Your Life, Your Money with Scott Sierens: Recent Episodes
Scott Sierens
The Your Life, Your Money Podcast helps you thrive in life, wealth and retirement. The show is designed to navigate the complexities around money, building and securing wealth, and achieving financial independence. Scott Sierens, financial advisor at Sierens Financial Group, will provide thoughts, strategies, and ideas on each episode to help you make smart and sound financial decisions. The goal is to take complex financial subjects and make them simple and easy to understand so you can feel confident to take action, enjoy life, and eliminate financial stress and anxiety.
Scott, along with guests from across various industries, will cover topics such as tax savings strategies, investment and wealth management, IRAs, 401(k)s, retirement planning, income strategies, pensions, estate planning, social security, healthcare, and much more.
Retirement isn't an age or number. It's finding the balance between living life today and feeling financially confident about YOUR tomorrow.
Ask Scott your questions by calling 847-235-6989 or check out our podcast website at https://lifemoneyshow.com for more resources.
Are you thinking about taking Social Security at age 62? That’s what many Americans consider when they approach Social Security age, but just because you can take it early doesn’t always mean that you should. Claiming too soon could shrink your benefits for life so it’s not a decision you want to rush to make. If you can check the box on one of the three situations we're going to discuss in this video, then claiming Social Security at age 62 might actually be the right move for you.
Here’s some of what we discuss in this episode:
📉 Why taking benefits early reduces your lifetime income 💰 Tax planning and Roth conversions — timing is everything 🧍♀️ Survivor benefits and spousal strategy insights 🧠 Why flexibility matters more than getting the “most” from Social Security
Company website: https://sierensfinancialgroup.com/
Podcast website and resources: https://maxretirementshow.com/
Phone: (847) 235-6989
Contact our team: office@sierensfinancialgroup.com
Schedule your no-cost introductory call: https://sierensfinancialgroup.com/schedule-a-meeting/
Join us for our next financial workshop: https://sierensfinancialgroup.com/
Check out our free guides:
Unlocking Hidden Tax Savings Guide: https://maxretirementshow.com/taxes/
Social Security Benefits Guide: https://maxretirementshow.com/socialsecurity/
Will Your Money Last As Long As You Do Guide: https://sierensfinancialgroup.com/
Check us out on YouTube: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
As you save for retirement, it’s not just about having a retirement account, it’s about having the right types of accounts and knowing how to use them most effectively. So today’s video will break down the four most important retirement accounts you should consider having and the strategies you can implement to get the amount of income in the most tax efficient way.
Here’s some of what we discuss in this episode:
📉 How to reduce taxes using account strategy 🔁 Why sequence matters when withdrawing income 💰 A flexible account most people overlook 🧾 Real-life example of using conversions to save money
Company website: https://sierensfinancialgroup.com/
Podcast website and resources: https://maxretirementshow.com/
Phone: (847) 235-6989
Contact our team: office@sierensfinancialgroup.com
Schedule your no-cost introductory call: https://sierensfinancialgroup.com/schedule-a-meeting/
Check us out on YouTube: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Heading into retirement should feel like freedom, but too many people carry financial clutter into this next phase of life, creating confusion, missed opportunities, and unnecessary stress. In this week’s show, Scott outlines three key areas to simplify before you retire: your bank accounts, your investment and retirement accounts, and your overall strategy.
Here’s some of what we discuss in this episode:
🏦 Simplify your bank accounts for clearer budgeting
📂 Clean up old 401(k)s and scattered investment accounts
🧠 Stick to one clear investment strategy that works long-term
📉 Why having money in different places doesn't mean you're diversified
See the chart of the week: https://www.hicapitalize.com/resources/the-true-cost-of-forgotten-401ks/
Company website: https://sierensfinancialgroup.com/
Podcast website and resources: https://maxretirementshow.com/
Phone: (847) 235-6989
Contact our team: office@sierensfinancialgroup.com
Schedule your no-cost introductory call: https://sierensfinancialgroup.com/schedule-a-meeting/
Check us out on YouTube: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
When the market is down, it can make you feel pretty uneasy. Emotions can rise and panic can feel like the natural response, especially when you’re nearing retirement. You spent decades just saving to get to this point, and now you're watching your retirement savings drop in value.
You might be wondering what changes you should make. Should you move to cash? What action should you be taking with your accounts as you watch your accounts drop in value and you're getting closer to your retirement date? We want to focus on strategies that can help our plan during these high emotions versus letting emotions potentially hurt our plan.
This video is going to draw out some simple and practical strategies you can utilize during a market downturn that can actually help your retirement plan instead of hurting it.
Here’s some of what we discuss in this episode:
⚖️ Strategy #1: Rebalance your portfolio to take advantage of market shifts
💵 Strategy #2: Increase contributions when prices are low
🔁 Strategy #3: Use Roth conversions to lock in tax-free growth
📉 What happens if you miss the market’s best days
🧾 Roth alternatives when your income is too high
Look at the chart we referenced: https://www.hartfordfunds.com/practice-management/client-conversations/managing-volatility/timing-the-market-is-impossible.html
Company website: https://sierensfinancialgroup.com/
Podcast website and resources: https://maxretirementshow.com/
Phone: (847) 235-6989
Contact our team: office@sierensfinancialgroup.com
Schedule your no-cost introductory call: https://sierensfinancialgroup.com/schedule-a-meeting/
Join us for our next financial workshop: https://sierensfinancialgroup.com/
Check out our free guides:
Unlocking Hidden Tax Savings Guide: https://maxretirementshow.com/taxes/
Social Security Benefits Guide: https://maxretirementshow.com/socialsecurity/
Will Your Money Last As Long As You Do Guide: https://sierensfinancialgroup.com/
Check us out on YouTube: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
You’ve saved up $2.5 million and you’re wondering whether you can buy a vacation home or whether you should just do a long-term rental. Maybe you should just scratch the idea altogether. This is a conversation we have with clients and today’s show is going to walk you through how we help determine if the vacation home is going to work with a hypothetical case study.
Here’s some of what we discuss in this episode:
💵 Comparing buy vs. rent scenarios in retirement
📊 How large purchases affect long-term income and taxes
💬 Why your “retirement paycheck” must align with your goals
🧾 Is it smart to get a mortgage pre-retirement?
Company website: https://sierensfinancialgroup.com/
Podcast website and resources: https://maxretirementshow.com/
Phone: (847) 235-6989
Contact our team: office@sierensfinancialgroup.com
Schedule your no-cost introductory call: https://sierensfinancialgroup.com/schedule-a-meeting/
Check us out on YouTube: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
We talk a lot about taxes because they’re going to be a huge expense for you in retirement, which is why many people ask about Roth conversions. It’s a strategy that could potentially save you money in retirement, but the truth is that Roth conversions aren’t for everyone and could actually cost you money. In today’s show, we’ll walk you through the five reasons why it might not make sense for you to do a Roth conversion.
Here’s some of what we discuss in this episode:
📊 Consider future tax rates and income projections before making the move
⏳ The timing of a conversion could make or break your strategy
💸 Understand the impact of RMDs and how they affect your retirement income
🧑⚖️ Medicare premiums can be higher if your conversion pushes you into a higher bracket
See the chart we discussed here: https://www.fidelity.com/learning-center/personal-finance/history-us-income-tax
Company website: https://sierensfinancialgroup.com/
Podcast website and resources: https://maxretirementshow.com/
Phone: (847) 235-6989
Contact our team: office@sierensfinancialgroup.com
Schedule your no-cost introductory call: https://sierensfinancialgroup.com/schedule-a-meeting/
Join us for our next financial workshop: https://sierensfinancialgroup.com/
Check out our free guides:
Unlocking Hidden Tax Savings Guide: https://maxretirementshow.com/taxes/ 10:!8
Social Security Benefits Guide: https://maxretirementshow.com/socialsecurity/
Will Your Money Last As Long As You Do Guide: https://sierensfinancialgroup.com/
Check us out on YouTube: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Once you reach your early 60s, you’re in a window of time where the moves you make will drastically shape the next 30 or 40 years of your financial life and taxes. The right decisions can put you in a great position for retirement but the wrong decisions can leave you playing catch-up. In this video, we’re going to walk you through the three most common (and costly) mistakes people make during this pivotal stage and tell you how to avoid them.
With rising costs for goods and services, it's vital to factor inflation into your financial strategy. Our retirement chart of the week provides insights into historical inflation rates, emphasizing the importance of having your investments structured for growth to maintain your lifestyle in retirement.
We’ll close out the show with a listener question regarding how to manage a lump sum inheritance. The advice is simple: take your time to evaluate your options.
Here’s some of what we discuss in this episode:
📉 Going too conservative too soon can kill long-term growth
🧾 Use tax strategies before RMDs and Medicare hit
🧠 Retirement age should be based on planning—not assumptions
💰 Inheritances require calm thinking and smart allocation strategy
Check out the chart we discussed: https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/guide-to-the-markets/
Want to get in touch?
Company website: https://sierensfinancialgroup.com/
Podcast website and resources: https://maxretirementshow.com/
Phone: (847) 235-6989
Contact our team: office@sierensfinancialgroup.com
Schedule your no-cost introductory call: https://sierensfinancialgroup.com/schedule-a-meeting/
Join us for our next financial workshop: https://sierensfinancialgroup.com/
Check out our free guides:
Unlocking Hidden Tax Savings Guide: https://maxretirementshow.com/taxes/
Check us out on YouTube: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Social Security is a key part of maximizing your retirement story. The decisions you make about when and how to claim it can have a big impact on how much you keep versus how much goes to the IRS. In today’s show, we’ll break down 3 common Social Security tax mistakes- some of which could cost you big- and how to avoid them.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:51 – Mistake 1: Believing Social Security Is Tax-Free
3:20 – Mistake 2: Not Planning For Medicare Impacts
4:12 – Mistake 3: Timing Social Security with Roth Conversions
7:12 – Retirement Chart Of The Week
9:49 – Diversification In Investing
10:30 – Listener Question
Periodic Table of Investment Returns
https://www.callan.com/periodic-table/
Want to get in touch?
Company website: https://sierensfinancialgroup.com/
Podcast website and resources: https://maxretirementshow.com/
Phone: (847) 235-6989
Contact our team: office@sierensfinancialgroup.com
Schedule your no-cost introductory call: https://sierensfinancialgroup.com/schedule-a-meeting/
Join us for our next financial workshop: https://sierensfinancialgroup.com/
Check out our free guides:
Unlocking Hidden Tax Savings Guide: https://maxretirementshow.com/taxes/
Social Security Benefits Guide: https://maxretirementshow.com/socialsecurity/
Will Your Money Last As Long As You Do Guide: https://sierensfinancialgroup.com/
Check us out on YouTube: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Facebook: https://www.facebook.com/SierensFinancial/
LinkedIn: https://www.linkedin.com/in/scott-sierens-sfg/
Are you prepared for hidden tax traps in retirement? Many retirees assume their tax rates will go down, but for those with significant savings, unexpected tax burdens could cost them thousands of dollars each year.
Today, Scott Sierens, CFP®, uncovers three major retirement tax traps that could push you into a higher tax bracket, increase your Medicare premiums, and reduce your Social Security benefits. We’ll also address trending news about the potential elimination of taxes on Social Security benefits and answer a listener's question about the timing of claiming Social Security.
Here’s some of what we discuss in this episode:
⚠️ RMD Shock – How required minimum distributions can spike your taxes
💰 Medicare IRMAA Surcharges – Why higher income can increase your healthcare costs
📉 Social Security Taxation – How much of your benefits could be taxed?
0:00 – What’s coming up
2:10 – 1st Tax Trap
5:24 – 2nd Tax Trap
8:25 – Social Security in the news
12:34 – Listener question on SS claiming
Resources for this show:
https://money.usnews.com/money/retirement/articles/what-to-know-about-the-bill-to-repeal-social-security-taxes
https://budgetmodel.wharton.upenn.edu/issues/2025/2/10/eliminating-income-taxes-on-social-security-benefits
Want to get in touch?
Company website: https://sierensfinancialgroup.com/
Podcast website and resources: https://maxretirementshow.com/
Phone: (847) 235-6989
Contact our team: office@sierensfinancialgroup.com
Schedule your no-cost introductory call: https://sierensfinancialgroup.com/schedule-a-meeting/
Join us for our next financial workshop: https://sierensfinancialgroup.com/
Check out our free guides:
Unlocking Hidden Tax Savings Guide: https://maxretirementshow.com/taxes/
Social Security Benefits Guide: https://maxretirementshow.com/socialsecurity/
Will Your Money Last As Long As You Do Guide: https://sierensfinancialgroup.com/
Check us out on YouTube: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Facebook: https://www.facebook.com/SierensFinancial/
LinkedIn: https://www.linkedin.com/in/scott-sierens-sfg/
How much can you really spend in retirement without running out of money? In this debut episode of The Max Retirement Show, Scott breaks down the biggest retirement spending mistakes, why the 4% rule might not work for you, and how to create a dynamic spending plan that adapts to market conditions, taxes, and life changes.
Plus, Scott answers a listener question about annuities vs. brokerage accounts for legacy planning and shares his Retirement Chart of the Week, helping you navigate market volatility.
Here’s what we discuss in this episode:
0:00 – Big updates and intro
2:25 – The 4% rule
4:11 – 3 Key Factors
8:28 – A smarter withdrawal strategy
10:55 – Chart of the week
13:22 – Listener question
Want to get in touch?
Company website: https://sierensfinancialgroup.com/
Podcast website and resources: https://maxretirementshow.com/
Phone: (847) 235-6989
Contact our team: office@sierensfinancialgroup.com
Schedule your no-cost introductory call: https://sierensfinancialgroup.com/schedule-a-meeting/
Join us for our next financial workshop: https://sierensfinancialgroup.com/
Check out our free guides:
Unlocking Hidden Tax Savings Guide: https://maxretirementshow.com/taxes/
Social Security Benefits Guide: https://maxretirementshow.com/socialsecurity/
Will Your Money Last As Long As You Do Guide: https://sierensfinancialgroup.com/
Check us out on YouTube: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Facebook: https://www.facebook.com/SierensFinancial/
LinkedIn: https://www.linkedin.com/in/scott-sierens-sfg/
Are you starting to feel like you might be ready to retire but can’t quite pinpoint why? If so, today’s episode is perfect for you! We’ll explore five clear signs that it may be time to move on to the next chapter of your life.
Join Scott as he breaks down these key indicators, including one crucial sign that should apply in every case- being financially prepared to take that next step. Don’t miss this insightful episode as Scott shares real-life stories to help you recognize these signs and determine if they apply to you!
Here’s some of what we discuss in this episode:
0:00 – Intro
3:11 – You can’t wait to retire
4:30 – You don’t enjoy work anymore
7:01 – Things are changing at work
11:27 – You desire more personal or family time
13:54 – You’re financially prepared to retire
Want to get in touch?
Company website: https://sierensfinancialgroup.com/
Podcast website and resources: https://maxretirementshow.com/
Phone: (847) 235-6989
Contact our team: office@sierensfinancialgroup.com
Schedule your no-cost introductory call: https://sierensfinancialgroup.com/schedule-a-meeting/
Join us for our next financial workshop: https://sierensfinancialgroup.com/
Check out our free guides:
Unlocking Hidden Tax Savings Guide: https://maxretirementshow.com/taxes/
Social Security Benefits Guide: https://maxretirementshow.com/socialsecurity/
Will Your Money Last As Long As You Do Guide: https://sierensfinancialgroup.com/
Check us out on YouTube: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Facebook: https://www.facebook.com/SierensFinancial/
LinkedIn: https://www.linkedin.com/in/scott-sierens-sfg/
Big changes are on the horizon for 2025, and this episode is all about keeping you in the loop. From updates to 401(k)s, Social Security, and Medicare to new tax brackets and changes for inherited IRAs and HSAs, we’re covering it all. Whether you’re retired, approaching retirement, or just beginning to map out your plans, this discussion is for you.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:30 – 401(k)s, 403(b)s and 457s
6:45 – IRAs and Roth IRAs
8:08 – Social Security and Medicare updates
13:08 – Tax changes
18:34 – Health savings accounts
20:58 – Inherited IRAs for non-spousal beneficiaries
Resources for this episode
401k Changes
https://www.irs.gov/newsroom/401k-limit-increases-to-23500-for-2025-ira-limit-remains-7000
https://www.cnbc.com/2024/11/23/401k-changes-2025.html#:~:text=For%202025%2C%20employees%20can%20defer,top%20of%20the%20%2423%2C500%20limit
Social Security & Medicare
https://www.ssa.gov/news/press/factsheets/colafacts2025.pdf
https://www.kiplinger.com/retirement/medicare/three-medicare-changes-on-the-horizon-for-2025
https://www.cms.gov/newsroom/fact-sheets/2025-medicare-parts-b-premiums-and-deductibles
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Scott recently met with a prospective client who asked, “Why isn’t the transition into retirement easy?” While there’s no “easy button” for retirement, it doesn’t have to feel overwhelming or confusing either. In today’s episode, Scott explores why retirement, or the transition into it, might feel difficult, and why many people find the process more challenging than expected.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:57 – The junk drawer of accounts
10:13 – Savers who have a hard time spending
15:58 – Putting together your retirement vision
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
A random, retired YouTuber did a simple video exploring the top 5 regrets from other retirees he interviewed (all in their 70s). It blew up to almost half a million views (and counting). In today’s episode, we’re diving into three of the most impactful regrets from this list and offering proactive steps you can take to avoid making the same mistakes in your own retirement.
Here’s some of what we discuss in this episode:
0:00 – Intro
3:04 – The phases of retirement
5:25 – Wishing they retired earlier
13:14 – Wishing they had taken better care of their health
17:15 – Wishing they would have spent more early in retirement
Retirement regrets video
https://www.youtube.com/watch?v=mNUSJ3juAbA
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
How do you know when it’s time to make updates to your retirement plan? With a personal story as the backdrop, Scott explores two major categories of life changes that can (and should) influence your financial strategy.
The first category revolves around changes in financial needs. Whether it's an unexpected job change, a decision to retire earlier than planned, or simply wanting to take on new travel adventures, these scenarios require careful consideration and potential updates to your investment and income plans. The second category focuses on family changes. Scott explains how family dynamics, whether it's a marriage, divorce, or the birth of a grandchild, can affect your retirement plan.
Join us today as we talk about the importance of maintaining a flexible and adaptable strategy that can accommodate the unexpected twists and turns of life!
Here’s some of what we discuss in this episode:
0:00 – Intro
3:53 – Changes in your financial needs
10:09 – Family changes and impact on your retirement plan
15:49 – Wrapping up
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
In this second part of our year-end tax reduction series, we dive deeper into actionable steps to reduce your long-term tax burden. If you missed part one, we discussed what makes up taxable income, tax planning vs. tax preparation, and got into some year-end tax planning strategies. In this episode, we’re shifting the focus to strategies you can implement now to minimize your future tax liability.
Stay tuned to learn about Roth conversions, charitable giving, and more ways to keep more money in your pocket. With the Tax Cuts and Jobs Act set to expire soon, now is the time to act. Listen today to avoid surprises come tax season!
Here’s some of what we discuss in this episode:
0:00 – Intro
4:12 – Roth conversions explained
9:27 – Charitable strategies
14:55 – When stock options should be exercised
16:44 – Tax harvesting
19:51 – The annual gift exclusion
22:03 – Avoiding the big surprise
Donor Advised Funds Video - https://youtu.be/RTZMTCrKqCs
Qualified Charitable Distributions Video - https://youtu.be/Q3amqWf_G-Y
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
You've worked hard for your money, and naturally, you want to keep as much of it as possible instead of handing it over to Uncle Sam. Fortunately, there are smart strategies to help reduce your tax burden and keep more of your earnings where they belong- in your pocket. And, as the end of the year approaches, it's the perfect time to start thinking about these tax reduction strategies.
In part one of this two-part conversation, Scott breaks down the difference between tax preparation and tax planning and provides a detailed walkthrough of a hypothetical couple's financial situation to illustrate how different income sources and savings impact their taxable income. As the episode progresses, he shares several year-end tax strategies that you should consider implementing before December 31.
Here’s some of what we discuss in this episode:
0:00 - Intro
6:47 – Tax preparation vs. tax planning
9:22 – How income planning ties into tax planning
17:47 – Understanding what your taxable income is
23:06 – Tax brackets
27:19 – Workplace retirement plans
32:08 – Health Savings Account
33:37 – Backdoor Roth IRA
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Feeling uneasy about your finances with election season approaching? You’re not alone. Political uncertainty often raises questions about market stability, and it’s easy for that anxiety to seep into concerns about your retirement savings.
Join Scott as he breaks down market trends during election years, and explores how elections can affect retirement accounts like IRAs and 401(k)s. Don’t miss these actionable insights to help you stay focused on your long-term financial goals, even during election uncertainty.
Here’s some of what we discuss in this episode:
0:00 - Intro
4:18 – Common concerns among investors about the election
8:19 – How the stock market performs in election years
12:15 – How the market has performed across past presidencies
16:20 – Focusing on what matters most to you
20:25 – Impact of election on IRAs and 401ks
25:56 – Tax Cuts and Jobs Act
29:42 – Focusing on controllable factors
Resources for this episode:
Investor Fear CNBC Article:
https://www.cnbc.com/2023/11/13/investors-fear-the-2024-elections-may-hurt-retirement-savings.html
The 2024 Election and Your Finances:
https://www.thestreet.com/retirement-daily/your-money/the-2024-election-and-your-finances
How Does the Stock Market Perform in an Election Year?
https://ofdollarsanddata.com/how-does-the-stock-market-perform-in-an-election-year/
Investing During an Uncertain Election Year:
https://www.fidelity.com/learning-center/trading-investing/election-market-impact
Average Stock Market Return Under Democratic and Republican Presidents:
https://www.fool.com/investing/2024/07/05/average-stock-market-return-democrat-republican-pr/
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
When you’re nearing retirement, a lot of questions can arise when it comes to decisions around your 401k. In this episode, Scott answers 5 frequently asked 401k questions- specifically for those nearing retirement.
Don’t miss out on this essential guide to managing your 401(k) as you approach or enter retirement!
Here’s some of what we discuss in this episode:
0:00 - Intro
4:16 – Using target date funds
11:46 – Catch-up contributions
17:00 – Company offering 401k advising for a fee
22:00 – Company stock in 401k
25:54 – What should I do with my 401k?
What Should I Do With My 401k Video:
https://lifemoneyshow.com/video/what-should-i-do-with-my-401k-when-i-retire/1720/
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Did you know that the first week of August was National Simplify Your Life Week? Just as decluttering your home can ease the stress of cleaning and upkeep, decluttering your finances can reduce stress when it comes to planning for your retirement.
Join Scott as he outlines five key strategies to simplify your retirement plan and reduce stress.
Here’s some of what we discuss in this episode:
0:00 - Intro
3:40 – Paperwork to keep vs throw away
8:12 – Tax paperwork
11:09 – Automating your savings
14:32 – Simplifying investments
18:47 – Understanding your investment strategy
22:52 – Simplifying taxes
27:53 – Keeping your retirement paycheck simple
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
With Fourth of July celebrations recently behind us, we're focusing on the theme of independence in today's episode. But this isn't just about whether you've saved enough money for retirement. Instead, we’ll explore different categories that contribute to our sense of independence in retirement.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:00 – Independence from employment
9:10 – Independence from the stock market
14:58 – Independence from the IRS
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
We hear a lot of half-truths in the financial world. This isn’t necessarily because people try to make misleading statements, but because sometimes a simple statement just doesn’t quite tell the whole story. Listen in as Scott shares a few examples that show that, while common financial advice can be helpful, it's important to dig deeper and understand the full scope of your retirement needs during the planning process.
Here are some of the half-truths we discuss in this episode:
0:00 – Intro
2:58 – “Diversification is key!”
8:15 – "Medicare will cover all your healthcare needs!"
13:51 – "Contribute enough to get the company match!"
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
We're thrilled to welcome Lauren Jackson, an experienced attorney based in Illinois, to our podcast today! With over two decades of legal expertise, Lauren specializes in real estate, estate planning, and probate law. Today, she's here to demystify the world of estate planning and offer invaluable insights to our listeners.
Here’s some of what we discuss in this episode:
0:00 – Intro
6:25 – Why do we need estate planning documents?
10:15 – The importance of a healthcare power of attorney
28:44 – The importance of a power of attorney for property
46:50 – What does having a will in place do?
49:53 – How does the probate process work?
1:04:31 – The complexities of guardianship
Learn more about Lauren:
https://laurenjacksonlaw.com/
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Do you need life insurance once you’ve retired? We get this question all the time in our office. And, as with most things in financial planning, the necessity of it depends on your situation. So, in today’s video, Scott is here to share some examples of why one would or would not need life insurance in retirement.
Here’s some of what we discuss in this episode:
0:00 – Intro
5:20 – Focusing on your investment strategy instead of the news
11:11 – The basics of life insurance and its purpose
15:49 – Do single individuals need life insurance in retirement?
19:57 – Do couples need life insurance in retirement?
26:59 – How to determine the right path for your situation
Stock Market Crashes Article:
https://money.usnews.com/investing/articles/robert-kiyosaki-track-record-stock-market-crashes
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Navigating Social Security can feel confusing. With a sea of information out there it’s hard to discern what’s fact and fiction. In this episode, Scott addresses five common statements about Social Security and breaks down whether they’re true or false.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:04 – Average retirement spending for 65-year-old
7:47 – Social Security taxes
13:39 – Taking Social Security when you retire
18:05 – Keeping all Social Security benefits when a spouse passes
20:30 – Penalties for working and taking Social Security
24:29– Collecting Social Security at 70 vs 62
Article – Retirement Planning: How Much the Average 65-year-old Retiree Spends Monthly
https://www.nasdaq.com/articles/retirement-planning%3A-how-much-the-average-65-year-old-retiree-spends-monthly
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Many of us have experiences that we regret. How can we avoid these feelings in our retirement years? In today’s episode, Scott shares common retiree regrets and practical strategies to sidestep them.
Here’s some of what we discuss in this episode:
0:00 – Intro
7:13 – Waiting too long to retire
9:01 – Not having goals and a purpose in retirement
13:06 – Losing touch with family
15:16 – Not enjoying more while you’re younger
21:20 – Not taking your health seriously earlier in life
23:39 – Not planning for long-term care
26:11 – Listener question about spending in retirement
7 Biggest Regrets of Retirees
https://finance.yahoo.com/news/7-biggest-regrets-people-retirement-120010632.html
10 Retirees Share Their Biggest Regrets
US News Article: https://money.usnews.com/money/retirement/baby-boomers/slideshows/10-retirees-share-their-biggest-regrets
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
In this episode, Scott is going to share some of the wisdom he gained from AE Wealth Management’s Wealth Elite Symposium he recently attended in Nashville, Tennessee. This event featured esteemed speakers from Schwab, former writers for the Wall Street Journal, experts from Fidelity, and more. Listen in as Scott shares his takeaways on market risk, recessions, interest rates, generational wealth, and happiness in retirement.
Here’s some of what we discuss in this episode:
0:00 - Intro
3:23 - Market risks, recessions, and the unpredictability of economic events
10:41 - Having an investment strategy that aligns with your timeline, tolerance, and income plan
12:48 - The impact of Fed interest rates on the market + accounting for inflation in your retirement plan
17:56 - How the potential decline in interest rates affects online savings accounts
20:48 - Items to keep in mind during this election year
23:30 - Normalizing conversations around wealth + being transparent with your beneficiaries
31:31 - Bringing happiness into your morning routine
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
In today’s financial landscape, the market has been hitting new highs and interest rates remain at elevated levels. You might have even heard some of the buzz surrounding the Federal Reserve and interest rate adjustments. We’re here to bring some clarity to the question on many investors’ minds: What does all of this mean for my investments and retirement plans? Is all of this exciting or cause for concern?
Here’s some of what we discuss in this episode:
0:00 – Intro
3:20 – Understanding S&P 500 + Recent Market Highs
7:36 – Impact of Economic Indicators on Market Performance
9:56 – Analyzing Historical Returns + Being Cautious of Market Noise
15:12 – Market Performance Impact on Your Retirement
19:40 – Understanding the Federal Funds Rate
25:18 – Interest Rates Impact on Your Retirement
32:06 – Listener Question: Financial Indecision
Resources for this episode:
JP Morgan Chart – Investing during all time highs
https://www.jpmorgan.com/content/dam/jpm/securities/documents/cwm-documents/Is-it-worth-considering-investing-at-all-time-highs.pdf
Additional Information
https://awealthofcommonsense.com/2024/01/new-all-time-highs-after-a-bear-market/
https://ofdollarsanddata.com/should-you-invest-in-stocks-at-all-time-highs/
Interest Rates
USA Today Article - https://www.usatoday.com/story/money/2024/01/31/january-federal-reserve-meeting-live-updates/72409059007/
Nasdaq.com article - https://www.nasdaq.com/articles/wall-street-banks-readjusts-2024-interest-rate-predictions-after-feds-dovish-turn
Bankrate – Biggest Winners & Losers - https://www.bankrate.com/banking/federal-reserve/fed-interest-rate-decision-biggest-winners/
https://www.investopedia.com/terms/f/federalfundsrate.asp
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
In today’s episode, we’re going to discuss the retirement hazard zone. This is the 10 years leading up to retirement and the first decade of retirement itself. Listen in Scott compares this period to driving through a construction zone, focusing on the need to slow down, think differently, and be prepared for the unexpected.
Before we jump in, Scott will discuss the top 5 financial scams targeting retirees and pre-retirees and share some essential tips to help you avoid financial fraud.
Here’s some of what we discuss in this episode:
0:00 – Intro
0:58 – Scams targeting older adults + prevention
14:50 – Thinking differently in retirement
19:00 – Preparing for the unexpected
21:56 – Slowing down
25:39 – Listener question on Social Security
NCOA Article on Scams
https://www.ncoa.org/article/top-5-financial-scams-targeting-older-adults
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Are you considering maxing out your 401(k) but unsure what to do next? We face this question all the time at the Sierens Financial Group so today we’ll explore if it’s wise to max out your 401(k) before investing anywhere else.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:44 – What’s on today’s show
4:33 – What’s in the news right now? Spot Bitcoin was just approved by the SEC.
8:40 – What should you know about Spot Bitcoin?
10:50 – An 85-year study from Harvard reveals the one simple element that is the key to happiness.
14:26 – Should you max out your 401(k) first, or consider other options before contributing the max?
16:13 – Reasons you might want to max out your 401(k).
19:23 – Reasons you might NOT want to max out your 401(k).
23:08 – Exploring your options and how taxes play a role.
27:00 – Jacob’s question: Should you start Social Security at 67 if you’re still working?
References for this episode:
- https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023
- https://scoop.upworthy.com/harvards-85-year-study-reveals-the-number-one-key-to-happiness?utm_source=flipboard&utm_content=topic/personalfinance
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
In today’s show, we’re going to share some crucial changes and strategies that will help you navigate your financial landscape in 2024. Scott will break down the latest adjustments you need to be aware of, from increased standard deductions to updates in Social Security and Medicare. We’ll also share some strategic tips and tactics to position your tax and retirement plans for success in the coming year.
Here’s some of what we discuss in this episode:
0:00 – Intro
3:52 – What’s new in 2024?
12:01 – Is your money in the right bucket?
16:30 - Starting HSA contributions
17:34 – Reviewing your investments
19:45 - Considering QCDs
20:35 - Reevaluating tax withholdings
22:32 - Automation
24:31 - Get a plan in place
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
We’re sharing this month’s mailbag episode a bit early, but we have 3 great listener questions lined up for today’s show! Miyuki asks if Scott can explain more about tax harvesting and how to take advantage of a stock loss. Lauren asks about the tax consequences of withdrawing from the Roth side of her 401(k) after 2023. Click play to see what you can learn!
Here are the questions we discuss in this episode:
- Can you explain more about tax harvesting? I sold two individual stocks last month. Both are a loss, but I don’t know how I can take advantage of this loss.
- I was just laid off. I am past full retirement age and the Roth side of my 401k hits 5 years on the 1st of 2024. Can I withdrawal from the Roth 401K side without tax consequences after 2023?
- The 401k plan has pre-tax and post-tax (Roth). Is withholding required on post-tax Roth 401k money?
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
From 24/7 TV channels dedicated to economic news to artificial intelligence, have the advancements in technology made you a financial guru or just more confused? Today, we’ll explore how technology is reshaping financial planning, for better and for worse.
Here’s some of what we discuss in this episode:
- Google is a powerful tool for immediate information, but it’s important to use it with caution
- Online financial calculators are handy when used properly, but what if your inputs are wrong?
- Understanding the biases and goals of the media you’re consuming is important
- Preparing your retirement portfolio for longer lifespans as technology continues to advance
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
In a world where technology has placed instant gratification at our fingertips, it can be hard to make financial sacrifices when the reward might not be seen until several years in the future. Today we’ll talk about some of the situations where you might be inclined to take the immediate benefit, when you should really consider the delayed rewards…
Here’s some of what we discuss in this episode:
- Passing up a 401K match
- Saving only in tax-deferred accounts
- Claiming Social Security at age 62
- Skipping out on regular health check-ups and preventative care
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
It’s the last week of the month, so you know what that means! We’re back with a new mailbag episode. We’ve got some great listener questions lined up for you today, so stick around to see what responses and strategies might apply to your situation and help improve your financial picture.
Here are the questions we answer in this episode:
- I retired last month and started my state pension and Social Security. I’d like to do some part-time work, but I’ve heard that this can mess up my Social Security. Should I avoid getting a job?
- I just started a new job, and my base salary is low enough that it would be hard to contribute to a 401k and still pay my bills. Is it okay to just use my commissions for retirement savings?
- My company makes contributions to my 401k, but they’ll only do it in the form of company stock. I’ve just been selling it immediately and then investing in something else. Any reason I shouldn’t be doing that?
Check out episode 124 here!
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Are we on the brink of a retirement renaissance or stormy seas ahead? In this episode, we jump into the pressing issues of Social Security, taxes, and the stock market. Whether you're an eternal optimist or cautious pessimist, this episode will equip you with perspectives to plan your retirement years with confidence as we ask the longstanding question, “is the glass half full or half empty.”
Here’s some of what we discuss in this episode:
- The future stability of the Social Security system + what this means for you
- Navigating tax code changes and implementing strategic tax planning
- Recognizing short-term volatility as normal, focusing on long-term positive trends, and developing an emotion-free investment strategy
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
The retirement planning world is filled with plenty of advice and suggestions, but there are critical questions lurking in the shadows – the unasked, the overlooked. These are the questions that can help define the comfort and security of your retirement future. In this episode, we unearth and tackle these essential questions about retirement.
Listen in as Scott sheds light on the potential coverage gaps and costs that might catch retirees off guard when it comes to Medicare. He also explores the impact of where you choose to live in retirement, delving into state taxes, cost of living, and other financial considerations, and talks about planning for the care of elderly parents.
Stick around to make sure that these 3 overlooked planning topics aren’t costing you time, energy and money in your golden years!
Here’s some of what we discuss in this episode:
- The medical coverage you might need over and above Medicare
- Where you choose to live during retirement can significantly impact your financial situation- considering state taxes, cost of living, and other regional factors
- What considerations should be made when planning for the time and financial commitments of caring for elderly parents during retirement?
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Ever thought that minor tweaks in your financial plan could lead to major wins? In this episode, we're exploring the surprisingly powerful world of simple financial adjustments. This episode is filled with straightforward changes that you can put into action now to generate positive effects on your financial life.
Here’s some of what we discuss in this episode:
- Building up your rainy-day fund + Keeping the right amount of cash
- Ensuring your beneficiary designations are up-to-date and accurate
- The benefits of automating your savings for retirement
- Consolidating old 401k accounts when you change jobs
- Reviewing and updating your life insurance policies
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Retirement is a unique journey for each of us. The thought that there's a one-size-fits-all solution is a myth, but what if we told you there are certain universal truths that can guide every retiree? Dive deep in this episode, where we juxtapose the individuality of retirement plans with the foundational principles that remain consistent across the board.
Here are the universal truths we discuss in this episode:
- Everyone needs an income plan
- No one can consistently time the stock market successfully
- Estate planning is not just for the wealthy- it’s for everyone!
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
We’re back for our third and final week of answering listener questions about year-end tax planning. These episodes are a unique opportunity for you to gain insights from real-world scenarios and inquiries shared by our listeners. In this installment, we're delving into the crucial concept of tax diversification, exploring methods to optimize your tax deductions for charitable contributions, and more.
Here’s some of what we discuss in this episode:
- I’m 56 years old and plan to retire at 70. My wife and I have almost all our money in our 401ks- should we start saving somewhere else because of RMDs?
- I’m retiring toward the end of the year and have about 16 weeks of PTO I can use. I’m told that I can take this all in my final paycheck or continue being paid on my normal schedule every two weeks for a few months after I retire. Does it matter which way I do it?
- My husband and I give around $10,000 / year to different charitable organizations. Our tax preparer said we are no longer able to deduct these donations. Is that true? Is there any way to get a deduction again on our taxes?
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Today, we're diving into the listener mailbag once again, to answer your questions on tax planning and strategies for the year ahead. As we approach the end of the year, it's crucial to get your financial ducks in a row so that you can keep more of your hard-earned money. Scott offers valuable insights on whether to file taxes jointly or separately, how IRMAA can affect your Medicare premiums, tax surprises that can be caused by receiving unexpected income, and more.
Here are the questions we’ll tackle in today’s show:
- Husband is 70, wife is 65- Is it okay to file separately so each one can do Roth Conversions before RMDs kick in?
- How do you feel about taking a lump sum out of a 457B account? Is there any drawback to this besides taking a big sum of money? Will we owe any more taxes?
- I received a big bonus this year. My company withholds for tax. I assume there is nothing else I need to do from a tax perspective?
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
As we move into the fourth quarter of the year, let’s take a little time to focus on year-end tax planning. We’re opening up the listener mailbag and pulling out questions asking specifically about taxes and tax planning. We’ll be taking strategies and opportunities discussed last episode and apply them to certain real-life situations.
No matter where you are today, use these questions today to see if you can take these strategies and utilize them in a similar situation to what we discuss. We’ll cover different types of Roth accounts, the benefits of a Health Savings Account, and tax planning for large IRA and 401k savings.
Here are the three questions we’ll tackle in this episode:
- How are the Roth IRA and Roth 403b different? Which is better: to max out your Roth 401(k) or Roth 403b?
- I’m 59 years old and plan to retire around Age 65 or 66. I make over $150,000 / year. My company offers a high deductible health plan and Health Savings Account. Should I consider switching over to this health plan? Are there any benefits since it will only be fore 6 or 7 years?
- I’m in my early 60s. I’ve got $2 million saved. $1.7 million in IRAs and 401ks and the rest in a brokerage account. How do I keep from giving a huge portion of it to Uncle Sam?
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
As we move into the fourth quarter of the year, now is the time to be looking ahead and determining what year-end tax planning and retirement planning opportunities and strategies might be available to you. Evaluating where you are today and making the necessary changes can have a very positive impact on your financial position moving forward. Regardless of your situation, this episode will help you identify some areas that you should be discussing with your financial advisor before the year ends.
Key discussion points in this episode:
- The difference in tax planning and the tax preparation you do each year.
- How we produce tax projections and why that’s a key part of tax planning.
- The six different ways you can maximize your retirement planning accounts.
- Should you consider a Roth conversion this year?
- The other items like charitable donations, tax withholdings, medical expenses, tax loss harvesting and more.
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
In today’s show, we’re going to open up the listener mailbag and answer questions about pension selections, questions about the challenges you could face if there’s an age gap between you and your spouse, and then discuss the hidden costs you might not be seeing in your retirement income.
Each of these questions we’ll tackle today cover pretty common scenarios so you might find wondering about these down the road. Scott will provide some great thoughts and insight, recommendations, and strategies that could potentially be used in these situations. We always enjoy taking the strategies and tactics discussed on the podcast and apply them to some real life scenarios and that’s exactly what we’ll do today.
Key discussion points in this episode:
- Should I even bother taking the spousal continuation option for my wife to keep getting the monthly payment if she outlives me?
- My husband is 11 years old than me, and I probably have better genes than he does too, so it seems likely that I’ll be a widow for a significant portion of my retirement years. What sort of financial planning challenges does this create for me?
- I need about $5,000 to live on each month in retirement, and my Social Security and pension will total about $5,300. Does this mean I’ll be able to leave my entire 401k behind to my son?
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
In today's episode, we delve into a critical aspect of retirement planning that can significantly impact your financial future – Required Minimum Distributions (RMDs). Whether you've stashed your savings in a 401(k), 403(b), 457, IRA, SEP IRA, or simple IRA, understanding RMDs is crucial, especially if you're approaching your seventies.
Join us as we discuss the "why" and "how much" of RMDs, ensuring you're well-prepared for this financial milestone. If you're not yet retired, we've got you covered too! In the latter part of the episode, we'll share valuable steps and strategies to help you proactively reduce the long-term effects of RMDs on your financial well-being.
Key discussion points in this episode:
- If you have savings in tax-deferred accounts such as 401(k), 403(b), 457, IRA, SEP IRA, or simple IRA, you are required to take RMDs once you reach your seventies
- RMDs exist because when you contributed to tax-deferred accounts, you received tax deductions. The IRS wants to collect the taxes you deferred, so they require you to start withdrawing from these accounts in your retirement years
- The age at which you must start taking RMDs depends on your date of birth
- RMDs are calculated based on your account balances and life expectancy tables published by the IRS. The amount you need to withdraw increases as you get older
- There are strategies to reduce the impact of RMDs, such as switching contributions to Roth accounts, performing Roth conversions, and managing asset allocation
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Are you expecting an inheritance, or planning to pass down assets to your loved ones? It's crucial to understand the potential tax implications that come with it. In this episode, we’re diving deep into the world of inheritance taxes.
Key discussion points in this episode:
- If you inherit real estate, the property's value is adjusted to its current market value when you receive it. If you sell it immediately, you may not incur much tax, but holding onto it could lead to tax liability, especially if it appreciates.
- Inheriting a 401(k), IRA, or similar retirement account means you'll likely have to pay income tax on withdrawals.
- Explore the benefits and pitfalls of inheriting Roth IRAs, which can provide tax-free growth if managed correctly.
- Seek advice from financial and tax professionals to make informed decisions about inherited assets and tax planning, as tax laws can change.
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Many say that age is just a number, but when it comes to retirement planning, age means much more than that. Join us in this insightful episode as we delve into the world of financial milestones that can significantly impact your retirement planning. From age 50 to 75, we uncover the strategies, opportunities, and pitfalls tied to these pivotal years.
Learn why age isn't just a number when it comes to taxes, charitable giving, and required minimum distributions (RMDs), as Scott shares how you can strategically use these age milestones to optimize your retirement planning journey. From Social Security choices to Medicare considerations, we guide you through the intricate web of financial decisions, ensuring that every year counts towards a brighter and more secure retirement.
Here are a few milestones we discuss in this episode:
- At age 50 and over, individuals can contribute more money to their retirement plans such as 401(k), 403(b), and 457, with a $7,500 increase in contribution limits compared to those under 50.
- The "Rule of 55" allows penalty-free withdrawals from a 401(k) if you leave your job at age 55 or older.
- Age 62 is the earliest you can start claiming Social Security benefits, full retirement age varies based on birth year, and age 70 provides the maximum benefit.
- Turning 65 is an important age for considering Medicare enrollment.
- RMDs are mandatory withdrawals from retirement accounts like IRAs and 401(k)s. These distributions must begin at specific ages, depending on your birth year.
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
We’re back with another mailbag episode today! Join us as we tackle a range of topics- from navigating investments during significant life changes to figuring out a retirement travel spending amount, this episode covers a lot of ground. Scott is here to answer your questions, so stick around to see what you can learn.
Here are the questions we’ll answer on today’s show:
- I have a lot of major life changes occurring in the next six months that I think will affect how I should be invested. Should I just park my money in cash until life settles down?
- How much is a reasonable amount to spend on travel in retirement?
- My mom died two years ago, and my three sisters and I inherited her house. I've always wanted to sell it, but they're worried about the tax implications of selling the house. How do I explain that it won’t hurt us from a tax perspective?
- I've been told that I need to make sure I have a mortgage when I retire because that will be the only tax deduction I'll have at that point. I've been paying extra for my house to have it paid off by the time I retire. But maybe I should slow down on that plan?
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Recent headlines are buzzing with talk of inflation, recession, and their potential impact on your retirement plans. Should you be concerned? In this episode, Scott takes you through a comprehensive breakdown of these headlines and what they truly mean for your financial future.
By understanding how inflation, recession, and Social Security interplay, you can better navigate the complexities of retirement planning and enjoy financial confidence in your golden years. Join us to learn why Scott encourages listeners to focus on crafting a comprehensive retirement income strategy rather than getting caught up in sensational headlines.
Here’s what we’ll tackle in today’s show:
- Understanding the fundamentals of inflation and its relationship with interest rates and the Federal Reserve.
- Gain insight into economic indicators that impact recession predictions and the overall health of the economy.
- Learn how Social Security cost-of-living adjustments are calculated and discover strategies to optimize your benefits.
- The importance of a well-rounded retirement strategy that considers market fluctuations, inflation, and your unique financial goals.
Links From Today's Show:
U.S. Inflation Rate
https://ycharts.com/indicators/us_inflation_rate#:~:text=US%20Inflation%20Rate%20is%20at,in%20price%20over%20a%20year
Effective Federal Funds Rate
https://ycharts.com/indicators/effective_federal_funds_rate
U.S. Unemployment Rate
https://ycharts.com/indicators/us_unemployment_rate
USA Today Article about Recession https://www.usatoday.com/story/money/2023/08/10/recession-or-soft-landing-2023/70555621007/
USA Today Article about SS https://www.usatoday.com/story/money/personalfinance/2023/08/10/2024-social-security-cola-estimate-unchanged/70565924007/
Scott recently came across an article that discussed 8 ways the richest Americans avoid paying taxes. While many might think that these strategies wouldn’t apply to their financial situation, we’re going to discuss how you can apply these tactics to potentially reduce your taxes. Stay tuned as Scott breaks down these 8 strategies!
Here are the 8 strategies that we’ll discuss:
-
No Taxes on Unrealized Capital Gains: Both billionaires and regular investors with investment gains can utilize the strategy of not paying taxes on unrealized capital gains as long as they hold their assets without selling them.
-
Charitable Deductions: Philanthropy not only benefits causes you care about but also offers potential tax advantages through deductions on contributions.
-
Long-Term Capital Gains Rates: Discover the tax benefits of holding assets for over a year, leading to more favorable tax rates compared to ordinary income.
-
Roth IRAs: Understand the power of tax-free growth and withdrawals that Roth IRAs offer, and how they can be an excellent tool for long-term tax reduction.
-
Pass-Through Income: Learn how business owners and self-employed individuals can benefit from tax deductions on pass-through income, and why proper management matters.
-
Tax Breaks from Home Ownership: Explore the tax advantages available to homeowners, including mortgage interest and property tax deductions, provided they itemize their deductions.
-
Medical Expense Deductions: Consider the often-overlooked possibility of deducting medical expenses that exceed a certain percentage of your adjusted gross income, potentially resulting in tax savings.
-
Real Estate Investing Tax Breaks: Delve into the tax benefits of owning rental properties, including depreciation deductions, but also understand the complexities and potential implications when selling.
Links From Today's Show:
CTA: Tax Guide
https://lifemoneyshow.com/taxes/
Review of Article: Here are 8 Ways the Richest Americans Avoid Paying Taxes
-The Ascent
https://www.fool.com/the-ascent/taxes/articles/here-are-8-ways-the-richest-americans-avoid-paying-taxes/
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
In today’s episode, we’re diving into three often underestimated issues that could significantly impact your retirement plan. With valuable insight and practical strategies, Scott sheds light on how to overcome these challenges and secure a smoother financial future.
Here are some key takeaways from this episode:
-
Longevity's Wake-Up Call: Drawing from historical trends and technological advancements, Scott reveals how longer lifespans are reshaping retirement timelines. He explores the potential pitfalls of underestimating the years you'll need your nest egg to last and provides practical strategies to extend your financial security horizon.
-
Inflation's Undercurrent: Scott illustrates how inflation erodes the value of your money over time, turning today's savings into tomorrow's budget constraints. He emphasizes the importance of incorporating inflation into your financial blueprint and offers insights into leveraging investment strategies to navigate these turbulent waters.
-
Tax Storms on the Horizon: Unveiling the impact of taxes on your retirement savings, Scott explains how unanticipated tax liabilities can rain on your retirement parade. We’ll discuss actionable strategies, including Roth conversions and tax diversification, to weather the tax storm and preserve more of your hard-earned wealth.
Links From Today's Show:
https://www.macrotrends.net/countries/USA/united-states/life-expectancy
https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/guide-to-the-markets/
https://www.calculator.net/inflation-calculator.html?cstartingamount1=1%2C000&cinmonth1=13&cinyear1=2003&coutmonth1=6&coutyear1=2023&calctype=1&x=Calculate#uscpi
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Money can't buy love, but it can certainly start some spicy debates between you and your better half. In this episode, we explore five money minefields that can test even the most solid relationships in retirement. Listen in as Scott shares some tips on how to resolve some of these common financial sources of tension and emphasizes the importance of open communication and compromise.
Here are some areas that could cause tension between couples:
- When is the best time for you and your spouse to retire? (3:40)
- Determining your retirement lifestyle. (7:24)
- How to handle inheritances. (12:15)
- Leaving behind a legacy for your children. (15:12)
- How do you plan to manage your finances in retirement? (18:11)
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
We’re back with another mailbag episode for today’s show! We’re here to answer financial questions from listeners just like you. Stick around and see what strategies you can learn from today’s show.
Eddie is 62 and hates his job but is making a great income. He asks if it would be a mistake to walk away from this job before retirement. Catherine asks if she should give some money to her grandkids while she’s still alive or wait until after she passes. Stay tuned as Scott explores the concept of being rich versus wealthy, weighs the pros and cons of gifting now versus later and answers a few other mailbag questions about downsizing a home and financial planning.
Here's what we’ll discuss in this episode:
- “I’m 62 and making more money than I ever have, but I hate the politics involved in working for a Fortune 500 company. Would I regret retiring and walking away from this income?” (2:42)
- “Should I give some money to my kids and grandkids while I’m still alive or just let them inherit everything when I pass?” (13:05)
- “I’m positive that I have more than enough money to retire. Do you have any advice for someone like me or can I coast through life, financially speaking?” (18:56)
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
The journey to retirement can be turbulent, but with the right tools and knowledge, you can navigate this path with confidence. In today’s mailbag episode, we answer some listener questions about handling retirement contributions, fearing a recession, and banking on an inheritance for your retirement.
Tune in as Scott discusses the importance of planning for the best and preparing for the worst in this episode and shares helpful strategies for navigating your retirement planning journey.
Here's what we’ll discuss in this episode:
- “I fear a recession, so I might stop contributing to my 401(k). Is this a good or bad idea?” (2:40)
- “I want to retire, but I can’t imagine not getting a paycheck each month. How do people get used to this?” (8:57)
- “I’m 60 and would love to retire, but I don’t have enough money yet. Would I be safe to go ahead and do so if I’m expecting an inheritance soon?” (17:48)
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Who are you learning from when it comes to making sure your retirement plan is successful? If you’re of the age that your mom and dad retired 20 or 30 years ago, the world was a much different place when they walked away from their paychecks. Let’s talk about how things are different now…
Here's what we’ll discuss in this episode:
- It’s okay to work beyond age 65 + why you should do what is best for your situation. (3:10)
- People are more active in retirement today and healthcare is more expensive. (6:22)
- Retirement portfolios today need to be designed to fund expenses for 30 or more years. (9:58)
- Retirees today often have a lot more problems to juggle than previous generations of retirees. (13:03)
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Don’t get us wrong. In many cases, your 401(k) can be your best investment vehicle, offering numerous benefits and tax advantages and many times a 100% return on some of your contributions (also known as an employer match). However, it's important to recognize that it might not always be the optimal choice for everyone. Join us in this thought-provoking episode as we dissect 5 reasons why someone should NOT invest in a 401(k).
Here's what we’ll discuss in this episode:
- If you don’t have an emergency fund or are swimming in debt. (2:44)
- Your employer doesn’t match contributions. (5:35)
- If you might need the money before retirement. (8:40)
- You’re worried about the structure of the plan. (14:06)
- If you’re worried about future tax implications. (17:10)
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
It’s the last week of the month, so we’re diving into the listener mailbag for today’s episode! Tune in as Scott answers some listener questions that have recently been sent into the show and see what knowledge you can gain from them. Stick around, because these strategies could be useful for your life or help you avoid financial mistakes in the future.
Here's what we’ll discuss in this episode:
- Mailbag: Should I move my IRA away from a place that charges a 2.5% fee? (1:32)
- Mailbag: How does paying taxes on Social Security work? (7:44)
- Mailbag: I just got a raise at work but now I make too much money for a Roth IRA. Where should I invest instead? (13:10)
- Mailbag: I inherited over 100 acres of land and would like to keep it in the family, but is this the best choice? (17:28)
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
We commonly get asked if life insurance is needed in retirement. With many advertisements and commercials emphasizing the importance of life insurance, this can be an understandably confusing topic. So, in today’s episode, we’re going to talk about the purpose of life insurance, explore the circumstances that warrant its need, and discuss what you can do with your policies if you find it unnecessary.
Here's what we’ll discuss in this episode:
- What is life insurance and its purpose? (3:19)
- How do you know if you will need life insurance in retirement? (6:39)
- Case 1: If you haven’t saved enough and one Social Security won’t be enough for the remaining spouse to maintain and thrive. (8:32)
- Case 2: If you have a pension with no spousal benefits or reduced benefits. (12:05)
- Case 3: You just want a death benefit for burial costs. (14:02)
- How much life insurance will I need? (16:32)
- What if I don’t need insurance anymore? + What to do with old policies. (20:37)
- Emotional versus logical decisions when dealing with life insurance policies. (28:42)
Get your FREE Social Security benefits guide here!
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Who wouldn’t want extra cash in their pocket without having to pay taxes to the IRS? In today’s episode, Scott dives into the topic of getting more tax-free gains and shares valuable strategies for growing your wealth without paying hefty taxes. From contributing to a Roth 401(k) or SEP Roth to utilizing the backdoor Roth IRA process, Scott provides insights to help you make the most of tax-free gains.
Here's what we’ll discuss in this episode:
- The current economy + Scott’s takeaways from the article “Why Should I Hold Stocks?” (1:52)
- A few ways to get money into a Roth for more tax-free gains. (10:13)
- The backdoor Roth IRA process + the Pro-Rata rule. (12:21)
- You might be able to make after-tax contributions to your 401(k). (14:45)
- Are Roth conversions right for you? (15:44)
- Selling your primary house for tax-free gains. (17:48)
- Getting tax-free money for medical expenses by contributing to a high deductible health savings account. (18:48)
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
MarketWatch Article: https://theirrelevantinvestor.com/2023/06/02/why-should-i-hold-stocks/
No one enjoys making mistakes, as they can result in wasted time and money and cause significant stress and frustration. In the complex world of retirement planning, there are countless pitfalls one could fall into if you aren’t properly prepared. In this episode, we’re going talk about the top 5 money mistakes that Scott often sees in retirement planning and how to avoid making them.
Here's what we’ll discuss in this episode:
- Start strategizing about your future taxes in retirement. (3:13)
- Utilize efficient investments in the right buckets. (7:40)
- Should you be considering Roth conversions? (8:57)
- Taking Social Security too early. (12:13)
- The importance of having a clear purpose going into retirement. (17:45)
- Planning for health care expenses in retirement. (20:03)
- Being too conservative going into retirement. (22:38)
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Social Security Guide: http://lifemoneyshow.com/socialsecurity/
Life of Tax Article: https://www.self.inc/info/life-of-tax/#:~:text=Key%20statistics,(%241%2C571%2C244)%20spent%20on%20taxes
Medicare Episode: https://five.libsyn.com/episodes/view/26813553
In this episode, we dive into a common question: Can you work and receive a wage income while collecting Social Security? The answer may surprise you, as it's yes, maybe, and no. Join us as we explore each response in detail, discussing whether your benefits would be reduced and uncovering ways to reclaim any deductions. Additionally, we'll discuss four key ingredients to consider when deciding the optimal time to take your Social Security benefits.
Here's what we’ll discuss in this episode:
- The three important periods of time to understand when it comes to Social Security. (2:33)
- Time period 1: Deductions prior to your full retirement age. (8:54)
- Time period 2: Deductions in the year of your full retirement age. (10:14)
- Time period 3: Once you reach your full retirement age, there are no longer any deductions when collecting Social Security. (14:12)
- Deducted benefits don’t go away forever. (16:00)
- So, when should I take Social Security? (20:04)
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
In today’s episode, we continue discussing and answering listener questions we’ve received. Scott will answer questions on paying off your home mortgage, navigating retirement discussions with your partner, and leaving behind an inheritance for your children. Listen in as you may find yourself asking a similar question, in a similar scenario, or able to take the strategies discussed to help improve your financial picture!
Here's what we’ll discuss in this episode:
- Mailbag- Should I just pay off the $45,000 left on my mortgage if I have the money? (2:40)
- Are you getting tax deductions for your mortgage interest? (9:43)
- Mailbag- How can I convince my spouse to join me in retirement? (11:51)
- Mailbag- What kind of planning do I need to do to ensure my kids inherit my money and not the IRS? (19:52)
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Effective retirement planning involves not only knowing your sources of income, such as Social Security but also having a clear understanding of the expenses that will be incurred from that income. It's very important to consider all potential costs to ensure a comfortable retirement. In Scott’s experience, there is one cost that many individuals tend to overlook or underestimate, and that's what we'll be discussing in today's episode.
Here's what we’ll discuss in this episode:
- Are you planning for Medicare and healthcare costs? (0:43)
- Healthcare costs can make up a big part of retirement expenses. (4:25)
- Taking a look at Medicare premiums and deductibles. (6:06)
- What is IRMAA and who has to pay it? (10:28)
- IRMAA charges could come back in later years of retirement. (13:32)
- Are you accounting for inflation with healthcare costs? (16:31)
- Some factors to plan for when building your income plan. (17:37)
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
In today's episode, we are going to look at the results of the 2023 Retirement Confidence Survey. Join us as Scott unpacks these surprising statistics, shares his takeaways, and reveals the insights they provide when it comes to retirement planning. Whether you are nearing retirement or have already retired, this episode is packed with valuable information.
Here's what we’ll discuss in this episode:
- Survey one’s results, which compares expected retirement expenses to the actual expense realities. (4:53)
- Scott’s takeaway from the first survey's results. (8:05)
- The next survey that compares income source expectations to income source realities. (10:58)
- Knowing how much you can take out of your retirement savings is important. (17:47)
- Surveys show that most people favor income stability over maintaining wealth. (21:23)
- One of the key ingredients that helps increase confidence in retirement. (27:53)
Retirement Confidence Survey Links:
Survey Website: https://www.ebri.org/retirement/retirement-confidence-survey
Survey: https://www.ebri.org/retirement/retirement-confidence-survey
Retirement Confidence Sheet: https://www.ebri.org/docs/default-source/rcs/2023-rcs/rcs_23-fs-1_confid.pdf?sfvrsn=738d392f_4
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
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. In today’s episode, we’ll break down the 7 tax questions that people approaching retirement are asking.
Here are a few lessons that we’ll discuss in this episode:
- What are the tax implications of withdrawing money from different retirement accounts? (4:16)
- Does the taxation of my pension income differ from other forms of income? (6:11)
- Your Social Security benefits might be taxed. (7:39)
- How will my taxes change if I move to another state in retirement? (13:47)
- Should I do a Roth conversion now or wait until retirement? (21:31)
Get your free guide to unlock hidden tax saving opportunities: lifemoneyshow.com/taxes
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
We’re going to dive into some listener questions today! In this mailbag episode, we’ll discuss the differences between Roth conversions and Roth contributions and clarify which of these options have income limits. We will also explore what to do if your 401k contributions are already maxed out. We’ll then wrap up with an insightful discussion on spousal Social Security benefits.
Here are a few lessons that we’ll discuss in this episode:
- The difference between Roth conversions and Roth contributions. (3:51)
- Where should you be saving if you maxed out your 401(k)? (10:54)
- Understanding Social Security Spousal benefits. (15:58)
When to take Social Security Video: https://youtu.be/rpFdrpOHdUU
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
To celebrate our 100th episode of the podcast, we’re going to share 10 lessons from retirees to help you and your retirement plan. These tips will help you build wealth, reduce stress during the planning process and retire with confidence. So, whether you’re retired or not, this episode will be packed with valuable lessons for folks of all ages.
Here are a few lessons that we’ll discuss in this episode:
- Savings rate versus return rate. (4:08)
- Tax diversification creates flexibility and can even lower your long-term taxes. (9:59)
- Having a purpose for your money is important for planning. (14:30)
- Knowing your outflow can help you avoid having to adjust your lifestyle in retirement. (20:55)
- The power of hiring a professional to help you with your financial plan. (29:18)
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
When it comes to saving for retirement, many people automatically turn to the 401(k) as their go-to account. But is it really the best option for everyone? While the 401(k) is certainly a powerful tool, it may not be the best choice for all your retirement savings. In this episode, we'll explore the pros and cons of 401(k) plans and introduce alternative retirement savings options that can help diversify your portfolio and provide flexibility for your retirement.
Here’s some of what you’ll learn on this episode:
- 3:42 – Some of the pros of a 401(k).
- 6:45 – Some downsides to a 401(k).
- 13:20 – Thinking about tax diversification and some alternative accounts that are out there.
- 14:59 – The most underutilized account out there, in Scott’s opinion.
- 20:24 – There are a lot of benefits to the 401(k), but tax diversification is important.
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Finding yourself between jobs can be frustrating. Whether you were fired, laid off, or just had to step away of your own choosing, change can feel challenging, but can also present exciting opportunities. In today’s episode, we’re going to talk about changing careers and cover five financial planning considerations when transitioning into a new job.
Here’s some of what you’ll learn in this episode:
- It is time for a new career in a new industry? Or time to work for yourself? Some questions to ask yourself between jobs. (3:32)
- Some health insurance options to explore between jobs. (8:47)
- How to handle severance to support your lifestyle and grow your wealth. (11:02)
- The importance of consolidating your old 401Ks during this transition. (13:50)
- What kind of tax planning should you be doing? (18:00)
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
In this episode, we’re opening up the listener mailbag to answer questions about distributions that you might need to take from an inheritance, combining old 401ks into an IRA, and how to invest for inflation and how to invest if you’re on the doorstep of retirement.
Here’s some of what you’ll learn on this episode:
- An explanation of what inflation is and how it works. 3:10
- Why you need to have equities in your portfolio to help combat inflation over time. 6:15
- The three things you need to do as you approach retirement. 9:58
- How conservative do you need to be with investing when you get within 5 years of retirement? 14:24
- Should you combine all of your 401ks into one IRA? 18:32
- What you need to know about making withdrawals from inherited IRAs. 24:50
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Did you know the government is going to force you to take money out of some of your retirement accounts as you get older, even if you don’t want to? In today’s episode, we talk about what required minimum distributions are, why they exist and when they might start for you. Ignoring them could lead to major taxes issues down the road that might be difficult to overcome.
Here’s some of what you’ll learn on this episode:
- When you ignore RMDs and don’t properly plan for them, it could lead to unnecessary tax expenses in the future. 0:55
- What are RMDs? 4:31
- Why do we have to take these RMDs and when do they start? 7:20
- The potential tax risks of ignoring RMDs. 10:07
- Is there anything you can do to avoid having to take these RMDs? 17:49
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
If you’re looking for some last-minute tax tips before filing your 2022 taxes, this episode is for you. We’re going to talk about strategies you can utilize to reduce your taxes for last year or utilize to get some tax-free money growing for your future.
Here’s some of what you’ll learn on this episode:
- The first strategy is being able to make contributions to your IRA. (3:41)
- The second strategy is making a contribution to the Roth IRA. (7:10)
- The third strategy is making spousal contributions to an IRA. (10:13)
- The fourth strategy is contributing to an HSA up til the tax deadline. (12:04)
- The fifth strategy is taking advantage of a SEP IRA. (14:47)
- The sixth strategy is to check to see if you have captured all of your write-offs. (15:51)
Read more and get additional financial resources here: http://lifemoneyshow.com
Get some 2023 Tax Tips: https://www.youtube.com/watch?v=sr3HB1R4EZo
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Whenever we first start talking to someone about what they’re going to need for retirement, we usually hear some of the same answers. They’ll name some of the basics like mortgage and utilities and then run through the fun stuff like travel and hobbies. But too often, there are five expenses that people typically miss when planning for their retirement, and that’s what we’re going to talk about today.
Here’s more of what you’ll learn on this episode:
- Healthcare expenses in retirement could top $350,000 (2:25)
- Using the analogy of a housing project to show how estimates can be incomplete. (5:54)
- The first expense people typically overlook is medical expenses. (12:10)
- The types of unexpected travel expenses you need to plan for. (17:08)
- We think about parents needing assistance, but your children might as well. (18:53)
- You home will need maintenance, repair and replacement. (21:55)
- One of the most crucial items people miss when determining how much they need. (23:52)
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Even if you’ve been saving your money and investing for a long time it’s easy to make rookie mistakes. On this episode, we’ll cover some of the top rookie mistakes we see people make, illustrate how to avoid them or how to fix them if you’ve already made some mistakes in your financial life.
Here’s more of what you’ll learn on this episode:
- First mistake: Having investments with no purpose. We’ll share some examples of what that means. (3:16)
- Second mistake: Not understanding risk. Every investment carries risk and you need to know what that is. (7:09)
- Third mistake: Making emotional decisions. We’re all guilty of doing this and it can hurt long-term returns. (14:57)
- Fourth mistake: Following ‘hot tips’ when picking investments. (19:04)
- Fifth mistake: Forgetting about the investment fund fees. (24:15)
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
Today we’re going to open up the mailbag to answer your financial questions and we’ll be covering some great income, tax and investing topics. We hope this episode provides some great information that you can take and implement into your financial plan to help you build wealth and retire with confidence.
Here’s more of what you’ll learn on this episode:
- Should I start converting as much as my IRA to a Roth IRA (4:24)
- The two main factors you need to consider before doing a Roth conversion. (7:09)
- Here’s what we’d recommend when deciding on a Roth conversion. (12:54)
- Which rental property option is better? Cash out investments and pay cash, take out a home equity loan, or just have a mortgage on the property? (15:18)
- The pros and cons of each option for buying the property. (20:08)
- How should you use the money from an inheritance? Here are the usual priorities we run through. (27:49)
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
You’ve worked hard for your savings and investments, and we’ve found that most people want to make sure that those funds pass on to someone that’s important to them when they pass.
In this episode, Scott will address five, unfortunately, common beneficiary mistakes. These could cost you and your loved ones dearly, and end up spoiling an otherwise well done retirement plan.
Here’s more of what you’ll learn on this episode:
- The troubles that could happen when naming minors as your beneficiaries. (3:53)
- Why you want to coordinate your beneficiary designations with your will. (10:30)
- The risk of not naming alternative or successor beneficiaries (14:28)
- Why you don’t want to name your personal estate as a beneficiary. (15:58)
- Errors that we see people make in their accounts. (17:07)
- A few other things to check for. (18:07)
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: office@sierensfinancialgroup.com
Phone: 847-235-6989
On this episode the Your Life, Your Money Podcast, Scott Sierens delves into why he believes there are three key questions that everyone should be asking themselves in order to ensure that they are properly preparing for retirement.
These questions cover some of the most critical elements of the retirement planning process and are essential for anyone looking to secure their financial future. By asking and answering these questions, you can gain a better understanding of your retirement goals and develop a plan to achieve them.
Here’s more of what you’ll learn on this episode:
- Scott first breaks down a CNBC article that lists the 10 states where $1 million runs out the fastest. Are you living in one of these states? Are there some caveats to these findings you should be aware of? Scott picks it apart… (1:56)
- The first retirement question you should be asking is, “How much can I withdraw from my savings each year?” (6:20)
- Take it a step further and ask yourself the question, “When do I need to make an adjustment?” (10:10)
- Scott details why this first question (and its follow-ups) is so important to ask. (11:35)
- The second question you should be asking is, “Should I still have life insurance when I retire?” (13:15)
- The third retirement question you should be asking is, “How much are my tax deferred savings going to cost me in taxes?” (17:42)
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Market volatility became the norm in 2022. Are we in for more of the same in 2023? In this episode, we’ll share some of the predictions being made by some big industry names for the upcoming year.
Here’s some of what you’ll learn in this episode:
- Here are the expert predictions for 2023. (2:13)
- What do I think about these predictions? (7:48)
- Here’s what we SHOULD be planning on. (10:11)
- How should you approach market volatility from a planning perspective? (11:42)
- Know where you need to make adjustments. (13:55)
- There are a few opportunities right now for investors. (16:22)
Check out all the 2023 predicitons here:
Bloomberg Prediction: https://twitter.com/SamRo/status/1598455372691525633
Morgan Stanley Prediction: https://markets.businessinsider.com/news/stocks/stock-market-outlook-2023-extreme-volatility-inflation-rates-mike-wilson-2022-11
JP Morgan: https://www.bloomberg.com/news/articles/2022-12-01/jpmorgan-strategists-see-us-stocks-slumping-in-first-half-of-2023?leadSource=uverify%20wall
Blackrock: https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/outlook#:~:text=Investment%20themes&text=Investment%20implication%3A%20We%20stay%20underweight,at%20some%20point%20in%202023.&text=We%20see%20higher%20yields%20as,risk%20spectrum%20to%20receive%20it.
Russell Investments: https://russellinvestments.com/us/global-market-outlook
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
In the first part of this two-part series, we detailed the changes coming to required minimum distributions and Roth accounts. In this episode, we’ll work our way through more of the planning items in SECURE Act 2.0, including spousal IRAs, qualified charitable distributions, catch-up contributions, emergency savings accounts, and required minimum distributions.
Here’s some of what you’ll learn in this episode:
- How has the spousal IRA changed and what that means in different situations? (3:08)
- Catch-up contributions in IRAs are now going to be indexed for inflation. (9:24)
- In 2025, those aged 60-63 will be able to contribute more than the catch-up contribution. (13:29)
- Starting in 2024, the max amount you can use for a qualified charitable distribution will be indexed for inflation. (15:58)
- The penalty for failing to take your RMD will be less starting in 2023. (17:27)
- There are now more opportunities to take out emergency money from your retirement accounts early without penalty. (20:13)
- New opportunities to pay off student loans through employment. (24:12)
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
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 legislation means, how it might impact you, and what planning opportunities this could open up.
Here’s some of what you’ll learn in this episode:
- Background on the original SECURE Act and what that changed. (2:51)
- The new ages for Required Minimum Distributions. (5:23)
- Important Q&A surrounding SECURE Act 2.0. (7:49)
- How you can use this new RMD rule to your advantage. (9:51)
- Delaying the RMD age could also help delay when Medicare surcharges start. (13:06)
- Roth change 1 – Eliminating RMDs for all Roth accounts. (13:54)
- Small business owners can utilize the ability to create a SEP Roth. (16:22)
- Employer contributions are now eligible for Roth treatment. (17:50)
- High-wage earners are going to be required to use the Roth for catch-up contributions. (19:20)
- How the Secure Act 2.0 could provide more benefits to a 529 plan. (22:01)
Learn more about SECURE Act 2.0: https://www.kitces.com/blog/secure-act-2-omnibus-2022-hr-2954-rmd-75-529-roth-rollover-increase-qcd-student-loan-match/?utm_source=ActiveCampaign&utm_medium=email&utm_content=SECURE+Act+2+0%3A+Later+RMDs%2C+529-to-Roth+Rollovers%2C+And+Other+Tax+Planning+Opportunities++%5BNEV%5D&utm_campaign=NEV+Wednesday+Email
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
It’s time to open up the mailbag again and answer some of your financial questions on the podcast, and we have a few really good ones to tackle today. Whether you’re in retirement or getting close, there will be some good information that we think you’ll relate to with your own financial planning.
So a few of the things we’ll address in this episode are whether or not you need life insurance in retirement, how to inherit different account types and manage the taxes associated with each, and what to do about taxes in a brokerage account generating dividends.
Here’s some of what you’ll learn in this episode:
- Do you need life insurance in retirement if you have a significant age gap with your spouse? (2:14)
- The natural transition from life insurance to long-term care insurance in retirement. (9:41)
- Tax planning strategies for accounts paying consistent dividends. (12:19)
- Is it worth choosing capital appreciation investments over dividend-paying investments? (16:30)
- What you need to know about inheriting different types of accounts and the taxes you have to pay. (19:55)
- Why you might benefit most from taking advantage of the step-up in cost basis. (24:13)
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Having a million dollars saved for retirement isn’t providing the type of confidence that it used to for pre-retirees, and many people feel like they’ll need a little luck to be successful in retirement. Is that really the case and what’s a more realistic target number today? We’ll take a look at a recent article detailing the fears many Americans have and talk about how you can combat some of these worries.
Here’s some of what you’ll learn in this episode:
- The key stats from this CNBC article that we want to highlight. (3:31)
- The impact of inflation on the amount you’ll need to have saved. (6:34)
- The reasons why you should pay attention to this article. (8:40)
- Why the target of $1 million might not actually be meaningful for you. (12:27)
- Ways that you can combat these fears. (17:49)
- How we help clients understand how much they’ll need for retirement through income planning. (20:06)
Read the CNBC Article: https://www.cnbc.com/2022/12/02/35percent-of-millionaires-say-they-wont-have-enough-to-retire-report-finds.html
Additional link used on this episode: https://www.usinflationcalculator.com/inflation/current-inflation-rates/#:~:text=The%20annual%20inflation%20rate%20for,ET.
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Today’s show is all about answering your financial questions and we have four great ones for you that cover a few important topics.
We’re going to answer questions about annuities, which is a product that not everyone understands. We’ll also talk about what to do if you come into a surplus of income, whether that’s from a work bonus, inheritance or real estate transaction. And finally, we’ll discuss where you should be focusing your money in terms of account types and how you should allocate your contributions to these different retirement saving options.
Here’s some of what you’ll learn in this episode:
- I have an annuity that I bought 9 years ago and it will mature in a year, right around the time my wife is scheduled to retire. I’ll have the option of turning it into a lifetime income or moving it into a different investment altogether. Which should I do? (3:09)
- My twin boys will be heading to college in a few months. Which thing should I place a higher priority on—their education or my retirement? (11:48)
- My house is already paid off, but I’m about to sell it and downsize to a condo that’s about $100,000 cheaper. Should I just put the money I make during this transition in the market? (15:35)
- Should I be completely maxing out my 401(k) and Roth IRA before opening a taxable brokerage account? Or is there a benefit to opening a separate brokerage account to provide more flexibility? (21:30)
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Saving in your 401(k) can be an easy and painless way to build your retirement savings. But because it’s so easy and painless, it can also be easy to ignore for long periods of time, which often leads to mistakes. In this episode, we’ll cover at least the top 5 mistakes people make in their 401(k)s.
Here’s some of what you’ll learn in this episode:
- Why you should always take advantage of the company match. (3:57)
- Don’t assume a target date fund provides you a customized solution for your needs. (7:26)
- Too many people fail to rebalance their portfolio often enough. (12:01)
- The 401(k) plan doesn’t view you as the client. Your company is their client. (14:53)
- Why you shouldn’t automatically leave your money in a former employer’s 401(k) account. (19:19)
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
The one constant in life is change, and there are frequent changes that you have to be aware of to make sure you’re getting the most out of your retirement plan. Here are five changes to the retirement landscape that you should be aware of in 2023.
Here’s some of what you’ll learn in this episode:
- Details on the new 401(k) limit increases and why it’s important. (3:59)
- IRA limits are going up so what should you be doing? (9:44)
- The IRA and Roth IRA income phase out range changes. (14:27)
- Cost of Living Adjustments (COLA) for Social Security increasing 8.7% in 2023. Should this change your claiming strategy? (19:45)
- Should you take advantage of the Roth option in your company 401(k)? (23:17)
Read the Yahoo! article we referenced here: https://finance.yahoo.com/news/5-retirement-changes-know-2023-164658275.html
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Today’s episode will be all about your questions as we dive into our mailbag to cover three different scenarios.
Each of these is great and we’ll spend time tackling each topic in depth. We’ll first talk about when you should shift your investing strategy to a conservative approach. Then we’ll help someone work through which assets would be better to get out of a divorce. And finally we’ll discuss life insurance needs for a couple with a 10-year age difference. Plus, we’ll take a look at tax planning in the wake of a $2 billion Powerball lottery win this month.
Here’s some of what you’ll learn in this episode:
- What will the $2B Powerball winner take home after taxes? (2:34)
- Mailbag question on when to shift to conservative investing. (7:55)
- Mailbag question on how to split divorce assets. (14:12)
- Mailbag question on life insurance. (19:44)
- How to get in touch with your financial questions. (25:15)
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Today we’re going to be sharing the five secrets for experiencing satisfaction in retirement. Who doesn’t want to get to a place where they’ve achieved fulfillment in one’s wishes, expectations, and needs? That’s what we work to do each and every day with our clients and will use this episode to help you improve your situation. If you can key in on these five points, you’ll have a high chance to achieve that satisfaction.
What we discuss in this episode:
- Secret 1: Define & Design YOUR Retirement (2:25)
- Secret 2: Building a portfolio that works for you (7:55)
- Secret 3: Be Flexible (11:460)
- Secret 4: Diversify & maximization of income streams (18:31)
- Secret 5: Have proper health coverage (20:58)
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
If you’re on Medicare or will be switching over to it soon, this episode will be extremely valuable for you. We’ve invited Christee from the team here to join the show to talk to us about this healthcare program.
We’ll go through all of the key aspects of Medicare today as well as tell you why consumers should be careful regarding the advertisements they see and hear.
Here’s some of what you’ll learn in this episode:
- What is AEP? (2:35)
- Why should you be reviewing your Medicare plan? (3:39)
- Do plans change from state to state? (5:40)
- Explaining the difference between Medicare Supplements and Medicare Advantage (10:22)
- Who might be a good fit for each plan? (20:21)
- Do people have to get a prescription drug plan? (26:42)
- What should consumers be cautious about with endorsements and advertisements? (28:55)
- What does the review process look like for our clients? (32:39)
- Best way to get in touch with Christee for Medicare assistance. (38:13)
If you would like to chat with Christee about Medicare, you can email her at christee@sierensfinancialgroup.com
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
As we approach the end of the year, saving money on taxes becomes a bigger focus for many people. Today we’re focusing on some of the most common retirement planning questions about taxes.
We’ll talk about mistakes to avoid and how a proper plan can make a significant difference in your tax savings. Check out today’s show to find out how our advice can help your financial future.
Here’s a little of what you’ll learn in this episode:
- Are all of my retirement accounts taxed the same? (3:25)
- Will my taxes be lower in retirement? (10:26)
- Am I going to have as many deductions in retirement as I did while working? (15:47)
- Is there a way to get tax-free income in retirement? (19:57)
- Should I move to an (income) tax-free state? (24:13)
- What tax item commonly surprises couples? (26:11)
- Listener question: Do I have to worry about taxes on inherited accounts? (28:26)
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
As we approach the end of the year, saving money on taxes becomes a bigger focus for many people. Today we’re focusing on some of the most common retirement planning questions about taxes.
We’ll talk about mistakes to avoid and how a proper plan can make a significant difference in your tax savings. Check out today’s show to find out how our advice can help your financial future.
Here’s a little of what you’ll learn in this episode:
- Are all of my retirement accounts taxed the same? (3:25)
- Will my taxes be lower in retirement? (10:26)
- Am I going to have as many deductions in retirement as I did while working? (15:47)
- Is there a way to get tax-free income in retirement? (19:57)
- Should I move to an (income) tax-free state? (24:13)
- What tax item commonly surprises couples? (26:11)
- Listener question: Do I have to worry about taxes on inherited accounts? (28:26)
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Today we’re joined by Ben Sullivan, CFA® and vice president at AE Wealth Management. Ben will share his thoughts about why the market is down, whether we’re heading into a recession, and what could help turn this all around.
It’s been a tough year, but our goal is to help you thrive in wealth in retirement. Check out today’s show to find out how our advice can help your financial future.
Here’s a little of what you’ll learn in this episode:
- How “perfect storms” can create problems in your finances. (9:08)
- How the Federal Reserve impacts the stock market. (20:50)
- If there’s any reason to run from bonds right now. (30:35)
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Just like we prepare our houses and lawns for the winter, we need to do the same for our finances. A lot of financial institutions have a Dec. 31 deadline to take action, so we want to make sure you’re prepared.
Today is part 2 of our year-end retirement and tax strategy planning series. We’ll share more strategies you should consider before the end of this year to help put yourself in the best position possible to help reduce your taxes, avoid unnecessary IRS penalties, and build long-term wealth.
Here’s a little of what you’ll learn in this episode:
- Why required minimum distributions need to be part of your year-end planning. (5:06)
- Have you withheld enough in federal taxes? We can help you with that year-end review. (7:45)
- If you give to charities, there might be some tax-saving strategies available to you. (12:33)
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Buying a home is often the largest purchase someone makes over the course of their lifetime so finding ways to do that as efficiently as possible could really benefit you financially in the future. Today we’re talking with Michael Bischof, regional vice president for mortgage lending at Guaranteed Rate, to get his expert tips and insight into financing your next home purchase.
Here’s some of what you’ll learn on this episode:
- How Michael got into this industry at age 24 and why he has stayed in it so long. (2:25)
- When you should sit down with a mortgage lender when you’re looking for a home. (9:43)
- Why not all lenders have the ability to recast a mortgage. (20:42)
- Why you should look at all financial options available to you when buying a property. (40:52)
Want to connect with Michael?
Website: https://people.rate.com/michael-bischof-152124
Facebook: https://www.facebook.com/MichaelBischofGR
LinkedIn: https://www.linkedin.com/in/michael-bischof-596b832/
To get additional financial resources, visit us online ---> http://lifemoneyshow.com
Are you prepared for year-end and tax strategy planning? This puts you in the best position possible before the end of the year to help maximize your retirement and minimize your overall tax burden.
We can walk you through spousal IRAs, Roth conversions, and how to save on taxes for required minimum distributions. We’re also sharing the No. 1 more overlooked tax advantage account.
Here’s a little of what you’ll learn in this episode:
- How to maximize your retirement plans by using a mix of investments. (5:12)
- If you’re 50 or older, how much extra you can contribute to your retirement accounts? (14:45)
- Why spousal IRAs and spousal Roth contributions are often overlooked. (20:29)
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
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 important decisions can’t be undone.
Here’s a little of what you’ll learn in this episode:
- Wall Street’s prediction of the stock market's direction is often wrong. (3:54)
- If you miss your window of opportunity and change your mind about claiming Social Security, you’ll be out of luck. (7:05)
- Once you start receiving your pension, you won’t be able to select spousal benefits. (12:14)
- At some point in most of our lives, we will need care. Don’t wait to get long-term care insurance. (18:04)
Article about Wall Street and their stock market predictions:
https://www.marketwatch.com/story/wall-streets-prediction-on-the-direction-of-the-stock-market-is-often-wrong-way-wrong-11663337484
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
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 important decisions can’t be undone.
Here’s a little of what you’ll learn in this episode:
- Wall Street’s prediction of the stock market's direction is often wrong. (3:54)
- If you miss your window of opportunity and change your mind about claiming Social Security, you’ll be out of luck. (7:05)
- Once you start receiving your pension, you won’t be able to select spousal benefits. (12:14)
- At some point in most of our lives, we will need care. Don’t wait to get long-term care insurance. (18:04)
Article about Wall Street and their stock market predictions:
https://www.marketwatch.com/story/wall-streets-prediction-on-the-direction-of-the-stock-market-is-often-wrong-way-wrong-11663337484
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
If you’re looking to sell your home, buy a home or buy a vacation home, today’s show is for you. Today we’ve invited a good friend and realtor, Lindsay Schulze, onto the show to get an update on everything that’s happening around real estate and to get tips on the best approach for today’s market.
Here’s a little of what you’ll learn on this episode:
- What you need to change about your home to get the best price. (12:10)
- How you can pick the right realtor to help you close on your home. (25:50)
- Why she won’t show clients houses until they do this one thing. (34:11)
- What questions you should ask before buying a house. (43:58)
Connect with Lindsay:
https://www.lindsayshomes.com/
https://www.facebook.com/Schulze-Real-Estate-Reece-Nichols-182108005195183/
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
If you’re looking to sell your home, buy a home or buy a vacation home, today’s show is for you. Today we’ve invited a good friend and realtor, Lindsay Schulze, onto the show to get an update on everything that’s happening around real estate and to get tips on the best approach for today’s market.
Here’s a little of what you’ll learn on this episode:
- What you need to change about your home to get the best price. (12:10)
- How you can pick the right realtor to help you close on your home. (25:50)
- Why she won’t show clients houses until they do this one thing. (34:11)
- What questions you should ask before buying a house. (43:58)
Connect with Lindsay:
https://www.lindsayshomes.com/
https://www.facebook.com/Schulze-Real-Estate-Reece-Nichols-182108005195183/
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Today we’re diving into the mailbag to answer questions from listeners just like you. We’re taking questions about taxes on inherited real estate, Roth conversions, and saving for retirement with irregular income.
What we discuss in this episode:
3:02 – Most affordable states to retire
9:04 – Roth conversions
27:48 – Selling mom’s house
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Today we’re diving into the mailbag to answer questions from listeners just like you. We’re taking questions about taxes on inherited real estate, Roth conversions, and saving for retirement with irregular income.
What we discuss in this episode:
3:02 – Most affordable states to retire
9:04 – Roth conversions
27:48 – Selling mom’s house
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
There are many things we know we’ll have to deal with in retirement, but we don’t know how to predict when or to what degree. How do you construct a plan that deals with the unpredictability of these different factors? We’ll help you determine how.
What we discuss in this episode:
4:10 – Life expectancy
7:50 – Stock market returns
11:15 – Tax rates
15:51 – Inflation
18:46 – Unexpected expenses
21:23 – Mailbag: Want to save more
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
There are many things we know we’ll have to deal with in retirement, but we don’t know how to predict when or to what degree. How do you construct a plan that deals with the unpredictability of these different factors? We’ll help you determine how.
What we discuss in this episode:
4:10 – Life expectancy
7:50 – Stock market returns
11:15 – Tax rates
15:51 – Inflation
18:46 – Unexpected expenses
21:23 – Mailbag: Want to save more
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Most people have regrets in life, but you don’t want to make mistakes that mess up your retirement. About 26% of retirees are not happy with their lifestyle in retirement, so we’re going to learn from their mistakes.
What we discuss in this episode:
6:41 – Diversifying investments
11:03 – Seeking professional help
15:02 – Diminished capacity
18:29 – Practicing retirement
22:20 – Purpose
24:31 – Non-work friends
27:44 – Communication
33:06 – Question: Conservative investor
Read the article we referenced here: https://www.gobankingrates.com/retirement/planning/retirement-biggest-regrets-people-have/
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
The Inflation Reduction Act recently passed both houses of Congress and made a lot of headlines for what it’s supposed to accomplish. On today’s show, we’re talking about the bill and how it may or may not serve you, what it means from a tax standpoint and whether it will actually reduce inflation.
What we discuss in this episode:
3:08 – Inflation Reduction Act
6:30 – Where is money coming from?
10:41 – IRS tax enforcement
15:11 – Where is money going?
17:13 – Health coverage
19:12 – Will it reduce inflation?
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Many rules of thumb are great to follow to help with your finances, but some rules are outdated and don’t align with current economic conditions. We’ll explain which rules to follow and which to leave behind.
What we discuss in this episode:
4:01 – 75% rule
6:33 – Retirement spending smile
8:50 – Understand expenses
13:00 – Taxes
16:24 – Retirement income
19:30 – Income and tax projection
22:22 – Rule of 100
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Many rules of thumb are great to follow to help with your finances, but some rules are outdated and don’t align with current economic conditions. We’ll explain which rules to follow and which to leave behind.
What we discuss in this episode:
4:01 – 75% rule
6:33 – Retirement spending smile
8:50 – Understand expenses
13:00 – Taxes
16:24 – Retirement income
19:30 – Income and tax projection
22:22 – Rule of 100
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Everyone feels great about their investments when the market is growing and remaining strong, but how do you feel when things start to get choppy? Those fluctuations in the market can identify the people that aren’t truly comfortable with their portfolio risk because fear could push them to sell quickly.
Here are some of the important things you’ll learn on this episode:
- Why people typically have more risk in their portfolio than they are truly comfortable with. (4:31)
- Ways to assess how much risk you have in your portfolio (7:28)
- The different investment strategies that we utilize with clients to help reduce portfolio risk but not eliminate opportunities for growth. (10:41)
- The ways that we work with clients and help them identify their risk tolerance and align that with their investments. (14:52)
- Is this a great time to load up on stocks? (16:24)
If you want to take advantage of the download we’ve put together to share some tax strategies, visit this link.
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Are savings bonds making a comeback? This conservative investment option has found new life this year thanks to an interest rate that’s approaching 10%. Should you be moving money into these government-issued iBonds as soon as possible? We’ll give you all the details on these bonds and make sure you’re aware of all of the fine print.
What we discuss in this episode:
0:50 – Summer travels
4:58 – People talking about iBonds
6:25 – Are the high rates legit?
8:27 – Is there a catch?
11:51 – What to be aware of
15:44 – Is this tax-free money?
17:16 – How does it fit into planning?
19:44 – Mailbag question on interest rates and saving
23:14 – Mailbag question on planning on your own
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Are savings bonds making a comeback? This conservative investment option has found new life this year thanks to an interest rate that’s approaching 10%. Should you be moving money into these government-issued iBonds as soon as possible? We’ll give you all the details on these bonds and make sure you’re aware of all of the fine print.
What we discuss in this episode:
0:50 – Summer travels
4:58 – People talking about iBonds
6:25 – Are the high rates legit?
8:27 – Is there a catch?
11:51 – What to be aware of
15:44 – Is this tax-free money?
17:16 – How does it fit into planning?
19:44 – Mailbag question on interest rates and saving
23:14 – Mailbag question on planning on your own
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
What does the transition into retirement look like? On today’s episode, Jim Manning will share his retirement story and the lessons he’s learned along the way.
What we discuss in this episode:
5:08 – What were you doing prior to retirement?
8:31 – Were you working a lot?
9:24 – What age did you retire?
10:39 – Any other factors that made you retire?
11:34 – Spending time with the family
13:12 – Are you have with retiring at 67?
13:59 – Did you wish you started your plan earlier?
14:48 – Did you go fully into retirement all at once?
17:37 – Spending time with his father
18:54 – What was it like emotionally to retire?
19:58 – Advice for those transitioning out of work
21:01 – The feelings you felt after you were retired
22:01 – Was spending time with your father helpful?
22:44 – What has retirement looked like so far?
25:19 – Do you travel a lot to see your grandson?
26:00 – How do you manage your hobbies?
27:12 – Where do you like to go fishing?
28:38 – How were you going to fill the rest of your time?
29:48 – Helping other people
31:03 – How did you fill your social life?
32:40 – Did that help fill the working gap?
34:12 – What have you enjoyed most about retirement?
35:29 – Do you like routine in retirement?
36:37 – Keeping routine and balance
38:17 – Make some plans in retirement!
39:10 – Any other useful advice or tips you want to share?
42:16 - Is there anything else you would change about retirement?
44:15 – Being really adaptive to change
46:44 – Thank you for being on the show, Jim!
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
There’s no better time than the present to remind ourselves of some good investing fundamentals and themes that we see in the market. Right now, your emotions might be high due to the market being down, but we’ll explain how to handle the rollercoaster ride.
Today we're sharing 10 market tips from Bob Farrell, who spent decades as the head of research at Merrill Lynch, establishing himself as one of the leading market analysts on Wall Street.
What we discuss in this episode:
2:43 – Who is Bob Farrell
5:05 – Return to mean
9:52 – Excess
11:40 – Never permanent
12:26 – Corrections
13:15 – Public buying
16:20 – Fear and greed
19:26 – Strong and weak
20:44 – Three stages
21:59 – Experts and forecasts
23:09 – Bull markets
23:38 – Recap
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
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.
What we discuss in this episode:
1:00 – Importance of legacy planning
3:37 – Money for kids
10:27 – Advisors’ role in planning
12:53 – How people view legacy
15:00 – College education
17:38 – Gifting
21:20 – Taxes
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
On this episode, we’ll pick sides of some important financial debates. From paying off your mortgage early to life insurance and more, we’ll share our opinions on these hot financial topics.
What we discuss in this episode:
3:12 – Mortgage
6:18 – Life insurance
10:24 – Taxes
14:38 – Mutual funds
16:51 – Social Security
20:38 – Mailbag: Unused vacation and sick leave
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
If current conditions of the stock market being down and your retirement investment accounts falling in value have you concerned, worried or even scared about your future, you’re not alone. Today’s episode is just for you.
What we discuss in this episode:
3:48 – Stock market down
4:58 – Emotions
5:58 – Perspective
10:00 – Bear market
12:50 – Different advice
17:30 – Rainy day fund
20:30 – Home equity line of credit
21:53 – Meet with a financial planner
26:11 – Opportunities in this market
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Can you still retire in a down market? With the stock market down and inflation up, that question is on a lot of minds. We’re going to talk about the factors involved in making this decision and how we help people like you determine the answer to this question.
What we discuss in this episode:
3:10 – Business Insider article
6:00 – CNBC and USA Today articles
13:14 – Income gap
18:31 – Extra money
23:25 – Structuring withdrawals
26:24 – Delaying Social Security
29:14 – Recap
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Today we’re diving into the mailbag to answer questions from listeners just like you. We’re taking questions about retiring prior to the age of qualifying for Medicare, gifting to your kids and grandkids, having multiple IRAs and long-term care.
What we discuss in this episode:
2:08 – Article: Planning to retire early
5:42 – Not old enough for Medicare
10:55 – Helping kids early
19:14 – Different IRAs
25:59 – Nursing home care
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Are you nervous about shifting from saving money to spending it in retirement? If so, you’re not alone. Today we're sharing five things you need to know about decumulation, or the spending phase of your life.
What we discuss in this episode:
1:58 – Good review on podcast
4:44 – Lack of support
9:18 – Fear of spending
13:45 – Risks become more numerous
17:26 – Taxes consequences
20:42 – Leverage lifetime income
23:06 – Mailbag: What to do with aunt’s house?
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
We’re all guilty of procrastinating from time to time. But today we’ll share some financial matters you want to be on top of and others you can take your time with. From taxes to debt, find out what you need to know about these money tasks.
What we discuss in this episode:
5:28 – Deferring taxes
11:22 – Debt
14:59 – Estate planning
18:43 – Social Security
22:26 – Building a plan
26:17 – Mailbag: Mom’s house
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Are we headed into a recession? That’s the question that’s on a lot of minds. On today’s show we’re going to make sure a recession doesn’t ruin your finances or retirement plans. We’ll also welcome retiree and investor Jim Manning to the show so he can ask questions, which are probably the same questions you have.
What we discuss in this episode:
1:21 – Meet Jim Manning
4:55 – Jim’s business experience
6:19 – Jim’s product was used in space
12:35 – What is a recession?
14:25 – How to prepare
21:25 – Jim’s experience with recession
23:52 – Going to cash
29:09 – How long could it last?
36:30 – Adjusting investment strategy
40:28 – Age makes a difference
42:32 – Minimize stress and fear
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
In the retirement planning business, we occasionally get some unreasonable requests. We’ll do our best to accommodate everyone’s needs, but sometimes they just aren’t realistic. On this show, we’ll share some of the requests and tell you how to set proper expectations around your retirement planning.
What we discuss in this episode:
4:21 – Bigger returns, no risk
7:50 – Reducing fees
12:20 – Paying taxes
15:26 – Do it for me
18:50 – Mailbag: Reducing risk
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
What can we learn from billionaire Warren Buffet when it comes to our finances? He shares some key lessons and advice to keep our money on track for long-term financial success.
What we discuss in this episode:
2:26 – Bankrate article
5:21 – Portfolio survival
10:20 – Value, not timing
13:45 – Productive assets
17:06 – Avoid speculation
21:41 – Inflation
Resources:
https://www.bankrate.com/investing/warren-buffett-top-tips-and-lessons-berkshire-hathaway-annual-meeting-2022/#:~:text=Here%20are%20the%20key%20lessons%20for%20investors%20from,Make%20sure%20your%20portfolio%20is%20built%20to%20survive
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
You might not pay as close attention to your birthdays as you get older, but there are some ages that you need to be paying attention to. On this episode, we're sharing the most important birthdays in retirement planning. We'll take you through some of the key ages, why they are important and what you should be thinking about as you approach retirement.
What we discuss in this episode:
6:47 – Age 50
12:39 – Age 55
17:31 – Age 59.5
20:49 – Age 62
23:52 – Age 65
29:04 – 70.5
30:29 – Age 72
34:30 – Mailbag: Life insurance
36:48 – Mailbag: Husband won’t retire
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
There's enough financial jargon being used that even experienced investors get tripped up now and again. Today we’re going to talk about the investment terms you should know, what they mean and why they’re important to you and your financial future.
What we discuss in this episode:
1:37 – Financial literacy month
6:32 – Stocks
13:39 – Bonds
17:45 – Asset allocation and diversification
20:11 – Fruit stand analogy
27:05 – ETFs and mutual funds
32:50 – What does this mean to you?
36:45 – Fiduciary
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Putting together a solid retirement plan isn’t just about dollars and cents. We need to determine what really matters to you. Today’s show is all about why values-based planning is so important.
What we discuss in this episode:
2:27 – Digging deeper
5:58 – Family
11:20 – Faith
14:39 – Career
19:15 – Education
23:06 – Charity
25:57 – Fun
30:13 – Question about moving 401k
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Volatility isn’t fun. When the stock market is down, it really takes a toll on our emotions. Emotions lead people to do things that could ruin long-term investing results. Today, we’re sharing why you should stay invested.
What we discuss in this episode:
3:15 – Market volatility
6:48 – Long-term investors
9:21 – Diversification
19:13 – Emotions
22:13 – Timing the market
25:08 – Always a worry
28:57 – Staying invested
34:47 – Behavior coach
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Resources:
https://www.jpmorgan.com/wealth-management/wealth-partners/insights/the-case-for-always-staying-invested
Low-interest rates, the cost of products going up, underfunded Social Security, and market volatility can really create some murky waters and make financial planning pretty difficult. We’ll share how to get clarity on your finances on today’s show.
What we discuss in this episode:
1:23 – Pets
7:05 – USA Today article
10:56 – Income growth
18:45 – Social Security
26:37 – Withdrawal rates
30:05 – Other murky issues
CNBC - https://www.cnbc.com/2022/03/23/petco-is-inflation-proof-ceo-says.html
USA Today - https://www.usatoday.com/story/money/personalfinance/retirement/2022/02/28/retirement-3-issues-making-planning-harder/49859935/
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Should you manage your own investments or work with an advisor? When should you do Roth conversions? Does having multiple IRAs make you diversified? These are all great questions we’ve received from listeners, and we’ll answer them on today’s show.
What we discuss in this episode:
1:52 – Market Watch article
7:01 – Roth conversions
13:50 – Financial advisors
26:24 – Roth 401k
30:28 – Diversification
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Between the war in Ukraine, gas prices, and inflation going up, the news has been pretty bleak lately. More people are talking about corrections, bear markets, and recessions. Today we’ll talk about those topics and what they mean to you and your money.
What we discuss in this episode:
2:49 – Correction
9:34 – Bear market
15:43 – Recessions
19:53 – What does this mean for you?
24:02 – If your portfolio drops
27:34 – Opportunities
31:09 – Bull markets
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
On this episode, we’ll breakdown a CNBC article that analyzes a recent Morningstar study. The study found that most of us have at least one money bias, some of us more than one, and that those biases are very possibly costing us money in our checking, savings, investing and retirement accounts. Listen to see if you might be impacted by a specific money bias and for strategies to get it back under control.
What we discuss in this episode:
5:26 – Different attitudes about money
9:02 – Present bias
12:31 – Base rate neglect
17:35 – Overconfidence
21:30 – Loss aversion
23:34 – Better financial health
27:00 – Money priorities
30:05 – What we see
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
A common question we get is, “Where should I keep my cash? Where should I put my rainy day fund, my emergency fund?” Today we’ll share three places you can keep your cash to get a better rate of return.
What we discuss in this episode:
2:11 – Fed raising rates
9:56 – Where to keep cash
10:16 – Inflation
11:17 – The right amount of cash
13:06 – Too much cash?
14:46 – Online savings account
19:10 – CDs
21:20 – Series I savings bonds
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
There are some things in life you can’t predict, but you can try to plan for them. For example, when is the next market crash going to happen? We don’t know, but here’s how you can prepare for this and other things in your financial life.
What we discuss in this episode:
1:15 – Inflation articles
5:58 – Market crash
11:02 – Lifestyle
17:04 – Health care
23:56 – Taxes
28:46 – Life expectancy
31:34 – Mailbag: Too much money in bank?
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Today we’re answering some of your excellent financial questions. How much should you spend in retirement? When’s the best time to take Social Security? We’ll answer these questions and more on today’s show. What we discuss in this episode:
1:42 – IRS backlog article
5:32 – Retirement income
10:38 – One stock
15:35 – Social Security
20:18 – Life insurance
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Prices are on the rise and people are being impacted in their day-to-day lives, so let’s talk about how to beat retirement’s nemesis – inflation. Listen to this show to find out what you can do to secure your financial future. What we discuss in this episode:
1:08 – Going up in price
4:05 – How big of a threat?
6:53 – CNBC and NYTimes articles
10:54 – The number one concern
12:57 – How to plan for inflation
14:55 – How to beat inflation
20:08 – Social Security
21:38 – Understanding expenses
24:51 – Keep perspective
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Today we’re talking about why we see volatility in the stock market. We’ll also share what you should and should not focus on when this happens and how to plan and prepare no matter which direction the market goes.
What we discuss in this episode:
1:28 – Stock market drops
2:37 – Why the market drops
5:02 – Inflation
7:20 – Covid
7:39 – Russia and Ukraine
8:36 – Statistics
11:52 – Importance of diversification
13:04 – JP Morgan guide to the markets
16:04 – Focus on what you can control
19:26 – Buy during a down market
20:39 – Control our own thoughts
JP Morgan Guide to Markets:
https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/market-insights/guide-to-the-markets/mi-guide-to-the-markets-us.pdf
Market watch:
https://www.marketwatch.com/
EFA: https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf
EEM: https://www.ishares.com/us/products/239637/ishares-msci-emerging-markets-etf
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Just like football players don’t want to fumble the ball in the red zone, you don’t want to fumble your finances as you get close to retirement. We’ll explain how to protect your finances during these crucial years on today's episode.
What we discuss in this episode:
3:49 – What is the financial red zone?
5:50 – Planning in retirement
7:24 – Mistakes
12:45 – Work on your plan
15:13 – Don’t wait for the red zone
18:28 – Listener question: Am I stuck?
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Today we're sharing seven signs that you're in good financial health. It's a good checklist to measure where you stand and whether or not you're in a good position for retirement. How do you measure up?
What we discuss in this episode:
3:31 – No depreciating debt
5:03 – Spend less than you make
6:51 – Save and invest
9:15 – How much to save
10:55 – Understand tax implications
13:25 – Retirement income plan
16:07 – Know the plan
19:03 – Long-term care
21:37 – Estate planning
Resources:
https://www.marketwatch.com/story/when-it-comes-to-retirement-security-wereno-17-11631723749
https://www.im.natixis.com/us/research/2021-global-retirement-index
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
What changes should we expect to see with Social Security in 2022? Some of the changes could affect your check or your company paycheck. We’ll explain how the cost of living has been adjusted and answer a listener's question about when to collect Social Security.
What we discuss in this episode:
3:12 – Cost-of-living
10:13 – Higher wage cap
12:05 – Higher earnings test limit
14:47 – Higher earnings threshold
17:45 – Mailbag: Work until 70?
Resources: https://www.usatoday.com/story/money/personalfinance/retirement/2021/12/13/social-security-changes-2022/49482083/
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
So much has changed since your parents retired. Gone are the days of the pension, and technology is playing a larger part than ever in how we save money and invest in our future. Today we’re sharing what factors and forces are shaping retirement in the 2020s.
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
What we discuss in this episode:
1:00 – Automation
4:08 – Pensions
6:37 – Redefining retirement
10:03 – Work where you want
12:01 – Technology
17:12 – Entitlement programs
19:28 – Climate change
23:15 – Mailbag: New job
We’re kicking off the New Year with a talk about the stock market and some predictions. As you’ll see, the experts’ predictions are all over the board.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-35-stock-market-predictions/780/
More Resources:
https://www.goldmansachs.com/insights/pages/outlook-2022-the-long-road-to-higher-rates.html
https://www.morganstanley.com/ideas/investment-outlook-2022-hotter-business-cycle
https://advisors.vanguard.com/insights/article/marketperspectivesdecember2021
https://www.ftportfolios.com/retail/blogs/marketcommentary/index.aspx
What we discuss in this episode:
4:35 – Vanguard
6:21 – First Trust
7:41 – Goldman Sachs
9:10 – Morgan Stanley
9:45 – Who can predict?
12:51 – How to prepare
16:00 – Don’t worry
17:04 – Mailbag: Legacy question
The New Year is just around the corner. Today’s show is all about money resolutions and focusing on what you can control. You can’t control the stock market, but there are some things you can do to improve your financial future.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-34-10-money-resolutions-for-2022/773/
What we discuss in this episode:
2:30 – Planning for 90 days
3:02 – New Year’s resolution statistics
7:25 – Pay down debt
8:19 – Rainy day fund
9:48 – Increase retirement contributions
12:31 – Roth conversion
13:52 – Talk with spouse
16:23 – Life insurance
17:09 - Refinance
18:26 – Tax withholdings
20:13 – Consolidate accounts
23:13 – Retirement plan
24:10 – Financial advisor
If you’re thinking about leaving your job or you’re interviewing at different companies, today’s show is for you. We’ll help you learn how to compare different offers during your job search and what to look for.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-33-how-should-you-compare-job-offers/770/
What we discuss in this episode:
2:37 – Great Resignation
4:43 – Financial perspective
5:44 – Comparing apples to apples
8:38 – Bonuses
10:12 – Retirement plan
11:58 – Vesting period
13:11 – Stock options
14:49 – Employee stock ownership
18:19 – Deferred compensation
20:57 – Pensions
22:39 – Health plans
Even if you have a solid financial plan in place, things can quickly get out of tune if you don’t make adjustments from time to time. Let’s talk about some of the areas where we often see people get out of tune with their financial plans.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-32-is-your-financial-plan-out-of-tune/765/
What we discuss in this episode:
6:57 - Taxes
12:19 - Life insurance
17:40 - Cash
22:19 – Risk
25:55 – Question about inheritance
As the year winds down, we help our clients with a checklist of items to get them prepared for the new year. One very important area to take a close look at is your 401(k) contributions. What can you do to improve your retirement account next year? Today we’ll share five tips to help you get the most out of your 401(k).
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-31-5-401k-tips-for-the-end-of-the-year/752/
Read the article about DIY Estate Planning Mistakes: https://money.usnews.com/money/retirement/aging/articles/do-it-yourself-estate-planning-mistakes
Read the article about protecting yourself from online thieves: https://www.kiplinger.com/retirement/602162/retirees-protect-yourself-from-thieves-online
What we discuss in this episode:
1:16 – DIY Estate Planning
8:01 – Tip 1: Max out your 401(k)
10:37 – Tip 2: Make sure you’re getting employer match
14:11 – Tip 3: Can you up your contribution percentage?
15:12 – Tip 4: Understanding where you’re making contributions to
18:28 – Tip 5: Now is a great time to assess your investment mix
23:34 – Article review: protecting yourself from thieves online
When planning for financial independence, you still need to plan for things other than finances, like what you will do with your free time. We’re talking about the life side of retirement today. What are you doing with your time and your energy? Grab a pen and paper and answer these questions for yourself.
Read more and get additional information: https://lifemoneyshow.com/podcast/ep-30-planning-for-the-non-financial-side-of-retirement/744/
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
What we discuss on this episode:
2:18 – How long will Scott work?
4:30 – Financial independence
7:33 – Fully retire or work part-time?
9:42 – Where do you want to live?
14:45 – Who will you be around?
16:45 – What activities will you do?
21:06 – How much and where will you travel?
23:33 – What do you want your legacy to be?
27:44 – How to make your dreams come true?
We are opening up the mailbag today. George wants to know how much risk he should take with his investments and Robert wonders which Roth – 401k or IRA – is better? We’ll also discuss the best way to help your parents with their investments and whether it's smart to take Social Security early.
Read more and get additional information: https://lifemoneyshow.com/podcast/ep-29-mailbag-how-much-risk-is-ok-which-roth-is-better-and-more/738/
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
What we discuss on this episode:
1:23 – CNBC article
6:34 – How much risk should I take?
12:41 – Which Roth is better?
17:49 – How to help mom with investments
22:13 – Take Social Security early?
Cutting corners - we all occasionally do it in life. Whether we do this with our finances, exercising, etc., we’re all guilty of this sometimes. When you do this financially, it can really hurt you in the long term.
Read more and get additional information: https://lifemoneyshow.com/podcast/ep-28-quit-cutting-corners-financially/732/
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
What we discuss on this episode:
6:50 – Getting organized
11:06 – Legal documents
15:04 – Risk in investing
17:37 – Details of investments
20:44 – Long-term care
Have you thought about giving back to make a positive impact on the lives of others? Are you wanting to be involved in a charitable way? Maybe you have the ability to give some of your time. Maybe it's financial resources. In today’s episode with Leslie Blake, Executive Director at Big Brothers Big Sisters, we discuss different ways you can volunteer, be involved, or contribute to help support and make a positive impact on the lives of others. Read more and get additional information: https://lifemoneyshow.com/podcast/ep-27-ways-of-giving-back-an-interview-with-big-brothers-big-sisters/723/
Big Brothers Big Sisters: https://bbsmchenry.org
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
What we discuss on this episode:
2:33 – What is Big Brothers Big Sisters?
6:15 – Helping others
9:00 – How to volunteer
14:52 – Scott’s experience
18:38 – Other ways to volunteer
27:30 – Helping financially
33:12 – Events
35:50 – Success stories
42:10 – Where they need help
48:05 – Connect with their team
49:40 – Surprise for Scott
Inflation has been in the news a lot lately, but what is inflation exactly and how might it affect your financial future? We’ll explain the ins and outs and pros and cons of this much talked about topic.
Read more and get additional financial information: https://lifemoneyshow.com/podcast/ep-26-pros-and-cons-of-inflation-and-investing/717/
Cited Sources:
Inflation Definition (investopedia.com)
Inflation vs. Stock Market Returns (awealthofcommonsense.com)
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
What we discuss on this episode:
2:12 – What is inflation?
5:20 – Examples of inflation
6:53 – Negative sides
8:37 – Positive sides
9:41 – Hedge inflation
10:29 – Inflation and market returns
13:26 – Your income plan
Getting spouses on the same page with their retirement plan can often be a challenge. We’ll share some of the common things couples mess up when it comes to their finances and what you can do to avoid these mistakes.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-25-financial-mistakes-couples-make/711/
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
What we discuss on this episode:
3:57 – Conversations
6:21 – Pensions
10:48 – Social Security
13:16 – Retirement dreams
16:04 – 401ks, IRAs
18:37 – Risk
21:07 – Estate planning
It’s best to spot red flags in your financial plan early on, that way we can address them before it’s too late. Can you name your investments? How often are you meeting with your advisor? Find out if your answers to these and other questions are problematic.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-24-spotting-red-flags-in-your-finances/702/
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
What we discuss on this episode:
4:33 – Surplus
7:26 – Company retirement plan
10:37 – 401k or IRA
14:43 – Name a stock
18:02 – Know your number
20:39 – Financial and retirement plan
22:46 – Meet with advisor
25:47 – Mailbag: Keep working
Time to act fast. We’re sharing some important tax strategies you might want to put in place before Dec. 31 to maximize your retirement accounts. We’ll share what they are and why you might want to make these changes now.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-23-tax-planning-tips-to-maximize-your-retirement-accounts/695/
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
What we discuss on this episode:
2:06 – Types of accounts
6:04 – Maximizing accounts
9:09 – Self employed
10:35 – Non-working spouse
13:07 – Roth conversions
16:43 – Strategies
21:27 – Be careful
We’re not even to December yet, but it’s important to start talking about tax planning strategies early. Today, we’ll explain why now is the best time to start planning for your taxes and how you can start.
Read more and get additional financial information: https://lifemoneyshow.com/podcast/ep-22-year-end-tax-planning-tips/690/
Key Points:
4:50 – What is tax planning
8:30 – Maximize retirement accounts
12:00 – Health savings account
14:30 – Roth conversions
17:40 – Tax gain harvesting
21:02 – Withholding
23:34 – Education planning
25:02 – Charity
27:32 – Legacy planning
Today we’re talking about the recent proposals in the new American Families Tax Proposal. We’ll walk you through some of the proposed changes and how they could affect your financial future.
Read more and get additional financial information: https://lifemoneyshow.com/podcast/ep-21-how-the-democrats-tax-proposal-could-affect-your-financial-future/678/
Key Points:
4:16 – Income taxes
6:51 – Capital gains
8:21 – S-Corp
9:57 – Ultra-high income earners
11:27 – Retirement planning changes
12:45 – Conversions
14:02 – Investment strategy change
15:05 – RMDs
18:19 – Miscellaneous proposals
Today we are going to focus on questions that we've heard from people recently. We will discuss gifting money to your children, the fear of running out of money, and required minimum distributions. No matter your financial question, we’re here to help guide you.
Read more and get additional financial information: https://lifemoneyshow.com/podcast/ep-20-listener-questions-gifting-money-running-out-of-money-and-rmds/672/
Key Points:
5:21 – Gifts to children
12:07 – Running out of money
18:17 – Getting daughter started
22:25 – Required minimum distributions
Common sense is actually quite uncommon, especially when it comes to financial planning. Here are some common sense money approaches you need to know.
Read more and get additional financial information: https://lifemoneyshow.com/podcast/ep-19-learning-through-uncommon-sense/659/
Key Points:
3:56 – Buy low, sell high
9:30 – Don’t pay more in taxes than you have to
13:07 – Keep costs low
17:00 – Don’t put eggs in one basket
20:41 – Marketing timing
24:23 – Mailbag: Early retirement package
Sometimes the easiest way to learn about something is to make it really simple. There are a lot of assumptions out there about finances, so let’s take some time to clear those up. Like the true/false tests you might have taken back in grade school, let’s play a round of fact or fiction to test your financial planning acuity.
Read more and get additional financial information: https://lifemoneyshow.com/podcast/ep-18-financial-fact-or-fiction-roths-trusts-and-life-insurance/650/
Market Watch:
https://www.marketwatch.com/story/why-you-should-test-drive-your-retirement-11628801767?mod=retirement
Key Points:
3:20 – Roth 401k
5:30 – Trust
7:17 – Life insurance
9:23 – Annuities
11:18 – Social Security
Retirement comes with some double-edged swords – things that are both negative and positive. We’ll explain what they are and how to approach them.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-17-the-double-edged-sword-of-retirement/634/
What we discuss on this episode:
1:25 – Who taught Scott the most
6:01 – Stocks and investing
11:29 – Sudden wealth
14:15 – Roth IRA vs. traditional IRA
18:30 – Paying off your house
20:23 – Risk in your portfolio
24:10 – Question: Flipping houses as investment
How much of what you know or what you’ve heard is true when it comes to financial planning? Join us as we play a little game of fact or fiction when it comes to taxes, Social Security and investments.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-16-test-your-knowledge-financial-fact-or-fiction/629/
What we discuss on this episode:
2:16 – USA Today article
5:56 – Social Security is taxable?
10:36 – Taxes lower?
17:12 – Term vs. whole life insurance
20:26 – Medicare
23:02 – Stocks to bonds
What is your retirement savings for, and what are you working toward? We’ll focus on the non-financial side of retirement and talk about those questions today.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-15-what-are-your-money-and-retirement-savings-for/611/
What we discuss on this episode:
1:50 – Morning routines
5:00 – Non-financial side
8:47 – Spending more time with family
12:33 – Buying things
15:17 – Travel
18:19 – Supporting family
21:41 – Charities
25:52 – Question: Downsize our house?
Today we’re answering questions about Social Security, emergency funds and more. Find out what advice we give people in these types of situations.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-14-social-security-emergency-funds-and-other-questions/600/
What we discuss on this episode:
1:23 – States with lowest and highest savings
3:10 – Social Security
10:07 – Emergency fund
15:43 – Husband’s 40k vs. pension
On today’s episode, we’re talking about the intersection of crisis and opportunity, two words you probably don’t think of together. But sometimes a financial crisis can create opportunities for people.
Read more and get additional resources here: https://lifemoneyshow.com/podcast/ep-13-where-financial-crisis-and-opportunity-meet/571/
What we discuss on this episode:
7:44 – Empty nest
10:26 – Market crash
13:53 – Life insurance
16:21– Laid off
19:53 – Should I take money from 401k?
23:38 – Can I leave 401k to children?
Today we’re sharing more financial questions we have received and how they might help you. You might find yourself in a similar situation and need this guidance.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-12-listener-questions-combining-401ks-paying-for-weddings-a-stock-selling-catch-22/563/
What we discuss on this episode:
3:09 – Old 401(k)s
9:28 – Saving for weddings
14:15 – Apple stock
21:29 – No plans to retire
Today we’re talking about financial questions we have received and how they might help you. You might find yourself in a similar situation so hopefully some of this guidance can benefit you or someone you know.
Read more and get additional financial resources here: http://lifemoneyshow.com
What we discuss on this episode:
5:54 – Max out 401k and Roth IRA?
15:59 – Social Security
22:16 – Family needs help
29:09 – Market crash
On today’s episode, we’re sharing some things you need to have in place to retire before the age of 65. Here are five areas you need to have covered so you can transition to that next stage of your life.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-10-5-areas-to-have-covered-to-retire-by-age-65/540/
What we discuss on this episode:
4:11 – Want to retire before 65?
5:14 – Have enough money
14:53 – Have a plan for health insurance
19:20 – Have a plan for non-retirement accounts
22:40 – Have a plan for Social Security
28:14 – Have a plan for your life
30:15 – Summary
Did you know that nearly a third of near-retirees fail a basic quiz on Social Security? It’s such an important piece of your retirement, so we want to make sure you know the answers.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-9-can-you-pass-this-social-security-quiz/503/
What we discuss on this episode:
5:33 – About the quiz
11:35 – Benefits based on earnings
14:37 – Spouse’s death
16:16 – U.S. citizens
17:13 – Benefits not reduced
18:53 – Still working
23:23 – Dependent children
24:13 – Primary insurance
25:25 – Cost of living
26:44 – Government workers
29:08 – No earnings history
30:34 – Confusion
Saving for retirement is not the same as what your parents and grandparents did. It has become harder in several ways, but we’ll explain what you can do to prepare.
Read more and get additional financial resources here: http://lifemoneyshow.com
What we discuss on this episode:
4:44 – Fox Business story
6:55 – Grandparents and parents
9:54 – Pensions
12:11 – Social Security
16:00 – Retirement savings
17:40 – Other reasons
21:07 – Solutions
25:42 – Investments
27:58 – Without a plan
29:19 – Long-term care plan
Should parents involve children in finances? Are there different rules for younger children versus older children? We’ll explain what considerations when it comes to sharing with your kids.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-7-how-to-teach-your-kids-about-money/464/
What we discuss on this episode here:
3:29 – Should kids be involved with money?
4:25 – Older kids
7:45 – Make children aware of your financial picture
11:50 – Transparency
13:01 – Scott’s parents
14:15 – Clients’ kids
15:24 – Opening lines of communication
Let’s dive into financial literacy and the three traits of money you want inside your portfolio. Do you know what they are? On today’s episode, we’ll share the traits of money that and how they affect your portfolio.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-6-three-traits-of-money-in-financial-planning/450/
Check out our YouTube channel for more: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
What we discuss on this episode:
4:18 – Three traits of money
7:55 – Perfect portfolio
9:30 – Cash
11:20 – Annuities
12:33 – Trade offs
16:30 – Contact Scott
Let’s talk about some of the areas of your financial life where you might be flirting with disaster and don’t even know it. Disaster and retirement are not two words you want associated with each other.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-5-are-you-flirting-with-financial-disaster/393/
Key points:
4:00 – Out-of-date legal documents
7:23 – Incorrect beneficiary designations
9:55 – Tax time bomb
12:40 – Long-term care expenses
16:44 – 60/40 portfolio
What kind of mindset do you have financially? Are you a borrower, a saver or an investor? We’ll talk about these three types of mindsets.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-4-three-money-mindsets-which-one-are-you/339/
What we discuss on this episode:
5:07 – Borrower mindset
11:06 – Saver mindset
15:40 – Investor mindset
We often see people make certain assumptions about retirement that just aren’t correct. Let’s explore some of these and discuss why these common beliefs might get you in trouble.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-3-this-is-why-you-never-assume-in-retirement/311/
What we discuss on this episode:
1:40 – Bullish on America?
3:54 – Assumption: Medicare will cover my healthcare needs
7:30 – Assumption: I’ll spend less in retirement
9:45 – Assumption: Working in retirement
11:41 – Assumption: I need to be very conservative with investing in retirement.
14:11 – Assumption: Taxes will be lower in retirement.
As you move into that final decade before retirement, planning becomes crucial for long-term success. We call this the Financial Danger Zone. Today we’ll identify the changes that need to happen as you approach retirement and what areas require the most attention as you transition into the next chapter of life.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-2-the-importance-of-the-financial-danger-zone/306/
What we discuss on this episode:
1:40 – What are the long-term effects of the third stimulus package?
5:18 – What is the retirement danger zone?
6:23 – Like a construction zone – start with thinking differently
10:19 – Slow down and be prepared for the unexpected
14:14 – Common mistakes people make in the danger zone
16:21 – Why planning makes the danger zone easier
As we launch the new podcast, we wanted to kick it all off by providing a little background on Scott and the show. Find out how Sierens Financial began, what Scott does away from work, and what you’ll learn in future episodes.
Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-1-getting-to-know-scott-sierens-the-new-podcast/57/
What we discuss on this episode:
1:50 – What does being a financial advisor mean to you?
3:33 – How do you get into this business?
6:42 – What does the process look like for our clients?
8:49 – What do you like most about being an advisor?
9:40 – One thing to know about Scott
10:20 – A typical weekend for Scott
11:10 – What will people learn from the podcast?
13:00 – The ideal listener for the show