Retirement Starts Today Radio

Even if you aren’t familiar with Monte Carlo analyses, you’ve probably used it. Monte Carlo drives math behind the retirement planning software that you use. Monte Carlo software is truly amazing, however, the way people look at it is wrong.  In this episode, you’ll hear the pros and cons of Monte Carlo analysis and how you can use a Monte Carlo calculator to maximize your full retirement potential.  Outline of This Episode [1:52] When Monte Carlo simulations work and when they don’t [7:10] How to use Monte Carlo simulations effectively [15:13] Should you annuitize to provide a safety net? Resources & People Mentioned Advisor Perspectives article Check out the Monte Carlo analysis lesson for FREE at RetirementIncome.University! BOOK - Die With Zero by Bill Perkins 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 int

Aretha Franklin can teach you more than a little R-E-S-P-E-C-T.  On this episode of Retirement Starts Today, you’ll learn from her estate plan (or lack thereof). After hearing about this estate plan gone haywire Bret and I will team up to answer a listener’s question on how you can transition from a saving to a spending mindset.  Listen in to ensure that your estate isn’t tied up for years while your heirs battle out the details in court.  Outline of This Episode [2:22] Why are the notes found in Aretha Franklin’s couch a valid will? [5:35] My takeaways [13:23] How to switch from a saving to a spending mindset in retirement Resources & People Mentioned Why Are the Notes Found in Aretha Franklin’s Couch a Valid Will? Episode 295 - How Could This Go Horribly Wrong? Lessons in Estate Planning Part 1 Episode 296 - My Kids Don’t Want My Stuff – Lessons in Estate Planning Part 2  Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https:/

Here at Retirement Starts Today, we are always looking for ways to teach you how to spend more money so that you can enjoy an even better retirement. However, many times our clients and listeners have trouble loosening their purse strings. After years of being diligent savers, instead of enjoying the fruits of their labor, retirees reaching financial independence often find another reason to be frugal. Listen in to hear how you may be overdoing delayed gratification.  Outline of This Episode [1:32] Will gratification always lead to a more fulfilling life? [2:55] How to find balance [4:01] Habits are hard to make and hard to break [10:12] How are expense ratio fees charged? Resources & People Mentioned Annual Listener Survey LifeAfterTheDailyGrind.com 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 p

I’ve always said that it’s important to retire to something rather than away from something. To do that means finding a sense of purpose.  In this episode, we’ll explore an article from PhysicianOnFIRE.com that discusses how retirees can discover and maintain a sense of purpose in their lives after leaving the workforce. Make sure to stick around for today’s listener question. This one was my favorite one this year so don’t miss it!  Outline of This Episode [2:12] How to maintain a sense of purpose as a retiree [8:43] Why a purpose-filled life is important to retirement [12:40] How to deal with guilt about retiring from a much-needed service profession Resources & People Mentioned PhysicianOnFIRE.com Annual Listener Survey Episode 263 - Be Your Future Self Now Episode 303 - Your Future (Retired) Self BOOK – Be Your Future Self Now by Benjamin Hardy BOOK – Your Future Self by Hal Herschfield Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on

Would a 0% tax rate help you live an even better retirement? In this week’s Retirement Headline, we’ll explore a WSJ article titled How You Can Grab a 0% Tax Rate. If that doesn’t pique your interest, I don’t know what will! Listen in to hear how you can learn to plan so that you can take advantage of a 0% tax rate on capital gains income. Outline of This Episode [1:42] How to grab a 0% tax rate [7:08] 4 ways to take action [11:22] How will lowering my taxable income affect my future Social Security benefits? Resources & People Mentioned How You Can Grab a 0% Tax Rate 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 Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Scammers are constantly changing their playbooks to try and stay ahead of the authorities. That is why the IRS annually updates its “Dirty Dozen Tax Scam” list. This week we’ll explore the latest article from the IRS on this year’s tax scams then we’ll check out an article from Financial Advisor Magazine that involve questionable tax practitioners and charitable remainder annuity trusts. Don’t miss out on this week’s listener question because chances are, you have had this question as well. Outline of This Episode [2:22] What the IRS has to say about the dirty dozen in 2023 [9:54] Tax scams that target the wealthy [14:02] On making larger withdrawals in your 60s and lesser withdrawals later on Resources & People Mentioned The Retirement Tax Podcast The Annual Listener Survey The IRS 2023 Dirty Dozen IRS Warns Of Tax Scams That Target Wealthy Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Join th

As a financial advisor that thinks a lot about the Medicare surcharge IRMAA, an article titled Stop Worrying About IRMAA written by a source I trust certainly caught my eye.  In this episode, we’ll explore what IRMAA does, reflect on the article, and discuss whether the IRMAA surcharge is worth worrying about. If you have questions about IRMAA or are starting to approach Medicare age you won’t want to miss out on this episode. Outline of This Episode [1:22] How Medicare works [5:33] How IRMAA works [8:09] My thoughts [9:18] Action items [14:50] How to pay taxes on Roth conversions Resources & People Mentioned The White Coat Investor - Should We Even Worry About IRMAA?  Episode 101 - How to Navigate the Upcoming Changes in Medicare Supplement Plans  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 pla

Who wants to live longer? I know I do! Before you start taking magic pills and seeking the fountain of youth in an effort to increase your life span, Alex Janin from the Wall Street Journal suggests you start exercising.  In this episode of Retirement Starts Today, we’ll explore Alex’s article, What if the Most Powerful Way to Live Longer Is Just Exercise? Make sure to stick around for the end of the show where Bret and I turn traditional retirement advice on its head as we answer one listener’s question about how to draw down their various retirement accounts.  Outline of This Episode [2:32] Just exercise more [5:41] Biohackers have discovered exercise is best [8:22] Exercise sooner rather than later [11:16] What is the best way to draw down my accounts in retirement? Resources & People Mentioned Whoop Strap WSJ article - What if the Most Powerful Way to Live Longer Is Just Exercise? Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitt

If you have diligently saved throughout your career, you may be ready to retire, yet still feel uncertain about spending your savings. To truly live your best life in retirement you need to learn how to shift from a saving mindset to a spending mindset. In this episode of Retirement Starts Today, we’ll help you do just that.  This is the podcast where you can learn how to spend more money and pay less taxes on your way to an even better retirement. Listen in to learn how you can start spending more money so that you can enjoy your best retirement.  Outline of This Episode [2:52] 3 techniques retirees can use to spend more money confidently [6:30] Techniques #2 and 3 [12:24] Can my wife receive a spousal benefit before I receive my Social Security benefit? Resources & People Mentioned ThinkAdvisor article Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Join the newsletter: https://retirementstarts

If you are new to the show, welcome! This is a place where we talk about how to spend more money, pay less taxes, and have an even better retirement. Today we’re investigating that last part–the even better retirement.  In the retirement headlines segment, we’ll take a look at a CNBC article that dives into an 85-year happiness study from Harvard University. Results from this study reveal the number one retirement challenge no one is talking about. Listen in to hear what this could be. Outline of This Episode [1:22] The number one retirement challenge that no one talks about [3:38] Ask yourself a few questions [8:17] How to go about bridging insurance before Medicare Resources & People Mentioned Boomer Benefits CNBC article 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.Ret

Do you long for a lost golden age when everything was better? If you do you’re not alone. Many people feel that society is experiencing a moral decline. But is that really true?   On this episode of Retirement Starts Today, we’ll explore a New York Times article that challenges this way of thinking and attributes it to cognitive biases. Listen in to learn what you can do to improve your thinking about the present and the future so that you can experience an even better retirement.   Make sure to listen until the end of the episode to hear how you can celebrate my 300th episode with me and save 40% on Retirement Income University.  Outline of This Episode [1:32] Your brain has tricked you into thinking everything is worse [6:10] Maximize your full potential in retirement by eliminating stinkin’ thinkin’ [8:15] Should this listener continue aggressively investing in retirement? [11:20] Consider how you handled market corrections in the past Resources & People Mentioned Enter promo code Podcast at checkou

If you want an amazing retirement you need to start thinking about your future self. We discussed the idea of your future self on a previous episode where I interviewed my coach, Dr. Benjamin Hardy. In this episode, we’re taking a look at another book on the future self, Your Future Self by Hal Herschfield. I’m listening to the audiobook now and this topic has me thinking about how it applies to retirement. Listen in to hear more about this book and my exciting announcement about my own explorations into the topic of the future self in retirement.  Outline of This Episode [2:55] 4 observations on how your future perspective impacts your present [8:15] 4 areas that you can reflect on to improve your future self [12:15] The risk vs the value of starting Social Security at 62 versus 65 Resources & People Mentioned Forbes article on your future self Episode 263 - Be Your Future Self Now with Dr. Benjamin Hardy  BOOK - Be Your Future Self Now by Benjamin Hardy BOOK - Your Future Self by Hal Herschfield C

Happy 4th of July weekend!! Can you believe the podcast that started as a crazy experiment on my kitchen counter in the fall of 2015 is now over 300 episodes?! Thank you for all your support over these many years.  As a way to say thank you, I'm heavily discounting Retirement Income University this month.  Enter promo code "PODCAST" for a special $300 price to celebrate episode #300 (nearly 40% off).  Click here -> www.RetirementIncome.University Happy 4th of July weekend, have a hot dog for me! 

One of the greatest financial assumptions is that it’s always better to own than to rent. However, in retirement, this may not be true. Once you are financially independent it is important to realize that not every dollar you spend needs to yield a return. Join me for this episode of Retirement Starts Today to question traditional thinking and to see how you can improve your life, spend more money, and have more fun in retirement.  Outline of This Episode [1:42] Change your relationship with money [3:21] With financial independence you can throw money away [3:55] 12 reasons to rent in retirement [10:20] How the Guyton-Klinger spending strategy works Resources & People Mentioned BOOK - Die with Zero by Bill Perkins Episode 300 - $300 Gym Bag 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 wi

Have you considered working part-time in retirement? A growing number of older adults are choosing to continue work even after reaching retirement age. While some continue work due to financial necessity, many choose work that offers fulfillment and enjoyment. In the retirement headlines segment of this episode of Retirement Starts Today, we’ll explore the meaning and nature of work and what that could mean for your retirement.  Make sure to stick around for the listener questions segment where we consider the pros and cons of keeping a stable value fund in a 401K while rolling over the rest of the 401K into a Roth. This is an interesting question to explore since the pros and cons have changed recently and what once were pros are now cons. Listen in to hear why. Outline of This Episode [1:22] Many older adults are choosing to work in retirement [5:16] What could this mean for younger people? [8:41] The pros and cons of rolling a portion of a 401K into an IRA Resources & People Mentioned Semi-Retirees

If you clicked on this title you may be wondering what a $300 gym bag has to do with retirement. Well, this podcast focuses on learning how to spend more money and pay less taxes to set yourself up for the ideal retirement. Outline of This Episode= [1:32] What a new gym bag can teach us about retirement [4:20] The lens that you view your purchases through [6:25] A thought experiment 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   Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Have you ever considered joining a retirement mastermind group? Many of us choose mastermind groups to further our careers, businesses, or other areas of our lives, but few think to create one for retirement planning. Today, we’ll focus this entire episode on Fritz Gilbert’s recent article on his experience creating a retirement mastermind group.  You won’t want to miss out on hearing what you could learn from a retirement mastermind. Make sure to listen until the end to hear how you can create your own retirement mastermind group. Outline of This Episode [1:42] How you could learn from a retirement mastermind [4:55] What Fritz has learned from his mastermind [9:33] How you can create your own mastermind Resources & People Mentioned What I’ve Learned From My Retirement Mastermind Group Episode 284 - Investing in Yourself – An Interview with Fritz Gilbert Retirement Planning Education Facebook Group (Formerly Taxes in Retirement) BOOK - The Law of Success by Napoleon Hill BOOK - Think and Grow Rich by N

Have you ever thought about how much money you need to be truly happy? If so, you’re not alone. And chances are that number is elusive.  In today’s Retirement Headline segment, we’ll check out an article from The Atlantic called “The Reason Many Ultrarich People Aren’t Satisfied With Their Wealth.” In doing so, we’ll explore human nature and how to know when enough is enough. In the Listener Questions segment, one listener asks how to withdraw funds from a taxable account during early retirement. Don’t miss out on discovering the logistics of how to access your money in retirement. Press play to find out.  Outline of This Episode [1:42] What inspires the ultra-rich to keep spending? [5:55] What can this teach us about retirement? [8:16] How to withdraw funds from a taxable account in retirement Resources & People Mentioned The Reason Many Ultrarich People Aren’t Satisfied With Their Wealth Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on

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 A Framework for Assessing Variable Spending Strategies How Could This Go Horribly Wrong? Lessons in Estate Planning Part 1 My Kids Don’t Want My Stuff – Lessons in Estate Planning Part 2 Conversations about “Guardrai

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 We will soon be accepting new clients! Use this link to schedule a fit