Mr. Stillman's Opus: Recent Episodes
John Stillman
Financial and retirement guidance from John Stillman, founder of Rosewood Wealth Management. Serving Durham, Chapel Hill, and the rest of the Triangle. Make sure your finances are designed to deliver you a harmonious retirement.
With Halloween on the horizon, we’re rolling out a themed edition of the show today by tackling some of the trick or treat decisions of the financial planning world. We’re going to present John with four different products that have risen in popularity recently and find out whether he would characterize them as tricks or treats.
Here’s what we discuss in this episode:
0:00 – Intro
1:20 – Home equity line of credit
5:18 – Infinite banking
8:12 – Buying gold
10:17 – No closing cost mortgage
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Schedule a Meeting: http://meetwithjohn.com
Check us out on YouTube: https://bit.ly/46RaLvL
Getting laid off or forced into retirement earlier than expected can be a big blow emotionally and financially, but it’s a life event that many people will have to navigate. If you find yourself in this position of no longer having a job before you were prepared to retire, should you go find another job or can you find a way to retire without it?
Today we’re answering a question we received recently from someone who is 61 and trying to determine if they need to go back to work. John will walk you through the factors that will impact this decision, like financial readiness and health insurance needs. Covering that gap until Medicare kicks in is often one of the biggest financial challenges for retiring early so we’ll share some options you could consider.
This is one of those situations where planning is critical for getting a clear answer that will allow you to move forward confidently, and we’ll give you a better understanding of the process we work through to help you develop that plan.
Here’s what we discuss in this episode:
0:00 – Intro
1:32 – Withdrawing from retirement accounts
2:40 – Knowing where you stand in terms of retirement income
5:46 – Wanting to know the answer
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Schedule a Meeting: http://meetwithjohn.com
Check us out on YouTube: https://bit.ly/46RaLvL
Social Security timing is one of the most crucial decisions you’ll make in your retirement planning journey. Should you wait until 70 to claim your benefits, or is it better to start earlier?
Today we’re going to answer a question from someone who planned to wait until 70 for Social Security so they didn’t leave money on the table, but now that they’re approaching age 68, they’re having second thoughts about waiting. So what’s the best path forward?
John breaks down the pros and cons of taking Social Security at different ages and why there’s never one answer that applies to every situation. He’ll also share practical examples of how Rosewood Wealth Management has helped clients make the best decision about Social Security within their overall income plan.
You want a well-thought-out retirement plan that takes your entire financial picture into account because Social Security is a decision need to get right.
Here’s what we discuss in this episode:
0:00 – Intro
0:44 – When to start taking Social Security benefits
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Schedule a Meeting: http://meetwithjohn.com
Check us out on YouTube: https://bit.ly/46RaLvL
As we age, one of the most pressing questions we face is how to manage long-term care expenses. What coverage will you need and what’s the best way to pay for that coverage? Today we answer a question about purchasing LTC insurance and whether it’s worth doing while you’re in your 50s.
John will discuss whether it is a necessary investment for those nearing retirement age and examine alternative options such as self-insuring and leveraging life insurance policies with accelerated death benefits. One significant drawback of insurance is the potential for premiums to increase over time, potentially pricing policyholders out just when they might need the coverage the most, which is why you want to know all of the options available.
Join us as we break down the pros and cons of different strategies to address long-term care expenses.
Here’s what we discuss in this episode:
0:00 – Intro
0:39 – LTC insurance at an earlier age can be a mixed bag
2:50 – Can you self-insure?
6:45 – Life insurance to pay for long-term care
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Schedule a Meeting: http://meetwithjohn.com
Check us out on YouTube: https://bit.ly/46RaLvL
It can be challenging for a lot of folks to think about legacy planning because it takes a lot of forward thinking. Not everyone wants to plan that far ahead, but for some, it’s incredibly important to leave their loved ones with an inheritance.
Today we are answering a question from someone who wants to leave money for their children and grandchildren but also wants to ensure that they’re not paying more in taxes on that money than they need to. John will examine some common thoughts and concerns that revolve around legacy planning and discuss some better ways to think about the answer to this question.
This video focuses on how to ensure your legacy is as tax-efficient as possible. Whether you are a parent or grandparent, understanding how to structure your inheritance can make a significant difference in the amount of money your heirs will receive. This is the final part of a four-part series where we’ve been looking into how children and grandchildren fit into financial planning, as we take a holistic view of how they tie into your financial future.
Here’s what we discuss in this episode:
0:00 – Intro
2:47 – Passing on money from tax-deferred accounts.
5:13 – When to start the legacy discussion.
8:42 – The challenges to structuring a legacy in a tax-efficient manner.
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Schedule a Meeting: http://meetwithjohn.com
Check us out on YouTube: https://bit.ly/46RaLvL
Instilling good financial habits in children starts at a young age, but that doesn’t mean that every lesson will stick in adulthood. Once your kids start working and earning significant money for the first time, it’s pretty common to put spending ahead of saving. As parents, we want to help them establish good financial habits but what’s the best approach to do that?
In this video, John will address a question we received from a parent who wants to make sure their kid is doing more than just getting by financially. Join us as we discuss strategies you can use to get those messages across. It all begins with solid communication, but we’ll also share some ways to help motivate your kids to grasp these financial concepts that will help them work toward financial independence.
Financial literacy is a vital component of a strong financial legacy. By communicating effectively, using incentives, and finding the right balance between help and independence, parents can equip their children with the skills they need to manage money wisely.
This is part three of a four-part series where we take a deep dive into how children and grandchildren fit into financial planning, and discuss how to look at some of the bigger questions that come with that, tune in!
Here’s what we discuss in this episode:
0:00 – Intro
1:51 – Effectively communicating financial literacy concepts.
7:11 – What if the message isn’t landing?
8:30 – Striking the right balance when teaching kids financial literacy skills.
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Schedule a Meeting: http://meetwithjohn.com
Check us out on YouTube: https://bit.ly/46RaLvL
With college costs continuing to rise, some grandparents wonder if there’s anything they can do to help ease the burden of college expenses for their grandchildren. Today we’ll explore the best strategies for those who want to support their grandchildren’s college education without compromising their own financial stability.
The 529 plan gets most of the attention when it comes to college savings, but we’ll share a few more options that are worth considering. All of these could work for you but the best approach depends on your family’s unique situation and goals. Whether you prioritize the tax advantages of a 529 plan or the flexibility of a brokerage account, the key is to start planning early and consider all available options.
Here’s what we discuss in this episode:
0:00 – Intro
1:43 – The pros and cons of a 529 plan.
5:14 – Transferring 529 funds into a Roth IRA.
8:18 – Other savings options for college.
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Schedule a Meeting: http://meetwithjohn.com
Check us out on YouTube: https://bit.ly/46RaLvL
It’s not uncommon for children to stay on their parent’s payroll in some capacity when they’re adults, but that could end up impacting the parent’s ability to retire. At what point do you move your kids off of the payroll and what’s the best way to handle that conversation?
In this episode, we’re going to address this situation and talk about how it ends up happening for parents. John sheds light on this issue, sharing his own experiences and those of his clients. He also emphasizes the importance of setting boundaries and understanding the long-term implications of continued financial support. If you’re in this situation or feel like the time is coming soon, we hope this conversation will help prepare you for ripping that band-aid off.
This is part one of a four-part series where we’ll explore how your kids and grandkids fit into your overall financial plan and discuss how to work through some of the key areas that children impact you financially.
Here’s what we discuss in this episode:
0:00 – Intro
1:43 – Different levels of being on payroll
4:45 – Our role in these situations
6:50 – How much does this hold you back financially
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Schedule a Meeting: http://meetwithjohn.com
Check us out on YouTube: https://bit.ly/46RaLvL
When you have multiple IRAs, managing them across different platforms and figuring out your RMDs for each account can be a little bit tricky. So what’s the best way to manage these accounts? Should you consider consolidating your IRAs?
Today’s featured question comes from a comment left on one of our previous videos so thank you for the contribution. Here is the question John will answer:
We have multiple IRAs set up over the years as different approaches appealed each year. Would you recommend consolidating all those IRAs to one account? Would it matter if we were taking RMDs or not in your answer?
Join us to hear strategies for consolidating IRAs, some benefits to simplifying your accounts, and best practices for navigating your RMDs. By simplifying your accounts and understanding the true nature of diversification, you can streamline your retirement planning and make informed decisions.
Here’s what we discuss in this episode:
0:00 - Intro
1:24 - Consolidating IRAs
8:27 – Old IRAs and 401(k)s
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Inheriting assets can be a life-changing financial boost, but it often comes with a maze of tax implications and decisions. In this episode, we will answer a question about an inheritance and lay out the tax considerations for a variety of assets to help you better understand what you might owe.
Discover how to navigate the tax implications of IRAs, annuities, bank accounts, real estate, and stocks to make the most of your inheritance. Even with this information, you still want to plan ahead as much as possible. If you know an inheritance is coming, or if you've just received one, it's crucial to sit down with a financial advisor to put a comprehensive plan in place. This will help you make the most of your inheritance, ensuring that you are as tax-efficient as possible.
Here’s what we discuss in this episode:
0:00 – Intro
1:06 – Today’s question
2:17 – IRA
4:41 – Annuities
5:45 – Bank account
6:50 – Home and stock
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Retirement planning doesn’t have to be overwhelmingly complicated. It certainly doesn’t have to be as complicated as some people make it.
In this episode, we unravel the unnecessary complexities often woven into the fabric of retirement advice. We’ll debunk some myths, simplify strategies, and uncover the beauty of simplicity and straightforward retirement planning. If you’re looking for more simplicity within your financial plan, we’ll even provide a few steps you can take today to move in that direction.
Here’s what we discuss in this episode:
0:00 – Intro
1:13 – The cause for complexity
5:09 – Steps to simplify things
8:33 – Simplifying investments
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
What should you do with an old 401k that you’re still holding onto from an previous employer? Does that answer change when the market is performing well and your account is generating strong returns?
Let’s take a closer look at the rollover IRA and whether it’s something that you should be doing with your old 401k accounts. The primary reason someone uses a rollover is to gain more flexibility and control over that money so let’s talk about how the current investing environment impacts that decision. We’ll share our approach with clients when we’re helping them manage their portfolio and help you get a better idea of whether a rollover is a strategy you should utilize.
Here’s what we discuss in this episode:
0:00 – Intro and today’s question
1:12 – The reason to rollover your money
4:18 – The investment options
5:44 – Tax considerations
7:40 – Can you do this on your own?
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
No one has a crystal ball that will tell them what will happen with tax rates in the future and we certainly can’t predict what will happen, but the expectation for many people is that rates will only be going up from where they are right now.
With that in mind, does it make sense to sell investments off ahead of those possible tax increases in order to take advantage of the lower rates? We’ve been talking to our clients at Rosewood Wealth Management about tax planning strategies that will position them better over time but does it make sense in this specific situation? We’ll break that down in this video.
Here’s what we discuss in this episode:
0:00 – Intro on tax rates
1:32 – Today’s question
4:13 – Charitable giving strategies
9:32 – Capital gains taxes
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
The IRS first made significant changes to the stretch IRA with the introduction of the SECURE Act in 2020, and they’ve since made a few updates. Now the IRS has tweaked things even further for 2024 and we’re going to fill you in on what you need to know in this video.
We’ll discuss the implications of the recent changes made by the IRS, including the new rules for inherited IRAs and the importance of having a well-thought-out plan for withdrawals.
Here’s what we discuss in this episode:
0:00 – Intro and background on the stretch IRA
4:00 – The update for 2024
5:58 – Is this significant?
Read more about the change here:
https://www.cnbc.com/2024/04/19/irs-waives-required-withdrawals-from-some-inherited-ira-for-2024.html
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
The housing market remains strong in North Carolina and throughout much of the country, which creates an interesting option for many people moving in retirement. Should you go ahead and sell your home to take advantage of the current home values and rent until you’re ready to buy your next place?
Today we’ll tackle a question that came in to us recently and asked about this same scenario:
The housing market in my neighborhood is still really good right now and I’m tempted to put our house on the market and get top dollar for it. We’re going to retire in 2-3 years and would be moving at that time anyway. Of course, I’d need a place to live for those next 2-3 years after selling; would it be dumb to rent something for that period?
Find out why we think most people are going to be better off owning their home in retirement and how renting could play into that process in a positive way.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:29 – What we’ve seen
6:20 – Interest rates
7:09 – Lifestyle consideration
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Are you in your early 50s and dreaming of retiring early? It’s a feasible goal with the right financial planning but there are milestone ages that you need to take into account.
Retiring early means different things to different people. For some, it's bowing out before the traditional retirement age, while for others, it's about clocking out permanently while still in their fifties. But regardless of how you define 'early,' there are certain financial considerations that are pivotal in the planning process.
We’ll lay out the ages you need to know about and the planning that needs to take place as a result.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:05 – Age 65
4:36 – Age 62
7:10 – Age 59.5
10:45 – Get a jump on planning
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
The idea of retirement is one that’s filled with plenty of rest and relaxation, but the reality is stress doesn’t go away. From losing the structure of a daily routine to the challenges of socializing and finding a new purpose, the pitfalls of retirement can certainly increase the stress you’re feeling.
We heard from someone recently who had this concern about their upcoming transition so we want to address the unexpected stresses that come with leaving the workforce. Here’s the scenario John will discuss:
I heard someone talking the other day about how stressful life has been for her since she retired. Maybe I'm missing the point of retirement because I thought the idea was to reduce stress. But now I'm second-guessing my plans to retire in about six months. What am I missing?
Whether you're six months or several years away from retirement, this topic could change the way you approach your golden years.
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
We’re just a few months away from another election and everyone anticipates it being another year, so what does that mean for your investments? When uncertainty starts to increase, there’s often a strong marketing push for buying gold, but is now a good time to do that?
Today we’ll answer that question with a discussion on the role of gold in your portfolio as we prepare for election year madness. Uncover the truths behind gold's historical performance and whether it truly is the investment armor against volatile markets.
This isn’t just a question for election years so let’s break down the truth behind gold as an investment.
Here’s some of what we discuss in this episode:
0:00 - Intro
1:19 – Gold’s return over time
3:50 – The marketing behind buying gold
5:51 – Apocalypse preparation
7:39 – ‘This time is different’
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
As you approach retirement or begin that next stage of life, the financial goals shift to protecting what you’ve saved. There are different ways to accomplish that goal, but with the volatility we’ve seen from the market, does it make sense to move to cash to be safe?
Here’s the question we’ll tackle in this video:
I haven’t decided on a specific retirement date yet, but hopefully it will be sometime in the next four years. With all of the recent market volatility, should I just move my retirement savings to cash until everything blows over?
We’ll provide context for this conversation by looking back at the market in the past few years and then explain how we help people answer this question.
A common situation that many couples have to face is one spouse being older than the other and worrying about how to protect them financially should something happen. What’s the best way to ensure they are taken care of after you’re gone? Is a big life insurance policy a good option?
In this video, John will weigh in on this scenario and answer a question that we recently received:
I’m not planning on dying anytime soon, but my wife is nine years younger than me and I want to be sure that she’s taken care of when I’m gone. Should I take out a big life insurance policy on myself?
Find out how to determine if life insurance makes sense and what type of policy you might need.
For most people, investing strategies change as you age because you want to protect what you’ve earned rather than chasing bigger returns. But what if you have more than you’ll need for retirement in your IRA? Is that a time when being aggressive makes sense or should you still take a more conservative approach?
In this video, we’ll be answering a question we recently received with this scenario:
I’m in my 70s and it doesn’t seem that I’ll be needing any of the money in my IRA, although I do have to take RMDs each year. I know that it breaks all of the rules for someone in their 70s to be an aggressive investor, but since I don’t need the money, it’s ok if I’m aggressive, right?
Join us as John answers the questions and explains how he would work through this situation with Nina to help her get the most out of her money.
As much as any other threat, recognizing and avoiding scams has become a necessary skill for today’s retirees to develop. Technology continues to evolve at a rapid pace, which makes it more and more difficult to stay on top of the latest scams. This episode will highlight the most common financial scams being used right now to help you better recognize when you’re being targeted.
Join us as we explore crucial steps you can take to safeguard your financial well-being against the growing tide of scams and identity theft. Learn from real-life stories and gain practical advice to keep your finances secure in this digital era, all from the perspective of a seasoned financial professional.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:56 – Phishing
6:35 – Government scams
8:43 – Sweepstakes
10:30 – Grandparent scams
13:10 – Romance scams
16:00 – What to do if you fall victim
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
It’s not all that uncommon to hear from someone who was given the option of a severance package and pension buyout years ahead of when they actually planned on leaving work to retire. Is it worth taking the offer and leaving your job or does it make more sense to continue working?
We received a question recently from someone in this situation:
I’m 60 and have been given two options at work. Keep working and retire in 5-6 years with a pension, or I can retire now and take a severance package & a pension buyout. How do I weigh my options?
More and more Americans in their 50s and 60s are being forced into an early retirement so let’s talk about how to figure out which option is going to be best for you. It can be an overwhelming decision, especially if you have to make it in 30 or 60 days, and this video will give you a few things to consider if you face this same scenario.
A common area where people struggle with their finances is simply just making decisions. It’s easy to fall into the trap of overthinking, to the point where you talk yourself into circles and fail to ever make a choice. You’ve probably heard the phrase ‘paralysis by analysis’ before but it often applies to the financial industry as well.
We have a scenario that we want to share and work through in this video: It seems like every time I need to make a financial decision, I just end up talking myself in circles. How do I stop doing this?
John Stillman of Rosewood Wealth Management will show you how he helps clients push through the mental hurdles that come with making money decisions and specifically address this situation. He’ll share some real-life examples of how this has played out in his office and give you the key considerations you need to think through in order to start making the tough decisions.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:49 – Client story
5:13 – Understanding what matters
7:10 – Iterative decision making
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
It’s not uncommon for someone to retire early but still not feel totally comfortable with the idea of not earning a consistent paycheck. It’s a complete shift in thinking and unless you’ve done solid planning, there might be a little doubt still lingering in your mind.
So how do you know when you have enough to retire? Better yet, how do you get the confidence to spend the money you have in retirement without the fear of running out and returning to work.
We have that exact scenario to work through on the show thanks to a question that we recently received. It comes from a police officer who was injured and given a medical retirement, which provides a monthly check. At age 53, they feel like they need to continue earning money because it feels too early to be retired. The issue now is finding work that pays as much as his job as an officer did so how should he approach this?
Listen as we tackle this specific situation but also discuss retiring early and the general planning involved.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:32 – Questions to answer
4:58 – How much you need to make
6:14 – Client story
7:24 – How to plan for it
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Are you considering maxing out your 401(k) but unsure what to do next? We face this question all the time at Rosewood Wealth Management so today we want to explore if it’s wise to max out your 401(k) before investing anywhere else, and if it is, where to look if you want to save even more.
It’s a good conversation to have early in the year as you make plans for your retirement contributions over the next 12 months. Having said that, we do understand that this is a fortunate position to be in, and not everyone will have the ability to max out their contributions this year, and that’s totally fine. We can work through strategies for different situations, but today we want to focus on those who can save at a high rate so that they’re getting the most from their investments.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:48 – Reasons to max out your 401k
5:59 – Reasons why you wouldn’t max it out
8:11 – Roth option
10:10 – Other investment options to consider
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Find us on YouTube: https://bit.ly/42qQ3jZ
The future of Social Security continues to be a cause for concern if you read the headlines, but should you be concerned about the reality of the program going bankrupt?
With so many retirees relying heavily on Social Security for income, there’s plenty of reason to take notice and ask the question. In this episode, we’ll help you better understand the reasons money is projected to run out sometime in the 2030s by using a triangle and hourglass analogy. John will also tell you why he doesn’t think it’ll ever run dry and list a few things that could change to maintain solvency.
Here’s some of what we discuss in this episode:
- Explaining how the Social Security Trust Fund is structured and why we’ve had to dip into it.
- How the demographics of our country have shifted over the past 50 years and what it could look like in the future.
- The reasons why John is currently worried about Social Security.
- Should this change your strategy for claiming?
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Today we’re going to answer a question that a lot of people are asking when it comes to retirement planning and that’s when should you do a 401k rollover? You’ve probably heard that it’s usually best to move money out of an old 401k account, but does the timing matter?
In this episode, we’ll talk about the qualifying events that need to occur in order to give you the option for a 401k rollover. Then we’ll tell you about the four main options you have once you reach the point where you could roll the money over. Finally, let’s discuss some reasons why you would choose one of these options over another.
Here’s some of what we discuss in this episode:
- The four options that most people have for their old 401k.
- You can’t expect HR to tell you when these qualifying events occur.
- Why your age plays a role in the decision.
- What specific things should you discuss with your financial professional before doing a 401k rollover?
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
We’re finishing up our estate planning series with Tim Nordgren, an attorney at SchellBray in Chapel Hill, with a discussion today on what could go wrong if we don’t have the main planning documents in place. Then we’ll wrap up with some of his estate planning horror stories that he’s seen through the years.
As you heard in our previous episodes with Tim, there are four main estate planning documents: the will, the durable general power of attorney, the healthcare power of attorney, and the living will. Join us as we find out what could go wrong for each of these and how he’s helped people navigate these messy situations.
Here are some of the things you’ll learn in this episode:
- The primary thing that can go wrong with no will is you lose control over where your assets go.
- Without the durable general power of attorney, someone will have to petition the court to have the incapacitated individual declared incompetent.
- The two different types of court-appointed guardians.
- Without a living will, you leave the person making the ultimate decision with a very tough choice.
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
We’re back once again with Tim Nordgren, an attorney at SchellBray in Chapel Hill, to talk more about estate planning. Today we want to address one of the most common questions that comes up during our planning meetings and that’s whether or not someone needs a trust.
It seems like many people have been conditioned to think they need a trust, but that’s not always the case. To help us better understand some of the scenarios where a trust makes more sense than a will, Tim will take us through the key differences, which assets need to be covered, and the main benefits a trust provides.
Here are some of the things you’ll learn in this episode:
- Let’s first understand the different purposes for a will and a trust.
- Who would be the type of person who can do everything they need to do through a will.
- The different types of trusts and which assets are typically included in these.
- The key benefits the trust provides a person or family.
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Today we’re joined by Tim Nordgren, an attorney at SchellBray in Chapel Hill who focuses on trusts and estates. We send people to Tim all the time and appreciate the work he does, which is why we wanted to have him explain estate documents a little further for us.
He’ll walk us through the documents needed for when doing testamentary planning or planning for incapacity and explain what each document covers.
Here are some of the things you’ll learn in this episode:
- The documents that are need for the two groups of planning: testamentary and incapacity.
- Who might need a last will and testament versus a living trust.
- The different types of power of attorneys.
- Why you want to have a durable general power of attorney in place.
- What the living will or advanced directive is used for.
- Which of these documents are must-haves for everyone?
- What can go wrong if you don’t have each of these documents.
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
The role of life insurance in retirement is something many people ask about. Do you still need to keep your policy now that your children are on their own and you’ve built a nice nest egg? While that’s true, life insurance might still be able to play a valuable role in your financial plan and we’ll tell you why in this episode.
John will run through the most common reasons people say they need life insurance and we’ll tell you which ones are legitimate. Things like covering final expenses and paying off debt are often on the list but what about using it for tax-free income or covering long-term care? We’ll discuss those and more on the show today.
Here are some of the things you’ll learn in this episode:
- The role life insurance often plays in retirement planning.
- You might be better off putting money for final expenses in a savings account rather than life insurance.
- What you own stands good against what you owe so using it for debt might not be necessary.
- Using it for tax advantages when passing along your estate won’t apply to everyone.
- The ability to use it for creating tax-free income might be a bit oversold.
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
We’re in the middle of one of the largest wealth transfers in our country’s history as Baby Boomers pass on their estate to loved ones, and some of that money is coming in the form of an IRA.
Rules regarding inherited IRAs have changed in the past few years so we want to bring you up to speed on what’s new. Plus, we'll walk you through some of the decisions you’ll need to make with an inherited IRA, how it impacts beneficiaries differently, and explain the differences for Roth IRAs.
Here are some of the things you’ll learn in this episode:
- What has changed with the inherited IRA rules since 2020.
- What is an eligible designated beneficiary and why does it matter for this scenario?
- How should you proceed if your only option is to withdraw all the money within 10 years?
- What are the rules if you just inherited a Roth IRA.
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
In this episode, we’ll explore many of the expenses in your life that might drastically change (one way or another) in retirement. We’ll break those expenses down further to see which ones are the top priorities and analyze some of the other factors that impact your cash flow in retirement.
Here are some of the things you’ll learn in this episode:
- Will your work-related expenses like gas and clothes really change as much as you think? (2:44)
- What we typically tell people to prepare for when it comes to healthcare expenses. (5:55)
- Why people are often surprised with what they might owe in taxes. (8:49)
- The different travel expenses that we typically see clients have. (14:16)
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
When you think about a family’s assets in retirement, few are more important than the home. Not only is it typically the most expensive thing a person owns, but it also carries a lot of emotional attachment with it.
Once you reach retirement, you’re likely going to have a few things to consider with your home, and people often go in one of four different directions: stay in their home, move to a new home, become a renter, or buy a second home. Today we’ll talk through each option and what financial pros and cons you’ll need to consider before choosing where you plan to live.
Here are some of the things you’ll learn in this episode:
- Is staying in your current home going to work for you long-term? (2:48)
- What goes into the decision to move? (6:22)
- What we need to think about before buying a second home. (10:05)
- Does it make more sense to sell your home and free up cash by renting? (12:56)
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Our three-part series on marriage and money wraps up today with a look at the financial decisions that often happen during the divorce process. This is going to be a highly emotional and difficult process for those involved, which makes the financial aspect of this process even more challenging.
We’ll walk you through a few of the items that will need to be addressed like dividing assets, child support, and updating documents. Then we’ll talk about how your mindset has to change as you begin the next chapter of life independently and begin planning for retirement on your own.
Here are some of the things you’ll learn in this episode:
- John shares his most memorable story about divorce. (1:10)
- Mistakes made when dividing the assets. (4:15)
- Child support and alimony (7:11)
- Updating documents and beneficiaries. (9:39)
- Changing your mindset to approach finances as an individual. (11:18)
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Money plays a significant role in the health of a relationship and life events like marriage and remarriage require us to have honest conversations about finances when we take these steps in life.
In this episode, we’re going to spend time discussing the items that need attention when you get remarried. There are some common themes and considerations as your first marriage, but things like combining finances and joint accounts will inevitably be more difficult when it’s the second marriage because you’re further along in life and more established financially.
Combining households can be a challenge when you get married again for the second time so we have to communicate quite a bit and make sure we find a process that works for both parties.
Here are some of the things you’ll learn in this episode:
- It’s more common to keep finances separate, at least early on. (2:09)
- How you manage a blended family. (3:42)
- Changes you need to make to beneficiaries and insurance. (7:40)
- Handling inheritances can get tricky. (9:54)
- What do you do about having multiple financial advisors? (12:13)
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Some of life’s biggest events come with important financial decisions and marriage might be at the top of the list. Many of the arguments in a relationship start because of disagreements about money, which is why it’s so important to have a conversation about money and managing finances before your wedding day.
In this episode, John will provide some financial guidance and useful tips for how to approach these topics with your spouse. Should you combine finances? How do you define certain spending categories? We’ll try to answer those and more during this show. Plus, John will also share the way he and his wife manage their money and why it works for them.
Here are some of the things you’ll learn in this episode:
- What’s the best approach to combining bank accounts and managing spending? (2:43)
- John evaluates Ben’s spending setup for his family. (4:52)
- How do you define a personal spending expenditure and what is a joint household expense. (7:44)
- What’s the best way to communicate about money with your partner? (8:56)
- Who will manage your finances and should you have both involved? (12:36)
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Have you ever wondered why you handle money the way you do? It turns out your financial behaviors can be traced back to your formative memories. Key events throughout our lives shape the way we view money.
In this episode, we explore how historic market crashes have left a lasting impact on our relationship with money. We’ll also contrast them with the way more recent crises have shaped our financial views and decisions in the short term. Best of all, we’ll start it all off with a biblical example of how people have been financially scarred for hundreds of years.
Here’s some of the myths we’ll address in this episode:
- John provides a biblical example to show how we suffer financial scars. (1:55)
- How the Great Depression affected financial habits for generations. (6:37)
- The post-war boom made people believe big returns were commonplace. (9:20)
- The fallout from 2008. (13:00)
- Assuming everything will bounce right back after seeing what happened in 2020. (15:35)
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you're eligible is the best decision for your financial future? In this episode, we'll be debunking common myths about Social Security and answering the questions you've been curious about.
Social Security will be one of the biggest sources of retirement income for most Americans and you need to be aware of these myths before filing for your benefits. Most of the time, once that decision is made, you can’t reverse it. So let’s make sure you’re getting the most out of your benefits.
Here’s some of the myths we’ll address in this episode:
- The Social Security Administration will help you make the best decision about when to claim your benefit. (1:17)
- You won’t get Social Security if you were a stay-at-home mom. (5:55)
- You won’t have to pay taxes on your Social Security since you’ve been paying into the system your entire career. (10:26)
- Social Security won’t have any money left by the time I claim. (12:06)
- Your Social Security benefits are based on your last job’s salary. (16:06)
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Are you preparing for retirement but feeling confident that you have covered all the expenses? Well, think again… It turns out that many retirees overlook some crucial expenses that can leave them financially vulnerable.
In this episode, we explore the retirement expenses that most people tend to forget, including skyrocketing medical bills, unexpected travel costs, taxes, and much more. We'll discuss practical tips and strategies to help you plan for these expenses and ensure a secure and comfortable retirement.
Here's some of what you'll learn on this episode:
- Are you prepared for everything Medicare doesn’t cover in retirement? (1:35)
- Many families have to provide financial support for parents and children. (6:38)
- What often gets overlooked when it comes to tax planning. (9:21)
- How to prepare to tackle those maintenance and repair expenses that pop up. (12:13)
- Why you have to increase income streams to incorporate inflation into your plan. (13:40)
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Do you ever feel like your retirement planning goals are always moving? You're not alone. We’ve found that people often move the goalposts in their own retirement planning, often to their detriment. In this episode, we're diving deep into the psychology of retirement planning and the dangers of moving the goalposts.
Keep in mind that we’re talking about the rules you make for yourself rather and not the changes you make to your financial plan. We want to have a financial plan that’s flexible enough to change as your life does so that’s a bit different than this conversation today.
Here’s some of what we’ll discuss in this episode:
- What’s the risk for changing how much cash you feel you need to have saved? (1:48)
- The people that put off getting serious about savings until next year… (6:41)
- We often change the amount of risk we’re willing to take on. (8:20)
- Why changing your retirement date is a missed opportunity. (12:07)
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
Retirement can come with a lot of tax questions and concerns. From understanding the tax implications of withdrawing from your retirement accounts to minimizing taxes on investment income, it can be overwhelming.
On today’s episode, we’ll break down the top ten tax questions retirees are asking in 2023. Before you file your 2022 taxes and plan ahead for the rest of the year, make sure to listen to this episode as we’ll discuss some important tax questions that retirees should ask themselves to ensure they're making the most of their retirement savings and minimizing their tax burden.
Here’s some of what you’ll learn in this episode:
- What are the tax implications of withdrawing money from my retirement accounts? (1:47)
- Will my Social Security benefits be taxed? (3:17)
- Does the taxation of my pension income differ from other forms of income? (6:38)
- How will my taxes change if I decide to move to another state in retirement? (9:12)
- What are the tax considerations for gifting money to my children or grandchildren during retirement? (11:46)
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
mistakes. No matter how experienced you might be, we’re all susceptible to a moment of weakness.
On this episode, John will cover some of the top rookie mistakes we see people make and share examples of how he’s seen this play out. Plus, he’ll illustrate how to avoid these missteps or how to fix them if you’re already made some in your financial life.
Here’s some of what you’ll learn in this episode:
- Do you have a purpose for the money you’re investing? (1:39)
- Why investors don’t always understand the amount of risk they have. (6:43)
- How emotions play a role in the decisions you make. (9:15)
- Why we all fall into the trap of a ‘hot tip’ (13:32)
- The role your advisor should play in helping you avoid these mistakes. (16:46)
Connect with us:
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446
The SECURE Act 2.0 was pushed through Congress late last year, and even though you won’t see too many exciting headlines about the legislation, there are actually some great planning opportunities inside.
We spent a little time talking about the RMD age change that will impact people in or near retirement in our last episode. Now we want to highlight a few more positive changes that you need to know about, including catch-up contribution increases, a 529 to Roth option, and a benefit for people for some people still paying off student loans.
Here’s some of what you’ll learn in this episode:
- Catch-up contributions for increase for people aged 60-63. (1:15)
- You’ll have the ability to move 529 money to a Roth with restrictions. (3:36)
- Student loan payments could qualify you for a company 401(k) match. (8:06)
Connect with us:
https://rosewoodwealthmanagement.com/
919-391-3446
We’re only a few years removed from the SECURE Act being passed, which brought about significant retirement planning changes. Now three years late, Congress passed SECURE Act 2.0 in late December and we have another round of changes to process and adjust to.
We’ll cover these provisions over the course of multiple episodes, but today we’ll focus primarily on another adjustment to the age you have to begin taking required minimum distributions. Starting this year, the age will move from 72 to 73, which is pretty big news for people that are in their mid-to-late 60s.
Here’s some of what you’ll learn in this episode:
- The RMD age pushed back from 72 to 73 beginning this year. (2:14)
- A specific example of why this change matters to planning. (4:44)
Connect with us:
https://rosewoodwealthmanagement.com/
919-391-3446
The end of the year (or start of a new year) probably means you’re getting a lot of financial statements in your mailbox (or inbox if you’re paperless). Ever wonder what some of those terms mean as you look at your 401(k), IRA and other account balances?
Let’s spend a little time looking over a financial statement and breaking down some of the terms you might come across.
Here’s some of what you’ll learn on this episode:
- How accurate are retirement income projections you’ll see? (1:38)
- What do you need to know about that asset allocation pie chart they include for your investments? (4:34)
- Are all the fees listed on the account statement? (7:43)
- Will you miss anything if you don’t read through the disclosures and fine print? (9:49)
- Other balances you might find on your statement. (11:15)
Connect with us:
https://rosewoodwealthmanagement.com/
919-391-3446
Even if she wasn’t directly talking about money, Grandma said a lot of smart things that we can apply to financial planning. We might not have known it then, but looking back on wisdom that was imparted to us can teach us lessons years later.
On this episode, let’s take some classic Grandma sayings and see how they relate to our financial lives.
Here’s some of what you’ll learn on this episode:
- How ‘when it rains it pours’ applies to the way the market behaves. (1:33)
- ‘You never know’ is used quite a bit in financial planning. (4:19)
- ‘A bad apple spoils the whole barrel.’ (6:43)
- Why it’s important to get information ‘straight from the horse’s mouth.’ (8:49)
- Yes, ‘if your friend jumps off a bridge, would you do it too?’ applies to finances. (10:00)
Connect with us:
https://rosewoodwealthmanagement.com/
919-391-3446
Getting through retirement can be a lot like running a marathon. While we may not know that through first-hand experience, we can certainly lean on the lessons we’ve learned from family and friends who have succeeded in this endeavor.
On this episode, let’s talk about some of the similarities of getting to the finish line in racing and retirement. Much like in retirement, runners might be able to finish a race without all the planning and prep, but they might not how they’re feeling during and after.
Here’s some of what you’ll learn on this episode:
- What planning and preparation goes into retirement? (2:12)
- The proper diet is just as important as planning. (5:24)
- Why you shouldn’t start too fast in retirement. (8:28)
Connect with us:
https://rosewoodwealthmanagement.com/
919-391-3446
Whenever we’re faced with a major life event, certain people will have an impact on us and the decisions we make. But when you work with a financial advisor who you’ve built a strong relationship with, they end up being there for all of these key events because of the financial impact they have.
Let’s explore some of the things you should be thinking about to make smart financial decisions when you encounter some of the most significant events in your life.
Here’s some of what you’ll learn on this episode:
- What do you need to consider when you change jobs? (2:35)
- The tax considerations that come with an inheritance. (5:45)
- How becoming an empty nester changes your income and savings. (10:03)
- How we help someone that goes through the death of a spouse. (11:45)
Connect with us:
https://rosewoodwealthmanagement.com/
919-391-3446
We always talk about the money side of financial and retirement planning. But what about the mental aspect of that big life change?
Today we’ll break down an article written by a Licensed Professional Counselor (Kate Schroeder) for Psychology Today, titled The Psychological Investment In Retirement. You might be surprised to find out that many financial advisors actually spend significant time on this side of the planning process, and we’ll take you through that on this show.
Here’s some of what you’ll learn on this episode:
- Few people consider the consequences of leaving your everyday routine behind. (1:53)
- Why we struggle to find genuine meaning in retirement. (4:20)
- This is the time to try things you’ve always wanted. (6:24)
- What can you do invest in personal growth and development? (8:28)
- What have our clients done to get mentally prepared for retirement? (10:54)
Connect with us:
https://rosewoodwealthmanagement.com/
919-391-3446
There are plenty of decisions that you’ll make in the retirement planning process that can’t be undone, so you want to make sure that you make the right call. On this episode, we’ll explain why these decisions are so important and can’t be undone.
Here’s some of what you’ll learn on this episode:
- Why claiming Social Security at 62 isn’t always the right decision. (1:58)
- What’s important to know about spousal benefits on a pension. (4:50)
- Reasons for getting life insurance and why you should decide soon. (8:46)
- Choosing the appropriate retirement date can keep you from having to go back to work. (12:15)
Connect with us:
https://rosewoodwealthmanagement.com/
919-391-3446
People have many reasons for procrastinating when it comes to putting a retirement plan together. Let’s explore some of those excuses and why they can be dangerous, and talk about how to overcome them.
Connect with us:
https://rosewoodwealthmanagement.com/
919-391-3446
You’ve most likely heard plenty of “rules” you’re supposed to follow to retire successfully. Some of these rules are stated so confidently, you’d be crazy not to immediately accept them as fact. But we don’t mind the threat of being called crazy, so let’s dive into some of the most popular retirement “rules of thumb” to see if they truly lead us down the path of good financial guidance or run a chance of leading us astray.
Connect with us:
https://rosewoodwealthmanagement.com/
919-391-3446
Gary & Nancy Williford hadn't been living in their new home for very long before the unthinkable happened. This is their story about losing their home to a fire, the aftermath and rebuilding process, and how they've been coping ever since.
Jonie & Meme Neddo were a young, interracial couple in rural Tennessee at a time when interracial dating in rural Tennessee wasn't exactly encouraged. This is their story about how they parted ways in 1980 and found their way back to each other more than 25 years later.
Kathy Pittman lost her husband to a brain tumor when her daughters were just 6 and 4. In this episode, she shares her story--dealing with her grief, trying to make ends meet financially, and raising two girls alone.
Jay Campbell is a client of Rosewood Wealth Management who--back in 2003--argued a case before the Supreme Court, representing a group of West Virginia coal miners in the case Doe v. Chao. At a time when the Supreme Court is getting lots of attention from lots of folks, Jay shares his behind-the-scenes story of how the Court really works.
Larry Falivena is a client of Rosewood Wealth Management who has been battling ALS for the last several years. He joins John Stillman in studio to discuss the disease, the emotional and financial effects on his family, and the nationwide tour of all 30 Major League ballparks that he went on last year in an effort to raise funds and awareness.
Almost everyone will feel the some effects from the new SECURE Act. Some more immediately than others, but in the grand scheme almost everyone will be affected. Ron and I will help you tackle the new rules as we discuss the two most important components: the changes in stretch IRAs and the new RMD age. The most important thing to keep in mind is communicating with your family about the changes from an estate planning standpoint. Don’t fret, we’re gonna break it all down for you and help you get started!
Check out the full show notes for this episode by clicking here.
There are actually a lot of principles from the personal training and fitness world that we can apply to retirement planning. Let's explore some similarities and learn how to increase our level of financial fitness.
Get the full show notes for this episode at http://mrstillmansopus.com
On This Episode:
- 1:53 - Coaches and Trainers
- 5:28 - Specific Goals and Training Plans
- 7:57 - Good Habits and Crunches in the Kitchen
- 10:52 - The Process Brings You To Your Destination
If you're heading out on a road trip, there's a long checklist of items that you want to be sure you haven't forgotten. And in retirement planning, some of those exact same items need to be addressed. Let's look at some of the items that should appear on both your road trip checklist and your retirement planning checklist.
Get the full show notes by visiting http://mrstillmansopus.com
If you take a close look at most folks' financial situations, you'll find that it's almost scandalous how badly their financial matters have been handled. Let's talk about the steps people should take to create a scandal-free retirement.
On this episode:
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1:41 - Impeach Consumer Debt
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3:51 - Stop the Leaks in your Budget
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6:03 - Obstruct Your Catastrophic Market Losses
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8:39 - Collude with a Good Advisor
Get the full show notes for this episode at http://mrstillmansopus.com.
What does tennis have to do with retirement? Probably more than you would think. We pulled three aspects to tennis that relate to retirement planning to help you understand the strategy a little better.
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The court is different for singles versus doubles.
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Certain players excel on a particular playing surface.
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Holding serve is important.
So sit back and let us serve up some retirement analogies so you can ace your investing decisions.
Check out the full show notes for this episode by clicking here.
We all have one. You can usually find it in the kitchen in one of the bottom drawers. It's that place where we toss rubber bands, paper clips, batteries, chip clips, and any other random item we don't have any other place for. It's our junk drawer and we'd rather avoid it then trying to get it organized. Believe it or not, our financial portfolio has a junk drawer filled with old 401(k) plans, old life insurance plans, and other products we bought years ago but haven't done anything with since.
In this episode, we'll look at some of those items you'll find in your financial junk drawer and give you some options for where to move the investments to better fit your needs.
You can read more about this show by clicking here.
There are many similarities between planning for retirement and a game of chess. In this episode, John makes the comparison by explaining which investment option is each chess piece on the board and how they can be used to maneuver you through the game of retirement.
Remember your senior yearbook that included superlatives like 'Most Popular' and 'Class Clown'? Well, we're taking that idea and applying it to the financial world by picking out the investment options that are 'Most Overrated', 'Most Underrated', 'Most Popular', and 'Most Likely to Disappoint.'
Check out the show notes by clicking here.
Today's rundown:
[1:03] – Class Superlatives at the School of Financial Strategies
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[1:33] Most Underrated: Roth IRA
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[3:05] Most Overrated: Expensive Cars
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[5:24] Most Likely to Disappoint: Whole Life Insurance Policies
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[7:05] Most Popular: 401(k), 403(b), TSP (Thrift Savings Plan)
[9:20] – Possible Winner Overthrow?
- Could the Roth take over as Most Popular?
[10:10] – Teachers Pet: The Variable Annuity
Most people have a basic knowledge of Required Minimum Distributions (RMDs) but few understand how they pertain to IRAs and 401ks, as well as the intricate timing details that are essential to preparing to withdrawal for tax payments. For a better understanding of the best times to withdrawal as well as avoiding penalties, join John and Ron as they discuss a letter Ron recently received shortly after a big birthday.
Check out the show notes here: https://mrstillmansopus.com/retirement/getting-your-rmd-ducks-in-a-row/
0:45 - RMDs for 401(k)s 2:45 – RMDs for IRAs
4:35 – Here’s an example:
5:34 – When do you have to make a withdrawal?
7:00 - In what scenarios would I carry it over?
7:58 - Avoid a loss in penalties!
9:04 – Another Octave
If you think about it, planning for retirement is a bit like going to the grocery store. You need to know what you need, you need to know what you're paying, and at times, you need to purchase the more expensive product. These are just a few of the similarities. Join us as we unpack this analogy and help you shop for a meaningful retirement.
Click the link for more in-depth reading in a recent blog post: https://mrstillmansopus.com/investing-strategy/the-retirement-grocery-store/
We often see people justifying their poor financial decisions by making excuses. We'll identify these excuses and explain why they lead to poor judgement.
Click the link for more in-depth reading in a recent blog post: https://mrstillmansopus.com/retirement/four-dangerous-excuses/
March Madness is upon us, and everyone's excited for the upsets, buzzer beaters, and Cinderella stories. As a fan, it's an emotional time of year, and believe it or not, March Madness can teach us a thing or two about retirement.
Click the link for more in-depth reading in a recent blog post: https://mrstillmansopus.com/lifestyle/lessons-from-march-madness/
Our clients often ask us whether they should accelerate their house payments in order to pay off their house early. Join us as we explore the pros and cons of this strategy.
Click the link for more in-depth reading in a recent blog post: https://mrstillmansopus.com/real-estate/this-ones-on-the-house/
We're living longer than ever, and of course, that's a good thing. However, longevity presents its own challenges. John explains.
Click the link for more in-depth reading in a recent blog post: https://mrstillmansopus.com/retirement/longevity-risk/
This time of year, you can find football on TV almost every night of the week. Let's take some concepts from the gridiron and apply them to retirement.
Click the link for more in-depth reading in a recent blog post: https://mrstillmansopus.com/retirement/retirement-gridiron/
On this edition of the podcast, we’ll share with you three tax tips. Specifically, we’ll help you avoid making three crucial tax mistakes.
Click the link for more in-depth reading in a recent blog post: https://mrstillmansopus.com/retirement/three-tax-tips/
There’s a lot of confusion surrounding the taxation of Social Security. Join us as we seek to clear up the confusion on the podcast.
Click the link for more in-depth reading in a recent blog post: https://mrstillmansopus.com/taxes/social-security-taxation/
We’ve all said and done things we’ve later come to regret. Don’t let these financial phrases be your famous last words.
Click the link for more in-depth reading in a recent blog post: https://mrstillmansopus.com/investing-behavior/famous-last-words/
What's the true cost of long term care? Well, that depends on what kind of care you need.
Matt Ayotte and Alan Millikan, founders of Aegis Home Care, came by the studio to talk about different types of care and just how much each one can cost.
Click the link for more in-depth reading in a recent blog post: https://mrstillmansopus.com/long-term-care/cost-long-term-care/
Kristin Staley joins us to share tips for making travel more efficient and pleasant. Take note of these seven tips the next time you travel and you'll make the whole experience better!
Click the link for more in-depth reading in a recent blog post: https://mrstillmansopus.com/travel/seven-tips-traveling/
Until you've actually experienced something for yourself, it's hard to know what to expect. And getting older is no different.
Matt Ayotte and Alan Millikan, founders of Aegis Home Care, came by the studio to talk about four common misconceptions they see when it comes to the average person's understanding of the challenges of aging and healthcare planning.
Click the link for more in-depth reading in a recent blog post: https://mrstillmansopus.com/long-term-care/misconceptions-of-aging-and-healthcare/
First, try to say this episode title three times fast. Next, take a listen and learn what you need to know about rolling over your 401k.
Is a Roth conversion a logical move for you to make or not? John breaks down the pros and cons of converting money to Roth in various situations.
Most people are aware that they're required to start withdrawing money from their retirement accounts at some point. Some people even know that the magic age for this is 70 1/2. But very few people have appropriately factored this into their retirement income plan.
For most retirees, travel is a big part of life. John is joined by travel consultant Kristin Staley to go over the eight common travel mistakes you should avoid!
We hear a lot about fake news in the political realm these days, but what about fake news in the financial world?
Complacency, Overconfidence, Fear, Cynicism, and Despair. How do these five dangerous mindsets manifest themselves in the financial planning process and how can you be sure you're not harboring any of these in your own head?
Have you ever noticed that you look completely different in the bedroom mirror than you do in the bathroom mirror? In the same way, your portfolio can look completely different depending on how closely you look at certain things...
Pride, Envy, Wrath, Sloth, Greed, Gluttony, and Lust. How do these seven deadly sins manifest themselves in your retirement planning, and how can you be sure you're not guilty?
John is joined by Richard Pucciarelli, founder of Carolina Retirement Resources, to discuss the merits of precious metals as part of your portfolio.
A staggering percentage of this year's growth in the S&P 500 can be attributed to just a handful of companies--Facebook, Google, Apple, Amazon, and Microsoft. Is this a sign of another impending dot com crash? Brian Evans, founder of Madrona Financial Services, joins John to discuss.
How realistic are your expectations when it comes to making plans for your retirement? We’ll give you a clear understanding of the planning process.
Click the link for more in-depth reading in a recent blog post: https://mrstillmansopus.com/retirement-planning/realistic-expectations/
John explains why the "risk tolerance" discussion about your investments is often a flawed conversation from the very beginning.
What can we learn from the mission statements of some well-known companies and organizations and how can we apply that to our retirement planning?
Sometimes the idea of constructing a complete retirement plan can be overwhelming to people. John Stillman discusses a few easy places to start that can be quick and painless, but they pay big dividends down the road.
What are the biggest financial regrets that people have once they get to retirement age? Learn from the mistakes of others and avoid these regrets yourself.
John Stillman discusses the importance of knowing the purpose of each of your invested dollars and keeping that purpose in mind when you're evaluating your accounts.
Jeannette Bajalia, founder of Woman's Worth, joins John to talk about the specific challenges that women face when it comes to financial and retirement planning.
Jim Dischert, founder of 360 Financial Group in Chicago, joins John to talk about the many different facets of retirement planning.
Dan Cuprill, founder of Matson and Cuprill in Cincinnati, joins John to talk about the follies of investing based on what's going on in the news.
We get many questions on retirement communities. Teresa Mize, Director of Marketing at The Cedars Of Chapel Hill, joins John this week to discuss.
Click the link for more in-depth reading in a recent blog post: https://mrstillmansopus.com/long-term-care/retirement-communities/
What are the things that you should be sure you have in your retirement stocking if you want to have a Merry Retirement?
Bruce Gray, founder of GP Financial Services, joins John Stillman to talk about some common misunderstandings that people have about Medicare.
Click the link for more in-depth reading in a recent blog post: https://mrstillmansopus.com/long-term-care/medicare-misunderstandings/
Chris Scalese, financial advisor and author of "Retirement is a Marathon, Not a Sprint" joins John Stillman to talk about the similarities between preparing for a marathon and planning your retirement.
When it comes to investing, most people have a couple of different voices in their head. This week, John talks about how to differentiate between the different voices so you know which one to listen to.
Skip Kelley--now a financial advisor in Manchester, NH--talks with John about his past life as a futures trader.
Planning for retirement as a couple can have its advantages (compared to planning retirement as a single person). But it can also have its challenges, and couples often screw things up. This week, John discusses the five most common mistakes couples make.
This week, we conclude the Financially Savvy Grandparenting series with three final tips for grandparents who want to help raise financially savvy grandchildren.
In a continuation of a previous week's conversation about financially savvy grandparenting, John touches on the six tips for grandparents to consider as they help their grandchildren grow into financially savvy adults.
How do you tell the difference between someone who's actually giving you advice and someone who's trying to sell you something? John is joined by Kurt Arseneau to discuss.
John is joined by his wife Molly to talk about ways that grandparents can help contribute to the raising of financially astute grandchildren.
Nobody gets excited to talk about it, but there are some things you should know about life insurance.
Click the link for more in-depth reading in a recent blog post: https://mrstillmansopus.com/insurance/the-wonderful-world-of-life-insurance/
Diversification is a popular buzzword, but what does it actually mean? John joins Payne Capital Management Chief Investment Officer Bob Payne to discuss.
Click the link for more in-depth reading in a recent blog post: https://mrstillmansopus.com/investing-strategy/what-diversification-actually-means/
What can we learn about good retirement planning from the fine folks at Chick-fil-A?
Click the link for more in-depth reading in a recent blog post: https://mrstillmansopus.com/investing-behavior/the-chick-fil-a-portfolio/