Ready To Retire!: Recent Episodes

Danette Lowe CFP®

Planning for retirement is a big deal, and it does take some time, strategy, and intentional action, especially if you’re in or nearing your fifties!

Unfortunately, most people spend more time planning their yearly 1-2 week vacations than they do their 30+ year retirement.

Then, the “How much money do you need to retire?” question starts to feel overwhelming and confusing.

It doesn’t have to be that way.

With Danette Lowe and the Ready to Retire podcast, you can take small, simple steps now that will go a long way toward planning an epic retirement. With over 20 years of experience as a Certified Financial Planning Professional, Danette joyously provides customized, actionable advice to help you confidently navigate the transition from uncertain net saver to peaceful net spender.

She’s here to flip those feelings of shame, regret, or stress about retirement savings and help you see what CAN be done to prepare for your retirement.

Maybe you want to find out if you’ve saved enough and if you can retire in the next few years, or maybe you have just moved or are considering changing careers and are curious about your 401K, pension, or social security benefits.

If you’re starting to think about retirement and want to learn more about how and when you can stop working, whether you’ve saved enough, and what your retirement years might look like, you’re in the right place.

Danette shares free resources, fresh perspectives, and easy-to-understand educational materials throughout this show about retirement planning in an effort to enhance and enrich your life, no matter your age, income, or retirement preparation level.

Are you Ready to Retire?

Connect with Danette and her team on Linkedin or visit www.trunorthwealth.com

Please see our terms of use here: www.commonwealth.com/termsofuse.html This communication is strictly intended for individuals residing in the states of AL, AZ, CA, CO, NH, NV, NY, OR and WA. No offers may be made or accepted from any resident outside these states due to various state requirements and registration requirements regarding investment products and services. Securities and advisory services offered through Commonwealth Financial Network®, http://www.FINRA.org http://www.SIPC.org, a Registered Investment Adviser. Fixed insurance products and services are separate from and not offered through Commonwealth Financial Network. ®

Danette Gay Lowe, CFP® TruNorth Wealth Management, LLC, 123 W. Nye Lane, Suite 520, Carson City, NV 89706 Phone 775-364-0010 / Email: Hello@TruNorthWealth.com

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What if retirement didn't have to wait until the very end of your career? In this episode, we'll explore the idea of "mini retirements"—taking meaningful time away from work before traditional retirement to rest, explore, and reset. Instead of waiting decades for the freedom to step away, a mini retirement gives you the opportunity to take a purposeful break during your working years.

You'll learn why stepping away for an extended period of time doesn't have to derail your career or financial plan—and how it can actually leave you feeling more energized, creative, and engaged when you return. We'll also walk through some of the biggest concerns people have about taking time off and share practical ways to begin planning for a mini retirement of your own.

In this episode, we explore: ✅ What a mini retirement is—and how it differs from a typical vacation ✅ Why taking extended time away from work can actually benefit your career and creativity ✅ Common fears about stepping away from work and how to think about them differently ✅ Four practical steps to help you plan and prepare for a mini retirement

🎧Now available on Audible! Check out my book, The Early Start Retirement Plan, on Amazon: https://amzn.to/3TealtO

🔔Subscribe for more retirement planning tips! https://bit.ly/NavigateWeeklyNewsletter

✏️Take the Retirement Readiness Quiz! Visit https://www.EarlyStartRetirement.com

Connect with Danette Lowe, CFP® https://linktr.ee/trunorthwealth

Visit Our Website: https://www.TruNorthWealth.com

About Danette:

Professional Journey- As the Founder and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders. We invite you to join our extended family and experience the TruNorth Wealth difference.

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC 1662 Hwy 395 N, Suite 203, Minden, NV 89423

Connect with Danette @ https://linktr.ee/trunorthwealth

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. TruNorth Wealth and Cambridge are not affiliated.

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In this episode, we explore the real secret to a fun and fulfilling retirement: starting your hobbies now, rather than waiting until you stop working. We'll discuss why engaging in meaningful activities today builds identity, joy, and social connection that carry into retirement. You'll learn simple, practical strategies for weaving hobbies into even the busiest schedule. We also share helpful resources to make trying new interests easier and more enjoyable.

What We'll Cover:

✅ Why beginning hobbies before retirement leads to greater happiness and smoother transitions

✅ Three strategies for incorporating hobbies into your life right now

✅ How hobbies boost identity, cognitive health, and social connection

✅ Ways to try new interests without big commitments or costs

✅ Tools and resources—like YouTube, classes, apps, and community groups—to help you get started today

🎧Now available on Audible! Check out my book, The Early Start Retirement Plan, on Amazon: https://amzn.to/3TealtO

🔔Subscribe for more retirement planning tips! https://bit.ly/NavigateWeeklyNewsletter

✏️Take the Retirement Readiness Quiz! Visit https://www.EarlyStartRetirement.com

Connect with Danette Lowe, CFP®

https://linktr.ee/trunorthwealth

Visit Our Website: https://www.TruNorthWealth.com

About Danette:

Danette Lowe, CFP® Founder – Wealth Advisor T

ruNorth Wealth Management, LLC 1662 Hwy 395 N, Suite 203, Minden, NV 89423

Connect with Danette @ https://linktr.ee/trunorthwealth

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Retirement isn’t the end—it’s the beginning of a new adventure! In this episode, we explore how to bring passion and purpose into your next chapter. Learn six practical tips to stay engaged, turn interests into meaningful activities, and create a fulfilling retirement on your terms. Whether you're nearing retirement or already there, these strategies will help you design a life you love.

Here’s what we’ll cover:  ✅ Exploring new passions and interests ✅ Starting small to avoid feeling overwhelmed ✅ Turning hobbies into meaningful activities ✅ Giving back through volunteering or philanthropy ✅ Overcoming common retirement challenges like loss of identity and lack of structure

Check out the ESME Foundation: https://sites.google.com/view/esme-young-authors/home

🔗 Get access to our FREE financial planning tool: https://bit.ly/getfinancialplan  📖 Check out my book, The Early Start Retirement Plan, on Amazon: https://amzn.to/3TealtO 

🔔 Subscribe for more retirement planning tips! https://bit.ly/NavigateWeeklyNewsletter 

NEW RELEASE:  THE EARLY START RETIREMENT PLAN 

Visit https://www.EarlyStartRetirement.com 

Take the Retirement Readiness Quiz! 

Start YOUR FREE Financial Plan Today: 

Now available – FREE ACCESS – to a Financial Planning Tool: 

Click here:  https://bit.ly/GetFinancialPlan 

Connect with Danette Lowe, CFP®  

https://linktr.ee/trunorthwealth 

Visit Our Website:  https://www.TruNorthWealth.com 

About Danette: 

Professional Journey- As the President and a CERTIFIED FINANCIAL PLANNER® professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders.  We invite you to join our extended family and experience the TruNorth Wealth difference. 

Danette Lowe, CFP® 

Founder – Wealth Advisor 

TruNorth Wealth Management, LLC 

1662 Hwy 395 N, Suite 203, Minden, NV  89423 

Connect with Danette @ https://linktr.ee/trunorthwealth 

This podcast is for informational purposes only.  The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation.  Neither Commonwealth Financial Network nor your representative provides tax advice. 

Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.  

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Budgeting for retirement doesn’t have to feel overwhelming! In this episode of Ready to Retire!, I’m sharing practical strategies to help you manage your income in retirement—without sacrificing the lifestyle you’ve worked so hard to build.

Many retirees worry about living on a “fixed income,” but I encourage you to think of it as a flexible income stream instead. We’ll talk about how to structure your income sources, account for inflation, and plan for unexpected expenses while still having room for travel, hobbies, and fun.

Here’s what we’ll cover: ✔️ Why budgeting in retirement is different from when you were working ✔️ How to shift your mindset from “fixed income” to “flexible income” ✔️ The biggest challenges retirees face—and how to solve them ✔️ How to map out your income streams and avoid common mistakes ✔️ Why delaying Social Security can help maximize your benefits ✔️ The importance of an emergency reserve—even in retirement

Budgeting is about freedom, not restriction. With the right plan, you can retire with confidence, knowing your money will last.

🔗 Get access to our FREE financial planning tool: https://bit.ly/getfinancialplan 📖 Check out my book, The Early Start Retirement Plan, on Amazon: https://amzn.to/3TealtO

Let’s make sure your budget supports the retirement adventure you deserve!

🔔 Subscribe for more retirement planning tips! https://bit.ly/NavigateWeeklyNewsletter

#RetirementBudgeting #SmartRetirement #RetirementPlanning #FinancialFreedom #ReadyToRetire

NEW RELEASE: THE EARLY START RETIREMENT PLAN

Visit https://www.EarlyStartRetirement.com

Take the Retirement Readiness Quiz!

Start YOUR FREE Financial Plan Today:

Now available – FREE ACCESS – to a Financial Planning Tool:

Click here: https://bit.ly/GetFinancialPlan

Connect with Danette Lowe, CFP®

https://linktr.ee/trunorthwealth

Visit Our Website: https://www.TruNorthWealth.com

https://www.facebook.com/TruNorthRetirementPlanning

About Danette:

Professional Journey- As the President and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders. We invite you to join our extended family and experience the TruNorth Wealth difference.

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

1662 Hwy 395 N, Suite 203, Minden, NV 89423

Connect with Danette @ https://linktr.ee/trunorthwealth

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

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Losing both parents is a challenging time, and managing the family estate as the successor trustee can feel overwhelming—especially when sibling tensions arise. In this episode, Danette shares a step-by-step guide to settling an estate, from obtaining death certificates to distributing assets, and offers five practical strategies to ease sibling conflicts. With tips on fostering collaboration, maintaining open communication, and setting boundaries, this episode is designed to help preserve family relationships during a difficult process.

Check the show notes for helpful checklists and resources.…

Helpful checklists for Administering a Trust:

Death of a Family Member Checklist

Successor Trustee Tips

Survivor’s Reminders: Death of a Spouse

https://earlystartretirement.com/#:~:text=ESTATE%20SETTLEMENT%20RESOURCES

NEW RELEASE: THE EARLY START RETIREMENT PLAN

Visit https://www.EarlyStartRetirement.com

Take the Retirement Readiness Quiz!

Start YOUR FREE Financial Plan Today:

Now available – FREE ACCESS – to a Financial Planning Tool:

Click here: https://bit.ly/GetFinancialPlan

Connect with Danette Lowe, CFP®

https://linktr.ee/trunorthwealth

Visit Our Website: https://www.TruNorthWealth.com

Understanding the Estate Settlement Process

Danette outlines the fundamental steps required to settle an estate, including:

Obtaining death certificates – A crucial first step, as they are required for financial institutions, insurance claims, and legal processes.
Locating estate planning documents – Identifying whether a will or trust exists and understanding the legal framework for distributing assets.
Opening probate (if necessary) – Determining whether probate is required based on asset ownership and beneficiary designations.
Notifying relevant parties – Informing financial advisors, accountants, government agencies, and other professionals involved in your parents’ financial matters.
Securing the estate – Ensuring that assets, such as a family home, are protected throughout the process.
Taking inventory of assets and liabilities – Tracking financial accounts, debts, and investments to properly settle the estate.
Settling outstanding debts and taxes – Addressing any final expenses, required tax filings, or outstanding distributions before closing the estate.
Distributing the estate – Ensuring assets are distributed according to the terms of the trust or will.
Closing the estate – Finalizing paperwork, keeping detailed records, and ensuring all legal and financial responsibilities are completed.

While these steps provide a general roadmap, Danette emphasizes that the process can take several months and often requires professional guidance from a financial advisor, attorney, and CPA.

Managing Sibling Tensions During Estate Settlement

One of the most challenging aspects of estate administration is navigating sibling relationships. Many families experience tension as emotions run high and financial concerns arise. To help maintain peace and prevent conflicts from escalating, Danette shares five key strategies:

Open and Transparent Communication – Keeping siblings informed throughout the process can reduce uncertainty and conflict. Regular updates—such as a scheduled weekly family Zoom call—help manage expectations and prevent misunderstandings.
Seek Professional Guidance – Involving financial, legal, and tax professionals can act as a buffer, helping to address complex issues and provide neutral, expert advice. This can also deflect pressure from siblings onto third-party professionals rather than the trustee.
Understand and Follow the Trust or Will – The trust or will outlines your parents’ wishes, and adhering strictly to these legal documents can help manage disputes. Referring back to the official terms can prevent misunderstandings and ensure fair treatment.
Foster a Collaborative Approach – Encourage family members to work together and set a shared intention of preserving relationships. If tensions run high, consider hiring a corporate trustee to handle the administration, keeping all siblings on the same side of the process.
Set Clear Boundaries and Roles – Define responsibilities early on, assigning siblings tasks where possible to involve them constructively. Setting boundaries around communication—such as designated times for estate discussions—can also help reduce stress.

Final Thoughts

While estate settlement can be complex and emotionally charged, Danette encourages listeners to focus on preserving family bonds. The process is already difficult due to the loss of loved ones, and maintaining open communication, setting clear expectations, and seeking professional support can help families navigate this transition more smoothly.

https://www.facebook.com/TruNorthRetirementPlanning

About Danette:

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

1662 Hwy 395 N, Suite 203, Minden, NV 89423

Connect with Danette @ https://linktr.ee/trunorthwealth

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

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Are you looking for fresh ways to boost your income before retirement? In this episode, we explore five fun, practical ways to add to your cash flow without taking on the weight of a second job. Whether you’re saving to retire early, dreaming of shifting into a passion project, or just want a bit more financial freedom, these tips can help you get there in a way that aligns with your current lifestyle…

NEW RELEASE: THE EARLY START RETIREMENT PLAN

Visit https://www.EarlyStartRetirement.com

Take the Retirement Readiness Quiz!

Start YOUR FREE Financial Plan Today:

Now available – FREE ACCESS – to a Financial Planning Tool:

Click here: https://bit.ly/GetFinancialPlan

Connect with Danette Lowe, CFP®

https://linktr.ee/trunorthwealth

Visit Our Website: https://www.TruNorthWealth.com

Hobby Hustle

Turn your hobbies into a side income! Whether it’s crafting, gardening, or painting, hobbies can often be transformed into small businesses. Hear how my mom’s candle-making hobby became a successful Etsy shop and discover tips on how to share your creations with others.

Holiday Haven

Consider investing in a vacation rental. If you own property in a desirable location, renting it out part-time can generate significant extra income. We dive into location tips, property management ideas, and unique amenities that make your rental stand out.

Broadcast Brilliance

Have a story to tell or knowledge to share? Starting a blog or podcast is simpler than ever and can eventually lead to ad revenue, affiliate income, or even your own product sales. I share my journey of podcasting and how it led to writing my book, The Early Start Retirement Plan.

E-Commerce Extravaganza

Create and sell products online! From digital downloads to handmade goods, e-commerce offers endless possibilities. Platforms like Etsy and eBay make it easy to showcase your work, while SEO and social media can help you attract customers.

Teaching Treasures

Use your skills to teach others! Coaching, tutoring, or teaching classes—whether online or in-person—can be both fulfilling and profitable. Whether it’s academic subjects or a beloved hobby, this can be a rewarding way to share your expertise.

Each strategy is designed to fit smoothly into your life now, adding value and setting the stage for a fulfilling retirement. With personal stories, actionable tips, and easy-to-follow guidance, these simple ideas will help you elevate your financial future. So grab your notebook, sit back, and let’s dive into these tips for pre-retirement income!

https://www.facebook.com/TruNorthRetirementPlanning

About Danette:

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

1662 HWY 395 N, Suite 203, Minden, NV 89423

Connect with Danette @ https://linktr.ee/trunorthwealth

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

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Today we dive into the crucial topic of retirement planning for married couples. With the challenge of harmonizing two different perspectives on retirement, this episode offers valuable strategies to increase savings and ensure a comfortable retirement…

Click here to Download Your FREE “3 Steps” Workbook: https://trunorthwealth.activehosted.com/f/3

What’s included: 3 Steps to Planning an EPIC Retirement

Step 1: How will You Spend Your Time?

Step 2: Identify Your Income & Expenses

Step 3: Putting it all Together

Start YOUR FREE Financial Plan Today:

Now available – FREE ACCESS – to a Financial Planning Tool:

Click here: https://bit.ly/GetFinancialPlan

Connect with Danette Lowe, CFP®

https://linktr.ee/trunorthwealth

Visit Our Website: https://www.TruNorthWealth.com

We kick off with a discussion on a recent T. Rowe Price study, which benchmarks the ideal savings by age for both single individuals and married couples. For instance, at age 55, you should have five times your annual income saved, and by 65, it should be eight and a half times. Danette breaks down these figures with real-world examples, providing a clear starting point for retirement planning.

T. Rowe Price Benchmark Study: https://trowe.com/3vEJiyM

IRS Contribution Limits 2024:

https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000

The episode then guides you through practical steps to assess your financial status, including creating a Statement of Net Worth and analyzing monthly spending.

Here are 5 Strategies to Maximize Savings for Couples in 2024:

Maximize 401k and IRA Contributions: Understanding the impact of the SECURE Act 2.0 on retirement savings.

Pay Yourself First: Leveraging automatic transfers and incremental savings increases.

Eliminate High-Interest Debt: Starting with the smallest balances and working up.

Smart Management of Car Expenses: Sharing a successful strategy for car payments and savings.

Utilize IRAs Efficiently: Exploring the benefits of spousal and Roth IRAs.

Each strategy is accompanied by real-life examples and practical advice.

If you found this episode helpful, please give us a thumbs up. For more insights and advice on retirement planning, don't forget to subscribe and join us in the next episode of "Ready to Retire!".

https://www.facebook.com/TruNorthRetirementPlanning

About Danette:

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

123 W. Nye Lane, Suite 520, Carson City, NV 89706

Connect with Danette @ https://linktr.ee/trunorthwealth

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

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Start YOUR FREE Financial Plan Today:

Now available – FREE ACCESS – to a Financial Planning Tool:

Click here: https://bit.ly/GetFinancialPlan

Subscribe to our YouTube Channel to be informed when we release new episodes!

https://www.youtube.com/@readytoretire

Connect with Danette Lowe, CFP® https://linktr.ee/trunorthwealth

Traditional IRA vs. Roth IRA – Which one is better?

In this episode, Danette explores the decision between investing in a Traditional IRA, which offers immediate tax deductions but taxes gains upon withdrawal, and a Roth IRA, which doesn't provide tax deductions on contributions, but offers tax-free gains.

She discusses the pros and cons of each option and the benefits of a Roth conversion for those who are not eligible for direct Roth contributions.

The episode delves into the strategies for managing taxes during a Roth conversion, including staggered conversions and using non-IRA funds to cover the tax liability.

Danette emphasizes the potential benefits of converting during market downturns and the implications of recent legislative changes.

Danette recommends consulting with a financial advisor to determine the best retirement savings strategy based on individual circumstances, whether it involves Traditional IRAs, Roth IRAs, or Roth conversions.

Get YOUR FREE Risk Tolerance Number:

Click here to Request YOUR Free Risk Tolerance Number – this quick survey will provide you with an objective look at your risk tolerance.

https://bit.ly/GetMyRiskNumber

Click here to Download Your FREE “3 Steps” Workbook: https://trunorthwealth.activehosted.com/f/3

What’s included: 3 Steps to Planning an EPIC Retirement

Step 1: How will You Spend Your Time?

Step 2: Identify Your Income & Expenses

Step 3: Putting it all Together

Leave COMMENTS on Facebook:

https://www.facebook.com/TruNorthRetirementPlanning

About Danette:

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

123 W. Nye Lane, Suite 520, Carson City, NV 89706

Connect with Danette @ https://linktr.ee/trunorthwealth

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

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In this episode, we explore practical strategies to alleviate the financial strain that often accompanies five major life transitions:

Relocating to new places,

Navigating career or job changes,

Managing finances through relationship shifts,

Coping with unexpected health events,

and

Finding stability during times of loss or grief.

Tune in to discover expert insights and actionable tips for achieving financial peace of mind during these pivotal moments in life.

Start YOUR FREE Financial Plan Today:

Now available – FREE ACCESS – to a Financial Planning Tool:

Click here: https://bit.ly/GetFinancialPlan

Subscribe to our YouTube Channel to be informed when we release new episodes!

https://www.youtube.com/@readytoretire

Get YOUR FREE Risk Tolerance Number:

Click here to Request YOUR Free Risk Tolerance Number – this quick survey will provide you with an objective look at your risk tolerance.

https://bit.ly/GetMyRiskNumber

Click here to Download Your FREE “3 Steps” Workbook: https://trunorthwealth.activehosted.com/f/3

What’s included: 3 Steps to Planning an EPIC Retirement

Step 1: How will You Spend Your Time?

Step 2: Identify Your Income & Expenses

Step 3: Putting it all Together

Leave COMMENTS on Facebook:

https://www.facebook.com/TruNorthRetirementPlanning

Episode 27: Ways to Reduce the Financial Stress of 5 Major Life Transitions:

In this episode of the Ready to Retire podcast, Danette explores the financial implications of five major life transitions: relocation, career or job changes, relationship changes, health events, and loss or grief events.

She emphasizes the importance of having a solid financial plan in place to navigate these transitions. Danette also offers practical advice, such as the significance of health insurance decisions, managing old 401(k) plans, and considering life insurance during career changes.

She discusses the financial aspects of relocating, including trust updates and home investments, and highlights the importance of self-care during health transitions. In times of relationship changes, Danette emphasizes the need to reevaluate asset titling and life insurance.

Lastly, she addresses the challenges of grief and loss transitions, urging caution in making major decisions and recommending journaling as a helpful tool.

This episode provides valuable guidance on managing finances during life's most significant changes.

Danette mentioned John Holland’s book: Bridging Two Worlds – it’s available on Amazon here: https://amzn.to/452e8x9

About Danette:

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

123 W. Nye Lane, Suite 520, Carson City, NV 89706

Connect with Danette @ https://linktr.ee/trunorthwealth

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

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Don't miss out on these easy steps that can make a big difference in your financial journey. Uncover practical strategies, in our 1 YEAR Anniversary Episode, that can boost your wealth while fitting into your busy schedule. The episode explores hidden wealth-building gems to help you achieve prosperity.

Start YOUR FREE Financial Plan Today:

Now available – FREE ACCESS – to a Financial Planning Tool:

Click here: https://bit.ly/GetFinancialPlan

Check out our YouTube Channel – Please SUBSCRIBE!

https://www.youtube.com/@readytoretire

Get YOUR FREE Risk Tolerance Number:

Click here to Request YOUR Free Risk Tolerance Number – this quick survey will provide you with an objective look at your risk tolerance.

https://bit.ly/GetMyRiskNumber

Click here to Download Your FREE “3 Steps” Workbook: https://trunorthwealth.activehosted.com/f/3

What’s included: 3 Steps to Planning an EPIC Retirement

Step 1: How will You Spend Your Time?

Step 2: Identify Your Income & Expenses

Step 3: Putting it all Together

Leave COMMENTS on Facebook:

https://www.facebook.com/TruNorthRetirementPlanning

Episode 26:

Top 10 Tips Countdown for Financial Education:

The Ready to Retire podcast's one-year anniversary episode offers listeners the top 10 actionable financial tips, insights into the podcast's purpose, and plans for the future. It underscores the importance of self-awareness, informed decision-making, continuous learning, and disciplined financial habits to achieve a secure retirement and overall financial well-being.

Know Your Biases: Understand personal beliefs and biases that impact financial decisions.
Take a Financial Inventory: Assess assets, liabilities, net worth, income, expenses, and insurance.
Determine Risk Tolerance: Utilize a risk tolerance assessment to gauge investment comfort levels.
Regularly Update Beneficiaries: Importance of keeping beneficiary designations current to avoid complications.
Incrementally Increase Savings: Gradually raise savings contributions to improve financial health.
Allocate Time for Financial Literacy: Set aside a day each month to enhance financial knowledge.
Exercise Caution After Life Quakes: Avoid making significant financial decisions during emotional transitions.
Balance Your Checkbook: Monitor transactions to understand spending patterns and catch errors early.
Keep Financial Documents Updated: Maintain an organized central location for essential financial documents.
Spend Less Than You Earn: Practice disciplined spending and avoid financial risks.

Future Plans for the Podcast:

Introducing interviews with fellow financial advisors for diverse perspectives.

Advancing to more advanced financial planning topics.

Bonus Tips:

Maintain Financial Responsibility: Encourage both partners in a relationship to stay informed about finances.
Prioritize Retirement Over Adult Children: Avoid compromising retirement by over-assisting adult children.
Guard Against Online Scammers: Stay vigilant against evolving online scams.

About Danette:

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

123 W. Nye Lane, Suite 520, Carson City, NV 89706

Connect with Danette @ https://linktr.ee/trunorthwealth

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

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Risk Tolerance Number:

Click here to Request YOUR Free Risk Tolerance Number – this quick survey will provide you with an objective look at your risk tolerance.

https://bit.ly/GetMyRiskNumber

Click here to Download Your FREE “3 Steps” Workbook: https://trunorthwealth.activehosted.com/f/3

What’s included: 3 Steps to Planning an EPIC Retirement

Step 1: How will You Spend Your Time?

Step 2: Identify Your Income & Expenses

Step 3: Putting it all Together

Episode 25:

In this exciting episode, we'll be delving deep into the risks of long-term investing and equipping you with eight powerful strategies to reduce them. Let's start by exploring External Risks - those factors we have limited control over, such as inflation, credit defaults, interest rates, and the unpredictable stock market. On the other hand, Internal Risks are within our grasp, stemming from actions like overspending, neglecting portfolio rebalancing, and succumbing to income inflation.

You won't want to miss our comprehensive coverage of the eight Strategies to Mitigate the Risks highlighted in this episode. From diversification and asset allocation to countering emotional decision-making, we've got your back in managing your investments effectively. We'll also address the risks of procrastination and delayed savings, ensuring you can start saving and set your money to work for you.

Join us on the Ready to Retire Podcast for valuable insights and practical advice on securing your financial future. Whether you're a seasoned investor or just starting your investment journey, these strategies will empower you to make informed decisions and navigate the world of long-term investing with confidence. Tune in now and let's embark on this rewarding journey together!

About Danette:

Passion Ignited - My commitment to enhancing people's financial lives was kindled in 8th grade, sparked by a profile of a successful Certified Financial Planner (CFP®) professional. This marked the beginning of my journey to bring financial security to others.

Hobbies - I have a keen interest in photography, with a focus on nature. Our family adventures often lead us to the Sierra Nevada Mountains for various outdoor activities. I also find tranquility in knitting, quilting, and sewing, contributing to the 200+ creations donated to Chemo Caps for Kids.

Content Creator – Enjoying my latest passion, teaching. Writing the episodes is so rewarding!

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

123 W. Nye Lane, Suite 520, Carson City, NV 89706

Connect with Danette @ https://linktr.ee/trunorthwealth

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

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Click here to Download Your FREE “3 Steps” Workbook: https://trunorthwealth.activehosted.com/f/3

What’s included: 3 Steps to Planning an EPIC Retirement

Step 1: How will You Spend Your Time?

Step 2: Identify Your Income & Expenses

Step 3: Putting it all Together

Episode 24:

In this episode of the Ready to Retire! podcast, host Danette Lowe CFP®, shares crucial tips to maximize your Social Security benefits and ensure a financially secure retirement.

Many Americans make common mistakes by starting to claim Social Security without a strategy, potentially leaving thousands of dollars on the table.

Danette presents five essential tips to know before claiming benefits, covering topics such as eligibility requirements, full retirement age, the early claiming penalty, working during retirement, and spousal benefits.

She also provides a bonus tip on the windfall elimination provision for those covered by alternative pension plans.

Listeners can access additional resources, including a Social Security statement, retirement age calculation chart, and a free downloadable workbook. By implementing these tips, individuals can make informed decisions and optimize their Social Security benefits for a comfortable retirement.

Download Your Social Security Benefits Statement: https://www.ssa.gov > Benefits

Full Retirement Age (FRA) based on birth year:

| Birth Year | Full Retirement Age (FRA) | | 1943 or earlier | 66 | | 1944 | 66 and 2 months | | 1945 | 66 and 4 months | | 1946 | 66 and 6 months | | 1947 | 66 and 8 months | | 1948 | 66 and 10 months | | 1949 | 67 |

Please note that this table provides general information about the FRA, and individual circumstances may vary. It's always recommended to consult the Social Security Administration to obtain accurate and personalized information about your specific Full Retirement Age.

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About Us:

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

123 W. Nye Lane, Suite 520, Carson City, NV 89706

Connect with Danette @ https://linktr.ee/trunorthwealth

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

View Details

Click here to Download Your FREE “3 Steps” Workbook: https://trunorthwealth.activehosted.com/f/3

What’s included: 3 Steps to Planning an EPIC Retirement

Step 1: How will You Spend Your Time?

Step 2: Identify Your Income & Expenses

Step 3: Putting it all Together

Episode 23: Primary Beneficiary vs. Contingent: An Easy Financial Planning Checkup to Protect Your Family

In this episode, I discuss the often overlooked but crucial aspect of financial planning – conducting a beneficiary checkup. Many people neglect to review and update their beneficiaries listed on various accounts, which can lead to unintended consequences.

We explore the importance of regularly dedicating a small amount of time to ensure your beneficiaries align with your wishes. Discover why a beneficiary checkup is one of the best financial planning tips you'll ever receive.

Life is ever-changing, and it's essential to regularly review and update your beneficiaries to ensure your assets are distributed according to your wishes. By dedicating a small amount of time to conduct a beneficiary checkup, you can protect your loved ones and provide peace of mind for yourself.

About Us:

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

123 W. Nye Lane, Suite 520, Carson City, NV 89706

Connect with Danette @ https://linktr.ee/trunorthwealth

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

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Discover expert strategies for protecting your retirement plan in times of high inflation, including tips for diversifying your portfolio and building a solid financial plan…

Get your free guide here: https://trunorthwealth.activehosted.com/f/3

Download your free workbook: 3 Steps to Planning an EPIC Retirement

Step 1: How will You Spend Your Time?

Step 2: Identify Your Income & Expenses

Step 3: Putting it all Together

Episode 22: Inflation and Your Retirement Plan – How to Cope with Rising Costs and Keep Your Savings Safe

Learn all about inflation, what it is, what's causing the current inflation, what the Fed is doing about it, and how we can protect ourselves and our own financial security during periods of high inflation.

What is inflation?

Definition of inflation and how it affects the cost of goods and services.
Examples of inflation in everyday life.

Causes of inflation

Factors that can cause inflation, including an increase in demand, a shortage of supply, and government policies.
Corporate wages and historically low unemployment as sources of inflationary pressure.

The Federal Reserve's policy on inflation

The Fed's target rate of inflation.
The policy of raising interest rates to slow down the economy and control inflation.
The risk of raising rates too high too quickly and causing a recession.
The Fed's ability to stimulate the economy by lowering interest rates if necessary.

Strategies for protecting yourself during inflationary periods

The importance of having a financial plan that accounts for inflation on different types of expenses.
The need for diversification and asset allocation in investment portfolios.
The importance of not making big decisions based on short-term information.

Don't make big decisions based on short-term information. The economy is fundamentally sound, and the Federal Reserve's monetary policy is designed to help stabilize it. With a solid financial plan and a diversified investment portfolio, you can protect yourself and your family during periods of high inflation.

About Us:

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

123 W. Nye Lane, Suite 520, Carson City, NV 89706

Learn More @: https://www.trunorthwealth.com/

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

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Empower your financial journey by understanding FDIC insurance, protecting your assets, and learning from the past…

Get your free guide here: https://trunorthwealth.activehosted.com/f/3

Download your free workbook: 3 Steps to Planning an EPIC Retirement

Step 1: Plan Your Sources of Income

Step 2: Identify Your Expenses

Step 3: Putting it all Together

FDIC Insurance Coverage Calculator:

The FDIC provides an online tool called the Electronic Deposit Insurance Estimator (EDIE). This calculator helps you determine if your deposits at an FDIC-insured bank are within the coverage limits. You can access the EDIE calculator on the FDIC website at the following link:

https://edie.fdic.gov/

Ready to Retire! Podcast: Episode 21:

FDIC Insurance Explained

In this episode, we dive into the details of FDIC insurance, including its history, purpose, and coverage limits, to help you better understand how it works and how you're protected.

Protecting Yourself & Trusts

We discuss the importance of keeping your accounts under FDIC insurance limits, staying protected in the case of a bank failure, and the potential risks of “un-funding” your family trust.

Credit Unions & Investment Products

Learn about the coverage provided by the NCUA for credit unions, as well as the lack of FDIC insurance for financial products like mutual funds, stocks, and bonds, and the role of SIPC insurance.

Strategies for High Balances

Explore the options for managing accounts that exceed FDIC limits, such as splitting funds between multiple banks or working with a financial advisor to purchase CDs from different institutions.

Insider Story from 2008 Crisis

Get a firsthand account from John Mack, former CEO of Morgan Stanley, about the government bailout during the 2008 financial crisis and the impact it had on the banking system.

About Us:

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

123 W. Nye Lane, Suite 520, Carson City, NV 89706

Learn More @: https://www.trunorthwealth.com/

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

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Retiring soon? We discuss the 9 most common Financial Planning mistakes and How to AVOID them. Plus, bonus advice on choosing an advisor…

Get your free guide here: https://trunorthwealth.activehosted.com/f/3

Download your free workbook: 3 Steps to Planning an EPIC Retirement

Step 1: Plan Your Sources of Income

Step 2: Identify Your Expenses

Step 3: Putting it all Together

Ready to Retire! Podcast: Episode 20:

If you're feeling overwhelmed about planning for retirement, this episode is for you. Danette shares 9 common mistakes that people make when planning for retirement and provides actionable tips on how to avoid them. You'll gain confidence in your retirement planning and be better equipped to achieve your financial goals.

Are you worried that you haven't saved enough for retirement? Danette shares insights on how to increase your savings and make saving a good financial habit. You'll also learn how to avoid taking on too much risk in your investment portfolio, plan for healthcare costs, and anticipate inflation.

If you're not sure how much to withdraw from your investment portfolio in retirement, this episode is a must-listen. Danette explains how withdrawing too much too soon can leave you with an inadequate retirement fund.

Finally, if you're working with multiple financial advisors, you won't want to miss the bonus tip at the end of this episode. Danette explains why consolidating your accounts with one advisor can provide you with a comprehensive overview of your financial situation and help you take advantage of fee breakpoints. You'll also avoid the risk of having overlapping or conflicting plans.

About Us:

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

123 W. Nye Lane, Suite 520, Carson City, NV 89706

Learn More @: https://www.trunorthwealth.com/

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

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Discover the 5 benefits of financial planning and follow the 6-step process to achieve financial goals, reduce stress, and secure your future.…

Get your free guide here-> https://trunorthwealth.activehosted.com/f/3

Download your free workbook: 3 Steps to Planning an EPIC Retirement

Step 1: Plan Your Sources of Income

Step 2: Identify Your Expenses

Step 3: Putting it all Together

Ready to Retire! Podcast: Episode 19:

In this episode, we explore the importance of having a solid financial plan for a secure and stress-free future. Emphasizing 5 advantages of having a financial plan in place, like achieving dreams and goals, having a diversified investment portfolio, gaining confidence in financial decision-making, navigating difficult situations, and taking advantage of opportunities when things go well.

The financial planning process is a series of steps that a financial advisor takes with a client to help them create a customized financial plan that meets their specific needs and goals.

It all starts with an initial consultation, where you and your financial advisor get to know each other. This is a chance for you to ask questions and make sure the advisor is a good fit for you. After the consultation, your advisor will provide you with a proposal that outlines their services and fees.

If you decide to move forward, the next step is a discovery meeting. This is where you and your advisor will dig deep into your financial situation, including your goals, values, dreams, and concerns. Your advisor will use this information to create a customized financial plan that addresses your unique situation.

Once your advisor has drafted your financial plan, they'll meet with you again to review it and make any necessary revisions. Then comes the implementation phase, where your advisor will help you put the plan into action. This might include consolidating accounts, making investments, or creating a budget.

Finally, the ongoing review and monitoring phase is where your advisor will help you stay on track and make adjustments as necessary. This is important because life is unpredictable, and your financial plan may need to be adjusted as your circumstances change.

Overall, the financial planning process is designed to help you achieve your financial goals and live the life you want. It's a collaborative effort between you and your financial advisor, and it requires regular communication and review to ensure you stay on track.

About Us:

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

123 W. Nye Lane, Suite 520, Carson City, NV 89706

Learn More @: https://www.trunorthwealth.com/

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

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Where are you in your financial journey? Whether you’re just starting to save for retirement or already have your retirement party scheduled, take some time to review how to make the most of where you are right now to avoid future problems.

In this episode, I outline four important phases of your financial journey and how to prepare for retirement in each step.

Check out these 4 phases:

1-Savvy Saver: People who are getting ready to save for retirement, who may not even be thinking about retirement, typically under the age of 50 years old.

Establish an “adventure fund” for unexpected expenses.
Start saving early.
Eliminate credit card debt if possible.

2-Ready to Retire: People between the age of 50 and 65. This is the phase where you start to think about, have I done enough? Am I ready to retire? What will that look like when it happens?

Seek the advice of a financial planner
Finish paying off your debt.
Review all insurance policies.
Develop retirement income.

3-Loving Legacy: This phase is when you've retired and you’re able to meet your cash flow needs. Everything's going well, and the key focus at this time of your life is things like estate planning.

Regularly review your will and trust.
Review and update beneficiary information.
Enjoy your retirement!
Be social and vary your daily activities.

4-Life Quakes: A life quake can happen to us at any time in our lives, during any one of the phases. A life quake is when an unexpected event occurs like a death in the family, loss of job, or a crisis like the recent pandemic.

I hope learning about these phases helps determine next steps for your financial journey.

In this episode, you’ll also hear:

Advice for saving 3-6 months of your net income
Tips for developing a retirement income plan
Letting go of scarcity mentality and enjoying retirement

Must-listen moments:

[00:07:44] If you're a Savvy Saver, this is the most important time to develop good financial habits. Getting regular habits in place, like regularly contributing to a 401k will go a long way towards making your long-term goals achievable and your long-term retirement plans successful.

[00:17:24] Whether you work with a financial advisor or not, you need to have a retirement income plan. You can use some online tools that are available, but you want to map out how much income you have coming in, how much outflow you have going out.

[00:25:18] Sometimes we have a scarcity mentality…that's something to be aware of, that it's okay to spend some of that money that you have spent your life accumulating during your lifetime.

Thank you for listening! Please share this episode with 2 friends you think need to hear it!

Connect with Danette:

E-mail: Danette@TruNorthWealth.com

Phone: 775.364.0010

Follow Danette Lowe on LinkedIn:

https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/

Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

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Tax season is fast approaching, so it’s time to ensure your finances are in order.

In this episode, I address the common confusion between taxable and tax-deferred accounts as well as 3 income tax blunders you definitely want to avoid.

Tax-deferred Account: Refers to a 401k, IRA, or a simple IRA. A tax-deferred account is where you get a deduction from your current paycheck or income tax. You get a deduction now and later when you take the money out. The total amount you withdraw from the account then becomes taxable, and it is taxed at your rate of ordinary income at the time.

Taxable Account: This refers to the savings that you put aside after your net paycheck, so there's no current deduction in these taxable accounts when you go to make a withdrawal. There aren’t necessarily any tax consequences. When you take money out of a taxable account, the only tax consequences are if you have to sell something or sell an investment you had a gain on, and then the gain is taxed as a capital gain.

3 Common Income Tax Blunders:

1-Overweighting the Tax-Deferred Account: In an effort to reduce our current income, we put way too much of our total savings into the tax-deferred account. The problem becomes when we retire or when we want to make a large purchase, all the money is not available.

2-Corporate Stock Options: Different kinds of stocks have different tax consequences. Make sure you understand the tax consequences of exercising your corporate stock options before you do it.

3-Not Selling an Investment to Avoid Paying Taxes: We are so averse to paying taxes that we would almost rather see the market value of something go down than pay taxes on a gain. We have a loss aversion bias; we're afraid of paying the taxes, we're afraid of selling and paying the taxes, but we also fear missing out.

3 Strategies if your Investment Experiences a Gain

1-Tax Gain Harvesting: When you take a position that you've made a lot of money in and sell a portion of it.

2-Make a Charitable Tax Donation: If you donate your gain to charity, you'll get to deduct a hundred percent of that, depending on your situation, but you'll get to deduct the market value, and you will not have to recognize income tax.

3-Trailing Stop Loss: A protective measure that says as long as the stock continues to go up, I will continue to own it, but if it goes down by a certain percentage, then that will trigger a sell order.

Planning is key to ensuring you’re not making a mess of your taxes or retirement. I always recommend speaking to a CPA or financial advisor to help you as much as possible.

In this episode, you’ll also hear:

Clarification between taxable accounts vs. tax-deferred accounts
Avoiding 3 common income tax mistakes
3 strategies to consider if you have a large gain and don’t want to sell

Must-listen moments:

[00:05:36] Sometimes, when we say the word taxable and tax-deferred, it might feel like tax-deferred is better because not paying taxes now sounds better than something called taxable.

[00:12:41] The key to that one is to know what your really large, significant purchases in retirement are going to be and start to plan where that money's gonna come from.

[00:27:29] It's very easy to buy a stock, to buy an investment, it is really hard to know when to sell. I really like the idea of these trailing stop losses because it creates a strategy around this…it protects us from losing a significant amount on the downside.

Other episodes mentioned during this episode:

How to Make Better Financial Decisions- What are your Biases? Watch here: https://www.youtube.com/watch?v=zcjfedNlnEM and listen here: https://link.chtbl.com/bHXYczqV

Thank you for listening! Please share this episode with 2 friends you think need to hear it!

Connect with Danette:

E-mail: Danette@TruNorthWealth.com

Phone: 775.364.0010

Follow Danette Lowe on LinkedIn:

https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/

Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

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In this episode, you’ll learn four key pieces of information from Secure Act 2.0 and how they are beneficial to you right now, including a significant update to the new IRA Beneficiary rule from Secure Act 1.0. The changes made in this new law greatly impact how you should plan for retirement, so through this episode, I will give you tips on how best to utilize these new laws to your benefit.

The four key pieces from the Secure Act 2.0:

The new RMD (Required Minimum Distributions) age is increasing from 72 to 73 as of 2023 and will change again in 2033 to age 75.
New Option for Surviving Spouse’s Beneficiary of an IRA. This new law now allows the surviving spouse, if younger, to make a non-revocable election to retain funds. This would allow the surviving spouse to take RMDs based on their age going forward.
Employer Sponsored Plan updates. This part of the new law will affect how an employer may help its employee with their 401(k) by matching what they pay in their student loan payments. The other part is now your employer may allow you to take up to four penalty-free withdrawals from their sponsored Roth plan for emergencies.
Update to the 10-Year Rule for Beneficiary IRA. In Secure Act 1.0 congress changed the rule for beneficiary withdrawal to be completed within a ten-year window, but not requiring any to be withdrawn within the first nine years. Secure Act 2.0 is looking at changing this to require minimum withdrawals within the first nine years. There are planning issues with this if you inherited an IRA between now and the first day of 2020; therefore, this rule of the law may change again.

There will be more information coming over the next several months as we continue to unpack this 4,000-page piece of legislation, and how it will affect you and your retirement strategy. As always, talk with your financial advisor to help you understand the implications and decisions you can make for your retirement.

In this episode, you’ll also hear:

Pro tips about how to make the best use of the new Required Minimum Distribution
There’s no required timeline in which employers must adopt these provisions of Secure Act 2.0 into their qualified plans
Planning strategies to help make the best use of the changes from Secure Act 2.0

If interested in learning more now about the Secure Act, here is a link to a youtube video by Dave Ramsey where he quickly breaks down the Secure Act: https://www.youtube.com/watch?v=ZZP0MiI2lRcLooked"

Must-listen Moments:

[00:06:16] Pro-tip number one is when you are first required to take your minimum distribution…you are actually not required to take your minimum distribution until April 1st the following year.

[00:09:16] When we’re making contributions…if you only have enough funds to contribute to one of the two spouses, you should be earmarking the money towards favoring the younger of the two spouses.

[00:14:09] It’s really important to have an emergency savings account…I think Congress is addressing the importance of us being able to have access to some money that’s going into qualified plans to encourage us to save more.

[00:16:55] In theory, they wanted you to take a tenth … every year and equally distribute the money yourself over the time period. But, as we know from the work we did on our episode on biases, we do not like to take money out of IRAs and pay taxes.

Other episodes mentioned during this episode:

The Four Phases of your Financial Journey - Watch here https://youtu.be/_1YDlVnqNkw or listen here https://link.chtbl.com/RTR-Ep7

Thank you for listening! Please share this episode with 2 friends you think need to hear it!

Connect with Danette:

E-mail: Danette@TruNorthWealth.com

Phone: 775.364.0010

Follow Danette Lowe on LinkedIn:

https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/

Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

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Even if your children aren’t set to receive an inheritance, they must be educated about money if you want to increase their chances of becoming a financially successful adult.

In this episode, I describe nine strategies parents can use to help kids understand how to get the most value out of their money.

Check out these nine strategies you can try today:

Decision making: Give them a specific amount of money and allow them to decide how they will spend it. You can implement this for allowances or special occasions like a trip to a theme park.
Skin in the game: We don’t value the things we get for free as much as those we contribute towards. For larger purchases, like college tuition or a car, require your child to contribute to the cost in some way.
Have a contract: Get out a pen and paper. If you’re going to loan your child some money, write down the terms, make them sign it just like a contract to create some accountability to it.
Budgeting: Have your kids make a budget for how they plan to spend their money. Make them stick to their budget to understand if their money is being used where they said it would be used.
Watch their actions list: Pay attention to how they actually spend their money. Do they spend it how they say they will? Do they pay back borrowed money when they say they will?
Chores and allowance: Consider adding chores like you add allowance. The more your kid is able to do, the more proud they will be of what they can accomplish.
Saving half and spending half: Teach kids that if something costs $40, they need to have $80 so they can spend $40 and save $40. Create a habit of always setting money aside in savings.
Regular communication: Schedule a time to discuss finances as a family and talk about it regularly and repeatedly as your children grow up.
Lead by example: Our children will do what we do. Share the simple financial choices you are making for yourself, acknowledge any struggles and celebrate your successes.

In this episode, you’ll also hear:

Encouraging decision making skills and having skin in the game
Creating accountability through budgeting and follow ups
Why regular communication is key to financial education

Must-listen moments:

[00:04:08] Kids are really starting to become aware of money at an early age and that carries through, so it's important that we start to think about things that we can do to help educate our kids about money.

[00:19:58] This idea of regular communication seems to be one of the really biggest keys of success in educating the next generation about finances.

[00:22:02] As our kids get older and we're at a different stage of our lives, the kids just might not remember what it was like when we struggled.

Thank you for listening! Please share this episode with 2 friends you think need to hear it!

Connect with Danette:

E-mail: Danette@TruNorthWealth.com

Phone: 775.364.0010

Follow Danette Lowe on LinkedIn:

https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/

Episode Mentioned: Ep 14-5 Key Considerations for Early Retirement https://link.chtbl.com/MPBh7jv6

Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

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If you’re considering retirement before the age of 60, there are a few key things you must consider to ensure you’re financially prepared.

You need to have an understanding of how your age will affect your social security payout, how you plan to pay for health insurance, what penalties you may incur for withdrawing early from an IRA, and what the ups and downs of both inflation and the stock market mean for your retirement.

In this episode, I cover how social security, Medicare, IRAs, inflation, and the stock market can impact your decision to retire early.

Social Security: Social security looks at the highest 35 years of earning. If you're retiring in your fifties, there's a potential that your earlier years of working had a lower income and it could affect your overall estimate.
Medicare: Medicare will kick in at the age of 65 if you're eligible. If you’re retiring early and leaving your employer, then you may have to pay for your medical insurance on your own. This can be extraordinarily expensive because the insurance companies know that when you turn 65, you are going to go onto Medicare.
IRA: If you’re less than 59 and a half years old and pull money from your IRA, you’ll receive a 10% early withdrawal penalty. The 10% penalty is on the amount that's taken out. If you’re 50 and you need to access money from your IRA to fund your early retirement, then consider using a 72 T distribution, which you will definitely need help with to do the calculations.
Longevity and Inflation: If you’re planning to retire before the age of 60, you must consider the impact inflation can have if you live a long life. Inflation can rapidly increase the cost of living and impact your overall expenses so it’s important to be able to adjust if necessary.
Ebb and flow of the Stock Market: Pay attention to the jobs numbers, or the number of people working. You also want to watch the number of hours per week people are working and if that number is increasing, that means consumers are receiving more money so they can spend more money.

Remember to talk with your financial planner to help with early retirement decisions.

In this episode, you’ll also hear:

How retiring early might impact your social security estimate
Funding your own insurance and IRA withdrawal penalties
Considering inflation for early retirement and investments

Must-listen moments:

[00:06:03] You could have a different time frame in your mind, but any time we're talking about under the age of 60, I would consider that early retirement.

[00:11:24] Keep in mind for early retirement that accessing money from accounts like IRAs is going to be a little bit of a challenge.

[00:12:57] When Social Security was enacted they set the retirement age at the age of 65, and our life expectancy at the time was 67. So, when social security was enacted, the government didn't expect that they would be paying out for years and years.

Thank you for listening! Please share this episode with 2 friends you think need to hear it!

Connect with Danette:

E-mail: Danette@TruNorthWealth.com

Phone: 775.364.0010

Follow Danette Lowe on LinkedIn:

https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/

Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement

Social Security - https://www.ssa.gov/myaccount/

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

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So often when people think about financial goals, they believe money deserves the most attention, but in reality, it’s the end result that’s the center of your goal. Whether that result is a special experience, like traveling to a bucket list destination or visiting family every year, or perhaps something you’ve wanted forever like your dream home or car, your financial goals are entirely up to you.

It’s important to get clear on what you want, how you want to feel, and what steps you will follow to make your goals happen.

Discover the three step process to setting, prioritizing, and achieving your goals so you can have what you want and do what you want now and when you retire.

Step 1: 4 Brainstorming Topics for Setting Your Goals

How much do you want to spend in retirement? Less, the same, or more than what you spend now? Can you cover the costs of inflation?
What do you want to focus your budget and attention on? Traveling? Home improvement projects? How much will your budget be?
How much savings do you want to have at the end of your lifetime? Do you want a substantial amount to leave to your family or a charity? Or do you want your last check to bounce?
What are you most passionate about? What’s your number one, must have, bucket list item?

Step 2: 5 Things to Consider When Prioritizing Goals

How are you doing mentally? What is your cognitive ability like?
How is your physical health? Does a goal need to be adjusted to accommodate your physical situation?
How much fun are you having? What do you need to replace to improve your situation?
What’s your stress level? How can you resolve situations that are causing you the most stress?
How long have you wanted to achieve this goal? How can you incorporate what you want to do into your life now?

Step 3: Achieving Your Goals

Choose one goal.
Visualize having already achieved the goal. What would that feel like?
Make your goal inevitable. Put the steps into place to give yourself no choice but to achieve that goal.

I hope these simple steps inspire you to create your own Wealth Vision Board!

In this episode, you’ll also hear:

How the longevity of retirement has grown in recent years
Why your mental and physical health might impact your goals
The power of visualizing your goals as if they’re already accomplished

Must-listen moments:

[00:11:22] Now people are easily, easily retired 30 years, 35 years and 40 years. We do have to account for the longevity, and it's something to think about as we're setting goals.

[00:19:06] Think about that level of savings over time…and if you have a partner, it's important that you both talk about it…to think about these goals separately and then come together because your answers might be very different.

[00:32:59] Take a look at the things that you have wanted to have for a long time and give them a lot of points when it comes to prioritizing. There's no reason in life that we have to put off doing the things that we really love or that we really want to do.

Be sure to check out Episode 12 - How to Create a Wealth Vision Board

Thank you for listening! Please share this episode with 2 friends you think need to hear it!

Connect with Danette:

E-mail: Danette@TruNorthWealth.com

Phone: 775.364.0010

Follow Danette Lowe on LinkedIn:

https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/

Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

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In a recent survey, 43% of Americans admitted they simply guess when it comes to how much income they will need in retirement.

Rather than leave it to chance, it’s imperative to think about how you want to spend your time in retirement to have a solid understanding of how much money you’ll need in the future. Creating a wealth vision board is an excellent way to get clear on what experiences you want to have, where you want to travel, what you want to own, and so much more.

In this episode, I share 4 simple steps to creating a wealth vision board so you can map out what the next chapter of your life will look like.

Check out these four steps to creating and building a wealth vision board:

Step 1-Brainstorming: Grab a blank piece of paper and write down all the things that come to mind, all the things that you might want to have, things you might want to experience. Be sure to include your biggest, boldest, most magnificent wishes and dreams. Try to be specific around where you want to live, who you want to spend your time with, and how you want to spend your time.

Step 2-Choose 3-5 Top Wishes: Pick the ideas that really stand out, things that you've really wanted for a long time. Give your wishes a nickname and find images, either online or in a magazine, that represent each wish and use them for your vision board.

Step 3-Find Images and Words: Once you have a collection of images that represent your vision, assemble them either physically onto a board or paste them in your digital app. Have a printed version and a digital copy saved on your phone so you can see your vision board anywhere you go.

Step 4-Put Your Vision Board Where You Can See it Daily: Place your vision board where you can see it easily and often. Each day, take time to look at your vision board and think about what you want to have, holding that feeling of enjoyment for a few minutes every morning. You'll be surprised at how many of those things really start to come into your life sooner than you anticipated.

I hope these simple steps inspire you to create your own Wealth Vision Board!

In this episode, you’ll also hear:

Assigning 50/50 probability to get maximum effort
What a vision board is and how it helps get what you want
Suggestions for creating a digital and physical vision board

Must-listen moments:

[00:10:07] We're working, we're putting money aside into our 401ks and IRAs, and doing all the things we're supposed to do, leading up to retirement. Everything except actually sitting down to think about what do we want to do with our time.

[00:24:17] The enjoyment that we receive from thinking about something is as good as actually having the thing.

[00:43:26] When you see the vision board and you see the different ideas of things that you want to have, be or do, then allow yourself to enjoy that feeling of when that thing actually happens. Don't spend any time worrying about the how of it, or don't worry about how much it costs, don't worry about how it's gonna come to be.

If you haven’t recently, it’s time to go back and listen to Episode 2, Sources of Income in Retirement https://link.chtbl.com/30b6xIZX

Thank you for listening! Please share this episode with 2 friends you think need to hear it!

Connect with Danette:

E-mail: Danette@TruNorthWealth.com

Phone: 775.364.0010

Follow Danette Lowe on LinkedIn:

https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/

Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

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With the holidays comes a season of giving, and sharing your wealth with those you love or causes you hold dear to your heart can make for a pretty fantastic, maybe even life-changing, gift.

You can help a loved one purchase their first home, pay for college, or ensure the charity of your choice receives a boost in funding.

In this episode, I share fun and creative gifting strategies and what you need to know about charitable giving.

Remember that you always want to verify if the organization you donate to is a qualified charity and has a valid 501(c)(3) IRS designation, and that you’re following all rules and regulations tied to monetary gifts for family and friends. And, of course, always speak with your CPA or your financial advisor about any large sum gifts you plan to make.

Check out these 3 Strategies for Charitable Giving:

Donate highly appreciated assets: Rather than donating cash, you can donate an asset with increased value. This allows you to deduct the full amount, or the fair market value, of the asset at the time you make the donation and avoid paying capital gains taxes on the gain of that investment.

Gift directly from your IRA: You can make up to a $100,000 charitable donation directly from your IRA. As long as the money goes straight to the charity, you will not have to claim that as income for taxes, and this money that you donate counts towards your required minimum distribution if you're over 72.

Use Donor-advised funds: Donor-advised funds are where you make a contribution into an investment and you have time to decide who ultimately receives the money. You don't have to decide right away who will receive the money, so you can incorporate it as part of your family gifting strategy and invite your family members to help you pick who will ultimately receive how much money and when.

In hope this makes incorporating a gifting strategy into your financial planning easier, listen for:

Understanding two main types of gifting
Annual gift exclusion amount and other gifting stipulations
Practicing gratitude for what you can give

Download your own Charitable Giving Checklist here: https://bit.ly/EstCharitableGivingStrategy

This episode’s must-listen moments:

[00:06:22] When you have a blessed life, there is no greater joy than sharing that with others.

[00:15:03] It's important to help prepare the next generation to receive wealth. If you've accumulated a decent size net worth, it's important to teach the people who are going to inherit it how to handle that kind of money.

[00:24:05] It's a great way to get started on a gifting program and make it become automatic so that you don't even notice these little amounts going in and going out on a regular basis.

[00:33:41] Take a minute to congratulate yourself and really enjoy the feeling that you get from giving to someone that you love, or an organization that you care about.

Thank you for listening! Please share this episode with 2 friends you think need to hear it!

Connect with Danette:

E-mail: Danette@TruNorthWealth.com

Phone: 775.364.0010

Follow Danette Lowe on LinkedIn:

https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/

Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement

This podcast is for informational purposes only. The situations used herein do not constitute arecommendationas to the suitability of any investment for any person or persons having circumstancessimilar to those portrayed, and a financial advisor should be consulted for your specific situation.Neither Commonwealth Financial Network nor your representative provides tax advice.

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If you build a healthy habit of saving, you will have more control over your finances.

You can start with small changes and watch the savings add up!

In this episode, I lay out some of my favorite savings hacks I’ve learned from different clients over the years. These hacks can easily be implemented to help you start building a habit that helps you decrease your spending and increase your savings.

Here are my 5 favorite Savings Hacks:

1-Analyze Your Spending: Understand how much money you have going out each month. What are your biggest expenses? Use a program like QuickBooks to help know the exact amount of each expense you have and to better understand which expenses you can eliminate or decrease.

2-Address Credit Card Debt: Bring your credit card use down. Get the available balance up to about 50% on each of your cards to help your credit rating. Pay off your lowest balance first and then tackle the rest, and always pay attention to your interest rates.

3-Regularly Increase Your Savings: Start a habit of increasing your savings every six months or so. Increase your 401K contribution by 1%. Open and fund an extra savings account and send $100 a month to it.

4-Piggy Bank Savings & Mental Spending: Once a month, withdraw an actual $100 bill from your bank account. Put the bill in a special piggy bank or container of your choice. Watch it grow and use it only for special occasions. For visual spending, keep a $100 bill in your wallet and mentally spend it and save it!

5-The Best Things in Life are Free: Make a list of five things that give you a tremendous amount of pleasure, a tremendous amount of fun, that don't have a lot of expense associated with them—and do them. You can call a friend, make a yummy dinner at home, meditate, color, or so many other things, and most importantly, don’t forget to laugh!

In this episode, you’ll also hear:

What details financial planning covers
Why you must pay attention to credit card interest rates
Different ways to save $100

Must-listen moments:

[00:06:57] The first step at saving money might be to take a look at where you're actually spending your money. What are your actual expenses?

[00:10:30] There are times in our lives when we have to use credit cards; we don't have a choice and that is what they're there for—it's for emergencies. Also, you can use them for regular spending, as long as you're paying them off each month.

[00:16:00] When you're doing a regular addition to savings, it adds up. If you can get into the habit of increasing your savings a little bit every six months or so, then you are going to get to a really great place very quickly.

[00:22:30] We can spend money on all these things, but really when it comes down to it, the things that give us the most pleasure, the most enjoyment tend to not have a lot of cost.

Thank you for listening! Please share this episode with 2 friends you think need to hear it!

Connect with Danette:

E-mail: Danette@TruNorthWealth.com

Phone: 775.364.0010

Follow Danette Lowe on LinkedIn:

https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/

Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

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There is no one-size-fits-all answer to the popular question of whether or not to pay off your mortgage.

Instead, it’s helpful to get clear on what makes the most sense for your current and future life by considering your goals, values, wishes, and desires, and where you want to be in the next 5, 10, or even 50 years.

In this episode, I offer an easy framework to address your mortgage questions as well as possible solutions if you want to pay off your mortgage early.

Framework of Mortgage Considerations:

How long are you planning on living in the house?
What is your current income level and how easy is it for you to make payments?
How much have you accumulated in your after-tax savings accounts and/or have you received a large lump sum?
Where are you with transportation payments?
What does your mortgage look like right now?

Three Ways You Can Pay Off Your Mortgage Early:

Downsize—Use equity from selling your current home to buy a smaller home or a home in a less expensive neighborhood.
Make additional monthly principal payments—Talk to your bank or use an online calculator to figure out how much you should pay each month to pay off your mortgage early.
Use a lump sum from an inheritance or sale of an asset to pay off the balance—Do so with caution and understand the possible tax consequences.

I hope this framework and potential pay-off strategies make mortgage decisions less complicated as you determine what’s best for your personal goals.

In this episode, you’ll also hear:

Saving for an adventure fund vs. rainy day fund
When it might make sense to pay off your mortgage
The power of getting clear on your financial goals

Must-listen moments:

[00:11:55] Once you have an excess amount in your adventure fund, then you can spend it on something really fun and really exciting. We like to recommend having at least six months of net spending if you are single or in a single-income family, and three months of net spending if you're in a dual-income family.

[00:22:14] I still feel strongly that you're better off to pay off, to use those funds, to pay off your mortgage…You can sleep in your house, but you can't sleep in your brokerage statement.

[00:23:50] There's absolutely nothing wrong with having a mortgage payment when you retire, especially for those people who have a majority of their retirement funds tied up in tax-deferred vehicles like 401ks or IRAs.

Thank you for listening! Please share this episode with 2 friends you think need to hear it!

Connect with Danette:

E-mail: Danette@TruNorthWealth.com

Phone: 775.364.0010

Follow Danette Lowe on LinkedIn:

https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/

Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

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Are you familiar with different types of biases and which ones influence you the most?

Whether you realize it or not, biases influence how you make financial decisions.

In this episode, I break down some of the key biases that most often impact our minds when we’re deciding whether to save, invest, or spend.

It’s important to remember biases are completely normal and we all have them. Where biases get tricky, however, is when we spend too much time reinforcing our own beliefs and leave curiosity at the door. Entertaining multiple perspectives allows us to gain insight and continue our learning so that we don’t become isolated in our own way of thinking.

Check out these brief descriptions and how different biases result in different decisions:

Confirmation Bias: We screen everything we hear against our pre-existing belief system, our own beliefs, about what is true. This bias can be dangerous if you’re only surrounded by people who always hold the same beliefs as you, instead of surrounding yourself with people with differing opinions that encourages you to understand their perspective. Note: a recent study about longevity and retirement suggested the number one predictor of a long and healthy life was people who engaged in a lot of conversations with people who have differing points of view.

Loss Aversion Bias: This refers to when we are disproportionately more upset by a loss than we enjoy our gains. Put another way, we are more upset about losing something than we are happy about gaining something. This bias is especially noticeable in the behavior of investors during a market downturn, as well as when the market is rising and investors refuse to sell because of tax consequences.

Sunk Cost Bias: When we’re working on something, especially when we’ve put a lot of time, money, and energy into it, it’s really hard to end it because we’re considering our sunk costs— how much we’ve already invested in the project or property. Where it gets messy is when we refuse to let go and keep moving forward, we keep spending more time and resources on it, even when we realize it would be better to stop. This bias influences more than just money, it can impact relationships, employees, and business ventures, so be mindful when you know you should pull the plug but feel the urge to buckle down and keep going.

Omission Bias: Omission bias is the tendency to prefer no action, in ourselves and others. We would prefer nothing over something that could potentially make things worse. When it comes to financial decisions, we avoid taking any action instead of risking making a mistake, which in turn also keeps us from making a profitable investment. When this bias surfaces, you need compassion for yourself and confidence that you can make the best decision possible in the moment based on the information you have at the time.

Hindsight Bias: This refers to when you look back and judge outcomes that turn out poorly by blaming yourself and believing you made a bad decision, thinking that you should have seen it coming. In reality, there’s no way to predict every single outcome of the financial decisions you make, so it’s imperative that you stop hindsight thinking as soon as it shows up. Be kind to yourself and remember you had all the right intentions to make the best decision. We can’t let past mistakes mess with our brain or our future.

I hope learning about these biases builds your awareness as you navigate your financial journey.

In this episode, you’ll also hear:

Understanding that having all the facts doesn’t always make you right
Why lost time and energy shouldn’t consume more time and energy
How blame and shame have no place in financial decision making

Must-listen moments:

[00:08:05] The danger of this bias is that we can become polarized and we can move farther away from each other. We're in danger of replacing curiosity with digging in our heels and wanting other people to agree with us, instead of being curious and learning about what they might be believing in now.

[00:24:40] Anything that we've invested time and energy into, it is hard to cut ties.

[00:30:06] We have to have compassion for ourselves and confidence that we're going to make the best decision we can in the moment, based on the information we have at the time. If things eventually go sideways, it's still good because you made a decision to do something as opposed to doing nothing.

Thank you for listening! Please share this episode with 2 friends you think need to hear it!

Follow Danette Lowe on LinkedIn:

https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/

Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement

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Planning for the future doesn’t have to cause fear or anxiety.

But how much money should you save now to live comfortably in the future?

In this episode, I dive into my tried-and-true framework called the “Four Phases of Your Financial Journey” to help you understand what financial decisions you can make now to better prepare for tomorrow.

I’ve used this framework successfully for years with my clients and I think it’ll work great for you, too. Also, I’m sharing the best savings advice I received ages ago from my own mother that still holds firm decades later and could be beneficial if put into practice today.

As you listen and review each phase of the Financial Journey Framework, notice which phase best applies to you:

Phase 1-Savvy Savers: Main areas of focus are generally building up your 401(k), college savings accounts if you have children, purchasing a new home, or upgrading if you’ve outgrown your current home, investing in term life insurance, or prepping to help aging parents. You are more aware of how you’re spending your time and money and saving is a priority.

Phase 2-Ready to Retire: Focus shifts to transitioning from being a saver to spending the money you’ve saved, while also considering if you have enough money saved to spend at all. Most people in this phase have a date of retirement in mind, are tired of the corporate life, have hobbies and interests they want to explore and places they want to travel.

This group, commonly known as the sandwich generation, also faces more uncertainty since they’re trying to include both their own family and the needs of their older parents in financial planning.

Phase 3-Loving Legacy: The magical time when you get to plan how your wealth will support the people you love and the organizations you believe in. Retirement becomes your lifestyle, the money you have coming in exceeds the money you have going out, and you’re able to enjoy spending your time and money doing what you want to do.

You also make end-of-life plans, determine your trusts and beneficiaries, and perhaps name a successor trustee who can handle the responsibility of making sure your financial plans are followed.

Phase 4-Life Quake: This unpredictable phase can happen at any time in your life. Life Quakes occur suddenly and can last for an unknown amount of time, but usually don’t last forever. It’s important to remember to treat yourself with compassion if you’re in this phase, and take your time before making any major financial decisions.

My goal is to support you on your financial journey no matter what phase you’re in and hope you find this framework helpful.

In this episode, you’ll also hear:

What it means to be in the sandwich generation
Advice for working with a financial planner
Why compassion is important in times of uncertainty

Must-listen moments:

[00:13:05] My mom said we could spend half and we had to save half. So when our piggy banks reached a certain level, say $10, we could go to the toy store…then I could spend $5 and she would put $5 in a passbook savings account.

[00:18:40] I recommend saving somewhere between 10 & 15% of your take home pay. If you’re not there yet, then just make a goal of spending a little bit less each month, and saving a little bit more each month.

[00:20:17] The main characteristic of this time of your life is the uncertainty it brings up…this is the time where you begin to ask yourself, have I saved enough? Can I retire and enjoy the same lifestyle that I have now?

Thank you for listening! Please share this episode with 2 friends you think need to hear it!

Follow Danette Lowe on LinkedIn:

https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/

Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement

Contact Danette Lowe:

Email: Danette@TruNorthWealth.com

Phone Number: 775-364-0010

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Simply spending less money than you make is the secret ingredient to budget success, in life and especially in retirement.

But why is it so difficult for us to spend less than we earn?

In this episode, we’re going to talk about how to avoid overspending. There are several recurring themes individuals seem to ignore.

I’m hoping to raise awareness about these patterns in an effort to keep you from going down the tempting path of overspending. In addition, I’ll be discussing some solutions for each form of overspending and highlighting the three spending categories that are likely to ruin your budget.

The main question to consider as a pre-retiree is - How much can your portfolio provide in yearly income when you retire?

A detailed assessment of your various investment accounts and sources of revenue (such as 401(k), IRA(s), pension, and brokerage accounts) is required. Determine how much to save from each different source of income. Remember, your retirement dollar figure needs adjust depending upon the age at which you will retire.

There are dangers present in life that can derail your retirement finances by preying on your emotions. Friends and family can inadvertently lay guilt or blame in exchange for money. While this can have a negative impact on all relationships involved, there are ways to avoid this before it gets to this point.

When you’re crafting your financial and retirement strategy, decide how much you can afford to spend in retirement without depleting your savings. Having a budget in mind will increase the likelihood of your financial success in retirement.

The retirement lifestyle you've always dreamed of is possible for people who saved and invested money over time. You put in the work, contributed your time and expertise, and retirement is when you get to reap the rewards of your life’s effort. The world is complex, and therefore, I am here to help you navigate the seemingly complicated world of financial planning.

In this episode, you’ll also hear:

When you withdraw, you want those funds set aside in a cash account
It’s ok to support your children but within an amount that will not put you in danger
If your expenses are in excess of your budget, then it’s time to reevaluate your spending

Must-listen moments:

[00:03:45] One example where a large sum of money created problems within a client’s family

[00:12:45] One million dollars in a well-diversified investment portfolio should easily allow $40,000 in annual withdrawals, providing a nice supply of income for a long time without touching the principal

[00:16:22] While you’re planning your retirement, explore all aspects of your spending. Are there areas where you’re under or over budget?

Thank you for listening! Please share this episode with 2 friends you think need to hear it!

Follow Danette Lowe on LinkedIn:

https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/?trk=nav_responsive_tab_profile

For resources and additional guidance around retirement planning, visit www.trunorthwealth.com

Workbook - Three Steps to Planning an Epic Retirement

Contact Danette Lowe:

Email: Danette@TruNorthWealth.com

Phone Number: 775-364-0010

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What would happen if you fell victim to online scammers?

As we prepare for retirement, we’re doing all the things to secure our savings, line up legal documents, and prepare for the next 30+ years of adventure and freedom. Online scams are becoming more prevalent and falling victim to these scams could definitely throw all our well-laid plans completely off track.

In this episode, not only will we discuss the most common scams and how to avoid falling for them, but I’ll also provide some guidance for those who have already fallen victim to scams.

I’ll share about how anyone, even my smart, successful business-owning grandfather became a victim of a scam so you have proof you aren’t alone in this fight.

Scammers often play games where they get to know their victims in an effort to gain their trust. They also prey on their victims emotions, taking advantage of their feeling embarrassed about becoming a scam victim.

A lot has changed in the past 20 years and scams have adjusted to take advantage of text and email communication. Scams are more sophisticated and more convincing than ever and able to catch people off guard. The vast majority of individuals we encounter in our everyday lives are honest, hardworking, kind individuals, and sometimes it’s that optimism that allows us to fall prey.

So, what are the most common scams you should know about?

Phone Call Scams- These are becoming more prevalent. Scammers pretend to be representatives of the IRS, credit card companies, and so on. They make unsolicited phone calls and try to trick you into disclosing private, financial details, account numbers, or identity-related information.

Grandparent Scam- You’ll get a call from a scammer pretending to be a relative who needs your help to bail them out of jail or another similarly dire situation.

Romance Scam- This scam involves your money and your feelings, as the scammer may pretend to be a romantic interest. Scammers will ask for money once they’ve established a “relationship” with you.

Lottery Winnings - Using your personal details, the scammer will call and say they’re the representative of a recent lottery winner who wants to share their winnings. The catch is you have to submit a bit of cash as a “transfer fee.” Surprise, the lottery winnings never hit your account and they took your fee and skipped town.

In this episode, you’ll also hear:

Before clicking on any links in an email you don't recognize, take a closer look at it
When it comes to fraud, the inheritance or windfall transfer tax scheme is among the most popular
What to do if you have fallen victim to a scam

Must-listen moments:

[00:04:19] My grandfather’s story of how he fell victim to a scammer

[00:10:10] Why scammers think it’s easy for them to get away

[00:23:53] What to do when a scammer presents documentation in which looks legitimate

Thank you for listening! Please share this episode with 2 friends you think need to hear it!

Follow Danette Lowe on Linkedin

For resources and additional guidance around retirement planning, visit www.trunorthwealth.com

Blogs Mentioned:

What Are Social Engineering Scams + How Can You Avoid Them

Online Scam Awareness + How to Protect Yourself

Contact Danette Lowe:

Email: Danette@TruNorthWealth.com

Phone Number: 775-364-0010

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The best route to retiring with confidence is to plan for the lifestyle and activities your want and organize your own retiree cash flow around funding those dreams.

Part 1 (Listen here) walked you through the thought process of planning the lifestyle you want during your retirement years. You can create a vision board, journal, or simply visualize where you envision yourself, the people who surround you, and the feelings you want to have.

Your second step (part 2 here) is to compile an itemized inventory of all your potential sources of income in retirement.

In this episode, part 3, we get to Connect it all together! I’m walking you through how to connect your goals and your means of support, bringing it all into clear focus so you can trust in it.

To help guide and make this whole process easy on you, we’ve put together a free workbook called The 3 Steps to Planning an Epic Retirement. Download it for free from www.trunorthwealth.com

My main goal here is to make otherwise difficult big-picture concepts more understandable, relatable, and accessible for you.

First, maintaining a strong financial foundation and preserving your health are examples of important, ongoing, non-negotiable costs, now and in retirement.

As you piece together the lifestyle you’re wishing for and the funding sources for that lifestyle, be sure to consider the unpredictability of retirement and stock market returns, the present period of high inflation, and so on.

You’ll need both reliable and variable types of income to support the lifestyle you want, plus a certain amount of flexibility within that lifestyle to adjust for economic fluctuations.

For help calculating the time frame in which you’ll be ready to retire, you’re invited to use our chart called “Will My Social Security Benefits Be Reduced?”.

In this episode, you’ll also hear:

The amount of retirement income you can expect to receive at what age
How to use your monthly or annual income to calculate your approximate retirement expenses
What happens when you delay retirement

Must-listen moments:

[00:03:49] Forming your clear idea of what you want for your life and make it a reality

[00:12:09] An exercise to calculate your retirement income and age

[00:20:44] Challenges with estimating the future value of money

Thank you for listening! Please share this episode with 2 friends you think need to hear it!

Follow Danette Lowe on Linkedin

For resources and additional guidance around retirement planning, Visit our website

The 3 Steps to Planning an Epic Retirement

CFB Website

Contact Danette Lowe:

Email: Danette@TruNorthWealth.com

Phone Number: 775-364-0010

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Whenever you consider what your life will look like in retirement, I’m sure travel, time with family, and other joyous freedoms come to mind. It’s important to consider, however, where your cash flow will come from during those retirement years.

In the last episode, I encouraged you to dream. We walked through outlining what you’ll do with your time beyond scheduling a few vacations so that when you retire, you can fully embrace the freedom you’ve worked so hard to earn.

Here’s the outline of your 3 steps to planning an epic retirement:

Part 1- What are you going to do with your time in retirement? (Episode 2)

Part 2- What are your sources of income in retirement? (This Episode!)

Part 3- Making it all work (Next Episode)

In this episode, we’ll explore the 10 most common sources of income in retirement plus a few less common resources you may not have considered.

#1: Social Security - If you’re working or self-employed and meet the minimum criteria, you may be eligible for social security benefits.

#2: Pension Plans/Per Plans/CalPers - If you’re eligible for Pers, then your social security payment will be reduced. You can’t collect the full amount of both the pension and social security benefits, so it’s important to explore what you’ll receive from each source.

#3: Defined Contribution Plans - Most companies today are offering these as 401Ks. These “retirement plans” often offer employer match eligibility and the chance to invest in the stock market.

#4: Individual Retirement Plans - Often referred to as Traditional or Roth IRAs, contributions to these types of accounts get deducted from your income during the year in which you contribute.

#5: Regular After Tax Savings - Any savings you’ve accumulated outside of your pension, defined contribution plans, or other retirement-specific accounts. Savings can be held in high-interest savings accounts, brokerage accounts, or other liquid funds.

#6: Sale of Business - If you’re a business owner during your working years, the business can represent a part of your net worth. As you approach retirement, you can choose to sell your business for a lump sum and remain as a paid consultant or board member.

#7: Rental Income - Whether you choose to buy rental properties or you inherit family property, rental income can flow in from long-term rentals or short-term options like Airbnb or Vrbo.

#8: Equity in Your Home - In time, it’s likely your personal residence has appreciated in value, building your equity significantly. You may choose to sell and cash in on that equity or downsize and rent out your home at the current market rates, creating excellent income for yourself. In a pinch, home equity loans can create cash flow too!

#9: Side Hustle - While you’ve retired from your full-time job, maintaining some form of work during your retirement years has great mental, physical, and social benefits in addition to some cash!

#10: Receiving an Inheritance- This can be tough because most of us aren’t sure how much or if our elderly relatives are leaving us any money. In addition, there’s no timeline on when we’ll receive that payout. Still, it can be a source of income in retirement.

Now that you’re well versed on the 10 most common income resources, there are some less common resources such as the lottery, royalties, and life insurance.

After you’ve listened to this episode, take a few moments to make a list of your potential sources of income in retirement.

Then, consider what you might be able to do now to expand that list of sources/values.

In this episode, you’ll also hear:

On a yearly basis, access your statements and evaluate how much you’re to expect
Why I don’t advise 100% of your retirement savings be in tax-deferred plans
Pro tip regarding receiving proceeds from a life insurance policy

Must-listen moments:

[00:08:46] Payout options: Elect to receive a lump sum or a monthly benefit amount

[00:10:24] Two pro tips for managing your 401K employer-sponsored retirement plan

[00:27:55] Over half a million people are over the age of 100, and this trend continues to grow

Thank you for listening! Please share this episode with 2 friends you think need to hear it!

Follow Danette Lowe on Linkedin

For resources and additional guidance around retirement planning, Visit our website.

Workbook - Three Steps to Planning an Epic Retirement

Contact Danette Lowe:

Email: Danette@TruNorthWealth.com

Phone Number: 775-364-0010

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“All you have to do is imagine the things you want to do and make them happen.”

Planning your epic retirement is a three-part series that will assist you in making the necessary preparations so that you can enjoy the retirement of your dreams.

Part 1- What are you going to do with your time in retirement? (This episode!)

Part 2- What are your sources of income in retirement?

Part 3- Making it all work

Retirement can seem overwhelming when you consider everything involved with making plans for how you’ll live and how you’ll fund that lifestyle for the rest of your years. But before you get carried away, one of the most important steps is to decide what you want to do with your time during retirement.

We want to make a beautiful retirement easier to plan and accomplish, as we break down big concepts and provide education around them.

As we focus on part 1 of planning your epic retirement in today’s episode, we’re brainstorming and figuring out what it is we want to DO during our retirement years. Retirement isn’t simply a long weekend or an extended vacation; it’s your entire future life.

It’s been shown that when retirees don’t have a full plan of exciting activities, hobbies, travel plans, and people to hang out with, boredom sets in and they’re often back to work within just 6 months of retirement. We don’t want that to be you!

There’s so much adventure and fun to be had in the world! Keep a small notebook available in which you can write down your thoughts around how you’ll spend your time during those retirement years. While you are dreaming and planning your retirement, consider these questions:

Who will you spend your time with?
What hobbies will you focus on?
Will you work during retirement?
Do you plan on traveling?
What do you want to learn?
How will you get your exercise? Healthy eating?
Where will you live?

In this episode, you’ll also hear:

Why it is important to become a lifetime learner
Retirees have no limits to what they can accomplish
What it means to dive deep into what you want out of life

Must-listen moments:

[6:44] There's nothing that can't be done, especially if you follow the steps to planning an epic retirement

[10:56] The strength and depth of your relationships is the number one factor in predicting your longevity

[15:50] Find inspiration from a recent Chris Hemsworth interview where his excitement about traveling with his family was nearly contagious. What lights you up?

Thank you for listening! Please share this episode with 2 friends you think need to hear it!

Follow Danette Lowe on Linkedin

For resources and additional guidance around retirement planning, Visit our website.

Download your Free Workbook: 3 Steps to Planning an Epic Retirement

Contact Danette Lowe:

Email: Danette@TruNorthWealth.com

Phone Number: 775-364-0010

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When you're approaching retirement, what do you do if the market suddenly drops?

When it comes to financial planning, this has been the most challenging scenario by far.

Numerous recessions have occurred throughout the past 30 years, and we’ve bounced back from every single one. Remember the dot-com era in the 1990s? There were even a few in the early 2000s with 9-11 and the housing crash of ‘08.

Then, during the Coronavirus pandemic, the stock market experienced significant declines as a result of the newly discovered uncertainty, but it bounced back within 6 months.

Although, at the moment, recessions never feel temporary, when you take a step back and look at the markets’ behavior over a long period of time, you’ll see that volatility, peaks, dips, and overall long-term upward trends are all just part of the equation.

In this episode, we will talk about the different iterations of the economic crises that have occurred over the years, as well as the influence they’ve had on the general public. I’ve also included some pointers to get you through the next few months, lessons to learn, and an explanation of how to evaluate the market as you decide whether it is the right time for you to retire.

The lessons you will learn:

We Will Recover
Stress Testing your Portfolio
Essential vs Non-essential Spending
Emergency Funds

As soon as the market has reached its lowest point (and we won’t know when that is until after it’s happened), traders and investors can anticipate a robust recovery.

Those who sold their investments when prices were low are statistically unlikely to buy back in until the market has recovered approximately 18%. On the other hand, those who bought low reap the rewards of those steep returns.

In this episode, you’ll also hear:

The tragedy of the World Trade Center attacks in 2001 and its impact on the stock market
The velocity of the spending is going to help us get through the downfalls
Essential vs non-essential spending and what does this mean for your retirement future

Must-listen moments:

[11:36] Stress testing your portfolio and know the stock market will recover

[15:33] Asking yourself if your portfolio passes the stress test by looking at your spending

[16:49] Emergency (Adventure Fund) and what requires you to tap into the cash you have

Links/Resources:

Establishing an “Adventure Fund”

Visit our website

Contact Danette Lowe:

Email: Danette@TruNorthWealth.com

Phone Number: 775-364-0010

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Are you Ready to Retire? Have you saved enough? At what age should you retire?

These and many more questions are probably swirling around in your head any time you look at your investment accounts or think about your 401k, pension, or social security. Or maybe you’re just tired of working and wondering when you’ll be able to quit confidently!

With Danette Lowe, CFP®, and her 20 years of experience in retirement planning, you’ll hear real stories, learn more about how to plan for an epic retirement successfully, and hear actionable advice to help you peacefully navigate the transition from working and saving to freedom and spending.

Every two weeks, you’ll hear fresh perspectives, gain access to helpful retirement workbooks, calculators, and other resources, plus learn what it might be like to work with a financial advisor who values love, joy, and integrity above all.

Maybe you want to retire early, help care for grandkids, are thinking about a new business, or you want to travel the world, maybe all of the above! Listen here (and don’t forget to Follow this podcast!) to learn simple solutions to complex issues and get your retirement planning questions answered.

Connect with Danette and her team on Linkedin or visit www.trunorthwealth.com

Securities and advisory services offered through Commonwealth Financial Network®, member FINRA/SIPC, a registered investment adviser. Fixed insurance products and services are separate from and not offered through Commonwealth Financial Network®.

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