Simplify Your Retirement: Recent Episodes
Stephen Stricklin
In Simplify Your Retirement, Certified Financial Planner Stephen Stricklin from Wise Wealth LLC shares wisdom to help individuals and couples plan for a peaceful and enjoyable retirement. Stephen, with his years of experience and expertise in retirement income planning along with guest experts, will help you achieve First wisdom, Then wealth! For more information, visit www.SimplifyYourRetirement.com.
It’s often said that people spend more time planning vacations than they do for retirement. But just as you wouldn’t wing a vacation, retirement planning requires careful consideration.
With potential decades ahead, the time invested in planning is relatively short. Therefore, it’s crucial to approach retirement seriously, laying out all your desires to ensure they align with your vision.
A common mistake is solely focusing on the day you can stop working. While reaching this milestone is significant, the ultimate goal is not just retirement but retirement freedom.
Our goal is to guide individuals towards this state of financial freedom, not just reaching retirement but thriving through it. We aim to alleviate the fears and frustrations that often accompany retirement, enabling people to enjoy their golden years with peace of mind. And at the core of achieving this peace is having a well-thought-out plan.
Whether it’s the cost of healthcare, rising taxes, stock market volatility, or inflation, our personalized Retirement Freedom Plan™ covers all potential risks eliminating those fears and what-ifs.
In retirement, you want the freedom to pursue your desires without worrying about uncertainties or risks. Working with someone who understands this is crucial. Going it alone might work, but you could still face fear and frustration along the way.
Robo-advisors lack the human touch needed to address your unique concerns. While they can provide numbers and estimates, they can’t offer the empathy and experience of a human advisor. Trusting solely in automated assessments, like those from 401k providers, may not give you the full picture. What you really need is a financial planner who can guide you not just to retirement but through it, providing both expertise and empathy tailored to your needs.
Let’s create your Retirement Freedom Plan™, starting with the “Clarity Conversation”. Reach out to us at 816-246-WISE or email info@wisewealth.com to start the journey toward freedom.
www.wisewealth.com
In the pursuit of financial freedom, retirement planning often revolves around achieving a specific nest egg or net worth target. However, true fulfillment in retirement extends beyond mere financial security. It encompasses a holistic approach that addresses uncertainties, unforeseen circumstances, and the desire to leave a lasting legacy.
In this episode, we discuss the multifaceted aspects of retirement planning, highlighting the importance of proactive decision-making, essential documents, and specialized expertise to ensure a fulfilling and secure retirement journey. While many financial advisors often focus on reaching a specific nest egg or net worth target to support this goal, experience shows there’s a further peak to strive for beyond mere financial security. The reality is a lot of people plan for about 30 to 35 years preparing for the day they retire, but you need to have a plan for the 30 to 35 years after you retire.
When you get to retirement, now there are unknowns. How long are you going to live? How much is inflation going to impact you? Am I going to need long-term care?
As you get closer to retirement, the risk increase, and the stakes are higher. Mistakes have to be avoided and you need to work with an advisor who specializes in the retirement phase of life. Specific investments are tailored for generating income, while others are geared towards growth.
The choice of investment aligns with the intended financial plan. Beginning with an income plan, one progresses to an impact plan which encompasses legacy, insurance, and tax planning. Unforeseen circumstances such as incapacitation or illness can suddenly shift control away from one’s intended decisions.
This uncertainty can detract from the enjoyment of retirement, raising concerns about the distribution and management of assets, as well as the designation of decision-makers in times of need. The goal of retirement planning is to minimize fear, frustration, and risks to fully enjoy retirement. Essential documents such as powers of attorney, encompassing healthcare and financial matters, are crucial. A living will specifies directives for medical care in certain situations, relieving loved ones of difficult decisions. A traditional will dictates asset distribution, preferably through contractual arrangements. It’s essential to document specific wishes and have them legally endorsed to ensure desired outcomes, particularly for personal items with sentimental value, to avoid potential conflicts among beneficiaries after one’s passing. It’s crucial to ensure that beneficiaries listed on policies accurately reflect your wishes, as these designations override the instructions in your will.
Naming beneficiaries expedites the transfer of assets without the need for probate, streamlining the process. Trusts can be simple or complex, but legal expertise is often necessary for complex situations. While we offer assistance, we recommend consulting qualified attorneys to ensure validity and effectiveness.
We stress to clients the importance of leaving more than just money behind—a legacy of values, beliefs, and memories. Encourage sharing messages, beliefs, and family stories through videos or other means, ensuring that the true essence of their legacy endures beyond financial assets.
📅 SCHEDULE A CONSULTATION: 816.246.WISE (9473), info@wisewealth.com, www.wisewealth.com
Tax Planning: A Lifetime Approach to Minimize Your Taxes
In today’s episode, we dive into the topic of taxes, drawing inspiration from Benjamin Franklin’s famous quote: “There are only two things certain in life, death and taxes.”
Considering the uncertainty surrounding taxes and the fear it can evoke, we emphasize the importance of having a plan in case of tax increases. While your current tax rate forms the basis of our strategy, we also incorporate a contingency for potential future tax rate hikes, stressing the need for preparation regardless of your decision to convert to a Roth or not.
Now, let me introduce Becca Ollar, whose unique background as a CPA with experience in financial planning sets her apart. Unlike CPAs in accounting firms primarily dealing with business and corporate returns, Becca’s focus within a financial planning firm revolves around individual planning.
In CPA firms or accounting firms, the work often happens behind closed doors with minimal interaction. Unlike the typical accounting firm setup where clients drop off tax documents in February and only reconnect in March or the following year, working with Becca involves more engagement and conversation throughout the year.
It’s rare to find a CPA focused on building meaningful relationships and actively helping clients achieve their goals, rather than just offering tax preparation services. This approach involves proactive communication, strategic planning before deadlines, and a partnership mentality, ensuring clients are well-informed and minimizing surprises come tax time.
The advantage of combining CPA and financial advisor services lies in seamless access to comprehensive records and consistent advice. The proactive approach, often lacking in traditional tax preparation services, is crucial for a positive client experience.
Interested in Tax Preparation? Call our office at 816.246.WISE (9473), or visit our website, www.wisewealth.com.
Watch or listen to the full episode to hear Stephen’s perspective on paying taxes upfront on the seed, rather than navigating the uncertainties of future tax rates and amounts during the harvest. Also learn other tax strategies such as:
- Maximize conversion amount within the current tax bracket.
- Evaluate the Impact of Moving to Higher Tax Brackets: g., 12% to 22% versus 22% to 24%.
By incorporating these insights into your tax planning, you can make informed decisions that align with your financial goals.
In this insightful conversation, Stephen Stricklin discusses the complexities of financial planning, focusing on the contrasting viewpoints regarding investments in the stock market and insurance planning.
Leveraging his extensive industry experience, Stricklin underscores the significance of crafting a comprehensive plan that seamlessly integrates both aspects.
There is an imperative need for objective advice, especially from a firm like Wise Wealth which can objectively navigate the intricacies of both insurance and investments. Many biased financial advisors may favor one approach due to licensing, affiliations, or personal preferences.
Wise Wealth’s approach involves tailoring recommendations based on a thorough understanding of clients’ needs, initiated through a “Clarity Conversation,” followed by the “Possibilities Meeting” – exploring diverse avenues for achieving financial goals.
It’s important to understand that by investing in insurance you are transferring the risk to the insurance company which can lead to financial peace of mind.
Stephen and his co-host, Paul Brock talk about the significant financial risk associated with long-term care, the complexities of Medicare, and the role of life insurance.
In conclusion, it is crucial and imperative to adopt an objective and fiduciary approach when making decisions related to insurance.
Key Topics Discussed:
- Understanding Insurance as Risk Transfer
- Long-Term Care as the Largest Financial Risk in Retirement
- Medicare Complexities and the Need for Expert Guidance
- Overview of Life Insurance: Death Benefits and Living Benefits
- Integral Role of Life Insurance in All Seven Areas of Planning
- The Importance of Comprehensive Financial Planning
CONTACT US:
www.wisewealth.com
Email us at info@wisewealth.com, or give us a call at 816.246.WISE (9473).
To request your copy of our book, Simplify Your Retirement, email us at info@wisewealth.com, or visit our website www.wisewealth.com/contact-us.
Investment Planning: The 2 Key Ingredients to Success
Ever wondered what it takes to be a successful stock market investor? In this episode, Stephen Stricklin from Wise Wealth breaks down the two essential ingredients for success: time and discipline.
🔍 Key Takeaways:
• Time & Discipline: The foundation of successful stock market investing.
• The Three-Bucket Approach: Learn how to allocate your assets strategically.
• #GSEL Mission: Discover Wise Wealth’s mission—Give, Serve, Enjoy Life.
• Seven Areas of Financial Planning: Gain insights into comprehensive retirement planning.
Stephen explains the significance of the three-bucket approach – liquid, income, and growth – and why the growth bucket is a key component for long-term success in stock market investing.
The episode provides insights into the five-year rule, a fundamental principle that dictates only taking diversified risks with money not needed for at least five years. Stephen emphasizes the role of the growth bucket in beating inflation, addressing healthcare costs, and managing taxes. He explains why having as much money as possible in the growth bucket provides financial flexibility and serves as “fun money” for retirees.
Throughout the conversation, Stephen emphasizes the importance of staying disciplined and not making impulsive investment decisions based on short-term market fluctuations.
Tune in to gain valuable insights into the growth bucket strategy and learn how it contributes to financial peace, confidence, and the freedom to enjoy life in retirement.
CONTACT US:
To request your copy of our book, Simplify Your Retirement, email us at info@wisewealth.com, or visit our website www.wisewealth.com/contact-us.
Income Planning: Smart Investment Allocations for Maximum Peace of Mind
We understand that when retirees have a well-thought-out plan, they are more likely to experience true freedom. The ultimate goal of our retirement planning efforts is to achieve this freedom, enabling individuals to give, serve, and enjoy life without constraints.
Once a plan is established for each of these six areas: liquidity, income, growth, tax, legacy, and insurance, true freedom becomes attainable.
Our concept of freedom planning perfectly aligns with the mission of Wise Wealth, encapsulated by the hashtag #GSEL (give, serve, and enjoy life). To realize this vision, meticulous planning is necessary.
One of the most pivotal questions to ask in financial planning is, “What does retirement look like to you?” This question is crucial as the answer varies for each individual. Retirement, for some, entails serene moments in a rocking chair or spending time with grandchildren, while for others, it means constant travel and never staying at home. There’s no right or wrong answer, but an answer is essential.
The response to the question “What does retirement look like to you?” not only carries an emotional aspect but also a numerical component. When we discuss income planning, we are essentially determining that number.
At Wise Wealth, one of our guiding principles is that the plan determines the products. Using our easy-to-understand “3-Bucket Approach” we identify the purpose of the money—whether it’s for liquidity, income, or growth. and we firmly believe that a single portfolio cannot effectively serve all three purposes.
We believe a single portfolio cannot effectively serve all three purposes. Aligning investments with their intended purposes simplifies decision-making and enhances peace of mind.
Today, our focus shifts to the income bucket. We’ll discuss the rules governing how much should be allocated to this bucket and the investment options it offers.
Many individuals approaching retirement, particularly those who have managed their finances independently or worked with advisors focused on asset growth, may find this transition challenging. They are accustomed to growing their assets, often through 401(k) investments.
However, in retirement income planning, the dynamics change, requiring consideration of liquidity, safety, income, and growth.
Many people mistakenly believe they only have these two extreme options, either taking no risk and accepting minimal returns (barely keeping up with inflation) or risking everything with potential losses as the market fluctuates. The downside is that this type of strategy doesn’t lead to freedom or peace of mind. Individuals find themselves in constant fear, tied to market fluctuations, questioning every financial decision.
There are alternative options in the middle ground, that are less risky and more cost-effective, giving a more balanced approach.
Upon reaching retirement age, individuals should protect the portion of their money needed for an income stream. The rules for the liquid bucket involve determining your income number, solving for the gap by subtracting guaranteed income sources, and figuring out the least amount of assets needed to guarantee the required level of income.
Almost everybody has an income gap, and the income gap formula is straightforward. Take your income need in retirement, subtract any guaranteed income sources, and start with a clear budget. To determine your income need, write it down—request our complimentary retirement worksheet at info@wisewealth.com.
Our goal as planners is not to sell annuities or CDs but to have as much money as possible growing for our clients while protecting their income needs. We advise individuals, even up to the first 5 to 10 years in retirement, to start allocating assets today to solve for that gap 10 years from now.
It’s never too early to start planning.
To request your copy of our book, “Simplify Your Retirement, email us at info@wisewealth.com.
In planning for retirement, creating a budget is crucial for ensuring financial security and making work optional. The simplified approach involves dividing assets into three buckets: one for liquid expenses, another for income, and the third for growth.
The budget, a formal plan for managing monthly income, helps avoid overspending and provides the freedom to enjoy retirement.
Key points on budgeting for retirement:
Living Expenses vs. Lifestyle Expenses:
Distinguish between essential living expenses (e.g., housing, utilities, food) and desired lifestyle expenses (e.g., travel, recreation). Guaranteeing living expenses is crucial.
Start with the Basics:
Ensure a secure retirement by covering the necessities. Just as parents promise a roof, food, and clothes for their children, retirees should guarantee their own living expenses.
Healthcare Costs and Inflation:
Estimating healthcare expenses is a significant concern in retirement. A reasonable starting point could be $450 per person per month. Account for inflation in estimating future expenses. Regularly monitor and adjust the budget as circumstances change.
Customization is Key:
While there’s no one-size-fits-all solution, everyone needs to identify their unique retirement number. Use a budget worksheet, estimate high, and adjust for inflation over time. Six months before retirement, start living on the budget to ensure its feasibility. Adjustments can be made based on the real experience.
Remember, the goal is to retire with confidence, peace of mind, and the freedom to enjoy life without financial constraints.
📅 SCHEDULE A CONSULTATION:
816-246-WISE (9473) | info@wisewealth.com | www.wisewealth.com/contact-us
Liquidity Planning: How to Plan for Short-Term Needs and Where to Invest
Liquidity is important for everyone, no matter what phase of investing you are in. If you anticipate needing your money within the next five years, it should be readily accessible. The primary objective is to ensure the protection of your income stream and have assets at your disposal.
It’s impossible to grow your income, draw an income stream, and keep it liquid all in one portfolio.
In our 3-bucket approach, funds are distributed into 3 categories: liquid, income, and growth. Anything in the liquid bucket will not be available for growth or income.
There are two reasons someone may want to have liquid assets:
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Emergency Fund: The recommended amount for an emergency fund may vary depending on your current investment phase.
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Short-Term Expenses: These are expenses you anticipate in the next five years, such as buying a new car, funding house repairs or renovations, or taking trips.
The objective here is to safeguard this money from market risks. If your financial goals are within 1-3 years, there may be an alternative investment to consider besides a checking account. These could include cash alternatives such as CDs, money market accounts, fixed annuities, or specialty savings accounts. Most people think that having money liquid means it doesn’t earn anything. That is not the case with these alternatives.
Contact our team of professionals for more information about the current return on specific accounts that could benefit you.
816.246.WISE (9473) or info@wisewealth.com
With our Simplify Your Retirement Plan® Process, your income stream will be guaranteed and the plan ultimately leads to financial peace of mind so you can live the retirement you always dreamed of.
Wise Wealth is an education-based financial planning firm that specializes in retirement.
📅 SCHEDULE A CONSULTATION:
816-246-WISE (9473) | wisewealth.com/contact-us | info@wisewealth.com
In this episode, we take a big-picture view of what planning is, and what a retirement plan should include.
Products are not a plan.
Someone may think they have a plan because they have a 401(k), pension, or insurance policy in place. Or they plan to get a little more conservative over time with their portfolio. Each of those things may be part of a plan, but they are actually products, they are not a plan.
Hope is not a plan.
When you go to a traditional financial planning firm that is not a specialist in retirement income planning, they will give people a simulation, a percentage chance that you won’t run out of money by a certain time.
There’s a better way to plan for retirement than hoping or assuming or looking at hypothetical assumptions. The numbers can be manipulated, and our concern is with the hypothetical returns.
So, what is a true retirement plan?
A true retirement plan moves beyond just having a policy or a product, it’s understanding why and how it fits within the plan.
We believe there are 7 areas of planning: Liquidity, Income, Investment, Tax, Legacy, Insurance, and Freedom Planning.
We break these down into two phases:
- The Income Plan which encompasses Liquidity, Income, and Investment Planning.
- The Impact Plan includes Tax, Insurance, and Legacy Planning.
The entire reason we save, and work for 30+ years is so that when we arrive at retirement, we no longer have to worry about the income stream. This is why we believe income planning is the best way to start.
Once the income portion of the plan is complete, then we move into “The Impact Plan” phase. In this phase, the relationship with our clients grows, as we help them define their vision for retirement and beyond.
A long-term relationship is needed to cover all 7 areas of planning with the end goal being FREEDOM. We celebrate our clients who are in the freedom stage of our Simplify Your Retirement® Plan.
If you are new to Wise Wealth and want to learn more about how the Simplify Your Retirement Plan® Process can help lead you to a peaceful and enjoyable retirement, contact us!
📅 SCHEDULE A CONSULTATION:
816-246-WISE (9473) | info@wisewealth.com | www.wisewealth.com/contact-us
View our list of upcoming Simplify Your Retirement workshops: www.wisewealth.com/events
A Retirement Plan That Leads to Confidence
If you have a plan that’s simple and easy to understand, implement, and follow, you will feel better about your retirement plan. This, after all, is the overarching goal of everything we do: to instill confidence in your financial future.
In a landscape where many financial advisors tend to make things needlessly complex, it’s essential for everyone to be able to understand their retirement plan. To be successful in retirement you have to take action, and that’s where an easy-to-understand plan becomes crucial.
Making Work Optional
Our mission begins with the phrase, “to guide families on a path that makes work optional.” As we get to know people and discover their goals and dreams, this phrase triggers something in their minds…
The intention behind this part of our mission signifies preparing for a day when you no longer work for a paycheck. Picture a future where the monotonous morning routine of getting ready for work and battling traffic no longer binds you.
One day in the future, you have a paycheck coming in, where you will still get paid and have the lifestyle you want, but you won’t have to work to do that. You don’t have to exchange your time or expertise in order to get paid.
The goal is to make work optional, to allow yourself the freedom to give, serve, and enjoy life. #GSEL
📅 SCHEDULE A CONSULTATION: 816-246-WISE (9473), info@wisewealth.com, or https://wisewealth.com/contact-us
View our list of upcoming Simplify Your Retirement workshops: www.wisewealth.com/events
In today’s episode, the last of Season 4, Stephen Stricklin, along with Paul Brock, answer FAQ’s surrounding retirement planning. In addition to their answers in this episode, we encourage you to look back through the seasons to gain more clarity!
One listener asks, “Do you see value in splitting accounts over a few different advisors?” Stephen says with multiple advisors working with the same client, you can end up with similar portfolios, and that may not be as diversified as you’d think. In addition, different advisors have different financial philosophies, Stephen believes in simplicity and consolidation, getting all assets under the same roof.
A common question Stephen and Paul face is, “Should I have an alternative to bonds?” In this current environment where the interest rates are rising, and the value of bonds go down, ultimately it depends what your plan is. Their suggestion is a fixed indexed annuity, a fixed annuity, or CD’s. In exchange for the liquidity that bonds offer, you get guaranteed principal protection and no downside risk.
When it comes to retirement planning, someone asks, “How can I build a retirement plan when I don’t know when I will retire?” Stephen suggests picking a date and going from there. It doesn’t have to be set in stone, but it’s best to start putting together a plan sooner than later, to have peace of mind.
Stephen and Paul Discuss:
Overview of all four seasons thus far. Addressing questions sent in from listeners Question 1- “Do you see value in splitting my account over a few different advisors?” Question 2- “Should I use an alternative to bonds, in this environment with interest rates rising?” Question 3- “How can I build a retirement plan when I don’t know when I will retire?” Podcast show taking a break in between season four and season five. Exciting new improvements to the podcast when we resume!
Resources: info@simplifyyourretirement.com http://www.simplifyyourretirement.com/book https://wisewealth.com Season 1 The Three Bucket Approach Part 1 The Three Bucket Approach Part 2 The Three Bucket Approach Part 3 Season 2 Season 3 Season 4 Wise Wealth YouTube Channel
Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
Have you ever considered the views of the companies you’ve invested in? Do they align with yours? Join Stephen Stricklin and Paul Brock, along with guests Ben Malick and David Sandhu, as they discuss Biblically Responsible Investing. Ben and David have years of financial experience with Wise Wealth, and in this episode, offer clarity on how we can make good decisions when it comes to thinking biblically about our investments.
As an investor, you must screen for companies that take into account the acronym, ESG, Environment, Social and Governance. Do they care for the environment? How do they treat their customers and employees? How well is their board structured? Look for companies that are not harming others for the sake of profit.
As a christian, being aware of what you invest your money in is of highest importance. Focus on companies that give back to their employees and their community and support christian values. In the long run, businesses that care for people will flourish.
Bright Portfolios is Wise Wealth’s solution. Bright Portfolios is an asset allocation where they manage the portfolios for individual clients. They screen for companies exhibiting good values, and build a fully diversified portfolio. You can feel good about the companies you own and feel good about the returns. You get positive returns and know the money you’re investing is actually doing good in the world.
Ben and David Discuss:
The philosophy of Biblically Responsible Investing ESG (Environmental, Social, Governance); what investors will screen companies for. Types of companies to avoid. “Sin stocks”; any company that supports tobacco, alcohol, gambling, manufacturing abortion drugs, creating or distributing pornography, companies that harm others for the sake of profit. Types of companies to invest in. “Shining light” or “Beacon of hope” companies are focused on giving back to their employees, giving to the community, and honoring God. Does narrowing down the amount of stocks I invest in because of misaligned values make me lose a little bit of return? Bright Portfolios is an asset allocation where they manage the portfolios for individual clients. They screen for companies exhibiting good values, and build a fully diversified portfolio.
Resources: Do you have a question to ask for an upcoming podcast episode, or want a FREE copy of our book, Simplify Your Retirement? If so, email: info@simplifyyourretirement.com http://www.simplifyyourretirement.com/book Season 2 Episode 10 with Ben Malick Wise Wealth Phone Number: 816-246-WISE (9473) https://wisewealth.com https://brightportfolios.com
Connect With Ben and David: info@simplifyyourretirement.com https://wisewealth.com https://brightportfolios.com
Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
About Our Guests: Ben Malick is the Chief Investment Officer of Wise Wealth, Portfolio Manager for Bright Portfolios, Chartered Financial Analyst and Certified Kingdom Advisor.
David Sandhu is a Wise Wealth Financial Advisor, Certified Kingdom Advisor and Chartered Retirement Planning Counselor.
You may have heard the terms “fee” and “cost” used as synonyms, but there is a distinction that could make all the difference in the world of investing. In this episode, Stephen Stricklin and Paul Brock discuss three major misconceptions many people have about fees and costs.
A fee is something you can “see,” usually in plain sight, and made known up front, sometimes deterring an individual from taking the plunge. A cost is something you can “feel,” usually not laid out clearly in a statement, but you’ll feel the hidden costs in your returns.
The three most popular money saving misconceptions are: investing on your own, that your 401(k) has no fees, and investing online with a robo-advisor, all of which lead people to believe that they are cutting losses associated with various service fees. Stephen and Paul expose these myths with facts and statistics, showing the fees of working with an advisor actually yields greater return than the costs associated with the three methods above.
All investments have a cost, and value determines worthiness. The value of having a financial advisor when investing is highly beneficial, and the stats show it is worth it.
Stephen and Paul Discuss:
The difference between fees and costs. A fee is something that you see, a cost is something that you feel. The myths and misconceptions of fees and costs when it comes to investing. Misconception #1 “I can save money by investing on my own, and pay no fees” Vanguard study Misconception #2 “I can save money by keeping money in the 401K, where there are ‘no fees’” Misconception #3 “I can save money by investing online through a robo-advisor, because there are ‘no fees’” Dalbar study
Resources: Don’t forget to email info@simplifyyourretirement.com if you have any retirement questions you’d like Stephen and Paul to answer in an upcoming episode OR to get a free Copy of Stephen’s book, Simplify Your Retirement! info@simplifyyourretirement.com http://www.simplifyyourretirement.com/book https://www.investopedia.com/
Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
Are there better uses for your home equity? In today’s episode special guest Gabrielle Welter, along with host Stephen Stricklin, discuss everything reverse mortgages. Gabrielle is a reverse mortgage specialist in the Chicago area, and with 11 years experience in the financial industry, she has a lot to share.
Gabrielle debunks the negative connotation that a reverse mortgage is the “loan of last resort.” She gives an in depth look into how a reverse mortgage can enhance your retirement portfolio overall.
She answers questions like; How does a reverse mortgage work if you still have a mortgage payment? What is the cost/value? What happens when you sell your house but there’s still equity in the home?
Gabrielle Discusses:
Uses for a reverse mortgage, and how it can benefit the retiree- a way to pay for long term care. Different scenarios for a reverse mortgage and how it would work- even if you still owe money on your mortgage, you can still qualify. HECM- home equity conversion mortgage Why a reverse mortgage is valuable- Closing costs are high because it is FHA insured, and it is a non-recourse loan, they cannot pass any debt to any errors. Benefits of being FHA insured Explains the scenario of selling the house, still having equity in the home- leaving remaining equity to beneficiaries, “passing money”. The scenario of not taking equity out of the home, but instead buying a new home, “HECM for purchase” or “H4P”.
Resources: Do you have a question to ask for an upcoming podcast episode, or want a FREE copy of our book, Simplify Your Retirement? If so, email: info@simplifyyourretirement.com http://www.simplifyyourretirement.com/book Myhousecounts.com
Connect With Gabrielle Welter: Myhousecounts.com LinkedIn: Gabrielle Welter
Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
About Our Guest: Gabrielle Welter is a reverse mortgage specialist in the Chicago area. She has 11 years of experience in the financial industry, and has even owned her own Allstate agency for 5 years. She is passionate about her work, going beyond just a customer-relationship, to a client-relationship, educating her clients and countless others on her social media platforms. Gabrielle is also married, and the mother of three boys and one golden retriever.
Host Stephen Stricklin and Co-Host Paul Brock take on the topic of taxes in retirement in today’s episode, appropriately released on the tax filing deadline date of 2021. An exciting day for some, and dreaded for others, it’s a reality of our financial life we cannot avoid, and certainly a factor to consider when planning for retirement.
Stephen and Paul take a deep dive into some tax lingo. They bring listeners through five topics pertaining to taxes and retirement: Tax Planning, Effective vs. Marginal Tax Rate, Capital Gains, Social Security benefits and Medicare. They give clarity to these terms, and give examples of scenarios from the point of view of a married couple filing jointly.
Financial peace comes from having a plan, and having a base understanding of these commonly talked about concepts will help set you up for a successful and peaceful retirement.
Stephen and Paul Discuss:
Tax Planning; making sure you have a plan to deal with increasing taxes in retirement Effective Tax Rate vs. Marginal Tax Rate Capital Gains; short term vs. long term Taxation on Social Security benefits Medicare; IRMAA Future FAQ episodes to come
Resources: Do you have a question to ask for an upcoming podcast episode, or want a FREE copy of our book, Simplify Your Retirement? If so, email: info@simplifyyourretirement.com http://www.simplifyyourretirement.com/book US Debt Clock Link
Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
Retirement is not a cliff to jump off of, but an opportunity to build bridges grounded with your values and strengths.
In this episode, Stephen Stricklin is joined by guest Samantha Lane, an Associate Certified Coach who most often works with men and women making the huge transition to retirement. Samantha is passionate about helping individuals through major life changes, and being a guiding light for clients to find balance and satisfaction in their life as retirees.
Samantha walks us through six non-financial mistakes people make going into retirement, identifying them and giving tips on how to combat them. She brings up some misconceptions many people have about retirement, and encourages listeners to be proactive about their expectations, so that they can have a fulfilling life in retirement.
Samantha alleviates the heaviness that the new chapter of retirement can bring. The question of “what do I do next?” can be daunting. You don’t need to have all twenty years of retirement planned out, what you need to know is just the next right step forward.
Samantha discusses:
The longevity of life for the average retiree. How she found a life coach, in Minnesota and found clarity to do what she’s doing now. Moving back to Kansas City and starting her own coaching business in 2016. The longevity of your life being tied to your social wellness Six non-financial mistakes people make going into retirement
Resources: https://simplifyyourretirement.com https://www.lumina-coaching.com/ Season 3 Episode 1 Season 3 Episode 2 Season 1 Season 3 Episode 9 https://simplifyyourretirement.com/book/ info@simplifyyourretirement.com
Connect With Samantha Lane: https://www.lumina-coaching.com/ LinkedIn: Samantha Lane AAC, ICF
Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
About Our Guest: Samantha Lane is an Associate Certified Coach with the ICF. She launched Lumina Coaching in May 2016 and has since served dozens of people in support of their best life. She’s a Life Coach passionate about helping people get “unstuck” and gain awareness on developing their personal sense of balance, wellness, and success in life.
She most often works with men and women making the huge transition to retirement; understanding that this life change is not a cliff to jump off of, but an opportunity to build bridges grounded with your values and strengths. When she’s not on a coaching call, you can find her walking her Chocolate Lab, Leo, hanging out with her nieces or nephews, or on a yoga mat.
Joining host Stephen Stricklin is guest Mark Willis, financial advisor and owner of Late Growth Financial Services in Chicago IL, and Co-Host of his podcast Not Your Average Financial Podcast, on the topic of banking on yourself.
Graduating college with an immense amount of debt, and starting a new job at a CPA firm during the 2008 stock market collapse, Mark wondered “Is there something better than just climbing out of this hole?” Knowing debt is important to move past, but not wanting to throw away crucial years, where money is more valuable due to compound growth and opportunity cost, Mark thought, “Is there a way to turn my debt liability into an asset?”
The Bank on Yourself concept uses a whole life insurance policy tool to build an asset called cash value. Using the “snowbank method” Mark talks about how to continue to pay off debt with minimum payments, and dump the leftover money into the whole life policy that has a non-direct recognition loan. You can borrow against your life insurance cash value and it will continue to grow as if you hadn’t touched a dime of the money!
Though it took Mark an extra year to finish paying off his student loan debt, he wasn’t back at net zero. He had created a massive asset on his balance sheet.
Mark discusses:
Not Your Average Financial Podcast His story; how he accumulated student loan debt, and how he overcame it. “Banking on Yourself” concept The “snowbank method” Whole life policy with a non-direct recognition loan What would an easy financial life look like? Being aware that a whole life policy is a long term commitment Having different assets to pull from in retirement
Resources: https://simplifyyourretirement.com https://nyafinancialpodcast.com
Connect With Mark Willis: https://nyafinancialpodcast.com LinkedIn: Mark Willis
Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
About Our Guest: Mark Willis is a certified financial advisor in Chicago, IL, owner of Late Growth Financial Services in Chicago, he specializes in building custom tailored financial strategies. He is the Co-Host of Not Your Average Financial Podcast.
Joining Stephen Stricklin for another podcast episode is our guest, David Rosell, financial planner, president and founder of Rosell Wealth Management, author of Failure Is Not an Option, and avid traveler. They discuss common risks that you should consider when planning for retirement.
Risks that occur in the distribution phase of retirement are inevitable. It’s up to us to be prepared with a plan when we meet these risks. The most common risks that people run into are inflation risk, interest rate risk, and longevity risk. With these uncertainties in mind, we can find peace by having a plan.
When it comes to distribution planning and how people withdraw their money during these years to handle longevity, there’s a hierarchy of needs, similar to the outline of “Maslow’s Hierarchy of Needs.” First on the list is core expenses, your necessities, and these must be guaranteed for life. Then comes joy expenses, like traveling, hobbies, and grandchildren. Last are goals: education for grandchildren, a vacation home, and leaving a legacy.
Stephen and David want you to go into retirement with confidence and peace when navigating the inevitable risks. A quote from David’s book says it all, “Hit the ball over the fence, and you can take your time going around the bases. -John Roper.”
David Discusses:
David Rosell’s new book, Failure Is Not an Option Inflation Risk: being aware that the cost of living will double every 20 years, at the rate of 3.5% Interest Rate Risk: considering the uncertainty of the fluctuating value of bonds, making a plan to take all the moving risks into motion. Longevity Risk: it’s becoming more common to live decades past what people plan for, and this fact makes all other risks more dangerous. Setting a financial plan based off of “Maslow’s Hierarchy of Needs.” Core expenses, joy expenses, and goals. David Rosell’s book, Keep Climbing, A Millennial's Guide to Financial PLanning, and looking forward to book #3 in the making.
Resources: https://simplifyyourretirement.com https://wisewealth.com https://www.davidrosell.com Season 1 Season 4 Episode 3 Inflation Season 4 Episode 4 (Part 1)
Connect With David Rosell: https://www.davidrosell.com LinkedIn: David Rosell
Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
About Our Guest: David Rosell is the author of Failure Is Not an Option, Creating Certainty in the Uncertainty of Retirement. He is the president and founder of Rosell Wealth Management in Bend, Oregon. He is an extreme traveler, having been to more than 75 countries on 6 different continents, including hitchhiking in Nairobi to Cape Town Africa, climbing the Nepalese Himalayas, and even tearing down the Berlin Wall.
Stephen Stricklin is joined by guest David Rosell, financial planner, president and founder of Rosell Wealth Management, author of Failure Is Not an Option, and world-wide traveler, as they discuss the reality of planning for retirement.
In his book, David combines his two passions, travel stories, and financial survival tips. He ties in his mountain climbing and travel adventures, with impactful advice about retirement. David says FEAR, False Evidence Appearing Real, is our worst enemy. Fear discourages people from making a solid plan. In climbing, the end goal may be for someone to reach the summit, when in reality the end goal needs to be how to get back down the mountain after reaching the summit.
People tend to make their decisions based on emotions. David suggests shutting off the TV. From the panic in the reports on the News, to watching the stock market’s fluctuations, it can cause anxiety, and lead to making poor financial decisions.
The goal is to ultimately enjoy your life, have a plan and make sure your money is invested properly.
David Discusses:
David Rosell’s new book, Failure Is Not an Option His least favorite word: FEAR, which stands for False Evidence Appearing Real Tips on how to not make financial decisions based on an emotional response Preparing for retirement with a solid plan in place Stories about his 1956 Morris Minor, “Peaches,” as a picture of how we should treat our investment accounts
Resources: https://simplifyyourretirement.com https://wisewealth.com https://www.davidrosell.com
Connect With David Rosell: https://www.davidrosell.com
Connect With Stephen Stricklin: stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
About Our Guest: David Rosell is the author of Failure Is Not an Option, Creating Certainty in the Uncertainty of Retirement. He is the president and founder of Rosell Wealth Management in Bend, Oregon. He is an extreme traveler, having been to more than 75 countries on 6 different continents, including hitchhiking in Nairobi to Cape Town Africa, climbing the Nepalese Himalayas, and even tearing down the Berlin Wall.
Should inflation cause panic? Are spikes in inflation a new phenomenon? How will it impact my retirement?
Join our hosts Stephen Stricklin and Paul Brock for Season 4, Episode 3 as they answer these questions and more! They talk about the importance of considering inflation when relating to retirement, in this timeless episode designed to share with friends and family. Inflation, as defined by Investopedia, is the decline of purchasing power of a given currency over time. Retiree’s feel the impact of inflation more than most. With an average inflation rate of 3% per year, they need to be prepared for a change in the power of their dollar years down the line.
Discussed in seasons 1 and 2, there are three phases of investing when it comes to retirement; accumulation phase, preservation phase, and distribution phase, and no matter what phase you are in, there are different goals set in regards to inflation. For a practical way to meet the goals of each phase, incorporate the three bucket approach, separating your money into a “liquid bucket,” an “income bucket” and a “growth bucket.”
Stephen and Paul discuss:
What inflation is Misconceptions about inflation Being proactive when it comes to inflation impacting your retirement. Three phases of investing; accumulation, preservation and distribution, what they are and what each specifically needs to focus on regarding inflation. The three bucket approach; liquid bucket, income bucket, and growth bucket, and the purpose for each.
Resources:
https://simplifyyourretirement.com https://wisewealth.com https://www.investopedia.com Season 1 Season 2 Season 1 Episode 4 Season 1 Episode 8 Season 1 Episode 9 Season 1 Episode 10
Connect With Stephen Stricklin:
stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
"The biggest risk we face in old age, or maybe the second biggest apart from healthcare costs, is longevity risk - out running our money." - Laurence Kotlikoff
In this episode, Stephen Stricklin continues his conversation with Laurence Kotlikoff, a Professor of Economics at Boston University and best-selling author. They cover several more details about Laurence’s new book, “Money Magic: An Economist's Secrets to More Money, Less Risk, and a Better Life”.
A large part of the discussion was around the 5 main risks to one’s living standard that Larry talks about in greater detail in his book. Those 5 risks are earnings risk, mortality risk, longevity risk, inflation risk, and investment risk.
They discuss:
Chapter five of his book titled, Get House Rich. Moving out of his house in Boston to a “new” house in Rhode Island. Living Standard and mitigating several different risks. The 5 main risks mentioned in Money Magic. Laurence shares the importance of annuities and why they got one for his mom when she was 88 years old. Stephen and Paul end the episode talking about the importance of retirement plans that are specific to the individual.
Connect With Laurence Kotlikoff:
https://kotlikoff.net LinkedIn: Laurence Kotlikoff http://maxifi.com
Connect With Stephen Stricklin:
stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
About Our Guest: Laurence Kotlikoff is a Professor of Economics at Boston University, Fellow of the American Academy of Arts and Sciences, Fellow of the Econometric Society, Research Associate of the National Bureau of Economic Research, and President of Economic Security Planning, Inc, and a New York Times best-selling author. His columns, articles, and books cover personal finance, generational policy, climate policy, inequality, tax reform, Social Security, banking, robotization, growth, and much more.
Welcome to season 4 of the Simplify Your Retirement Podcast! Season 4 will be packed with exciting guests, and popular FAQ’s Stephen gets from clients.
In part one of this two-part interview, Stephen Stricklin is joined by Laurence Kotlikoff, a Professor of Economics at Boston University and a best-selling author. They discuss Kotlikoff’s brand-new book, “Money Magic: An Economist's Secrets to More Money, Less Risk, and a Better Life”.
A magician isn’t smarter than anyone else, he just happens to learn something that he can convey in a way that surprises people. Laurence’s goal is just that – to share what he’s learned in an unconventional and entertaining way that will transform your financial thinking and show you how to improve your financial future.
He shares snippets from his book such as: Why he decided to become an Economist rather than a doctor, why students should consider not borrowing for college, finding a job you love but others hate, among other things.
Laurence discusses:
Why he decided to become an Economist instead of a doctor Discusses his latest book, “Money Magic: An Economist's Secrets to More Money, Less Risk, and a Better Life” Why he has a chapter in his book on not borrowing for college. Thinking about those who don’t graduate or even go to college. What are they going to do? Having a smooth living standard over your lifetime. And more
Resources:
https://simplifyyourretirement.com Season 1 Season 2 Season 3 Larry’s original Episode: S2 Ep3
Connect With Laurence Kotlikoff:
https://kotlikoff.net LinkedIn: Laurence Kotlikoff http://maxifi.com
Connect With Stephen Stricklin:
stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
About Our Guest: Laurence Kotlikoff is a Professor of Economics at Boston University, Fellow of the American Academy of Arts and Sciences, Fellow of the Econometric Society, Research Associate of the National Bureau of Economic Research, and President of Economic Security Planning, Inc, and a New York Times best-selling author. His columns, articles, and books cover personal finance, generational policy, climate policy, inequality, tax reform, Social Security, banking, robotization, growth, and much more.
In this season of Simplify Your Retirement, we focused on the Wise Wealth mission of guiding investors on the path to financial significance, where they are free to give and serve and to enjoy a life like never before.
In this episode, Stephen Stricklin is joined by Bekah Stever, AAMS®, chief growth officer & director of compliance at Wise Wealth. Bekah helps us tie up the season as we look back at how Wise Wealth has given and served this past year. Bekah also shares why giving and serving is special to her.
Bekah discusses:
Why she chose to work at Wise Wealth How Wise Wealth was involved in giving this year How Wise Wealth served widows and widowers The client appreciation event, and why giving and serving is special to her And more
Connect With Bekah Stever:
LinkedIn: Bekah Stever, AAMS®
Connect With Stephen Stricklin:
stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
About Our Guest:
Bekah focuses on the integration process for new, Wise Wealth clients, ensuring the transition is as convenient and seamless as possible. She also supports the President with the firm’s compliance. This allows her to contribute to the client’s confidence in Wise Wealth for their financial peace of mind.
Bekah is driven by her faith and her love for other people. She enjoys helping people understand finance in a simple, easy-to-comprehend way, and she is grateful to work for a company with greater passion and purpose beyond just financial success. She is happy to have found meaningful work at a company – and an industry – she believes in.
Bekah completed a Bachelor of Science at Trinity Baptist College. She holds her Series 6, 63, 65, and 7 licenses and is an Accredited Asset Management Specialist. (AAMS ®)
Outside of work, Bekah loves watching Chiefs games, working with the youth at her church, hot yoga, playing sports, and spending time with her husband, Scott.
Being free to enjoy life in retirement is one of the missions of Wise Wealth. But you should be enjoying life all the time.
In this episode, Stephen Stricklin is joined by Jonathan Dold, a financial advisor at Wise Wealth. Jon is not retired, but he has been living the Wise Wealth mission of enjoying life for quite some time. He shares his background in finance, how he’s been enjoying life, and his experience with First Tee, a youth development golf organization that he is involved with.
Jon discusses:
Why he became a financial advisor How he chooses to enjoy life His experience with First Tee What giving and serving means for organizations and those involved And more
Connect With Jonathan Dold
jon@wisewealth.com WiseWealth.com LinkedIn: Jonathan Dold
Connect With Stephen Stricklin:
stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
About Our Guest:
Jon’s ability to communicate openly and honestly with his clients makes him stand out from other advisors. He takes great pride as a financial advisor, empowering his clients with confidence as they look to the future.
By truly listening and understanding his clients’ unique situations, Jon gains a solid grasp of their goals and emotional behaviors when it comes to financial matters. From there, he is able to formulate a solid plan to get them where they want to go. As a fiduciary, he is committed to putting clients’ interests first, and strives to go above and beyond their expectations at every opportunity.
What does retirement look like to you? How do you plan to enjoy your retirement?
In this episode, Stephen Stricklin is joined by clients Barry and Linda, who share how they are enjoying retirement, and how planning has made their retirement successful. He is also joined by a client, Jeff, who discusses the plans he and his wife Janie have for their own retirement.
They discuss:
Barry and Linda’s experience living in an RV and travelling around the United States in retirement Jeff’s experience living on a lake with his family and what their future retirement plans hold Barry and Linda’s advice for retirement planning and what they wish they had done sooner Jeff shares what he’s been doing to ensure his daughter’s future, and why having a plan is so important And more
Connect With Stephen Stricklin:
stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
Everyone wants to go on vacation. But work often limits the amount of time you can spend away.
In this episode, Stephen Stricklin is joined by Mark Comfort, owner of Cruise Holiday and Comfort Tours & Travel. Mark dives into the third part of the Wise Wealth mission statement, the ability to be free to enjoy life, and the role of vacations within your retirement goals.
Mark discusses:
The importance of saving disposable income for retirement Mental and physical benefits of vacation Why retirees go on more vacations Mark shares his favorite vacation spots And more
Connect With Mark Comfort:
Cruise Holidays
Connect With Stephen Stricklin:
stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
Creating a legacy of serving others can inspire your children and those around you to serve and give back to their community.
In this episode, Stephen Stricklin is joined by his client Bruce. Bruce is a retiree, and formerly worked at Hallmark. In his retirement he has taken up the Wise Wealth mission of serving. Bruce shares the details of his involvement with a community organization and how his father inspired him to give back to others.
Bruce discusses:
His background working for Hallmark and how he got into serving How his father influenced his desire to serve Why he encourages others to seek a retirement planner early The freedom his financial plan provides and how that enables him serve And more
Resources:
Season 3 Episode 1 Season 3 Episode 2 Season 1 Episode 7 Season 1 Episode 8 Season 1 Episode 9 Season 1 Episode 10
Connect With Stephen Stricklin:
stephen@wisewealth.com 816-246-9473 WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin
Women are a notoriously underserved demographic in the financial industry, even though they are often the ones in the family who make the financial decisions.
With the Wise Wealth mission to serve in mind, Samantha Compton created Wise Women, LLC.
In this episode, Stephen Stricklin is joined by Samantha Compton of Wise Wealth and founder of Wise Women, LLC. Samantha shares the history of Wise Women and the mission for the organization. She also speaks about what serving means to her, and how she has made a personal commitment to serve.
Samantha discusses:
How the pandemic impacted her willingness to serve and why she’s finding the purpose and desire to serve again The types of education events available at the Wise Women meetings Wise Women’s involvement in giving and serving And more
Resources:
Season 2 Episode 9 https://wisewomen.education/
Connect With Samantha Compton:
samantha@wisewealth.com WiseWealth.com https://wisewomen.education/
Connect With Stephen Stricklin:
stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
About Our Guest:
Like the company’s motto, “First Wisdom, then Wealth,” Samantha seeks to educate and empower her clients as she works with them to develop a long-term financial plan.
Samantha works with couples and single women and especially enjoys helping women feel more confident in understanding her financial plan.
Samantha’s credentials include being securities licensed, as well as maintaining both Missouri and Kansas insurance licenses. Additionally, she is a Women’s Investment Specialist and Founder of Wise Women, LLC – an organization that seeks to educate and guide women investors on the path to financial significance where they are free to give, serve, and live like never before.
Outside of work, Samantha enjoys traveling with her husband, Craig, and spending time with their three children, Gabe, Nathan and Lizzy. Samantha has always been a fan of music, and enjoys singing, playing guitar and Karaoke nights with her family!
This season Stephen talked about being free to give and spoke to several clients about what it means to give in their eyes. This episode Stephen transitions to talking about being free to serve.
In this episode, Stephen Stricklin is joined by his client Brad. Brad shares a little about himself and how he gives back to others, and is free to serve. He is chairman of the board at Children International in Kansas City, a humanitarian organization.
Brad discusses:
When he knew it was the right time to retire How he serves both in his community and internationally How you can work through foundations to multiply what you’re doing and how you’re serving A detailed dive into his work and the work of Children International And more
Resources:
Season 3, Episode 1 Season 3, Episode 2 Children International
Connect With Stephen Stricklin:
stephen@wisewealth.com WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
If you’re going to give, there’s a tax-efficient way to go about it, and you may as well take advantage of the smartest way to do so.
Enter: donor advised funds.
In this episode, Stephen Stricklin is joined by clients Larry and John, who each run a donor advised fund. They discuss how these funds work, and the primary advantages to giving through a donor advised fund. Larry and John share a few details about their own donor advised funds, why they were started and why they like to give.
Stephen, Larry, and John discuss:
What a donor advised fund is Three primary advantages to using a donor advised fund Their thoughts about what it means to be free to give And more
Connect With Stephen Stricklin:
stephen@wisewealth.com 816-246-9473 WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin
This season we want to bring on our clients and share some of their stories of giving.
In this episode, Stephen Stricklin is joined by his client Bob. Bob and his wife Charlene are one of Wise Wealth’s clients involved in charitable giving. Stephen provides an overview of how qualified charitable distributions (QCDs) and required minimum distributions (RMDs) work in relation to charitable giving. Bob shares some of his personal stories about giving and how QCDs & RMDs tie into the overall conversation.
Stephen & Bob discuss:
Individual retirement accounts (IRAs), qualified charitable distributions (QCDs), and required minimum distributions (RMDs) and how they work Bob shares his experiences dealing with IRAs, QCDs, RMDs and charitable giving Why Bob and his wife Charlene take advantage of qualified charitable distributions And more
Resources:
https://kcscholars.org/ S3: Episode 3 - What It Means To Give With Evan Lange
Connect With Stephen Stricklin:
stephen@wisewealth.com 816-246-9473 WiseWealth.com Simplify Your Retirement Stephen Stricklin on LinkedIn
Charitable donations have tax benefits, but that’s not the primary reason you should be generous.
In this episode, Stephen Stricklin is joined by Evan Lange, president of the Midwest Region for The Signatry. Evan shares what makes giving so great, looks at tax deductions individuals receive when they make a donation and explains what a donor advised fund is.
Evan discusses:
The primary motivation for why people give Giving appreciated property to charitable organizations Why you should be itemizing your deductions Using donor advised funds Best funds to use for Charitable Donations after age 72 How to experience the joy, peace and purpose of giving And more
Connect With Evan Lange:
elange@thesignatry.com 913-310-0279 Thesignatry.com Evan Lange on LinkedIn
Connect With Stephen Stricklin:
stephen@wisewealth.com 816-246-9473 WiseWealth.com Simplify Your Retirement Stephen Stricklin on LinkedIn
About Our Guest:
Evan Lange serves as the President of the Midwest Region for The Signatry. He works closely with financial advisors, attorneys, and business owners to develop strategies to minimize tax liability and maximize charitable giving. Evan is a licensed attorney and practiced law at top firms in Kansas City prior to joining The Signatry.
What does it mean to be free to give, serve, and to enjoy life in retirement?
In this episode, Stephen Stricklin explores the Wise Wealth mission statement and explains each component. He shares how Wise Wealth guides people to a happy retirement and what it means to be financially significant.
Stephen discusses:
Understanding what it means to be free to give and free to serve How the sequence of return risk can impact a happy retirement What is the driving force behind planning for financial success The Wise Wealth mission statement And more
Resources:
Season 1, Episode 5 Season 2, Episode 7 Season 2, Episode 8
Connect With Stephen Stricklin:
stephen@wisewealth.com 816-246-9473 WiseWealth.com Simplify Your Retirement Stephen Stricklin on LinkedIn
Welcome to a brand-new season of Simplify Your Retirement!
In this episode, Stephen Stricklin recaps seasons 1 & 2 of Simplify Your Retirement to get you up-to-date and ready for season 3! Additionally, Paul Brock, COO for Wise Wealth is reintroduced as our new co-host. Don’t miss this first episode of our new season!
Stephen discusses:
A review of the different phases of your investment life; accumulation, preservation & distribution Why a paradigm shift is needed between each phase and which phases have the most risk Understanding all the challenges and risks specific to the stage of your investment life Risks associated to each phase; inflation, average vs real rate of return; sequence of return, healthcare, taxes, long term-care Requirements of a sound retirement plan Discussion of various industry experts included in season 2 that complete the planning process What to look forward to with season 3 And more
Resources:
Season 1, Episode 5 Season 1, Episode 8 Season 1, Episode 9 Season 1, Episode 10 Season 2, Episode 3
Connect With Stephen Stricklin:
stephen@wisewealth.com 816-246-9473 WiseWealth.com Simplify Your Retirement Stephen Stricklin on LinkedIn
So, you’ve implemented your documents, but now what? What do you need to do with your documents to be sure that when it comes time for someone to step in, they know how to access them?
In this episode, Stephen Stricklin and Aaron Love dive into part two of the importance of planning tools! Aaron gives some insight into who you should involve with your planning and which documents will ensure that what you have planned for your future will actually happen. Aaron shares some personal stories that emphasize the importance of storing your documents correctly.
You will learn:
Ways in which you can store your documents and include the right people How you can leave behind virtual assets, financial assets and messages to your family What you can do now to avoid probate in the future The importance of planning so your assets go where you want them to go And more!
Tune in now as Stephen and Aaron continue their discussion of the importance of document implementation!
Resources: Wise Wealth | Simplify Your Retirement | Stephen Stricklin | Aaron Love | Love Law Group
When it comes to your financial documents, proper implementation can lead you to greater peace of mind. If you follow the right steps, this peace of mind is real, and not just imagined.
In part one of this two part series, Stephen Stricklin sits down with Aaron Love, founder of Love Law Group, as they dive into the importance of following the right steps to implementing your documents. Stephen and Aaron speak on how to make sure your intentions are known and carried out as you desire.
In this episode, you will learn:
What causes Trust planning to fail How to make sure all planning documents get implemented Why you need a will even if it does not avoid probate Living wills, advance healthcare directives and how to make your wishes known The difference between healthcare & financial powers of attorney Documents that every single person needs to have And more!
Tune in now to begin your journey of understanding what really goes into the proper implementation of your planning tools with Stephen and Aaron!
Resources: Wise Wealth | Simplify Your Retirement | Stephen Stricklin | Aaron Love | Love Law Group
What goes into creating a good investment portfolio? How should you be comparing the investments you want to make? What are the risks?
We can help you answer all of these questions!
In this episode, Stephen Stricklin is joined with Ben Malik, vice president of Wise Wealth, as they talk about Ben’s experience with investing and the advice he has to offer. Ben walks us through the most important things you need to know about investing before you get into it.
We discuss:
The significance of the CFA designation and how Ben uses his to manage investment portfolios Building an optimal investment portfolio The basics of the modern portfolio theory How to evaluate portfolios to a comparable benchmark Ben’s thoughts on the biggest impacts on an investor’s returns (asset allocation, time, investor behavior) Learn about biblically responsible/values driven investing And more!
Tune in now to meet Ben Malick and gain a better understanding of what really lies in the risk of investing.
Resources: Wise Wealth | Simplify Your Retirement | Stephen Stricklin | Ben Malick
There are always things that could derail your financial plans, however, there are things you can be doing to avoid that from happening.
In this episode, Stephen Stricklin is joined by Samantha Compton, financial advisor at Wise Wealth, as they discuss the risks involved throughout the three phases of investing. Stephen and Samantha provide you with solutions that you should be putting into place now so you are not surprised by anything in the future.
We discuss:
Learn what Samantha’s role is at Wise Wealth and her areas of expertise Identifying the three phases of investing, and understanding what phase you are in Life and health risks specific to each phase that can undermine financial success Protect from these risks to you can achieve financial significance, where you can be free to give, serve and enjoy like never before What are the benefits of permanent life insurance And more!
Tune in now to equip yourself with information that could help prevent you from getting off track with your goals.
Resources: Wise Wealth | Simplify Your Retirement | Stephen Stricklin | Samantha Compton | Wise Women
Following the steps that we outline in this podcast will help you retire happier.
How?
In this episode, Stephen Stricklin sits down with Tom Hegna, an international economist, as they continue their conversation about Tom’s seven-step process to retire not just comfortable, but happy. Tom shares the last 3 steps of this process and provides insight into his own personal use of them!
In this episode, we discuss:
What notable PhDs say about guaranteed income & happiness Why you need to focus on planning for long-term care How to use your home equity wisely The investment vehicle that can provide tax benefits, long-term care benefits, death benefits, and tax-free lifetime income And more!
Tune in now to part two of the seven steps to a happier retirement with Tom Hegna!
Resources: Wise Wealth | Simplify Your Retirement | Stephen Stricklin | Tom Hegna | Tom Hegna’s Website | Seven Steps to Retirement Security Part One
Following the steps that we outline in this podcast can actually lead you to retiring happier.
How?
In part one of this two-part series, Stephen Stricklin sits down with Tom Hegna, international economist, and author, as they begin to dissect the first four steps of Tom’s seven-step process! Tom shares how he uses this process for himself and advises you about why it is beneficial in leading to better retirement security.
In this episode, you will learn:
The key to happiness & longevity in retirement How to get the most for the least in retirement What is a hybrid retirement? Why you should maximize your Social Security Protecting yourself against inflation And more!
Tune in now for part one of this two-part series where we help you discover Tom Hegna’s seven-step process to retirement security!
Resources: Wise Wealth | Simplify Your Retirement | Stephen Stricklin | Tom Hegna | TomHegna.com
Some of the most important decisions you will make about retirement actually come when you are retired.
In this episode, Stephen Stricklin is joined with Waldean Wall, VP of Advanced Markets and Solutions at Allianz Life Insurance, as they dive into conversations about what planning looks like in the distribution phase. They aim to provide you with information that could help you make better informed decisions when it comes time to retire.
In this episode, you will learn:
The difference between a withdrawal and a rollover The advantages and disadvantages to leaving money in a 401(k) What inservice distributions are Taxation on Social Security And more!
Tune in now to gain an understanding of one of the trickiest parts of retirement.
Resources: Wise Wealth | Simplify Your Retirement | Stephen Stricklin | Waldean Wall | Allianz Life Insurance
Many times, people can forget to plan for inflation rates when it comes to retirement planning.
In this episode, Stephen Stricklin dives into the topic of inflation rates and how they might sneak up on you when you retire. Stephen offers some insights of things you should be thinking about and how you can work towards your retirement goals with inflation in mind.
In this episode, you will learn:
How inflation works and what it looks like Why is senior CPI is higher Ways to mitigate the effects of inflation What you can do now and in retirement to keep up with inflation rates And more!
Tune in to understand what inflation could like when you retire and what you can be doing to stay on track with your goals.
Resources: Wise Wealth | Simplify Your Retirement | Stephen Stricklin
We often hear the same questions from clients when it comes to Medicare and Medicare planning. We are here to help you answer some of these questions.
In this episode, Stephen Stricklin is joined by Wise Wealth’s Paul Brock as they answer some of the most common things they hear from clients regarding Medicare, and aim to provide you with the information you need to reach your retirement goals.
In this episode, you will learn:
Two options you have when it comes to Medicare When you are able to change your Medicare plan and how it works The age at when you can get Medicare Why should you review Medicare & supplement choices annually What to look for in an advisor helping with Medicare And more!
Tune into this episode to learn the basics of medicare and begin planning for your retirement.
Resources: Wise Wealth | Simplify Your Retirement | Stephen Stricklin | Paul Brock
Many people have burning questions about Social Security but don’t know where to go to find the answers.
In this episode, Stephen Stricklin is joined by Larry Kotlikoff, professor of economics at Boston University, and expert on all things Social Security, as they dive into some common questions around Social Security benefits to help you feel a little more prepared when planning for retirement.
In this episode, you will learn:
Details of Social Security in relation to retirement age The difference between spousal benefits and survivor benefits What it would look like to go back to work after getting Social Security benefits Withdrawal of benefits and Suspending benefits Advice from Larry when it comes to Social Security And more!
Tune in now to look at the big picture of Social Security!
Resources: Wise Wealth | Simplify Your Retirement | Larry Kotlikoff | Kotlikoff.net | Maximize My Social Security | Maxifi | Get What’s Yours
Are you looking for a long-term strategy that is both effective and valuable for your portfolio?
Your answer is diversification!
In this episode, Stephen Stricklin talks about diversification. He shares his expertise on what diversification is, what it isn't, why it's valuable and why it's important to have a diversified portfolio.
In this episode, you will learn:
What diversification is and how it works Why diversification is valuable When you should diversify outside of your account with your financial advisor How consolidation can improve diversification Other than investments, where else you should diversify And more!
Tune in now to learn more about diversification!
Resources: Wise Wealth | Simplify Your Retirement | Stephen Stricklin
Success comes from activity, not from analysis. Procrastination is one of the biggest reasons why people don’t move forward, rather maintaining the status quo, doing the same thing they’ve always done with the same results.
In this episode, Stephen Stricklin discusses how procrastination can hold you back from reaching your full potential when it comes to financial planning. He shares how listeners can overcome procrastination through examples and insights he has gained through his experience.
In this episode, you will learn:
How the fear of change stops growth What stops clients from moving forward or making effective decisions How confirmation bias can prevent change The importance of research Why trust among your advisor is so crucial And more!
Tune in now learn how you can stop procrastinating and take the next step forward!
Resources: Wise Wealth | Simplify Your Retirement
Choosing the right financial advisor for you and your needs is key to developing your most effective plan. But how do you know who the right advisor is for you? What makes the different types of advisors different?
In this episode, Stephen Stricklin dives into the importance of choosing the right financial advisor for you. He provides a full overview of the various types of advisors, the variety of licenses, their standards and how they get paid.
The CERTIFIED FINANCIAL PLANNER™ designation is one of the most esteemed due to the stringent requirements including experience, education, ethics, on-going training and acting as a fiduciary.
In this episode, you will learn:
Understanding the different types of licences for advisors, and how they can limit advice The difference between the types of advisors, Captive vs. Independent What it means when an advisor is a fiduciary vs. doing what is suitable How advisors get paid and what the cost is of “doing it myself” Most importantly, taking action And more!
Play this episode to learn how to identify the right advisor for you!
Resources: Wise Wealth | Simplify Your Retirement
In typical retirement planning, your plan is designed to work for you until you either become incapacitated, or you pass away. But there are a few things that you can do to protect yourself and your legacy in the event that either of these things happen to you.
In this episode, Stephen Stricklin addresses how to protect your retirement plan in the event of you becoming incapacitated during retirement or you pass away. He dives into the process of protecting your wealth and the importance of leaving a message for your loved ones to protect your legacy.
In this episode, you will learn:
Planning tools for incapacitation Why you need a power of attorney on your individual accounts — no matter your age The difference between a contract and probate How you can distribute your money through a trust or an individual Why it’s more than money, it’s the message you leave behind And more!
Tune in now and learn more about how you can protect your retirement plan starting today!
Resources: Wise Wealth | Simplify Your Retirement
Once you have your specified amount set aside for emergencies and your income planned for retirement, what do you do with the rest of your money?
In part three of this mini-series, Stephen Stricklin reveals the third bucket, diving into the role the growth bucket plays within your financial plan and in relation to the other buckets. He reveals the importance of investing based on your goals and the benefits gained after retirement.
In this episode, you will learn:
The role of the growth bucket How the growth bucket works with the other buckets The benefits of growing your growth bucket The importance of investing based on your goals And more!
Discover how the third bucket ties everything together in this episode of Simplify Your Retirement!
Resources: Wise Wealth
Planning for retirement requires knowledge of what you will need, and when you’ll need it. Do you really know how much your retirement will cost?
In part two of this mini-series, Stephen Stricklin dives deep into the income bucket. He reveals the role it plays in retirement planning and how it works in relation to the other buckets. Discover the importance of planning when you will retire and how much retirement will cost.
In this episode, you will learn:
The role of the income bucket The importance of having a retirement timeline The benefits of an annuity The limitation of the income buckets And more!
Play this episode to learn more about the income bucket!
Resources: Wise Wealth
One of the most common pieces of financial advice is that it’s important to diversify your portfolio. But did you know that there is a specific way that you should be strategically allocating funds when it comes to retirement income planning?
In the first part of this three-part series, Stephen Stricklin reveals the three-bucket approach to retirement income planning. Stephen provides a holistic view of the approach, and dives into the first bucket, discussing the importance of liquid assets for planned and unplanned expenses.
In this episode, you will learn:
The basics of the bucket approach When you should be focusing on funding the liquid bucket Why the liquid bucket is where you should plan for emergencies The importance of being aware of planned expenses before you retire And more!
Discover the importance of dividing your money strategically with the bucket approach to retirement income planning!
Resources: Wise Wealth
Financial planning products and methods can only benefit you if they have a solid foundation. By building a foundation of knowledge of the principles of retirement income planning, you are able to guide your decision-making when it comes to planning for your future.
In this episode, Stephen Stricklin dives into the importance of the five principles of retirement income planning, discussing how they should guide your financial decisions and the benefits they provide.
In this episode, you will learn:
Five principles for retirement planning The importance of building upon principles Three unknowns in life that can be difficult to plan for And more!
Discover five principles you should build upon when planning for retirement in this episode of Simplify Your Retirement!
Resources: Wise Wealth
It can be hard to look beyond our personal biases. But how does bias impact our investment choices?
In this episode, Stephen Stricklin dives into human bias and more importantly, investor behavior bias. Discover how personal bias can impact investment choices and reactions to the stock market.
In this episode, you will learn:
The relationship between human behavior and investing The difference between past market crashes and the current investor reactions How human bias can impact your portfolio What you should be doing during market volatility And more!
Tune in now and learn more about investor behavior bias!
Resources: Wise Wealth
Market volatility is a natural occurrence, one that can increase in risk the closer you are to retirement.
In this episode of Simplify Your Retirement, Stephen Stricklin speaks about market volatility, different phases of investing and how volatility can impact your investments.
In this episode, you will learn:
The three phases of investing How your retirement timeline relates to market volatility The importance of remaining true to your financial plan What the real rate of return is on your investments And more!
Learn more about market volatility and the risks associated with retirement planning!
Resources: Wise Wealth
Have you taken healthcare costs or inflation into account when planning for retirement?
In this episode of Simplify Your Retirement, Stephen Stricklin discusses the three aspects of retirement you need to plan for — healthcare, inflation and taxes. He shares the importance of understanding the price of healthcare in retirement, how inflation could impact your budget and why you need to review risks.
In this episode, you will learn:
What medical care costs in retirement How long-term care can impact the cost of your retirement Why your plan has to address inflation The importance of understanding risks And more!
Tune in to learn how to keep your portfolio from taking a HIT.
Resources: Wise Wealth
Have you thought of everything that could impact your retirement plan?
In this episode of Simplify Your Retirement, Stephen Stricklin reveals the various factors that can impact your retirement plan. Discover the importance of including medical care costs, taxes and longevity in your plan, and the benefit of creating goals to guide it.
In this episode, you will learn:
The 3 steps you must follow when creating a retirement plan The importance of factoring in health care costs How taxes may impact retirement distributions The impact of longevity in your plan And more!
Listen now as Stephen Stricklin reveals factors you may not have considered when planning for retirement!
Resources: Wise Wealth
Starting a new financial plan with a new company doesn’t need to be complicated. It can (and should) be simple and efficient.
In this episode of Simplify Your Retirement, Stephen Stricklin explains the client on-boarding process at Wise Wealth from start to finish.
In this episode, you will learn:
The four steps of the WISE process What a client’s first meeting with Wise Wealth would look like The importance of creating a plan and setting goals The importance of keeping goals in mind The ongoing education provided by Wise Wealth And more!
Discover the Wise Wealth on-boarding process!
Resources: Wise Wealth
For some, entering the financial services industry is more than a job, it is a calling. This was the case for Wise Wealth’s Stephen Stricklin!
In this inaugural episode of Simplify Your Retirement, get to know Stephen as he introduces himself personally and professionally. He shares who he is as an advisor and as a person,
In this episode, you will learn:
Stephen’s ideal client The contributions Wise Wealth makes to the community Stephen’s financial philosophy Who Stephen is outside of the office And more!
Tune in now to get to know Wise Wealth’s Stephen Stricklin!
Resources: Wise Wealth