Financially Fit: Recent Episodes
Kyle Hammerschmidt
Financial and retirement planning guidance from Kyle Hammerschmidt of Mokan Financial in Overland Park, KS. We'll teach you how to properly plan for retirement and your financial future.
In this episode of the Retire Ready Podcast, Kyle and Kolin dive into the common investment pitfalls that can derail your retirement planning. From the risks of confusing short-term and long-term investments to the dangers of letting emotions and media hype dictate your decisions, they cover essential strategies to help you stay on track. Tune in for practical advice and insights to keep your retirement plan robust and resilient.
In this episode, you’ll learn:
- Understanding Short-Term vs. Long-Term Money: Why distinguishing between these types of investments is crucial for managing risk and returns.
- Avoiding Election-Driven Investment Decisions: How political events and media fear-mongering can impact your investment choices and why staying informed is key.
- The Perils of Blindly Picking Stocks: Why random stock selection and following unverified tips can undermine your long-term investment success.
- The Mistake of Relying on Hope: How hoping for favorable market conditions isn’t a strategy and why a solid financial plan is essential.
- The Risks of Media Influence: Why relying on TV personalities or social media for stock advice can lead to poor investment outcomes.
- Emotions in Investing: The impact of emotional decisions on your investment strategy and how education can help mitigate these effects.
- Timing the Market vs. Staying Invested: Why trying to time the market can be detrimental and the benefits of long-term investment strategies.
Join us for actionable insights that will help you navigate the complexities of investment planning and move confidently towards a secure retirement.
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Disclosure: You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. This podcast is intended for educational purposes only. Nothing in this podcast constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. MOKAN Wealth Management is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.
In this episode of the Retire Ready Podcast, hosts Kyle and Kolin delve into the crucial questions you need to consider before entering retirement. Whether you're planning to retire soon or just starting to think about it, this episode is packed with practical insights and advice to help you prepare.
The hosts cover seven essential questions, including:
- When to Claim Social Security?
- Planning for Healthcare and Unexpected Costs?
- Managing Inflation and Economic Changes?
- Tax Planning?
- Generating Income in Retirement?
- Assessing Your Savings Needs?
- Creating a Legacy?
Join Kyle and Kolin as they break down these topics and provide actionable advice to help you navigate the complexities of retirement planning. Tune in to gain clarity on your retirement journey and ensure you're well-prepared for the future.
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Disclosure: You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. This podcast is intended for educational purposes only. Nothing in this podcast constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. MOKAN Wealth Management is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.
Are you nearing retirement and wondering when to start claiming Social Security? In this episode, Kyle and Kolin dive deep into one of the most crucial financial decisions you'll make in retirement. They discuss:
Timing Your Claim: When is the best time to start claiming Social Security benefits? Should you take it early, at full retirement age, or delay for maximum benefits?
Impact of Other Factors: How do your cash needs, life expectancy, marital status, and employment status affect your decision?
Tax Implications: Understand how Social Security benefits are taxed and strategies to minimize your tax burden.
Strategic Planning: Learn about integrating Social Security with other retirement income sources, including IRAs, 401(k)s, and pensions, to optimize your overall financial plan.
Whether you're just two years out from retirement or planning for the future, this episode will provide valuable insights to help you make an informed decision about your Social Security benefits. Don’t miss out on these essential strategies to ensure you maximize your retirement income!
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Disclosure: You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. This podcast is intended for educational purposes only. Nothing in this podcast constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. MOKAN Wealth Management is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.
SummaryThe conversation discusses the importance of tax diversification in retirement planning. It explains the concept of tax diversification and how it can help individuals control their taxes over their lifetime. The conversation also explores the three tax buckets: non-qualified taxable money, tax-deferred money, and tax-exempt money. It emphasizes the need to spread out money across these buckets to optimize tax planning. The conversation further delves into strategies such as Roth conversions and tax gain/loss harvesting to maximize tax efficiency. It concludes by highlighting the benefits of tax diversification in reducing tax bills, maximizing Social Security benefits, and leaving a tax-friendly legacy.
Takeaways
- Tax diversification is an important aspect of retirement planning to control taxes over a lifetime.
- Spreading out money across different tax buckets, such as non-qualified taxable money, tax-deferred money, and tax-exempt money, can optimize tax planning.
- Strategies like Roth conversions and tax gain/loss harvesting can help maximize tax efficiency.
- Tax diversification can reduce tax bills, maximize Social Security benefits, and leave a tax-friendly legacy.
- Understanding the impact of tax rates, RMDs, and Social Security claiming strategies is crucial in tax diversification.
Subscribe to The Retire Ready Weekly Newsletter
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Disclosure: You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. This podcast is intended for educational purposes only. Nothing in this podcast constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. MOKAN Wealth Management is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.
In this episode, Kolin and Kyle discuss a case study of a married couple who retired with $1.5 million in tax-deferred accounts. The couple had several concerns, including when and how to claim Social Security, the need for more comprehensive financial planning, uncertainty about how much they could spend in retirement, adjustments needed in a down market, and how to distribute their pre-tax money in a tax-efficient manner. The hosts also highlight common tax mistakes that can impact retirement and the importance of considering sequence of returns risk. They provide suggestions for tax planning, including early Social Security claiming, Roth conversions, and creating a comprehensive retirement plan.
Takeaways
- Consider the best strategy for claiming Social Security based on your individual circumstances and goals.
- Seek comprehensive financial planning that goes beyond pie charts and includes tax planning.
- Determine your desired spending capacity in retirement and make adjustments as needed.
- Be aware of the potential impact of market downturns and have a plan in place to adjust spending if necessary.
- Consider the tax implications of your retirement accounts and explore strategies like Roth conversions.
- Avoid common tax mistakes in retirement, such as assuming you will pay less taxes, not planning for Social Security taxation, ignoring taxes altogether, and withdrawing from accounts in the wrong order.
- Understand the concept of sequence of returns risk and its potential impact on your retirement.
- Create a comprehensive retirement plan that addresses your specific concerns and goals.
- Consider whether you are better off managing your retirement planning yourself or seeking professional help.
Subscribe to The Retire Ready Weekly Newsletter
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Looking for personalized financial planning? Visit our website
Disclosure: You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. This podcast is intended for educational purposes only. Nothing in this podcast constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. MOKAN Wealth Management is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.
In this episode, Kolin and Kyle continue their case study of a married couple with $2 million in assets who are close to retirement. They discuss the income plan, tax planning, and investment strategies for the couple. The income plan includes exploring spending options, maximizing Social Security benefits, and choosing a withdrawal strategy. The tax planning focuses on proactive Roth conversions to lower long-term tax bills. The investment strategy involves setting aside three years of portfolio income in stable assets and adjusting spending based on portfolio values. The key takeaways include the importance of comprehensive planning, the need for proactive tax strategies, and the benefits of aligning all financial aspects of retirement.
Takeaways
- Comprehensive retirement planning involves considering income, tax, and investment strategies.
- Proactive tax planning, such as Roth conversions, can save significant money in the long term.
- Setting aside three years of portfolio income in stable assets can help mitigate sequence of returns risk.
- Regular monitoring and adjustment of the retirement plan is necessary to adapt to changing circumstances.
- Aligning all financial aspects of retirement, including investments and advisors, is crucial for a successful retirement plan.
Subscribe to The Retire Ready Weekly Newsletter
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Disclosure: You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. This podcast is intended for educational purposes only. Nothing in this podcast constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. MOKAN Wealth Management is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.
In this episode, Kolin and Kyle discuss a case study of a married couple in their mid-50s who are planning for retirement. The couple has a desired retirement age of 61 for the husband and 62 for the wife. They currently have an income of $270,000 and a desired retirement income of $144,000 per year. Their assets include $3.1 million, with the majority in tax-deferred accounts. At retirement, they are expected to have roughly $4 million. The couple's primary goals are to focus on tax diversification, create a comprehensive retirement plan, and optimize their income and tax strategies. They also discuss the importance of tax efficiency and investment management in retirement planning.
Takeaways
- It is important to have a comprehensive retirement plan that includes tax diversification and tax planning.
- Consider your desired retirement age and income when creating a retirement plan.
- Focus on tax efficiency and minimize your tax bill in retirement.
- Investment management is crucial in retirement planning to ensure the required rate of return and manage risk.
- Regularly review and update your retirement plan to adapt to changing circumstances.
Subscribe to The Retire Ready Weekly Newsletter
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Looking for personalized financial planning? Visit our website
Disclosure: You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. This podcast is intended for educational purposes only. Nothing in this podcast constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. MOKAN Wealth Management is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.
SummaryIn this episode, Kolin and Kyle walk through a retirement income plan for a couple who are planning to retire in the next few years. They discuss the couple's income levels, assets, and spending capabilities. They also explore different strategies for maximizing social security, tax planning, and investment planning. The episode emphasizes the importance of spending more early in retirement and optimizing tax smart planning. The hosts also highlight the need to address sequence of returns risk and create a comprehensive retirement plan.
Takeaways
- A retirement income plan should consider income levels, assets, and spending capabilities.
- Maximizing social security, tax planning, and investment planning are important aspects of retirement planning.
- Spending more early in retirement and optimizing tax smart planning can lead to a more comfortable retirement.
- Addressing sequence of returns risk is crucial to ensure the success of a retirement plan.
- Creating a comprehensive retirement plan involves considering all aspects of financial planning.
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. This podcast is intended for educational purposes only. Nothing in this podcast constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. MOKAN Wealth Management is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.
In this episode, Kolin and Kyle discuss nine misconceptions about Roth conversions. They debunk the idea that Roth IRAs are always better than IRAs, explaining that the choice depends on individual circumstances. They also emphasize the importance of comprehensive tax planning and caution against winging it or converting large amounts without a strategy. The hosts address the misconception that Roth conversions prevent contributions to a Roth IRA and clarify that conversions do not count against modified adjusted gross income. They also discuss the misconception that paying the tax bill from savings is the only option and explain the potential penalties for underpayment. The hosts highlight the need for flexibility and multiple strategies when it comes to Roth conversions, cautioning against chasing a completely tax-free retirement. Finally, they debunk the idea that Roth conversions must be completed before required minimum distributions (RMDs) kick in, explaining that conversions can still be done after RMDs to lower future distributions.
Takeaways
- The choice between Roth IRAs and IRAs depends on individual circumstances and tax planning.
- Comprehensive tax planning is crucial when considering Roth conversions.
- Converting large amounts without a strategy can lead to overpaying in taxes.
- Roth conversions do not prevent contributions to a Roth IRA.
- Paying the tax bill from savings is not the only option for Roth conversions.
- Multiple strategies and flexibility are important when planning Roth conversions.
- Chasing a completely tax-free retirement may not be optimal for most individuals.
- Roth conversions can still be done after required minimum distributions (RMDs) to lower future distributions.
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Looking for personalized financial planning? Visit our website
Disclosure: You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. This podcast is intended for educational purposes only. Nothing in this podcast constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. MOKAN Wealth Management is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.
In this episode, Kyle and Kolin discuss a case study of a married couple near retirement. The couple plans to retire in 12 months and has a planning life expectancy of 90 for the wife and 85 for the husband. Their primary insurance amount for Social Security is $2,800 and $2,200 per month. They have a net essential spending goal of $6,000 per month with a 4% cost of living adjustment. The couple has a total asset value of $1.7 million, with a heavy emphasis on tax-deferred accounts. Their concerns include maximizing spending early in retirement, tax planning, and investment strategies for the fragile decade. The solutions discussed include Roth conversions, tax-efficient planning, and adjusting income based on portfolio performance.
Takeaways
- Plan for retirement by considering life expectancy, Social Security benefits, and essential spending goals.
- Maximize spending early in retirement without sacrificing the longevity of savings.
- Implement tax-efficient strategies such as Roth conversions and understanding the impact of taxes on retirement income.
- Consider investment strategies to protect against market volatility during the fragile decade of retirement.
- Regularly review and adjust income based on portfolio performance and market conditions.
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. This podcast is intended for educational purposes only. Nothing in this podcast constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. MOKAN Wealth Management is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.
SummaryIn this episode, Kyle and Kolin discuss three common retirement portfolio income strategies: spending portfolio income, the 4% rule, and risk-based income guardrails. They explore the pros and cons of each strategy and provide examples to illustrate their application. The conversation delves into the nuances of each strategy, highlighting the considerations and implications for retirees.
Takeaways
- Understanding the different retirement portfolio income strategies is crucial for retirees to make informed decisions about their financial future.
- The 4% rule, spending portfolio income, and risk-based income guardrails each have unique pros and cons that should be carefully evaluated based on individual retirement goals and financial circumstances.
- Dynamic income strategies, such as risk-based income guardrails, offer flexibility and the potential for increased spending, but also require careful monitoring and adjustment based on market performance and portfolio value.
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. This podcast is intended for educational purposes only. Nothing in this podcast constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. MOKAN Wealth Management is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.
This episode goes into the intricacies of investing in retirement, focusing on long-term S&P growth, sequence of returns risk, and bucket approaches. It emphasizes the impact of market volatility on retirement income and the importance of strategic investment decisions. The episode concludes with a call to action for seeking professional advice.
Takeaways
- Understanding the impact of market volatility on retirement income
- The importance of strategic investment decisions in retirement planning
- The significance of sequence of returns risk in retirement investing
- The value of seeking professional advice for retirement planning
How Long It Takes To Recover Source
2000-2009 S&P 500 Source2010-2019 S&P 500 Source
2000-2023 S&P 500 Source
S&P 500 Long Term Returns Source
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Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
SummaryIn this episode of the Retire Ready podcast, Kolin and Kyle discuss investing in and near retirement. They start by explaining the difference between accumulation and decumulation phases and the importance of focusing on decumulation as retirement approaches. They then dive into the concept of 'naked investing,' where many people invest without a clear strategy or understanding of why they are investing. Kyle emphasizes the need for a thoughtful and well-planned approach to investing near and in retirement, considering factors like protection, liquidity, and growth. He also discusses the importance of tax planning and understanding market volatility.
Takeaways
* As retirement approaches, it's important to shift focus from accumulation to decumulation and develop a strategy for investing near and in retirement.
* Many people engage in 'naked investing,' investing without a clear strategy or understanding of why they are investing.
* Investing near and in retirement requires considering factors like protection, liquidity, and growth.
* Tax planning is crucial in retirement investing to minimize long-term tax bills.
* Understanding market volatility and having a realistic perspective on returns is essential for successful investing in retirement.
First Trust: https://www.ftportfolios.com/COMMON/CONTENTFILELOADER.ASPX?CONTENTGUID=4ECFA978-D0BB-4924-92C8-628FF9BFE12D
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Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
SummaryIn this episode, Kolin and Kyle discuss steps five and six of a tax-efficient retirement plan. Step five involves deciding whether to pay taxes now or later, considering factors such as income levels, deductions, and retirement account contributions. Step six focuses on the ongoing management of the plan, including diversifying income sources, maximizing Social Security, and adjusting strategies based on tax law changes. The episode highlights common mistakes to avoid, such as assuming lower taxes in retirement and withdrawing from retirement accounts in the wrong order.
Takeaways
- Deciding whether to pay taxes now or later in retirement requires considering factors such as income levels, deductions, and retirement account contributions.
- Ongoing management of a tax-efficient retirement plan is crucial and involves diversifying income sources, maximizing Social Security, and adjusting strategies based on tax law changes.
- Common mistakes to avoid include assuming lower taxes in retirement, neglecting Roth IRAs and 401(k)s, ignoring taxes altogether, and withdrawing from retirement accounts in the wrong order.
- Executing a tax-efficient retirement plan requires action, implementation, and sticking to the plan.
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Looking for personalized financial planning? Visit our website
Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
SummaryIn this episode, Kyle and Kolin discuss steps three and four of a tax-efficient retirement plan. Step three focuses on understanding the order of withdrawals, which involves categorizing money by tax impact and developing a withdrawal strategy. The goals of a withdrawal strategy include maximizing retirement spending, minimizing taxes, enhancing portfolio longevity, reducing long-term tax bills, and eliminating or reducing taxes on Social Security benefits. Step four involves understanding tax bracket capacity and planning for tax-efficient withdrawals. The hosts provide examples and case studies to illustrate these concepts.
Takeaways
- Understanding the order of withdrawals is crucial for developing a tax-efficient retirement plan.
- A withdrawal strategy can help maximize retirement spending, minimize taxes, and enhance portfolio longevity.
- Measuring tax bracket capacity is important for planning tax-efficient withdrawals.
- Tax-efficient withdrawals can help reduce long-term tax bills and eliminate or reduce taxes on Social Security benefits.
- Proper planning and understanding of tax strategies can lead to a more secure and tax-efficient retirement.
Subscribe to The Retire Ready Weekly Newsletter
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Looking for personalized financial planning? Visit our website
Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
SummaryIn this episode, Kyle and Kolin discuss the three tax funnels that can be used to build a tax-efficient retirement plan. The first funnel is the tax later bucket, where contributions are made with pre-tax dollars, such as employer plans and IRAs. Distributions from this account are taxed as income. The second funnel is the tax now bucket, where contributions are made with after-tax dollars, such as brokerage accounts. The growth or income from this account is subject to taxes. The third funnel is the tax never bucket, which includes Roth plans where contributions are made with after-tax dollars and distributions are tax-free. The hosts also provide a case study to illustrate how these tax funnels can be applied in practice.
Takeaways
- There are three tax funnels to consider when building a tax-efficient retirement plan: tax later, tax now, and tax never.
- The tax later bucket includes contributions made with pre-tax dollars, such as employer plans and IRAs. Distributions from this account are taxed as income.
- The tax now bucket includes contributions made with after-tax dollars, such as brokerage accounts. The growth or income from this account is subject to taxes.
- The tax never bucket includes Roth plans, where contributions are made with after-tax dollars and distributions are tax-free.
- It's important to understand the tax implications of each funnel and consider the best withdrawal strategy to minimize taxes and maximize income in retirement.
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Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
In this episode, Kolin and Kyle discuss step number one of a tax-efficient retirement plan: provisional income. Provisional income is used to determine whether a portion of your Social Security benefits are taxable. The four components of provisional income are non-taxable interest, ordinary income, dividends and capital gains, and half of the household Social Security benefit. They provide examples of two different strategies: the traditional strategy, where most income is subject to federal tax rates, and a tax-efficient strategy, where proactive tax planning is used to lower the tax bill and keep more of the Social Security benefits. They emphasize the importance of running the numbers and considering different strategies to maximize tax efficiency in retirement.
Takeaways
- Provisional income is used to determine whether a portion of your Social Security benefits are taxable.
- The four components of provisional income are non-taxable interest, ordinary income, dividends and capital gains, and half of the household Social Security benefit.
- There are different strategies to maximize tax efficiency in retirement, such as the traditional strategy and a tax-efficient strategy that involves proactive tax planning.
- Running the numbers and considering different strategies can help lower the tax bill and keep more of the Social Security benefits.
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Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
SummaryIn this episode of the Retire Ready Podcast, Kolin and Kyle discuss the importance of tax planning in retirement. They highlight the underappreciation of tax planning by pre-retirees and their financial advisors, and emphasize that the lack of tax planning can result in paying more taxes than necessary. The hosts provide six steps to building a tax-efficient retirement plan, including mastering provisional income, categorizing money by tax impact, strategizing the order of withdrawals, measuring tax bracket capacity, deciding between paying taxes now or later, and engaging in ongoing tax planning. They also discuss common mistakes to avoid in retirement tax planning.
Takeaways
- Tax planning is a critical part of retirement that is often underappreciated by pre-retirees and their financial advisors.
- The lack of tax planning can result in paying more taxes than necessary.
- Building a tax-efficient retirement plan involves mastering provisional income, categorizing money by tax impact, strategizing the order of withdrawals, measuring tax bracket capacity, deciding between paying taxes now or later, and engaging in ongoing tax planning.
- Common mistakes to avoid in retirement tax planning include assuming that taxes will be lower in retirement, ignoring how Social Security is taxed, neglecting Roth IRAs and Roth 401(k)s, disregarding taxes altogether, and taking money from accounts in the wrong order.
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Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
Summary
In this conversation, Kyle and Kolin discuss the mistakes people make when hiring a financial advisor. They highlight 6 key mistakes and provide advice on how to avoid them. The mistakes include ignoring the importance of tax planning, not having a strategic investment plan, confusing fee-based and fee-only advisors, focusing on investments before comprehensive planning, relying on big financial firms for guidance, and not seeking a customized retirement plan. The conversation emphasizes the need for a clear understanding that not all financial advisors are created equal and encourages listeners to make informed decisions when deciding to partner with a financial advisor.
Takeaways
- Not all financial advisors are created equal, so it's important to do thorough research and make informed decisions when hiring one.
- Tax planning is a crucial aspect of retirement planning that should not be ignored. It's important to have strategies in place to minimize tax bills and protect social security benefits.
- Having a strategic investment plan that focuses on income and cashflow is essential for a successful retirement.
- Understanding the difference between fee-based and fee-only advisors is important. Fee-only advisors are typically more transparent and have fewer conflicts of interest.
- Focusing on comprehensive planning before diving into investments is crucial. A customized retirement plan that considers taxes, income, healthcare, estate planning, and other factors is essential.
- Choosing a financial advisor solely based on name recognition or the size of the firm may not be the best approach. Consider working with independent firms that prioritize personalized service.
- Avoiding these common mistakes can lead to a more successful and fulfilling retirement journey.
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Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
This week on the show, we’re diving into the mailbag to answer some recent listener questions that have landed in Kyle’s inbox. He will share his thoughts on these inquiries and share helpful tips for those of you who might’ve found yourself in a similar situation. Stay tuned to see what you can learn!
Here are the questions we tackle in today’s show:
- I’m 67 and have reached full retirement age for Social Security, but I don’t plan on retiring soon. Should I go ahead and take it now because I’m eligible?
- A majority of my 401 K is invested in company stock. I understand that I'm not diversified, but I feel like it's okay because I am invested in the company and what they're working towards.
- I've enjoyed the growth in my 401(k) over the years despite volatility. But how do I know when it's time to step away from the roulette wheel?
- My brother mentioned a law requiring my kids to withdraw a significant amount from my IRA within the first 10 years after my death. What’s the deal here?
- I’ve spent 40 years saving and investing and now that I'm about to retire, I can't even comprehend going the other direction and pulling the money out. Is this a normal thing people struggle with?
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
“Learn from the mistakes of others. You can’t live long enough to make them all yourself.” – Eleanor Roosevelt… Ever wish you could foresee financial missteps before they happen? In today’s episode explore some real-life stories of regret and arm yourself with the essential dos and don'ts to ensure your money works for you, not against you.
Here’s some of what we discuss in this episode:
- Avoiding premature IRA withdrawals
- Spending too much in your peak earning years + being aware of “lifestyle creep”
- Being mindful of overspending on your child's education
- The risks that come with retiring early without a proper plan
- The importance of your diversifying retirement savings across various tax buckets
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
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 hidden, but essential questions about retirement.
Here’s some of what we discuss in this episode:
- The implications of tax-deferred accounts and how they affect your retirement
- How much can you safely withdraw from your retirement savings each year?
- Do you really need life insurance in retirement?
- The hidden costs and gaps in Medicare coverage
- Understanding the true costs and fees associated with your investments
We hope you enjoy the show!
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
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?
We’ve split this list of 10 truths into two episodes, and part one focused on income planning, long-term care, investing, longevity and inflation. Today we close out the final five retirement truths by covering investing guidance, taxes, working in retirement, and estate planning.
Here are the truths we’ll discuss in this episode:
- Diversifying your investments across a mix of asset classes is essential for risk management.
- Emotions can be an investor’s worst enemy.
- Understanding the tax consequences of your investments is essential.
- Retirement doesn’t mean complete disengagement from work.
- Estate planning isn’t just for the wealthy.
We hope you enjoy the show!
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
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. We’ve broken it down into a list of 10 truths and we’ll tackle the first five in part one today.
Here are the truths we’ll discuss in this episode:
- Everyone needs an income plan to ensure that they have enough money coming in each month to cover their lifestyle.
- Everyone needs a plan to address long term care issues.
- Nobody can consistently time the stock market and have success.
- Nobody knows how long they’re going to live so we need to plan for a long retirement.
- Money sitting in cash isn’t keeping up with inflation so what other options do you have?
We hope you enjoy the show!
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
In this episode, we’re tackling some common complaints and fears that can arise during the retirement planning process. These complaints often include concerns about advisors taking too much risk, dissatisfaction with account growth, high fees, worries about Social Security not being enough to retire on, and more. We'll discuss which concerns are well-founded, which are based on misconceptions, and offer insight on how retirees can best navigate their financial future.
Here are some key takeaways from this episode:
- If you feel like your advisor is taking too much risk, consider your individual risk tolerance and goals + understand the trade-off between risk and return.
- Focus on the value provided by your advisor, not just the cost. While fees are important, cheaper doesn’t always mean better.
- Investment accounts might not always experience consistent growth, and fluctuations are part of long-term investing. Understanding your investment choices and financial plan is key!
- Financial plans should be explained by your advisor in simple, easy-to-understand terms.
We hope you enjoy the show!
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
In today's episode, we'll explore the sensitive and significant process of transitioning from one financial advisor to another. We'll cover how to recognize when your current advisor may no longer be serving your financial needs effectively, the right questions to ask, and crucial factors to consider when searching for a new financial partner.
Join us as we explore the value of finding an advisor who aligns with your financial goals, offers personalized strategies, and provides emotional support for your retirement journey. Remember, retirement planning requires thoughtful consideration, so don't hesitate to make the change that will secure your financial future.
Here are some key takeaways from this episode:
- Look for an advisor whose philosophy and personality align with your financial goals and preferences. They should be able to explain their strategies clearly and be transparent about their services and fees.
- Once you've decided to transition to a new advisor, have a courteous conversation with your current advisor, keeping it professional and concise. The new advisor should handle most of the paperwork and make the process smooth for you.
- Don't judge your new advisor solely on recent performance. Consider the broader value they bring to your financial life, such as alleviating stress, providing education, and tailoring strategies to meet your unique needs.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Licensed Insurance Professional. We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.
Investing involves risk, including possible loss of principal. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing company. We are not affiliated with any government agency.
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
Picture this: You're at your retirement party, finally ready to enjoy your golden years, but worries caused by some bad money habits have robbed you of fully enjoying the sweetness of the day. It happens to more people than you think, which is unfortunate because, with just a little bit of modification, you can rid some of the worst money habits from your life and set yourself up for retirement success.
Here's what we’ll discuss on today’s show:
- Being addicted to the rising stock market. (1:57)
- Procrastinating making financial decisions. (5:12)
- Pretending like you won’t need long-term care. (7:38)
- Living beyond your means and mismanaging your debt. (9:33)
- Avoiding professional financial advice to “save money.” (12:03)
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
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 the reasons why someone should NOT invest in a 401(k).
Here's what we’ll discuss on today’s show:
- If you do not have an emergency fund. (2:10)
- If you’re swimming in debt. (3:48)
- If you’re worried about future tax increases. (5:18)
- If your employer doesn’t offer matching contributions. (9:42)
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
We’ll be debunking common myths about Social Security and answering the questions you might be curious about. Since we have a list of 10 to break down, we’ll divide it up into two episodes so make sure you check out both.
In part two, we’ll focus on who is eligible for benefits, how they get calculated, and how working will affect your benefit.
Here are the myths we’ll discuss today:
- You can’t work and receive Social Security benefits at the same time. (1:30)
- Social Security benefits are only available for US citizens. (4:35)
- If you have a pension, you aren’t eligible for Social Security benefits. (6:11)
- Social Security benefits are based on your income and assets. (7:36)
- Social Security benefits are based on your last job’s salary. (8:50)
Check out part one here: https://mokanwealth.com/2023/05/11/dismantling-2023s-top-10-social-security-myths-part-1/
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
In this episode, we'll be debunking common myths about Social Security and answering the questions you've been curious about. Since we have a list of 10 to breakdown, we’ll divide it up into two episodes so make sure you check out both.
Here are the myths we’ll discuss today:
- The Social Security Administration will help you make the best decision about when to start your benefit. (2:17)
- You won’t get any Social Security if you’re a stay-at-home parent. (4:26)
- You won’t pay taxes on Social Security. (6:09)
- Social Security will run out of money by the time you retire. (8:03)
- You should claim Social Security as soon as you’re eligible. (10:56)
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
Are you aware that not all retirement accounts are created equal? It's crucial to understand the purpose and advantages of each type of account to make the best choice for your future. In this episode, we'll delve into the different types of retirement accounts, including 401(k)s, IRAs, Roths, and several other examples.
Here are a few examples of what we’ll discuss today:
- The pros and cons of 401(k)s, 403(b)s, and 457 plans. (1:52)
- What is an IRA? (4:47)
- The pros and cons of FSAs and HSAs. (10:45)
- Breaking down the retirement products, such as annuities, CDs, and dividend stocks. (13:12)
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
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 top ten tax questions retirees are asking in 2023.
Join us today as we discuss these things:
- The tax implications of withdrawing money from different retirement accounts. (2:21)
- Do pensions get taxed differently than other forms of income? (5:48)
- How the SECURE Act might impact your retirement income and taxes. (6:44)
- How your taxes might change if you move to another state in retirement. (9:18)
- Are there any tax benefits for making charitable contributions in retirement? (10:47)
- Some tax implications to consider before converting to a Roth IRA. (13:44)
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
Today, we're walking you through "The Smart Tax Roadmap" – six steps to building a tax-efficient retirement plan. Ultimately, we'll help show you how your different types of retirement income are taxed in different ways.
Here's an overview of the steps:
- Master provisional income
- Categorize your money by tax impact
- Order your income withdrawals
- Measure your tax bracket capacity
- Deciding "Pay Now vs Pay Later"
- A plan for ongoing management
We hope you enjoy the show!
Investment advisory services offered by duly registered individuals through CreativeOne Wealth, LLC a Registered Investment Advisor. CreativeOne Wealth, LLC and MOKAN Wealth Management are unaffiliated entities.
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
A Roth conversion is a process of moving funds from a traditional Individual Retirement Account (IRA) or a qualified retirement plan (like a 401k) to a Roth IRA. This conversion means that the account holder will owe income taxes on the converted amount, but once the conversion is complete, all future earnings and withdrawals from the Roth IRA will be tax-free. This can be a useful strategy for people who believe they may be in a higher tax bracket in the future or want to have tax-free retirement income. We discuss the 5 effects of Roth conversions and how they can play into a tax-efficient retirement plan.1. The difference between "taxed now" and "taxed later" 2. Using taxable dollars to buy more Roth dollars 3. How Roth conversions can possibly lower RMDs 4. Setting up fewer taxable dollars on your balance sheet 5. Integrating your retirement plan with your tax planning – comprehensive retirement planning
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website
Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
We answer some listener questions on today's episode. We will talk about if using your commissions is a good retirement saving strategy, being tax efficient, and if you should pay off your mortgage before investing in rental properties.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
There are many things that we know we’ll have to deal with in retirement, we just don’t know how to predict when or to what degree. How do you construct a plan that deals with the unpredictability of these different factors?
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
Let’s see if your tolerance for risk matches your financial plan. What should you do if that balance is out of whack? What if you’re a natural risk taker, but you really shouldn’t be when it comes to your finances? We’ll explore all of these angles as we break down the role of risk in your financial and retirement plan.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
Do you know what red flags, but also some good signs, to be on the lookout for when you’re searching for an advisor to work with as you prepare for retirement? On this episode, we’ll give you some red flags to be aware of, and teach you how to spot them.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
There are plenty of external factors that often negatively influence our chances of having a successful retirement. But often, failure comes from within. On this episode, we’ll talk about some of the common ways people get in their own way when it comes to financial planning.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
A recent Yahoo! Finance article explored the idea of retiring early at the age of 55 to see if it was feasible. We’ll break down some of the issues facing folks who want to retire early on this episode, but for some additional fun let’s look at the comment section to see what questions and advice the peanut gallery has for us to consider.
Yahoo Article: https://yhoo.it/3sI6isr
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
There are certain age milestones where you should really pay attention to your retirement planning progress. On this episode, we’ll look at the most important birthdays as you approach retirement and cover the exact things you should be checking off your to-do list at each age.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
There are some important terms you’re going to come across as you prepare for retirement. Having a basic understanding of these will help you achieve financial success, so we’ll cover what they mean and what you should know on today’s episode. And don’t worry. We won’t go quite so far down the rabbit hole where we expect you to be able to explain how a company’s P/E ratio meshes with its Alpha and Beta ratings to determine how much stock you should buy.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
Some people feel that they’ll save money by handling their investments themselves instead of working with an advisor. Others may like the challenge of doing it themselves. Still others just don’t know who to trust so they end up not working with anyone. Let’s talk about some reasons that you might need an advisor.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
There are certain things in life we just can’t predict. If we knew the answers to some of these questions, planning for retirement would sure be a lot easier. So let’s see how you go about constructing a plan that addresses the kinds of questions to which you can’t possibly know the answers.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
Time for a little fun on this episode. We’ll use some fill in the blank prompts to spark good discussion about relationships between advisors and their clients, the stock market, common planning mistakes, and much more!
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
In football, teams are extra careful not to make a mistake when they get within about 20 yards of scoring points (known as the Red Zone). They’ve typically worked hard to get to that point and don’t want to cost themselves by throwing an interception or fumbling the ball and giving it to the other team. On this episode, we’ll explore the financial equivalent of the Red Zone and discuss how you can really mess things up if you’re not careful during this phase of your life. If you’re approaching retirement, this is a fundamental conversation you won’t want to miss.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
This is part 2 to our resolutions for 2022. See if you might be able to implement a couple of these to kick off the new year in good, financial health.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
You might not be able to follow through on all 22 of these resolutions, but implement even just a few of these and you’ll be well on your way to a more prosperous financial life in the coming year. We will go over the first 11 resolutions on today's show.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
We see a lot of people who aren’t getting the kind of advice and service from their financial advisor that they should be. In a lot of cases, the advisor is only "managing the investments,” but not providing guidance in other areas. Let’s talk about some of the things that your advisor should be doing.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
Certainly, none of our podcast listeners would be guilty of making unreasonable requests, but let’s talk about some of the unreasonable requests we hear from others in the financial world. We’ll explore what makes them unreasonable and what proper expectations look like instead.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
Getting husbands and wives on the same page with their retirement plan can often be a challenge. Let’s talk about some of the things that couples often mess up.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
Depending on your answers, the questions we cover on today’s show might raise red flags about your finances.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
So, you’re experiencing some concerning symptoms? Let’s have a visit with the money “doctor” to see what financial prescriptions you might need.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
Most people understand that a customized retirement plan is much better than a one-size-fits-all approach. And yet, most people don’t have a plan that’s truly customized. Let’s talk about some of the things that need to be considered if you’re going to build a truly customized plan.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
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.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
At first glance, each of these statements seem like basic common sense that everyone agrees with. But when we look at the way people actually behave with their money, it seems that common sense is actually a bit uncommon.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
Sometimes the easiest way to learn about something is make it really simple. Like some of the first true/false tests you might have taken in school, let’s play a round of fact or fiction to test your financial planning acuity.
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/
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.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
We often see people making certain assumptions about retirement that just aren’t correct. Let’s explore some of those on today's show.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
It’s an annual tradition! Well, except for 2020 when the tournament was cancelled. But it’s time to look at the NCAA tournament and see what kind of financial planning lessons we can learn from it.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
On this episode, let’s go over some tips for how men, or women can get back in the game when it comes to involvement in the process of making financial decisions.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
As you get ready to file 2020 taxes and look ahead to the rest of this year’s tax implications, let’s cover some of the changes you need to be aware of and answer some important tax questions.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
Today we answer some mailbag questions that have come into the show over the past few weeks. We discuss early Social Security, strategically using life insurance, and much more.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
If you don’t know the answer to the question, then this episode is for you. On this episode, we’ll explore the three qualities of money, discuss whether you can achieve them in a single investment, and how to put the right emphasis on the different qualities. It’s really quiet basic, but understanding these fundamentals can make an enormous difference in your financial life.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
Want to grade your preparedness for retirement? Here are five key questions you need to ask yourself. Your answers will help determine how ready you are for retirement. We also spend a few minutes on variable annuities this week.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
A lot of concern goes into trying to pick the proper investments, build a balanced portfolio, and getting the highest return. But how much time have you really put into finding the right advisor to work together with on all these tasks and more? So, we want to clear some of that up on this episode and clarify some of the ways you can evaluate your current advisor relationship and how to shop for, and find, the right advisor for you.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
Just like any decision in life, making financial choices would be a lot easier with the benefit of hindsight. Let’s talk about some of the things we might hear from people who wish they’d done things differently after looking in the rear view mirror.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
Just like your iPhone or your computer can become obsolete and need to be replaced, the way that some people think about retirement is obsolete and needs to be replaced. Let’s talk about some outdated ideas that people still cling to.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
The IRA is an incredibly popular vehicle to save for retirement. But are you being too passive about how you’re saving and investing inside that account? Let’s put your IRA through some scrutiny to see if you’re truly taking advantage of all it has to offer and understand its pros and cons.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
For some people, the idea of putting together a financial plan doesn’t sound like much fun. But the idea of building a home sounds like a lot of fun. So let’s find the similarities in building a strong financial plan and a dream home.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
Are you retirement ready? Do you just plan to cross that bridge when you come to it? This week we look at some places where false hope can leave us in a position we truly do not want to be in. The good news is it's something we can remedy with proper planning and conversations with a financial advisor.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
There are some financial planning blunders that are interesting to talk about but are quite rare in reality. On the other hand, there are some financial planning mistakes that happen far too often. Let’s talk about the mistakes so many people have made in the past it has made them “classic”.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
We’ve found that—for a lot of people—what they say and what they do don’t necessarily match. Let’s look at some examples in the financial world where you might be saying one thing, but your behavior indicates something different, and you don’t even realize it.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
It seems that most people don’t have a clear picture of whether they should contribute to a traditional IRA or a Roth. Let’s discuss how to determine what’s best for you.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
Let’s talk about some financial planning “strategies” that don’t really work (even though some people, even some financial advisors, believe in them).
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
If you’re like most people, you probably have some financial accounts that you haven’t paid much attention to recently. The statements are just collecting dust in your file cabinet, but they might actually be hidden gems that could be put to much better use. Let’s talk about some of the accounts that people tend to ignore for too long.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
Let’s talk about some of the common mistakes that we see being made time and time again by retirees and pre-retirees.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
If you really took inventory of your financial situation, you might find that you’ve been taking for granted some assets that make up a huge piece of your puzzle. Is it possible you should be putting a little more thought into some of these assets?
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
Many people can get these two styles of investing confused, but today we look to gain clarity on these two terms. We talk about the main differences between an active versus passive management strategy and the situations that are suitable for each strategy.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
A lot of things in the financial landscape have an “it depends” resolution. It can be frustrating when things are so fluid and vary person to person. So, let’s discuss some financial truths that we can state with confidence and see what we can learn from them.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
We talk all the time about how people need to give their dollars purpose or set goals for their retirement and even specifically for certain investments. But let’s dive deeper into what different goals look like for various folks approaching retirement. How do you determine if a goal is realistic or out of reach? We’ll tackle that conversation with plenty of examples on this episode.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
The idea of a Roth conversion is intriguing to a lot of people, and for some people it can be a great strategy to enact. Let’s explore the concept.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
Myths, rumors, and misunderstandings are pervasive in the world of Social Security. On this show, we’ll look to clear up the top 5 misunderstandings about Social Security.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
With all of the things in the financial world that you can’t control, why would you sabotage your own retirement by messing up the things you can control? Let’s discuss some ways that people sabotage their own financial health...
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
Simple mistakes can sometimes lead to larger regrets in retirement. On today’s show, we’ll explore some of the things you can do to avoid living with regret in retirement.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
While there are some factors that are different for everyone in retirement planning (variables), there are also constants that affect everyone, no matter the specifics of your situation. How do we plan around these constants?
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
The last decade of your working life is a very important one from a retirement planning perspective. Let’s talk about some of the things you want to be sure you address during that 10-year period...
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
There are some important lessons that flying can teach us about retirement planning. So check your luggage, strap into your seat and let's take a trip with Kyle.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
Your 401k can be your most powerful retirement savings tool. But it’s not perfect. Let’s talk about some of the weaknesses that you should be aware of in your 401k (or 403b...or TSP...or 457 plan).
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
Some people (in fact, probably most people) find it easy to procrastinate when it comes to financial planning issues. But let’s talk about some scenarios that might cause people to have a bit more sense of urgency.
Helpful Info:
Kyle's website: https://mokanfinancial.com/
Phone: 913-257-3991
Tax-Free Retirement Toolkit: https://mokanfinancial.com/shock/
The term “fake news” has become synonymous with the political climate of the past few years. But the phenomenon has spread to other parts of our culture as well. What about fake news in the financial space? We’ll look at some recent news headlines to see if they qualify to be labeled as “fake news”.
There are plenty of proverbs and axioms that aren’t meant to be about money, but we can easily learn a financial lesson from them anyway. We’ll show you the hidden money meanings behind some of these popular sayings...
Some of retirement planning’s most important questions seem so simple at first. They can be asked in just a few words and give the impression the answers are a simple “yes” or “no”. But it’s tricky because many of these questions can become overwhelming to answer. Let’s cover some of the important retirement questions that are harder to answer than you might think.
For some people, the biggest problem with their financial planning isn’t that they make the wrong decisions. It’s that they often fail to make decisions at all. But sometimes you just have to fish or cut bait. Decide and move forward. Let’s discuss some of the things that can cause the decision-making process to stall and how you can get unstuck.
We get a lot of questions from listeners wanting to know how they can determine when it will be “safe” for them to retire. Let’s look at some of the key factors that help a person define what “safe” means and when they can indeed pull that retirement lever.
It seems that people have different definitions of “safe money” as it relates to their savings. Let’s discuss some of those varying explanations of the term and why it’s an important conversation for any retiree or pre-retiree to have.
When it comes to financial planning, everybody has some kind of pain point. Those pain points are different for each person, but everyone has something that bothers them. Kyle tells us about some times where he's helped clients through these frustrating areas.
Financial and retirement planning guidance from Kyle Hammerschmidt of Mokan Financial in Overland Park, KS. We'll teach you how to properly plan for retirement and your financial future. The first episode is coming soon!
https://www.mokanfinancial.com/