RETIREMENT MADE EASY

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In this episode, I take you through the three most common mistakes people make in retirement—and how you can avoid them to set yourself up for long-term success. From overspending in the early days of retirement to overlooking crucial tax strategies and entering retirement without a written income plan, I discuss why these pitfalls happen and what you can do differently.

Later in the episode, it's rapid fire as I answer your listener questions on topics like Social Security benefits, Roth conversions, pension payout choices, and how to invest your retirement accounts once you leave the working world. Whether you're approaching retirement or already there, this episode is packed with practical advice and actionable tips to help you retire strong and confident.

You will want to hear this episode if you are interested in... * [06:18] Tax implications on retirement spending * [15:22] Importance of tax planning in retirement * [18:37] Planning retirement income and expenses * [25:34] Understanding Social Security benefits * [30:50] Withdrawing and taxing retirement funds * [34:34] Inheriting Roth IRAs and conversions * [42:12] Evaluating pension options * [44:47] Withdrawal strategy in retirement * [48:19] Considerations for IRA and annuity withdrawals

Mistake #1: Underestimating Your Retirement Spending "Every day is a Saturday" is a phrase that sounds pleasantly carefree, but it's at the core of the number one retirement mistake: overspending. Without the Monday-to-Friday routine of work to constrain your weekdays, retirees often find that daily life has more opportunities—sometimes temptations—for spending. Whether it's travel, home improvement, treating family, or even increased online shopping, expenditures can skyrocket in those first years.

Blowing past your planned budget doesn't just cause headaches; it puts long-term income strategies at risk. Every unexpected withdrawal may drive up your taxes, disrupt your investment plan, and hinder the compounding potential of your retirement savings. Those first five years are absolutely crucial—financial missteps can have long-ranging implications decades down the road.

Mistake #2: Ignoring Retirement Taxes A common misbelief is that retirement brings an end to complicated tax matters, in fact, taxes remain a key player in your financial picture. Many retirees are shocked to learn that their Social Security benefits may be taxed, especially as thresholds haven't kept pace with inflation. Tax mismanagement can also trigger costly Medicare surcharges or force higher withdrawals from retirement accounts.

Smart, proactive tax planning can save tens of thousands over your lifetime. Key strategies include:

Understanding Social Security's provisional income rules and the impact on benefit taxation.
Anticipating required minimum distributions (RMDs) at age 75 and their tax consequences.
Considering Roth conversions to manage future tax liabilities 16:08.
Leveraging charitable giving strategies, such as qualified charitable distributions or donor-advised funds, to optimize both your giving and your tax bill.

Mistake #3: Failing to Create an Income Plan Too many retirees believe they'll simply figure it out as they go, drawing Social Security and taking withdrawals ad hoc. This hands-off approach is a mistake, the retirees who fare best are those with a written income plan. They know where their money is coming from, how taxes will be handled, which accounts to tap (and when), and how they'll adapt as life circumstances change.

Retirement should be enjoyable and fulfilling—free of constant financial worry. Avoiding these three key mistakes lays the foundation for long-term success and peace of mind. Focus on realistic budgeting, proactive tax planning, and a clearly defined income strategy.

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube * Provisional Taxes: What They Are and How They Work

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This week I'm discussing the latest Social Security Trustees Report, what it means for your future benefits, what changes may be coming, and how millions of Americans are already planning ahead. I'll dig into the psychology and strategy of spending down your savings once you retire, including how to transition from saving to spending, why an "intentional adjustment" matters, and the critical role of having a written plan. I also answer listener questions about withdrawal strategies and how to weigh the decision of working "one more year."

You will want to hear this episode if you are interested in... * [00:32] The latest Social Security Trustee Report * [09:14] Discussing Social Security and Retirement Strategies * [12:12] Adjusting to Retirement Spending * [16:25] Finding purpose in retirement spending * [19:44] The go-go years in retirement * [26:56] Withdrawal strategies and investment planning * [32:28] Managing taxes with inherited IRA * [37:24] Evaluating Retirement vs. Working Longer * [43:03] Understanding Annuity Penalties and Risks

What the Latest Social Security Report Means Recent headlines about Social Security's future have stirred anxiety for those nearing—or already in—retirement. The Social Security Trustees' latest report brings sobering news: if no legislative action is taken, benefits will face a 22% cut by the end of 2032. For the average American, that translates to receiving just 78 cents on the dollar compared to today's checks.

Roughly 73 million Americans currently collect Social Security, with that number projected to hit nearly 80 million by 2035. 66% of today's retirees lean heavily on these benefits, up from 52% twenty years ago. Aging populations, fewer pensions, and growing living costs further exacerbate the shortfall.

Adjusting Your Retirement Plan in Uncertain Times With these potential benefit cuts looming, many are rethinking their assumptions. Some pre-retirees adjust their retirement income projections to reflect "worst-case" Social Security—assuming perhaps only 75-78% of currently promised benefits. This kind of conservatism can bring peace of mind when planning, though it's still possible that Congressional fixes will preserve more generous payouts.

Planning for the unknown also means keeping tabs on Social Security's annual earnings cap, which is rising—from $168,600 in 2024 to $184,500 in 2026. For top earners, this means more taxable income, and for retirement planners, one more variable to consider.

The Psychology and Practicality of Decumulation Flipping from saver to spender is often more difficult than expected. Many accumulate for decades, watching their nest egg grow, and then feel uneasy as withdrawals begin. Having a clear spend-down plan is crucial—not only for finances, but for confidence and peace of mind.

Try a "bucket" strategy—dividing assets into income, cash reserve, and long-term growth buckets. By doing this, you'll be able to weather market swings and adjust spending appropriately in both up and down years. Importantly, plans should be flexible: during bull markets, withdrawals might increase modestly; in downturns, tightening the belt can protect long-term sustainability.

The Measure of Retirement Success Retirement fulfillment isn't about dying with the largest possible nest egg, it's about achieving financial independence, enjoying freedom, and creating meaningful connections. Studies show that those who use their savings for experiences, relationships, and a sense of purpose report far greater happiness.

This is about it in these terms, if you knew with certainty that your money would last, how would you spend differently starting tomorrow in retirement? Reflecting on this can help clarify goals and foster the confidence to pursue a fulfilling vision for retirement.

Resources & People Mentioned * 3 Steps to Retirement Planning * The 2026 OASDI Trustees Report * Older Adults' Knowledge and Attitudes Related to the Social Security Trust Fund

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Retirement is often painted as a well-earned period of leisure, adventure, and relaxation. Yet, the journey to a fulfilling retirement is rarely straightforward. On this episode of the show, I'm shining a light on the intricate realities lying beneath common assumptions—and how the right planning, rooted in your personal goals and beliefs, makes all the difference. I also share an eye-opening case study highlighting the difference between being told you're "good to retire" and actually being prepared for retirement.

You will want to hear this episode if you are interested in... * [00:00] Advice on personalized retirement planning * [09:35] Retirement finances beyond your 401k * [12:50] Planning a travel-focused retirement * [15:13] Discussing retirement readiness scoring * [17:51] Estimating future long-term care costs * [21:06] Risks of a fixed income * [30:34] Understanding annuities and IRA conversions

When Generic Advice Isn't Enough It's critical it is to have a tailored retirement plan, not just a verbal green light from a general financial planner. Retirement is one of life's most significant transitions: leaving behind peak earning years for potentially three decades or more of financial independence. Generic answers, unsupported by analysis, put dreams and security at risk.

What Makes Up a True Retirement Plan? Retirement planning isn't just a matter of having "enough" in a 401(k) to draw a standard percentage each year. There is a huge array of considerations required for a robust plan:

Health Insurance Before Medicare: What happens if you retire at 61, but Medicare doesn't kick in until 65? Options like COBRA may be costly and only temporary. Knowing all available choices is crucial to avoid unexpected expenses.
Housing Decisions: Downsizing might not bring the savings (or happiness) you expect in today's real estate market. Plans should address whether you'll stay, improve your home, or move, and how each choice affects your budget and taxes.
Major Expenses and Repairs: From home improvements to HVAC upgrades, factoring in intermittent—but significant—expenses is part of protecting your financial stability in retirement.
Timing Social Security: Early collection might not be best, especially for those with longevity in their family. Taking a holistic view of Social Security's role in your cash flow and legacy is vital.
Personal Goals: Retirement is about more than cash flow. What do you wish to do—travel, spend time with family, pursue hobbies? These needs must be "baked into" your plan, not treated as afterthoughts.

Why There Are No Shortcuts in Planning The elevator to success is broken. You have to use the stairs!. You need to put in the work, do some brainstorming, and conduct continuous review to build a strong retirement plan. Shortcuts—like relying on rules of thumb or ignoring nuanced needs—leave you exposed to avoidable pitfalls.

Assessing your "retirement readiness grade" honestly helps identify what's missing. Rarely does someone fail readiness due to insufficient savings alone; more often, the gaps lie in overlooked factors such as healthcare, taxes, risk mitigation, or a lack of clarity on what retirement should look like.

The Power of Personal Core Beliefs in Shaping Strategy Your beliefs and values shape your retirement strategy. These core beliefs drive thoughtful planning:

Long-Term Care is a Universal Risk: Statistically, women face a higher likelihood of needing care, but everyone must plan for this unpredictable cost.
Inflation Is Inevitable: Rising costs, from stamps to healthcare, erode fixed incomes over time. A plan that doesn't anticipate inflation invites hardship down the road.
National Debt and Taxes: With U.S. debt at $40 trillion and growing, it's prudent to assume taxes will rise in future decades; your tax strategy should reflect that likelihood, even as you account for uncertainty.

Writing Your Own Next Chapter Most importantly, you have to understand that retirement as a deeply personal chapter—you get to decide what happiness and fulfillment mean. Whether that involves travel, volunteering, family time, or pursuing new ventures, your personal goals must drive your planning process. There's no one-size-fits-all template; only a comprehensive, personalized plan offers true peace of mind.

Retirement readiness isn't a destination handed to you—it's a path you build through diligent planning and honest reflection on what matters most to you. By moving beyond generic reassurances and crafting a strategy rooted in personal goals and beliefs, you can confidently step into retirement's best years.

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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The conversation this week explores the mindset shifts required as individuals move from years of saving and accumulating wealth to the daunting prospect of spending down those savings. Emotional readiness, habits, and even arbitrary financial goals can become barriers to making the leap into retirement—even when the numbers already add up. I share practical strategies for addressing these mental roadblocks, emphasizing the importance of holistic preparation: not just being financially set, but also feeling ready psychologically, emotionally, and spiritually for the next chapter.

You will want to hear this episode if you are interested in... * [00:00] Deciding when to retire * [05:22] Transitioning from saver to spender * [08:41] Retirement planning concerns * [17:09] Retirement mindset and planning * [20:23] Discussing group life insurance options * [21:32] Managing 401 (k) and Benefits at Retirement * [26:10] Understanding Roth Conversion Taxes * [32:02] Understanding annuities and IRA conversions

The Mental Shift: From Saver to Spender Many people spend their entire careers diligently saving, watching their nest egg grow with every paycheck. The idea of suddenly switching gears and drawing down these savings can be jarring. There is emotional discomfort when net worth begins to shrink rather than expand—a fundamental change in financial behavior that can evoke anxiety and hesitation.

We're all creatures of habit, and retirement is an adjustment similar to giving up a longtime routine, such as parking in the same spot every day or sitting in the same pew at church. Shifting from saving to spending poses a formidable mental barrier, especially for those who have identified as "savers" their whole lives.

The Myth of "The Number" and Moving Goalposts The fixation on arbitrary financial goals—often a nice round number in a 401(k)—can obscure the reality of one's retirement readiness. Lots of people continue to work, constantly resetting their savings target to higher and higher amounts. This moving target provides psychological comfort but can prevent people from enjoying the fruits of their labor. The reality is that true retirement readiness also requires emotional and psychological preparedness, not just a magic number on paper.

Planning for the Unknown There is a common fear of retiring into a downturn: What if the economy tanks right after I step away? What if my savings aren't enough in the worst-case scenario? These uncertainties are valid, but letting fear dictate your future can lead to missed opportunities for happiness and fulfillment. That's why crafting a withdrawal and investment strategy designed to weather both good and bad market conditions is so valuable.

Instead of focusing solely on what could go wrong, try making a mind shift: "What if my best days are ahead?" Optimism, balanced with prudent financial analysis, is the key to unlocking the confidence needed for a well-timed retirement.

Retirement isn't just a number or an account balance—it's a reimagining of purpose, identity, and daily life. By addressing both the mental and practical sides of the equation, anyone can step into retirement with clarity, optimism, and a sense of readiness for whatever comes next.

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Retirement planning is about more than just saving money—it's about making smart decisions with your finances to ensure that you keep as much of what you've earned as possible. On the show this week, I'm sharing essential strategies for managing your taxes in retirement—including a real-life example of a couple selling $146,000 in capital gains and paying zero taxes. I break down the benefits of non-retirement brokerage accounts, clarify the rules around capital gains and losses, and reveal a key element of the tax code that hasn't changed in nearly 50 years. In the second half of the show, I'm also discussing the risks and rewards of company stock, stock options, and restricted stock units (RSUs), and providing guidance for anyone investing in their own company or dealing with equity compensation. This episode is packed with practical advice and insightful stories to help you retire in the best financial position possible.

You will want to hear this episode if you are interested in... * [00:26]Importance of tax management in retirement * [02:05] Capital gain harvesting (an uncommon topic) and capital loss harvesting * [06:25] Explaining brokerage account basics * [08:17] Distinction between short-term vs. long-term capital gains * [14:24] Practical example of managing large capital gains * [18:30] Tax-free capital gains strategy * [24:40] Understanding equity compensation risks * [31:51] RSUs and the tax implications * [33:27] Evaluating company stock and options

Understanding Brokerage (Non-Retirement) Accounts Brokerage accounts, also known as non-retirement accounts, are investment accounts funded with after-tax dollars. Unlike IRAs or 401(k)s, which have strict withdrawal rules and penalties, these accounts offer much more flexibility. There are two primary advantages:

Accessibility: Funds are available before age 59½, meaning you aren't locked into waiting as with some retirement accounts.
Tax Control: Taxes in these accounts are mainly due on capital gains, dividends, and interest, and you can influence the timing and amount of tax owed by managing what and when you sell.

Many investors overlook the advantages of these accounts, often assuming that retirement planning must revolve solely around 401(k)s and IRAs. Speaker B points out that one of the biggest benefits is the ability to 'cherry pick' what is bought and sold, giving investors direct control over their tax liabilities.

Capital Gains and Loss Harvesting Most people are familiar with the idea of harvesting capital losses—selling investments at a loss to offset taxable gains or up to $3,000 of ordinary income per year. But 'harvesting capital gains' can also be a powerful strategy. If your income is low enough in a particular year, it's possible to realize long-term capital gains at zero federal tax, especially under current tax laws.

There are nuances, however. The $3,000 capital loss deduction limit hasn't changed since 1978, despite decades of inflation, and excess losses must be carried forward to future years—a critical aspect often forgotten. Additionally, the wash-sale rule prevents you from writing off a loss if you purchase the same (or substantially identical) security within 30 days before or after the sale.

Risks and Rewards of Company Stock, Stock Options, and RSUs Equity compensation—whether through company stock, stock options, or restricted stock units (RSUs)—is a growing component in many retirement portfolios. Stock options come in two primary flavors—incentive stock options (ISOs) and non-qualified stock options (NSOs)—with distinct tax treatments. The potential upside can be huge, especially in fast-growing companies, but if the stock price falls below the strike price, the options may end up worthless.

Upon vesting, the value of Restricted Stock Units (RSUs) is taxed as ordinary income. Many companies manage tax withholding by selling some shares at vesting, but any future gains after vesting are subject to capital gains tax.

Overreliance on one company's stock can be financially devastating. Don't be like the Enron employee who lost almost everything by refusing to diversify. It's essential to manage company-specific risk and diversify holdings as you approach retirement.

Resources & People Mentioned * 3 Steps to Retirement Planning * IRS Case Study 1 – Wash Sales

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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What does it mean to retire in 2026, and how does today's retirement landscape differ from 10 or 20 years ago? With more retirees facing challenges such as rising healthcare costs, higher cost of living, concerns about Social Security, shifting demographics, and the impacts of national debt, this episode digs into the current risks and opportunities for those planning their golden years. I share insights from a recent Goldman Sachs retirement study and answer listener questions on retirement planning software, investment strategy before retirement, handling 401(k) and IRA loans, and Social Security rules for working retirees.

You will want to hear this episode if you are interested in... * [00:00] Retirement planning in 2026 * [06:28] Current market conditions and challenges * [10:31] Rising health insurance costs * [14:24] Financial strain on parents supporting kids * [18:48] Concerns about retirement taxes * [23:21] Preparing for financial downturns * [28:20] Understanding 401 (k) and IRA loans * [32:35] Social Security benefits and retirement planning * [37:23] Understanding annuities and IRA conversions

Inflation and the Cost of Living One of the biggest concerns voiced by pre-retirees is how much more expensive life has become. The past decade, especially following COVID-19, has seen inflation spike well above its historical average. Not only are day-to-day essentials like groceries and gas more costly, but so too are the experiences retirees often look forward to—such as travel and dining out. With airline tickets and fuel prices high, the cost of enjoying retirement can quickly outpace what many planned for just a few years ago.

Healthcare: An Ever-Increasing Expense Another major pain point is the skyrocketing cost of healthcare. Medicare premiums have jumped (with Medicare Part B premiums alone increasing by over 9% in one year recently), and pre-Medicare retirees face especially steep coverage costs. Whether paying directly, dealing with COBRA, or navigating the healthcare exchange, retirees must factor in the rising cost of both routine and unpredictable medical needs, which eat into savings at a faster rate.

Social Security and Family Support With millions of Baby Boomers now collecting benefits and the youngest Boomers becoming eligible, there is increased pressure on the system. There are some very real concerns about funding gaps and the likelihood that Congress will have to make difficult decisions soon to ensure benefits remain viable for future generations.

Retirement planning is now more deeply intertwined with broader demographic changes. People are waiting longer to marry, buy homes, and start families—all of which impact when and how retirees are called upon to support children and grandchildren. Whether contributing to down payments, funding weddings, or assisting with fertility treatments and adoptions, modern retirees often find their savings supporting family milestones happening later in life.

National Debt and Tax Policy Government debt is at record highs, surpassing $39 trillion, and this raises serious questions about future tax rates. Retirees must plan for the possibility that taxes will increase, which could impact how much of their savings they'll have available for spending.

Retirement in 2026 and beyond is both promising (with record numbers of millionaires) and uniquely challenging. By understanding these new realities, today's retirees can build a plan that provides peace of mind and the freedom to enjoy life's next chapter.

Resources & People Mentioned * 3 Steps to Retirement Planning * Goldman Sachs Retirement and Insights Survey

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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When it comes to retirement planning, understanding tax-advantaged accounts like Roth IRAs, knowing how to select a trusted advisor, and making optimal income choices are key building blocks for long-term financial confidence. On this episode of the Retirement Made Easy podcast, I'm digging into the details of Roth IRAs, Roth conversions, navigating advisor relationships, and the complex art of Social Security timing.

With tax rules, income strategies, and advisor choices constantly evolving, continuous education and proactive planning are essential. If you're part of the 80% of Americans approaching retirement without a written plan, start the conversation, get informed, and take charge of your financial future—because retirement should be made easy for everyone.

You will want to hear this episode if you are interested in... * 00:00 Understanding Roth IRAs and 401ks * 05:38 Managing Roth IRA contributions * 07:04 Understanding Roth IRA withdrawal rules * 14:48 Managing inherited Roth IRA accounts * 22:33 Choosing the right financial specialist * 26:45 Advisory fee compensation explained * 30:29 Deciding when to claim Social Security * 40:44 Annuities and IRA considerations

What You Should Know about Roth IRAs & The Five-Year Rule Roth IRAs allow you to grow investments tax-free and for the flexibility they offer when it comes to estate planning. However, many misunderstand the pivotal "five-year rule," which could lead to unexpected taxes or penalties at withdrawal time.

The five-year rule requires that your Roth IRA be funded for at least five tax years before you can begin withdrawing earnings without paying taxes. The clock doesn't start just when you open the account, but rather on January 1st of the year in which you make your first contribution. For anyone thinking of using a Roth in retirement, the guidance is clear: open and fund your account as soon as possible—even a modest amount can start that clock for future flexibility.

Timing and Tax Impacts of Roth Conversions Roth conversions—moving money from a traditional IRA to a Roth and paying taxes now in exchange for future tax-free growth—are a powerful tool, but their intricacies often surprise investors.

If you perform a Roth conversion before age 59½, each conversion has its own five-year rule: you must wait five years—or until 59½, whichever comes later—before withdrawing converted amounts penalty-free. This prevents people from using conversions to skirt early-withdrawal rules. Additionally, taxes are due the year you convert, and if you withhold part of the conversion for taxes, you could face an early withdrawal penalty on the amount withheld. Ideally, pay conversion taxes from non-retirement funds to maximize your Roth's growth potential.

Choosing the Right Advisor Selecting a retirement or financial planner can feel like a minefield but here are my tips for finding the right advisor for you:

Research credentials (e.g., Certified Financial Planner or fiduciary licensure).
Understand their compensation: whether it's hourly, commission-based (often tied to products), or a transparent advisory fee (25:02).
Use resources like BrokerCheck and Google reviews to vet their background and client satisfaction.

It's not just finding "an advisor"—it's finding the right fit for your needs and values.

Social Security Timing: No One-Size-Fits-All Answer Determining when to claim Social Security is arguably one of retirement's trickiest decisions. There are lots of variables: health, life expectancy, marital status, income needs, and projected investment returns. There are a couple of general rules though, delaying Social Security increases your lifetime benefit if you live beyond average life expectancy. And claiming early (as soon as 62) may make sense for those with shorter life expectancies or immediate income needs.

You should also consider spousal benefits and survivor implications and analyze the impact of other taxable income on Social Security when you're planning when to claim. Running "what if" scenarios with a qualified planner can help you assess trade-offs and achieve peace of mind.

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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When markets feel unsettled, it can be hard not to worry. Headlines about war, inflation, falling retirement balances and political uncertainty can make even experienced investors feel uneasy. But as this episode of Retirement Made Easy highlights, volatility is not unusual — it is part of investing.

The key is not to avoid every downturn. It is to respond in a way that supports your long-term retirement goals. From managing market dips to understanding survivor benefits, long-term care, and retirement income decisions, this episode covers some of the most important issues retirees and pre-retirees face.

You will want to hear this episode if you are interested in... * [02:30] Market volatility explained * [05:50 Why panic selling hurts your retirement. Real examples of investors cashing out at the wrong time * [07:50] Understanding risk tolerance and behavior * [12:50] The "bucket strategy" for retirement investing * [24:45] Long-term care insurance decisions * [35:20] The Obamacare subsidy cliff (2026 changes) * [39:00] Biggest decisions in retirement planning: Listener questions * [44:00] The biggest risk: overspending in retirement

Market Volatility Is Normal, But Panic Can Do Lasting Damage Market setbacks are inevitable. Whether they are caused by war, inflation, tariffs or wider economic uncertainty, dips in the market will happen again and again over the course of a retirement. That is why emotional decision-making can be so damaging. Selling investments in a panic after a sharp drop may feel safer in the moment, but it can lock in losses and make it harder to recover when markets rebound.

Retirement planning is not about trying to predict every twist and turn in the market. It is about building a strategy you can stick with during both the good years and the difficult ones. The more confidence you have in your investment plan, the less likely you are to abandon it during temporary periods of uncertainty.

Not All Retirement Money Should Be Invested The Same Way Retirement savings should not always be treated as one big pot of money. Different accounts serve different purposes, and that means they may need different investment strategies. I discuss the idea of dividing retirement assets into "buckets", with each bucket assigned a specific role. For example, an emergency fund should be safe, liquid and available when needed. An income bucket should be structured to support spending in retirement. A longer-term growth bucket may carry more risk because that money is not needed straight away.

This kind of approach can help retirees feel more confident during periods of market volatility. If your short-term income needs are covered by lower-risk assets, it may be easier to leave longer-term investments alone when markets fall. It also encourages a more thoughtful way of managing risk, rather than taking the same level of risk across every account regardless of purpose.

Your Spending Habits May Shape Your Retirement More Than Anything Else Even the best retirement plan can be undone by overspending. Once regular work stops, every day can start to feel a bit like a weekend. For some retirees, that freedom is exciting, but it can also lead to lifestyle drift. Small spending habits can build over time, and without a clear plan, retirees may find themselves withdrawing more than they expected and paying more tax than necessary.

This is one of the most pivotal parts of retirement planning. You may have a solid withdrawal strategy, a well-diversified portfolio, and a careful tax plan, but if your spending repeatedly exceeds what your plan can support, the risk of running out of money increases. A sustainable retirement is not just about how much you save. It is also about how you manage those savings once retirement begins. Having a realistic budget, reviewing your spending regularly and adjusting when needed can make a significant difference over a retirement

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Retirement planning can feel overwhelming, but understanding key benefits and strategies can help you make the most of your financial future. On the show this week, I tackle listener questions on Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Social Security. If you're considering an HSA, are curious about contribution limits, or want to know how HSAs can work alongside FSAs, I break it down in simple, clear language. I also answer a wide range of Social Security questions, and discuss how your benefits are calculated, timing your claim, navigating survivor benefits, and how to avoid costly mistakes during retirement.

You will want to hear this episode if you are interested in... * 03:44 HSA vs. FSA & social security * 09:12 HSA and the triple tax advantage * 16:38 "HSA vs. FSA explained * 21:02 Early retirement social security adjustments * 26:45 IRMAA Surcharges and Roth Conversions * 30:00 Social security claim rules * 37:09 Social security benefits strategy * 38:36 Social security survivor benefits * 44:45 Understanding social security earnings & inflation

The Power of Health Savings Accounts HSAs stand out because contributions are tax-deductible, invested money grows tax-free, and withdrawals for qualified medical expenses are also tax-free. Unlike IRAs or 401(k)s, there are no required minimum distributions (RMDs), making them an appealing vehicle for long-term savings. Contributions via payroll deductions also avoid Social Security and Medicare taxes, enhancing their tax efficiency.

HSAs are often misunderstood or underused, but they offer some of the most attractive tax benefits for medical expenses in retirement. To qualify, you must be enrolled in a high-deductible health plan. The latest contribution limits for 2026 are $4,400 for individuals and $8,750 for families, with a $1,000 catch-up for those 55 and older. Interestingly, the catch-up for HSAs starts at 55, unlike the 401(k) catch-up, which begins at 50.

HSAs vs. FSAs: What's the Difference? Flexible Spending Accounts (FSAs) often get confused with HSAs, but they are fundamentally different. FSAs are a "use it or lose it" account, meaning funds must be spent within the plan year or risk forfeiture. HSAs roll over year to year and can accumulate significant balances for future health expenses and even long-term care. HSAs also have more flexible investment options and ownership, making them superior for many long-term planners.

Navigating Social Security Statements, Timing, and Benefits Social Security's rules and estimates can be confusing. Your Social Security statement provides estimates based on the assumption you'll continue working at your current salary until retirement. If you retire early, these estimates adjust, but they don't include cost-of-living increases or Medicare Part B premiums, which will come directly out of your benefit. Many retirees are surprised to find their actual monthly check is lower than expected due to these deductions.

One major factor is IRMAA (Income-Related Monthly Adjustment Amount), which increases Medicare premiums for higher-income retirees, based on income from two years prior. However, you can request an exception if your income drops due to retirement, using the SSA-44 form.

Timing your claim is important. Social Security is typically a month or two behind when benefits start, so plan accordingly. Earned income before claiming does not count toward the annual limits; only income earned after starting benefits does. Spousal income also doesn't affect your individual Social Security benefit.

Strategy Matters Retirement planning goes beyond just saving—it's about making strategic decisions for your health, income, and legacy. HSAs, Social Security, and FSAs all have unique rules that affect how you can maximize their benefits. Take time to understand how these accounts work, and don't be afraid to seek expert advice for your unique situation.

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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On the show this week, I draw on real-world experiences from current retirees to uncover the surprises, challenges, and valuable lessons they wish they'd known before stepping into retirement. If you're curious about the realities of social interaction after leaving the workforce, managing rising healthcare costs, or navigating company-specific 401(k) features, this episode is for you.

You will want to hear this episode if you are interested in... * [00:00] Retirement lessons from retirees * [08:23] Prioritizing tax planning in retirement * [15:06] Retirement accounts & investment insights * [20:20] Surprises, joys, and challenges of retirement * [25:40] Retirement costs and income trends * [29:33] Feeling free and contented as a retiree

Real-World Wisdom for a Confident Retirement We imagine endless free time, new adventures, and freedom from work stress—but what is retirement really like? In my years guiding clients through retirement, I often ask retirees, "What surprised you most?" What do you wish you'd known? What would you warn others about? These questions have uncovered truths that go beyond finances and touch on the emotional, social, and practical realities of retirement.

Social Connections: The One Thing You Can't Save for in an Account One of the biggest things retirees miss from their working years is the daily social interaction. While the freedom from commutes, meetings, and workplace stress is lauded, losing those daily connections can leave a gap that's hard to fill. For those who draw much of their sense of identity and purpose from their careers, this can be especially jarring. Structuring your weeks, finding new sources of community, and keeping your mind engaged become just as important as managing your income streams.

Health, Taxes, and the True Cost of Living Even with careful planning, some expenses in retirement can catch people off guard. Health insurance costs (including deductibles, vision, and dental plans) often rise higher than expected. The end of workplace group insurance makes the cost and complexity of health coverage feel much more real.

Inflation and utility bills also bite into budgets—sometimes spiking enough that even conservative projections fall short. For example, one of my clients saw their trash bill go up by 35% and their homeowners' insurance by 25% in a single year. Taxes are another recurring theme. Many are surprised to learn that not only do taxes not disappear in retirement, but they can be significant, particularly with Social Security benefits subject to federal (and, in some states, local) taxation.

Time, Freedom, and Flexibility It's not all challenges, of course. Many retirees I know say they actually enjoy retirement more than expected. The ability to control your schedule, indulge in more travel (with strategic timing to save money), and enjoy less stress are rewards that many say "you can't put a price on." When every day is a Saturday, the power to choose makes all the difference.

Preparation Outweighs Guesswork If there's one recurring thread, it's this: those who enjoy retirement most are the ones who entered it with a clear, written plan. Whether forced into it early by layoffs or health issues, or able to choose the optimal time, being prepared gives you confidence and flexibility. My advice is don't wait, start planning well before your retirement date, and remember to factor in the emotional side of retirement, not just the dollars and cents. Then review your plan with professionals who can help you adapt as things change.

Retirement isn't just about the numbers, it's about building a life with meaning, joy, and resilience. Listen to those who've been there, adapt to life's surprises, and give yourself the best chance to retire strong, happy, and worry-free.

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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In today's show, I tackle two hot topics listeners have been asking about: tax planning in retirement and the role of life insurance in your golden years. Drawing from real questions and common scenarios. But that's not all: I also dig into the nuances of life insurance in retirement, explaining when it makes sense to keep or reconsider a policy, and how it can be a powerful tool for risk management, legacy planning, or supplementing income.

You will want to hear this episode if you are interested in... * 06:03 Tax planning vs. preparation * 11:17 Optimizing Roth conversions in retirement * 16:05 Capital gains and tax strategies * 18:37 Retirement income planning strategies * 24:50 Survivor benefits explained * 26:41 Life insurance for younger spouses * 28:57 Whole life policy loan insights * 32:41 Retirement life insurance benefits * 39:35 Annuities, IRAs, and tax considerations

Tax Planning in Retirement: Looking Beyond This Year Too often, tax strategies are left for CPAs or accounting firms during busy tax season, which is not the ideal time for personalized planning. Many people believe their taxes will drop in retirement and ignore future implications such as Required Minimum Distributions (RMDs), possible tax rate changes, or status changes like moving from joint to single filing after a spouse's death.

I recommend a proactive, multi-year approach, planning not just for today but for years ahead. Mapping out your future retirement income and tax liabilities allows you to make strategic decisions that optimize withdrawals, conversions, and gifting options.

Key strategies include:

Roth Conversions: Moving funds from pre-tax accounts (like IRAs or 401(k)s) to Roth IRAs can create future tax-free income. Timing is crucial; for example, the years before Social Security starts can be optimal for conversions without bumping up your taxable income.
Roth Contributions: Don't forget about spousal Roth IRAs and annual contribution limits. In 2026, for couples over 50, you can contribute up to $17,200 combined to Roth IRAs (subject to income eligibility).
Capital Gains Harvesting: Understanding the rules for primary residence sales and brokerage accounts means you can maximize capital gain exclusions and possibly pay 0% on gains when your income is lower.
Charitable Giving: Proper planning can help you meet your philanthropic goals while minimizing taxable income.
Gifting: Gifting appreciated assets helps save on future tax dollars, especially when gifting to individuals or charities.

Who Needs Life Insurance and Why? Life insurance typically protects against the financial risk of premature death in your working years, especially if you have dependents, debt, and income that others rely on. But its purpose shifts in retirement.

Life insurance is not an investment; it's a tool to transfer risk. As you approach or enter retirement, your financial picture often changes, the mortgage may be paid off, children are independent, and asset balances may be at their peak. At this stage, you should revisit whether life insurance still fits your needs or whether your money could be better utilized elsewhere.

Life insurance can serve several purposes in retirement: For pension holders who opt for the "single life" payout, life insurance can provide financial security to surviving spouses or dependents if their pension stops at death. It also acts as bridge funding, where if an age gap exists between spouses, a policy can bridge the gap until Social Security survivor benefits begin (especially since these benefits only start at age 60 for most spouses).

Some retirees use life insurance to ensure a tax-free inheritance for loved ones or to supplement other tax-free assets like homes (due to step-up in basis) and Roth IRAs. Hybrid life insurance policies can include riders for long-term care, providing benefits if care is needed and a tax-free payout at death.

However, not all old policies continue to make sense. Whole life policies bought decades ago may have modest death benefits that no longer provide impactful coverage, and their cash values may be underperforming. It's worth reviewing these policies and considering whether surrender, exchange, or repurpose is wiser.

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Retirement planning isn't just about crunching numbers and sticking to a tight budget—it's about envisioning what's truly possible for your future. These hypothetical scenarios, often overlooked by retirees, can do more than just safeguard your financial well-being; they can enhance your happiness and help you discover opportunities you never thought attainable.

You will want to hear this episode if you are interested in... * 05:16 Encouraging Big Thinking in Retirement * 10:15 Planning for Early or Delayed Retirement * 11:50 Philanthropy and Charitable Giving in Retirement * 13:37 Identifying Risks in Retirement * 15:05 Evaluating Large Purchases and Lifestyle Choices * 16:04 Roth IRA Conversions and Pension Risks * 19:59 Inflation and Cost-of-Living Concerns * 26:54 Listener questions

The Real Magic Behind "What-If" Many clients believe their retirement dreams are out of reach. People often compare themselves to others with larger pensions or savings, assuming they must settle for less. Yet, the crucial question isn't just "Do I have enough?" but "What would I do if I had more? What would bring me joy or meaning?" Posing these open-ended scenarios begins to reveal the true potential hidden in one's retirement plan.

Seeing is believing. The process of actually mapping out these possibilities with a professional often surprises clients, making them realize some dreams are within reach. This mindset shift can allow people to start dreaming bigger.

Longevity, Health, and Unexpected Events Retirement's uncertainties should never be ignored. It's important to stress-test a plan for premature death, forced early retirement, market downturns, or rising taxes. External factors—like Social Security reductions, inflation, or pension cuts—can also threaten retirement security. Running "what-if" simulations for these scenarios helps retirees build resilience and confidence. For example, what if Social Security benefits drop by 25% or unexpected inflation spikes? Understanding the impact empowers retirees to prepare rather than panic.

Value-Driven Decisions Retirement is more than financial survival; it's about purpose and fulfillment. Many clients we work with aspire to "be a blessing" through charitable giving, family support, or simply living generously. Rather than focusing solely on accumulating wealth, retirees can explore scenarios to increase their positive impact in the world. "What if we wanted to be outrageously generous?" That question can reshape not just a financial plan but a legacy.

Ultimately, retirement planning isn't about settling—it's about exploring, asking, and dreaming. Anyone can achieve a successful and meaningful retirement by strategically considering "what-if" scenarios and seeking guidance from professionals. By embracing possibility, you can pave the way for a retirement filled not only with security but with joy, purpose, and big dreams. Take control of your retirement vision today—because the magic happens when you ask "what if?"

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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In this episode, I decided to do something a little different. Over the last two weeks, my team and I compiled a list of questions submitted by listeners and clients, some common, some obscure, and some that people simply don't know how to ask. I've got a legal pad in front of me with over 30 questions, ranging from "Am I saving too much?" to "Do I really need a trust?".

We cover a lot of ground today, including the nuances of Roth conversions, the often-overlooked power of HSAs, and the "gas guzzler" analogy I use to explain tax-inefficient investing. I also address the fear of economic meltdowns for those suffering from "2008 PTSD" and why we've decided to keep this podcast 100% ad-free and sponsor-free to maintain our integrity. Whether you are five years out from retirement or already there, this Q&A session is designed to help you stress-test your own plan against the questions you should be asking.

You will want to hear this episode if you are interested in... * (05:26) Can You Save "Too Much" for Retirement? * (09:06) Social Security and Spousal Benefits. * (12:41) Maximizing HSAs for the Long Term. * (15:27) Handling the Long-Term Care Question. * (16:47) The Best Withdrawal Strategies. * (20:17) The Truth About Roth Conversions. * (24:40) The Retire Strong Bucket Strategy. * (27:19) Protecting Against Economic Meltdowns. * (32:16) Do I Need a Trust?

The Balance Between Saving and Living One of the first questions I tackled was, "Am I saving too much?". It sounds counterintuitive, but I believe the answer can be yes. If saving for retirement is impacting your current lifestyle to the point where you are putting off vacations or postponing joy, you might be overdoing it.

While retirement is a priority, you have to live today, too. On the flip side, we discussed the "when can I retire?" question. I argue that a better question is "when do I want to retire?" because for many, work provides identity and purpose that shouldn't be discarded just because you hit a financial number.

The "Gas Guzzler" Portfolio: A Lesson in Tax Efficiency We also dove into investment strategies that minimize tax burdens. I use the analogy of a vehicle: you might have a hybrid getting 50 miles to the gallon, or a massive truck getting 11 miles to the gallon. When your account is small, you might not notice the "fuel inefficiency" of high taxes, but as your portfolio grows, those inefficiencies magnify.

This ties directly into withdrawal strategies. I shared a story about someone who planned to drain their 401(k), then their brokerage, then their Roth, completely missing the boat on tax planning. You need a coordinated strategy to lower your lifetime tax bill, not just pay it as you go.

Planning for the "What Ifs" Finally, we addressed the question, "Are we missing anything?". It's easy to plan for the monthly bills, but people often forget to factor in massive one-time expenses like weddings for their children or the fact that healthcare inflation historically outpaces standard inflation.

We also touched on the fear of another 2008-style crash. If you are losing sleep over a potential economic meltdown, it's a sign to re-evaluate your risk exposure. You might be willing to trade some potential high returns for the peace of mind that comes with a more conservative approach.

Resources & People Mentioned * 3 Steps to Retirement Planning * Retirement Budgeting Tool

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Welcome to 2026! A new year brings a fresh set of rules for your retirement savings, and not all of them are straightforward. With the turning of the calendar comes changes to contribution limits, Social Security adjustments, and new tax mandates that could catch you off guard if you aren't paying attention.

In this first episode of the year, I break down exactly what is changing for 2026, from the "good news" of higher contribution limits to the "bad news" of Medicare premium hikes that might eat up your entire Social Security cost-of-living adjustment. I also dive into a controversial new rule from the Secure Act 2.0 that forces high earners to change how they save in their 401(k)s, removing the choice of pre-tax savings for many.

We also tackle some fantastic listener questions, including a look at why Target Date Funds had a "lucky" year in 2025 (and why I still don't recommend them), and I dismantle a dangerous misconception about retirement withdrawals, the "Mayonnaise Jar" math that convinces retirees their money will last 20 years when, in reality, inflation and life have other plans.

You will want to hear this episode if you are interested in... * (00:23) Intro to 2026 Changes. * (04:36) Social Security COLA vs. Medicare Premiums. * (06:40) New IRA and 401(k) Contribution Limits. * (10:24) The New "Roth Catch-Up" Mandate for High Earners. * (18:57) New Charitable Deduction Rules. * (20:03) Listener Q: Target Date Funds Explained. * (29:12) Listener Q: The "Mayonnaise Jar" Withdrawal Mistake.

The "Fake" Raise: Social Security vs. Medicare in 2026

We start the year with what sounds like a win: a 2.8% Cost of Living Adjustment (COLA) for Social Security recipients. However, before you start budgeting that extra cash, you need to look at the other side of the ledger.

Medicare Part B premiums have jumped by nearly 9.67%, rising to $202.90 a month. For many retirees, this increase will come directly out of their Social Security check, effectively wiping out the "raise" they thought they were getting. It is a reminder that healthcare inflation often outpaces general inflation, and your plan needs to account for that reality, not just the headline numbers.

The $150k Trap: New Mandatory Roth Rules

One of the biggest changes for 2026 comes from the Secure Act 2.0, and it impacts high earners. If you earned $150,000 or more in FICA wages in 2025, you no longer have a choice on how you make your "catch-up" contributions.

Uncle Sam now mandates that your catch-up contribution (the extra $8,000 you can save if you are over 50) must go into a Roth 401(k). This means you lose the immediate tax deduction on those dollars. It is a way for the government to grab more tax revenue now rather than later, and for many savers, it removes the flexibility to design a tax strategy that fits their specific needs. If your employer doesn't offer a Roth option, you might be out of luck entirely.

Why "Cookie Cutter" Investing Still Fails (Even When It Wins)

A listener asked why their Target Date Fund performed so well in 2025. The answer lies in a rare alignment of international markets and bond performance that boosted these funds last year.

But one good year doesn't change my fundamental problem with these funds: they are "cookie-cutter." They treat every 65-year-old exactly the same, ignoring your personal goals, your risk tolerance, and your income needs. It's like walking into a car dealership and being told you have to buy a minivan just because everyone else your age is buying one. You deserve a plan customized to your life, not a default setting based on your birth year.

The "Mayonnaise Jar" Math Mistake

Finally, I address a listener who believed he was set for 20 years because he could withdraw $50,000 a year from his $1 million nest egg until it hit zero. I call this "Mayonnaise Jar" math, assuming you can just pull cash out of a stagnant jar until it's empty.

This logic fails because it ignores inflation. As we saw in 2025 with beef prices jumping 20%, the cost of living does not stay flat. $50,000 today will not buy $50,000 worth of goods in ten years. If you don't have your money invested to grow and outpace inflation, you aren't planning for a 20-year retirement; you're planning to run out of purchasing power long before you run out of money.

Resources & People Mentioned * 3 Steps to Retirement Planning * Retirement Budgeting Tool

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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How do you take the savings you've built over a lifetime and turn it into reliable income you can count on year after year? That's a question I've been hearing more and more, and it makes sense, without a clear withdrawal strategy, retirees can unintentionally drain their accounts too quickly, trigger unnecessary taxes, or simply feel unsure about whether they're doing things the right way. Making the shift from accumulating money to actually using it can feel uncomfortable, and my goal is to help people approach that transition with clarity and confidence.

In this episode, I break the process down into a straightforward framework that organizes your retirement savings into distinct buckets, each with its own purpose and timeline. I also reveal the too common situation where someone has paid far more in taxes than they needed to, all because of the order in which they pulled money from their accounts. With a little structure and thoughtful planning, you can create an income stream that supports your lifestyle, protects your long-term security, and still leaves room to enjoy the retirement you've worked so hard for.

You will want to hear this episode if you are interested in... * (0:00) Intro. * (0:20) Sources of Income in Retirement. * (4:22) Costly Withdrawal Mistakes. * (10:10) The Spending Mindset Shift. * (13:23) The Three-Bucket Method. * (28:00) Adjusting Over Time.

A Smarter Approach to Using Your Retirement Income

Understanding how you'll draw income in retirement is every bit as important as building the savings itself. Social Security, pensions, part‑time earnings, and withdrawals from your investments all contribute to the picture, but the sequence and timing of those withdrawals can dramatically impact your long‑term results. Pulling too much from tax‑deferred accounts early on can trigger avoidable taxes, while leaning too heavily on a single source can limit your options later.

I've met plenty of people who ended up paying far more in taxes than they needed to simply because they didn't have a coordinated withdrawal strategy. With a thoughtful plan, retirees can design their income in a way that reduces taxes, stretches their savings, and helps ensure their money lasts as long as they do. Retirement isn't just about accumulating enough, it's about managing it intentionally once you get there.

Learning to Use Your Retirement A Shift from Saving to Spending For years, often decades, we're taught to save diligently, invest consistently, and grow our retirement nest egg. But when the moment finally arrives to start using that money, flipping from saver to spender isn't always as simple as it sounds. I've worked with plenty of retirees who hesitate to touch their accounts, even when they're in a strong financial position. Watching balances decline can feel unsettling, even though that's the very purpose of those savings.

Some people even take Social Security earlier than ideal just to avoid withdrawing from their investments, a choice that can cost them significantly over time. Recognizing that spending down your savings is a normal, healthy part of retirement can make a world of difference. When people understand this shift, they're better equipped to make confident decisions, and to actually enjoy the retirement they spent a lifetime preparing for.

Structure Retirement Withdrawals to create a Predictable Paycheck When it comes to turning savings into reliable income, I've found that simplicity is often the key. The three‑bucket approach helps retirees organize their money into short‑term cash, steady income‑producing investments, and long‑term growth assets. With this structure, you always know which bucket your income is coming from and when you'll need it.

A dedicated income bucket makes withdrawals feel more like a predictable paycheck, while the growth bucket keeps your future needs covered. This setup helps prevent selling investments at the wrong time, keeps taxes in check, and gives retirees the confidence that their financial plan can support them for the long haul.

Resources & People Mentioned * 3 Steps to Retirement Planning * Retirement Budgeting Tool * 2025 Market Outlook from LPL Financial * Episode 72: The Bucket Strategy * BEST Withdrawal Strategy | Where Should You Pull Funds from First? * I'm 60 Years Old with $1.8million saved. How long will my money last?

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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In this 200th episode, I focus on the real pain points retirees face and the importance of planning ahead. Drawing from years of conversations with clients and listeners, today's discussion highlights how assumptions about retirement often don't match reality, especially when it comes to taxes, lifestyle choices, and healthcare.

Taxes remain one of the biggest surprises, as many retirees discover they're not in a lower bracket after all. Withdrawals from 401ks, IRAs, and pensions are taxed as ordinary income, and Social Security can also be partially taxable. At the same time, couples must navigate differing views on lifestyle and legacy, whether to enjoy their savings fully or prioritize leaving an inheritance, making estate planning documents and open conversations essential.

Healthcare and cash management round out the episode's themes. Medicare rules change frequently, and waiting until the last minute can lead to costly mistakes, while keeping too much money in low‑interest accounts or idle cash can erode value against inflation. The takeaway is clear: thoughtful, proactive planning across taxes, legacy, healthcare, and investments is the key to building a secure and successful retirement.

You will want to hear this episode if you are interested in... * (00:00) Intro. * (04:34) Cost of Relocating in Retirement. * (12:57) Retirement Saving Loan Strategies. * (16:16) Taxes in Retirement. * (24:04) Market Expectations and Strategies. * (24:04) Cash management. * (29:35) Healthcare Planning After Retirement.

Planning Ahead for Taxes in Retirement Retirement planning often surprises people when it comes to taxes. Many assume they'll be in a lower bracket once they stop working, but withdrawals from 401ks, IRAs, and pensions are taxed as ordinary income, and Social Security can also be partially taxable. That's why it's so important to build a tax‑efficient withdrawal strategy ahead of time, rather than relying on assumptions that may not hold true.

Lifestyle and Legacy: Defining Your Retirement Goals Another key theme is lifestyle and legacy. When planning for your retirement it is important to recognize what your goals are. Your goals drive your decisions for how you want to set up your retirement. Will you be relocating? Will you be giving away your money? Some retirees want to enjoy their savings fully, while others prioritize leaving an inheritance, even if it means sacrificing their own comfort.

Couples often have different views on this, which makes open conversations and proper estate planning documents essential. Without wills, trusts, or powers of attorney, families can face costly probate battles and emotional strain, so addressing legacy goals early helps prevent conflict later.

From Cash Reserves to Medicare: Proactive Steps for Peace of Mind

Emergencies and healthcare planning is another area where retirees need to be proactive. It may be unreasonable to have large amounts of money in cash or low interest yielding accounts. Having a liquid emergency fund is essential but you may benefit from having your money growing for you. Additionally, Medicare rules change frequently, and waiting until the last minute can lead to expensive mistakes.

The podcast highlights how comparing options, even for something as simple as prescriptions, can save thousands of dollars. Preparing ahead for coverage, understanding what's included, and exploring alternatives ensure retirees aren't blindsided by unexpected expenses and can maintain peace of mind in this new stage of life.

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Today, in our 199th episode, I dive into some timely updates on Social Security and answered a batch of long-overdue listener questions. We kick things off with the newly announced 2.8% cost-of-living adjustment (COLA) for Social Security benefits starting January 2026. While that sounds like good news, I cautioned listeners not to celebrate too quickly.

Medicare Part B premiums are expected to rise by 11.6%, or about $21.50 per month, which will eat into that COLA, leaving most recipients with a net increase of only around $34.50. I argue that announcing the Social Security COLA a month before Medicare premiums is misleading and suggested both should be released simultaneously to give retirees a clearer picture of their actual income changes. I also highlight the increase in the Social Security earnings limit, which will rise from $176,100 in 2025 to $184,500 in 2026 (a 4.77% jump).

This means higher earners will contribute more to Social Security before hitting the cap. On a brighter note, the stock market has been performing exceptionally well in 2025, with major indices like the S&P 500, NASDAQ, and international markets all posting double-digit gains. At Retire Strong Financial Advisors, we're seeing more people seeking second opinions on their retirement plans, especially as their 401(k)s and 403(b)s hit all-time highs.

I wrap up the episode by tackling some fantastic listener questions and reminding everyone to check out our free resources and YouTube channel for more retirement planning insights.

You will want to hear this episode if you are interested in... * (00:00) Intro. * (00:27) Social Security Updates. * (11:28) Roth Conversions Explained. * (19:53) 401k Management Fees. * (21:14) Retirement Planning for Couples. * (27:19) Annuity Product Warnings. * (31:07) Retirement Withdrawal Strategies.

Breaking Down Roth Conversions and 401(k) Management Options One listener, JB, asked a great question about Roth conversions, so I took the opportunity to break it down from the basics. A Roth conversion involves moving money from a pre-tax account like a traditional IRA or 401(k) into a Roth account, paying taxes on the converted amount now so it can grow tax-free in the future. This strategy can be especially powerful for those whose retirement savings are heavily concentrated in pre-tax accounts. However, it's not a one-size-fits-all solution. Roth conversions can trigger higher taxes on Social Security benefits, push you into a higher tax bracket, or increase your Medicare premiums.

There's also the five-year rule to consider, which can limit when you can access the converted funds. That's why I always recommend working with a fiduciary financial planner or tax advisor to determine if it's the right move. Another listener, Kelly, asked about paying Financial Engines to manage her 401(k). I explained that these services are optional and you can opt out and manage your own portfolio if you're comfortable. But if you're receiving personalized advice and planning, the fee might be worth it.

Big Savings, Bigger Risks: Why Planning Matters Then we heard from Gary, who's 60 and married to Linda, who's 52. He's saved over $2 million mostly in a pre-tax 401(k) and has a pension that won't begin until age 65. Linda works part-time, and with their eight-year age gap and no clear Social Security strategy, there are several risks they need to address. If something were to happen to Gary, Linda wouldn't be eligible for survivor Social Security benefits until she turns 60, and the tax burden on their pre-tax savings could be significant for the surviving spouse. Other unknowns like their debt, health insurance plans before Medicare, and pension survivorship options will add more complexity.

Life insurance and relocation plans are also critical factors that could impact their long-term financial security. I emphasized the need for a comprehensive retirement plan to help them navigate these issues. On a related note, I addressed a listener's question about annuity sales pitches at steak dinner seminars. While annuities can have a place in a portfolio, they're often sold with high fees, surrender penalties, and limited liquidity. I've seen too many people regret these decisions, so I always urge caution that if someone's buying you dinner, they're probably trying to sell you something.

Retirement Education Without the Sales Pitch That's why we do retirement education differently. Our seminars are held at local libraries, no fancy dinners, no alcohol, and absolutely no product pitches. We're there to educate, not sell. This approach ties into Cindy's excellent question about which retirement account to withdraw from first. She has a mix of accounts, 401(k), Roth, and a stock account she hopes to leave to her kids, and she's unsure how to begin her decumulation strategy. This is a crucial decision, and unfortunately, many people get it wrong.

The old "conventional wisdom" of spending taxable accounts first, then pre-tax, then Roth, no longer holds up. Tax laws have changed, required minimum distribution ages have shifted, and future tax rates are uncertain. Your withdrawal strategy should be customized based on your income sources, Social Security timing, investment types, and long-term tax impact. Some accounts may generate income through dividends and interest, while others are better suited for long-term growth.

The goal is to create a strategy that supports a successful retirement while minimizing your lifetime tax bill. Cindy's question was so important, I even made a YouTube video on it, "Retirement Withdrawal Strategy", which has become one of our most popular resources.

Resources & People Mentioned * 3 Steps to Retirement Planning * BEST Withdrawal Strategy | Where Should You Pull Funds from First?

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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In this episode of the Retirement Made Easy podcast, I delve into 401(k)s: how they work, why they matter, and how to maximize their benefits. I break down the basics in simple terms, just like I always aim to do, because retirement planning shouldn't be confusing.

I discuss the differences between good and not-so-great 401(k) plans, the pros and cons of keeping your money in a 401(k) versus rolling it into an IRA, and how changes in providers can impact your investment options.

I also share a helpful government site for tracking down old retirement accounts and explain why Roth conversions might be worth considering. My goal is to help you take control of your financial future with clarity and confidence.

You will want to hear this episode if you are interested in....

(00:00) Intro.
(00:27) Overview of 401(k) Plans.
(01:40) Resources and Services Offered.
(02:48) Deep Dive into 401(k) Plans.
(05:13) 401(k) Rollovers and Conversions.
(10:53) Employer Contributions and Vesting.
(19:52) 401(k) Loans and Company Stock.
(22:58) Mega Backdoor Roth and Final Tips.

Smart 401(k) Moves: What to Know About Matching, Vesting, and Rollovers I will explain how Roth conversions can be done while you're still working or after retirement, depending on your 401(k) plan's rules. Not all plans allow them, and some require a hefty 20% tax withholding, which could be a drawback. I also break down how employer matching works (some companies offer generous matches, others offer none, and vesting schedules determine how much of that match you actually get to keep).

I stress the importance of checking your vesting status before leaving a job. Then I dive into profit-sharing, which can be even more valuable than matching, but it's never guaranteed. I clarify a common misconception: rolling over funds from an old 401(k) or IRA into your current 401(k) won't earn you a match. Finally, I talk about the pros and cons of rolling old 401(k)s into either your current plan or a rollover IRA. Personally, I favor rollover IRAs for their flexibility, investment freedom, and ease of Roth conversions.

Unlocking 401(k) Opportunities and Avoiding Pitfalls

I caution listeners about 401(k) loans. If you retire or get laid off, that loan must be repaid quickly, or it becomes taxable. Once you leave your employer, you can't take out new loans from your 401(k) or IRA. I also touch on company stock in your 401(k); if you have a large concentration, talk to your financial planner about a tax strategy called net unrealized appreciation (NUA), which could work in your favor. Additionally, I introduce the "mega backdoor Roth," another beneficial strategy that allows high earners to contribute beyond the standard limits if their plan permits it (up to $70,000 annually). Not all plans allow this, but it's worth asking.

I also share my frustration that there's no standardized way to compare 401(k) plans across companies. The best thing you can do is request your plan summary document and review it with a fiduciary advisor. Lastly, I offer a tip: some employers let you use unused vacation or PTO payouts as 401(k) contributions, which could help reduce your tax bill. It's a smart move to look into before you retire.

Resources & People Mentioned * 3 Steps to Retirement Planning * FIVE 401(k) Secrets You Must Know * Retirement Savings Lost and Found Database | Employee Benefits Security Administration

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Are you confident your retirement plan covers everything, or are there blind spots that could cost you down the road? In this episode of the Retirement Made Easy podcast, I reveal six commonly overlooked areas that can quietly sabotage even the most well-intentioned retirement strategy. From inflation shocks and healthcare surprises to tax missteps and market overconfidence, I'll walk you through the pitfalls I see time and again so you can learn how to avoid them. If you want a retirement that's not just comfortable but resilient, this episode is a must-listen. My goal is to walk you through these areas so you can strengthen your own plan and avoid costly mistakes.

Today, I break down six critical areas that often get overlooked in retirement planning. First, I highlight the importance of preparing for large, irregular expenses. Second, I stress the impact of inflation, reminding listeners that costs will rise steadily over time and must be factored into any long-term plan. Third, I caution against assuming past investment performance will continue, urging retirees to prepare for market downturns with a solid strategy.

Fourth, I explain how tax planning (especially Roth conversions) can significantly reduce your lifetime tax burden if done thoughtfully. Fifth, I dive into healthcare planning, noting that Medicare isn't free and doesn't cover everything, so understanding your coverage and out-of-pocket costs is essential. Finally, I emphasize the importance of proper beneficiary designations and asset titling to avoid probate issues and unintended consequences after death. Together, these six areas form the foundation of a resilient, well-rounded retirement plan.

You will want to hear this episode if you are interested in... * (00:00) Intro. * (04:20) How to handle large, unexpected expenses on a fixed income. * (09:25) Does your retirement plan include inflation? * (13:30) Do you have realistic expectations for your investment performance? * (17:02) Tax Planning is Retirement planning. * (20:06) Healthcare planning impacts your retirement. * (23:17) Beneficiary planning and asset titling.

The Real Cost of Your Living Expenses in Retirement Many people focus on monthly bills but often overlook big-ticket items, such as a new roof, HVAC system, or vehicle. These costs don't happen every year, but when they do, they can derail your financial stability if you haven't planned.

I share real examples from clients who face these challenges and emphasize the importance of building flexibility into your retirement budget to handle these inevitable expenses. Next, I highlight inflation's impact on your retirement.

The pandemic shows us how quickly prices can rise. I recall replacing our water heater and seeing the cost jump 150% in less than two years.

Inflation affects everything: healthcare, insurance, groceries, and dining out. Your retirement plan must include realistic inflation projections, as costs are expected to continue rising year after year.

Planning for Market Pullbacks and Tax Surprises

Then I turn to investment performance. Over the past decade, the stock market has performed exceptionally well, and many people assume that trend will continue. But that's not realistic. At some point, the market will pull back, and retirees need to be prepared (mentally and financially).

I stress the importance of having a strategy in place before a downturn hits, so you don't panic and make decisions that hurt you long-term. Tax planning is another critical area. Your income strategy in retirement should align with your tax strategy.

Roth conversions allow you to move money into accounts that grow tax-free and aren't subject to required minimum distributions. Timing and planning are everything here.

Getting Healthcare and Legacy Details Right

I also discuss healthcare planning, which many people misunderstand. Medicare isn't like your employer's health insurance, and it doesn't cover everything. Healthcare costs will likely be one of your biggest expenses in retirement, and you need to understand what's covered, what's not, and how to prepare for unexpected medical bills.

Finally, I wrap up with beneficiary planning and asset titling. This is one of the simplest yet most overlooked parts of retirement planning. I've seen too many cases where someone passes away and their assets aren't titled correctly, or beneficiaries aren't listed. The consequences are taxes, probate fees, and emotional stress that fall on the surviving family.

These are easy fixes that can make a huge difference. I urge everyone to take the time to get them right. Now that you know these six areas, you're better equipped to build a retirement plan that truly works.

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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In this episode, I tackled some of the most common and pressing questions I’ve received from listeners, prospective clients, and current clients at Retire Strong Financial Advisors. These questions are all centered around one big theme: preparing for retirement with clarity and confidence. Whether you're wondering about old 401(k)s, required minimum distributions (RMDs), or how to structure your retirement income, we covered a lot of ground. One of the first things I addressed was the new government resource for tracking down forgotten retirement accounts: LostAndFound.dol.gov.

If you think you might have an old 401(k) or pension from a previous employer, this secure database can help you locate it. If you're nearing retirement, it’s crucial to understand how RMDs work, what your contribution limits are, and whether your plan provider supports the latest updates, such as the changes from the SECURE Act 2.0. Always check with your financial advisor or plan administrator to make sure you’re making the most of your options. Social Security questions came up a lot, too. I discuss survivor benefits for ex-spouses, how to correct errors in your earnings record, and what happens if you’re working while collecting benefits.

If you’re past full retirement age and no longer need the income, you can even suspend your benefits to earn delayed retirement credits. And if you inherit an IRA or Roth IRA, you’re not stuck with your parents’ financial institution, as you can transfer those assets to a custodian of your choice. Finally, I revisited the bucket strategy. This is a framework we use at our firm to help clients organize their retirement savings. Bucket One is your emergency fund, Bucket Two is your income bucket for regular withdrawals, and Bucket Three is your growth bucket for long-term investing.

Matching your account types (Roth, after-tax, and pre-tax) to the right buckets is key. Understanding how much you have in each type of account is the first step. Everyone’s situation is different, but the strategy gives you a roadmap to make smarter decisions and build a retirement plan that fits your life.

You will want to hear this episode if you are interested in... * (00:00) Intro. * (03:40) How to find old retirement accounts. * (11:40) Common Question on Social Security. * (19:30) How to get your money out of life insurance policies. * (22:50) How the Bucket system works for you.

Helping Those Close to Retirement Navigate their Accounts One major topic I covered was how to track down forgotten retirement accounts like old 401(k)s or pensions, especially if you’re unsure whether the funds are still active. I introduced a helpful new tool, LostAndFound.dol.gov, a secure government database created under the SECURE Act 2.0, which allows you to search for lost employer-sponsored retirement plans.

I also covered the rules around required minimum distributions (RMDs), which kick in at age 73. If you're still working and contributing to your current employer’s 401(k), you may be able to delay those RMDs, but IRAs don’t offer that flexibility, and distributions must begin regardless of employment status.

On the contribution side, I explained that in 2025, the standard 401(k) limit is $23,500, with an additional $7,500 catch-up for those 50 and older, totaling $31,000. For those aged 60 to 63, a new “super catch-up” provision allows an extra $11,250, though many plan providers haven’t yet updated their systems to support it.

Smart Strategies for Navigating Social Security

In this episode, we also cover questions that focus on survivor benefits, earnings corrections, working while collecting, and voluntary suspension, all aimed at helping retirees make informed, strategic decisions.

Another common issue is incorrect earnings records; since Social Security benefits are based on your top 35 earning years, it’s crucial to fix any errors within three years, three months, and 15 days of the year the wages were paid.

I also clarified that working while collecting Social Security can actually increase your benefit if those earnings replace lower years in your record. However, if you're under full retirement age and earn more than $23,400, your benefit could be temporarily reduced.

Lastly, I explained that if you inherit an IRA and no longer need Social Security income, you can file a voluntary suspension to earn delayed retirement credits and potentially reduce your tax burden.

What is the 3 Bucket Strategy?

The 3 Bucket System is a retirement strategy that divides your savings into three categories: emergency fund, income, and growth. Bucket One holds liquid, after-tax money for unexpected expenses like medical bills or home repairs.

Bucket Two provides a steady income through withdrawals from retirement accounts, often funded with pre-tax assets like IRAs and 401(k)s. Bucket Three focuses on long-term growth to combat inflation, typically using Roth accounts and investments with higher risk tolerance.

Matching your account types to the right buckets helps create a balanced, tax-efficient retirement plan tailored to your needs.

Resources & People Mentioned * Retirement Replay: The Bucket Strategy, Ep #72 - RetireStrong Financial Advisors * 3 Steps to Retirement Planning * Retirement Savings Lost and Found Database | Employee Benefits Security Administration

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Over the past few weeks, I’ve had several clients and prospective clients ask me the same question: “Should I keep my life insurance in retirement?” Life insurance is something we all tend to think of as essential when we’re younger (when we’ve got a mortgage, kids at home, maybe only one working spouse).

But once you’re nearing or in retirement, things change. So, the question becomes: Does it still make sense to pay for life insurance? In many cases, the answer depends on your goals and financial picture. I’ve seen cases where people are paying big premiums for small death benefits that won’t make a meaningful impact in their overall financial plan. Life insurance is a tool. If you no longer need the tool, why keep paying for it?

That said, there are still some great reasons to have life insurance in retirement. I’ve worked with clients who maintain policies to fulfill charitable goals. That’s their retirement vision. Others use life insurance for legacy planning, making sure a tax-free benefit goes to their children, a trust, or someone they care deeply about. Life insurance can also be part of pension planning, especially for folks using pension maximization strategies to leave something behind for a surviving spouse.

Now, if you’ve got permanent life insurance with a cash value, then you need to understand how it works. I always recommend talking to a fiduciary advisor first. These policies can be complicated, so it’s worth reviewing them carefully to make sure they’re still serving your needs. One thing I’ve seen time and again is that people misunderstand their policies.

So be cautious because life insurance contracts can have all kinds of fine print. If you don’t truly understand how it works, get some help reviewing it. And finally, don’t lose sight of your why. Your goals should drive all your financial decisions. So ask yourself, what do you want to protect? Who do you want to help? Whether it’s your spouse, your kids, your church, or your community, life insurance can be a powerful tool when used intentionally.

You will want to hear this episode if you are interested in... * (00:00) Intro. * (03:20) Do you need life insurance in retirement? * (07:38) Does it make sense to pay for life insurance? What's the cost to benefit? * (09:43) Problems with life insurance. * (15:03) Benefits of having a life insurance policy in retirement?

Life Insurance in Retirement is Not for Everyone

When people ask me whether they still need life insurance in retirement, I tell them: it depends on your goals, your financial situation, and who you're trying to protect. If you’re debt-free, your house is paid off, the kids are grown and financially independent, and your retirement accounts are in good shape, then you might not need it anymore.

I had a client recently ask, “Are we wasting money keeping this policy?” And for them, the answer was yes. But for others, the story’s different. If you’ve got a mortgage, a spouse who would struggle financially without you, or anyone who relies on your income, then life insurance might still play a vital role even after you retire.

Is Permanent Life Insurance Serving You?

Another big topic I often see is confusion around permanent life insurance policies, whole life, universal life, variable universal life, you name it. These policies often have cash value, and many people don’t fully understand how they work or what they’re really worth. I’ve reviewed policies where the death benefit is only $10,000–$25,000, and the person is still paying high premiums.

In many cases, if you’re over 59½ and you want to cash out, you can access the cash value with minimal tax impact, depending on your cost basis. For example, if you’ve paid $30,000 into the policy and the cash value is $45,000, that $15,000 gain would be taxable as ordinary income. I always recommend speaking with a CPA or fiduciary before making a move, but the key is understanding the numbers and whether that policy is still serving you.

How Your Financial Goals Direct Life Insurance Needs

Lastly, don’t forget your goals, your why. Life insurance isn’t just about replacing income; it can be a powerful tool to help you leave a legacy. I’ve worked with a couple who each carry a $1 million policy with their church as the beneficiary because that was part of their retirement vision. Another client is using her policy to fund a college scholarship because a scholarship changed the course of her own life.

These stories are reminders that your financial decisions should reflect your values and what matters most to you. Life insurance can still have purpose in retirement, but only if it's tied to something meaningful. As I always say: dream big, and make your money work for the life you want to live and the legacy you want to leave behind.

Resources & People Mentioned * 3 Steps to Retirement Planning * RetireStrong Financial Advisors | Financial Planner St Louis

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Do you know if you’ll retire on time? In this episode, I explore a question I often hear: Why do some people retire on time, confidently, and on track, while others keep pushing it off or feel like it will never happen?

Additionally, I examine the differences in retirement experiences between men and women. Along the way, I share personal insights, stories from clients, research findings, and practical planning tips that can help you prepare for a retirement you truly enjoy.

I share a powerful study from Harvard Business School that really stuck with me. This study shows how important it is to not only think about your goals but to write them down and make a plan to achieve them.

When it comes to retirement, I always ask people to be as specific as possible, right down to the exact month or even day they want to retire. The more detailed you are, the more likely you are to hit those targets.

I also talk about how retirement often looks different for men and women. Women frequently take on caregiving roles and are more likely to need long-term care themselves, making healthcare planning especially important.

Men typically pay more for Medicare supplements, while life insurance tends to be cheaper for women. I’ve also noticed that women often prioritize legacy goals, while men usually have pricier hobbies. Understanding these patterns can help couples build a more balanced retirement plan.

Another important topic I cover is the common belief that expenses and taxes drop significantly in retirement. I don’t buy it. Healthcare costs, insurance premiums, and daily expenses like trash service, postage, and groceries keep going up.

Plus, inflation varies by location, so where you live matters a lot in your retirement plan. It’s important to factor in local cost-of-living differences because they can impact your budget quite a bit.

You will want to hear this episode if you are interested in... * (00:00) Intro. * (03:30) How a specific retirement plan shows if you’re on track. * (06:30) Insights from a Harvard study on goal setting. * (09:40) Differences in retirement planning for men and women. * (17:20) Will expenses be cheaper in retirement? * (24:00) our free resources to help your planning.

Resources & People Mentioned * Value of 2013 dollars today | Inflation Calculator * 3 Steps to Retirement Planning * Why Some Retirement Products Can Trap Your Savings (and What to Watch For), Ep 187 * RetireStrong Financial Advisors | Financial Planner St Louis

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Are you confident your retirement plan is built to last-or could there be a trap door waiting to open beneath your feet?

In this episode, I shine a light on the hidden dangers that can derail your retirement.

Have you ever considered what would happen if your pension were suddenly cut in half? It has happened to retirees from major companies before, and it could happen again. I delve into real-life stories of people who thought they were financially secure, only to be blindsided by risks they hadn’t seen coming.

From unexpected inflation spikes (like a 27% jump in homeowners insurance) to concentrated investment risk in company stock, I explore about a dozen real threats that could jeopardize your financial future.

And let’s not forget the myth of “guaranteed” part-time work or inheritance that didn't happen; these are shaky assumptions that can crumble when life takes an unexpected turn. Too many people are flying solo, handling their retirement plans without a “copilot”, only to find themselves overwhelmed when tragedy strikes or a spouse becomes ill.

I also caution listeners about locking up most of their savings in complex products like annuities or whole life insurance without fully understanding the rules, restrictions, or penalties. But you don't have to manage your planning alone.

We offer free resources and a company willing to help you navigate these pitfalls. So, what’s your plan if the unexpected happens? Are you prepared, or are you just hoping for the best? It’s time to step back, assess your risks, and patch the cracks in your retirement foundation before it’s too late.

You will want to hear this episode if you are interested in... * (00:00) Intro. * (05:11) How a pension is a threat to your retirement. * (07:34) How the cost of living and inflation affect retirement. * (09:15) Concentrated investments like company stocks threat to your planning. * (12:15) What assumed incomes could be a threat to your future funds? * (15:34) Should life insurance policies and annuities be avoided? * (17:44) Are you vulnerable to key-person risk? How we can help.

Resources & People Mentioned * 3 Steps to Retirement Planning * Why Some Retirement Products Can Trap Your Savings (and What to Watch For), Ep 187 * RetireStrong Financial Advisors | Financial Planner St Louis

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Retirement planning isn’t just about investments and Social Security; it’s also about how you budget and prepare for the expenses you know are coming. In this episode, I break down two essential but often misunderstood tools: sinking funds and target date funds.

First, I explore how sinking funds, popularized by the likes of Dave Ramsey, can help retirees avoid high-interest debt and budget for large, irregular expenses like vacations, home improvements, or even a future wedding.

I share personal examples and stories from my clients to show how setting aside money intentionally can be a game-changer, especially in retirement.

Then I shift gears to target date funds. They’re in nearly every 401(k), but are they really the best option for you? I will explain what’s “under the hood” of these cookie-cutter investment options, their pros and cons, and why one-size-fits-all may not fit your goals or risk tolerance.

I challenge you to go beyond age-based investing and build a portfolio that reflects your unique vision for retirement. Whether you’re still saving or already retired, this episode offers clear insights to help you plan smarter and spend more intentionally.

You will want to hear this episode if you are interested in... * (00:00) Intro * (00:45) Why I love sinking funds, and how to use them. * (04:43) Budgeting for cars, vacations, weddings, and home repairs. * (10:08) The big mistake retirees make when taking lump sums. * (13:42) Breaking your retirement expenses into categories. * (17:09) Target date funds: what they are and how they work. * (20:32) Why not all target date funds are created equal. * (24:41) The real disadvantages of cookie-cutter portfolios. * (27:38) Why your retirement plan should reflect your personal vision.

Resources & People Mentioned * BEST Retirement Withdrawal Strategy | Maximize Your Retirement Income * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Many people dream of retiring as soon as possible, but rarely stop to ask if they’re truly ready. It’s easy to assume you’ll figure things out when you get there, but this episode challenges that thinking by revealing 10 overlooked signs you may not be ready to retire yet. Even if you’re eager to leave the 9-to-5 behind, there are critical financial, emotional, and lifestyle factors you might not have fully considered, ones that can derail your dream if ignored.

We’ll explore issues like carrying too much debt, lacking a solid income plan, underestimating healthcare costs, or not having a clear picture of what you’ll actually do all day. For many, these topics can be uncomfortable because they reveal blind spots that feel hard to fix. But in walking through them one by one, we highlight how acknowledging these signs isn’t about delaying your freedom, it’s about ensuring you can sustain it joyfully and securely. You’ll discover practical ways to reduce financial risks, anticipate new expenses, and plan the life you actually want once work ends.

By the end of this episode, you’ll not only recognize the hidden gaps in your own plan but also see the value of taking action now. Whether that means rethinking your budget, getting strategic about Social Security, or simply having more honest conversations with your partner, you’ll leave with a clearer idea of how to transition from working years to retirement with confidence. Instead of winging it, you’ll be ready to retire on purpose, with eyes wide open.

You will want to hear this episode if you are interested in... * (00:00) Intro. * (00:27) YouTube channel and free resources plug. * (03:13) 10 signs overview and Sign 1: Carrying significant debt. * (05:07) Sign 2: No retirement income plan. * (06:17) Sign 3 and 4: Missing budget and healthcare costs. * (09:43) Signs 5 - 7: Social Security, long-term care, RMD planning. * (13:05) Signs 8 - 10: Emotional readiness, spousal coordination, investment repositioning.

Resources & People Mentioned * 3 Steps to Retirement Planning * https://www.youtube.com/@RetirementMadeEasy * https://retirestrongfa.com/resources

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://retirestrongfa.com/podcast * Website: https://retirestrongfa.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Most people treat Social Security as a fixed outcome, just another box to check when retirement arrives. Select an age, complete the form, and proceed. But the truth is, your choices around Social Security can unlock, or quietly erase, tens of thousands of dollars over time.

The timing of your claim, whether you’re still working, your marital history, even how you coordinate with your spouse’s benefit… it all matters. And yet, plenty of financial advisors either avoid the topic or admit they don’t know how the system works. That leaves you on your own to navigate rules that weren’t designed to be intuitive, and change more often than most people realize.

We’re walking through the kinds of Social Security questions that don’t get answered anywhere else. From how remarriage changes your options, to what really happens when you claim while still working, to why your savings could shrink faster than expected, these aren’t niche hypotheticals. They’re decisions with long-term effects, and it’s time more people knew what’s really at stake.

You will want to hear this episode if you are interested in... * (00:00) The Social Security Surprises That Could Cost You Thousands. * (04:11) What your advisor might not know (but should) about Social Security. * (06:25) The earnings test demystified through a real-life example. * (09:39) Spousal, ex-spousal, and survivor benefits: who qualifies and when. * (14:57) Major policy changes: The Fairness Act and unexpected lump sum payouts. * (26:20) Legal custody, grandchildren, and overlooked Social Security benefits.

Resources & People Mentioned * 3 Steps to Retirement Planning * https://www.retirestrongfa.com * https://www.ssa.gov

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com/ * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Most people nearing retirement aren’t thinking about tax legislation; they’re focused on their savings, Social Security timing, or making sure their lifestyle doesn’t outlive their money. But what if a single bill quietly reshapes the rules you’ve been planning around? In this episode, I break down a new piece of legislation that’s generating significant political buzz but concealing some far-reaching implications for retirees and pre-retirees alike. If you’ve heard soundbites about “the biggest tax cut in history,” you might assume you’re in for a windfall. The truth? It’s a lot more nuanced and more temporary than headlines let on.

I walk you through what’s actually in the bill, what got stripped out (spoiler: Social Security tax relief didn’t make the cut), and how all this might hit people aged 55 to 70. Then, in classic Retirement Made Easy fashion, I pivot to listener questions on how to tap your accounts in the smartest order, why RMD math isn’t as harsh as people think, and whether borrowing against your house in a downturn is ever a good idea. I close with a sobering but motivating list of what can go wrong in retirement planning and how to think more clearly and conservatively about your future.

You will want to hear this episode if you are interested in... * (00:00) Intro * (04:19) Key changes in the bill that might affect retirees * (13:08) Listener Q1: Which retirement accounts to tap first? * (19:58) Listener Q2: Clearing up RMD confusion * (23:03) Listener Q3: Is using home equity a good backup plan? * (27:06) Listener Q4: What could blow up your retirement plan?

Resources & People Mentioned * 3 Steps to Retirement Planning * https://www.retirestrongfa.com * “The One, Big, Beautiful Bill…” https://www.whitehouse.gov/articles/2025/05/one-big-beautiful-bill-is-a-once-in-a-generation-chance/ * IRS RMD table https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Most people heading into retirement think they’ve got it covered: a pension, some savings, maybe Social Security. But what if the things they’re counting on are either misunderstood or dangerously overestimated? This episode sheds light on a few hard-hitting truths that most folks never hear until it’s too late. Retirement income isn’t just about how much you have, it’s about how that income behaves over time, and how taxes, inflation, and planning gaps quietly erode the security you thought you had.

As I walk through the mechanics of Social Security, from its inflation adjustments to its unique tax advantages, you’ll begin to see why it’s not just another income stream. It’s one of the only sources designed to rise with the cost of living. Contrast that with private pensions, which often never grow a penny, and you’ve got a ticking time bomb if you’re relying too heavily on the wrong source. And then there’s the planning itself: too many households have just one person steering the ship. That “key man risk” can leave the entire plan vulnerable.

Whether you’re married, single, or retired, this episode pushes you to ask the uncomfortable but necessary questions: Who’s my co-pilot? Am I building a plan around stable, tax-smart income? And have I surrounded myself with people who will actually support the goals I’ve set? Because retirement isn’t just about having a plan, it’s about having the right one, built on the right truths.

You will want to hear this episode if you are interested in... * (00:00) The overlooked truths about your retirement. * (01:30) Social Security as the foundation of most people's retirement income. * (03:00) What most people miss about Social Security’s inflation adjustments. * (06:00) Why Social Security's tax treatment beats other income sources. * (08:59) The overlooked downside of fixed pensions in a rising-cost world. * (14:25) The real risk of planning retirement without a financial “co-pilot.” * (19:10) Why you should only share retirement goals with supportive people.

Resources & People Mentioned * 3 Steps to Retirement Planning * https://www.ssa.gov * https://www.irs.gov/retirement-plans/roth-iras

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Most people who are gearing up for retirement are heads-down focused on building savings. But there’s one important thing they don’t consider: what happens to your money once it’s “locked away” in certain retirement products. In this episode, Gregg Gonzalez digs into annuities - what they are, why they’re sometimes pitched so hard, and how they can quietly trap your savings if you're not careful. If you’re just assuming a big 401(k) or IRA balance will mean total freedom in retirement, it’s time for a closer look.

He breaks down the four types of annuities, the fine print you need to watch for, and the difference between a tool that fits your goals and one that could slow you down. He shares real-world examples of how well-meaning people end up in bad products, and why working with someone who’s truly on your side (not just selling something) can make all the difference.

By the end, you’ll not only be able to spot the traps, you’ll know exactly what questions to ask, what options to consider, and how to move forward with a retirement strategy that matches your life, not just a sales pitch.

You will want to hear this episode if you are interested in... * (00:00) Why some retirement products can trap your savings. * (03:24) Announcement of upcoming Social Security seminars and webinar idea. * (05:24) Setting up today’s focus: common misconceptions about annuities. * (6:00) Breakdown of the 4 main types of annuities and when they might fit. * (19:20) Listener Q&A: Social Security spousal benefits and retirement savings questions. * (31:30) Closing thoughts on aligning retirement goals with financial behavior.

Resources & People Mentioned * 3 Steps to Retirement Planning * Fidelity Retirement Savings Study

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Retirement doesn’t come with a universal playbook, but you can learn a lot from people who’ve already been through it. Gregg shares stories from real clients that reveal what quietly sets the most successful retirees apart. These aren’t surface-level tips, they’re patterns that show up again and again in the lives of people who’ve built the kind of retirement others only hope for.

The episode highlights three strategies that create a strong foundation: keeping cash accessible for both the unexpected and the inevitable, setting personal goals that matter to you (not just sound impressive), and staying regularly engaged with your financial picture over time. Together, they foster a sense of stability, clarity, and confidence that goes way beyond the numbers.

You will want to hear this episode if you are interested in... * (00:00) Why retirement advice needs real stories. * (05:10) Why your emergency fund isn't enough. * (10:40) The power of specific retirement goals. * (15:00) Staying financially engaged without obsessing. * (16:40) Social Security clawbacks & tax law shifts.

Resources & People Mentioned * 3 Steps to Retirement Planning * Social Security Trustees Report

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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You may believe your retirement is all set, with savings secured and timelines mapped out, but then the questions start flooding in, shaking that sense of certainty. This episode reveals the questions people start asking as retirement gets closer, from Roth conversions and Social Security to how inherited money works..

Gregg walks through questions from listeners and clients that reveal the lesser-known stuff, like why turning 73 or 75 matters way more than you’d expect, what changes if you’re still working, or how one checkbox on a beneficiary form can shift who ends up with your money. There’s also a closer look at long-term care insurance and why the math on it surprises most people.

This episode will make you stop and rethink your assumptions so that it doesn’t cost you dearly in the future.

You will want to hear this episode if you are interested in... * (0:00) The real retirement questions you should ask sooner rather than later. * (03:45) Listener question #1 - Roth conversions and the five-year rule. * (05:04) Listener question #2 - Roth IRA vs. Roth 401(k) contribution limits. * (07:44) Listener question #3 - Beneficiary designations: pro rata vs. per stirpes. * (10:38) Listener question #4 - Social Security growth after full retirement age. * (14:37) Listener question #5 - What if Social Security income becomes tax-free? * (14:41) Listener question #6 - Required minimum distributions and age updates. * (19:28) Listener question #7 - Why long-term care insurance costs as much as it does. * (24:18) Listener question #8 - When retirement income and market dips collide.

Resources & People Mentioned * 3 Steps to Retirement Planning * Ed Slott - America’s IRA Experts - https://irahelp.com/

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetireStrongFA.com/Podcast * Website: https://RetireStrongFA.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Retirees usually think the tax decisions are done once they stop working. But the truth is, many are sitting on large pre-tax balances that can quietly lead to bigger tax bills later—especially when required minimum distributions kick in or a spouse passes away. It's not just about saving money, it's about how that money is taxed when you actually need to use it.

Roth conversions offer a way to shift those tax liabilities earlier, on your terms. I explain when that tradeoff makes sense and when it doesn’t, using clear, real-world examples. You’ll hear how a couple with zero current tax liability converted money without paying a dime, and why converting in a year with lower income or a temporarily down market might open the door to big savings. I’ll also break down why legacy plans, filing status changes, and Social Security taxation are key pieces of the puzzle.

You will want to hear this episode if you are interested in... * (0:00) The ins & outs of Roth conversions * (1:55) The three tax buckets that shape retirement * (6:32) When conversions are a no-brainer (and when they’re not) * (9:54) How your tax bracket—and filing status—change the math * (17:05) Roths as a better inheritance for your kids * (24:57) Clearing up common Roth misconceptions

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Most people don’t think about market swings until their retirement accounts take a hit. If your 401(k) balance is dropping or you’re feeling uneasy, you’re not alone. Recent shifts, fueled by tariff changes and global uncertainty, have left many wondering what to do next. But you don’t have to ride this out blindly.

We break down why this is happening, how it impacts your savings, and what you can do to stay on track. Some investors take on more risk than they realize, and waiting too long to adjust can cost them. Knowing how to match your investments with your comfort level can make all the difference.

By the end, you’ll have a clearer picture of what’s happening, how past downturns compare, and ways to protect your retirement without panic moves. Because the best way forward is always preparation—not fear.

You will want to hear this episode if you are interested in... * (0:00) Why retirement savings feel unstable * (6:40) Listeners’ concerns about retirement savings * (9:30) The risk of being too aggressive with investments * (11:40) The danger of over-concentration in a single stock * (13:30) Social Security misunderstandings and key takeaways

Resources & People Mentioned * 3 Steps to Retirement Planning * Visit Yahoo Finance to explore past market trends

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Most people heading into retirement focus on the numbers—savings, pensions, Social Security, and investments. But the biggest risk isn’t always financial. The way you think about retirement can shape your entire experience, and too often, blind spots get in the way of a smooth transition. Conversations with pre-retirees show just how much mindset influences confidence, decision-making, and even long-term security.

Common concerns like running out of money, healthcare costs, and inflation are valid, but they’re not always the biggest threats. Shifting focus can reveal risks that were never even on the radar. With the right adjustments, retirement can feel less like a leap into the unknown and more like a plan coming together. Plus, some important listener questions get answered, covering pensions, taxes, and financial planning decisions that can make all the difference.

Resources & People Mentioned * 3 Steps to Retirement Planning * Pension Benefit Guaranty Corporation (PBGC) Information – pbgc.gov

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Most people assume that if they’ve saved diligently, their retirement is secure. But the reality is that certain financial decisions—ones that seem harmless or even smart in the moment—can quietly erode your long-term security. Whether it’s taking on unexpected debt, mismanaging investments, or making emotional money moves, these mistakes can cost retirees tens (or even hundreds) of thousands of dollars over time.

Today, we uncover some of the most common and costly retirement pitfalls that people don’t see coming. From high-interest home equity loans to over-investing in trendy stocks, we break down why these decisions can backfire and what you can do instead to protect your future. By the end of this episode, you’ll have a sharper eye for potential risks and a game plan to ensure your money lasts as long as you do.

You will want to hear this episode if you are interested in... * (0:00) Retirement pitfalls * (2:15) The biggest retirement mistakes people are making * (5:12) The hidden cost of home equity loans & big purchases * (10:30) Overloading on tech stocks & risky investments * (13:49) The financial risks of helping adult children * (19:20) Unnecessary life insurance & taking advice from the wrong people * (25:00) Social Security, behavioral mistakes & staying on track

Resources & People Mentioned * 3 Steps to Retirement Planning * Frank Luntz's Research

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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How do you turn your retirement savings into a steady paycheck that lasts? I’ve had a lot of questions about this lately—and for good reason. Without a well-thought-out withdrawal plan, people risk running out of money too soon, paying more in taxes than necessary, or simply feeling uncertain about how to manage their nest egg. Shifting from saving to spending isn’t always easy, and I want to help people feel confident in their approach.

That’s why I like to keep things simple and intentional. In this episode, I’ll walk through a practical way to organize retirement savings into different “buckets” based on when the money will be needed. I also share a real example of how someone ended up paying thousands more in taxes than necessary—just because of the way they withdrew their money. With a little planning, retirees can make their savings last and still have the freedom to enjoy life.

You will want to hear this episode if you are interested in... * (0:00) Intro * (1:10) Sources of Income * (3:05) Costly Withdrawal Mistakes * (7:50) The Spending Mindset Shift * (12:10) The Three-Bucket Method * (18:40) Which Accounts to Use First * (24:00) Adjusting Over Time

Resources & People Mentioned * 3 Steps to Retirement Planning * Retirement Budgeting Tool * 2025 Market Outlook from LPL Financial * Episode 72: The Bucket Strategy

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Are you or someone you love a teacher, firefighter, or government worker? If so, you might be impacted by two little-known Social Security provisions—the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These rules have reduced or even eliminated Social Security benefits for millions of hardworking Americans.

But change is finally here. The Social Security Fairness Act could make a massive difference for retirees like you. Today, we’re breaking down what this legislation means, who it impacts, and how it could completely transform your retirement.

Plus, I’ll answer your listener questions about:

How to avoid early withdrawal penalties on retirement funds if you retire before 59 ½
Contributing to a Roth IRA when you don’t have a paycheck
Navigating deferred compensation plans without creating a tax headache
What happens to your HSA funds after retirement

If you’re ready to maximize your retirement benefits and make confident decisions about your future, you’re in the right place. Let’s dive in!

You will want to hear this episode if you are interested in... * [4:10] What we’re covering in today’s episode * [5:29] What’s happening with Social Security * [6:33] Understanding the Social Security Fairness Act * [11:35] Potential changes to how Social Security is taxed * [15:57] Listener Question #1: Avoiding an early withdrawal penalty * [19:27] Listener question #2: Can you contribute to a Roth IRA without a paycheck? * [23:17] Listener question #3: Deferred compensation plans * [27:31] Listener question #4: What happens with HSA plans when you retire? * [28:57] Listener question #5: How do you get a spousal benefit from an ex? * [31:17] Listener question #6: How do you help retired family members?

Resources & People Mentioned * 3 Steps to Retirement Planning * The Social Security Fairness Act * Section 72(t)

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Retirement is one of the biggest milestones in life, and for many, 2025 and 2026 will mark the beginning of this long-awaited chapter. As portfolios have outperformed expectations, more people are realizing their retirement dreams sooner than planned.

In this episode, I’ll share inspiring client stories, practical lessons from 2024, and key insights to help you prepare for your own journey. From understanding why bonuses matter more than you think to exploring the power of legacy planning, we’ll cover the essential strategies to navigate retirement with confidence.

Whether you’re nearing retirement or just starting to plan, these takeaways will equip you to make the most of your future.

You will want to hear this episode if you are interested in... * [0:38] Make sure to check out our YouTube channel * [2:57] Why you should never turn down a bonus * [7:45] There will be a lot of people retiring in 2025/2026 * [14:48] Lesson #1 from 2024 * [16:48] Lesson #2 from 2024 * [19:34] Lesson #3 from 2024

Resources & People Mentioned * 3 Steps to Retirement Planning * 2025 Market Outlook

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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As the year comes to a close, it’s the perfect time to review your financial strategy and make the most of every opportunity to optimize your tax situation. In this episode of Retirement Made Easy, we’re diving into practical, actionable year-end tax planning tips to help you finish the year strong.

You’ll learn how tax-loss harvesting can save you money, when a Roth conversion might be a smart move, and how charitable giving, 529 plans, and IRA contributions could work in your favor. We’ll also cover key considerations for retirees and why taking a close look at where you stand for the year is so important. Take charge of your year-end planning today.

You will want to hear this episode if you are interested in... * [1:30] Submit a question at RetirementMadeEasyPodcast.com! * [2:27] Can you take advantage of tax-loss harvesting? * [4:41] Are you able to make any Roth conversions? * [9:54] Charitable giving, 529 plans, and IRA contributions * [12:30] Considerations for someone already retired * [13:44] Where do you stand for the year?

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Curious about the changes coming to IRAs and 401Ks in 2025? In this episode of Retirement Made Easy, we’re breaking down the latest updates to help you plan your retirement strategy. Learn about the new contribution limits for IRAs, Roth IRAs, and 401Ks, including special allowances for those aged 60–63. We’ll also cover updated income limits for Roth IRAs, automatic enrollment in 401Ks, and reduced penalties for missed required minimum distributions (RMDs) on inherited IRAs. Don’t miss this essential guide to staying ahead of the curve and making the most of your retirement savings!

You will want to hear this episode if you are interested in... * [2:24] Visit RetirementMadeEasyPodcast.com for FREE resources * [3:00] IRA and Roth IRA contributions for 2025 * [4:32] Contribution limits for 401Ks * [7:03] Income limits for Roth IRAs * [8:41] Penalties for missed RMDs of inherited IRAs * [16:28] More changes to come for 2025

Resources & People Mentioned * 3 Steps to Retirement Planning * Visit RetirementMadeEasyPodcast.com for FREE resources

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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In this episode of the Retirement Made Easy Podcast, we dive deep into the 2025 Cost-of-Living Adjustment (COLA) for Social Security. We break down how the COLA works and what it means for your retirement planning.

With the 2025 COLA coming in at 2.5%, we explore how this adjustment could affect your benefits—whether you’re still working or already collecting Social Security. We also discuss the projected rise in Medicare Part B premiums and why it’s crucial to plan conservatively for future costs.

Tune in to discover how the COLA can be a powerful tool in your retirement strategy, while understanding the importance of not relying too heavily on it. If you’re planning for retirement, this episode is packed with essential insights to help you build a more secure financial future.

You will want to hear this episode if you are interested in... * [2:13] Check out our free resources at RetirementMadeEasyPodcast.com * [3:18] How Social Security’s cost-of-living adjustment works * [8:25] What type of COLA should we project for the future? * [10:36] Expected future cost of Medicare Part B premiums * [13:25] The COLA is incredibly powerful * [17:40] Retirement is a journey—not a finish line * [20:25] Plan conservatively and err on the side of caution

Resources & People Mentioned * 3 Steps to Retirement Planning * Cost-of-Living Adjustment History * Monthly Part B Premiums and Annual Percentage Increases * Calculating Medicare Part B costs

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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One of the biggest questions people have about retirement planning is: “Will I have enough saved?” This episode of Retirement Made Easy dives into just that—how to determine the “magic number” you’ll need to retire comfortably and securely.

From evaluating your current expenses to assessing your future goals, we will start to cover all the bases to help you calculate your retirement needs with confidence.

Whether you're thinking about traveling, leaving a legacy for your loved ones, or simply covering the basics, this episode offers practical steps to ensure your money lasts through retirement, no matter how long that might be.

Listen in to find out how to navigate expenses, balance risk, and prepare for a lasting retirement.

You will want to hear this episode if you are interested in... * [2:50] Get free resources at RetirementMadeEasyPodcast.com * [4:56] Look at your expenses, budget, and income * [12:04] What do you like to spend money on? * [14:42] How much will you need to save? * [18:35] Do you want to leave an inheritance?

Resources & People Mentioned * 3 Steps to Retirement Planning * I'm 65 With $1 Million - How Much Can I Expect to Spend in Retirement? * EveryDollar

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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When it comes to retirement, healthcare planning isn’t just an afterthought—it’s one of the most important decisions you’ll make. Will your current savings cover future healthcare expenses? How will you bridge the gap if you retire before Medicare kicks in? Without a solid plan, unexpected medical costs could delay your dream retirement.

In Episode #173, we break down the key questions and strategies you need to consider to stay ahead of healthcare challenges in retirement. Whether you’re planning for your own retirement or helping a spouse navigate Medicare options, this episode will arm you with the tools to retire on time and on your terms.

You will want to hear this episode if you are interested in... * [1:45] The five pillars of retirement planning * [2:20] Check out RetirementMadeEasyPodcast.com for free resources! * [3:41] Do you have to wait until you’re 65 to retire and get on Medicare? * [6:31] Saving in an HSA can cover healthcare expenses * [10:53] Will healthcare expenses delay your retirement? * [13:07] What will Obamacare cost per month? * [16:18] Does your employer pay out unused vacation days? * [17:49] Why would you consider transferring money into an HSA? * [20:44] The basics of Medicare + supplements * [25:53] Benefits and drawbacks of Medicare Advantage plans * [30:23] Does your plan adequately adjust for inflation? * [31:09] Check out the Retirement Made Easy YouTube channel

Resources & People Mentioned * 3 Steps to Retirement Planning * Obamacare Federal Poverty Level

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Getting through retirement while being able to pay all of your expenses is the goal. But how do you make it happen? You’ll have to make decisions before and during retirement that will impact whether or not it’s successful. I answer some questions directly related to financially surviving retirement in this episode of Retirement Made Easy.

You will want to hear this episode if you are interested in... * [1:46] Question #1: Should you build an expected inheritance into your plan? * [5:19] Question #2: How can you calculate costs in retirement? * [8:24] Question #3: How does disability work with life insurance? * [10:25] Question #4: How does the survivor benefit work when divorced? * [13:05] Question #5: Why do you need to find specialists?

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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When are the best times for Roth conversions? Should you invest in a target-date fund? Can you avoid the 10% early withdrawal penalty? These are just a few of the questions I’ll tackle in this special Listener Questions edition of Retirement Made Easy!

Preparing for retirement is complicated at best. I want to make sure I’m consistently answering the questions that are top of mind for my listeners. So if you have a question, head on over to RetirementMadeEasyPodcast.com and submit one!

You will want to hear this episode if you are interested in... * [0:28] Submit questions are RetirementMadeEasyPodacst.com * [2:57] Question #1: When are the best times for Roth conversions? * [8:23] Question #2: Should you invest in a target-date fund? * [13:59] Question #3: How do I request a lump sum pension? * [16:57] Question #4: Can you avoid the 10% early withdrawal penalty? * [19:55] Question #5: How does 401K matching work? * [22:28] Question #6: How does the survivor benefit work when divorced? * [25:07] Question #7: How do long-term capital gains taxes work?

Resources & People Mentioned * Check out the Retirement Made Easy YouTube channel! * 3 Steps to Retirement Planning * Rule 72T

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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When should you claim your Social Security benefits? What do benefits look like for teachers who contribute to Teacher Retirement Systems? What is the survivor step-up strategy? In this episode of Retirement Made Easy, we’ll dive into some of the more complex areas of Social Security that people need to know about but are rarely told.

You will want to hear this episode if you are interested in... * [1:48] Check out our website for some FREE resources * [2:27] Should you claim sooner or later? * [6:19] The way Social Security is taxed * [8:51] The GPO or WEP rules for survivor benefits * [12:17] The survivor step-up strategy * [19:34] Cost-of-living adjustments * [24:03] How the spousal benefit works

Resources & People Mentioned * 3 Steps to Retirement Planning * Widows Move Forward on Their Own – But Not Alone * Social Security Cost of Living Adjustment

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Social Security can be difficult to understand. The rules can be difficult to decipher. Answers are nearly impossible to find. This leaves most people frustrated and confused.

In this episode, I’m going to separate the truths from the many rumors you often hear and help you build your knowledge about Social Security. My goal is for you to walk away more informed about your future. Don’t miss it.

You will want to hear this episode if you are interested in... * [0:34] Make sure you follow our YouTube channel! * [4:17] How do you earn a Social Security check? * [8:27] How does the spousal benefit work with credits? * [11:43] How do spousal benefits work with ex-spouses? * [13:26] How does the survivor benefit work? * [16:04] Understanding your Social Security statement * [18:03] Collecting your benefits while working * [19:40] How benefits are allocated monthly * [20:39] What if you want to collect benefits and work? * [23:21] Suspending or stopping your Social Security benefits

Resources & People Mentioned * 3 Steps to Retirement Planning * SSA: How You Become Eligible for Benefits * SSA: Primary Insurance Amount * SSA: Form W-4V * SSA: Form 521

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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2024 has already been full of many in-depth conversations with current and prospective clients. There have been some common threads among most of those conversations. From those common threads, I’ve pulled five lessons that we can all learn and benefit from when planning for retirement. Listen to this episode of Retirement Made Easy to learn what they are!

You will want to hear this episode if you are interested in... * [2:41] Lesson #1: Be careful who you get advice from * [8:42] Lesson #2: Invest in line with your risk tolerance * [12:29] Lesson #3: Make sure you have the details right * [16:18] Lesson #4: Don’t be overconfident * [18:50] Lesson #5: Always ask, “What am I missing?”

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Lately, I’ve been getting a lot of questions about 401K loans and whether or not they’re worth it. People are asking things like, “How do you take out the loan? How does paying it back work? Should we ever consider it? What are our other options?”

I’m a financial planner. My job is to give you all of the information necessary so you can make informed decisions. Because at the end of the day, these decisions are yours. So, in this episode of the Retirement Made Easy podcast, I’m going to give you the full picture and let you decide.

You will want to hear this episode if you are interested in... * [3:10] Check out our website for FREE resources * [4:45] The basics of 401K loans * [7:55] The risks of taking a 401K loan * [14:06] Dipping into a Roth IRA * [15:49] Alternatives to a 401K loan * [19:34] Consider short-term and long-term goals

Resources & People Mentioned * 3 Steps to Retirement Planning * Check out our website for FREE resources * The 5-year Roth IRA rule * Episode #118: 3 Types of Accounts You Want to Have to Save for Retirement

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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People often ask me where they should retire. Should they relocate to a new city or state? Most people assume when they retire that they need to move to make the most of their income.

But the answer isn’t clear-cut. Everyone has different preferences. In this episode of Retirement Made Easy, I’ll dive into some of the factors you should consider to make that decision.

I’ll also cover a few areas of retirement planning that have most people confused and shed some light on the situation. Don’t miss it!

You will want to hear this episode if you are interested in... * [1:58] The Mid-Year Market Outlook is coming in July! * [2:57] Where is the best place to retire? * [4:51] Factors that influence people to relocate * [13:56] When do you have to take required minimum distributions? * [16:48] Most people don’t understand Roth conversions * [19:00] You are responsible for the outcome of your 401K

Resources & People Mentioned * 3 Steps to Retirement Planning * SECURE 2.0 Act * The Most Affordable U.S. States to Retire in 2024

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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“I’m 60 years old and have $1 million saved. Do I have enough to retire?”

I had a conversation with someone who had saved over $1 million and had been told he could retire. So he did retire—and completely regretted it. He wishes someone had told him to wait longer. Sadly, $1 million doesn’t go that far anymore.

Too many people answering this question neglect to address all of the factors that influence whether or not you’ve saved enough to retire. In this episode of the Retirement Made Easy podcast, I’ll dive into some of the factors you need to consider in three different scenarios. Because you have to take into account far more than what you have saved.

You will want to hear this episode if you are interested in... * [3:49] Scenario #1: Retiring at 60 with $1 million saved * [7:41] Scenario #2: Retiring at 60 with $1 million saved * [12:53] Scenario #3: Retiring at 60 with $1 million saved * [17:00] Why the answer is never as simple as yes or no

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Over the last two months, we’ve had close to 8 people contact us to put together a retirement plan because they’re fearful of being downsized. If they got laid off, could they afford to retire? People are looking for peace of mind and a retirement plan helps cover the what-ifs in life.

Tom Hegna wrote the book, “Don’t Worry, Retire Happy.” In it, he brings up some good points when it comes to retirement planning and what to be aware of. I tweaked his methodology to make it my own. So in this episode of the Retirement Made Easy podcast, I’ll cover the 7 steps you need to have a secure retirement.

You will want to hear this episode if you are interested in... * [0:28] Why you need a retirement plan in place (and how we can help you) * [6:11] Step #1: Get a retirement plan in place * [8:05] Step #2: Maximize Social Security benefits and pensions * [8:45] Step #3: Consider a hybrid retirement * [10:40] Step #4: Account for inflation * [14:51] Step #5: Protect your dollars from taxes * [17:30] Step #6: Have a plan for long-term care * [18:46] Step #7: Use your home equity wisely

Resources & People Mentioned * 3 Steps to Retirement Planning * “Don’t Worry, Retire Happy"

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Don't Worry, Retire Happy! Seven Steps to Retirement Security by Tom Hegna (2014-05-03)

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I’ve been helping people plan for their dream retirement for the last 16 years. I’ve nearly heard it all. I’ve had to tell people they can’t retire yet or that they have to save far more than they planned. The people who make these mistakes derail their retirement and jeopardize their success. I detail the top 7 mistakes I see that you’ll regret forever in this episode of the Retirement Made Easy Podcast!

You will want to hear this episode if you are interested in... * [4:05] Mistake #1: Borrowing from a 401k * [8:06] Mistake #2: Planning to work indefinitely * [10:37] Mistake #3: Buying a timeshare * [12:02] Mistake #4: Delaying saving for retirement * [14:33] Mistake #5: Diverting the money to your kids * [19:28] Mistake #6: Avoiding investing in the stock market * [24:20] Mistake #7: People that relocate on a whim

Resources & People Mentioned * 3 Steps to Retirement Planning * 16 Retirement Mistakes You Will Regret Forever

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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I’ve recorded over 160 episodes since the Retirement Made Easy podcast launched. In this special “Greatest Hits” episode of the Retirement Made Easy podcast, I’ll share snippets from the 5 most downloaded episodes. They include some of my best advice for navigating retirement preparation, so you can live out the retirement of your dreams.

Have an idea for a future episode topic? Do you have a question you need answered? Feel free to submit your questions to me at RetirementMadeEasyPodcast.com!

You will want to hear this episode if you are interested in... * [0:33] The 5 Most Downloaded Episodes of 2023 * [3:21] Episode #5: 5 Ways to Prepare for Retirement, Ep #154 * [7:31] Episode #4: What Social Security Isn’t Telling You, Ep #150 * [12:30] Episode #3: The Level of Detail Required in a Great Retirement Plan, Ep #145 * [18:56] Episode #2: The Basics of Managing Your Retirement Income, Ep #143 * [28:35] Episode #1: How Saving for Retirement May Change in 2024, Ep #146

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg.gonzalez@lpl.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Do election years impact the stock market? If so, how? We know that election years introduce a rollercoaster of emotions for a variety of reasons. Those emotions tend to influence the stock market and the decisions individual investors make. So in this episode of Retirement Made Easy, I’ll share how the market responds to election years—and what you should do about it.

You will want to hear this episode if you are interested in... * [2:00] Head to RetirementMadeEasyPodcast.com! * [2:53] Election years are a roller-coaster ride of emotions * [7:58] The presidential cycles and the stock market * [11:36] How the stock market performed during each term * [12:55] You can’t speculate on what will happen in the market

Resources & People Mentioned * 3 Steps to Retirement Planning * Presidents and the Stock Market * How Presidential Elections Affect the Stock Market

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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In this special episode of the Retirement Made Easy podcast, I revisit some of the most commonly asked—and popular—questions from 2023. We’ll tackle everything from capital gains tax to tax mapping for my clients. As tax-filing season comes to an end, these are some important things to keep in mind. Give it a listen!

You will want to hear this episode if you are interested in... * [1:33] Question #1: How does a capital gains tax work? * [3:39] Question #2: Did contribution limits increase? * [5:20] Question #3: How does the gift tax exclusion work? * [8:09] Question #4: How do you convert a beneficiary IRA? * [11:52] Question #5: How does tax mapping work for my clients?

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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What factors go into the social security claiming decision? How do strategies differ based on your age, health, and marital status? Where do you even start? Social security planning is often neglected—or at the very least not given the attention it deserves.

In this episode of the Retirement Made Easy podcast, I hope to start the conversation about Social Security claiming strategies. I want each of you to be able to make an informed decision with your financial planner. Hit the play button to learn more!

You will want to hear this episode if you are interested in... * [2:57] Social security planning can’t be neglected * [5:10] Claiming strategies for single people * [8:51] Claiming strategies for people still working * [12:19] The break-even analysis * [16:13] Claiming strategies for married people * [20:32] The answer isn’t black and white

Resources & People Mentioned * 3 Steps to Retirement Planning * Scotty Kilmer on YouTube

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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What happens if you start collecting Social Security payments but feel like you’ve made a mistake or taken it too early? Did you know that you can stop or suspend the benefits? Secondly, when you start collecting Social Security there’s an option for a lump-sum payment. Learn more about this little-known Social Security strategy in this episode of Retirement Made Easy! And as a bonus, I’ll answer three listener questions!

You will want to hear this episode if you are interested in... * [2:08] Submit a question at RetirementMadeEasyPodcast.com! * [6:19] Using Subsidies for Retirement Plans to Fix Social Security * [12:45] Social Security withdrawal options * [15:26] Social Security’s lump-sum option * [17:36] Listener Question #1: Should I roll a 403B into an IRA? * [21:25] Listener Question #2: Should I roll over my 401k at 57? * [24:50] Listener Question #3: How does disability work with life insurance?

Resources & People Mentioned * 3 Steps to Retirement Planning * The Case for Using Subsidies for Retirement Plans to Fix Social Security

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Most “Top 10 Mistakes You’re Making in Retirement” articles are vague, mostly common sense, and of little use to their readers. And when you read these articles, you have to consider the source. A bank is never going to tell you that having debt in your retirement is a mistake because they want to sell you loans!

I wanted to share mistakes that I see every single day working in my firm—mistakes that you won’t find in most articles. 90% of our clients are 55 and older working toward their dream retirement. I’ve seen it all. So in this episode of the Retirement Made Easy Podcast, I’ll cover 10 retirement planning mistakes you need to think about.

You will want to hear this episode if you are interested in... * [1:41] Ask me questions at RetirementMadeEasyPodcast.com! * [2:45] Mistakes to avoid making in retirement * [6:08] Mistake #1: Not accounting for an early retirement * [8:39] Mistake #2: Neglecting planning for healthcare * [9:30] Mistake #3: Not understanding the impact of inflation * [10:40] Mistake #4: Neglecting tax planning * [12:02] Mistake #5: Not understanding Social Security * [13:30] Mistake #6: Failing to address long-term care expenses * [15:06] Mistake #7: Forgetting about the big ticket items in retirement * [18:40] Mistake #8: Not understanding how your money helps you reach goals * [20:43] Mistake #9: Not having your goals written down * [22:25] Mistake #10: Not understanding sequence of return risk

Resources & People Mentioned * 3 Steps to Retirement Planning * 16 Retirement Mistakes You Will Regret Forever * J.P. Morgan 2023 Guide to Retirement

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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What are required minimum distributions (RMDs)? How will they impact you? How do we account for them? Too many financial advisors neglect to help their clients plan for RMDs. I am not one of them. I cover the basics that you need to know in this episode of Retirement Made Easy.

You will want to hear this episode if you are interested in... * [1:54] Carefully choose the people you take advice from * [5:29] Something you need to know about 401ks * [9:47] The basics of required minimum distributions * [13:28] Why you want to work with a professional * [15:22] The various ways you can take distributions * [19:07] Know that the time is coming and plan for it * [20:46] RMDs for inherited accounts are different

Resources & People Mentioned * 3 Steps to Retirement Planning * 2024 Tax Guide * RMD Calculator * Qualified Charitable Distribution

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Let’s wrap up 2023—and kick off 2024—with another round of your questions, answered! In this episode of the Retirement Made Easy podcast, I’ll answer six listener questions, covering everything from how severance pay is taxed to how the pop-up feature on pensions work. I’ll also share my thoughts on what 2024 has in store. Give it a listen!

You will want to hear this episode if you are interested in... * [2:07] Question #1: What happens to unvested 401k money? * [5:31] Question #2: How is severance pay taxed? * [7:38] Question #3: What is the outlook for 2024? * [12:22] Question #4: What is the pop-up feature on pensions? * [16:06] Question #5: How do you convert a beneficiary IRA? * [19:48] Question #6: How does tax mapping work for my clients?

Resources & People Mentioned * 3 Steps to Retirement Planning * LPL Financial 2024 Outlook Report * Fidelity 2024 Stock Market Outlook

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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What are 5 ways you can prepare for retirement? Why can actively managed funds be risky in retirement? How does a divorce impact your social security? In the last two episodes of 2023, I plan on answering some amazing listener questions, including these. Listen to this episode of Retirement Made Easy for some rapid-fire answers to your questions.

You will want to hear this episode if you are interested in... * [2:40] Question #1: 5 Ways to prepare for retirement * [7:02] Question #2: The risks of actively managed funds * [10:56] Question #3: Customer service should be top priority * [12:44] Question #4: How does a divorce impact social security? * [15:41] Question #5: Should I work with Fisher Investments? * [16:13] Question #6: How to pay for long-term care

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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I’ve received numerous questions all running along the same theme: Are we heading into a recession? What would it mean for the stock market moving forward? How will it impact your retirement? Many of you are concerned that we’ll be entering a recession in 2024. In this episode of the Retirement Made Easy podcast, I’ll cover what a recession is, the trends we’re seeing, and what the stock market teaches us about investing. Don’t miss it!

You will want to hear this episode if you are interested in... * [0:43] Check out RetirementMadeEasyPodcast.com! * [3:02] Are we on the verge of a recession? * [6:36] What the stock market teaches us about investing * [11:34] Contributions toward Roth IRAs and 401ks in 2024

Resources & People Mentioned * 3 Steps to Retirement Planning * ERISA

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Are you on the same page as your spouse when it comes to retirement planning? Do you both understand your retirement plan? Even if one of you handles the finances, both of you need to understand the ins and outs of your retirement plan. It’s inherently important. How do we develop a plan that everyone understands that makes sense? That’s what I’ll cover in this episode of Retirement Made Easy.

You will want to hear this episode if you are interested in... * [4:21] Why your spouse needs to be involved in retirement planning * [6:36] Why you need to understand your retirement plan * [8:10] How to keep your uninterested spouse engaged * [15:06] Question #1: Should you build an expected inheritance into your plan? * [19:25] Question #2: How can you calculate costs in retirement?

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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What could go wrong in retirement? What if the “what-ifs” become realities? How will it impact your 30-year retirement? We don’t know what the future holds which is why it’s important to think about the variables. There will be things outside your control but you can reduce risks by taking retirement planning seriously.

No one plans on “failing” at retirement but many people fail to plan ahead of time. But the choices you make will have long-lasting implications. You need a game plan in place. In this episode of Retirement Made Easy, I talk about some of the “what-ifs” and what you can do about them.

You will want to hear this episode if you are interested in... * [4:59] My biggest recommendation * [5:53] Why a nonchalant mindset makes me anxious * [8:10] What if you’re overly concentrated in a single stock? * [10:51] What if you overspend during retirement? * [15:22] What if you waste money on something you “want?” * [18:13] What if you accidentally trap your money? * [20:26] The importance of identifying the what-ifs

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Social Security isn’t likely intentionally misleading us but they are leaving out some details that every person contemplating retirement needs to know. Social Security announced the cost of living adjustment for 2024: 3.2%. This will go into effect 1/1/2024. However, your benefit won’t likely go up the full 3.2%. Why? I’ll share the answer in this episode of Retirement Made Easy.

You will want to hear this episode if you are interested in... * [1:48] Check out RetirementMadeEasyPodcast.com! * [2:47] The cost of living adjustment and Medicare Part B * [10:03] Social Security benefits will be cut * [15:04] Social Security benefits won’t likely cover monthly expenses

Resources & People Mentioned * 3 Steps to Retirement Planning * The Consumer Price Index * Voluntary Withholding Request * Social Security’s COLA for 2024 is 3.2% * SSA.gov

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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What is the assumed life expectancy for retirement? What accounts can you open for your grandchildren? Should everyone follow the 60/40 rule? The questions have been rolling in! So in this episode of the Retirement Made Easy podcast, I’ll answer some questions and give you a starting place for a conversation with your retirement planner.

You will want to hear this episode if you are interested in... * [3:09] Question #1: What is the assumed life expectancy for retirement? * [6:22] Question #2: Why not follow the 60/40 rule for investments? * [12:01] Question #3: Should you use numerous professionals—or one? * [15:38] Question #4: What accounts can you open for grandchildren?

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Where do you want your assets to go when you’re no longer here? I know it may seem morbid, but this is an important part of retirement planning that most people neglect. But the heart of the matter is your family. What do you want to leave behind? Or do you want to leave money to your favorite charities?

Doing what I do for a living, I have these tough conversations every day. It’s my job to make recommendations to make sure your wishes are carried out seamlessly and tax-efficiently. In this episode of the Retirement Made Easy podcast, I share the story of a couple who thought they had a great plan—until I started asking questions.

You will want to hear this episode if you are interested in... * [3:07] Check out RetirementMadeEasyPodcast.com! * [3:51] Setting the stage: An 18-year-old plan * [8:43] Splitting the retirement accounts * [12:10] Splitting a home equally * [14:44] Beneficiary planning for four children

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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In 2019, there were 61.5 million people on Medicare. By 2027, it’s estimated that 75 million Americans will be on Medicare. That’s just four years from now. The #1 reason that people push off retirement is because health insurance is too expensive. Do you know what you’ll be paying for health insurance when you retire and get on Medicare?

Medicare is multi-faceted. It can be complicated to understand. So in this episode of Retirement Made Easy, I’ll break down the very basics of Medicare planning to help you make a more informed decision about your retirement.

You will want to hear this episode if you are interested in... * [3:47] Submit a question at RetirementMadeEasyPodcast.com * [6:05] Understanding the basics of Medicare Part A & B * [8:28] Calculating your Medicare Part B premium * [11:59] Medicare Part C: Medicare Advantage vs. Medicare Supplement * [14:48] Medicare Part D: Prescription drugs * [15:44] How do you choose the right plan? * [18:01] Make Medicare planning part of retirement planning

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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How will things change for those saving for retirement in 2024? What is the estimated cost of living adjustment going to be? Do you think you’re on track for a comfortable retirement? These are the questions I discuss in this episode of the Retirement Made Easy podcast. If you’re planning for your dream retirement, these are things you need to know. Don’t miss it!

You will want to hear this episode if you are interested in... * [1:37] Check out RetirementMadeEasyPodcast.com * [2:20] Changes to the catch-up contribution in 2024 * [8:50] How much should you save for retirement? * [12:45] The estimated cost of living adjustment for 2023 * [14:06] Are you on track for retirement?

Resources & People Mentioned * 3 Steps to Retirement Planning * Ed Slott * High-income retirement savers may have to pay tax now on catch-up contributions. Eventually. * T. Rowe Price Says You Need This Much Saved For Retirement Based on Your Income * Cost-of-Living Adjustment for 2024 Could Be 3.1%

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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What will make or break your retirement plan? What makes a plan weak or unrealistic? What needs to be factored into the overall strategy? How do we build a great retirement plan? A retirement plan isn’t just reviewing your investment statements. A far greater level of detail is required to make sure your dream retirement isn’t just a dream—but a reality. So in this episode of Retirement Made Easy, I share a high-level overview of what we do to build a great retirement plan.

You will want to hear this episode if you are interested in... * [2:16] Why it’s time to build/update your retirement plan * [7:47] Check out RetirementMadeEasyPodcast.com * [10:06] Addressing health insurance in retirement * [13:48] Do you want to earmark funds for travel? * [14:27] What are your goals and objectives? * [16:22] Factoring inflation into your retirement plan * [18:08] Your retirement plan needs to be customized to you * [19:56] Do your investments align with your goals? * [21:00] Where is your income coming from? * [22:14] Making your retirement plan tax-efficient * [23:25] Legacy, estate, and beneficiary planning

Resources & People Mentioned * 3 Steps to Retirement Planning * The Retirement Story Everyone NEEDS to Hear, Ep #6

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Can you convert a beneficiary IRA to a Roth IRA? Can you roll a 401k into a 403B? What about alternative investments—are they worth the risk? The questions have been rolling in, so in this episode of the Retirement Made Easy podcast, I’m tackling some of the most asked questions I’ve received. Don’t miss it!

You will want to hear this episode if you are interested in... * [4:19] Question #1: Can you convert an inherited IRA to a Roth IRA? * [7:44] Question #2: Can you roll a 401k into a 403B? * [12:45] Question #3: Are alternative investments risky? * [15:49] Question #4: When do survivor benefits begin? * [18:51] Question #5: Can a non-working spouse contribute to a Roth IRA? * [20:38] Question #6: How does the gift tax exclusion work?

Resources & People Mentioned * 3 Steps to Retirement Planning * Atomic Habits by James Clear

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones

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I’ve had numerous people ask me about managing their income in retirement. Your income in retirement will be different from everyone else’s, unique to you. But what sources can you draw from? What will it look like? How do you plan for it? Where can you go wrong? I’ll start to dissect each of these topics in this episode of Retirement Made Easy. I’ll lay out some of the important things you need to keep in mind as you manage your retirement income. Check it out!

#Retire #Retirement #RetirementPlanning #RetirementPlan #FinancialFreedom #investing #investments #DaveRamsey #SmartVestorPro

You will want to hear this episode if you are interested in... * [1:56] Check out RetirementMadeEasyPodcast.com! * [4:25] The main source of retirement income: Social Security * [6:34] Other common sources of retirement income * [8:58] The most important retirement income source * [12:00] Have a retirement income game plan * [20:28] Create a tax-efficient retirement income stream

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Emotions are often the drivers of our financial decisions. This year we’ve seen record inflation. The Fed continues to raise interest rates. There is a banking crisis. Then there’s the discussion of whether or not we’re in a recession. Many people have wiped their savings and emergency funds and have held them as cash because they’re worried their bank or credit union might fail. 2024 is another election year.

But a lot of this is noise. The market will always fluctuate because of numerous factors. As a financial planner, when short-term concerns arise, it’s my job to remind people of the long-term goals they have. There will be numerous things per year that can throw us off course—if we react adversely. Listen to this episode of Retirement Made Easy to learn more about controlling your emotions when things get tumultuous.

You will want to hear this episode if you are interested in... * [6:49] Why you can’t let short-term concerns derail long-term goals * [9:42] Should you put money into CDs or money markets? * [11:23] People make purchase and investment decisions based on emotions * [15:52] Learn more about the bucket strategy for investing

Resources & People Mentioned * 3 Steps to Retirement Planning * The Retirement Bucket Strategy

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Everyone is likely familiar with 401k plans and many people have them through an employer. But do you know anything beyond the very basics? Does your company offer a match (and do you know how it works)? Do you know how much your plan costs or what your balance is? In this episode of Retirement Made Easy, I’m going to start covering some of the ins and outs of 401k plans. My hope is that you’ll gain a better understanding of something so important to a successful retirement.

You will want to hear this episode if you are interested in... * [0:35] Send me questions and ideas for future episodes! * [4:35] The employer gets to determine 401k matching * [9:44] The average 401k balance by age * [12:14] Types of investment options in 401k plans * [17:13] Why you shouldn’t pull your money out of the market * [19:18] The advantages of Roth 401ks/traditional 401ks * [23:33] Consolidating or rolling over old 401k plans

Resources & People Mentioned * 3 Steps to Retirement Planning * The Average 401k Balance by Age

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Tax planning is different when you’re retired versus during your working years. It also changes from state to state. Some states are more tax-friendly than others. That’s why many people retire in Florida, Tennessee, and Texas. Taxes matter in the decisions that we make. However, you can take tax planning too far. In this episode of the Retirement Made Easy podcast, I cover assessing the quality of your assets, why you can’t let taxes dictate everything you do, and something to watch out for when you choose a financial planner.

You will want to hear this episode if you are interested in... * [4:45] Check out RetirementMadeEasyPodcast.com! * [6:13] Assessing the quality of the assets that you own * [13:34] How are your taxes going to be different in retirement? * [15:55] We can’t let taxes take over the driver’s seat * [19:00] Carefully chose who creates your retirement plan

Resources & People Mentioned * 3 Steps to Retirement Planning * Scotty Kilmer’s YouTube channel * The Best—and Worst—States to Retire To, Ep #53

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Listener questions have been piling up and a Q&A is LONG overdue. So in this episode of the Retirement Made Easy podcast, I’ll cover as many questions as I can. I’ll cover everything from Medicare Part B to SEP IRAs, and the impact of inflation to collecting Social Security benefits. Don’t miss this comprehensive episode!

You will want to hear this episode if you are interested in... * [3:54] Question #1: Does Biden’s ESG veto impact your brokerage accounts? * [7:17] Question #2: Why is my husband’s Medicare Part B premium so high? * [10:00] Question #3: Why can’t I contribute to my Roth SEP IRA yet? * [11:33] Question #4: Can you help us understand the impact of inflation? * [16:07] Question #5: How should I invest my Roth IRA and 401k? * [20:00] Question #6: Can you help manage a trust? * [23:44] Question #7: What happens if you die before collecting social security?

Why is my husband’s Medicare Part B premium so high? The listener’s husband turned 65 and applied for Medicare. They were shocked when his Medicare Part B premium was far higher than expected (and his Social Security benefit was reduced far more than they expected). She thought it would be $165 per month, which would cover 80% of his medical costs. Then he’d get a supplement to cover the rest. Why is his premium so high?

The Part B Medicare premium is income-based. The amount you’re paying for the premium is based on your income two years prior. I bet if you go back and look at his earnings from two years ago, they were likely over the limit for the $165 premium. There’s a premium table that dictates the premiums you’re paying today. If you believe you’re being overcharged, there’s a special form you can submit to appeal the premium. It’s linked in the resources below!

Can you help us understand the impact of inflation? One of the biggest risks of retirement planning is the rising cost of living, i.e. inflation. Inflation heavily impacted people in 2022. Retired people especially felt it. How can we understand the real risks of inflation?

A 62-year-old non-smoking couple in the US has a joint life expectancy of 30 years. The wife is predicted to pass away at 92. If you’re planning for a 30-year retirement, you have to factor in the rising costs of living. Inflation WILL impact your retirement.

But our brains find it hard to imagine things in the future. It seems less real. So instead of trying to guess what costs are 30 years in the future, look back 30 years. How were things in 1993? The cost of stamps, Big Macs, cars, and college tuition has risen significantly since 1993. Prices will continue to rise over time. So you need a retirement plan that accounts for rising living costs.

Can you help manage a trust? A listener’s husband passed away. When he died, all of their accounts went into a trust. The trust names his two daughters and son as co-trustees. They are now responsible for making financial decisions for their mom. However, the kids and their spouses seem to be struggling with the responsibility—The value of the trust was down 38% in 2022. What can she do?

Go see an attorney. With the kids being named as trustees, they get to call the shots. The trust should have designated a financial planner or institution to manage the trust after the husband’s passing. The trust should also include guidelines of what the trust can be invested in, what income comes out of it for the widow, etc.

The couple should have been working as a team with a competent financial planner so that when the husband passed, the wife could turn to her financial planner. But because that isn’t the case, I recommend speaking with an attorney. I’m sure the children are trying to do what’s best, but they likely just aren’t qualified to manage the fund.

What happens if you die before collecting social security? I had a 45-minute conversation with a bright and friendly listener. He’s a single guy worried about his social security. He’s been paying into social security for 39 years. If he delays his benefit until he’s 70 and dies, does social security pay out a measly death benefit? If he dies before collecting, where does all of that money go? Is it essentially gone?

Hypothetically speaking, yes, it’s gone. There is no residual value there. This gentleman didn’t believe this was fair. So what can you do if you’re worried about passing away before claiming benefits?

He could always claim his benefit early and suspend it later if need be. You can always start your benefit—and within 12 months of starting it—can suspend or withdraw the application. Hoover, you will have to pay back what you received. What else can you do? Listen to the whole episode to learn more!

Resources & People Mentioned * 9 Ways the SECURE Act 2.0 Will Impact Retirees, Ep #132 * 3 Steps to Retirement Planning * Biden Vetoes First Bill * Medicare Part B Premium Chart * Medicare Part B Appeal Form

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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The Social Security Expansion Act is being introduced to congress, sponsored by Bernie Sanders, with the “goal” of increasing the solvency of the Social Security fund. Sadly, by 2035, Social Security benefits will have to be reduced by 25% if nothing is done. Senator Elizabeth Warren states that the Social Security trust fund would remain solvent until 2096 if these changes are put into place.

But a lot of the proposed changes in the bill are controversial, to say the least—including how they propose we increase payments into the fund. I’ll cover four of the main goals of this bill in this episode of Retirement Made Easy and share my thoughts on each one. Don’t miss it!

You will want to hear this episode if you are interested in... * [0:53] A big thank you to my listeners * [1:49] Why retirement planning HAS to be customized * [5:37] The Social Security Expansion Act * [7:50] Goal #1: To increase the benefits for all recipients * [9:23] Goal #2: Change the cost-of-living adjustment calculation * [10:28] Goal #3: Making high-income earners pay more * [12:41] Goal #4: Increasing the Net Investment Income Tax * [13:50] My thoughts on the proposed bill

Goal #1: To increase the benefits for all recipients The bill starts with a fact sheet, which includes these sad facts:

One in seven seniors relies on Social Security for more than 90% of their income
Half of Americans 55 and older have nothing saved for retirement
The average Social Security benefit is $1,688 per month

Many seniors are struggling, which is why they’re trying to overhaul social security. That’s why their first proposal is to increase the benefit for all Social Security recipients by $200 per month (which would apply to everyone, even those on Social Security who aren’t seniors).

Goal #2: Change the cost-of-living adjustment calculation The bill also proposes changing how the cost-of-living adjustment is calculated. Right now they calculate based on a CPI-W index. They want to change it to a CPI-E index, with the “E” being short for the elderly. It makes a lot of sense. Seniors spend money on doctor visits, medical bills, prescriptions, etc. It’s smart to track the cost of living of people in that age group and this index would be a better indication of spending habits for recipients.

Goal #3: Making high-income earners pay more Currently, you pay into social security on the first $160,200 that you earn. You pay 6.2% and your employer pays 6.2%. The proposed change is trying to hit high-income earners.

Let’s say you make $1,000,000. Right now, this person is paying 6.2% into social security on the first $160,200. Anything they earn above that doesn’t require paying into social security. This bill proposes that for every dollar they make above $250,000, they’d pay 6.2% into social security.

That’s another $46,500 that this person would have to pay that they wouldn’t have had to pay otherwise. But it doesn’t stop there.

Goal #4: Increasing the Net Investment Income Tax Anyone making $250,000 or more already has to pay a net investment income tax of 3.8% on capital gains on investments (stocks, bonds, etc.). The bill proposes increasing this tax by 12.4%, taking the net investment income tax to 16.2%.

My thoughts on The Social Security Expansion Act We currently have a divided congress, so the chances of this bill passing are slim. The bill is also asking politicians—i.e. high-income earners—to vote for a bill that will tax their friends and supporters. Secondly, I think the bill overestimates the tax revenues they’ll get. If you slap an additional 12.4% tax on high-income earners, they will strategically pivot.

The extra $200 a month would be a permanent increase for everyone. But many people don’t need the extra $200 per month. The increase should be proposed based on need, not a blanket policy.

The amount people get now is based on how much they paid into social security over the years. Your social security check should be based on how much you paid in, not how much someone else paid. It doesn’t seem fair.

I know there are a lot of people hurting and inflation is negatively impacting retirees. But I’m not sure this bill is the answer. Listen to the whole episode to hear my thoughts!

Resources & People Mentioned * 3 Steps to Retirement Planning * The Social Security Expansion Act * What Social Security’s Cost of Living Increase in 2022 Means for You, Ep #69 * How Rising Interest Rates Will Impact Your Retirement, Ep #121

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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When you retire, where does your income come from? How frequently will you get “paid?” Can you choose when you’ll get social security income? In this episode of the Retirement Made Easy podcast, I’ll cover how income works in retirement and what you’re able to “customize” to you. I’ll also cover some listener questions regarding social security and who you should trust. Don’t miss it!

You will want to hear this episode if you are interested in... * [1:50] Where does your retirement income come from? * [14:16] Tom’s Question: How does the spousal benefit work? * [18:41] Tina’s Question: Should I invest in these two mutual funds?

Where does your retirement income come from? Many people get paid every two weeks working a normal job. But when you retire, how do you decide how often to pay yourself or make a withdrawal? How do you decide when to withdraw from a Roth IRA, IRA, or after-tax brokerage account? How does it work with social security and pensions?

There are a lot of factors to consider. So we break it down into steps and help our clients map it out:

Step #1: How much income do you need every month to live the lifestyle that you want? If you don’t know, head to my website and check out my “Retirement Budgeting Tool.” Keep in mind that your expenses in retirement will likely be different than while you were working.
Step #2: What are your fixed income sources, i.e. social security/pensions?
Step #3: What gap is there between your fixed income sources and the amount you need to live comfortably every month?

We will come up with a game plan where you draw the money you need from Roth IRAs, IRAs, and brokerage accounts to fill that gap.

If someone needs $2,500 on top of social security and pensions, we might draw $500 of income from their Roth IRA, $1,000 from their IRA, and $1,000 from an after-tax brokerage account. We do this strategically to keep them in the lowest tax bracket possible.

All of that being said, many of our clients like to make withdrawals the first week and third week of the month. Others are fine with only getting paid monthly and prefer to receive their distributions in the same week. It comes down to personal preference (in most cases). However, your pension and social security pay out once a month.

Tom’s Question: How does the spousal benefit work? Tom and his wife are both 62. Tom plans to continue to work while his wife would collect her social security benefit. When they both turned 67, Tom planned to retire and claim his benefit. He understood that his wife would get half of his social security income, or $1,400. In total, they’d receive $4,200 a month from social security.

Tom’s wife certainly can claim her benefit at 62. She can also claim her spousal benefit after Tom retires. However, if she claims her benefit at 62, she won’t get the full 50% spousal benefit when they’re both retired.

For every month that she collects her social security income before full retirement age, it reduces the spousal benefit. However, if both waited until they were 67, he could claim the $2,800 and she could claim the $1,400 spousal benefit.

Tina’s Question: Should I invest in these two mutual funds? Tina asked my thoughts on a financial expert on YouTube. He claims that the best investment strategy for retirees is to own two specific mutual funds. Would I recommend that? I watched the video. This person isn’t a financial planner or financial advisor. He isn’t licensed to give financial advice at all.

Someone who is licensed—like me—can’t put out videos giving blanket advice to people. Anyone else can—but would you trust it? Would you take financial advice from that person? You can’t take this as real advice and implement it. I would never recommend that you put all of your money into two specific mutual funds at the advice of someone not certified to give it.

The bottom line? Be careful who you take advice from. Learn more in this episode of Retirement Made Easy!

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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There’s a lot of misunderstanding circulating regarding social security claiming strategies with spousal and survivor benefits. Spousal benefits and survivor benefits can be confusing and difficult to understand. So in this episode of Retirement Made Easy, I’m going to tackle this topic. I’ll also cover the FairTax Act of 2023 and why you shouldn’t make changes to your retirement planning based on this act just yet. Don’t miss this informative episode!

You will want to hear this episode if you are interested in... * [3:16] The basics of the FairTax Act of 2023 * [10:20] The spousal benefit vs. survivor benefit * [14:45] Planning social security around spousal benefits

The basics of the FairTax Act The Fair Tax Act is a sales tax bill that was introduced by Republicans to abolish the IRS. It would change the tax code as we know it. I keep getting asked: What’s a good strategy in response to the bill that might become law?

Let’s backtrack a little first. The act proposes getting rid of the IRS and Federal income taxes across the country. It would institute a 30% sales tax on top of local and state taxes. Why? Because 40.1% of US households didn’t pay Federal income taxes in 2022. These Republicans want to recoup money from these households to help cover Medicare and Social Security.

Think of what inflation would be if you had a 30% sales tax. The price of goods and services would go up a lot. It would be offset by the amount you’d be saving on Federal taxes, so your paycheck would go up. But would it offset too much? Would you end up paying far more?

I’m not a proponent of this bill. My response to the questions I’m getting is this: We aren’t going to change your retirement plans based on a rumor or possibility. Biden says he’d veto the bill if it got to him. I wouldn’t make any changes until this became law.

The spousal benefit vs. survivor benefit A listener—who I’m going to call Lisa—was married for 20 years and has been divorced for five. She wanted to claim her spousal benefit based on her ex-husband’s earnings. She met the time requirements for claiming an ex-spouse. But she was under the impression that if she claimed benefits at 62, she could claim half of her husband’s benefit and then claim his entire benefit at his full retirement age. She was misinformed.

At her full retirement age, she can get half of her husband's “Primary Insurance Amount” or PIA, which is his benefit at his full retirement age. So if his benefit is $3,000 a month, she could claim half of that. If she claimed it when she was 62, it would be further reduced. When would she get the full benefit? If he passed away, she’d be eligible for the survivor benefit.

Planning social security around spousal benefits I spoke with a couple who was clear that social security would be a large part of their retirement income. Someone had misinformed them about how the benefits worked. She was 62 and he was 58. Let’s call them John and Joan.

Joan wanted to claim her benefit at age 62. Her benefit was lower than her husband’s. She thought it would be dumb to let it sit and not collect it. Then, when he hit full retirement age, she planned on claiming her spousal benefit (50% of her husband’s benefit).

But to get the spousal benefit, her spouse has to claim his benefit first. However, when Joan is 67, she won’t get the full spousal benefit. Why? Because she collected her own benefit at age 62. Social Security will reduce her spousal benefit because she had claimed her own.

What happens if she waits until full retirement age to claim her benefit? Listen to the whole episode to learn more about collecting spousal benefits.

Resources & People Mentioned * 3 Steps to Retirement Planning * The FairTax™ Act

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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What does your dream retirement look like? What will make you happy? What are you working to achieve? Your goals don’t have to sound good to other people. They’re your goals. They’re based on your dreams. To reach your dream retirement, you have to figure out what you want and set specific goals to get there.

You also can’t let emotions rule your decision-making. In this episode of the Retirement Made Easy podcast, I’ll share some insights from Vanguard and LPL financial’s 2023 market reports. But no matter what these reports tell you, you have to follow the long-term plan you’ve created to reach the retirement of your dreams.

You will want to hear this episode if you are interested in... * [0:33] What does your dream retirement look like? * [6:48] 2023: Starting with layoffs and unemployment * [10:48] Vanguard believes a recession is coming * [13:51] Short-term emotions negatively impact long-term results

2023: Starting with layoffs and unemployment There were a lot of layoffs this month (January 2023) and they will likely continue throughout 2023. Google, Microsoft, and 3M had significant layoffs.

Mike Row interviewed the economist, Nicholas Eberhart, about the job situation and unemployment pre-pandemic and post-pandemic. Right now, there are 7 million men ages 25–54 who are not working or looking for work. They’re not included in unemployment figures. We’ve never seen anything like this.

We have 4 million more open jobs versus pre-pandemic and 4 million fewer people in the workforce. As of November 2022, there were 10.5 million jobs available. We can’t look at unemployment numbers accurately because we have so many people who aren’t even looking for work.

Vanguard believes a recession is coming In Vanguard’s market outlook, they’ve stated they believe there’s a 90% probability that the United States will enter a recession this year. Recessions slow down the economy. Companies' sales and revenue are down and they have to lay people off. However, I don’t think we will see the normal amount of layoffs you’d see in a recession, like what happened in the 2008 financial crisis. Many companies have lean workforces as it is. Vanguard is expecting unemployment to rise to 4.5–5% by the end of the year. They’re expecting inflation to be 3% year over year.

Vanguard also expects US stocks to realize 4.7% to 6% of growth for the next 10 years, below a typical 10-year average. Their analysts are not optimistic about 2023 or the next 10 years. However, LPL Financial’s market outlook is more optimistic and far more detailed. They put a lot of time, money, and resources into their market outlook. Go to my website to get a free copy.

Short-term emotions negatively impact long-term results In 2022, as the market began a downward trend, people began to abandon their long-term plans for something that felt better. They sold out of long-term investments to avoid a bumpy ride. It probably gave them temporary peace of mind. But I’ve seen this happen over and over again: People who pull their money out of the market let years go back and never get back in. The market rebounds with them sitting on the sidelines because they got scared.

I spoke with someone last year who gave in to impatience and paid $75,000 over what a home was appraised for. One year later, they know they made a mistake and they’re not happy. I spoke with someone else who was convinced Amazon was going to take over the world. He put 90% of his retirement savings in Amazon stock. Guess what happened? Amazon’s stock was down 50%. 90% of his retirement nest egg was cut in half. He knew better (and wasn’t one of my clients).

The reason we make these mistakes? We let emotions get in the driver’s seat because we throw logic out the window. The bottom line? Don’t let temporary emotions derail long-term goals. You are where you are now because of past decisions.

If you’re doubting yourself and losing confidence, you’re not alone. Update your financial plan. Make slight adjustments. You don’t have to make drastic changes to see improvements. And if you want a second opinion on your plan, connect with me.

Resources & People Mentioned * 3 Steps to Retirement Planning * Vanguard’s investment and economic forecasts, January 2023 * Get the LPL Financial 2023 Market Outlook

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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It can be hard to look back at 2022 and see anything positive, right? Inflation is the highest it’s been in 40 years. The stock market had a volatile year and many people’s investments are down. But the market conditions allowed us to do some positive things we normally couldn’t. In this episode of Retirement Made Easy, I share 6 ways that we helped clients find some wins in 2022.

You will want to hear this episode if you are interested in... * [1:23] LPL Financial 2023 Market Outlook * [2:34] Get a FREE 30-minute coaching call * [3:14] Win #1: Tax-loss harvesting * [4:50] Win #2: Roth conversions * [8:10] Win #3: High interest rates * [12:30] Win #4: Social security’s cost-of-living adjustment * [14:36] Win #5: Updating beneficiaries * [18:11] Win #6: Unexpected Roth conversions

Win #1: Tax loss harvesting I had a lot of questions from listeners and clients about tax loss harvesting. If you sell a stock, mutual fund, ETF, etc., and book the loss, you can deduct up to $3,000 per year of a capital loss on your tax return. Anything above $3,000 gets carried over to future tax years.

But you have to be careful of the “Wash Sale Rule.” If you take the loss, you have to wait 30 days to buy back that particular security. The rule wipes out your ability to deduct that capital loss if you buy back that same security.

Win #2: Roth conversions Many people also took advantage of Roth conversions. If you have pre-tax 401k money or an IRA, you can pay the taxes on a portion of the account and switch it to a Roth IRA. Why do that when the stock market is down? You’re paying taxes on something worth less. So let's say a stock was worth $10 but because of the market, its value dropped to $8. So when you move it to the Roth IRA, you can take advantage of the market bounceback tax-free. Some people wait to do Roth conversions until the end of the year—listen to find out why!

Win #3: High interest rates How we measure inflation is far different than it was in the 80s. The calculations are completely different. That’s why we can’t compare the inflation of today to the 80s. If we used the same calculation, the inflation in 2022 would have been in the ‘teens.

So where’s the opportunity? Series I savings bonds were over 9% last year. Money market rates, savings accounts, CDs, etc. were paying as much as 5.5%. Everyone sought to take advantage of cash alternatives while interest rates were high.

Win #4: Social security’s cost-of-living adjustment Social security’s cost of living adjustment, effective January 2023, was 8.7%. It was a nice pay raise. I worked with a couple where the husband is 68 and had already claimed his social security.

They didn't have income problems, so we decided to turn off his social security benefit in 2022. Because you’re past your full retirement age, you can stop your benefit and get deferral credits, (up to 8% per year).

So his benefits are growing at 8% per year until he’s 70. Secondly, He’ll also get the 8.7% bump in 2023. In one year, he’ll get a 16.7% boost to his social security benefit. It was a huge win for him and his wife.

Win #5: Updating beneficiaries I was able to help someone update their outdated IRAs so that her deceased husband was no longer the beneficiary of her IRAs. Instead, we changed it so that her children would inherit the IRAs, without probate getting involved.

We also assigned beneficiaries to her bank accounts so that if something happened to her, it would pass to her son and daughter outside of probate. We made sure her home was titled to pass to her children. Lastly, she had savings bonds that we discovered had matured, so we cashed them out so she could invest the money.

Win #6: Unexpected Roth conversions I was reviewing a new client’s 2021 tax return and got a sense of what their income would look like for 2022. I determined they could do a Roth conversion of $14,000—and pay no income tax—or withdraw $14,000 and take a distribution and pay no federal income tax. I recommended they do a Roth conversion without paying taxes.

I had another client who was laid off in 2022. He found himself in a lower-income situation. What does that mean? He’d end 2022 in a lower tax bracket. Normally, he was in the 24% tax bracket. In 2022, he dropped down to the 12% bracket—with enough room to do a Roth conversion of $25,000. In a normal year, he’s been paying another 12% in taxes!

I hope this episode helped you see that even in a year when the market is down and inflation is high, there’s almost always a way to do something to benefit your retirement.

Resources & People Mentioned * 3 Steps to Retirement Planning * LPL Financial 2023 Market Outlook

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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The beginning of a new year is a great time to review what you should and shouldn’t be doing. That’s why in this special retirement replay edition of the Retirement Made Easy podcast, we’re revisiting episode #110: The Great 8 IRA Mistakes that WILL Cost You Money. This episode covers 8 things you should be mindful of as we dive into 2023:

If you’re a non-working spouse, take advantage of the spousal IRA option that’s available to you (you and your spouse can each contribute up to $7,000 per year.
Did you know that you don’t have to take required minimum distributions (RMDs) from Roth IRAs? If you don’t need the money, don’t take the withdrawal and pay unnecessary taxes!
Don’t roll over an IRA or 401k that has company stock in it or you’ll have to pay capital gains on the stock (net unrealized appreciation). Talk to a financial advisor first!
Make sure you designate a beneficiary on your IRAs, or your estate will move into probate court when you die (leading to an unnecessary for your family to endure).
Don’t list a trust as the beneficiary of an IRA. the receiver only has 10 years to empty it and pay taxes. Secondly, trusts are taxed at a high rate ($13,450 and higher is taxed at 37%).
If you’re under 59 and ½, make sure you do Roth conversions properly so you’re not paying Uncle Sam a 10% early withdrawal penalty.
Make sure you’re not contributing to a Roth IRA or traditional IRA if you’re above the income cap, or you’ll be paying a steep 6% penalty each year the excess remains in the account(s).
Whenever possible, don’t do an indirect rollover. If the money from an IRA is sent to you and you don’t put it in another IRA within 60 days, you’ll have to not only pay taxes on the money but also pay a 10% penalty. Ouch.

If you avoid some of these costly mistakes (and follow some of the advice) you should be well on your way to saving for retirement and avoid getting hit with unnecessary taxes and penalties. Listen to the whole episode for more details!

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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I’ve been talking about this bill for well over six months and it finally passed in December of 2022 as part of a $1.7 trillion-dollar package. So in this episode of Retirement Made Easy, I’ll cover the nine core provisions that are changing and what it means for everyone. There are some changes that I’ve been campaigning for and there are others that just don’t make sense. Many of the provisions don’t start until 2024 or 2025 to give administrators some time to get systems in place. Learn how it will impact you by listening!

You will want to hear this episode if you are interested in... * [3:21] Get FREE resources at RetirementMadeEasyPodcast.com * [6:40] Change #1: The required minimum distribution age is changing * [10:29] Change #2 Required minimum distributions for Roth 401ks are ending * [12:28] Change #3: Catch-up contributions are increasing * [17:13] Change #4: Implementing a database for accessing old retirement accounts * [19:12] Change #5: Automatic enrollment in employer retirement accounts * [20:07] Change #6: Implementing emergency funds in Roth 401ks * [21:46] Change #7: Employers can match student loan payments * [24:34] Change #8: 529 plans can be rolled into Roth IRAs after 15 years * [26:58] Change #9: Domestic abuse survivors can take penalty-free withdrawals

The required minimum distribution age is changing The original SECURE Act changed the age you’re required to take required minimum distributions (RMDs) from 70.5 to 72. Now, the SECURE Act 2.0 is changing the age of a RMD from 72 to 73, starting in 2022. In 2033, the new age will be 75. Why? Because they’re extending the life expectancy tables because people are living longer.

Previously, if you forgot to take your RMD, you were penalized 50% of the RMD and you still had to withdraw the money and pay taxes on it. The penalty is now being reduced to 25% (and as low as 10% if corrected in a timely fashion).

SIDE NOTE: I work closely with tax advisors. The IRS doesn’t do a good job of auditing and enforcing the penalties on RMDs. Many people get out of paying that penalty.

Required minimum distributions for Roth 401ks will no longer be required I’ve been campaigning for this change for years. Starting in 2024, you will no longer be required to take a mandatory distribution from Roth 401ks. Honestly, I’m not sure why someone would leave money in a Roth 401k, because if you roll it over to a Roth IRA, you don’t have to take RMDs. But if you leave it in the Roth 401k, once you turn 72 they make you take withdrawals every year. This change just makes sense. Now, these withdrawals are tax-free, but if you want your money to continue to grow, you can leave it in either account.

Catch-up contributions are increasing Starting in 2025, catch-up contributions to 401ks will go up. In 2023, for someone over 50, the catch-up contribution is $7,500. With the new provision, individuals 60–63 can contribute an additional contribution of $7,500 annually to their 401k, 403B, etc. But why stop at age 63?

To complicate it further, high-income earners (making over $140,000) can only contribute the additional money to a Roth 401k. Why? Because Congress is in debt. They want high-income earners to pay their taxes now. This is another way of punishing high-income earners.

Starting in 2024, the catch-up number will be indexed to inflation. So if there’s inflation, you can contribute extra per year. What other positive changes are happening? Keep listening.

529 plans can be rolled into Roth IRAs after 15 years The SECURE Act allowed 529 plans to pay for trade schools in addition to traditional colleges/school options. The act also allowed 529 plans to pay off up to $10,000 of student loan debt. But what if the 529 plan doesn’t get used? What if the child gets scholarships or goes into the military? With the new provision in the SECURE Act 2.0, after the money has been in a 529 plan for 15 years, it can be rolled over into a Roth IRA for the child or grandchild (With a lifetime cap of $35,000).

Listen to the whole episode to learn about other changes, such as implementing emergency funds in Roth 401ks and employers being allowed to match student loan payments (by contributing to their employer-sponsored plans).

Resources & People Mentioned * 3 Steps to Retirement Planning * SECURE 2.0: Rethinking retirement savings

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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How is a fiduciary different? What can you expect to pay a CFP? How does capital gains tax work? Did contribution limits increase? In the first episode of 2023, I’m going to revisit some important listener questions from the last few months. They’re important things to remember as we enter tax planning season. Check it out!

You will want to hear this episode if you are interested in... * [0:40] Listener Question #1: How is a fiduciary different? * [2:29] Listener Question #2: What can you expect to pay a CFP? * [5:01] Listener Question #3: Why won’t I work with Wells Fargo? * [8:52] Listener Question #4: How does capital gains tax work? * [13:38] Listener Question #5: Why do you need to find specialists? * [17:50] Listener Question #6: Did contribution limits increase?

How is a fiduciary different? A fiduciary is an advisor that is both legally and ethically bound to do things in your best interest. If an advisor isn’t a fiduciary, they operate under what’s called the “Suitability Standard.” What they recommend has to be suitable for you at that point in time.

Imagine you have high cholesterol and a Dr. recommends Lipitor (a brand-name drug), which costs you $300 a month. A fiduciary would recommend using a generic brand that would only cost you $9 a month. As a fiduciary, I think the generic drug is in your best interest. Lipitor IS suitable but costs you abundantly more per month.

So what can you expect to pay a CFP? Listen to hear what the average cost is per hour (and how to determine what is a good value).

How does capital gains tax work? One of the advantages of owning a residential rental property is that you can depreciate your property over 27 ½ years. What does that mean? It reduces the amount of rental income that’s taxable. When you sell the rental property, there is depreciation recapture which will impact your taxes.

I spoke with a couple who wanted to sell their rental properties. When you’ve lived in your home for two of the last five years, there is a capital gains exclusion of up to $500,000. Let’s say this couple lived in their home for 10 years. They bought the home at $200,000 and sold it for $700,000. That’s a $500,000 gain that they won’t have to pay taxes on. However, anything above that amount will be subject to capital gains tax.

Another listener was retiring at the end of 2022 and had gained $1 million in his company stock. He plans to have no taxable income in 2023, to hit the 0% tax bracket. He was told that if he’s anywhere under the 12% tax bracket, he wouldn’t have to pay capital gains. That’s NOT correct—he will still be taxed on a portion of those capital gains.

Why you need to find specialists Another listener, Beth, is concerned that her tax advisor (CPA) did tax prep and didn’t help her with tax planning. She also has a stockbroker with a large firm in St. Louis, who recommends buying and selling individual stocks and bonds. She asked him point-blank about her retirement plan and he changed the subject.

I think his specialty is the investments themselves, just like a tax preparer focuses on the tax return. You’re working with the wrong providers. You need to work with someone who specializes in tax planning and retirement planning. Who specializes in what you need help with? That’s who you need to seek out.

Did contribution limits increase for 2023? Tim is 63 years old and wants to max out his Roth IRA and 401k. He wants to know if the contribution limits increased for 2023. The answer is YES! Roth IRA limits increased to $7,500 for each spouse (for someone over 50). 401k contributions increased by $3,000. That means in 2023 if you’re over 50, you can contribute $30,000 annually. That’s a total of $37,500 you can save for retirement in 2023.

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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In this special final episode of 2022, I’m going to share clips from the top five most downloaded episodes of 2022. I cover everything from huge retirement mistakes that you should avoid to the types of accounts you want to use to save for retirement. These contain some of my best tips from the year. Don’t miss this special edition of the Retirement Made Easy podcast!

You will want to hear this episode if you are interested in... * [0:29] Episode #118: 3 Types of Accounts You Want to Have to Save for Retirement * [3:21] Episode #99: The Two Types of People Who Fail at Retirement * [6:44] Episode #103: How to Avoid these HUGE Retirement Mistakes * [8:09] Episode #107: 6 Reasons Why People are Scared to Retire in 2022 * [11:37] Episode #108: Two Things You Should NEVER Do

Episode #118: 3 Types of Accounts You Want to Have to Save for Retirement There are three accounts I believe you NEED to have to save for retirement to create a blended income stream:

Account Type #1: Roth IRA, 401k, 403B, or TSP
Account Type #2: The traditional IRA, 401k, 403B, or TSP
Account Type #3: A brokerage account/trust account/non-qualified account

If you have a measuring cup with three different pots in front of you, you want to take a little bit from the Roth IRA, 401k, and another scoop from the brokerage account.

Having these three types of accounts gives you flexibility in retirement. We plan and calculate exactly what to withdraw from each type of account. You’ll only need to make changes if the tax law or your goals change.

Episode #99: The Two Types of People Who Fail at Retirement The first type of person that fails at retirement lacks a sense of purpose. This is someone who hasn’t planned for what they will do with their time. This type of person really struggles once the feeling of living in an infinite vacation subsides. They start to miss the sense of purpose they had when they were working. What can you do to combat this? Listen to hear my recommendations!

Episode #103: How to Avoid these HUGE Retirement Mistakes You can’t retire without a plan. I spoke with someone whose husband always told her that they’d be okay, without showing her the plan to prove it. It’s so important to have a plan. This woman is 57 with an 87-year-old mother. If she lives as long as her mother, it needs to last another 30 years—or longer.

Episode #107: The top 6 reasons why people are concerned about retirement in 2022 What concerns leave people afraid to retire? According to the Schroders 2022 US Retirement Survey, these are the top six reasons people are concerned about retiring:

The impact of inflation: People are scared of the impact inflation will have on their assets. 65% of people listed inflation as their top concern.
The cost of healthcare: Sadly, we can expect that healthcare costs will always continue to rise. Medicare part B premiums continue to climb—so you have to plan.
A major market downturn: This is what we’re currently experiencing in 2022. This will impact your retirement accounts.
An unexpected health issue: As you get older, you’ll focus more on healthcare, so that you’re not stuck draining your savings on an unexpected health issue.
Taxes reducing retirement savings: This is something a financial planner can easily help you plan so you don't give Uncle Sam more than you have to.
Not being able to afford the lifestyle they want: Everyone wants to maintain the lifestyle they've become accustomed to. Some want to be able to do more when they retire.

Have you noticed a trend? If you don’t carefully plan for your future, it’s a HUGE mistake. The people that make retirement planning a priority are the ones who will have the retirement they’ve dreamed of.

Hear a clip from THE most downloaded episode of 2022 by listening to the whole episode!

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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How do you gift money to individuals without getting hit with having to pay taxes on the gift? How do you make withdrawals if you’re gifted a beneficiary IRA? What is the most tax-efficient way to carry out charitable giving? These are just a few of the questions that I’ll answer in this special end-of-the-year episode of the Retirement Made Easy podcast!

You will want to hear this episode if you are interested in... * [1:26] Submit questions at RetirementMadeEasyPodcast.com * [2:19] Why pension lump sums are declining * [6:50] Gifting money to individual people * [14:36] Example #1: The Mega Backdoor Roth * [16:48] Example #2: Withdrawing from a beneficiary IRA * [18:57] Example #3: Giving with donor-advised funds (DAF)

Gifting money to individual people I’ve heard many people say they don’t want to gift someone money because they’ll have to pay taxes on it (or because the gift receiver will have to). That doesn’t have to be the case! If you wanted to give a friend or family member money, the annual individual limit is $16,000 for 2022.

So a married couple can each give $16,000 to one individual, totaling $32,000. You can certainly gift more, but $16,000 is the annual limit you can give one individual without filling out a gift tax form that gets filed with your taxes. Many people gift up to that amount so they can avoid paying taxes.

There’s also something called a lifetime gift exemption. That means you can gift someone a maximum lifetime amount of $12,060,000 to another person. The gift form helps you keep an account of what you’ve gifted someone over your lifetime. What can’t you gift? What happens if you loan someone money they don’t pay back? Listen to find out!

Withdrawing from a beneficiary IRA I worked with a couple where the wife inherited her mother’s IRA. Because it’s an inherited IRA, she has 10 years to take withdrawals from that IRA and pay the taxes on them. She thought that she’d just do Roth conversions and move the money into her own IRA. Unfortunately, we can’t do that. So what can we do?

We can put more of her earned income into her traditional and Roth 401k. The tax deduction she gets for contributing to her Roth IRA offsets the taxes she has to pay on the withdrawals from her inherited IRA. We wanted her to stay in the 12% tax bracket, so we very carefully balanced her income levels.

Giving with donor-advised funds (DAF) A charitable couple had inherited a lot of cash, stocks, real estate, etc. They wanted to find a way to continue their charitable giving without having to pay excess taxes. We recommended that this couple look at their appreciated stock. If they cashed out the stock that was up in value, they’d pay long-term capital gains, taxed at 20%. Instead of giving cash to charities, we recommended they take that money and use it to fund a donor-advised fund. How would that help them?

They’d see a tax deduction for charitable giving as well as call the shots on how that money was given over the next chunk of years. In that way, they’d also avoid paying the capital gains on the appreciated stock. If you’re already planning on charitable giving, I’m a huge fan of donor-advised funds. The money continues to grow and all of the tax-free growth can be gifted.

Resources & People Mentioned * 3 Steps to Retirement Planning * 1,000 salaried Ford workers retire after pension warning from automaker * The gift tax form

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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When I help a client craft a retirement plan, we want to make sure it lasts at least 30 years, (based on average life expectancy). A lot can change over a 30-year time period, right? So in this episode of the Retirement Made Easy podcast, I share why you can’t embrace the “set it and forget it” mentality and tell you why your retirement portfolio must change and adapt with your changing needs and goals.

You will want to hear this episode if you are interested in... * [0:28] What makes you more likely to achieve goals? * [5:55] Check out RetirementMadeEasyPodcast.com! * [6:53] Why you can’t apply “set it and forget it” to investing * [10:07] Don’t forget the purpose of investment account(s) * [12:46] You must adapt because change is inevitable

Why you can’t apply “set it and forget it” to investing Years ago, my mom bought a rotisserie cooker. The brand’s catchphrase was “Just set it and forget it.” That’s not how it works for retirement planning. You can’t “set it and forget it” with your investment portfolio. Why?

Because it needs to last 30+ years of retirement. In 30 years, there will be tax law changes. Interest raises will rise. Your income needs may change. You may need to withdraw more (or less). As you get older, your risk tolerance may be lower.

How you design your portfolio largely depends on your goals for retirement. Those will likely change as you get older. So how you invest your portfolio will need to adjust based on your changing needs.

Don’t forget the purpose of investment account(s) The purpose of a retirement account is to leave behind a legacy for children or loved ones or, it’s to help fund your retirement years. Usually, it’s a combination of both.

If you want to travel in the first 10 years of retirement, you’ll need more income in those years. Your portfolio will need to focus on producing an income. When you’re 82, you might not plan on traveling as much. Your travel budget may be next to nothing. Your needs and desires constantly change over your lifetime. So you will need to make changes to how your retirement portfolio is invested.

You can’t buy a car and never change the oil, rotate the tires, or replace the brakes. Maintenance must be done to care for your car. Once you retire, the work is not done. Changes will need to be made as your lifestyle changes. You must adapt and pivot.

You must adapt because change is inevitable If you inherited an IRA before 1/1/2020, you were required to take distributions out on an annual basis for the rest of your life. The law changed with The Secure Act. Now, when you inherit an IRA, you have 10 years to withdraw all of the money from the IRA and pay the taxes on that money. This was a monumental change. There will always be new laws and changes to social security thrown our way.

Have you ever walked into a completely outdated home? Maybe the carpet is dank, the appliances are outdated, and the bathrooms need to be gutted. If you feel like you’re walking back 30–40 years in time, you might lose interest in buying that home. You’ll have to spend thousands of dollars to make the updates.

If improvements haven’t been made to the home, it becomes less valuable. Secondly, it makes you question if the home is being maintained properly. What else is outdated that isn’t visible to the naked eye?

It’s the same with your investment portfolio. You need to adapt and make changes as your needs change. And every adjustment that is made solely depends on you and your goals. Remember, there is no cookie-cutter approach to investing for retirement.

Resources & People Mentioned * 3 Steps to Retirement Planning * The Retirement Story Everyone NEEDS to Hear

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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What happens when you sell your primary home? What are the tax implications? What’s the deal with long-term care insurance? Do you need it? What are Roth 401ks and IRAs and why do you need one? I’ve been getting numerous questions about these three topics, so in today’s episode of the Retirement Made Easy podcast I’ll break them down. Don’t miss it!

You will want to hear this episode if you are interested in... * [4:02] Submit a question at RetirementMadeEasyPodcast.com * [5:45] Popular Topic #1: What happens when you sell your house * [10:33] Popular Topic #2: Long-term care insurance * [17:16] Popular Topic #3: Roth IRAs and 401ks

Popular Topic #1: The tax implications of selling your primary residence What happens when you sell your home? Will you owe taxes on the gain? Let’s say a hypothetical married couple bought their home for $300,000 20 years ago and it’s worth $600,000 today. That’s a $300,000 gain. Will they realize a $300,000 capital gain on the sale of their home?

According to the IRS, if you sell your primary residence, a couple filing jointly has a $500,000 capital gain exclusion on the sale of that residence. This couple would not have to pay capital gains taxes on the first $500,000 of profit. If you’re single, the exclusion is $250,000.

However, to qualify for the exemption, you have to have lived in the home full-time for two of the last five years. What if you make improvements to the home? Listen to learn a bit more!

Popular Topic #2: Long-term care insurance Some states (like Washington) require you to buy long-term care insurance through an employer. Most of the questions I’ve received are geared toward the basics of long-term care, so here they are:

Traditional long-term care insurance: You pay into a policy, similar to homeowners insurance. If nothing happens and you don’t submit a claim, you don’t get your premiums back. Those payments are gone. You’re insuring for a risk that may not come to fruition (i.e. whether or not you need long-term care).
Hybrid long-term care insurance: This combines a long-term care policy with a life insurance policy. So when you pass away, if you don’t use the long-term care, your family inherits a death benefit. These are becoming more popular.

The more competitors you have in any environment, the more choices there are, and the lower premiums will be. There isn’t a lot of competition right now, so this insurance is costly. So if you’re going to pay for long-term care insurance, we need to account for these premiums in your retirement plan. Listen to hear some positives and negatives of each of these types of policies to decide if it’s right for you.

Popular Topic #3: Roth IRAs and 401ks I was recently at a conference for financial advisors. The speaker asked us if taxes would be higher in the future. Thousands of advisors raised their hands. The Biden administration wants to raise taxes, yet we add more and more debt. I believe it’s inevitable that taxes will only go up. To combat rising taxes, you could consider a Roth IRA or 401k.

Roth IRAs are the one way you can pay taxes on the money now in a lower tax environment and watch it grow tax-free. And when you make a withdrawal, you will not be taxed. If a loved one inherits your IRA, they won’t have to pay taxes on it. See the theme?

But to contribute to a Roth IRA, you must have earned income or do a Roth conversion. So if you have a traditional IRA, you can take a portion, pay the taxes on it, and move it to a Roth IRA.

When does it make sense to do this? How much should you convert? Why wouldn’t you want to put everything in a Roth IRA? Listen to the whole episode to learn more!

Resources & People Mentioned * 3 Steps to Retirement Planning * The Basics of Long-Term Care Insurance * 3 Types of Accounts You Want to Have to Save for Retirement

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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Are you ready to retire? Or does the thought of retiring leave you questioning what you’ll spend your time doing? Guess what? Retirement doesn’t have to be all or nothing. In some circumstances, you may want to consider only partially retiring. Why? I share some viable reasons in this episode of the Retirement Made Easy podcast. Don’t miss it!

You will want to hear this episode if you are interested in... * [1:46] Check out the FREE resources at RetirementMadeEasyPodcast.com * [3:32] Reason #1: The cost of health insurance * [5:15] Reason #2: An easier transition into retirement * [9:05] Reason #3: Put more money into your retirement portfolio * [10:22] Reason #4: Delay your social security benefits * [10:56] Reason #5: You’re nervous about retirement * [11:44] Reason #6: Retire at the same time as your spouse * [15:50] Is semi-retirement something you should consider?

Reason #1: The cost of health insurance Many people push off retirement until 65 because of the cost of health insurance. When you turn 65, you can get health insurance through Medicare. But getting health insurance prior to age 65 (such as COBRA or insurance off of the marketplace) is costly. But some employers offer health insurance to part-time employees. You can also earmark some of that income for health insurance.

Reason #2: An easier transition into retirement When someone retires from a full-time 40-hour work week, the transition can be difficult. Some people find it easier to ease into retirement. You can move from working five days a week to three, from 40–50 hours to 20–25. Semi-retirement allows you to stay busy enough working on a limited basis. It also gives you more time to take an extended vacation, help with the grandkids, or just go grocery shopping on a Tuesday morning. It gives you more flexibility.

Reason #3: Put more money into your retirement portfolio You can use the extra income to pay for health insurance, pay off a mortgage, fund a Roth IRA, and much more. If you’re over 50, you can contribute up to $7,000 a year to a Roth IRA. In 2023, the contribution limit will be $7,500 per person. A part-time income can allow your retirement nest egg to continue to grow.

Reason #4: Delay your social security benefits If you delay social security, you can get deferral credits. This leads to a bigger social security check down the road when you do claim it. Continuing to work and paying into social security, will also lead to a bigger benefit.

Reason #5: You’re nervous about retirement Are you nervous about retiring? It’s a huge change in your life. Your career may be a huge part of your identity. That can be difficult to give up. Semi-retirement can make the transition easier for you with the added benefit of lowering your stress level.

Reason #6: Retire at the same time as your spouse Ideally, we want couples to retire at the same time. You will enjoy retirement far more if both of you retire close to the same time. I’ve worked with many couples where one spouse retires early and the other continues to work. Nine times out of ten, the second spouse pushes up their retirement because no one wants to be retired alone. You can work part-time until your spouse can fully retire.

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

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The St. Louis Cardinals broadcaster, Dan McLaughlin, was asked what makes the best professional baseball manager. He believes that the vision of a manager is one of their greatest attributes. They’re not just focused on the present, but looking forward and putting a strategy together based on what’s coming next.

When we are talking about end-of-year tax planning, we are looking at the years ahead, too. Why? Because it might change what we do today. So in this episode of the Retirement Made Easy podcast, I’ll share some end-of-year tax planning strategies that you should be mindful of.

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You will want to hear this episode if you are interested in... * [1:54] Get FREE resources at RetirementMadeEasyPodcast.com * [2:47] End-of-year tax planning is forward-looking * [6:04] Strategy #1: Charitable giving in tax planning * [6:52] Strategy #2: Harvesting unrealized capital losses * [7:55] Strategy #3: Roth conversions when the stock market is down * [10:48] Strategy #4: Max out tax-deductible opportunities * [11:12] Strategy #5: Rebalance your portfolio at the end of the year * [13:25] Listener Question #1: Why do you need to find specialists? * [17:37] Listener Question #2: Did contribution limits increase?

Strategy #1: Charitable giving in tax planning What have you given this year? Do you want to give more to a favorite charity or nonprofit before the end of the year? If you’re 72, giving counts as qualified charitable distributions (QCDs), which can help with taxes. Donor Advised Funds allow you to bunch multiple years of charitable giving to get a deduction in one year.

Strategy #2: Harvesting unrealized capital losses If you have unrealized capital losses, you might look at harvesting some of those before the end of the year. You can deduct up to $3,000 of capital losses in any one tax year. If you have capital losses exceeding $3,000, you can roll them over to the next year.

Strategy #3: Roth conversions when the stock market is down This is one of the most popular planning strategies, partly because of the low tax rates implemented by the 2017 Tax Cuts and Jobs Act. The market is also down for 2022. So with investments decreasing in value, it’s an opportune time to do Roth conversions. Why?

Let’s say you have a $10 investment and it falls 20% to $8. You pay taxes on the $8 and move it into the Roth IRA (a Roth conversion). If the $8 in the Roth IRA rebounds and grows to $12, you don’t have to pay taxes on the growth. If you wait to do the Roth conversion until your investments rebound, you’ll have to pay taxes on the growth (so you’ll pay taxes on $12 instead of $8).

But why shouldn't you convert too much to a Roth IRA? Listen to learn more!

Strategy #4: Rebalance your portfolio at the end of the year If you have a Roth account, rebalancing won’t have any tax implications. But if your retirement portfolio is in a non-qualified account (brokerage, trust, etc.), you want to keep in mind any capital gains that might result from rebalancing. The market has been volatile, so rebalancing is a good strategy right now.

There’s one more strategy that I cover in this episode—listen to find out what it is!

Resources & People Mentioned * 3 Steps to Retirement Planning * Dan McLaughlin

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

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Do you feel like you’re late to the game? Are you in your 50s and just now seriously looking at what you have saved for retirement? If you feel like you don’t have any hope of reaching the retirement of your dreams, I’m here to tell you that you still can. But it will take some sacrifice. So how do you get caught up saving for retirement? I share some ideas in this episode of the Retirement Made Easy podcast.

You will want to hear this episode if you are interested in... * [3:42] What to do if you’re behind on saving for retirement * [6:38] The question you need to ask yourself * [8:36] The best 401k match I’ve ever seen * [9:28] A few strategies to save more money * [11:43] Start with the end goals in mind * [16:30] What got you here won’t get you there

Make sure you’re focused on numbers that matter I spoke with someone who was 55 and wanted to retire at age 65—but only had $100,000 saved. He thought he could save some money by looking for lower-cost mutual funds. Instead of focusing on the cost of the funds (that usually make very little impact), he needed to focus on the amount he was contributing to his 401k.

Based on what he wanted out of retirement, he needed to have $1.4 million saved by the time he turned 65. At the time we spoke, he was only saving 4% of his annual income, with his company matching 50% of that (for a grand total of 6% of his annual salary).

He was never going to hit his goal by contributing 6% per year. He’d need a 16% annualized compounded return to reach his goals. That’s a steep—nearly impossible—return.

He knew where he needed to be in 10 years. So the bottom line? He needed to adjust his behavior to meet that goal.

What do I need to do differently? You must always ask: “What do I need to do differently?” The answer isn’t lower-cost investments. It’s changing your priorities. You should be saving 15% of your annual household income for retirement. If you’re 55 and you haven’t been doing this, you may need to save closer to 20% or 25% to get back on track. Once you’re back on track, you can bump the number back down to 15%.

Strategies to save more for retirement An even better recommendation? You could work for another company with a better 401k match. This particular man decided to make a career change. He ended up working for a utility company that matched 9% of his salary being contributed to his 401k. A better 401k match can make all the difference. I had one client that retired from Microsoft. They matched—dollar-for-dollar—up to the annual 401k contribution limit ($27,000 if you’re over 50).

What else could you do? The average car payment in the US is $667 per month. If you’re behind on saving for retirement, why not pay off your car, take the car payment, and put that toward your retirement?

Work backward from your goals (and crunch some numbers) If you feel like you’re behind, decide when you want to retire, what your goals are, and what it’s going to take to get there. Then, we can run different scenarios based on a 4% return, 6% return, 8% return, etc. Unless you’re investing your money in a CD or annuity with a guaranteed interest rate, you don’t know what your return will be. We have to use assumptions.

You’ve worked your entire life to live a dream retirement. You need to make it count. If you need help getting on track, don’t hesitate to reach out. I’d love to help you reach the retirement of your dreams.

Resources & People Mentioned * 3 Steps to Retirement Planning

Connect With Gregg Gonzalez * Email at: Gregg@RetireSTL.com * Podcast: https://RetirementMadeEasyPodcast.com * Website: https://StLouisFinancialAdvisor.com * Follow Gregg on LinkedIn * Follow Gregg on Facebook * Follow Gregg on YouTube

Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

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The listener questions have been rolling in so I decided it was time to do another listener Q&A edition of the Retirement Made Easy podcast! In this episode, I cover everything from investing your 401k to health insurance, and capital gains tax to social security spousal benefits for divorcees. Don’t miss this informative episode—I just might answer questions that have been circling in your mind!

You will want to hear this episode if you are interested in... * [3:55] Listener Question #1: Why should I invest my 401k? * [9:45] Listener Question #2: How does the match on a 401k work? * [11:40] Listener Question #3: What are the options for health insurance? * [14:49] Listener Question #4: How does capital gains tax work? * [19:25] Listener Question #5: How does the spousal benefit work for divorcees?

Why should I invest my 401k? If you have $1 million in your 401k and follow the 4% rule (withdrawing 4% every year) the money will last approximately 25 years with no growth. One particular listener asked why he should invest the money if it will last him 25 years. My first thought? What happens if you live more than 25 years?

In episode #6 of the Retirement Made Easy podcast, I share that the average age of the American retiree is 62 years old. The average woman lives 30 more years once they retire. If you don't invest that $1 million, you’ll be out of money for the last five years of your retirement!

Secondly, every year, everything you buy will cost more. Inflation averages 3% per year. As your expenses rise and you’re only withdrawing 4%, you’ll have to continue to cut your budget—or take out more money. The goal of a successful retirement is to live out your days comfortably. I don’t think you can if you’re not investing your $1 million.

What are the options for health insurance if you retire early? Health insurance is the #1 reason people delay retirement. If you want to retire early, you can jump on COBRA until full retirement age—but it’s expensive. The plus side is that COBRA can cover dependents for up to 36 months. The second option is private insurance, but this will also be expensive—anywhere from $800 to $1,500 per person. The final option is Obamacare, or the healthcare exchange, but it is income-based. You have to weigh your options until you become eligible for Medicare at age 65.

How does the spousal benefit work for divorcees? I spoke with a listener who asked how the spousal benefit works for divorcees. This listener had been married to her ex-husband for 8 years and never remarried after they divorced. She had asked for a copy of his social security statement since she believed she was eligible to receive a portion of his social security benefits. She was frustrated with his lack of response.

What she didn’t realize is that she would have had to have been married for 10 years or longer to be eligible for this benefit. Secondly, her benefits based on her own work history would have to be less than the spousal benefit.

Mickey Rooney was married 8 times but only married to one of his wives for more than 10 years. Seven of the eight wives were not eligible for the survivor benefit. Johnny Carson was married four times, and all four were for longer than 10 years—so all of his exes would be eligible.

Don’t fear if you can’t get a hold of your ex. With some basic information, the social security administration can help determine the spousal benefit. Your ex-spouse isn’t even informed that you’re using the benefit.