Retirement Starts Today Radio

If you are listening to Retirement Starts Today, you probably have retirement on your mind. You have probably given thought as to how you will spend your money, where that money will come from, healthcare, and plenty of other subjects.  But have you put any thought into how much notice you will give your employer? Do you have one of those jobs where you relish the day that you give your retirement notice? Or will your announcement be bittersweet? You may want to put some extra thought into how you want to present your retirement notice, especially during challenging economic times. Outline of This Episode [1:12] How much notice will you give your employer of your pending retirement? [3:19] A cautionary tale [5:54] Real life examples for you to learn from [11:16] There is no one right answer A cautionary tale You may want to give your employer plenty of notice about your retirement. If you have a strong sense of duty, you may feel that it is the right thing to do. I talked to one person who did just that. He

Have you seen the news about Tesla and Apple lately? Their stock prices are surging to new highs after the announcement of a stock split. Is this what is supposed to happen with a stock split? Learn more about stock splits and what they mean for you by listening to this episode of Retirement Starts Today.  After we the Retirement Headlines I answer several listener questions. Have you been wondering about you and your spouse’s Social Security timeline? Should you roll over funds if you are happy with your 401K? Which is better--to dollar cost average or to max fund your retirement as quickly as possible? You’ll hear my take on the answers to these questions by pressing play now.  Outline of This Episode [1:32] Are stock splits good for stocks? [5:32] Should you run out and buy a stock upon the announcement of a split? [7:01] What factors should be considered when setting up a Social Security timeline? [9:23] Should you roll over your 401K if it is flexible and you are happy with it? [14:44] Should you dollar

 Have you been wanting to know a bit more about Biden’s tax plan without all the political spin? Me too! That’s why I dug deep to find the best information that I could share with you all. I promise, no politics here; just relevant information to help you best prepare for an amazing retirement.  In addition to learning how Biden’s tax plan could affect your retirement, I’ll answer a couple of listener questions. You’ll hear questions about TSP’s and Roth IRA conversions.  Outline of This Episode [2:15] Biden’s first proposal is to repeal the tax cuts [6:41] Biden’s proposal has some tax incentives as well [8:47] Takeaways from these proposals [11:02] The TSP in retirement [14:11] How to structure your Roth IRA conversions What’s the buzz about Biden’s tax proposal? There has been a lot of buzz about Biden’s tax plans in the news, but it can be challenging to find what those plans are without all of the political mumbo jumbo thrown in. I had to do some research, but I used the least politicized source I coul

Have you ever hear of a bank bail-in? You read that right, bail-in, not a bail-out. I hadn’t heard of this concept until recently and wanted to share it with you so that you understand how it works. Listen in to understand how this buzzword could be used to trick you into worrying about your savings. You’ll also hear the latest about the Fed’s plans for interest rates in the coming years. Stay informed of the latest in retirement headlines on this episode of Retirement Starts Today.  Outline of This Episode [1:22] Is bail-in a new buzzword?  [6:04] What does FDIC insurance cover? [9:42] What protections are offered for investment accounts? [12:27] The Fed is planning to hold rates at zero for 5 years or more [15:11] What is a bond barbell? What is a bank bail-in? We’re all familiar with bank bailouts. These government-funded cash injections designed to prevent the collapse of a failing bank. Bank bailouts are unpopular across the board, from democrats to republicans to everyone in between.  A bail-in is als

You may be wondering why I have invited Shark Tank star, Kevin Harrington on the show today. I often talk about how becoming a mentor in retirement is an amazing way to continue to get fulfillment while still enjoying the benefits of retirement. When I discovered that Kevin has a new book out called Mentor to Millions, I knew that my listeners could learn a lot from this interview. Kevin has mentored many business owners and can help you learn what it takes to become a powerful mentor.  Outline of This Episode [1:02] A mentor changed Kevin Harrington’s business [5:52] How can you become an amazing mentor [11:10] How to decide on compensation? [13:20] What kind of calculations does he use to make deals on Shark Tank? [19:08] Is there any mentee he is particularly proud of? A retired mentor changed Kevin’s business Kevin was already a successful business owner, but he couldn’t figure out how to get banks to loan his business any money. He was struggling to stay on top of inventory since the profits he was mak

Have you thought about what you’ll do with your life insurance policy in retirement? One listener is considering what he should do with his policy. Find out 3 options you have available as well as my opinion on whether you still need to carry life insurance in retirement. On this episode, you’ll also hear a retirement headline about the entrepreneurial boom that’s happening now as well as how you should calculate your home equity when using a retirement calculator. Press play to hear about all of these topics to help you prepare for an amazing retirement Outline of This Episode [2:02] More people are working for themselves now [4:07] What is the best way to fund a trust for a special needs dependent? [9:32] A thought experiment [12:10] When using retirement calculators how much weight to put into home equity? Would you delay your retirement to become an entrepreneur?  According to a recent article in Bloomberg, more Americans have started working for themselves during this pandemic began. Self-employment br

Welcome back to another exciting episode of Retirement Starts Today. I want to say thank you to everyone who has participated in the Listener Survey. There is still time until the end of August 2020 to participate in the survey and voice your opinion about what you would like to hear on the show next year. You can fill out the survey here. It will take just a few short minutes of your time. In this episode, we’ve got a couple of listener questions plus you’ll hear about an interesting new addition to your 401K. Press play now to begin to learn how to make your retirement dreams a reality. Outline of This Episode [2:07] A new lifetime income disclosure rule [7:46] Can you perform a Roth conversion while still contributing to a 401K? [12:32] A Roth conversion tax question  [17:58] Don’t forget to take the listener survey Lifetime income illustrations may be a new part of your 401K disclosure The Labor Department has just revealed a new rule for plan administrators of contribution plans like 401Ks and 403Bs. T

Do you have a lot of stuff? If you said yes, you are not alone. 60% of Americans think that they have too much stuff. We’ll take a look at an article that addresses this problem in the Retirement Headlines segment today. I also have 2 listener questions that I will respond to. But before we get into any of that I would love it if you could help me out and take our annual listener survey. After you take the survey, press play to learn more to help you make the most of the only retirement you’ll get.  Outline of This Episode [2:42] How to get rid of stuff [10:09] The 5-year conversion rule [15:39] Guyton-Clinger rules We’re ready to hear your voice with our annual listener survey Before we get into our Retirement Headline, I would love it if you could help me out and take our annual listener survey. This 10 question survey only takes a few minutes and it helps me guide the topics of the show next year. You can tell me what you love and don’t love about the show. You can also voice your opinion and let me know

Welcome back to Retirement Starts Today! I have long been a proponent of saving in 401K’s, but will this article in Bloomberg make me change my mind? That’s the first article in the Retirement Headlines segment. We’ll also check out an article about the coin shortage and another about how hobbies can improve your financial fitness. Couple that with some listener questions and you’ll gain tons of financial insight. Listen in to continue expanding your financial knowledge.  Outline of This Episode [1:22] Do 401K’s still made sense? [6:58] Why are coins so difficult to find during the pandemic? [8:55] How can your hobbies make you financially fit? [11:10] A Roth conversion question [14:00] How to describe real estate income in retirement Do 401K’s still make sense? The 401K retirement savings plan was authorized in 1978 and began to take hold in the ’80s. Many different employers take advantage of these types of retirement savings plans. Recently there was a Bloomberg article written that questioned whether t

So you think you know a thing or two about Social Security? Let’s put it to the test! I came across a Social Security Quiz from CNBC that I thought was fun, so I wanted to share it with you all. Stick around after the quiz to hear some listener questions. You’ll learn how to compare the 4% rule to a dynamic withdrawal rate. You’ll also learn about rolling over an IRA and the tax consequences. Let’s have some fun today, so listen in to find out just how much you really know about Social Security. Outline of This Episode [1:42] Take this Social Security quiz [9:15] How do the dynamic withdrawal system and 4% rule compare? [14:10] How to draw money from tax-deferred accounts and  [17:35] Do I need a separate IRA to roll over my pension? Test your social security knowledge Sure, you are probably more educated about Social Security than the average Joe, but how much do you really know about Social Security? Take this Social Security quiz to test your knowledge. Let’s see how much you really know. Can you get 8

Tax expert, Andy Panko, joins me today to discuss taxes in retirement. Andy and I know each other from his Taxes in Retirement Facebook group. I figured he would be the perfect person to have on the show to help me answer several questions about this topic. Retirement is one time in life when you can plan for taxes in the long-term, so you’ll want to do as much tax planning as you can. Listen to hear the different types of tax questions that people have about retirement.  Outline of This Episode [2:22] Do spouses have to calculate their RMD’s separately? [8:32] An IRMAA question [15:09] Bill wants to know about the 5-year rule [20:36] How do RMD’s work? [25:10] It’s not what you make it’s what you keep An IRA question Wouldn’t it be easier to combine a husband and wife’s assets and just take one RMD? If a husband and wife have separate 401K’s and IRA’s even though it would seem easier to take those RMD’s together, they must be taken individually. The RMD is based on your age and each IRA and 401K has its ow

Have you ever wondered what I sound like on a different podcast? Well, today you get to find out. Since I am attempting a family road trip with 6 kids under 12, I can’t personally be with you all this week. But I am excited to share with you a bit of my interview with my friend Grant Bledsoe on his podcast, Grow Money Business. Listen in to hear my thoughts on several hot retirement topics like the 4% rule, how to set up your income in retirement, and stay tuned until the end to hear people’s biggest problem people in retirement.  Outline of This Episode [2:12] Our lives are too dynamic for a linear approach to retirement [4:50] How do you adjust your tactics? [8:47] What are Guyten’s guardrails? [12:00 How do you set up your income in retirement? [14:23] What is the biggest thing that people get wrong in retirement planning? [20:10] How much cash should you have on hand in retirement? Is the 4% rule the best way to plan for retirement? Most people who are deep into retirement planning are familiar with the

It’s true, money can’t buy happiness. But does how you choose to spend your money affect your happiness? Today we’ll discuss one article that challenges that old adage. We’ll also discuss a multifaceted question from a listener who just accepted an early retirement package. We’ll help her consider whether to rollover funds into an IRA and figure out what to do with her target-date funds. Listen in to hear the answers to this question and to consider whether money could actually buy happiness.  Outline of This Episode [1:12] What we spend our money on can give us happiness [4:28] Amy has accepted an early retirement package [9:02] An IRA offers more choices How we choose to spend our money matters  Although money can’t purchase a deep, meaningful feeling, how we choose to spend our money matters. What we spend our money on can contribute to our happiness. The Washington Post recently published an article that reported on a study about how money affects our happiness. Having more money can make life better fo

Would you consider adding private equity funds to your 401K? We’ll weight the pros and cons of this interesting idea as we explore the retirement headlines. No listener questions today, instead, this episode is all about the headlines. We have news about RMD’s, private equity funds, tax strategy in retirement, and a shocking Fidelity study. Make sure to listen until the end to hear the surprise twist. Outline of This Episode [1:22] All unwanted RMD’s taken in 2020 can be returned  [2:16] Including private equity funds in your 401K [8:08] Many Retirees forget to plan for taxes in the long term [10:35] A Fidelity study stated that ⅓ of investors over 65 moved their money out of stocks What are private equity funds? You may have heard of private equity funds before but many people aren’t exactly sure what they are. So before we explore this retirement headline I want to define the term. Private equity funds are an investment class of their own which consists of capital that isn’t listed on the public exchange.

Retirement Manifesto blogger, Fritz Gilbert joins me today. Fritz was actually my very first guest on the show and is now my first repeat guest. I’m excited to have him join me again since he has recently retired. Fritz shares insight from his research in writing his blog and book but also from his first-hand knowledge of retirement. Listen in to our conversation as we discuss hidden challenges of retirement, how it feels to be newly retired, and how to get the most bang for your buck in retirement planning.  Outline of This Episode [2:22] The first cup of coffee you drink after you retire is the best cup of your life [5:25] Even if you don’t plan to retire you should still save for retirement [9:48] Books can offer a lot of knowledge [13:28] Is 2020 the golden era of Roth Conversions? [16:27] The hidden challenges question [20:21] Embrace your passion to create your ideal retirement The first cup of coffee is the best cup of coffee of your entire life  In Fritz’s book he mentions that the first cup of coff

I’ve got an exciting episode planned for you today. This episode will focus solely on listener questions but as an added twist I’ve asked my friend Grant Bledsoe over at Grow Money Business Podcast to join me in answering these questions. I think you’ll benefit from Grant’s expertise as a Registered Investment Advisor and enjoy hearing his perspective as he helps me answer your questions. Listen in to hear our two points of view about rebalancing in difficult markets, quarterly tax payments, and choosing between a lump sum or monthly payments.  Outline of This Episode [1:22] How to rebalance your portfolio when dealing with difficult markets [7:00] What is the classification of REITs? [15:30] After a Roth conversion should you send in quarterly tax payments? [17:55] A $200,000 lump sum or $1500 a month payments for life? How to rebalance your portfolio when dealing with difficult markets With all of the market turmoil over the past few months, many of us are left scratching our heads when the time comes to

Can you imagine this nightmare? You’re newly retired and then a global pandemic comes along and threatens financial markets all over the world leaving you bankrupt in only two weeks. Listen to this cautionary tale in the retirement headlines segment of our show today. But what is more important than hearing the frightening scenario is learning what you can do to prevent yourself from taking this kind of risk.  Outline of This Episode [3:22] How did one man go from retired to bankrupt in just 2 weeks? [7:40] How to protect yourself from risk [9:15] Few use the CARES Act to tap into their retirement savings [11:50] Should you cover non-discretionary expenses with Social Security or an annuity? Retired to bankrupt in 2 weeks How could someone go from retired to bankrupt in two weeks? This Wall Street Journal article notes that one investor reentered the stock market after the 2008 financial crisis by investing solely in leveraged exchange-traded notes (ETN’s). ETN’s are similar to ETF’s but they don’t own the

Do you know what you would do if your employer offered you an early retirement package? Before you rush into an answer, I have 4 questions for you to consider. Given the present economic climate, this is an important consideration. On this episode, we’ll also talk about survivorship bias and what you can learn from it. Then I answer a listener question about alternative minimum tax and donor-advised funds. Lastly, we’ll discuss 3 different retirement headlines. Don’t miss out if you have been considering taking an early retirement package from your employer.  Outline of This Episode [1:32] Survivorship bias [4:21] AMT’s and DAV’s [6:45] Unlikely to be a social security boost in 2021 [8:53] Retirement savers stayed calm during the market hiccup [11:05] Delta airlines is offering a buyout package [14:12] What is the appropriate amount of time to give when contemplating retirement? What can we learn from survivorship bias? Survivorship bias can often leave us dead wrong. We often look to the successes to try a

Are you an eternal optimist or a prudent pessimist? It may seem like the stock market is the eternal optimist. Have you seen the headline that Uber laid off 3,000 employees? If you have, you may be wondering why their stock jumped up. Learn why this is a common occurrence by listening in. Then on the other side of the coin, you’ll learn how you can be a prudent pessimist after reading the latest Social Security headlines. But first, let’s get to a listener question from Jennifer.  Outline of This Episode [1:22] Should Jennifer roll over her lump sum pension payment into a Roth IRA? [6:45] Bad news and stock prices [10:15] Should you worry about the latest Social Security news? [16:10] If you want to be a pessimist, be a pessimist the right way Should Jennifer roll over her lump sum pension payment into a Roth IRA? We may be hearing more and more questions regarding lump sum pension payments in the coming months due to dropping interest rates. These lowered interest rates make lump sum pension payouts more a

Thanks for participating in the office hours that we’ve held for the past several weeks. Due to that question and answer period, we have exhausted all of our listener questions. But don’t worry we have some interesting articles to discuss on today’s episode. Listen in to learn more about the CARES Act, the lack of inflation, market positions from the big, and why so many people plan to return to work after being laid off.  Outline of This Episode [2:42] Financial planning opportunities within the CARES Act [5:02] Taking a coronavirus distribution [8:10] What’s up with inflation? [10:55] The outsized position of FAANG stocks [13:22] 80% of workers think they will return to their previous jobs Financial planning opportunities within the CARES Act The CARES Act was recently passed to provide more options to those affected by the COVID situation. This landmark legislation presents savvy with a few financial planning opportunities. The CARES Act has allowed for money saved in employer-sponsored retirement plans