Retirement Starts Today Radio

If you are looking to ease into retirement by transitioning into a part-time role first, you won’t want to miss this episode of Retirement Starts Today. In the retirement headlines segment, we’ll explore an article by Anne Tergesen at the Wall Street Journal which outlines topics to consider when phasing out your retirement before retiring fully.  Make sure to stick around for the listener questions segment to hear a question from Scott about how to evaluate COLA options on a pension. Press play to start planning your amazing retirement.  Outline of This Episode [1:32] Talk to your employer about how to work fewer hours [3:12] Plan your income [6:34] Social Security considerations [11:51] To take the COLA or non-COLA option on a pension Resources & People Mentioned WSJ article - How to Plan for Part-Time Retirement 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

If you have received an inherited IRA or think you will in the future you won’t want to miss this episode. In the retirement headlines segment, we’ll take a look at the proposed changes in regulations regarding inherited RMDs based on the Secure Act of 2020. In the listener questions segment, we’ll hear from Jim who has a question about rebalancing retirement income buckets. Make sure to stick around until the end so that you understand the best way to manage your buckets in retirement.  Outline of This Episode [1:32] The IRS interpretation isn’t what we thought it would be [7:36] An example to illustrate an inheritance scenario  [10:45] What can we learn from this new rule? [14:25] Should you have 5 years of income or 25% of your portfolio value in bucket #1? [17:18] Should you rebalance when stocks and bonds are down? [18:56] Do Vanguard total bond funds qualify for bucket #1 or #2? [22:03] Should you maintain a small list of funds in a portfolio? Resources & People Mentioned Episode 239 - Part-Time

How much thought have you given to your future self? This week’s retirement headline explores the concept of nurturing your future self now so that you can increase your health, happiness, and financial security. Over in our listener questions segment, I’ll answer a question from an anonymous listener about increasing their spending in retirement. They are looking for advice on whether they can afford to substantially increase their spending this year. Listen in to hear the Retirement Starts Today version of Suze Orman’s “Can I Afford It.” Outline of This Episode [1:58] Thinking about your future self can help you build a happier life [7:52] Who is your future self 10 years after retirement? [11:00] Should this listener spend the money that he didn’t spend in the past 3 years? Resources & People Mentioned How Thinking About 'Future You' Can Build a Happier Life Dr. Benjamin Hardy’s 30 Day Future Self Course BOOK - Be Your Future Self Now by Dr. Benjamin Hardy Connect with Benjamin Brandt Get the Reti

If you are heading into retirement you probably have a bucket list that you want to work on. While just about everyone has heard of a bucket list, not many are familiar with the concept of reverse bucket lists.  On this episode of Retirement Starts Today, we’ll explore this concept by referring to an article from Jeff Stein at Inc.com. You’ll learn how a reverse bucket list could help you manage your wants versus your needs.  Stick around for the listener questions segment to hear which assets to look at when doing a Roth conversion. You’ll also hear a question from Paul about the logistics of retirement withdrawals. Outline of This Episode [1:42] Using reverse bucket lists to prioritize [5:20] What assets to use at when looking at Roth conversions [9:48] The logistics of retirement withdrawals  [12:48] Make sure the money comes out of the right accounts Resources & People Mentioned Inc.com article Podcast - Optimism with Simon Sinek and Arthur Brooks An online risk tolerance questionnaire Connect wit

Do you wish you could have more freedom at work yet still earn a paycheck? Remote work and flexible scheduling may help you ease into retirement rather than plunging in all at once. In our retirement headline segment today, we’ll explore an article from the Wall Street Journal that discusses a new phenomenon that is a direct result of the Covid-19 pandemic. Additionally, I’ll answer Frank’s question about using the bucket time segmentation strategy in retirement. Listen in to hear details about what those buckets might look like and how to time withdrawals from each bucket.  Outline of This Episode [1:32] How should the increase in mortgage interest rates change your retirement plans? [3:21] Part-time retirement programs are on the rise [7:40] Obstacles to phased retirements [8:25] My thoughts on phased retirement [9:54] How to determine when your long-term retirement savings bucket is up or down Resources & People Mentioned WSJ article - Part-Time Retirement Programs Are on the Rise Episode 238 - I’m

When people begin retirement planning they usually have 3 main questions. We cover the questions about what to do about healthcare before Medicare and should I pay off my house regularly on this show. However, the third question, what do I do if I still have kids at home, is not one we regularly address. That is why I’m excited to have Bobbi Rebell, author of the new book, Launching Financial Grown Ups on the show today. Bobbi is here to discuss the growing phenomenon of adult kids living with their parents and how that can impact your retirement plan. You won’t want to miss this episode if your kids are not completely launched. Listen in to hear Bobbi’s fantastic advice for creating an exit strategy to get your children off the payroll. Outline of This Episode [1:22] What to do if we have kids at home when facing retirement? [7:20] What can we do to prepare our kids for an exit strategy? [10:53] How to deal with our children’s financial mistakes [19:07] Don’t rob kids of the ability to think things through

Have you been hesitant to retire this year because of all that is going on in the world? On this episode of Retirement Starts Today, we’ll explore a retirement headline from Maurie Backman at The Motley Fool called 3 Reasons Why 2022 May Be a Bad Year to Retire, but then you’ll hear my rebuttal to each of her 3 arguments.  If you have been on the fence about whether you should take the plunge and retire now, you won’t want to miss this episode. Make sure to stick around until the end of the episode to hear an anonymous question about how to be certain that you won’t owe interest and penalties on a Roth conversion.  Outline of This Episode [2:11] Pitfall #1 - The pandemic is still raging [5:00] Pitfall #2 - Inflation is rampant [8:15] Pitfall #3 - Stability is important [12:23] An underpayment penalty question Resources & People Mentioned The Motley Fool - 3 Reasons Why 2022 May Be a Bad Year to Retire Taxes in Retirement Facebook group Underpayment of Estimated Tax on the IRS website Estimated Taxes on

With the news that January’s inflation rate was a staggering 7.5%--the highest level in 40 years–everyone has inflation on their minds lately. Many retirees are reassessing how they can protect their nest eggs.  On this episode of Retirement Starts Today, we’ll explore a WSJ headline, “There’s No Perfect Way to Inflation-Proof Your Investments,” by Anne Tergesen. If you have been wondering how you can best use your investments to hedge against inflation in retirement, don’t miss out on this episode to hear the pros and cons of several different options. Make sure to listen to the end to hear how long you might have to hold on to gold so that it keeps pace with inflation. (Spoiler alert–it’s a lot longer than you think!)  Outline of This Episode [1:22] Inflation is on the mind of every retiree in 2022 [3:57] I bonds are the belle of the ball [6:14] The pros and cons of TIPS [7:23] The pros and cons of stocks, commodities, and real estate [10:06] The pros and cons of buying gold [11:29] How to pay taxes on Rot

Many people begin retirement with the question: what’s next? That question can plant the idea of starting a second chapter whether it be a new business, a side hustle, a passion project, or a consulting business. The question then becomes, how to get started?  Gabe Nelson, the host of the Solopreneur Money podcast, is here to discuss how you can start a business in retirement. In this episode, you’ll learn tips on how to get started, how to decide what to charge, how long it should take to become profitable, and so much more.  Outline of This Episode [1:58] What are some tips for someone that wants to start a business in retirement? [5:28] How to keep track of expenses [7:00] At what point does the business have to become profitable? [11:30] How to move from employee to employer [14:00] The kinds of clients that Gabe works with [16:42] Gabe never plans on retiring Resources & People Mentioned QuickBooks Connect with Gabe Nelson SolopreneurMoney.com BOOK - The Solopreneur’s Money Manifesto by Gabe Nel

Tax season is here. This yearly duty is something that a good portion of citizens put off until the last minute, with some even requesting an extension to file later. However, today I have 8 reasons for you to consider filing your taxes early. Listen in to discover why you might want to bite the bullet and file your tax return early this year. Outline of This Episode [1:12] 8 reasons to file your 2021 tax return early [4:18] Why you should try to get as small a refund as possible in retirement [8:09] Should Marion invest 25% of her portfolio in a fixed annuity over 10 years? This is a great list to encourage people to get started on their taxes. I’ve had my thoughts on tax planning for a while now that I’m cohosting the Retirement Tax Podcast with Steven Jarvis. Check it out if you are interested in tax planning strategies in retirement.  Resources & People Mentioned The Retirement Tax podcast with Steven Jarvis and Benjamin Brandt Retirement Tax Services from Steven Jarvis 8 reasons to file your 2021

You may be worried about money in retirement, but are you worried that you won’t spend enough of it? Today’s retirement headline comes from Neil Templin over at Barrons.com and it examines how people’s core spending and saving habits from their working years continue in their retirement years.  Listen to this episode to hear the author’s suggestion for how to rectify this issue and whether or not I agree with him.  Outline of This Episode [1:22] Retirees aren’t spending enough [5:30] Create a retirement paycheck [7:20] My thoughts on the article [10:00] join the newsletter [11:07] How to invest for retirement with limited assets Retirees aren’t spending enough Why do people continue to save in retirement when they are expected to be spending? Retirees Aren’t Spending Enough of Their Nest Eggs, Here’s Why, an article written by Neil Templin, examines the reasons why some people don’t plan to spend down their assets in retirement. These retirees' portfolios remain the same or sometimes even grow at a time of

 Do you know where you’ll live when you retire? Deciding where to live in retirement is one of the biggest retirement decisions that you’ll make. There are so many factors to consider that it can be overwhelming with the myriad choices.  On this episode of Retirement Starts Today, we’ll explore a headline from J.D. Roth at GetRichSlowly.org that reveals a new tool from The New York Times which helps people find places to live that suit their lifestyles.  You’ll also hear the answer to Frank’s question about the inflexibility of safe withdrawal rules for those who choose to delay taking Social Security. If you have been considering moving in retirement, don’t miss out on this episode to discover how this fun tool could help you narrow down your choices.  Outline of This Episode [1:22] A useful tool to help you choose a place to live [4:03] My thoughts on purchasing a second home in retirement [7:01] On taking larger withdrawals in your 60s to delay taking Social Security [11:14] How I use Guyton’s Guardrails

Is saving for the future preventing you from enjoying your present life? This may be an unpopular opinion for a financial podcast, but it is important to ask difficult questions to experience growth. If over-saving is preventing you from enjoying your present life, then you need to make changes.  On this episode of Retirement Starts Today, we’ll examine an article by Darius Foroux that asks, Are You Saving Too Much Money? After the retirement headlines segment, I’ll answer a question from CJ about using a donor-advised fund to offset the last year of high income before retirement. Get ready to ask challenge yourself and explore your financial decisions as you press play.  Outline of This Episode [1:42] Saving too much money for your future could prevent you from enjoying your present life [4:32] How to know when you’re saving too much? [6:53] Does it make sense to create a donor-advised fund to get a tax deduction? [10:22] What other deductions could you take advantage of? Saving too much for the future cou

Tax scams are as old as taxes themselves, so are you doing everything you can do to avoid them? In this episode of Retirement Starts Today, we’ll explore what the IRS labels, ‘the dirty dozen’ tax scams. You’ll learn who is targeted by the various scams and then you’ll discover what you should do to protect yourself from scammers. Make sure to stick around until the end of this episode to hear what you should avoid doing so that you don’t fall prey to tax scammers.  Outline of This Episode [1:24] The IRS has issued a warning to taxpayers [6:10] Protection for taxpayers [9:00] Dave wonders whether he should build his home with cash or use a mortgage Watch out for the ‘dirty dozen’ Every year the IRS publishes its list of the 'dirty dozen’ tax scams that citizens should be on the lookout for. This year’s list comes directly from the IRS website in an article called Americans Urged to Watch Out for Tax Scams During the Pandemic. The article breaks up the 12 types of schemes into 4 categories based on who carri

Do you have gold as a part of your investment portfolio? Several years ago there were loads of infomercials about investing in gold, but after today’s retirement headline you may want to think twice about complicated investment strategies. Don’t miss out on this real-world cautionary tale which provides an example of how and why owners of IRAs with assets invested in nontraditional means need to follow strict guidelines. Press play to listen. Outline of This Episode [2:32] Don’t make this $300,000 tax mistake [5:25] You don’t have to invest your IRAs in stocks and bonds [12:40] You don’t need complexity to have great retirement investments [13:50] When the first RMD is taken from an IRA is the money considered earned income? [16:08] Does the custodian of an IRA pay taxes directly before distribution of the money? Are you signed up for the Every Day Is Saturday newsletter? If you have been wondering how you can submit your own listener question, make sure to head on over to my website RetirementStartsTodayRa

You may have noticed how the spirit of giving changed your mood this holiday season. That is because giving can actually increase your happiness. This week’s retirement headline from BigThink.com is titled How Generosity Changes Your Brain, and it discusses recent research on how giving to others promotes happiness. On this episode of Retirement Starts Today, you’ll learn how acting on your generosity creates numerous psychological and physiological benefits in your body. If one of your goals for 2022 is to be more generous or even if you simply want to reflect on the acts of gift-giving that you experienced over the holiday season, don’t miss the retirement headline segment. Then make sure to stick around until the end of the episode to hear my favorite retirement resources. Outline of This Episode [2:42] How generosity changes your brain [8:02] How you can incorporate giving into your retirement plan [9:47] Dave is looking for quality retirement resources Giving can increase happiness Can spending your mo

Would you want to raise your standard of living for half of what you live on now? Tim Leffel did, which is why he chose to uproot his family from their life in Nashville to move to a small city in Mexico. Tim is the author of the book A Better Life for Half the Price and he joins me today to discuss the pros and cons of living abroad. Don’t miss the opportunity to learn how you can save money by living abroad. Tim is an expert in the subject and has written extensively about this topic. Listen in to hear this interview.  Outline of This Episode What made Tim decide to live in Mexico? Why did he rent before buying? What are examples of how he saves money by living in Mexico? Do you need to know Spanish before moving to Mexico? Why would people not want to move abroad? Why did Tim choose to move to Mexico? Tim and his wife have traveled extensively and even lived in Seoul, Korea, and Istanbul, Turkey when they were young. When they had their daughter they knew that they didn’t want to live in the far flung r

Despite the economic downturn, 2020 turned out to be a fantastic year for charitable giving. In this episode, we’ll look at how people chose to give and you’ll learn about the efficiency of giving through donor-advised funds (DAFs).  In the listener questions segment, you’ll learn how to survive a bear market in retirement. We’ll investigate the length of the average bear market and see how you can prepare for the worst in your retirement years.  Outline of This Episode 2020 was a banner year for giving Planning ahead can help alleviate a hefty tax bill What is the average length of recovery from a bear market? Look into Guyten’s Guardrails Shwab and Fidelity both showed an increase in giving You would think that with the economic downturn of the last year that people would tighten their bootstraps and cease giving to charities, but it turned out that the opposite was true. The two largest brokerage firms, Schwab and Fidelity, recorded increases in charitable donations.  Donations were made in response to t

We’ve all been sitting at home for the past year and now everyone is getting the travel bug. That’s why today we’re kicking off the Summer Travel Series with an interview with Lee Huffman. Lee hosts a podcast called We Travel There and he writes a frugal travel blog at BaldThoughts.com. I’ve been curious about the world of travel hacking, so I have plenty of questions for Lee about using travel points, how to find the best travel resources, and, of course, where to travel. Check out this interview to help you plan your summer vacation.  Outline of This Episode Where should we get started? What should one look for in travel points? How saving miles and points are like saving for retirement The go-to resources to use Places to check out  How should we all get started traveling again? The pandemic has left many of us homebound for over a year, so now that many people are fully vaccinated, everyone is ready to get on the road again. The big question is: how should we get started?  Lee recommends using the trave

What is the number one travel goal for people approaching retirement? Disney! People young and old alike love to go to Disney. In my 15 years of retirement planning, I have discovered that a multi-generational trip to Disney is at the top of most people’s bucket lists. That is why I have brought the world’s foremost expert on Disney travel, Lou Mongello, on to Retirement Starts Today for an interview. Lou and I discuss all things Disney: the must-see attractions, when to go, how to plan, and what is so special about Disney.  Outline of This Episode [1:52] What’s so special about Disney? [4:29] What are the must-see attractions? [8:45] When to go [12:53] Plan in advance [15:56] Lou’s favorite thing at Disney What’s so special about Disney that everyone wants to go there? Since Disney is the number one bucket list item for many people there must be something extra special about it. When I ask Lou why it is so special, he is unable to quantify this phenomenon. He chalks it up to the way Disney makes us feel. I