The Retirement Playbook with Dale Tondryk: Recent Episodes
Dale Tondryk
We'll teach you strategies on this show that'll help you gain financial independence and win the "game" of retirement. The show features financial advisor & coach Dale Tondryk of Tondryk Wealth Management in Minnetonka, MN and serving the Twin Cities.
On today’s Unshakeable Retirement, Doug and Dale discuss:
- How do you keep your clients from getting derailed that entire time it takes more than just being the coach, you have to be motivational and inspirational as the coach, how do you get people? How do you keep people from getting derailed?
- With the wisdom that we have all gained through 10 chapters of this, I want to go back and redefine or define, again, the American Dream retirement. Can you help define that for us?
Contact Dale
Website: https://myinvestingcoach.com/
Email: dale@tondrykfinancial.com
Phone: 952-401-1671
On today’s Unshakeable Retirement, Doug and Dale discuss:
- Can you share with our listeners what you mean, when you term exit cards?
- Can we talk for a second about the wildcards and maybe specifically talk about one of the things you talked about in Chapter Nine is debt as one of those retirement wildcards?
- How do you plan for something like a pandemic?
- What are some of the inputs to certain things that you want our listeners to know about it as it relates to retirement?
Contact Dale
Website: https://myinvestingcoach.com/
Email: dale@tondrykfinancial.com
Phone: 952-401-1671
On today’s Unshakeable Retirement, Doug and Dale discuss:
- Share with our listeners some of the vehicles you use in the magical Middle World that we discussed in the previous chapter with the thing called annuities.
- Can you share with us the different kinds of annuities that are out there, and why isn't it our grandfather's annuity any longer?
- Is there a good, better, best when recommending to your clients based upon certain circumstances? Is it from a good, better, best perspective? Does it depend on the situation of this specific client? Or does the specific client no matter who it is, the fixed index annuity is though is the direction that you would go?
- What are your exit cards?
Contact Dale
Website: https://myinvestingcoach.com/
Email: dale@tondrykfinancial.com
Phone: 952-401-1671
On today’s Unshakeable Retirement, Doug and Dale discuss:
- Can you share a little bit about what each one of those worlds is and why do we even need to define them?
- How do you then come back and customize a templated game plan for each specific client that you have? Because while the ideas are solid ideas, everybody's situation is different? How do you custom tailor that design or that game plan for each person?
- Can you talk about the plan for not one game but actually for five games as you get from where you are now to the point of retirement?
- In developing a game plan for your clients. Is there any one area that you put more focus on than others in this game?
- Is there always money for all five games or does it depend on the needs of your specific clients?
Contact Dale
Website: https://myinvestingcoach.com/
Email: dale@tondrykfinancial.com
Phone: 952-401-1671
On today’s Unshakeable Retirement, Doug and Dale discuss:
- About terrifyingly exhilarating
- Dangers of making some of the financial decisions in one's life based upon emotions, because isn't that all tied into the terrifyingly exhilarating kind of feeling of the emotional side of the world?
- Can you maybe share a little bit about what the power of the plan really is?
- How do you help your clients avoid the dangers of emotional decision making though, because while I say it at the same time, living it and saying it are two separate things, how do you put somebody at ease?
- Can you share a story about how a winning plan and not an emotional journey got a client to retire strategically and on plan?
Contact Dale
Website: https://myinvestingcoach.com/
Email: dale@tondrykfinancial.com
Phone: 952-401-1671
On today’s Unshakeable Retirement, Doug and Dale discuss:
- Do you recall the movie Moneyball?
- Why is the sweet spot between the accumulation phase and distribution phase of the retirement plans so much in your strike zone for your clients?
- Can you talk about your gift which is solving puzzles and not focusing on problems?
- Why is it so important for you to get buy-in from them when it comes to creating the perfect retirement plan for them?
Contact Dale
Website: https://myinvestingcoach.com/
Email: dale@tondrykfinancial.com
Phone: 952-401-1671
On today’s Unshakeable Retirement, Doug and Dale discuss:
- What ups and downs are we talking about?
- Why is it important to keep an eye on taxes, inflation, and pricing?
- Can you explain how health or social security or real estate might play a role in having a good retirement?
Contact Dale
Website: https://myinvestingcoach.com/
Email: dale@tondrykfinancial.com
Phone: 952-401-1671
On today’s Unshakeable Retirement, Doug and Dale discuss:
- Why is it that some people don’t plan for retirement?
- What do you say to the person that hasn’t planned for retirement because they have been too busy to plan?
- What are some other things that people don’t know that they don’t know?
- Some people want to plan on their own and some are a little bit hesitant to trust someone with the money that they have earned hard over the years. So, share with us about the person and the things that they might do for themselves.
- What are the legacy tools?
- What is your opinion on ways or the limit to your liability to the tax collector?
Contact Dale
Website: https://myinvestingcoach.com/
Email: dale@tondrykfinancial.com
Phone: 952-401-1671
On today’s Unshakeable Retirement, Doug and Dale discuss:
- What was your plan about being a retirement coach?
- Tell me about how relationship works between you and your client
- Can you share a little bit about you actually coaching your parents through retirement?
- In your opinion, what is your winning philosophy when it comes to creating a winning retirement plan?
Contact Dale
Website: https://myinvestingcoach.com/
Email: dale@tondrykfinancial.com
Phone: 952-401-1671
On today’s Unshakeable Retirement, Doug and Dale discuss:
- Tell me about your family life. Where do you live?
- Tell your listeners about business and your philosophy in business.
- In your estimation, who would be your ideal strike zone for a client?
- How do you define a win when it comes to American dream retirement?
- In chapter one, you discuss the opponents in the dream retirement game plan, loss of income, taxes, inflation and being the big ones. Can you share a little bit with each one of those opponents?
- The final opponent that we have discussed in the book is healthcare and I’m sure that there are rising costs of healthcare as well. So tell me what you mean when you say the opponent is healthcare?
- How do you define victory?
Contact Dale
Website: https://myinvestingcoach.com/
Email: dale@tondrykfinancial.com
Phone: 952-401-1671
Join us in this episode of The Retirement Playbook podcast as Dale dives into the essential financial matters you need to address throughout the calendar year. He provides valuable insights into maximizing retirement contributions, managing required minimum distributions (RMDs), and making strategic financial moves to optimize your retirement savings. Tune in and learn how to make the most of each calendar year in your financial planning journey!
Here’s what we’ll talk about in this episode:
- Maxing out retirement contributions throughout the calendar year. (1:28)
- Being proactive with your RMDs. (2:18)
- What is tax loss harvesting? (4:54)
- What is a qualified charitable distribution? (6:20)
- Considering purchases throughout the year that might give you a tax credit. (7:52)
- Does a Roth conversion make sense for you? (9:07)
Read more and get additional financial insight here: http://retirementplaybookpodcast.com
Financial discussions and retirement planning can come with many emotions. From counseling couples with differing financial views to providing support during challenging life events such as divorce or medical issues, financial professionals wear many hats, including the role of a therapist. In this episode, Dale discusses the impact of having a financial professional guide you through life’s most stressful moments.
Here’s what we’ll talk about in this episode:
- A financial advisement appointment can sometimes feel like therapy, and that’s okay. (1:06)
- Talking about money is stressful. (4:09)
- Dealing with the emotions and planning for health complications. (6:23)
- The emotional and financial impact of losing a spouse. (7:58)
Read more and get additional financial insight here: http://retirementplaybookpodcast.com
We’re taking a quick break from the Xs and Os of retirement finances today. Instead, we’re going to talk about some other important pieces of forming your retirement lifestyle. Join us as we discuss staying busy, the significance of social connections after you’ve stopped working, and maintaining your physical and mental health throughout retirement. Whether it's engaging in new hobbies, exploring part-time work, or pursuing a passion project, this episode will inspire you to shape a retirement lifestyle that brings joy, purpose, and fulfillment.
Here’s what we’ll talk about in this episode:
- Social interactions in retirement. (1:09)
- Staying physically active in retirement. (3:31)
- Finding ways to challenge your mind. (5:06)
- What will your retirement look like in 5 years? (6:36)
- Do you have a fallback plan for staying busy? (8:13)
Read more and get additional financial insight here: http://retirementplaybookpodcast.com
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.
Here’s what we’ll talk about in this episode:
- The Social Security Administration cannot help you make the best decision about when to start your benefit. (0:57)
- While it is income-based, you will most likely have to pay taxes on your Social Security. (3:35)
- Will Social Security run out of money? (4:57)
- Social Security benefits are not exclusively for U.S. citizens. (9:41)
- Social Security is not based on income and assets. (11:16)
Read more and get additional financial insight here: http://retirementplaybookpodcast.com
Getting lost while driving in the car or hiking in the woods is kind of like getting lost in retirement planning. It can be tough to find your way without the right guidance and tools. But fear not! In today's episode, we're going to explore the most common mistakes people make in retirement planning and share some insightful advice to help you stay on track.
Here’s what we’ll talk about in this episode:
- The impact of having bad tools when retirement planning. 1:09
- Being given bad directions in the financial world. 2:44
- Not paying attention to your finances. 5:11
- The first step to getting back on track with retirement planning. 6:44
- Don’t be embarrassed to ask for professional help with your finances. 9:17
Read more and get additional financial insight here: http://retirementplaybookpodcast.com
Is there really such a thing as having guaranteed income in retirement? Maybe the question is really “guaranteed by whom?” In today’s episode, we are going to talk about some common misconceptions when it comes to income streams and the importance of having predictable income in your retirement portfolio.
Here’s what we’ll talk about in this episode:
- Is there such a thing as guaranteed income in retirement? (0:48)
- Some common retirement income sources that aren’t completely predictable or guaranteed. (4:11)
- Dale shares a story of a client that did not have predictable income in their retirement plan. (4:24)
- If you do establish predictable income, what should you do to help offset inflation? (6:24)
Read more and get additional financial insight here: http://retirementplaybookpodcast.com
For some people, the idea of putting together a financial plan doesn’t sound like much fun, while the idea of building a home sounds like a lot of fun. In this episode we’ll find the similarities in building a strong financial plan and a dream home.
Here’s some of what you’ll learn on this episode:
- The financial ‘foundation’ needed to cover your basic lifestyle expenses once you retire. 2:31
- How investment ‘walls’ are essential to growing your future assets. 4:11
- The insurance ‘roof’ needed to protect you from unexpected financial surprises. 5:35
- Turning you attention to your legacy after you feel confident in your financial structure. 7:32
Read more and get additional financial insight here: http://retirementplaybookpodcast.com
We don’t typically spend much time talking about Medicare before it’s time to utilize it, and it’s easy to get confused about the four parts of the program and what each of them do.
Knowing your options and what each part covers will help you make the best decision for Medicare when it comes time. In this episode, Dale will explain each of the four parts, some of the misconceptions around Medicare, and list some of the services that you might be surprised to find out aren’t covered.
Here’s some of what you’ll learn on this episode:
- What you need to know about each of the four parts. (1:18)
- The biggest misconception about Medicare. (4:25)
- Some of the things that Medicare doesn’t cover. (5:32)
- Do you have to turn it on at 65? (7:34)
Read more and get additional financial insight here: http://retirementplaybookpodcast.com
It’s nearly impossible to completely separate emotion from financial decisions. As much as we try, it’s just hard to overcome those human emotions, especially when it comes to fear and money.
We took an informal poll of listeners to find out what their biggest financial fears are. On this episode, we’ll explore the most common fears and talk about how they should be addressed in a retirement plan.
Here’s some of what you’ll learn on this episode:
- Running out of money before you die. (1:07)
- Blowing through our entire nest egg to pay for our nursing home care. (2:28)
- Not having anything left to pass on to the kids. (5:56)
Read more and get additional financial insight here: http://retirementplaybookpodcast.com
Another round of retirement changes are on the way after President Biden signed a spending bill in December 2022 that included the SECURE Act 2.0. Retirees and pre-retirees need to understand what this new legislation means, how it might impact you, and what planning opportunities this could open up.
Here’s some of what you’ll learn on this episode:
- Pushing back the RMD age to 73. (0:55)
- Changes to catch-up contributions. (3:40)
- The 529 to Roth transfer option. (5:56)
- Company match to a Roth 401(k) (8:26)
Read more and get additional financial insight here: http://retirementplaybookpodcast.com
Let’s look at some examples and explore the reasons why we have to be very careful from whom we’re taking this important financial guidance from. Even when the advice seems to be well-informed and logical, it doesn’t mean it’s going to be applicable to your plan.
Here’s some of what you’ll learn on this episode:
- Your family might have plenty of guidance, but that doesn’t mean you have to follow. (1:00)
- Your friends might not tell you about the losses as much as the successes. (3:30)
- Why the advice CPAs gives you might not be as effective for investing. (5:36)
- The experts in the media are there to entertain rather than inform. (8:12)
Read more and get additional financial insight here: http://retirementplaybookpodcast.com
People have different feelings when it comes to their desire to retire. We broke this concept down into five sections that we will explore today.
Our goal is to help you determine which category you fall into so you can be sure your financial plan aligns with your desire to retire.
Here’s some of what you’ll learn in this episode:
- Some people love what they do and don’t see themselves retiring, but should they still plan? (1:24)
- When you want to retire but continue to work, instead. (3:05)
- Many people end up hoping to retire early, so we plan ahead. (6:38)
Read more and get additional financial insight here: http://retirementplaybookpodcast.com
Investor bias is a common phenomenon. It’s easy to lose sight of the bigger picture at times, specifically when your retirement is on the line.
In this episode, we will be learning about the different biases that tend to affect investors the most. Listen to see if you fall into any of these categories and how you can shift your perspective and invest smarter.
Here’s some of what you’ll learn in this episode:
- How confirmation bias can lead your astray. (0:44)
- Have you been burned by the market before? (4:39)
- When trend chasing goes awry…(6:56)
- Are you playing it too safe, or too loyal? (12:31)
Read more and get additional financial insight here: http://retirementplaybookpodcast.com
As you approach retirement, you might catch “Sudden Decision Syndrome”. It’s important to avoid making big decisions before retirement so you don’t mess up your plan.
In this episode, we will cover some of the things you want to avoid just before or right after retirement.
Here’s some of what you’ll learn in this episode:
- Why you should take some time to process retirement before making big decisions. (0:34)
- Don’t jump into investments that you don’t understand. (3:40)
- How working with a professional can help you in your transition. (6:09)
Read more and get additional financial insight here: http://retirementplaybookpodcast.com
You may have heard of Roth Conversions. Roth Conversions have been increasingly popular, so we wanted to share some important things to know before you decide if it is right for you. There are a few key points to consider, like how one would affect your tax bracket for example. Listen to learn the benefits of a Roth Conversion and how one could create a tax-free income in the future.
Here’s some of what you’ll learn in this episode:
- What are Roth Conversions? (0:36)
- How Roth Conversions could save you on taxes. (2:26)
- Here are common mistakes people make with Roth Conversions. (5:24)
Read more and get additional financial insight here: http://retirementplaybookpodcast.com
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.
On today’s show, we’ll explain why your net worth, view of retirement, and thoughts on nursing homes might be problematic.
Here’s some of what you’ll learn in this episode:
- Why your guess of what it takes to fund your lifestyle is probably way off. (1:45)
- Why tracking net worth or account balance should not be the only thing you care about. (5:21)
- Why you need to have a different retirement plan than your parents. (8:17)
Read more and get additional financial insight here: http://retirementplaybookpodcast.com
At this time of year, you can find football on TV almost every night of the week. So, let’s take some concepts from the game of football and apply them to our retirement planning.
You might be surprised to see the correlation between football and finance, but then again, maybe not with the name of our show. Strap up and join us for a look at the lessons we can take away from the gridiron.
Here’s some of what you’ll learn on this episode:
- What is the Financial Red Zone and why is it critical? (1:51)
- Why taking on more risk to catch up is almost never the best way to fix the problem. (3:55)
- Sometimes you need to stop worrying about getting more money and focus on protecting your retirement instead. (5:53)
- The right coach can make all the difference when it comes to success. (8:04)
Read more and get additional financial insight here: http://retirementplaybookpodcast.com
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, we’ll explain why these decisions are so important and can’t be undone.
While a few of these have slight caveats, you won’t want to miss your window of opportunity to make the choice that is right for you.
Listen to today’s episode to learn what steps you can take to better prepare yourself for these potentially life-changing decisions.
Key Points:
- Be careful not to start using your social security too early. (1:41)
- Should you select the spousal benefit option on a pension? (5:15)
- Why you should get life insurance early in life. (7:25)
- What happens if you retire….then change your mind? (9:40)
Read more and get additional financial details here: http://retirementplaybookpodcast.com
Want to know the secrets to experiencing satisfaction in retirement? We’ve discovered five key situations in which your financial plan needs to lead you. If you can key in on these five points, you’ll have a high chance to achieve retirement satisfaction.
Wouldn’t it be great to retire knowing you’ll have enough to live off no matter what is going on in the government? Or knowing you have enough to care for yourself, so you won’t have to depend on the family?
Listen to today’s episode to learn the strategies we outlined for you so you can better prepare for financial roadblocks that may come your way.
Key Points:
- It’s important to have peace of mind that you can retire no matter how the economy may change. (2:53)
- Diversify your income so if one fails, you have something to fall back on. (4:10)
- Save enough so that you never lose confidence in having enough to live comfortably. (6:04)
- Prepare for total independence to eliminate potential stress in retirement. (8:58)
Read more and get additional financial details here: http://retirementplaybookpodcast.com
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.
Investing always involves a certain amount of risk, but how much risk is right for you? For example, it could make sense to pay off your home, even if you use a large portion of your savings. Speaking of which- are you keeping enough cash in the bank?
The right financial advisor will tailor their advice to their client’s specific needs. Listen to find out if going against the grain could help you achieve your financial goals more successfully.
Key Points:
3:01- Should you pay off your house?
4:47- How to handle debt
7:12- Why you might want to repurpose your life insurance
9:13- Using annuities the right way
11:40- When it makes sense to keep extra cash in the bank
Read more and get additional financial details here: http://retirementplaybookpodcast.com
You’ve most likely heard plenty of “rules” you’re supposed to follow to retire successfully. Some of these rules are stated so confidently, that you’d be crazy not to immediately accept them as fact.
But we don’t mind the threat of being called crazy, so let’s dive into some of the most popular retirement “rules of thumb” to see if they truly lead us down the path of good financial guidance or run a chance of leading us astray.
Join us on today’s episode as we break down these rules of thumb:
- The Rule of 100: A risk tolerance rule that tells us investors should have a percentage of investments that match 100 minus his or her current age. (3:25)
- The Rule of 72: You take 72 divided by the current interest rate and that’s how fast your money will double. (8:30)
- Rule of 5: On average we experience a bear market every 5 years. (9:49)
- The 4% Rule: You should be able to take out 4% of your portfolio each year of retirement without running out of money. (12:05)
So, are these rules really wise or is there a better and more customized approach to retirement planning out there? Times change and so does the advice we should listen to. Listen to today’s episode and find out!
Read more and get additional financial details here: http://retirementplaybookpodcast.com
We are going to discuss a tough topic today, divorce. Going through a divorce at any age is difficult but doing so close to or in retirement adds additional complications. There are a lot of little nuances that go along with splitting your assets and it can be an emotional investment as well.
If you’ve been married a long time and you’ve grown a family it can be easy to be emotionally attached to the house. But you want to consider other financial assets as well.
You also need to consider the tax implications of dividing those retirement accounts. So, if you find yourself going through this tough situation what missteps do you need to avoid and what should you look out for?
Key points:
1:18 – Do you often work with divorcees?
1:52 – Should you keep the house?
4:52 – Ignoring tax implications of accounts
6:56 – Rules around divorce and your accounts
8:11 - Working with an advisor to help you through
10:31 – Mailbag: Should I take money out of my retirement account?
Read more and get additional financial details here: http://retirementplaybookpodcast.com
Can you get an A+ on this retirement planning pop quiz? Don’t worry too much about acing this quiz though, there’s always time to improve your grades.
At what age should people start saving for retirement?
- When you begin working
- When you buy your first home
- When you pay off all your debt
Definitely not when you pay off all your debt, it’s likely you’ll have debt on and off throughout your life. The best time is when you start working, especially if your job offers a 401(k) match.
Which of these is the best estimate of how much income you’ll need in retirement?
- 50% of your current income
- 85% of your current income
- 100% of your current income
- None of the above
Your retirement income is never going to be 100% because of deductions. It’s fair to say none of the above. Around 65% is going to be the most common estimate, but finding a customized and personalized number is important for your plan.
Join us today as we answer these retirement trivia questions and see how well you do with your financial knowledge.
Key points:
1:49 – At what age should people start saving for retirement?
3:36 – What is the best estimate of how much income you’ll need in retirement?
6:23 – Which of these do retirees fear the most?
8:04 – Which of these represent a diversfied retirement plan?
9:48 – To make sure you don’t run out of money, only take _____ out
Read more and get additional financial details here: http://retirementplaybookpodcast.com
Do you like to take risks? Or would you rather play it safe and steady? When it comes to the market risk can come with great reward, but it can also be damaging if our risk tolerance is out of balance with our plan. Most people don’t realize how much risk they are taking on and have a much lower tolerance than their portfolio reflects.
When the markets are going up everyone feels good and when it goes down a lot of people panic. Why is this? Very often a client’s tolerance for risk doesn’t match their investments. If you’re having a hard time sleeping because you're stressed about the market, that’s a good sign you need to take on less risk.
On today’s episode, we’ll break down how risk plays into your retirement plan and what we need to do if it’s out of balance with your needs.
Key points:
0:50 – Do you take risk?
2:32 – Does your tolerance match your portfolio?
4:00 – What should you do?
5:03 – Ask your self how you’re going to feel
6:07 – Why do you think we are set up this way?
7:12 – You might not be de-risking as much as you think
8:32 – What options do we have?
10:40 – What’s the first step?
Read more and get additional financial details here: http://retirementplaybookpodcast.com
When it comes to financial debates, there are a few that we often hear. "You should always pay the house off before retirement“ or “Individual bonds are better than bond funds“ are some common ones you may encounter. But the reality of any financial debate is that the correct answer usually depends on your situation.
Paying off the house before retirement is a great goal, but if you have to compromise your retirement accounts to do so you may need to think about it twice. Individual bonds can be better than bond funds, but they can also be worse. Really it’s all about your goals and where you want your money focused. Join us today, as we explore these financial debates and more. Which side of the aisle do you agree with?
Key points:
1:07 – How are you doing?
1:26 – Always pay off your house
5:32 – Individual bonds vs. bond funds
7:15 – You don’t need life insurance in retirement
8:58 – Fee-based advisors instead of commissioned broker
9:58 – Annuities are always a rip off
12:17 – You’ll be in a lower tax bracket in retirement
15:07 – You should never use credit cards
16:42 – You should start Social Security as soon as possible
Read more and get additional financial details here: http://retirementplaybookpodcast.com
We’ve gathered some updated retirement statistics from across the country. It’s time to find out if these are encouraging or disturbing findings if they’re reflective of the average client, and what you can do to improve your own retirement preparedness based on this information.
Overall, it appears women have smaller retirement savings compared to men. Dale finds this disturbing but he has seen this trend in women who have gone through divorces. While experts are estimating we need about $1.4 million to retire, Dale thinks this may be a little high. It’s not always about the numbers but about the kind of lifestyle you want to lead. Join us today as we explore these statistics and what you can do to protect your financial future.
Key points:
1:46 – Women have smaller retirement accounts
4:19 – Experts are estimating you need $1.4 million
5:50 – It’s going to come down to your lifestyle
8:13 – 55% of workers plan to work in retirement
10:31 – 25% of Americans increased their savings during COVID-19
11:47 – More people are getting Social Security benefits
13:01 – How does retiring early impact your strategy?
Read more and get additional financial details here: http://retirementplaybookpodcast.com
Those days, months, and years leading up to retirement can start to fill with anxiety about what needs to get done. No one wants to make that transition without having their ducks in a row so today we’re going to tell you what you should be doing as you start approaching retirement.
If you’re able to create a checklist and start going through each of these things on your own and with your financial advisor, you’ll feel confident about retirement and that’s what we love to see.
Key points:
0:50 – Waiting for the weather change
2:17 – Getting healthy
4:25 – Plan for the free time
6:39 – Start focusing on something in advance
7:35 – Post Retirement Career
8:31 – Save more
9:33 – Paying off debt
10:30 – Reduce the risk
12:27 – Final thoughts
Read more and get additional financial details here: http://retirementplaybookpodcast.com
With the state of the housing market and rising interest rates, a lot of retirees have questions about their house and how it fits into their overall retirement plan. For many of us, we may feel our house is our biggest asset and is a big part of the financial equation.
With the Fed raising interest rates should you pay the house off as fast as you can or keep with your minimum payment? Dale recommends paying it off as soon as possible, you’ll save thousands in interest and you can enter retirement without that burden. Traditionally, a lot of retirees consider downsizing once their family moves out. But in our current market you may end up paying just as much for a smaller home. As with anything though, the answer to these questions will depend a lot on your situation and retirement plan. On today’s episode, we discuss these common housing questions and more.
Read more and get additional financial details here: http://retirementplaybookpodcast.com
What we discuss in this episode:
0:50 – Golf season!
1:09 – Should you pay the house off ASAP?
4:35 – Should you downsize?
7:28 – Using your home as an emergency fund
8:36 – Signing the house over to the kids
10:46 – How it fits into the estate plan
12:21 – Make your wishes clear
14:15 – Looking into a reverse mortgage
Much like our physical health, we often find ourselves struggling to keep up our financial health despite knowing what we should and should not do. Eating healthy and exercise is critical to taking care of our body much like saving and budgeting are crucial to our financial future.
Even though we know what steps we should be taking, it doesn’t mean we always follow through. Cutting corners and taking cheat days with our money happens just as often as it does with our diet.
On this episode, we’re going to look at the many of the similarities between health and finance and discuss what we can do to fix those unhealthy habits.
Read more and get additional financial details here: http://retirementplaybookpodcast.com
What we discuss in this episode:
2:04 – Empty calories
4:40 – Too much sugar
7:30 – Trans fats
10:20 – Inflation
12:31 – Final thoughts
After listening to today’s episode, you’ll never attend another baseball game with the family and look at it the same way. We’re going to show you how taking some of baseball’s most basic principles can also lead to financial success in your retirement portfolio.
If you’re a casual baseball watcher you probably want to see a home run. Similarly, you want a home run in retirement but you and your advisor still have to consider the long-term strategy and steps to get there. So, grab your peanuts and crackerjack, and let’s take the financial field.
What we discuss:
1:08 – Are you a baseball fan?
1:55 – The homerun
4:31 – Small ball
5:55 – Logic and numbers
7:32 – 5 tool players
12:13 – The stadium
Get additional financial information: https://retirementplaybookpodcast.com/
There are some things in life that you can guess at. However, when it comes to your retirement plan there are a few major questions and factors you certainly don’t want to guess at. This is especially true if you aren’t working with an advisor. A lot of people estimate the monthly income they need, but just guessing a number won’t cover it.
Do you know what major purchases you are going to go through with once you are retired? You can’t guess for these big purchases, you have to plan them out in order to protect your emergency savings. Join us today as we discuss 4 areas in retirement planning you shouldn’t be guessing at and what could go wrong if you do.
What we discuss:
1:27 – Monthly income
4:03 – Major purchases
6:00 – Inflation
9:44 – Healthcare costs
11:51 – Having a plan
Get additional financial information: https://retirementplaybookpodcast.com/
While most people probably need an advisor, some people might not need one. So who really needs an advisor and why? For the last 12 years, the market has been pretty favorable, meaning most DIY investors have been doing fairly well. However, if you are a procrastinator or simply don’t know where to start saving for retirement, having an advisor can be a great way to get some extra support and motivation.
There is a lot to figure out. When will you start taking Social Security? Will you live off of your 401(k), IRA, or both? If you have the time and resources to strategically plan that’s great, but for the rest of us an advisor may be necessary. On today’s episode we’ll talk through a few signs you may need an advisor.
What we discuss:
1:11 – Are you a procrastinator?
3:30 – You don’t know where to start
4:25 – You don’t know what you don’t know
6:16 – Do you have the time?
7:26 – Can you navigate the information?
Get additional financial information: https://retirementplaybookpodcast.com/
How do we plan for things we can’t predict? The stock market, healthcare, and taxes will all change in the future, but how? The stock market has been great over the past decade, yet a crash could happen at any time. Despite speculation, we can't be sure what the future holds.
What about healthcare costs? You can’t predict what medical coverage will cost in the future. However, we can assume it'll be higher. It’s important to structure your plan in a way that protects you from the unknown. On today’s episode, we’ll discuss the things we can’t predict when it comes to our finances and how we can protect our financial future anyways.
What we discuss:
1:29 – When will be the next market crash?
4:09 – Can you predict healthcare costs?
6:35 – What will tax rates be in the future?
9:56 – How long are you going to live?
Get additional financial information: https://retirementplaybookpodcast.com/
It’s playoff season! How is football a lot like saving for retirement? Well, you want to protect your plan as you enter the retirement red zone. Similar to how a quarterback protects the ball as he gets close to the end zone. The last 5 to 10 years before you retire is considered the financial red zone. During this time, you want to lock down your plan and get really serious about planning.
Protecting yourself against unnecessary risk and debt is really important during these years. On today’s episode, we’ll discuss the common mistakes people make during the retirement red zone and how you can avoid fumbling your retirement plan.
What we discuss:
2:56 – What is the financial red zone?
4:36 – Why do you need to play it safe?
6:20 – Taking on more risk than necessary
7:41 – Running the time out for victory
9:44 – Why is retirement planning easier?
11:51 – Having a coach on your side
Get additional financial information: https://retirementplaybookpodcast.com/
A record number of people are leaving their jobs. They are either retiring early, looking for new positions or taking a break from work. A lot of people don’t want to return to the office and are opting for early retirement instead. Others people are questioning their values when it comes to their work-life and are taking time off. But if you do this, what are the consequences on your retirement plan? On today’s show, we’ll discuss how this decision could impact your Social Security, 401(k) plan, and more.
Forbes Article: https://www.forbes.com/advisor/retirement/great-resignation/
What we discuss:
0:56 – Happy New Year!
1:30 – What is “The Great Resignation“?
4:33 – Taking a break from Social Security
6:09 – How will this impact your income plan?
7:56 – Your 401(k) is not a rainy-day fund
8:46 – The negative consequences of taking money out
10:20 – Take your 401(k) with you
11:35 – Will taking your 401(k) be taxable?
12:37 – What are the challenges of retiring early?
15:46 – Does your plan account for longevity?
Get additional financial information: https://retirementplaybookpodcast.com/
Most people realize that it’s usually best to have an estate planning attorney helping them with their estate plan, but it’s also important for the financial advisor to be part of that conversation. On this episode, we’ll explore the role an advisor plays in the estate and legacy planning process and uncover some of the basic mistakes people often make when trying to sort all this out on their own.
Get additional financial information: https://retirementplaybookpodcast.com/estate-planning/ep-55-sorting-out-whats-important-about-legacy-planning/1546/
What we discuss:
1:01 – Merry Christmas!
1:57 – What role does an advisor play?
4:19 – How do people view their legacy?
7:05 – What are some basic mistakes?
8:15 – Beneficiary designations not up to date
9:21 – Dale’s story with a client
Are you financially healthy? On today’s episode, we will be discussing 5 signs of financial health. So what are some good indications you are on the right track? Spending less than you make, understanding tax implications, and having an income plan are all good signs your plan is healthy and stable. If you are married, do you both know enough about the retirement plan? Do you worry about the financial future?
Get additional financial information: https://retirementplaybookpodcast.com/retirement-strategy/ep-54-5-signs-of-financial-health/1530/
What we discuss:
2:45 – If you spend less than you make
5:08 – Understanding your future taxes
6:16 – Both spouses are familiar with the plan
7:42 – You actually have a retirement income plan
8:49 – You don’t worry about the financial future
When constructing a jigsaw puzzle you likely have some sort of strategy. Maybe you start with the frame first or sort the pieces by color. Like starting a puzzle, you don't want to jump into retirement without having a plan.
Today, we are going to be discussing how having a strategy is necessary when creating a financial plan and sticking to it. Some strategies you take to create a puzzle are similar to making a retirement plan. Know your goals. What is the big picture? Your framework is your income plan compared with your expenses. How much money will you need for retirement? Once you are in retirement what will you do with your time?
Get additional financial information: https://retirementplaybookpodcast.com/retirement-strategy/ep-53-retirement-jigsaw-puzzle/1525/
What we discuss:
1:08 – Getting ready for Thanksgiving
3:13 – Understanding the big picture
5:09 – Starting with your framework
6:47 – Sorting your accounts
9:19 – What is the endgame?
You may never ask something unreasonable to your advisor, but it’s important to know where that line is. Today, we want to discuss some of the unreasonable things to expect from your advisor. Sometimes people get wrapped up in their financial expectation and bringing it back down to earth is important for your financial plan.
It’s one thing to have standards for your advisor and another to ask them unreasonable requests. Can you expect a big return without risk? Can an advisor reduce their fees for you? We will also be discussing taxes on retirement accounts and the importance of you being involved in the planning process.
Get additional financial information: https://retirementplaybookpodcast.com/retirement-strategy/ep-52-unreasonable-requests-for-your-advisor/1521/
What we discuss:
1:20 – It’s November!
2:09 – Can I have a big return with no risk?
5:50 – Can you reduce your fees?
8:15 – How can I get out of taxes on my 401(k) or IRA?
9:57 – Can you do it all for me?
We talk a lot about the Xs and Os of financial planning and retirement planning. So today, we are going to focus on what it means to live your dream retirement. Will you be traveling? Going out to eat? Golfing? Staying home? Whatever your dream is it’s great to plan out in advance for personal and financial reasons.
Read and learn more: https://retirementplaybookpodcast.com/retirement-strategy/ep-51-what-is-your-retirement-dream/1515/
What we discuss:
1:00 – Happy Halloween!
2:55 – Dreams in retirement
4:36 – Everyday basics
8:19 – Having structure
11:36 – What makes you happy?
13:49 – Quantify your dream
With all the information on the internet these days about investing and saving for retirement it can be easy to fall into the trap of overconfidence. However, this type of overconfidence can cause gaps and mishaps in our financial plans. On today’s episode, we are going to be discussing 5 areas in financial planning where people tend to get overconfident and how a financial planner can help mitigate these vulnerabilities.
Read more and get additional information: https://retirementplaybookpodcast.com/retirement-strategy/ep-50-overconfidence-in-financial-planning/1510/
Key Points:
1:00 – October is here!
2:30 – Stock market
5:48 – A million dollars to retire
7:23 – Rule of thumb
9:12 – Our own understanding
12:40 – Our own decision making
Financial gaps will happen without a detailed assessment of your retirement plan, and that can keep you from living confidently in retirement. Let's look at the most common ones we see in plans and what we do to help fill those gaps.
Read more and get additional information: https://retirementplaybookpodcast.com/retirement-strategy/ep-49-mind-the-gap/1502/
Key Points:
0:53 – Catching up with Dale
3:23 – Minding the gap
4:15 – Paycheck gap
5:57 – Social security and Medicare
10:10 – Inflation gap
12:13 – Long term care
14:48 – Widows gap
17:05 – Paying more taxes
Are you missing these financial red flags? Depending on how you answer these questions, this may be your sign to speak to a financial advisor about planning and diversifying your portfolio correctly.
Read more and get additional financial information: https://retirementplaybookpodcast.com/retirement-strategy/ep-48-red-flags-in-your-finances/1496/
Key Points:
2:00 – Can you name all your investments?
4:49 – How often do you meet with your financial advisor?
7:56 – Can you handle account balances moving?
9:51 – How much do you need to maintain your lifestyle?
12:05 – Can you describe your retirement plan?
All that hard work you’re doing isn’t just to earn and save money. There are bigger reasons for retirement and we want to explore that on this episode. What are you living for? Let’s talk about the common motivations we find people have and discuss how we help them reach those goals.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-47-what-retirement-are-you-living-for/1491/
What we discuss on this episode:
1:59 – Spending more time with family
5:42 – Buying stuff
8:00 – Big travel plans
10:21 – Helping grandkids with college
12:13 – Funding a charity
Managing finances create plenty of stress each day so let’s take some time to add a little humor to the conversation. Today we’ll tell a few financial planning jokes and see what lessons we can learn along the way.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/investing/ep-46-its-just-a-joke/1486/
What we discuss on this episode:
2:37 – Credit card debt
5:36 – Bonds
7:25 – Balances
8:40 – Investing
10:17 – Stock market volatility
11:58 – Retiring early
We work with all types of people and personalities, and the way you view money affects the way need to plan. Let’s look through the different types of financial personalities and describe the characteristics you’ll find with each.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/uncategorized/ep-45-the-different-types-of-financial-personalities/1467/
What we discuss on this episode:
1:44 – The victim
2:15 – The over-analyzer
7:35 – The do-it-yourselfer
9:15 – The ostrich
10:43 – The odd couple
12:15 – The gambler
13:23 – The model citizen
The possibility is out there that new amendments could be made to the SECURE Act, which was originally passed in late 2019 and took effect at the beginning of 2020. What changes might be coming and what do you need to be aware of?
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-44-secure-act-2-0-what-to-know/1463/
What we discuss on this episode:
2:01 – RMD age could be raised to 75
5:57 – Employers could auto-enroll people into a 401(k)
7:51 – Catch-up contributions
10:14 – Student loans
13:38 – Database for finding old 401(k) accounts
Every generation’s retirement comes with a new set of challenges but today’s retirees have a lot more on their plate than their parents did. Let’s take a look at the biggest retirement challenges facing people today and how planning has changed because of them.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-43-not-your-fathers-retirement/1452/
What we discuss on this episode:
2:15 – Okay to work beyond 65
5:45 – More expensive to be retired than working
8:28 – Healthcare expenses
9:26 – Many more things to juggle now
12:21 – What clients are asking about
13:42 – Portfolios are much more intricate
At first glance, each of these statements seem like basic common sense that everyone agrees with. But when we look at the way people actually behave with their money, it seems that common sense is actually a bit uncommon…
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/investing/ep-42-learning-through-uncommon-sense/1451/
What we discuss on this episode:
1:29 – Buy low and sell high.
5:59 – Don’t pay more in taxes than you have to.
8:18 – Keeping costs low.
10:19 – Don’t put all your eggs in one basket.
13:26 – Market timing is impossible.
It’s time to open up the email inbox and find out what’s on your mind. Join us as we answer retirement questions about savings, mortgages, emergency funds, and more.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-41-answering-your-retirement-questions/1445/
What we discuss on this episode:
1:58 – Mailbag question on how much you need to save for retirement
4:58 – Mailbag question on buying a dream home
8:42 – Mailbag question on emergency funds
10:47 – Mailbag question on 401K accounts
13:14 – Mailbag question on finances after divorce
Let’s take a look at the world of medicine and see what valuable lessons can be applied to your retirement planning. After all, our goal is to make sure your financial health is on track so you’ll be able to enjoy retirement to its fullest.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-40-listening-to-the-money-doctor/1434/
What we discuss on this episode:
1:40 – Always a good idea to get a check-up
3:30 – How often are check-ups needed?
5:44 – Need a prescription
7:17 – Specialists
10:18 – Getting a second opinion
Could you retire off a million dollars? Yahoo! released a survey about how long that much money would last in different cities around the country. Let’s discuss the statistics and explain the process for determining how much money you’ll need for retirement.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-39-how-long-will-a-million-dollars-last/1427/
What we discuss on this episode:
1:01 – Yahoo! Finance survey results
2:48 – How much do you need?
3:54 – Living in LA and other big cities
8:19 – Mid-size to small cities
9:16 – Determining what your amount is
10:16 – Income is essential
11:11 – Convincing a client to enjoy a trip and spend
12:15 – Changing your mindset in retirement
14:12 – How to make sure your money lasts
We always enjoy March Madness when it rolls around and we thought it might be fun to tie it into what we do everyday. Join us as we explore some of the strategies and rules of basketball and determine how they apply to retirement planning.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-38-what-basketball-can-teach-us-about-retirement/1420/
What we discuss on this podcast:
2:22 – Shot Clock
6:26 – Double Dribble
10:08 – Personal Fouls
12:36 – Buzzer Beaters
13:36 – Coaching
Is the pension becoming a thing of the past? More and more people are having to create income plans that don’t include a pension and it can present a different set of challenges. Today we’ll discuss the state of the American pension plan and what you need to know with and without one.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-37-state-of-the-american-pension-plan/1414/
What we discuss on this episode:
1:13 – How many Minnesota companies still offer a pension?
2:05 – Lack of pensions impacts planning
3:18 – Does pensions put you in a better position?
4:40 – Buyout or lump sum?
7:07 – Planning for inflation
8:04 – Having a plan for the pension
8:44 – Final thoughts on pensions
As people prepare for retirement, there are some common assumptions that get made. The problem is these assumptions can often lead you astray and underprepared financially. Today we’ll look address these misconceptions and explain why it’s important to never assume.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-36-this-is-why-you-never-assume/1408/
What we discuss on this episode:
1:23 – Puppy update
3:11 – You’re going to spend less in retirement
5:32 – Taxes will be lower when you retire
8:38 – You have to prioritize your child’s college over your retirement
11:23 – Assuming you won’t be able to retire
Business owners are particularly vulnerable to some misconceptions and false assumptions about their retirement. Today we’ll talk about the areas where Dale sees the biggest trouble areas when it comes to planning.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/uncategorized/ep-35-retirement-planning-for-business-owners/1402/
What we discuss on this episode:
1:42 – If the business plan works, then retirement will work out
5:43 – Selling your business will fund retirement
7:55 – Keeping the business in the family
11:34 – Having your business affairs in order
Whether you follow the market closely or not, you’ve probably seen the headlines about Gamestop stock. Join us as we get Dale’s perspective on what’s happening, what’s next, and what lessons we can take from this.
Read more and get additional financial planning resources here: https://retirementplaybookpodcast.com/investing/ep-34-gamestop-stock-mania/1396/
What we discuss on this episode:
1:37 – Gamestop stock
3:15 – Dale’s view of what’s happening
6:24 – People chasing gains
9:13 – What we’ve seen from clients
10:51 – Lessons we can learn from this
Is it okay to start Social Security before you retire? What about life insurance as a way to generate retirement income? We answer these questions plus a couple more that listeners have sent into the show.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/investing/ep-33-mailbag-social-security-life-insurance-legacy-the-market/1390/
What we discuss on this episode:
3:00 – Mailbag question about when to start Social Security
6:13 – Mailbag question on life insurance
8:18 – Mailbag question on leaving money for kids
11:37 – Mailbag question about the stock market
The goal for your money is to help you reach retirement and utilizing it correctly will acheive that. Before making any financial decisions, it’s important to understand the three different qualities of money and which investments best align with your goals.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/investing/ep-32-understanding-the-3-qualities-of-money/1384/
What we discuss on this show:
2:03 – Financial literacy is on the menu today
2:53 – What are the 3 qualities of money?
3:37 – Can you achieve all three in one investment?
5:13 – Cash
5:57 – Stocks, bonds, and mutual funds
7:08 – Annuities
8:34 – Real Estate
10:05 – Diversifying your portfolio
We’re all ready to put an end to 2020 and turn the calendar to a new year, but first things first. Let’s look at the end of year planning conversations you should be having with your advisor before January 1.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-31-end-of-year-financial-checklist/1374/
What we discuss on this show:
2:34 – Item 1: Should we max out contributions?
4:10 – Item 2: Reviewing CARES Act and RMDs
5:35 – Tax considerations for waiting on RMDs
6:51 – Item 3: Exploring Tax-Loss Harvesting
7:57 – Item 4: Charitable contributions
9:48 – Item 5: Purchases that would give you a tax credit
12:08 – Item 6: Roth Conversion Conversation
16:03 – Thanks for a great 2020
Retirement looks different for all of us but determining what kind of lifestyle you want to enjoy will help you plan. Let’s talk about the different types of lifestyles we see clients choose and what it means for building a proper plan.
Read more and get additional resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-30-what-is-your-retirement-lifestyle/1373/
What we discuss on this show:
2:10 – Two-home solution
4:46 – One solution a client has chosen
5:43 – Traveling the country by RV
8:45 – Front porch lifestyle
10:18 – The College Life
12:00 – The Florida Life
13:23 – Golf Life
15:08 – Follow your passion
Want to find out just how prepared you are for retirement? Here are five key questions that you need to be asking yourself. The answers will help determine just how ready you are to retire.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-29-take-this-retirement-preparedness-quiz/1368/
What we discuss on this show:
1:58 – Election still being counted
2:59 – Do you know how much you have?
5:30 – Do you know how much you spend?
7:26 – Do you know how much risk you have in your portfolio?
10:25 – Do you know what you’re paying in fees?
12:22 – Do you know what your retirement income streams are going to look like?
Are you thinking about moving to a new state when you retire? Today we’ll look at a list of the top places people retire and discuss the common factors that go into make a decision like that. Plus, we’ll share the locations that many of our Minnesota clients have decided to live in retirement.
See the full list and get additional resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-28-best-places-to-retire/1362/
What we discuss on this show:
3:44 – Setting up today’s conversation
4:22 – Florida cities make up a lot of this list.
5:30 – Do a lot of your clients retire out of state?
6:48 – What’s the typical reason people retire somewhere else?
8:11 – What considerations go into this decision to move?
10:11 – How an advisor helps clients with this process.
12:19 – Does Dale have a dream destination?
14:05 – Work with an advisor to achieve these goals
With so many Baby Boomers heading into retirement every day, they are finding different challenges and concerns than their parents had to deal with. We work with many people in that generation and have heard many of these things first hand. Today we’ll talk about where the worries are and what they can do to be prepared for a long retirement.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-27-retirement-concerns-for-baby-boomers/1350/
What we discuss on this show:
2:10 – How many Baby Boomer clients does Dale work with?
3:47 – Unique challenges Baby Boomers face
6:46 – What challenge are they consistently worried about?
10:04 – Working with folks to get a plan in place to determine when they can retire.
11:17 – Many of the mistakes are caused by lack of planning
The change from summer to fall always gets us talking about the change in weather so we thought we’d carry that conversation over to the podcast. Join us as we provide correlations between what we see in the weather with how we prepare our finances.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-26-the-financial-forecast/1344/
What we discuss on this show:
2:35 – Tornadoes
5:03 – The 3 Investment Worlds
6:47 – The Jet Stream
8:42 – The Heat Index
11:10 – Black Ice
16:20 – How to prepare for your financial future.
There are plenty of financial planning strategies that have been passed down to each generation without losing effectiveness, but not everything can stand the test of time. Today we’ll identify five planning ideas that are either becoming obsolete or already hold little value anymore.
Read more and get additional financial planning resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-25-obsolete-retirement-planning-ideas/1338/
What we discuss today:
2:54 – The 4% Rule
6:11 – The 10-5-3 Rule
9:04 – As we age, we should transition away from stocks and into bonds for safety.
10:28 – Tagging a certain number as what you’ll need for retirement.
13:59 – You’ll need less income in retirement.
Your home is one of the biggest assets in your financial portfolio and there are a lot of decisions to make related to real estate. Let’s talk about the conversations we have with clients about mortgages, rental properties, downsizing, and more.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-24-how-your-home-fits-into-retirement-planning/1333/
What we discus on this episode:
1:53 – Background on the conversation today
2:35 – Pay it off as soon as possible or slowly?
6:40 – Is it wise to downsize?
8:48 – Having the emotional attachment to your home.
10:24 – Good idea to have a rental property to generate income?
12:00 – Real estate as part of legacy planning
In order to build a complete financial plan that meets aligns with your goals, it takes many honest conversations with your advisor. Some of those, by nature, are going to be a little uncomfortable. Let’s look at some of the more awkward discussions we have with clients during the planning process.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-23-awkward-conversations-in-financial-planning/1322/
On today's show:
2:10 – Our topic this week is awkward conversations.
2:54 – Dealing with a divorce.
4:50 – Determining who should be included as beneficiaries.
6:41 – Sorting out an estate.
9:43 – Changing financial advisors
14:00 – Getting emotional due to financial stress.
Financial planning can be complicated at times so let’s try to simplify it a bit. Today we’ll break down the three qualities of money we utilize for a client’s portfolio and what type investments fit into each.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/investing/ep-22-understanding-the-3-qualities-of-money/1321/
On today's show:
1:37 – What are the 3 qualities of money?
4:13 – Is there an investment that can get all three?
7:22 – What defines liquidity?
7:52 – Examples of growth and liquidity without safety.
8:31 – Growth and safety without liquidity.
9:56 – Which of these do clients typically emphasize?
Before you reach retirement, it’s important that you take an honest look at yourself and your situation. Truly understanding where you want to go and what approach you want to take to get there will help you build the best retirement plan.
Today we’ll lay out a list of questions you should ponder. Get inside your own head and determine what the answers are for each of these. That way you can have a straightforward conversation with an advisor, and that will result in the best outcome for your financial future.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-21-being-honest-with-yourself-financially/1315/
Today's show schedule:
1:12 – What financial issue is at the top of your list?
3:05 – What do you desire the most?
4:58 – How much of a risk taker are you?
6:28 – Do you have any investment biases?
8:33 – What did you learn about money from your parents?
10:13 – What does money really mean to you?
In honor of the upcoming 4th of July holiday weekend, we’re going to declare our financial independence. Join us as we lay out a list of things we want to be independent of when retirement rolls around.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/investing/ep-20-declaring-our-financial-independence/1309/
Today's show schedule:
0:36 – Happy 4th of July
2:51 – Independence from government is something to aim for in retirement
5:02 – Independent of our family
6:56 – Freedom from debt
8:48 – Be independent from employment
10:28 – Don’t be dependent on the stock market
11:20 – You need to take the time to put your playbook in place.
It’s time to blow up some of the common beliefs people have held for years to make sure you know the truth about financial planning.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-19-financial-truth-bombs/1302/
Today's show schedule:
1:33 – This week we’re dropping truth bombs.
2:09 – Bonds are not always as great for retirees as people think they are.
3:50 – Income taxes are currently close to historical lows. Do most people realize that?
5:52 – The hardest part of investing is managing your own behavior.
9:02 – Just because you’re an expert in your area, doesn’t mean you’re an expert in money.
11:32 – You probably have more at risk in your portfolio than you realize.
If you’re a Delta employee or know someone who is, take a few minutes to listen to this special episode dedicated to the buyout offer being made by the airline. We’ll tell you what three considerations you need to make before making any career decisions.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-18-special-edition-3-critical-considerations-for-delta-buyouts/1293/
Today's show schedule:
0:45 – Let’s start with the first consideration. Have a plan.
2:00 – Second, consider the lump sum option with a pension.
2:47 – Third, take a look at the 401k.
Have you ever gotten lost? Not that much fun is it? Well, getting lost in the car or in the woods is a lot like getting lost in retirement planning. Let’s look at the reasons that people get lost, and then how to get back on track.
Read more and get additional resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-17-how-we-get-lost-in-retirement/1288/
Today's show schedule:
1:58 – Why we’re talking about getting lost.
2:45 – First way we get lost: Bad Tools
4:33 – Bad directions
6:46 – You zone out and lose focus.
8:45 – How do we get back on track?
10:05 – Where do you want to go?
11:19 – Don’t be afraid to ask for help.
When you spend a lot of time thinking about how to and when to retire, you don’t want to overlook these easy ways to ruin it! On today’s episode we highlight five ways you could ruin your retirement if you aren’t careful.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-16-5-easy-ways-to-ruin-your-retirement/1280/
Today's show schedule:
2:45 - What are some easy ways to ruin your retirement?
3:24 - Treating retirement as a destination instead of a new phase in life.
5:30 - Thinking retirement solves all your problems.
7:08 - Assuming you can determine monthly spending habits based on life before retirement.
9:14 - Doing nothing and losing your sense of purpose and enjoyment through activities.
13:04 - Investing like you’re 35 when you’re 55 or 60.
15:10 - Office update: What to expect when working with Dale.
If you work with an advisor, are you expecting expert advice or are you expecting to be the one who is right all the time? It’s a relationship of trust as you make wise decisions together, but you might not always be “right” when it comes to making financial plans.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-15-the-customer-isnt-always-right-when-it-comes-to-financial-planning/1274/
Today's show schedule:
1:20 - What is open right now under current restrictions?
3:27 - If the customer is “always right” then do you need an advisor?
7:34 - What if you are set on a certain trend or investment?
9:21 - What if you don’t want to spend money on something like life insurance or long-term care coverage?
11:23 - Are you really listening to the professional advice from an expert?
12:50 - Follow-through is key.
Ready to suit up and compete in the Olympics? Since the 2020 Summer Olympics have been postponed, let’s keep the games going by applying it to the world of financial planing? Will your strategy and preparation help you succeed? Find out in today’s podcast!
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/how-would-you-do-in-the-financial-planning-olympics/1266/
Today's show schedule:
0:51 - The summer Olympics have been postponed due to coronavirus.
2:31 - What would be included in the financial planning Olympics?
2:47 - Facing the marathon of inflation over the long run.
4:05 - Prepare for the hurdle of a recession.
5:59 - Make sure to keep the hidden fees down.
9:06 - Can you balance on a thin line of diversified investments?
10:51 - Are you working as a unit like the synchronized swimmers?
Is financial fear and fatigue stopping you in your tracks? Let’s discuss some of the ways you can continue to move forward with your financial plan.
Read more and get additional resources here: https://retirementplaybookpodcast.com/investing/ep-13-does-your-financial-plan-have-pandemic-paralysis/1257/
Today's show schedule:
1:03 - What is the latest response to the financial side of the response to coronavirus?
2:57 - Should you stop putting money into your 401(k) during this market volatility?
6:44 - Is it still worth meeting with an advisor now?
10:31 - Does this year’s retirement plan have to be put on hold?
12:32 - Are you scared to look at your accounts?
A lot of Americans are using this lockdown time to clean up around the house so let’s channel that energy to getting our finances organized as well. We’re going to open the doors to that financial closet you haven’t looked into for some time and talk about how to get everything in order.
Read more and get additional resources here: https://retirementplaybookpodcast.com/uncategorized/ep-12-cleaning-out-your-financial-closet/1250/
Today's show schedule:
2:53 – Let’s clean out the financial closet
3:46 – Help us make sense of the analogy first.
4:43 – Every has a different way of organizing their finances.
6:12 – How can we begin the process of getting organized?
7:10 – Some other ideas for organizing.
8:14 – Budgeting is still important in retirement
9:56 – Now is the perfect time to take on some of these things.
11:41 – Do the things we have still match our goals?
A home is a place where we depend on for stability and security, which is similar to our financial plan. Let’s explore the similarities even further by discussing each key element for building a house and what that would equate to in your retirement planning process.
Read more and get additional resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-11-keys-to-building-a-sturdy-financial-house/1245/
Today's show schedule:
1:02 – Thoughts on the shutdown and what’s changing.
4:08 – Let’s talk about home-building.
5:47 – What if you were building a financial house.
6:10 – We begin with the foundation. What’s the financial equivalent?
7:24 – Now let’s put up our walls. That’s an investment plan.
8:22 – Your roof would be the protection portions of your plan.
9:35 – The final piece is fine-tuning and personalization, which is estate planning.
12:00 – Putting all these parts together is why a comprehensive plan is so important.
The coronavirus pandemic has impacted just about everyone from a physical, emotional or financial standpoint. Now there’s relief on the way in the form of the CARES Act. Find out what this means for you as an investor and a small business owner.
Read more and get additional resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-10-key-things-to-know-about-the-cares-act/1239/
Today's show rundown:
1:05 – What is Dale doing to keep busy during the quarantine?
5:33 – Let’s look at the CARES Act a little deeper.
6:00 – Tax deadline has been pushed back to July.
7:15 – RMDs are no longer required for 2020.
8:13 – Client story about withdrawing early to pay off a mortgage.
8:55 – What if you’ve taken RMDs already?
10:09 – The recovery rebate for individuals.
11:24 – This is an interesting time for people preparing for retirement.
14:43 – Paycheck protection program for small businesses.
16:49 – Just because it’s offered doesn’t mean you should definitely do it.
Some investment options shouldn’t be anywhere near each other because they have totally different goals. Let’s apply the popular social distancing phrase to our finances and look at four situations where these products need to stay separated.
Read more and get additional resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-9-social-distancing-your-finances/1235/
Today's rundown:
0:30 – Let’s have some fun with social distancing.
0:53 – Keep your emergency fund and the stock market separated.
1:57 – Distance life insurance and our investments.
2:44 – Distance high turnover investments strategies and after-tax brokerage accounts.
4:40 – Distance our emotions and our investments decisions.
Think about your favorite movie quote. We all have one, right? Have you ever tried to apply a financial meaning to it? Today we’ll take seven popular movie quotes and we’ll make sense of them in terms of retirement planning.
Read more and get additional resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-8-famous-movie-quotes-retirement-planning/1229/
Today's rundown:
1:29 – Setting up today’s conversation.
1:41 – Quote #1 from Robin Williams in Dead Poets Society: “Carpe Diem. Sieze the Days, boys. Make your lives extraordinary.’
3:14 – Quote #2 from Arnold Schwarzenegger in Terminator: “I’ll be back.”
4:06 – Quote #3 from When Harry Met Sally: “I’ll have what she’s having.”
5:30 – Quote #4 from The Wizard of Oz: “Toto, I have a feeling we’re not in Kansas anymore.”
6:30 – Quote #5 from Groundhog Day: “Well, what if there’s no tomorrow? There wasn’t one today.”
7:18 – Dale shares a client story showing why it’s important to get your plan in order now.
8:13 – Quote #6 from A Few Good Men: “You can’t handle the truth.”
9:14 – Quote #7 from Cool Hand Luke: “What we have here is a failure to communicate.”
Mutual funds have been a popular investment vehicle for many years but how well do you understand were your money is going? Today we’ll take you through the ins and outs of mutual funds by defining the key terminology and discussing the strategy behind the investment.
Show notes and additional resources: https://retirementplaybookpodcast.com/investing/ep-7-mutual-funds-101/1193/
Today's rundown:
0:36 – Let’s talk about mutual funds today.
0:49 – What percentage of our clients owned mutual funds when they first came in to see us?
1:25 – What are expense ratios?
2:30 – On top of the expense ratio you have a turnover fee.
3:04 – Dale explains ‘loaded’ mutual funds and the difference between frontload, backload, and no load.
4:26 – What are the tax issues mutual funds can create?
5:32 – We hear a lot about ETFs now. How are they different from mutual funds?
6:42 – How often do we incorporate mutual funds into client portfolios? We start by using three investment worlds.
Helpful Info:
Website: https://www.myinvestingcoach.com/
Phone #: 952-401-1671
Email: dale@tondrykfinancial.com
Working with a financial advisor is an important decision that isn’t usually made on a whim. Doing your research and meeting with advisors is a key part of the process to determine who best fits your needs. All financial professionals are unique but all of the good ones will have these five qualities.
Show notes and additional resources: https://retirementplaybookpodcast.com/retirement-strategy/ep-6-your-financial-advisor-should-have-these-five-traits/1178/
Today's rundown:
0:54 – 1st characteristic: Trust. How do you decide if they’re trustworth?
1:58 – 2nd characteristic: Likeability. How do you assess that?
3:04 – 3rd characteristic: Area of Expertise. Why is this important?
4:11 – 4th characteristic: Good listener
5:34 – 5th characteristic: Problem solver
Myths, rumors and misunderstandings are pervasive in the world of Social Security. So what should you believe and what needs to be ignored? On this show, we’ll look to clear up three of the top misunderstandings about Social Security.
Show notes and additional resources: http://retirementplaybookpodcast.com
Today's rundown:
0:50 – First myth: There’s a perfect time to start collecting Social Security.
2:07 – Second myth: Social Security is going to run out of money.
3:42 – Third myth: Decisions about Social Security have nothing to do with other financial considerations.
4:31 – There’s also tax considerations regarding SS.
5:38 – Question #1: I’ve always donated to several different charities at the end of every year. Since the tax laws changed last year, it seems that it didn’t benefit me from a tax standpoint. Am I missing something?
6:46 – Question #2: I got a raise recently and I want to make sure I put the extra money to good use. Do you think I should save towards retirement or pay extra on my mortgage?
7:39 – Question #3: I’m almost 70 and I’m worried I’ll never be able to retire. I’ve always heard you need a million dollars but I only have about half that. Will I have to work forever?
Helpful Info:
Website: https://www.myinvestingcoach.com/
Phone #: 952-401-1671
Email: dale@tondrykfinancial.com
The world of investing and retirement planning isn’t always what it appears to be. We’re taking a look at financial scenarios that have been common at some point and explaining whether our clients are dealing with the same thing.
Show notes and additional resources: http://retirementplaybookpodcast.com
Today's Rundown:
0:44 – What our main topic is about today.
1:19 – Is this a thing: family members gathering in a room together for the reading of a will to find out who is getting what.
1:59 – You see that a lot on TV but reality is different.
2:25 – Is this a thing: someone discovers an old investment account they forgot they had.
2:47 – Dale shares a real-world example of a client discovery.
3:33 – Is this a thing: kids working their way through college.
4:42 – Is this a thing: people successfully timing the market.
5:39 – Is this a thing: people retiring but having to go back to work after running out of money.
Building a retirement plan is an on-going process that changes as you progress through you career. That’s why it’s important to evaluate your portfolio frequently to see if you goals and strategies need to adjust. Let’s talk about some financial things that might need more of your attention and some others that might not be all they’re cracked up to be.
Show notes and additional resources: http://retirementplaybookpodcast.com
Today's rundown:
0:47 – Let’s talk about things that are overrated and underrated.
0:55 – Tax advantages: overrated?
2:02 – Rates of return: overrated?
4:04 – Commission-based investment accounts: overrated?
6:08 – Liquidity: underrated?
7:14 – Predictability: underrated?
8:00 – Simplicity: underrated?
Helpful Info:
Website: https://www.myinvestingcoach.com/
Phone #: 952-401-1671
Email: dale@tondrykfinancial.com
What financial statements are more myth than fact? When you look at your financial plans, are you asking the wrong questions? To make the most of your resources, it’s important to understand where
Show notes and additional resources: http://retirementplaybookpodcast.com
Today's Rundown:
0:52 - Myth: The more a financial plan weighs, the more valuable.
2:00 - Myth: A will is all I need to have my affairs in order.
3:07 - Myth: My spouse will be fine when I’m gone, they will only need half as much income anyway.
4:35 - Myth: When I retire, I need to dramatically shift from stocks to bond.
5:51 - How much money should I save to retire?
7:05 - Should I get long-term care insurance?
7:52 - How can I get the highest possible return on my money?
9:22 - Where can I pay the lowest fees for financial advice?
10:35 - What can I do to pay less in taxes this year?
Helpful Info:
Website: https://www.myinvestingcoach.com/
Phone #: 952-401-1671
Email: dale@tondrykfinancial.com
It's time to get to know your financial coach Dale Tondryk.
On this episode, co-host Ron Stutts asks Dale about his background, how he became a financial advisor and what shapes his investing philosophies. We'll give you a preview of the kinds of topics we're going to cover on future episodes and identify what we really hope you'll learn and take away from this show.
Helpful Info:
Website: http://retirementplaybookpodcast.com
Phone #: 952-401-1671
Email: dale@tondrykfinancial.com