Candid Conversations: Retirement Talk with Ryan Cravitz: Recent Episodes

Ryan Cravitz

Candid Conversations with Ryan Cravitz is a show specifically about retirement planning for people over 50. If you're wanting to invest better, maximize your income, reduce taxes, and learn how to successfully retire then this is the perfect show for you. Ryan has operated an independent financial planning firm since 2011 and is in his second decade of helping people grow and protect their wealth. Join him each episode for conversations about income, retirement, insurance, 401(k)s, IRAs, investments, and so much more. Visit him online at https://cravitzfinancial.com/ or by calling 714-462-9155.

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Are you and your spouse on the same page when it comes to what you want in your retirement? If not, it’s time to talk. Retirement planning is a significant milestone that requires careful consideration and, more importantly, collaboration.

Many couples don’t communicate enough when it comes to money, but preparing for retirement is best done with both parties understand the goals and how they’ll get there. That’s what we want to highlight in this video so we’ll break down the importance of being a team when it comes to your financial future.

Here’s what we discuss in this episode:

0:00 – Intro

1:28 – Mailbag

3:54 – Couples with uncertainty

9:50 - How we help couples get on the same page for retirement

12:00 – Do both spouses need to be involved financially?

14:22 – Why couples benefit from an advisor

16:51 – Closing thoughts

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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You can never ask too many questions when you’re trying to understand your finances and prepare for retirement. It’s essential that you know what you’re invested in and what you’re working towards. In this video, Ryan Cravitz will tackle some of the most fundamental yet challenging questions about retirement planning.

Here’s what we discuss in this episode:

0:00 – Intro

1:16 – How much you need when you retire

4:46 – How much in savings?

7:22 – How much risk

11:06 – Annuities

13:26 – Are you tax-efficient

17:28 – When to take Social Security

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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Social Security is a really important part of an overall retirement plan but there are five things people get wrong when planning for retirement. The things we’ll talk about in this video are misunderstandings we often hear from clients and other people. In fact, advisors don’t always get these things right.

If you’re approaching retirement or already in retirement, you’ll want to make sure you get clarity on these five things before you make any Social Security decisions.

Here’s what we discuss in this episode:

0:00 – Intro

1:57 – Long-term solvency of Social Security

6:17 – Spousal benefits

8:51 – Maximizing survivor benefits

12:04 – Confusing taxes with the earnings test

14:51 – Taxes you’ll owe

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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Today we’re going to give you three compelling reasons why you should consider retiring now or as soon as possible. If you are unsure about your retirement readiness, this episode will help you evaluate your financial security, address potential burnout and health considerations, and ensure you have a purposeful plan for your retirement days.

If any of these reasons resonate with you, it’s worth having a conversation with a financial professional to see if you’re ready to retire. You might be closer to retirement than you think.

Here’s what we discuss in this episode:

0:00 – Intro

1:38 – Financial security

8:41 – Burnout or health considerations

13:26 – What will you do Monday morning?

20:10 – Final thoughts

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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In this video, Ryan outlines five crucial things you need to know about RMDs, including when you need to take them, how to calculate them, and strategies to reduce them for tax efficiency. These five things will help give you a better understanding of RMDs and the role they play in building an income plan, which will also help you be more efficient in retirement.

Here’s what we discuss in this episode:

0:00 – Intro

1:46 – When do you have to take your first RMD?

5:00 – Calculating RMDs

7:39 – Can RMDs be aggregated?

11:16 – Why reduce RMDs?

15:06 – Strategies to reduce your RMDs

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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One of the biggest questions that we get about Social Security is when should I take my benefits? A lot of people want to claim them as soon as they can for multiple reasons, but would you be better off delaying your benefits up to age 70?

Join us as we explore five compelling reasons why you might want to consider postponing your Social Security claims, from maximizing survivor benefits to enhancing long-term financial stability.

Here’s what we discuss in this episode:

0:00 – Intro

1:25 – Survivor benefits

2:48 – Increase your monthly benefit

4:49 – Long-term stability

6:18 – Tax advantages

7:56 – Spousal benefits

10:05 – How far out should you plan?

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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Send us a Text Message.

As you approach retirement, one of the most pressing questions is how much you can withdraw from your savings without running out of money. The 4% rule, a popular guideline in retirement planning, suggests that you can withdraw 4% of your retirement portfolio in the first year and adjust that amount for inflation each subsequent year.

This rule, developed by William Bengen in the 1990s, was designed to ensure that retirees wouldn't outlive their savings over a 30-year retirement. But how does this rule align with the actual spending patterns and lifestyle of retirees today?

Here’s what we discuss in this episode:

0:00 – Intro

1:01 – Looking at the 4% rule

4:15 – Comparing 4%, 5%, and 6% withdrawal rates

8:42 – Stress testing each withdrawal strategy

13:47 – Incorporating annuities into your plan

20:43 – Conversation takeaways

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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The crucial conversation when it comes to retirement is all about how much you need to have saved. The traditional $1 million benchmark doesn’t have as much staying power as it used to. In fact, a recent study found that Americans believe they need at least $1.5 million to retire comfortably.

We’ve found that most people believe they’ll need a lot more saved before they can retire or they feel like they need to work a lot longer than they actually do.

So what’s the true answer? Well, it’s different for every individual but today we’ll look at the data and break down the numbers to help you get an idea of how much you’re going to need to retire.

Here’s what we discuss in this episode:

0:00 – Intro

2:26 – Why people think they need more than they do

3:40 – Results from a study

5:15 – Average annual income

6:35 – Single withdrawal amounts

12:21 – Married withdrawal amounts

16:12 – How much saved for single people

22:15 – How much saved for married people

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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Send us a Text Message.

We hear a lot of half-truths in the financial world, not necessarily because people try to make misleading statements, but because sometimes a simple statement just doesn’t quite tell the whole story.

On this episode, we’ll discuss a few examples that seem straightforward but have nuances that can significantly impact your retirement strategy.

Here are the half-truths we’ll explain in this episode:

  • Don’t worry about those losses because the market always goes up in the long run.
  • Diversification is the key in retirement planning.
  • You should withdraw 4% annually from your retirement savings.
  • Saving just enough to match your employer’s 401(k) contribution is sufficient.
  • You don’t need a retirement plan if you plan to work throughout retirement.

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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While you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. In this new season of life, your old policies may no longer suit your needs or may come to an end. So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition?

Here’s some of what we discuss in this episode:

  • The surprise many people get when they see how much health insurance costs if you pay on your own.
  • Why might your health insurance change when you retire?
  • What you need to know about the Medicare enrollment process.
  • The different parts and deciding which you need.
  • You might need supplemental coverage because Medicare doesn’t cover everything.

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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Are you planning for your retirement with the confidence that you're making all the right moves? With so many moving pieces in retirement, it takes detailed planning to cover all your bases, but it begins with building an income plan.

In today's episode, we'll unveil the crucial income planning mistakes that could jeopardize your retirement and show you how to craft a financial plan that's built to last decades, not just years. Tune in to ensure your retirement strategy is foolproof against common pitfalls and ready to secure your financial future.

Here’s what we discuss in this episode:

  • Don’t plan to be retired for years. Instead, plan to be retired for decades.
  • Why starting Social Security too early before you understand your options could cost you.
  • As you build your income plan, one expense that is easy to overlook is healthcare costs.
  • Why you need to factor inflation into your plan because your budget won’t be the same in 20 years.
  • Creating lifetime income streams other than Social Security.
  • Is now a time to consider moving money into an annuity?

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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As much as any other threat, recognizing and avoiding scams has become a necessary skill for today’s retirees to develop. In today’s episode, we’ll share a story of how a scam destroyed a woman’s entire retirement savings. Then, we’ll explore some crucial steps you can take to safeguard your financial well-being against the growing tide of scams and identity theft.

Here’s some of what we discuss in this episode:

  • Marjorie Blum’s scamming story + the threat of scams for Americans over 60
  • Phishing, vishing, and smishing techniques that are used today
  • Some red flags to look out for when it comes to scams
  • Protections you can put in place to protect your finances, like strong passwords and two-factor authentication

Resources for this episode:

How this 77-year-old widow lost $661,000 in a common tech scam: ‘I realized I had been defrauded of everything’ -

https://www.cnbc.com/2023/10/08/how-one-retired-woman-lost-her-life-savings-in-a-common-elder-fraud-scheme.html

Fraudsters targeting senior citizens with multiple financial scams –

https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/senior-citizens-financial-scams/

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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We work through all types of scenarios with clients each day and find tools that will help them reach their financial goals. To help you get a better idea of how we work through these different scenarios, we are going to run through a list of questions that we’ve been asked recently.

Each of these topics cover common financial scenarios that you have probably dealt with already or might come across in the future. We’ll explain our process for answering them, some of the things you’ll want to consider, and how to determine your best path forward.

Here’s some of what we discuss in this episode:

  • What options do you have to provide financial support for your new grandchild and what are the tax implications?
  • How do you overcome the lack of decision-making because you’re overthinking everything?
  • What should you do if you realize you’ll have more money than you’ll ever spend and you haven’t been spending much in retirement?
  • How should you take your final paycheck before retirement if you have a lot of paid time off accrued?

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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Whether you're nearing retirement, already retired, or just planning ahead, it's crucial to stay informed about Social Security and any changes that happen each year. Today we’re going to share some key things that you need to know and bring you up to speed on some updates that need to be aware of. Ryan will also tell you how this might impact you and the planning you’ll do this year.

Here’s some of what we discuss in this episode:

  • The Cost of Living Adjustment you can expect this year.
  • The payroll tax limit has bumped up so what does this mean for you.
  • Medicare premiums will be up from most people.
  • What is the future of Social Security and its solvency?
  • Does anything change with claiming strategies with the changes and updates we have?

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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It’s not always easy to keep up with rule changes and updates when they happen each year, but we like to stay on top of anything that might impact your retirement planning. In today’s episode, we will bring you up to date on what’s new for 2024. From tax brackets to Social Security to 529 plans, we’ll cover some key planning items that everyone will want to know about.

Here’s some of what we discuss in this episode:

  • You’ll get an increase to both your standard deduction on taxes and how much you can make in each tax bracket.
  • The Social Security Cost of Living Adjustment isn’t has high as it was a year ago but still a nice bump.
  • What you need to know about the increase in Medicare costs.
  • 529 plans can start rolling money into a Roth but there are some restrictions to be aware of.
  • There is a little more flexibility to withdrawing from 401k accounts early.
  • What you need to be aware of with Required Minimum Distributions in 2024.

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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As we close in on the end of the year, we want to finish up by answering questions that people have asked us recently. We’ll cover key financial planning topics like retirement withdrawal rates, investing in CDs, advisor fees, Social Security and more.

Here’s some of what we discuss in this episode:

  • Is it okay to take a short-term loan to get funds for a closing while you wait for your current home to sell?
  • Is a 6% withdrawal rate too much in retirement and how do you figure out that number?
  • CDs have been a good investment in the current interest rate environment but will that continue?
  • What should you expect from a financial advisor before you pay them any fees?
  • Can you still take Social Security benefits while your spouse is working?

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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Today we’re going to finish up our two-part conversation that will juxtapose the individuality of retirement plans with the foundational principles that remain constant regardless of who you are. These 10 total truths need to be accounted for when you build a plan for retirement, and we’ll talk about how and why they could have an impact on your financial future.

Here are the retirement truths we discuss in this episode:

  • Diversification is Essential for Risk Management.
  • Emotions Can Be an Investor's Worst Enemy.
  • Tax Implications Matter.
  • Retirement Doesn't Mean Complete Disengagement from Work.
  • Estate Planning Isn't Just for the Wealthy.

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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Retirement is a unique journey for each of us. The thought that there's a one-size-fits-all solution is a myth, but what if we told you there are certain universal truths that can guide every retiree?

We’ll explore the realities that all of us will face in this episode so join us as we juxtapose the individuality of retirement plans with the foundational principles that remain consistent across the board. Everyone might address each of these truths in their own way, but no one should ignore what the things we talk about today.

This list of 10 truths will be broken up into two parts so make sure you stay tuned for the next episode.

Here’s are the truths Ryan will break down:

  • Everybody needs an income plan.
  • Everybody needs a plan to address healthcare issues
  • Nobody can consistently time the stock market successfully.
  • Nobody knows how long they’re going to live.
  • Money sitting in cash isn’t keeping up with inflation.

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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We came across an article recently that would get anyone’s attention when they’re trying to save for retirement. The headline said this person lost $400k in a Roth 401(k) and warned others about the risk as well. While this headline could very easily be characterized as clickbait, we wanted to explore it a little further and see how much truth was in these numbers.

Here's some of what we’ll discuss in this episode:

  • Ryan’s favorite show growing up and which Olympic sport would he have the best chance at winning a medal.
  • An example of someone in their mid-50s who might benefit from a traditional 401k versus someone who might benefit more from a Roth.
  • Why we start with income planning to determine how much we need and what taxes might look like in retirement.
  • What are the best ways to financially help a child with their new grandchild?
  • Should you park your money in cash if you know a lot of life changes are coming up?

Read the article here: https://finance.yahoo.com/news/lost-400k-retirement-savings-roth-174006044.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAIkWwMYSM-fB6t_MX8lExd4gm_ZfdGmNKd-SR1Li8ShRy48dw1PsMw5s01MCGixWIonmjy5Lcp5sNbJ2uQscXkEZtO2c3IOdRhKNuiepnd10XTXtHK1jh2mJwdhTwY42rtygybXhWczN7Bt86GnV3U378E4KLteJIZp0XmwYoUSk

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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Finding a trustworthy and competent financial advisor is essential for securing your financial future. After all, they play a vital role in helping you make informed decisions about your money, investments, and long-term financial goals.

We’ll find out in today’s episode as we explore how to identify “The Ghost”, “The Jargon Juggler”, “The Chameleon”, and several more. And what should you do if you encounter them?

Here's some of what we’ll discuss in this episode:

  • What kind of communication should you expect from an advisor?
  • Some of the things that an advisor might do up front that might raise a red flag.
  • Why jargon and a think financial plan doesn’t necessarily indicate a knowledgeable advisor.

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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Don’t get us wrong. In many cases, your 401(k) can be your best investment vehicle, offering numerous benefits and tax advantages and many times a 100% return on some of your contributions (also known as an employer match). However, it's important to recognize that it might not always be the optimal choice for everyone. Join us in this thought-provoking episode as we dissect some reasons why someone should NOT invest in a 401(k).

Here's some of what we’ll discuss in this episode:

  • Building up your emergency fund before investing in your 401k. (2:45)
  • If your employer doesn’t match contributions. (5:17)
  • If you’re worried about future tax increases. (8:28)
  • The benefits of moving your money out of old 401ks if you no longer work for the company. (10:02)
  • If you have concerns about control, flexibility, and limited investment options. (13:04)

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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In this episode, we've distilled it down to what we believe are nine big mistakes to watch out for. Avoiding these crucial missteps can have a significant impact on the success of your retirement plan. So, join us as we delve into these key issues and learn how to navigate them effectively when it's your turn to plan for retirement.

Here are some of the things you’ll learn in this episode:

  • Why you need to have a clear retirement goal. (5:51)
  • Starting Social Security as soon as possible might be the best solution, but you need to discuss this with a professional. (5:44)
  • Sequence of return risk and why it’s so important in retirement. (8:58)
  • Why you can’t ignore the future tax implications of your retirement accounts. (10:05)
  • Healthcare expenses cannot be overlooked in retirement. (13:44)

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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Are you aware that not all retirement accounts are created equal? It's crucial to understand the purpose and advantages of each type of account to make the best choice for your future. In this episode, we'll delve into the different types of retirement accounts, including 401(k)s, IRAs, Roths, and several other examples. 

Here are some of the topics we’ll discuss in this show:

  • What are the limits of Roths? (5:51)
  • Are annuities, dividends, or stocks right for me? (9:26)
  • How do you choose what’s best for you and your plan? (11:20)

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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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.

Here are some of the topics we’ll discuss in this show:

  • Would Ryan choose a personal chef or personal maid? (1:13)
  • Medical expenses will likely be the most costly expense and Medicare doesn’t cover it all. (2:47)
  • Examples of unexpected travel expenses that pop up. (4:53)
  • There’s a good chance you might have to provide financial support for parents and children. (7:30)
  • Is your plan accounting for inflation? (12:22)
  • Hear some financial questions we’ve gotten recently. (14:14)

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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Are you confident that your financial plan is complete? Many people believe they have a solid plan in place, only to realize later that they've missed important areas. From not accounting for long-term care expenses to overlooking the impact of taxes on retirement income, there are many ways a financial plan can be incomplete.

Here are some of the topics we’ll discuss in this show:

  • The danger of a downturn in the market in the early years of your retirement. (1:31)
  • Have you overlooked the effects of inflation over time? (3:25)
  • Are you prepared for the possibility of tax increases in the future? (5:56)
  • Preparing for the challenge sometimes presented by your RMDs. (7:50)
  • Planning for the likelihood you’ll have a long-term care need. (9:34)

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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In 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 are some of the tax topics we’ll discuss in this show:
What are the tax implications of withdrawing money from your retirement accounts? (1:30) * How will the SECURE Act 2.0 impact your retirement income and taxes? (4:04) * How will your taxes change if you decide to move to another state in retirement? (8:15) * If you want to give money to your children or grandchildren, what are the tax considerations? Can you still contribute to an IRA in retirement and still get a tax deduction? (12:41)*

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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For episode 11 of Candid Conversations: Retirement Talk with Ryan Cravitz, we’re tackling a topic that’s often a source of confusion for many people: annuities. There are different types of annuities, each with their own unique nuances, and it’s important to have a basic understanding of how they work and how they might fit into your financial plan. In this episode, we’ll break down each type of annuity and discuss how they can be used to meet your specific financial goals.

We’ll discuss the following annuity types:

  • Immediate

  • Fixed

  • Variable

  • Indexed

Ryan will also share some examples where annuities helped fill gaps in his clients' income plans. If you're not sure whether an annuity is right for your financial situation, be sure to tune in to this episode. We'll provide valuable insights and information to help you make an informed decision.

Here’s some of what you’ll learn on the podcast:

  • What’s an immediate annuity and when might someone use it? (1:35)
  • Ryan explains the similarities and differences between fixed annuities and bank CDs. (3:45)
  • Details about variable annuities and some of the downsides that turn many investors away from these products. (5:51)
  • A popular product option for some retirees is a fixed indexed annuity. Ryan explains why this is one of the tools he uses in his retirement planning strategy in some cases. (7:30)
  • Ryan details some examples where annuities helped fill gaps in his clients’ income plans. (11:40)

If you need help determining if an annuity is right for your situation, don’t hesitate to contact Ryan for a full analysis of your financial plan.

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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For episode 10 of Candid Conversations: Retirement Talk with Ryan Cravitz, we’re peppering Ryan with, you guessed it, 10 listener questions about a wide range of financial planning and retirement topics. From IRAs to long term care, tax brackets, reverse mortgages and more, Ryan will share tips and guidance that will level up your financial knowledge in almost every corner of the retirement planning space.

One listener is turning 72 and starting to worry about RMDs. Another is interested in working with multiple financial advisors. Is that a clever idea or a recipe for disaster? Another question leaves us thinking about the adage of why you should never assume. And what do you do if you’re afraid to spend money in retirement? You might be surprised that’s actually a common issue among many people who leave the workforce.

So check out this episode of Candid Conversations: Retirement Talk for answers to these questions and more helpful discussions about money and finance.

Here’s some of what you’ll learn on the podcast:

  • Question: I turned 72 at the beginning of the year, so I’ll have to start taking money out of my IRA this year, even though I don’t really need it. Can I just take it out and reinvest it right back in something else? (1:23)
  • Question: I’m considering working with a new financial advisor, but only with half of my money. I want to keep the other half with a different advisor. Since you’re a neutral third party without a vested interest, I’m hoping you can confirm that this is a good idea, since I’d be able to get advice from multiple people? (4:22)
  • Question: Is a reverse mortgage a good idea? (9:02)
  • Do you assume you’ll automatically be in a lower tax bracket in retirement? Ryan answers a listener question from someone who is surprised to have ended up in a higher tax bracket now that they’ve pulled the retirement trigger. (14:20)
  • Ryan answers a listener question that will resonate with you if you’re perhaps afraid of spending the money in retirement. (17:45)

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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When you really boil it down, there are really only three places where you can invest money: the banking world, the insurance world, and the Wall Street world. Understanding how these three worlds of money are used is important, but so is knowing the pros can cons for each.

Once you’ve done that, you’ll have a better grasp on how to structure your portfolio. Let’s talk about the role that each of those worlds plays in a good financial plan and how we help our clients balance each of these.

Here’s some of what you’ll learn on the podcast:

· The best uses of the banking world (4:33)

· How the insurance world fits into your financial plan. (7:37)

· The pros and cons of insurance. (11:12)

· Best uses of the Wall Street world. (13:28)

· The Wall Street world has some big cons but also carries some pros that can benefit you. (15:13)

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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On today’s show, we’re going to open up the mailbag and find out what questions you have for Ryan. Over the course of this episode, we’ll tackle annuities, life insurance policies, Social Security strategy, and whether it’s time to be more aggressive with your investments.

If you’ve been curious about any of these financial planning topics, we hope this episode might provide a little more clarity and help you understand how we work through each of these items with our clients.

Here’s some of what you’ll learn on the podcast:

· What should you do with your annuity once it has matured? (1:37)

· Should you add a life insurance policy after retirement? (4:00)

· Why Social Security claiming should be a part of your retirement planning discussion. (5:29)

· Which one is better – term life insurance, universal life, or whole life? (9:12)

· Is now a time to be a little more aggressive in order to get better returns? (12:18)

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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The question that gets asked most often when someone sits down with a financial advisor is ‘Am I ready to retire?’ We all want to reach the point where we’re financially independent but have you taken the necessary steps to reach that point?

Today we’ll share some of the common discussions we have with clients when it comes to determining when you can step away from work and begin that next chapter of your life. Plus, we’ll share a few stories about how people know they’ve reached that point and ways we help them when they haven’t.

Here’s some of what you’ll learn on the podcast:

· What’s the reason people are hesitant to retire? (1:28)

· Where does a lack of confidence in retirement come from? (3:13)

· How we approach the conversation when working longer is necessary. (5:49)

· How to choose assets during a divorce. (9:13)

· Picking between retirement and paying for a child’s education. (10:13)

CONNECT:
If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

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Most Americans will utilize a retirement account during their working career to put money aside for retirement, and the most common option is the IRA. However, things can get a little trickier when deciding whether a traditional IRA or a Roth IRA is the better fit for your investments.  

On this episode, we’ll provide you with the information you need to understand the differences between these two types of accounts and get a clearer picture of who might benefit from one over the other. 

Here’s some of what you’ll learn on the podcast:

·      The key differences between the two (1:38)

·      Why people contributed more to traditional IRAs over Roth.  (4:44)

·      Why the Roth can be so powerful for retirement. (6:00)

·      Who would benefit from a Roth over a traditional IRA? (7:55)

·      Why would you choose traditional over Roth? (9:21)

WAYS TO CONNECT:
Access your Retirement Ready Checkup: https://cravitzfinancial.com/retire-ready-checkup/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

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Much like the game of football, retirement planning has a similar period of time where it’s essential for your long-term success. We call this the Financial Red Zone, and it’s the 5-10 years prior to retirement and the first years in retirement. Planning and execution become critical during this time and we’ll tell you why on this episode.

Here’s some of what you’ll learn on the podcast:

·      What is the Financial Red Zone? (2:01)

·      How you should manage your risk during this time. (4:47)

·      Every retirement plan should have these three types of money. (7:15)

·      Why being proactive with your finances will benefit you in the red zone. (10:01)

·      The experience we have working with people in this age range. (11:18)

WAYS TO CONNECT:
Access your Retirement Ready Checkup: https://cravitzfinancial.com/retire-ready-checkup/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

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On this episode, we’re going to clear up some of the most common myths and misunderstandings surrounding this retirement program. From how to get the most out of your claim to taxes to whether it will eventually run out of money, Ryan will help you better understand Social Security and what goes into planning for it.

Here’s some of what you’ll learn on the podcast:

·      The Social Security Administration won’t help you decide when it’s best to start your benefit. (3:18)

·      There are spousal benefits that many people can take advantage of. (5:52)

·      Why you might have to pay taxes on your benefits. (7:33)

·      Will the Social Security program run out of money? (10:03)

·      Why you probably shouldn’t claim the benefit as early as possible. (14:17)

WAYS TO CONNECT:
Access your Retirement Ready Checkup: https://cravitzfinancial.com/retire-ready-checkup/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

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Tax planning is another core piece of a comprehensive retirement plan so let’s focus in on this area. People often confuse this topic with tax filing, but when we say tax planning we’re talking about what we can do in order to increase our after-tax, spendable income. Making the right decisions with your investments today can help you keep more of your money down the road in retirement. 

Here’s some of what you’ll learn on the podcast:

·      The difference between tax filing and tax planning. (1:19)

·      Why you shouldn’t assume that taxes will automatically be less in retirement. (2:40)

·      Strategies you can use to improve your tax situation down the road. (5:50)

·      Tax planning tools to have more control over your money when you’re gone.  (7:18)

·      A story about a tax planning strategy we’ve used with clients in the past to make a big difference. (9:39)

WAYS TO CONNECT:
Access your Retirement Ready Checkup: https://cravitzfinancial.com/retire-ready-checkup/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

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On this episode of the podcast, we’re going to discuss the importance of income planning and why so many people fail to put a proper one in place. Plus, we’ll tell you about the steps we take with clients to insure they have a plan for turning everything they’ve accumulated over their career into income in retirement. 

Here’s some of what you’ll learn on the podcast:

·      Why the income plan is critical to retirement. (2:51)

·      Why very few people have a true income plan when doing it on their own. (5:33)

·      The reason why many of us are underprepared in this area. (7:25)

·      The steps we take to put together a successful income plan. (8:15)

WAYS TO CONNECT:
Access your Retirement Ready Checkup: https://cravitzfinancial.com/retire-ready-checkup/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

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Candid Conversations: Retirement Talk with Ryan Cravitz

WAYS TO CONNECT:
Access your Retirement Ready Checkup: https://cravitzfinancial.com/retire-ready-checkup/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155