Wealth & Wisdom with Michael Loftus

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The Kentucky Derby is coming up on May 4th this year. As always, it’ll be a spectacle of speed, strategy, and stunning hats. In this episode, we’ll explore how several intricacies of horse racing intertwine with the journey to crafting a winning retirement plan.

We explore the importance of training for the big day, assembling your financial team, and protecting your investments like a prized thoroughbred. Michael discusses the significance of hedging against market volatility and long-term care costs, applying lessons from the betting world to risk and reward in your portfolio, and ensuring your financial plan fits you like a custom-tailored Derby hat.

As we approach the financial triple crown of early, mid, and late retirement stages, Michael shares insights on adapting your investment strategy to each phase. Plus, we bring the annual financial wellness checkup into focus, emphasizing budget adjustments in the face of rising inflation, building financial immunity, and the necessity of a proactive planning approach.

In the mailbag segment, Michael tackles real-time questions from listeners like Jacob in Chicago, contemplating the switch to annuities, and Wendy in North Carolina, questioning the diversification of her rolled-over 401(k). And for Tony in Philly, Michael lays out the roadmap to determine how much to save for an early retirement dream.

Whether you're donning your fanciest hat or simply aiming for a secure financial future, this episode is your ticket to the winner's circle. So, saddle up and join us on this enlightening ride towards wealth and wisdom.

Grab your saddle and your fancy hat and join us at the starting gate as we race toward retirement.

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

Why it’s important to understand that everyone’s circumstance is different.
You need to screen your portfolio for winners and possibly trim out the losers.
Why diversification, even with mutual funds, is important.

LEARN MORE:
Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p979jjz

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Imagine your retirement plan as a ship sailing toward a horizon of rest and relaxation. But what if one leak could sink it all? In today’s episode, we spotlight some of the single oversights that could send your dreams to the bottom. We'll share key strategies to plug the gaps, ensuring your financial ship stays buoyant and on course.

March Madness is also upon us, and as you fill out your bracket and watch the NCAA Tournament this year, there are a few retirement planning lessons that you can learn along the way. Tune in as we share them in today’s show!

To wrap up this episode, Michael answers some listener questions about the tax implications of gifting money, financial indecision, retirement spending, and more.

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

Inflation is steadily increasing + Prolonged higher interest rates
Accounting for the expense of a nursing home stay in your financial plan
The current overbought state of the stock market + Planning for potential tax increases
Focusing on your plan rather than attempting to predict outcomes + Being prepared for unexpected events or "upsets"
The importance of diversification to mitigate risk + Avoiding emotional decision-making in the planning process
If you need to gift money to your child, what might be the impact on your overall plan?
What is some advice for people who struggle with financial decision-making?

LEARN MORE:
Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p979jjz

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Everyone wants to know. Will the economy boom or bust in 2024? Join us as we explore a range of expert predictions, from the shifting trends in housing prices to the looming question of a potential recession or stock market crash. We'll balance our discussion with both optimistic and pessimistic perspectives from an array of sources to give you a comprehensive view.

For those looking to level up their financial habits in 2024, we’re going to question the real impact of common financial habits. Are the strategies you consider beneficial actually working in your favor? We explore the pros and cons of practices like ignoring account statements and strict budgeting. Join us for a practical discussion, as we uncover the unexpected effects of everyday money decisions.

We’ll close out the show today by answering questions about Social Security, gifting to your children, and investing strategies for young adults.

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

What can we expect to see from housing prices in 2024?
What are the chances of a recession this year?
The good money habits that might actually be holding you back.
If you’ve reached retirement age but still plan on working, what should you do with Social Security?
What should you consider if you plan on gifting money and assets to your kids in your 90s?
What are some good investment ideas for recent college graduates?

LEARN MORE:
Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p979jjz

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Ready for an adventure? Think of retirement planning as climbing a mountain. It's not just about the climb up; it's about preparing wisely, tackling the ups and downs, and even planning your way back down. We're talking about setting milestones, dealing with market surprises, and making sure your hard-earned savings last through your entire retirement journey. Join us as we gear up with some smart strategies and insights, making sure you reach the top and enjoy the view.

Plus, Michael reaches back to his days as a DJ to put together the ultimate retirement planning playlist, featuring timeless lyrics that reflect various stages of the planning journey. From setting financial goals to finding purpose in your golden years, this playlist sets the stage for important discussions about crafting your dream retirement.

And finally, we’ll tackle a few financial questions from listeners to close out the show.

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

We’ll talk about how retirement planning is much like climbing a mountain and we’ll make the comparisons to each leg of the journey.
Michael will put together his Ultimate Retirement Planning Mixtape.
Is a short-term loan a good option for a down payment on a home?
Is it worth selling one of your two homes to get into retirement sooner?
Is a 6% withdrawal rate in retirement too much?

LEARN MORE:
Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p979jjz

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Join Michael Loftus, and Jonathan Bartholomew as they discuss the latest Macro, Markets, and Money.

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Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

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Today we’re going to finish up the conversation we started on our last show by running through the last five universal truths in retirement. There isn’t a one-size-fits-all solution for retirement planning, but there are certain truths that can guide every retiree. We have five more in this episode that will juxtapose the individuality of retirement planning with the foundational principles that remain consistent from person to person.

From there we’ll unearth and tackle the unasked and overlooked questions in retirement. These hidden, but essential, questions can help define the comfort and security of your retirement future, but they might be a little harder to find answers for. We’ll bring those questions to the forefront today and help explain how to determine the answers for your plan.

We’ll wrap up today’s show with a few mailbag questions from listeners about mortgages in retirement, will or trust for real estate, and RMD amounts.

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

The final five retirement truths that everyone needs to account for in retirement.
The ‘hidden’ questions in retirement planning that will need to be answered.
Is it still okay to get a mortgage at current rates or should you pay cash if you can?
Do you need a will, trust, or both for leaving rental properties to your children?
Is there any way you can get around the withdrawal amounts for RMDs?

LEARN MORE:
Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p979jjz

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Retirement is a unique journey for each of us. The thought that there's a one-size-fits-all solution is a myth, but what if we told you there are certain universal truths that can guide every retiree? Dive deep in this episode, where we juxtapose the individuality of retirement plans with the foundational principles that remain consistent across the board.

From there, we will talk about navigating finances after losing our spouse. That’s an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. We’ll identify the key challenges and talk about how to plan ahead of time for these.

We’ll close out the show by opening up the mailbag to talk about how much to spend on a home, combining finances in a second marriage, and advisor fee structures.

Here’s some of what we’ll cover on this show:

The five universal retirement truths that everyone needs to account for when planning.
What financial challenges do you have to navigate when you lose your spouse?
How much is too much to spend on a forever home?
How we advise people who are getting remarried and aren’t sure what to do with the finances.
The different types of fee structures that advisors typically have.

LEARN MORE:
Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p979jjz

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Today we’re following up on a cash flow conversation we started on the last episode. This time, we're diving into the income side of the equation.

This might be the most important piece of the puzzle because income planning plays a crucial role in retirement success. We’ll uncover the secrets of guaranteed income versus the uncertain stuff and shed light on the consequences of retiring without a clear income plan. Don't worry if you're feeling lost - we've got your back with practical solutions and expert guidance.

We’ll cover some other key financial topics on the show as well and let you know when you should try to tackle these. Timing is important so knowing when to address these needs will help you stay on track for retirement.

Here’s some of what we’ll cover on this show:

Why income is so critical and what could go wrong if you don’t have a clear picture of your retirement income.
The different sources of income – both guaranteed and non-guaranteed – that most people will utilize.
When should you aim to be debt free?
Do you have too much risk in your portfolio for your age?
Is it worth keeping your mortgage in retirement in order to get the tax deduction?

LEARN MORE:
Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p979jjz

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At a very high level, retirement planning is all about getting a handle on what you’re spending versus what money you have coming in. Mastering that cash flow is easier said than done and it takes thorough planning to make sure you don’t run out of money.

In this episode, we’ll start with the expenses side of that equation by exploring many of the expenses in your life that might drastically change (one way or another) in retirement. We’ll break those expenses down further to see which ones are the top priorities and analyze some of the other factors that impact your cash flow in retirement.

Here’s some of what we’ll cover on this show:

The primary expenses that will change in retirement like housing, work, healthcare and more. What are the things that are must-haves versus those expenses that are just ‘wants.’
We have to factor in longevity when trying to project expenses.
The bad money habits that can spoil retirement.

LEARN MORE:
Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p979jjz

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In the complex world of retirement planning, there are countless pitfalls one could fall into. In this episode, we've distilled it down to what we believe are the top 5 mistakes to watch out for along with an extra bonus five that we’ll throw in.

Avoiding these crucial missteps can have a significant impact on the success of your retirement plan. So, join us as we delve into these key issues and learn how to navigate them effectively when it's your turn to plan for retirement. Plus we’ll tell you which questions you need to be asking if you’re unsure about your ability to retire.

Here’s some of what we’ll cover on this show:

5 of the biggest retirement mistakes that get made. (1:07)
5 bonus mistakes you want to avoid. (6:44)
Questions to ask if you’re unsure about your ability to retire. (10:08)
Mailbag question on paying off the house with savings. (15:27)
Mailbag question on how to handle excess wealth. (16:40)
Mailbag question on supporting an adult child. (16:36)
Mailbag question on communication with an advisor. (18:46)

LEARN MORE:
Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p979jjz

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Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you're eligible is the best decision for your financial future? In this episode, we'll be debunking common myths about Social Security and answering the questions you've been curious about.

Plus, we’ll tackle rebalancing a portfolio. Most people will tell you to buy and hold but that’s not a philosophy we always follow and we’ll explain why. It’s important to take profits and re-evaluate your investments as needed.

We’ll also close out this episode by taking a few of your questions on inflation, investment options, and REITs.

Here’s some of what we’ll cover on this show:

Quote of the month on groceries and perfume. (0:48)
When and how to rebalance a portfolio. (1:23)
Top Social Security myths of 2023. (3:44)
Mailbag question on protecting money during high inflation. (8:00)
Investment options outside of the 401(k) (9:12)
Mailbag question about cashing out a REIT. (10:29)

LEARN MORE:
Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p979jjz

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Are you preparing for retirement but feeling confident that you have covered all the expenses? Well, think again… It turns out that many retirees overlook some crucial expenses that can leave them financially vulnerable.

In this episode, we explore the retirement expenses that most people tend to forget, including skyrocketing medical bills, unexpected travel costs, taxes, and much more. We'll discuss practical tips and strategies to help you plan for these expenses and ensure a secure and comfortable retirement.

From there we’re going to spend a little time on financial personalities and tackle the question of whether an advisor should tailor a plan to fit your personality. We'll discuss the pros and cons of different approaches and explore how understanding your financial personality can help you make more informed decisions.

We’ll close out the show with a few of your financial questions to find out what’s on your mind this month.

Here’s some of what we’ll cover on this show:

Retirement expenses people often forget to plan for. (1:44)
Should an advisor tailor a financial plan to match your personality? (5:57)
Mailbag question about whether it’s a bad idea to rent for a couple years in retirement. (12:05)
Mailbag question on whether it’s okay to cancel life insurance after you children are out on their own financially. (13:50)

LEARN MORE:
Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p979jjz

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Today we have a great show for anyone nearing retirement because we’re hitting on a few items that are relevant now.

First, we’re going to bring you up-to-date on the SECURE Act 2.0 and the retirement changes that will impact people immediately. After being discussed in Congress for nearly a year and a half, the SECURE Act 2.0 was passed in January and there are four specific changes you need to know.

Then we’ll turn our attention to taxes. As you get back in that tax mode early in the year, we want to highlight a few of the top tax questions you should be asking in 2023 if you’re getting close to retirement. From understanding the tax implications of withdrawing from your retirement accounts to minimizing taxes on investment income, it can be overwhelming and we want to bring a little more clarity to what’s most important.

And finally, we’ll open up the mailbag to answer three great questions that tie into our tax discussion about Roth conversions, inherited IRAs, and retirement tax brackets.

Here’s some of what we’ll cover on this show:

· 4 SECURE Act 2.0 changes to be aware of. (1:48)

· Special catch-up provisions. (2:55)

· Top tax questions to be asking in 2023. (4:53)

· The tax considerations for gifting money to children and grandchildren. (8:26)

· Mailbag questions on roth conversions, inherited IRAs, and retirement taxes. (11:05)

LEARN MORE:
Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p979jjz

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Another year is upon us and it’s a great time to ask yourself questions to assess how ready you are for retirement to kick off 2023. If you’re retiring this year, it’s essential to have some concrete answers to these questions. If you’re still a few years from the milestone, tune in so you can start thinking about these critical conversations.

Along with that, we’ll take a couple questions from the mailbag that touch on some other financial topics that you might be curious about as well. And we’ll finish out the show by learning what Michael has added to his reading list for the new year.

Here’s some of what we’ll cover on this show:

· Questions you need to answer to find out how prepared you are for retirement. (1:04)

· What is the ideal time to take Social Security? (2:43)

· Beneficiary mistakes that we should check for. (6:35)

· Should you use an inheritance to pay off your mortgage? (8:19)

· The books that Michael has on his reading list for 2023? (11:47)

LEARN MORE:
Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p979jjz

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Market volatility became the norm in 2022, and many people are wondering if we’re in for more of the same in 2023? We’ll talk about the market outlook for the next 12 months, plus share tips on how you can best prepare for potential future volatility.

Speaking of being prepared, retirement planning is like running a marathon in many ways. We’ll make a few comparisons on the show today between the two. Even if you’re not a long-distance runner, you’ll still pick up a few things from the parallels.

Plus, we’re going to explain some of the stock market topics you should know. If you’ve ever wanted to just learn a little more about investing in the stock market, this episode is for you. We’re going to cover some of those terms you’ve probably heard before, but perhaps never truly knew what they meant.

And finally, we’ll open up the mailbag and find out questions you have about financial planning.

Here’s some of what we’ll cover on this show:

· How retirement planning is like running a marathon. (1:08)

· How can you prepare for market volatility in 2023? (4:04)

· Stock market topics to know. (9:05)

· Answering your financial questions in the mailbag. (14:10)

LEARN MORE:
Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p979jjz

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Today’s episode will be quick but packed with financial information as we hop through a few different topics.

First, we’ll talk about the main emotions that drive our decision-making with money and how we can be more aware of our actions. Then we’ll answer some of the common questions that people being forced into an early retirement usually ask us. And then we’ll compare football to finance to celebrate the perfect start to the season for the Eagles.

There’s plenty to dive into so let’s get started. If you have any questions about the things we discussed on this episode, please let us know.

Here’s some of what you’ll learn in this episode:

· The main emotions we struggle with when it comes to money and investing. (1:18)

· Answering the common questions people ask when being forced into an early retirement (4:47)

· What football teaches us about financial planning. (7:54)

· Mailbag questions from listeners. (11:21)

· Getting to know Michael (14:38)

LEARN MORE:
Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p979jjz

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There are many things that we know we’ll have to deal with in retirement, we just don’t know how to predict when or to what degree. How do you construct a plan that deals with the unpredictability of these different factors?

On this show, we’ll address the biggest uncertainties in retirement and talk about how we help someone build a plan to prepare for whatever life (and the economy) throws our way. You’ll never have access to a crystal ball so having access to a solid financial plan is the next best thing to help protect your future.

Here’s some of what you’ll learn in this episode:

· Interest rate changes and what’s on the horizon. (1:23)

· How does planning change as longevity increases? (2:39)

· What you can do to prepare for future healthcare needs. (5:11)

· Dealing with the rise in inflation. (6:02)

· How to save more once you’ve maxed out your 401(k) contributions. (7:32)

LEARN MORE:
Recent educational videos on YouTube: https://bit.ly/3CMiRbt

Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/

Visit Michael's website for more resources: https://lwsde.com/

Sign up for Newsletter: https://tinyurl.com/2p97...

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Being a good advisor isn’t about winning a popularity contest or just saying the same things that everyone else in the industry says. It’s about giving the best advice that you can for each individual situation. On today’s show, we’re going to peel back the curtain to discuss some areas where a good financial advisor’s opinions might go against the grain with mainstream ideas in the industry.

Wealth & Wisdom with Michael Loftus: Recent Episodes

Michael Loftus