Retirement Starts Today Radio

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

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