor’s office? If you have, it was probably a risk tolerance questionnaire. I have my own opinions about them, but you’ll have to wait until the end of this episode to hear what it is.  On this episode of Retirement Starts Today, we’ll explore an article from AdvisorPerspectives.com written by Dr. Wade Pfau and Alex Murguia which argues that risk tolerance questionnaires (RTQs) don’t work. You’ll hear new retirement slang and acronyms as well as a discussion of retirement income sourcing.  Dr. Pfau has also developed his own tool to use that can help you select the best deaccumulation approach. Don’t forget to stick around until the end to hear my thoughts.  Outline of This Episode [2:22] How risk tolerance questionnaires are used [5:45] The different approaches [10:35] Two different styles [12:58] My personal criticisms of risk tolerance questionnaires What are risk tolerance questionnaires used for? RTQs are a tool that help financial advisors

Do you let news headlines affect your choices? The Center for Retirement Research at Boston College wanted to learn more about this question, so they conducted a study to find the answers. In this episode of Retirement Starts Today, we’ll take a look at the findings of this study and analyze how people’s misconceptions can influence their life choices in retirement. After checking out the retirement headline, I’ll clarify a Rule of 55 question from Dave. Listen in to hear how headlines may be affecting your decisions. Outline of This Episode [2:32] Media coverage of Social Security could affect claiming age [7:21] Don’t let scary headlines plan your retirement for you [9:40] A tricky Rule of 55 question from Dave Do sensational headlines affect people’s retirement decisions? I found an article written by Emile Hallez at Investment News titled Media Coverage of Social Security Could Affect Claiming Age which piqued my interest since, as a financial advisor, this is exactly what I don’t want to hear.  In this

Our chances of death are 100%, so that means at some point in your life you will probably experience the death of a loved one, and you’ll need to prepare for your own passing. Choosing the right executor can make a traumatic time more bearable. The role of executor is not an easy one, which is why it is important to choose wisely.  In this episode of Retirement Starts Today, you’ll hear an interview with executor expert, David Edey. David has recently written a book titled How to Pick an Executor and Avoid Family Fights. After listening to this interview you’ll be able to choose and become an exemplary executor.  Outline of This Episode [2:32] How to prepare your executor [4:37] Should you hire a 3rd party or ask a family member [10:15] How to be the world’s best executor [15:34] More about David’s book What you can do to prepare your executor David learned how to be a rock star executor from his own challenging family experience. It took him 7 years, 10 court appearances, and $50,000 in lawyers’ fees to se

If you are like many Americans who watch the news, inflation is probably on your mind. Since the Covid 19 pandemic began costs have been rising. We are still facing the effects of the supply chain breakdowns brought on by the pandemic in addition to extreme worldwide weather events.  These events have led to an increase in the price of goods on everything from fuel to food to lumber. This type of inflation can be stressful for the average working family but even more worrisome for those on the cusp of retirement.  Listen in to hear the latest Social Security news and learn how you can combat rising costs. Make sure to scroll down to the bottom of the show notes to access all the links mentioned in this episode.  Outline of This Episode [2:52] Good news about Social Security [4:26] How COLA is calculated [5:40] COLA may not be enough to keep up with inflation [9:28] What can we do to hedge for inflation? Recipients of Social Security are getting a raise If you are already retired and receiving your Social Se

The end of the year is coming up right around the corner, and you know what that means: it’s time for end-of-the-year tax planning! However, this year’s tax planning may look a bit different with new tax legislation making its way down the congressional pipeline. Many wealthy individuals are nervous about what the current regime has in store for them. This is why when I saw the headline Tax Moves Advisors Should Be Making Before Year's End in Financial Advisor Magazine I knew I had to share it with my audience. If the news of the tax legislation has you worried, you won’t want to miss this episode.  Outline of This Episode [2:22] It’s time for year-end tax planning [8:53] Why you should donate to charity this year [12:44] How to offset future inherited income taxes [18:08] How a qualified charitable distribution could help with taxes Do you have tax-change proposal fatigue? Keeping up with all the changes in tax legislation over the past few years can be exhausting. It seems like once in a generation tax la

Do you wish that you could have a mulligan when it comes to taking your Social Security benefit? Once you file for Social Security, it seems like your decision is set in stone. But what if I told you that you have options to reverse your decision?  In this episode of Retirement Starts Today, we’ll explore an Investment News article written by one of my favorite Investment News contributors, Mary Beth Franklin. This article provides options for those who have remorse about the timing of their Social Security claim. In the listener questions segment, we’ll discuss Jerry’s question about his health insurance premiums under the Affordable Care Act and how they are affected by the 8.5% rule. This episode is jam-packed with helpful retirement information, so press play now to continue your retirement education. Outline of This Episode [3:02] 3 Social Security do-over options [8:25] Check out the Retirement Repair Shop podcast [9:24] Jerry’s ACA insurance premium questions [13:50] Clarification on the ACA 8.5% rule

 Do annuities give retirees a different attitude towards spending in retirement? In this week’s retirement headlines, we’ll examine an article that discusses the psychological benefits that retirees who shift their assets from savings to lifetime income enjoy. This group of retirees has more of a license to spend attitude and ends up gaining more enjoyment from their retirement savings.  Make sure to stick around until the end of this episode to hear my thoughts on the article. You’ll also hear me compare the advantages and disadvantages of using Cobra instead of the ACA before Medicare.  Outline of This Episode [2:42] 3 need to know bullet points about annuities [6:52] What do I think about using annuities? [12:12] Cobra or the ACA? Are you spending less than you should in retirement? Are you having a hard time loosening the purse strings in retirement? If so, you are not alone. Many retirees find it challenging to shift from a savings mindset to a spending mindset, so they find it difficult to spend their

 The annual Social Security beneficiary report was recently released and just like every other year that they release it, it has caused people to worry about their future. Social Security is a crucial, foundational element of most retirement income plans, so when you read headlines that it will run out soon how should you react?  Should you go about changing your retirement plans altogether? Should you file for Social Security early to ensure you get the most out of your benefit? We’ll explore these questions in this episode of Retirement Starts Today. Outline of This Episode [1:52] Will Social Security run out in 12 years? [4:44] How to fix the Social Security math problem [11:20] What you should do to prepare for a Social Security pay cut Covid has exacerbated the Social Security funding crisis The recent report released by the government was unsurprising to anyone who has been paying attention. This year’s statement revealed that the Social Security trust fund will ‘run out of money’ in 12 years which is

Have you been feeling the pull to retire? This feeling isn’t constrained to those nearing retirement age; many people have been feeling the desire to quit their jobs lately. So many workers are considering a job change that this wave of people has begun what is called “The Great Resignation.” I read about this phenomenon on The Guardian website in an article written by Elle Hunt. Elle considers 17 questions that you should ask yourself before you make the leap into the unknown. If you have been contemplating retirement or a job change you won’t want to miss this episode. Outline of This Episode [2:02] 17 questions to ask yourself if you are ready to quit your job [4:53] What do you actually want to do? [8:08] What could you gain by quitting your job? [12:55] You can’t bootstrap your mortgage Attitudes surrounding employment are changing A recent survey indicated that over 40% of people have considered a job change this year. This trend could be a byproduct of stress brought on by the pandemic, but it could

In retirement, you have all the time in the world, but are you using your time wisely? I recently read an op-ed article from CNBC about the power of delegation and it got me thinking about the way we spend our time.  On this episode of Retirement Starts today, we’ll explore that op-ed article, I'll share what I learned about inherited IRAs this week, and I’ll answer a listener question about retirement planning beyond the 4% rule.  Outline of This Episode [2:22] What I learned in my office this week [5:24] An inherited IRA example [6:35] The value of paying others to do services for you [10:55] A question about episode 193 [14:52] Check out my retirement guardrails video What is the highest use of your time? Are you planning to live your best life in retirement? If so, you may want to consider delegating various tasks that could be better handled by someone else. Even if you have lived a life of frugality you should ask yourself if doing certain tasks is the best use of your time. You may receive a better r

Since travel is on many soon-to-be retirees' must-do lists I have created this summer travel series with various travel experts. Danielle Desir from the Thought Card podcast joins me today to discuss how to travel to any destination on a budget. Recognized by Flight Network as one of the best travel hackers in the world, Danielle has figured out how to travel to bucket-list destinations on a dime. Are you ready to learn how to plan your next big trip on any budget? Listen in to discover how. Outline of This Episode [1:22] Danielle’s journey to bucket list budget travel [3:23] Identify the things that you value [7:21] Take an individual approach  [10:53] Danielle’s top destinations [12:32] How to choose to repeat a destination [15:41] Jet lag tips [20:47] Where to learn more about travel hacking with Danielle If you’re on a budget, don’t settle for inexpensive destinations, think big! Many people think that if they are on a budget they can only travel to budget-friendly places, but Danielle Desir takes a dif

 Do you have bond funds in your portfolio? Many people understand the way that bonds work, but they may not know how bond funds work. El has written in to ask this question which I will answer in the listener questions segment.  Before we get to that retirement question, we’ll take a look at a MarketWatch article titled Are You in Retirement Hell? It was such a catchy title that I had to check it out.  The article expresses the author’s struggle with finding challenge and meaning in retirement. You won’t want to miss the ways that you can avoid your own retirement hell.  Outline of This Episode [2:32] Are you in retirement hell? [5:38] How to prevent retirement hell [6:56] How do bond funds work? [12:53] What are alternative options to bond funds? [16:52] Does John have enough money to retire? Are you in retirement hell? Retirement is a time of fun and relaxation. You no longer have exhausting work schedules, long commutes, or alarm clocks waking you up every morning. Every day is yours to do as you wish. 

Are you preparing for a successful retirement? If you are, you’ll need to consider more than just your finances because 80% of a successful retirement has nothing to do with money. However, when people focus on retirement planning, money is often the only thing they focus on. In the retirement headlines segment this week, we’ll check out an article from Financial Advisor Magazine titled Right Way Retirement. This article takes a look at the non-financial aspects of retirement that many financial advisors miss when it comes to retirement planning.  In the listener questions segment, I answer a question from Majid about working while collecting Social Security. Make sure to tune in until the end to hear how to complete the earnings test so that you will understand how much you can earn and how to avoid Social Security penalties. Outline of This Episode [2:12] To plan for retirement you need to stay ahead of the curve [4:00] 6 items to focus on in retirement planning [8:03] Will income from a part-time job affe

Do you have a case of frugality syndrome? Many of us are so used to saving and living frugally that we have a hard time pivoting from the accumulation stage of retirement planning into the distribution stage.  A recent retirement headline from Advisor Perspectives titled Overcoming the Frugality Syndrome caught my eye. This article discusses the difficulty that some retirees have in switching from saving to spending. I wanted to share this with you all since so many of you are diligent savers. After the retirement headlines, we move on to our listener questions segment. Wendell is concerned about having all his eggs in one custodian’s basket and Stella would like to learn about rolling a 401K into a Vanguard target-date fund.  Outline of This Episode [1:22] What is frugality syndrome? [4:18] 3 tips for overcoming frugality [8:55] A question about target-date funds [14:49] Should you consolidate accounts into one financial firm? Can too much frugality be a bad thing? Rick Kahler at Advisor Perspectives recen

How’s this for a headline? I’m 62, unemployed, living off my savings, and waiting on Social Security — ‘Can I go fishing for the next 25 years and forget about work? It naturally caught my eye since there was fishing in the title! Today we’ll check out this MarketWatch article and answer the headline’s question as well as explore the additional recommendations the article mentions on ways to make retirement savings last. In the listener questions segment, I’ll answer a complex question about borrowing against your home for a gift for a child. Once you’re done listening please head on over to our annual listener survey to make sure you voice your opinions on the trajectory of the show.  Outline of This Episode [1:22] Can I go fishing for the next 25 years? [4:58] Financial advisors weigh in on this question [14:20] Should I take out $150,000 of my IRA to help my family buy a house? [19:35] Make your voice heard--go check out our listener survey! Is it time to forget work and go fishing? A recent Market Watch

What do you think about senior living communities? Would you want to move to one? According to a recent WSJ article, occupancy in senior housing is on the decline despite the fact that baby boomers are aging and more of these communities are springing up all over the country. In the retirement headlines segment, we’ll take a look at the reasons for this phenomenon. But before we get to the retirement headlines I also want to share a conversation I had with a client about how to plan sales of his company stock. Make sure to listen in if you have a significant amount of stock in your company. You’ll want to hear what you should consider before selling.  Outline of This Episode [1:22] Identify you pain threshold when selling company stock [5:58] Boomers want to stay home [10:38] Who will win? [11:40] How does long-term care insurance play into this equation? [13:03] Don’t forget to answer our annual listener survey! Boomers want to stay home It may not be a surprise to you that seniors want to stay in their ho

Has the Covid pandemic caused you to reevaluate your life and consider early retirement? If so, you are not alone. Now that we are starting to emerge from the pandemic, many Americans have a new 'life is short' mindset. This, coupled with an upswing in investments and home values is leading many affluent Americans in a rush to retire. Check out the retirement headlines segment where we explore a recent Bloomberg article that explores this topic. Then, stick around for the listener questions where I answer a question from Randy about paying off his mortgage with a Roth IRA and if you stay until the very end you’ll hear the story behind the Retirement Starts Today theme song.  Outline of This Episode [3:22] Affluent Americans Rush to Retire in New ‘Life-Is-Short’ Mindset [7:47] There is a downside to the loss of older workers [9:32] Should we consider paying off our home loan with a Roth IRA? [16:21] The story behind the theme song Participate in our annual listener survey Every year I send out a listener sur

Episode 200! I can’t believe I’ve made it to this landmark episode. Thank you all for joining me on this journey and I hope you'll join me for the next 200. I enjoy looking back and reminiscing on previous episodes, but I don’t have to go too far back to find my most recent favorite. Episode 199 is one of my most recent favorites. In it, I interviewed world-renowned Disney expert, Lou Mongello, to discuss multigenerational Disney trips. Check it out if taking the grandkids to Disney is on your bucket list.  In this episode, we’re covering two retirement headlines. The first is from Investment News and it describes how some leading retirement experts question whether advisors should rethink their assumptions about retirement spending when creating financial plans. The 2nd retirement headline is from HumbleDollar.com titled Secret Sauce. This article describes the aspects of work that we want to hang onto, those that we might not, and it outlines six steps to design a successful and ideal retirement. Outline of