Retire On Your Best Path with Liz Whitteberry

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Fidelity’s latest report shows a 65-year-old retiring in 2025 may need $172,500 for healthcare expenses in retirement, and that doesn’t even include long-term care. In this episode, Liz breaks down what’s behind those rising numbers, what’s not covered by Medicare, and what proactive steps you can take now to prepare. You’ll also hear how to make healthcare costs a planned part of your retirement strategy instead of a financial shock. Tune in to learn how smart planning today can keep future healthcare costs from derailing your best path to retirement.

Here’s some of what we discuss in today’s show:

$172,500 Price Tag: Fidelity’s new retiree healthcare estimate
Medicare Isn’t Free: Understanding Parts A, B, D, and Medigap
HSA Advantages: Triple-tax-free retirement savings potential
Avoid Misconceptions: Medicare covers needs, not quality upgrades
Income & IRMAA: Managing income to control premiums

Resources for this episode:

Fidelity Investments® Releases 2025 Retiree Health Care Cost Estimate:

https://newsroom.fidelity.com/pressreleases/fidelity-investments--releases-2025-retiree-health-care-cost-estimate--a-timely-reminder-for-all-gen/s/3c62e988-12e2-4dc8-afb4-f44b06c6d52e

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Estate planning isn’t just about legal documents; it’s about protecting your legacy, avoiding family conflict, and making sure your wishes are carried out. In this episode, Liz walks through several common estate-planning mistakes she sees in practice, from outdated beneficiary designations and unfunded trusts to how taxes and real-estate transfers can derail good intentions.

Here’s some of what we discuss in today’s show:

Avoiding family conflict through clear communication
Trusts vs. wills: privacy, speed, and the importance of funding your trust
Establishing POAs early, waiting until a crisis often limits options
Looking at your beneficiary designations on a regular basis
Reducing taxes for your heirs

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If your parents passed away relatively young, it’s only natural to wonder if that means you won’t live into your 80s or 90s either. And from a financial perspective, that raises an important question: Should you claim Social Security early if you don’t expect a long retirement? In this episode, Liz tackles a listener’s question and explains why the answer is more complex than just looking at family history.

Here’s some of what we discuss in today’s show:

Rethinking longevity beyond family history
How lifestyle choices shape your retirement years
The trade-offs of filing for SS benefits early
How your decision can impact spousal survivor benefits
Running an analysis to weigh trade-offs with confidence

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You’ve probably heard some of the “rules of thumb” that claim to guarantee a successful retirement. They’re often delivered with such confidence that it feels like you should accept them as universal truths. But the reality is far more complicated- what works as a quick guideline can easily become misleading when applied to your financial situation. So, how much weight should you really give these rules when planning your future?

Here’s some of what we discuss in today’s show:

The Rule of 72 and why doubling your money isn’t as simple as it sounds
Why the 75% spending rule is outdated for today’s active retirees
The “10x Salary” savings rule, and what it gets right (and wrong)
Using the 4% withdrawal rule as a starting point
How the Rule of 100 can underestimate longevity and inflation risks
Why rules of thumb are conversation starters, not retirement strategies

4% Rule Episode:

https://retireonyourbestpath.buzzsprout.com/2026415/episodes/17312892-the-4-rule-got-an-upgrade-now-what

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Running your retirement numbers is smart, but what if the math you’re using is built on shaky assumptions? In this episode, Liz exposes five common examples of “fuzzy math” that can quietly derail your financial future. From assuming past market averages will continue, to believing you’ll spend less once you retire, these rules of thumb often fall apart when real life kicks in. Liz explains why and shares how to replace guesswork with a plan grounded in reality.

Here’s some of what we discuss in today’s show:

Why average returns can be misleading in retirement planning
The pitfalls of a “dividends only” strategy
Why many retirees spend more, not less, in the early years of retirement
The hidden tax traps that can keep you in, or push you into, a higher bracket in retirement
Why waiting until 70 for Social Security isn’t always the best choice

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The “One Big Beautiful Bill” just passed, and it’s packed with opportunities for retirees and pre-retirees who want to make the most of their tax strategy. In this episode, Liz walks through how the new legislation affects income planning, deductions, Roth conversions, charitable giving, and more. While some provisions are now labeled “permanent,” Liz reminds us that in the tax world, nothing stays fixed forever. That’s why smart retirees shouldn’t wait to act.

Here’s some of what we discuss in today’s show:

What “permanent” really means in tax law
Key updates to the SALT cap and who benefits most
How retirees can time their deductions for maximum benefit
How the bill impacts Roth conversion planning
The new above-the-line charitable deduction and how it works
Other noteworthy provisions, from 529 plans to mortgage premiums

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What if your retirement starts sooner than you anticipated? Many Americans think they'll retire at 65 or later, but studies show the average retirement age is actually 62. From layoffs to health issues to caregiving responsibilities, unexpected events can shift your retirement timeline. And with people living longer than ever, your retirement could last 30+ years.

This episode, Liz and Marc break down insights from J.P. Morgan’s Guide to Retirement- including two critical charts that might reshape the way you think about your retirement years.

Here’s some of what we discuss in today’s show:

The surprising stats from J.P. Morgan’s retirement guide
Retiring by choice vs by necessity
The high cost of health insurance before Medicare
Planning for cognitive decline in later years
Tips to stay independent and supported as you age

J.P. Morgan Guide to Retirement:

https://am.jpmorgan.com/us/en/asset-management/institutional/insights/retirement-insights/guide-to-retirement/

The 4% Rule Gets A Makeover Episode:

https://www.buzzsprout.com/2026415/episodes/17312892

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Almost everyone has made financial mistakes, whether it was listening to bad advice, panicking in a downturn, or investing in products that weren’t fully understood. These setbacks can feel overwhelming, but more than likely, you made the best decision you could at the time with the information you had. In this episode, Liz offers a practical, judgment-free guide for how to overcome financial setbacks and move toward retirement with confidence.

Here’s some of what we discuss in today’s show:

How fear, confusion, and poor advice play a big role in bad decisions
When increasing savings can help and when other adjustments might be necessary
Resetting your goals without overreacting or derailing your plan
How professional guidance can help clarify your situation and avoid compounding mistakes

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For decades, the 4% rule has been a popular rule of thumb for retirement income planning- withdraw 4% annually from your portfolio, and your money should last 30 years. But now, the original creator of the rule is updating it. What’s changed? And should you change your retirement plan too?

Here’s some of what we discuss in today’s show:

The 4% rule is now 4.7%... should you celebrate?
Having flexibility and guardrails for your income plan
Market cycles, inflation, and risk tolerance: it all matters
Rules of thumb vs. real retirement math
Choosing a withdrawal rate that fits your plan

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How do you decide where to save your next dollar? Are you overlooking the most tax-efficient account available to you? With so many options, it’s easy to feel stuck or unsure about what makes the most sense. Not every savings option offers the same benefits, and using the right account at the right time may lead to serious tax advantages and long-term flexibility.

In today’s episode, Liz breaks down where to consider putting your next dollar—and the dollar after that—based on tax benefits, your goals, and time horizon.

Here’s some of what we discuss in today’s show:

The order of operations for where to save
Building an emergency fund tailored to your needs
The triple tax advantages of HSAs
Strategically using Roth vs traditional accounts
What tax efficiency really looks like in practice

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Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer. We explore actionable strategies to address these problems, such as the importance of life insurance, the ins and outs of spousal pension continuation, and how Roth conversions can offer critical tax advantages for surviving spouses.

Here’s some of what we discuss in today’s show:

Planning ahead to ease financial burdens after losing a spouse
Managing income gaps: Social Security loss, pension choices, and strategies
Understanding tax changes for surviving spouses
Using Roth conversions to reduce future taxes
The benefits of trusts versus wills

Avoid The Widow’s Tax Trap Video:

https://youtu.be/GZBhlwWRELQ

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Can you really retire when the market is down? Do you have enough stability in your portfolio to weather the storm? In this episode, Liz answers that exact question by walking through the practical steps and mindset shifts that make a confident retirement possible- even in uncertain times. With volatility on the rise and recession concerns growing, more soon-to-be retirees are wondering if their timing is off.

Here’s some of what we discuss in today’s show:

Proactive vs. reactive retirement strategies
How retiring in a down market can work
The danger of high withdrawal rates in volatile years
What “guardrails” can do for your income plan

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Since the day he took office, President Trump planned to implement tariffs, and he carried that out last week. The immediate market reaction was very negative. How might this impact your personal finances and the economy over the long term?

Here’s some of what we discuss in today’s show:

What tariffs are and their historical context

How tariffs can raise prices and affect markets

The psychology behind panic-selling

Smart strategies for managing market uncertainty

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We’re in the middle of tax season, and you may have heard that annuities can provide tax benefits. Who is that true for, and are there any side effects? Today, we’re going to clear up some of the confusion around the advantages and disadvantages of annuities. Liz will also provide some tips on what you need to know before considering an annuity.

Here’s some of what we discuss in today’s show:

What is an annuity?
The different “flavors” of annuities available
The advantages and disadvantages of annuities
When might an annuity be a good fit?

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Tax season is here, but filing your 2024 return is just one piece of the puzzle. Now is also the perfect time to take advantage of new tax rules for 2025- before the year gets away from you.

With higher standard deductions, increased retirement contribution limits, and updated HSA rules, there are plenty of opportunities to lower your tax bill and boost your savings. In this episode, we’ll break down the key changes and how you can start planning now to make the most of them.

Here’s some of what we discuss in today’s show:

The annual inflation-based adjustments to the 7 income tax brackets
Maximizing 401K contributions and the increased limit for 2025
IRA contribution limits and strategies
The 2025 HSA contribution limit
Liz’s insights on making smart tax moves today for a more efficient retirement

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Just like the lights on your dashboard can indicate if something is wrong with your car (like low tire pressure or leaking oil), there are indicators in your financial life that might point out that you have a problem that needs to be addressed. In today’s episode, Liz is going to cover 5 areas that you should review.

Here are the warning signs we discuss in today’s show:

You have no idea what it costs to fund your lifestyle
You’re focused on attaining a certain net worth or account balance
Your mental image of retirement is based on what your parents had
You get worked up about current events because of the impact you feel they might have on your portfolio
You think nursing home expenses will take care of themselves

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If you’ve spent years successfully managing your own investments, do you really need a financial advisor? That’s the question Bob, one of our listeners, sent in. He’s got an MBA, knows the markets well, and has always handled his portfolio solo.

So, is working with an advisor just an extra expense, or could it actually add real value? In this episode, we break down when and why even experienced investors might benefit from professional guidance and when they’re probably fine on their own.

Here’s some of what we discuss in today’s show:

Where financial advisors provide value that DIY investors might not consider
Some common blind spots or mistakes that smart DIY investors tend to overlook
How experienced investors should plan for a future where they don’t want to (or can’t) actively manage their portfolios
What Liz would say to investors who doubt that an advisor can help improve their finances

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You face risks every day and in every stage of life. But retirees face some unique challenges that are important to talk about and plan for. In today’s episode, Liz and Marc explore the 4 risks unique to retirees, their potential impact on your financial future, and what steps you can take to prepare.

Here’s some of what we discuss in today’s show:

Accumulation vs. decumulation
Why the timing of market returns can impact your nest egg in retirement
The risk of outliving your savings
How tax strategies can help minimize what you owe and maximize what you keep
Having a plan for unexpected expenses, like healthcare costs, natural disasters, and more

The article that inspired today’s episode:

https://www.advisorperspectives.com/articles/2023/01/03/the-four-unique-risks-in-decumulation

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Imagine you could read your financial advisor’s mind before you even walked through the door for the first time. What would they want you to know? In this episode, we bring you the game-changing insights financial pros wish every saver and investor understood.

Here’s some of what we discuss in today’s show:

What you’re truly paying for your investments
The motivations behind the information you hear on TV
The importance of setting realistic financial goals and checking in on them
That “one-size-fits-all” advice doesn’t work
Financial decisions are emotional, and that’s okay
The importance of reviewing and updating your plans regularly

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We all know that rebalancing our portfolio is important, but when should we do it? Is it a December tradition- a January jumpstart? Or should it be triggered by your life changes or a change in the economy?

In this episode, Liz dives into the art of rebalancing. From calendar-based strategies to threshold triggers, life events, and market shifts, Liz breaks down the when, why, and how of keeping your portfolio aligned with your goals. Tune in to learn how rebalancing can optimize your investments and keep you on track for a confident retirement.

Here’s some of what we discuss in today’s show:

What is rebalancing and why is it important?
What is calendar-based rebalancing?
What is threshold-based rebalancing?
How do life events impact rebalancing?
Should market conditions drive rebalancing?

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Studies show that 70% of families lose their wealth in two generations, and 90% lose it in three. The reasons behind this are varied, but one thing that can help keep a family’s legacy intact is open communication and solid planning. And what better time to start those important conversations than during the holidays?

In today’s episode, Liz and Marc will share some key questions to help you have deeper money discussions with your loved ones.

Here’s some of what we discuss in today’s show:

What is the most important money lesson you learned from your parents, grandparents, or other role models?
What is the one thing you would want your children or grandchildren to remember about money?
If you reach a point where you’re physically or mentally unable to care for yourself, what do you want your kids to do?
If money were no object, what would you love to do the most?

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Retirement planning raises a lot of important questions. Have you saved enough? When should you begin collecting Social Security? Is long-term care insurance a wise choice? While these are all essential considerations, it’s not uncommon for other important questions to go unasked.

Liz recently came across a blog post that addresses seven crucial questions frequently missed in retirement planning. Join us for today’s discussion as we explore these questions and their potential impact on your retirement plan. Have you considered these factors?

Here are a few of the unasked questions we’ll discuss today:

When will our life be downsized?
What will happen to our taxes when the first spouse dies?
What if we can’t drive?
Are the kids on board with providing care- or are we just assuming they are?

Unasked Questions Blog Post
https://humbledollar.com/2024/08/unasked-questions/

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Did you know this week is National Retirement Security Week? This is a great time to have a conversation about financial wellness. Just like an annual checkup is important for maintaining good health, performing regular financial checkups is an essential part of planning for a healthy and successful retirement.

In today’s episode, we’re going to talk about areas you should pay attention to at every stage, whether you’re far away from retirement, approaching retirement soon, or already retired. Liz shares her expertise on setting clear retirement goals, managing cash flow, developing effective investment strategies, and more. Don’t miss these valuable insights to help keep you on track!

Here’s some of what we discuss in today’s show:

Setting clear financial goals + keeping track of your budgeting and spending
Maintaining an emergency fund to handle unexpected expenses and emergencies
Having the right investment strategy based on your time horizon and cash flow needs
Successfully managing and reducing your debt levels
Proactively preparing for healthcare costs and taxes
What Liz’s follow-up process looks like

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Social Security is the backbone of retirement for millions of Americans, but big changes may be coming. In this episode, we dive into the recently released proposal to raise the full retirement age to 69 and what it means for your benefits, future, and financial security.

Stay tuned as Liz breaks down the history of Social Security, the reasons behind these proposal changes, and the potential long-term effects on individuals born after 1965. Discover how these changes might reshape your retirement planning and what steps you can take to prepare. Tune in now and ensure your financial future is on the right path!

Here’s some of what we discuss in today’s show:

The proposal to raise the Social Security age to 69
The potential impact on benefits and early retirement
The potential increase in the delayed retirement credit age to 72
Social Security’s financial stability + this proposal's long-term impact
The pros and cons of raising the FRA to 69

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There’s an old saying that goes, “Nothing in life is certain except death and taxes.” Yet the only thing certain about taxes is that we’re going to have them and not how much they’re going to be. In today’s episode, we’ll explore a thought-provoking blog post that discusses where to save your money if you’re concerned about future tax rates.

Many people believe that deferring taxes now and paying them later- by maxing out your 401(k)- is the best strategy. But is that really the optimal choice given the unpredictability of future tax rates? Join us as Liz unpacks this question and shares her insights on historical tax rates, government spending, and the likelihood of future tax increases.

Here’s some of what we discuss in today’s show:

0:00 – Intro

2:08 – The debate over maxing out 401k

4:30 – Marginal tax vs effective tax

9:29 – Why maxing out could be wrong

13:26 – Liz’s takeaways

Nothing Is Certain Except Debt and Taxes Blog Post:

https://ofdollarsanddata.com/nothing-is-certain-except-debt-and-taxes/

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

Check out Liz's YouTube Channel: Best Path Advisors - YouTube

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A retired YouTuber recently created a video that went viral, sharing the top 5 regrets from retirees in their 70s. The video has garnered nearly half a million views, and for good reason. In it, retirees express regrets such as not retiring earlier or missing out on travel opportunities while they were still able.

In this video, Liz will talk about these common regrets and discuss how having a comprehensive retirement plan can help you avoid making the same mistakes. Tune in to learn proactive steps you can take to ensure you have a fulfilling and regret-free retirement!

Here are the regrets we discuss in today’s show:

They wish they had retired earlier
They wish they had spent more when they first retired
They wish they took better care of their health
They wish they had taken up a hobby
They wish they had traveled more

Check out the video:

https://www.youtube.com/watch?v=mNUSJ3juAbA

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

Check out Liz's YouTube Channel: Best Path Advisors - YouTube

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In today's episode, we're going to dive into some famous words by the one and only Yogi Berra, inspired by Liz’s recent trip to Fenway Park. You might know him for his legendary baseball career, but Yogi was also a gold mine of wisdom. When we look at some of his quotes through the right prism, they can teach us some lessons about financial planning.

Take Yogi’s quote, “If you don’t know where you’re going, you might wind up someplace else.” It serves as a great reminder that a comprehensive financial plan is important. Retirement planning is not just about accumulating wealth, after all, it’s about having a clear vision of what you want your golden years to look like.

We’re excited to share a bit of humor and a whole lot of wisdom with you today!

Here are the quotes we discuss in today’s show:

“I never said most of the things I said.”
“A nickel ain’t worth a dime anymore.”
“If you don’t know where you’re going, you might wind up someplace else.”
“When you come to a fork in the road, take it.”
“The future ain’t what it used to be.”
“It’s like déjà vu all over again.”
“It ain’t over till it’s over.”

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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The first week of August might be National Simplify Your Life Week, but one thing that remains complex is managing your IRA and other tax-deferred accounts. These accounts are subject to the Required Minimum Distribution (RMD) Rules, which can be confusing to navigate. Fortunately, the IRS recently issued final regulations to help clarify these rules, and in the episode, Liz will cover the main rules you need to know.

Listen in as we dive into the important changes brought by the SECURE Act and SECURE 2.0 and share some items to consider if you’re an IRA owner, beneficiary or still working. As we navigate these regulations, remember that working with a qualified financial advisor can make all the difference. By staying informed and proactive, you can simplify your financial life and achieve a successful and happy retirement.

Here’s some of what we discuss in today’s show:

Why did we need the final RMD regulations?
The new IRA inheritance rules for eligible and non-eligible beneficiaries
Rules for non-designated and contingent beneficiaries
Some things to consider if you’re an IRA owner, beneficiary or still working

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

Check out Liz's YouTube Channel: Best Path Advisors - YouTube

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Age is just a number- except for when it comes to retirement planning. In fact, the financial planning process is filled with key milestones that you need to be aware of as you plan for a secure future. In today’s episode, we’ll talk about the birthdays you need to pay close attention to. From catch-up contributions at 50 to Medicare at 65, tune in as Liz shares some helpful insights and tips to help you make the most of each milestone.

We thought this would be the perfect conversation to have as we celebrate 50 episodes of the podcast! By staying informed and planning ahead, you can navigate the path to a secure and fulfilling retirement.

Here are a few milestones we discuss in today’s show:

Getting serious about retirement planning at age 50 + catch-up contributions and Roth IRAs
Penalty-free distributions from retirement plans at 59.5 + in-service rollovers and bucket plan roadmap
Starting Medicare at age 65 + SSA-44 and credible coverage
Reaching your full retirement age at 66 or 67 + getting your full Social Security benefit
Filing for Social Security at age 70 + the "start-stop-restart" strategy and the benefits of QCDs at age 70.5

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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As you approach retirement, the complexities surrounding your 401(k) can become overwhelming. Liz gets a lot of questions about 401(k)s and understands how tricky they can be to navigate. That’s why in today’s episode, she’s going to cover some of the biggest 401(k) questions for someone getting ready to retire soon.

From understanding catch-up contributions to tax implications, Liz covers numerous factors to ensure a smooth transition into your golden years. With insights on the importance of diversifying your retirement savings and making strategic adjustments, this episode is a must-listen for anyone 5-10 years out from retirement. Remember, having a solid roadmap is crucial, and if you have 401(k) questions on your mind, the best thing you can do is sit down with a financial advisor to get personalized advice.

Here’s some of what we discuss in today’s show:

Should I contribute as much as I can to my 401(k) or only as much as the company will match?
Can I make catch-up contributions to my 401(k)? If so, how much and when?
When should I take money out of my 401(k) and roll it over to an IRA?
What are the tax implications of contributing to a 401(k), and how does it affect my take-home pay?
How should I adjust my 401(k) investments as I get closer to retirement?
What are the risks and benefits of including company stock in my 401(k)?

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Target date funds were introduced in the mid-1990s as a way to simplify retirement investing. These funds are essentially mutual funds that invest in a mix of other mutual funds, tailored to fit a specific time horizon. While these funds are convenient and offer a “set it and forget it” approach, are they an effective way to get the diversification and growth you need for retirement?

In this episode, Liz breaks down the findings of a recent study titled The Unintended Consequences of Investing for the Long Run: Evidence from Target Date Funds.She’ll guide us through the history of target date funds, explore whether they underperform or outperform, and weigh the pros and cons of using them. If you have any questions or need personalized advice, feel free to reach out to Liz at Best Path Advisors!

Here’s some of what we discuss in today’s show:

What is a target date fund and why do we have so many?
What does research show about target date funds?
Some pros and cons of target date funds
How do target date funds fit into retirement strategies?

The Unintended Consequences of Investing for the Long Run: Evidence from Target Date Funds

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3729750]

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Have you ever wondered what it means to "rebalance" your investment portfolio and why it's important? If so, today's episode is just for you. Liz will explain the ins and outs of rebalancing, including when to do it and how often.

Tune in as Liz and Marc discuss why rebalancing is essential for managing portfolio volatility and staying on track with your financial goals. They'll cover everything from how frequently to rebalance to the tax implications and specific considerations for retirees. Plus, they’ll share a cautionary tale about the consequences of neglecting rebalancing.

Here’s some of what we discuss in today’s show:

What is rebalancing your portfolio and why is it important?
How often should you rebalance your portfolio?
Is rebalancing different when you’re younger compared to when you’re older and closer to retirement?
What are the tax implications of rebalancing, and how can they be managed?
What are some common mistakes people make when it comes to rebalancing their portfolios?

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Have you heard of the “safe withdrawal rate?” This is a rule of thumb that helps retirees know how much they can safely take from their retirement portfolio. One of the most famous safe withdrawal rates is known as the 4% rule. In today’s episode, we’re going to talk about where this rule came from and whether it’s still relevant in today’s environment.

During this conversation, we’ll bring in perspectives from well-known financial figures such as Suze Orman, Dave Ramsey, and David Blanchett. Stay tuned as Liz shares her thoughts on their contrasting views about safe withdrawal rates. At the end of the conversation, she’ll share how you can use a safe withdrawal rate based on your situation.

Here’s some of what we discuss in today’s show:

The history of the 4% rule + Bill Bengen’s updated rule in 2021
Suze Orman’s thoughts on the 4% rule + accounting for longevity
Dave Ramsey’s take + Morningstar’s research in response to his claims
David Blanchett’s flexible approach to determining withdrawal rates
How you can find a safe withdrawal rate for yourself

Episode Resources
Morningstar Article:

https://www.morningstar.com/retirement/an-8-retirement-withdrawal-rate

Dave Blanchett’s Flexible Withdrawal Rates:

https://www.pgim.com/dc-solutions/article/guided-spending-rates-rethinking-safe-initial-withdrawal-rates

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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With Mother’s Day right around the corner, it’s the perfect time to reflect on the progress women have achieved in the financial realm over the past century. Despite this, the path to retirement is not without its unique challenges for women, and it’s important to recognize the financial hurdles they continue to face. In this episode, we’ll share some eye-opening statistics and actionable advice to empower women in their financial journey.

From the persistent gender pay gap to the impact of caregiving responsibilities and higher debt burdens, this is why retirement planning is different for women. Liz's insights are a reminder that it's never too late to engage actively in your financial planning and that having a plan in place is key to navigating the future with confidence.

Here’s some of what we discuss in today’s show:

How the gender pay gap continues to impact women today
Women generally take the caregiving lead and carry higher debt
Women often have less income and assets in retirement
Women need to fund a longer retirement
The lack of financial confidence that many women feel
The importance of financial education and planning

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Ever wondered how much you need to retire comfortably in America? According to a recent survey by Northwestern Mutual, the average American believes it's nearly $1.5 million. But where did this figure come from, and is it a reliable benchmark?

Join us in today’s episode as we unpack the survey’s findings and share insights into how different generations view retirement savings. We’ll discuss how age, income, and lifestyle shape individual retirement goals and share how you can determine your “magic retirement number.” Stay tuned for some valuable tips to ensure you retire securely and on time!

Here’s some of what we discuss in today’s show:

Where did the $1.5M average come from?
The magic number to retire has increased 53% since 2020
The factors potentially driving up retirement savings goals, like inflation and pension changes
How tax planning can significantly impact retirement savings and income
The importance of determining the magic number for your situation

Resources for this episode:

Northwestern Mutual Survey

https://news.northwesternmutual.com/2024-04-02-Americans-Believe-They-Will-Need-1-46-Million-to-Retire-Comfortably-According-to-Northwestern-Mutual-2024-Planning-Progress-Study

Average Savings by Age

https://www.northwesternmutual.com/life-and-money/what-is-the-average-retirement-savings-by-age/

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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In this episode, we’re covering an important aspect of financial planning: preparing your heirs to inherit your wealth. Even if your children have developed solid financial habits, they might not be fully prepared for their role in your legacy plan. Tune in as Liz shares some insightful tips for navigating tricky conversations about money and legacy.

Let’s face it – discussing your legacy can feel daunting. But starting to have these conversations sooner rather than later can equip your children to become responsible stewards of their future wealth. Let’s learn how estate planning, open communication, and working with a trusted advisor can make all the difference along the way.

Here’s some of what we discuss in today’s show:

Reviewing your estate plan and preparing your children for what to expect
How inheritance might impact different personalities + working with an advisor when making decisions
Setting realistic expectations for your children when it comes to inheritance
Clarifying your intentions before passing on wealth + communicating your values

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Inflation is a topic that affects everyone but can be a bit confusing to understand, especially when it comes to retirement planning. If you’ve found yourself wondering where inflation numbers come from and how they might impact your situation, today’s episode is for you! Stay tuned as we cover the basics of inflation and help you understand its impact on retirement planning.

Listen in as Liz and Marc unpack the Consumer Price Index (CPI), Personal Consumption Expenditures (PCE) Index, and other inflation metrics, and share how these indices may not always reflect the reality of rising prices felt by consumers. They’ll also talk about the importance of adjusting spending, investments, and income sources to navigate inflationary pressures effectively.

Don't miss out on this enlightening conversation filled with valuable insights to help you confidently navigate the complex world of inflation and safeguard your retirement savings.

Here’s some of what we discuss in today’s show:

The definition of inflation + its measurement through the Consumer Price Index (CPI)
What is not captured by CPI?
Various measures of inflation, including the CPI Retroactive Series, Chained CPI, CPI-W, and the R-CPI-E
What is the Personal Consumption Expenditures (PCE) Index and how does it differ from the CPI?
How representative of real inflation are these indexes?
How inflation impacts your financial plan + making adjustments along your financial journey to stay on track

Truflation website

https://truflation.com/

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Is 'Lazy Money' still a concern in 2024's higher interest rate landscape? In this episode, we explore this question, examining how the recent rise in interest rates affects the money sitting in savings accounts, CDs, and conservative investments.

Stay tuned as we cover where these options fit in a savvy investment strategy. You’ll gain valuable insights into making your money work smarter, ensuring that your retirement portfolio not only meets your needs today but continues to do so in the ever-changing financial landscape of the future.

Here’s some of what we discuss in today’s show:

What do we mean when we say, “lazy money?”
The dangers of having too much "lazy money" in investments
Investing during periods of high inflation + considering real-life expenses when creating a retirement plan
Various reasons why people end up with too much lazy money in their portfolio
Having a comprehensive retirement plan that makes sure your money is working effectively towards your goals

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Would you benefit from a backdoor Roth strategy? Join us as we explore the ins and outs of this question, tackling what it is, how it works, and, most importantly, whether it might be the right move for you. We’ll discuss the pros and cons, identify the ideal candidates, and talk about why it’s gaining traction in today’s financial landscape.

We’ll kick off the episode by addressing the basics of the backdoor Roth and dispel some common misconceptions about it. Then, we’ll discuss the potential tax savings and growth that it can offer and share how to keep from making mistakes that could cost you dearly. If you're curious about how this strategy might fit into your financial picture, don't hesitate to reach out to qualified professionals like Liz for personalized insights.

Here’s some of what we discuss in today’s show:

What is a backdoor Roth strategy and how can it benefit high-income earners?
Is the backdoor Roth strategy worth it?
The financial situations where this strategy shines + why it’s so important to understand the rules

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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When it comes to retirement planning, many people think about what year they’d like to retire. But choosing the optimal month to retire is just as important. In this week’s episode, we’ll discuss some important things to think about when it comes to finding the ideal timing for you.

From financial factors like bonuses and stock options to strategic retirement income planning, tax implications, and emotional aspects, there’s more to consider than you might think. Don't miss this episode for important insights on aligning your retirement with your personal and financial milestones. Tune in to learn more, so you can retire on your best path!

Here’s some of what we discuss in today’s show:

Some financial reasons to consider the timing of your retirement, including bonuses, stock options, vacation days, and the impact of healthcare costs
Retirement income considerations, such as Social Security, earning service credits, and pension benefits
Tax considerations + strategic timing when choosing a retirement date
Emotional factors in retirement planning, like personal milestones, family considerations, and fulfilling your retirement dreams
Having a well-planned and strategic approach to retirement that allows you to retire confidently

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Are you prepared for the realities of long-term care? While conversations about long-term care might not be the most thrilling, they are undeniably important. Listen in as Liz and Marc provide an insightful guide to understanding the nuances of long-term care.

In this conversation, we’ll explore the various levels of assistance that may become necessary for you or your loved ones, shedding light on associated costs and effective ways to financially prepare for the future. Stay tuned as we debunk some common misconceptions and help you better understand the financial complexities of long-term care.

Here’s some of what we discuss in today’s show:

What exactly is long-term care and what are the chances of needing it?
What are some common forms of assistance that people need and where can you find help?
The financial implications of long-term care, including the costs associated with in-home care, adult daycare, assisted living, and nursing homes
The three main types of insurance solutions for long-term care
Why having conversations about long-term care with your family and a financial professional is so important

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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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. Tune in to navigate the uncertainties and opportunities of 2024's economic landscape and equip yourself with knowledge for the year ahead.

Here’s some of what we discuss in today’s show:

The housing industry is expected to remain relatively stable or experience a slight dip in the coming year
The Fed’s role in shaping the economic landscape
Recessions are a normal part of the economic cycle
Contrasting views on the stock market in 2024 + having a well-defined investment strategy and long-term plan

Housing Market Articles:

https://www.newsweek.com/will-housing-market-crash-2024-realtors-share-predictions-1851540

https://www.financialsamurai.com/2024-housing-market-price-predictions-by-industry-experts/#:~:text=The%20real%20estate%20industry%20average,market%20rather%20than%20a%20crash

Two Different Economies Article:

https://cals.ncsu.edu/news/you-decide-will-2024-be-a-year-of-two-economies/

Stock Market Articles:

https://www.cnbc.com/2023/12/19/2024-market-predictions-bumpy-landing-for-the-economy.html

https://markets.businessinsider.com/news/stocks/stocks-crypto-house-prices-dent-market-outlook-bubble-crash-recession-2023-12

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Have you ever wondered what questions to ask your financial advisor, or why those questions are crucial? In today’s episode, we’re tackling exactly that. We're discussing the vital questions that bring transparency and depth to your financial advisory relationship.

It's about getting clarity on how advisors work, what they specialize in, and how they align with your financial goals. From how much your advisor gets paid to who you’ll be working with on the team, these are the questions you MUST ask your financial advisor.

Here are some of the questions we discuss in today’s show:

How are you a fiduciary and what solutions can you offer?
How much do you get paid?
What does your typical client look like?
What is your investment philosophy?
Do you have any strengths or specialties?
How much contact do you have with your clients?
Will I be working with you, someone on your team, or both?

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Are you over 55 and pondering retirement? Dive into the world of Required Minimum Distributions (RMDs) with us. RMDs can be confusing, so in today’s episode, Liz is here to unravel the mystery and ensure you have a clear understanding of the process.

Listen in as we demystify the reasons behind mandatory withdrawals from your retirement savings. We’ll make sure you understand how to calculate them, share strategies to potentially avoid them and help you understand the risks of not preparing for them in advance. We’ll also explore impactful ways to utilize RMD funds if you do not have to rely on them for income.

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

What are RMDs, how are they calculated, and why do they exist?
Can RMDs be avoided, and what strategies help reduce or manage them?
What are the risks associated with not planning for RMDs in advance?
What can you do with RMDs if you don't need the money for income?

Key Financial Data Chart: https://www.bestpathadvisors.com/free-guides-and-checklists

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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We're nearing the end of the year, but it's not quite over yet! Join us for a thoughtful episode where we unpack our 2023 edition of key year-end planning strategies for those nearing or embracing their retirement years. We'll explore the nuances of optimizing your investment portfolio, safeguarding your assets, and ensuring a stable, rewarding lifestyle in the years to come.

Together, we'll navigate through essential topics like managing RMDs, exploring tax-saving opportunities, and even touch on the cybersecurity threats that you should be looking out for this time of year. We’ll also discuss some key estate planning issues that have been created by the SECURE Act. You don’t want to miss this, so stay tuned!

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

Some general planning and investment strategies to focus on as the year winds down
The potential benefits of tax loss harvesting + addressing RMDs
Making sure insurance coverages aligns with your needs and exploring the benefits of HSAs
Making necessary changes to your budget or spending plan + staying active for a healthy retirement lifestyle
Potential advantages of making real estate moves toward the end of the year
Strategies to prepare and protect yourself from potential scams around the holidays
Year-end gifting considerations + estate planning changes brought about by the Secure Act

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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The SECURE Act 2.0 was passed in January, and it is still confusing to most people. Today we're going to talk about five times the SECURE Act could impact you, whether you're working, retired, or planning for your legacy.

Intriguingly, the Secure Act 2.0 has provided more tools and options for retirement planning. However, it's up to you to seize the opportunities these changes offer! Join us for this episode to delve deeper into these vital modifications and ensure you're well-equipped to retire on your own terms. Don't forget to consult with a financial advisor like Liz to navigate these key considerations effectively!

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

The increased catch-up contribution limits that will come into effect in 2025
The changes in Required Minimum Distribution (RMD) ages and how these changes impact your retirement strategy
The new regulations for inherited IRAs and how they affect your beneficiaries
Considering the tax implications for your heirs + how Roth conversions and updated beneficiary designations can benefit their financial future
The exciting option of rolling unused funds from a 529 plan into a Roth account for your child or grandchild

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Are you confused about the four different parts of Medicare and what they each do? Do you have questions about when to enroll? Medicare is a critical component of your retirement plan, and understanding its intricacies is essential.

In today’s episode, we break down the ins and outs of Medicare and help you understand the basics of this important health care program. We’ll tackle some common misconceptions about Medicare, explore what it does and does not cover, and more. It’s open enrollment season, so don’t miss out on these valuable insights and tips to make informed decisions about your healthcare!

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

The four different parts of Medicare and what they each cover
The three Medicare enrollment periods and how to navigate them
Common misconceptions about Medicare, including IRMAA
The importance of effective planning to optimize your healthcare costs in retirement

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Are you contemplating retirement but unsure if it’s the right time? Retiring is a big decision, and the idea of this significant life change can feel intimidating. Many worry about whether they've saved enough, how long their retirement savings will last, and what unexpected events might impact their retirement. Listen in as we explore some common fears and uncertainties that hold people back from embracing this new chapter and explore 5 compelling reasons to consider retiring sooner rather than later.

Whether you're concerned about money, identity, or simply the fear of the unknown, this episode provides actionable advice and stories that will empower you to approach retirement as an exciting adventure, not a daunting journey. With proper planning and a financial professional by your side, you can take on this exciting journey with confidence.

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

As you approach retirement, time becomes more valuable than money. Consider how many moments you have left to spend with loved ones and prioritize making the most of those moments
Your health and energy levels may change as you age, so consider whether you want to retire while you are still in good health to make the most of your retirement years
There is no perfect time to retire. Economic conditions, inflation, and other factors can change unexpectedly. It's essential to have a well-thought-out retirement plan that accounts for uncertainties
A flexible retirement plan is key. Retirement plans should be adaptable to changing circumstances and market conditions
Many people are pleasantly surprised to discover that they are in better financial shape for retirement than they initially thought

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Do you have a well thought out written plan that connects your family values with your resources and ensures you can live the retirement you want to live while leaving the legacy you want to leave. Whether you already have a plan, or you're looking to create a plan, you'll want to know some common mistakes you should avoid.

Join us today as we’ll run through an important list of seven mistakes that you want to avoid when putting together your retirement plan. Here’s what we’ll cover on the show:

Not taking inflation into account
Bad longevity numbers
No big ticket items
Not adjusting properly for taxes
Double counting our assets
Inappropriate risk
No simple, plain English explanations

Here are the key takeaways from today’s episode:

· Retiree inflation can be higher than the average CPI and that can have a tremendous impact on your buying power over the long term.

· Are you factoring in the big purchases you know you’re going to make and those that could creep up?

· We see plans that don’t tax calculation built or have assets in the wrong tax category which can overstate your cash flow in retirement.

· Is your risk lined up with your retirement? We want to make sure your investment plan is supporting your retirement income plan.

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Are you financially prepared for retirement? Many individuals near retirement age find themselves facing uncertainty when it comes to their income plan. In this episode, we explore the importance of a well-constructed retirement income plan and why it's often overlooked.

Listen in as Liz shares insights on the complexities of retirement income planning and the dramatic shift from saving and accumulating wealth during one's working years to creating a sustainable income stream in retirement. Discover how having a well-structured retirement plan can alleviate the stress of retirement uncertainty, help you make informed decisions, and ensure you retire on your best path.

Here are the key takeaways from today’s episode:

Having a well-structured income plan in retirement is crucial. Without one, retirees may struggle to manage their finances effectively and enjoy their retirement years.
Liz emphasizes the significance of understanding your cash flow during retirement. It's crucial to track your income, expenses, and any big-ticket items to create a solid financial plan.
Discover the unique financial challenges and lifestyle changes during the "Go Go," "Slow Go," and "No Go" phases of retirement, and how your income needs may vary.
A financial advisor can help you make the most of your retirement assets, minimize taxes, and ensure your long-term financial security.

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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In a digital world filled with evolving cyber threats, protecting your financial well-being has never been more crucial. Following the recent data breach involving the “MOVEIt” software program, Liz and Marc discuss 7 practical ways to shield yourself and your family from the increasingly sophisticated tactics of hackers.

From safeguarding your credit bureau information with security freezes to using private emails solely for financial matters, we explore actionable strategies that empower you to be proactive in the face of potential identity theft. Discover the importance of strong passwords, keeping your software up-to-date, and more. Tune in as Liz shares invaluable tips on protecting yourself from threats to your financial future.

Here are the key takeaways from today’s episode:

Protect Your Credit Bureau Information: Consider placing a security freeze on your credit reports at the three major credit bureaus (Experian, Equifax, TransUnion) to prevent unauthorized access.
Use a Private Email: Create a separate email address solely for financial accounts, and don't share it with anyone. This email should be used only for critical financial transactions.
Be Cautious of Clicking Links: Avoid clicking on links in emails, text messages, or social media if you didn't request them.
Use Strong Passwords: Create complex passwords with 12 or more characters. Avoid easily guessable information (e.g., pet names, birthdays). Consider using a password manager to generate and store strong passwords.
Enable Two-Factor Authentication: Turn on 2FA for all accounts that offer this option. Use text messages or authenticator apps to enhance security and prevent unauthorized access.
Set Account Activity Alerts: Enable alerts for any significant activity in your financial accounts. Receive email notifications for transactions above a certain threshold to quickly detect any unauthorized activity.
Keep Software Updated: Regularly update all software, including operating systems and applications, to close vulnerabilities that may be exploited by hackers. Use automatic updates whenever possible to stay protected.

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Retirement planning often focuses on numbers, and while this is crucial, it's just one part of the equation. A fulfilling retirement is also about having something to retire to - a clear sense of purpose, a social circle, and activities that bring joy and fulfillment. Taking a look at a Kiplinger article, Liz and Marc discuss seven habits for a happy retirement in this episode.

Tune in as we discuss staying healthy, maintaining optimism, practicing mindful gratitude, and the joy of having furry friends to keep you company. Discover how these habits can lead to a more fulfilling and joyful retirement. If you're looking to create a retirement that goes beyond the numbers, this one is for you!

Here are some highlights from today’s episode:

Physical health is crucial for enjoying retirement to the fullest. Regular exercise and a healthy diet can reduce the risk of health conditions, allowing you to fully engage in activities you love.
Be intentional about building new social connections. Join clubs, attend events, or volunteer to create meaningful relationships.
Identify activities that bring you joy and purpose in retirement. Whether it's continuing to work, volunteering, or pursuing hobbies, having a sense of purpose enhances life satisfaction.
Never Stop Learning: Exercising your mind is vital to maintaining cognitive health. Engage in activities that challenge your brain!

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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There are plenty of decisions that you’ll make in the retirement planning process that can’t be undone, so you want to make sure that you make the right call. In this episode, Liz and Marc will explain why these decisions are so important and can’t be undone, and provide guidance on making informed choices from the start.

The episode will cover various financial decisions that have a substantial impact on your retirement, including determining when to claim Social Security benefits, evaluating pension options, and selecting life insurance policies. Liz and Marc will delve into the factors that should be taken into account when making these decisions, such as considering your longevity and legacy goals, assessing long-term care needs, and more. Additionally, they will talk about choosing the right retirement date and planning for a purposeful retirement lifestyle.

Don't miss this episode full of valuable insights and practical tips to ensure your retirement decisions set you on the path to a successful and fulfilling future!

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

Turning on Social Security at the right time. (2:01)
Electing spousal benefits on your pension + finding the best option for your situation. (7:16)
Considering life insurance in retirement. (10:42)
Choosing a retirement date, having a plan that will support your lifestyle in the long term, and finding purpose in retirement. (13:42)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Celebrate the spirit of July 4th with our latest episode as we tackle the concept of Financial Independence. While the American colonists fought for freedom from British rule, we’re here to discuss what you’re striving to be independent from in your retirement. We’ll unveil the common foes you’ll face on the journey. And good news, no muskets required for these battles!

Tune in as Liz explains the importance of being financially prepared so that you can make decisions based on choice rather than obligation in retirement. We’ll discuss having flexibility with long-term care and living decisions, good and bad debt in retirement, the importance of a spending plan, and much more. Discover how you can become a retirement rebel and retire without financial worries!

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

Not being reliant on Social Security for retirement income + Medicare does not cover everything. (2:09)
Not having to rely on your family in retirement. (4:58)
Independence from creditors- reducing debt before retiring. (8:11)
Having “bucket plan” - a portfolio that is designed to match your spending plan. (13:22)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Are you unsure of when to rebalance and how to do it? In this episode, we’ll uncover the importance of rebalancing your portfolio and discuss everything from frequency to tax implications. Plus, we’ll share a cautionary tale about the consequences of neglecting rebalancing.

Discover why rebalancing is crucial for maintaining your desired risk tolerance and ensuring portfolio stability. Whether you're still working or already retired, find out how rebalancing can help align your investments with your goals. Don't miss out on this insightful episode that will help you navigate your financial path to retirement success!

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

What is rebalancing and why is it important? (1:53)
Portfolio and rebalancing software. (6:15)
The importance of tax-efficient investing. (9:05)
Liz shares a story about a couple that did not rebalance while they were working. (11:40)
The overall impact of not doing this rebalancing. (15:02)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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If you're approaching retirement, you're likely finding that there is much to think about when planning your retirement withdrawal strategy. Today, Liz and Mark talk about 3 common mistakes you should avoid to get the most out of your retirement savings. Join us as we dive into some popular portfolio strategies that are now a bit outdated and may not work for everyone.

We’ll kick off this episode by discussing the importance of understanding your cash flow. Then, we’ll explore the importance of establishing a personalized withdrawal rate that aligns with your desired success and risk tolerance, instead of relying solely on a fixed rate like the 4% rule. Liz will then explain how planning strategically and taking advantage of lower tax brackets can lead to significant tax savings in retirement. We’ll wrap up this episode by talking about the potential dangers of a set-it-and-forget-it 60/40 portfolio allocation.

Stay tuned as we dive into the benefits of having a personalized, comprehensive plan instead of a one-size-fits-all solution.

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

Keeping track of your cash flow. (2:37)
Relying on the 4% rule + finding a personal, safe withdrawal rate for your specific situation. (4:34)
Relying on a traditional withdrawal strategy. (7:52)
Relying on the 60/40 portfolio split. (11:37)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Beneficiaries play a crucial role in a carefully planned retirement strategy. Although naming beneficiaries may appear straightforward, there are certain aspects of this process that are easy to overlook if you’re not careful. Failing to handle these aspects correctly could cost you and your loved ones dearly in the future, so in today’s episode, Liz will cover the essentials of this planning process. Join us and learn how to avoid these potential complications.

We will discuss the significance of aligning your beneficiary designation with your will and explore the necessity of keeping your beneficiaries updated as your life circumstances change. Additionally, we will address the challenges associated with naming minors and estates as beneficiaries, the importance of selecting a successor, and more.

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

The complications that come with naming a minor as a beneficiary. (2:30)
The importance of naming an alternate beneficiary. (3:48)
Not coordinating your beneficiary designations with your will. (8:59)
Some pros and cons of naming your estate as a beneficiary. (12:59)
The importance of checking your application for errors, verifying your information is on file, and keeping copies for your records. (15:42)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Welcome to part 2 of our talk about this year’s top Social Security myths. In part 1, we talked about the myths surrounding benefits for stay-at-home moms, taxes, and whether the Social Security Administration can really help you make decisions. On today’s show, we’ll talk about when to claim benefits, whether you can work and still claim benefits, and more.

There are a lot of misconceptions about Social Security out there, and we’re here to set the record straight. Tune in and learn the truth about this important benefit, so that you can make the most informed decisions for your financial future. If you have any questions about Social Security or your finances in general, please don’t hesitate to reach out. We’re here to help you get your money in order.

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

Myth: You can’t work and receive Social Security benefits at the same time. (2:14)
Myth: Benefits are only for U.S. citizens. (5:55)
Myth: If you have a pension, you don’t qualify for benefits. (7:27)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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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 two-part episode, we'll debunk the most common myths about Social Security.

Unfortunately, there are a lot of misconceptions about Social Security out there, and we’re here to set the record straight. Tune in and learn the truth about this important benefit, so that you can make the most informed decisions for your financial future. If you have any questions about Social Security or your finances in general, please don’t hesitate to reach out. We’re here to help you get your money in order.

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

Myth: The Social Security Administration will help you make the best decisions about your benefit. (3:18)
Myth: You won’t get any Social Security benefits if you’re a stay-at-home mom. (5:04)
Myth: You won’t pay taxes on Social Security. (7:23)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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If you're planning to leave your wealth to your children and grandchildren, should you also make gifts to them throughout your lifetime? With the Tax Cuts and Jobs Act expiration on the horizon, we’ve had several questions about this recently. Today we’ll talk about some important things you should think about when considering lifetime gifts.

In this episode, we’ll explore the benefits of lifetime gifts, including how they can reduce your tax burden and provide financial support to your loved ones. We’ll then dive into the nitty-gritty details of gifting, such as how much you’re allowed to gift each year, gifting more than the annual exclusion amount, and important issues to consider when gifting to minors and young adults.

Join us as we discuss how to determine if lifetime gifting is the right decision for you and your financial strategy.

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

Some powerful benefits of lifetime gifting. (1:04)
How much are you allowed to gift each year? (4:38)
What can you do if you want to give away more than the annual exclusion amount? (8:48)
Some issues to think about when gifting to minors and young adults. (16:18)
How to determine if lifetime gifting is right for you. (19:00)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Whether you’re a beginner or an experienced investor, it’s important to be aware of potential pitfalls that could derail your financial plan. On this episode, we’ll cover some of the top rookie mistakes we see people make and illustrate how to avoid them or how to fix them if you’ve already made some mistakes in your financial life.

It’s easy to get sucked into investment trends that do not align with your future goals, make emotionally based decisions, and to not fully understand the risks you are taking in your portfolio. Taking investment advice from friend “experts” and underestimating investment fees are other common points of frustration for experienced and inexperienced investors.

Join us as we discuss some of these common investment mistakes and share tips on making choices that will benefit your long-term financial goals.

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

The core of your financial portfolio needs to be aligned with your investment goals, rather than following popular investment fads and trends. (2:07)
It’s important to consider how risks change over time and have a system in place to assess the risks you are taking. (4:34)
“It’s hard for us to see our own biases.” How our judgement can be clouded by the volatility of the market. (7:21)
The potential danger of taking investment tips from your “expert” friends without doing the research yourself or seeking professional advice. (11:59)
Are you overpaying for investment fees? (13:56)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Retirement can come with a lot of tax questions and concerns. From understanding the tax implications of withdrawing from your retirement accounts to minimizing taxes on investment income, it can be overwhelming.

On today’s episode, we’ll break down the top ten tax questions retirees are asking in 2023. Before you file your 2022 taxes and plan ahead for the rest of the year, make sure to listen to this episode as we’ll discuss some important tax questions that retirees should ask themselves to ensure they're making the most of their retirement savings and minimizing their tax burden.

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

What are the tax implications of withdrawing money from retirement. (2:03)
Does the taxation of pension income differ from other forms of income? (5:12)
How could your taxes change if you move to another state? (9:35)
What are the tax considerations for gifting money to children and grandchildren? (12:59)
Should you take advantage of a Roth conversion? (16:40)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Retirement is a big change of pace. So much of your daily routine is built around work, and when that goes away, it can be difficult to figure out how to keep yourself busy with all that free time. In this episode, we’ll discuss the six types of retirees and how they fill their time.

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

Type 1: The Continuer (1:57)
Type 2: The Easy Glider (3:41)
Type 3: The Adventurer (4:52)
Type 4: The Involved Spectator (6:42)
Type 5: The Searcher (7:52)
Type 6: The Retreater (9:06)
Think about the three phases of retirement to determine who you want to be. (10:51)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Another year is upon us and it’s a great time to ask yourself 10 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.

In this episode, Liz will share this 10-point checklist and explain how each item might impact your retirement. If you’re still a few years from the milestone, tune in so you can start thinking about these critical conversations.

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

· Do you know how much income you need each month? (1:58)

· Do you know the ideal time to take Social Security? (6:14)

· How do you handle market volatility and combat inflation as you move into and through retirement? (11:30)

· Are you prepared for the possibility of future tax increases? (14:34)

· Do you have a plan to address healthcare costs? (16:57)

· Do you know how you will spend your time in retirement? (21:07)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Did you plan to retire in 2023, but now you’re second guessing if that’s a wise move given the bad year in the stock market in 2022 and an uncertain economy in the months ahead? You’re not alone if you’re reconsidering your original retirement date.

On this episode of Retire On Your Best Path, Liz will tell us about how these conversations are playing out in her office with clients and she’ll detail the pros and cons of adjusting your retirement date.

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

Marc and Liz address some of the economic headwinds that are causing people to rethink their original retirement dates. (2:06)
Liz says there are some tradeoffs between working another year vs. being retired for that extra year. (5:00)
A lack of trust in the economy leads a lot of people to work an extra year. But that year of retirement you’re giving up is one where you’re probably young and healthy. (6:25)
Liz details the three phases of retirement planning and how they play into the conversation about whether you should move your retirement date back. (11:40)
A financial purpose statement can help you make the best choice when you’re faced with this decision. (14:50)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Market volatility became the norm in 2022. The question investors are asking now is are we in for more of the same in 2023?

In this episode, 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.

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

· What predictions are the experts making for 2023? (1:46)

· We all have to be very mindful of recency bias when we make financial decisions. (4:39)

· How should you react during times of volatility. (8:39)

· Can you build a portfolio that avoids volatility altogether? (11:19)

· What do you think the year looks like for someone that’s thinking about retiring? (18:23)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Now that Congress just passed the Secure Act 2.0, we wanted to talk about what changes you can expect. Some of these provisions start now while others won’t be implemented for years. Either way, it is good to understand what is happening and keep these changes in mind for the future.

Here is some of what you'll learn in this episode:

What is the Secure Act 2.0? (2:02)
How RMDs have changed under this new tax law. (6:39)
Here are some caveats you should be aware of. (17:18)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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When you think of an estate plan, mansions and luxurious wealth may come to mind. You may be surprised to hear that, really, every person should have an estate plan regardless of their wealth status.

In this episode, we will explain how an estate plan is beneficial to everyone, as well as what mistakes to avoid.

Listen to this week’s show to learn more about:

Do you need an estate plan, even if you are not “rich”? (1:58)
Here are some mistakes people tend to make with estate planning. (7:20)
Learn about “The Four D’s”. (14:24)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Is the 60-40 portfolio dead? The 60-40 portfolio has been used for many, many, years to diversify a person’s bonds and stock portfolio.

Over the last few years, market changes, interest rates, and inflation have had people questioning the rule. So, today we will be taking a look at whether or not we should still be using it and what alternatives there are.

Listen to this week’s show to learn more about:

What is the 60-40 rule? (1:45)
What is a better alternative to the 60-40 rule? (4:25)
Why a portfolio should look different from client to client. (10:40)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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Today our goal is to help you gain a better understanding of bonds in retirement. The bond market is a hot mess right now, so we thought it would be a good time to clear up any misunderstandings you may have.

In this episode, you will learn the ins and outs of bonds, from their absolute basics to the ways current interest rates are impacting them. If you need someone to help you determine if bonds are right for you, or which bonds to choose for your individual circumstances, feel free to contact us.

Listen to this week’s show to learn more about:

· Here you can learn the basics of bonds. (2:00)

· The relationship between bonds and interest rates. (9:19)

· Here you can learn the tax implications of investing in bonds. (18:00)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact

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What is your number? You know, that number you have had in mind that means retirement is on the horizon?

For many people, that number is a million dollars, but that may be outdated thinking. With inflation so high, is a million dollars enough? In this episode, we will discuss what you need to know about choosing your number.

Listen to this week’s show to learn more about:

· Is a million dollars a good amount to retire on? (1:27)

· The three different groups of people that Liz typically ends up talking to. (8:00)

· How inflation affects the amount you should retire on. (14:14)

If you are interested in learning more about how an HSA fits into your plan, contact us here: https://www.bestpathadvisors.com/contact

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You may or not be a football fan, but we’re sure you’ll benefit from learning about the red zone in retirement. In the game of football, the red zone is the last 20 yards before you score. In retirement, the red zone is the last five years before you retire, and the five years after.

In this episode, we are going to break down that ten-year period. We will cover the steps you need to take, what to watch for, and more.

Listen to this week’s show to learn more about:

· As an investor, how should you approach the red zone? (4:37)

· Here are three ways to approach retirement. (7:07)

· Are you completely unconcerned with your retirement plan? The rules are different in the red zone. (9:02)

· This is what you should do about 6-7 years before you retire. (11:40)

If you are interested in learning more about how an HSA fits into your plan, contact us here: https://www.bestpathadvisors.com/contact

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Health Savings Accounts have become increasingly more popular over the last ten years, and rightfully so. They are an excellent resource to have as a retiree and we even joke that an HSA is a “Super Roth” (Spoiler Alert: it’s triple tax-free).

In this episode, we will explain the exact tax advantages of an HSA. We will also show you how you can get the most out of your HSA as you approach retirement.

Listen to this week’s show to learn more about:

· What is a Health Savings Account? (1:30)
· How an HSA can help you during retirement. (3:36)
· Here are a few downsides to an HSA that you should be aware of. (6:56)
· Learn strategies to make the most of your HAS. (10:33)

If you are interested in learning more about how an HSA fits into your plan, contact us here: https://www.bestpathadvisors.com/contact

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As we mentioned in our last episode, Roth conversions have become a popular strategy and there are plenty of good reasons to do one. What about the reasons NOT to? In our last episode we went over reasons to do a Roth conversion, but today we will be going over reasons you may not want to do one.

There are many tax-related factors that come into play when making this decision. We review some examples and paint a picture of the various scenarios that might help you save money by avoiding a Roth conversion.

Listen to this week’s show to learn more about:

Explaining income tax brackets and how they relate to Roth conversions. (4:00)
If our tax bracket could be lower, what about our beneficiaries? (4:56)
Here is an example of the tax you would pay if you converted an IRA. (10:27)
How age might play a factor in your decision. (16:35)

If you are interested in learning more about how a Roth conversion fits into your plan, contact us here: https://www.bestpathadvisors.com/contact

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The Roth conversion is a planning strategy that’s picked up more and more interest in recent years. There are many reasons behind its rise in popularity, and now is a great time to have a discussion with your advisor about whether it might be right for you.

No tool is for everyone, but there are plenty of reasons why you’ll want to do a Roth conversion. On this episode, we’re going to share five of those reasons and explain the many benefits of doing a conversion sooner rather than later. Much of what we’ll talk about today directly relates to taxes and tax planning and could pay off significantly in retirement.

Listen to this week’s show to learn more about:

How you can take advantage of the current tax rate. (1:48)
The multiple reasons RMDs should weigh into your decision. (5:01)
What is Medicare IRMAA and why a Roth conversion could help with healthcare costs? (9:58)
People rarely think about the Widow’s Tax but this could be another benefit. (12:04)
The reason a conversion could really benefit your heirs. (15:49)

If you are interested in learning more about how a Roth conversion fits into your plan, contact us here: https://www.bestpathadvisors.com/contact

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You know about the many different types of risk that investors face but there’s one that might have a big impact on whether you run out of money in retirement that you might not know about.

What we want to focus on during this episode of the podcast is sequence of return risk, which refers to the uncertainty of the order in which you’ll get returns. The reason most people aren’t aware of this risk is that it doesn’t really impact us while we’re working so there aren’t many conversations about it.

But this is something we talk about with clients quite a bit because it can have a significant impact on a retiree’s security so let’s dive into the details on this episode.

Listen to this week’s show to learn more about:

Why this impacts people in retirement much more than it does people while they’re working. (2:11)
A story to explain how the order of returns for two different people would impact their retirement. (3:29)
The things you should be doing in the 5-10 years before you retire (7:32)
The key points you need to pay attention to in order to address this risk. (11:47)
What type of cash reserve or emergency fund should you have set aside? (12:53)

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You’ve probably heard the concept of risk versus return but have you thought about how risk impacts everything in your retirement?

Today we want to discuss why risk isn’t just a key factor in your investing strategy, but it also touches many different aspects of your retirement. We’ll share our view of risk and the approach we take with clients to build a proper plan that not just provides them with enough money in retirement but also allows them to live the life they choose with that independence.

Listen to this week’s show to learn more about:

Why your age has plays a big part in risk but also the risk multiplier that comes with a longer retirement. (2:49)
Why one of the first things we do with a client is to work on a spending plan. (5:50)
A story about a couple we worked with recently who was very worried about inflation and how we tested their plan. (8:10)
Legacy planning goes well beyond the money we plan to leave behind. (10:55)

Enjoyed the episode? Make sure to subscribe and share with your friends and family.

Visit us online: https://www.bestpathadvisors.com/

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Before we really hit the ground running into the financial and retirement topics that matter the most, we wanted to spend a few minutes laying the foundation for the podcast.

On this first episode, we’ll tell you a little more about our host, Liz Whitteberry, RMA®, CFA®, CIPM®, ChFC®, AIF®. From how she got her start in financial planning to what she hopes you get out of the podcast, we want you to get to know who we are and what we do.

Listen to this week’s show to learn more about:

How one class changed her entire career path and showed her there was much more to finance than just making ends meet. (2:15)
Why education has become the best part of her job. (9:31)
Our goals for the podcast as we move forward and who we think will get the most out of our show. (13:36)

Enjoyed the episode? Make sure to subscribe and share with your friends and family.

Visit us online: https://www.bestpathadvisors.com/

Retire On Your Best Path with Liz Whitteberry: Recent Episodes

Liz Whitteberry