Retirement Starts Today Radio

Why don’t more people maximize their Social Security benefits? As a financial advisor, I often wonder at the surprisingly low percentage of people who choose not to optimize their Social Security benefit.  Today’s retirement headline dives into that question in further detail by analyzing a study with plenty of data. Listen in to learn when many people choose to take Social Security and their reasons for making their decision.  Outline of This Episode [1:42] When people plan to take Social Security and why [7:26] 55% didn‘t think they would be able to replace three-quarters of their last paycheck amount in retirement income [10:40] How should a new retiree fill their cash reserve bucket when stocks and bonds are down? If you know someone who could benefit from the information we cover in this show, share it with them. You may end up encouraging them to consider retirement planning in a new way and improving their life. Resources & People Mentioned The Prudennt Pessimist episode Just 11% of Near-Retir

Envisioning what your retirement will look like can often be a challenge, so it may be helpful to hear some examples of people in similar situations. In this week’s retirement headlines segment, we’ll explore a WSJ article from Veronica Dagher and Anne Tergesen that interviews 4 retirees who saved enough for a comfortable retirement. Listen in to hear how they spend their time and money.  Make sure to stick around until the end to hear the answer to Donna’s question about changing her husband’s variable annuity to a less expensive option.  Outline of This Episode [2:02] What a $2 million retirement looks like in America [12:45] How to move a variable annuity to a less expensive option Resources & People Mentioned Here’s What a $2 Million Retirement Looks Like in America Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter

When we envision retirement, we think more about the things we’ll do to enjoy our time than about the person that we’ll become. My guest today encourages us to change that to spend more time thinking about who we want to be in the future.  Dr. Benjamin Hardy is an organizational psychologist, speaker, and author, in addition to being my coach. I have been involved in Dr. Hardy’s coaching mastermind group for 8 months and I’m excited to extend his teaching to all of you. Make sure to stick around until the end of the episode to hear how you can receive a FREE copy of his new book, Be Your Future Self Now.  Outline of This Episode [2:49] What are the benefits of learning about who we’ll become in the future? [5:02] How to assess the softer goals [8:20] How to future set your goals when your life expectancy is shorter  [17:48] How to balance our future self with the present [25:52] Retirement Starts Today Super Book Giveaway details Resources & People Mentioned BOOK - Thou Shalt Prosper by Daniel Lapin Da

Have you been considering a change of scenery in retirement? Before you pack up the house, make sure to listen to today’s episode.  In the Retirement Headlines segment, we’ll check out an article from Harriet Edelson at MarketWatch.com which discusses 6 considerations before moving in retirement. This informative article lists statistics and anecdotal examples that can help you make the relocation decision easier. I was really excited to see today’s listener question as I have been researching retirement calculators. Stick around until the end to discover 2 helpful calculators that could help you understand when you have enough to retire.  Outline of This Episode [1:22] Why people choose to move in retirement [3:43] 6 things to think about before moving in retirement [11:06] Recommendations for public websites to understand whether you are close to your retirement goals Resources & People Mentioned MarketWatch article Fidelity Retirement Income Calculator Vanguard Retirement Income Calculator Connect

I’m sure you have heard the news about the recent Inflation Reduction Act, but what will this Act mean to you as a retiree? We’ll explore this question by examining an article written by Kelly Anne Smith over at Forbes.  If politics isn’t your thing, don’t worry, it’s not mine either. I scour the internet looking for the most neutral, least political articles that I can get my hands on. So, if you are interested in only the facts and how they apply to you, then don’t miss out on the retirement headlines segment today to hear what the Inflation Reduction Act could mean for you.  In the listener questions segment, I have a 3-part question from a listener survey respondent. I’ll answer whether you should convert a 401k or traditional IRA to a Roth IRA first, the pros and cons of converting 401Ks and IRAs, and whether there is any rush to convert 401Ks to Roth IRAs. Outline of This Episode [3:02] What the Inflation Reduction Act means for you [11:32] On converting to Roth IRAs from 401K or IRA Resources & P

The decision of when to take Social Security is one of the biggest that you will face in retirement. Many people turn to Social Security break-even calculators to help them make the decision, but my guest today insists that this shouldn’t be your only deciding factor. Social Security expert, Devin Carroll from  SocialSecurityIntelligence.com  joins me today to discuss all things Social Security. We’ll touch on the break-even math, including where it works and where it doesn’t, cost of living adjustments, the possibility of the Social Security system going bankrupt, and how Congress could fix the Social Security funding problem.  Since Social Security is such an important part of retirement planning you won’t want to miss this episode.  Outline of This Episode [1:22] The break-even calculator has been used for years to help people decide when they should file [5:36] An example of how the break-even calculator could work [8:02] Why very few people wait until 70 to file [8:50] What’s next for the cost of living

You may have seen the news about tennis superstar, Serena Williams' upcoming retirement. In a recent interview, Serena expresses her heartache about her decision. In our retirement headlines segment, we’ll explore an article from MarketWatch that compares Serena Williams’ feelings with those of many retirees upon their decision to retire.  Afterward, we’ll check out a question from our recent listener survey about whether one listener should move to be closer to family in retirement. This answer to this question is tricky and not the same for everyone, so make sure you stay around until the end to hear my thoughts.  Outline of This Episode [1:32] Serena Williams feels no happiness upon retirement [7:45] My thoughts on combatting depression in retirement [10:04] What are the benefits and pitfalls of moving closer to the children in retirement? Resources & People Mentioned Market Watch article on Serena Williams’ retirement Vogue article Study on the prevalence of depression in retirement The benefits of

Have you ever considered taking a sabbatical from work? If you did take one, would it ruin your career and financial goals? Most companies in the United States don’t offer paid sabbaticals like some in Europe, so doing so would require extensive planning. Jake Northrup at Kitces.com recently wrote an article that could help financial planners and DIYers plan how to take a sabbatical without destroying their financial future.  If taking a mini-retirement appeals to you, make sure to listen in to hear how it could affect your financial goals. You’ll also discover loads of resources that could help you make the most of your financial planning for such an endeavor. Make sure to stick around until the end of the episode to hear my response to whether I think Social Security is doomed.  Outline of This Episode [2:22] The idea of traditional retirement is being challenged [6:02] An example of how one couple planned their sabbatical [9:20] How taking time off could affect your long-term goals  [13:26] Will Social Se

Have you considered moving to a new city in retirement? If you work in the tech industry you may find a city willing to pay you to move there.  In today’s retirement headline segment, we’ll dive into an article written by Christopher Mims at The Wall Street Journal which explores towns that provide incentives to lure highly paid tech workers away from Silicon Valley. Don’t miss out on the listener question segment especially if you have or are considering an annuity. I’ll explain the various fees, benefits, and drawbacks to these insurance investment products.  This is the last week to complete our annual listener survey, so if you haven’t filled it out yet, then please do so that you can voice your opinions and help direct the future of this show.  Outline of This Episode [1:22] Some towns are offering moving incentives to remote tech workers  [5:14] How could this improve your retirement? [6:34] How variable annuity fees are calculated [8:40] Annuities can provide many options [12:56] My thoughts on annuit

Nobody likes to think about their own death but to save your loved ones from the headache of trying to navigate your digital accounts without your passwords, you’ll need to set them up for success now. If you don’t take steps to share your accounts after your death, gaining access to your data could be a lengthy and challenging process. I recently found an excellent article from Dalvin Brown at The Wall Street Journal which discusses How to Pass On Your Passwords When You Die. This article gives tips on what to do with our digital lives when we pass away.  Make sure to stick around until the end of the episode to hear a question about Roth conversions and taxes. And if you haven’t done so yet, please take 3 minutes and fill out our 5th Annual Listener Survey to help me improve the show for you. Outline of This Episode [2:52] How to pass on your passwords [7:35] Using a password manager [10:15] Using passkeys makes sharing challenging [13:42] Roth conversions and taxes Resources & People Mentioned How t

 Many of us have financial goals that extend beyond ourselves to include friends and family. Doing so can be an enormous help to those you love, but it is important to consider your own financial well-being in conjunction with that of the ones you want to help. Today, we’ll look at an article that explores how to intentionally offer financial support to your loved ones without deviating from your financial goals. The article that we’ll look at comes from Sophia Bera at GenYPlanning.com and it takes a different approach to a timeless topic. Approaching issues from a different angle can give you a new perspective. In the listener questions segment, we’ll discuss two questions: one about inverse ETFs and another about the specific mechanics of doing a Roth conversion. Make your voice heard by completing our annual listener survey! Outline of This Episode [3:12] Money is a team sport [10:54] Create healthy boundaries [13:24] My thoughts on inverse ETFs in a declining market [16:54] Should Dave rebalance first be

Have you ever tried tax loss harvesting? With the markets down across the board, now is a good time to learn to utilize this tax-saving tool. I found a great article about this from Barrons.com that I share in the retirement headline segment. The article explores the traps that can befall someone trying to use this strategy. Afterward, in the listener questions segment, we’ll dive into the question: do I need life insurance in retirement? You may be surprised to learn that there is no one size fits all answer to this question.  If you have been a long-time listener of Retirement Starts Today, you may remember that I use our annual listener survey to improve the show each year. Now is the time to make your voice heard. Please take a few minutes to fill out this mostly multiple-choice survey so that we can ensure that we are bringing you the most relevant content to help guide you on your retirement journey. Outline of This Episode [2:17] Tax loss harvesting can be more sizzle than steak [3:44] 7 Tips for tax

If you are like many retirees and soon-to-be retirees, you may be rethinking your entire investing strategy. Stocks are down, interest rates are up, and inflation is eating away at your purchasing power.  One listener wonders, with everything going on in the world, should they shift their investments into commodities? In the listener question segment, I discuss what commodities are, how to invest in them, and share my thoughts on whether investing in commodities is a good idea. Before the listener questions, we’ll explore a retirement headline written by Eleanor O’Sullivan at Rethinking65.com which examines what life might look like if more people live to age 114. Join me on this episode of Retirement Starts Today as we explore the effects of technology on longevity and whether you should jump ship from your sinking stock portfolio to invest in commodities. Outline of This Episode [1:32] Planning to live to 114? [3:15] Cell phones improve access and democratize healthcare [7:53] Technology can help in every

Nobody likes to experience the uncertainty that a bear market brings, but it’s an even more challenging experience to weather when you are a recent retiree. It’s easy to lose sight of your goals in a bear market which is why I found an article outlining some lessons that you can remember during a bear market. Listen to this episode to hear some wise words of wisdom that may help you keep your wits about you during this bear market. Stick around until the end to hear my thoughts on tax-loss harvesting.  Outline of This Episode [1:42] 5 lessons to remember in bear markets [9:20] How to use tax-loss harvesting Resources & People Mentioned Five Things to Keep in Mind During Bear Markets by Jack Forehand The Retirement Tax Podcast - Listen to CPA, Steven Jarvis’ answer to the same listener question Connect with Benjamin Brandt Get the Retire-Ready Toolkit:  http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter:  https://retirementstartst

It’s no secret that we’re living longer than ever. People are living so long that we may soon be seeing 6 generations in a single-family.  With people living such a long time it makes retirement planning even more challenging than ever before. Understanding the 4 stages of retirement can help understand the different approaches to money management in each stage. Listen in to learn the 4 stages of retirement and how they can help you plan your retirement.  Outline of This Episode [1:42] There may soon be 6 generations in a single family [2:52] You may be in the anticipation stage of retirement [4:23] The reinvention stage is perhaps the most challenging stage [6:52] The reflection stage leads to thoughts on legacy [9:49] Renting vs. owning in retirement Resources & People Mentioned Ken Dychtwald Breaks Down the Four Stages of Retirement Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to

Inflation is weighing heavy on the minds of retirees right now, so when I came across this article on WSJ.com from Cristin Lourosa-Ricardo, I knew I had to share it with you. Listen in to try and find the silver lining of inflation.  If you are a financial advisor fan of this show, make sure to stick around until the very end for a special announcement. Outline of This Episode [1:38] How to lessen the impacts of inflation [5:19] Why you should buy the car you're leasing [9:00] Control lifestyle creep [14:34] How to balance a portfolio in this economic climate Resources & People Mentioned 15 Ways Consumers Can Deal with–and Even Benefit from–Rising Inflation Episode 247 - What’s Going on with the Market?! with Joseph Hogue Episode 245 - An Active Retirement Could Cost More Money with Thatcher Taylor Capital City Wealth Management on LinkedIn Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscrib

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. For more information, visit the show notes at https://retirementstartstodayradio.com/money-cant-buy-happiness-or-can-it-ep-148/

Unless you’ve been living under a rock, you've probably noticed a bit of an issue with the stock market lately. This can be distressing for any retiree, but when the declines in stock prices are coupled with high inflation and rising interest rates, then you have a triple threat to your retirement plans.  Today we have a special guest joining the show. Joseph Hogue, CFA from the Let's Talk Money!  YouTube channel, is here to help us understand what the heck is going on with the stock market. If you have been trying to figure out what you should be doing with your portfolio you won’t want to miss this interview with Joseph Hogue Outline of This Episode [1:22] What is a CFA? [3:22] What the heck is going on with the stock market? [8:55] Will this be over sooner or later? [10:50] Should we rebalance now? Connect with Joseph Hogue Let's Talk Money! with Joseph Hogue, CFA  MyStockMarketBasics.com Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Tw

We’ve all heard of the 4% rule, but did you know that the creator’s recommendation for it has changed over the years?  I recently discovered an article from ThinkAdvisor.com that included an interview with the father of the 4% rule, Bill Bengen. In the retirement headlines segment, we’ll take a close look at the article and learn directly from Mr. Bengen’s perspective and then I’ll offer my own. Don’t miss out on this glimpse into the mind of the creator of the 4% rule.  Outline of This Episode [2:12] Manage the risk portion of your retirement nest egg actively [7:00] Adjust your withdrawal rates along with inflation [7:47] My thoughts on using the 4% rule [15:03] Is there a way to improve Jim’s retirement plan? Resources & People Mentioned Father of 4% Rule Urges Caution, Cash as Market Risk Rises The American College of Financial Services The Extraordinary Upside Potential Of Sequence Of Return Risk In Retirement Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstoda

Are you planning on enjoying an active retirement? If so, it may cost you more than you think.  On this episode of Retirement Starts Today, I interview Thatcher Taylor, the financial advisor behind ProPathFinancial.com. Thatcher and I discuss how to prepare financially and mentally for an active retirement. Outline of This Episode [1:42] How to navigate the balance between [3:18] How plan for a longer retirement [9:00] A phased retirement plan could help you stay active [11:55] Do you have a sense of purpose in retirement? [18:33] Check out Thatcher’s YouTube channel Resources & People Mentioned Dr.Peter Attia Connect with Thatcher Taylor Thatcher Taylor on YouTube ProPathFinancial.com @DadBodFinancial on Instagram Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Subscribe to Retirement Starts Today on Apple Podcast