Planning For Retirement Podcast: Recent Episodes
Kevin Lao
PFR Nation,
We just announced our FREE GIVEAWAY winner and runner-up on the YouTube channel last Thursday. Thank you all for participating and making that process super enjoyable and engaging. One of the questions I asked for the giveaway was “What is one thing related to planning for retirement that keeps you up at night?” We received some amazing responses!! So, I thought I would dedicate this episode and the next to addressing some of the best questions in that YouTube thread.
This episode, we will wrestle with three of them:
- I have the majority of my retirement savings in pre-tax accounts, so I am worried about how to do the complex math to optimize Roth conversions before RMDs kick in.
- I worry that after a lifetime of saving, will I be able to draw down my retirement savings?
- My wife is 9.5 years younger than me. I want to retire in a few years at 55, not sure how long after that she’ll keep working. But with that age gap it’s a long retirement timeline. How best do you plan for that?
You’re not going to want to miss this one and hope you find it useful! Thanks for tuning in.
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
I recentlydiscovered a Ted Talk by Dr. Riley Moynes about the “4 phases of retirement.”
We talk a lotabout the financial side of retirement planning.
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Safe withdrawal rates
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Tax efficiency
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Investing to and through retirement
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Legacy
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Insurance
However, it’s equally important to understand and thinkabout the softer side of retirement planning. In this episode, you will want to hear Dr. Moynes’ take on the 4 phases,and I’ll talk about a real-life hero in the College Football world that canhopefully inspire you to SKIP the dark and depressing phase!
I hope you enjoy this one.
-Kevin
Takeaways
· Retirement is not just a financialtransition; it's an emotional journey.
· Understanding the four phases ofretirement can help avoid pitfalls.
· The vacation phase is characterized byfreedom and excitement.
· The loss phase involves identity andpurpose challenges.
· Michael Phelps' experience illustratesthe emotional struggles of retirement.
· Therapy and seeking help can be crucialduring transitions.
· Finding new meaning in retirement isessential for fulfillment.
· Engaging in service and mentoring canenhance retirement satisfaction.
· Financial independence allows forexploration of new passions.
· Planning for purpose in retirementshould start before retirement begins.
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
In this episode, I’m tackling America’s “headline culture,” how short clips and soundbites dominate not only politics, but also the way we think about retirement planning. With the tragic assassination of Charlie Kirk as a starting point, I reflect on how social media algorithms amplify the loudest, most divisive voices, while thoughtful, nuanced conversations get drowned out. When I dug into Charlie’s long-form interviews, like his sit-down with Gavin Newsom, I realized how much context gets lost and how much more common ground we really share when we go deeper.
The same thing happens in retirement planning. Viral soundbites like “Social Security is going bankrupt,” “Never pay off your mortgage,” “The 4% rule always works,” or “Financial advisors can’t beat the market, so don’t hire one” may sound convincing in 20 seconds, but they can be misleading and even harmful if you base major decisions on them.
In this episode, I break down why these headlines don’t tell the full story and what you should consider instead.
At the end of the day, just like politics, retirement requires long-form thinking. The clips may get clicks, but the deeper conversation is where the truth, and a confident retirement, really lives.
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
Welcome to another “Whiteboard Retirement Plan” breakdown!
Scottie and Meredith had the perfect plan: retire at 65, sign up for Medicare, and start Social Security at 67. With nearly $1.9 million saved, everything looked like it was on track, until life threw them a curveball. After some friends their age got sick and passed away, they started asking: Why wait? Can we retire right now at 60?
In this Whiteboard Retirement Plan, Kevin Lao stress tests their plan to see if early retirement is really possible without jeopardizing their future.
You’ll hear:
- How a five-year shift can dramatically impact retirement projections
- The hidden risks of retiring before Medicare and Social Security kick in
- Which levers (investment allocation, side hustle income, rental property, and more) can make early retirement realistic
- The trade-offs between financial security and living life on your own timeline
If you’ve ever wondered whether you could retire earlier than planned without blowing up your financial security, this episode is for you.
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
As you approach retirement, or even when you are in the beginning phase of retirement, there is this natural feeling of concern about market uncertainty. After all, the market can turn south in a heartbeat, potentially even leading into a recession. Or worse, a prolonged recession. This term is also known as “Sequence of Returns Risk.” It’s not about your long-term average return, it’s about the ‘sequence’ those returns are generated.
I’ve been stress testing different rates of withdrawal with different starting periods. And the ‘Lost Decade’ of the 2000s is a perfect example of why sequence of returns is so important for retirees to protect against.
In this episode, I’ll highlight some of the major downturns since the 2000s. Then, I’ll talk about some real strategies that you can implement as you protect against sequence of returns risk. I hope you find this one useful!
And let me know what YOU plan to do to hedge against this risk. Also, make sure to share this episode with someone who is also approaching retirement, or who has recently retired! I’m sure they’ll also find it useful.
Thanks for tuning in.
Kevin
Key Topics:
•What Sequence of Returns Risk really means and why it matters more than long-term average returns.
•How the “Lost Decade” of the 2000s demonstrates the dangers of poor return sequencing.
•Practical strategies to protect your retirement portfolio from early losses.
•Tips for stress-testing withdrawal rates and planning for different market scenarios.
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
Many of you have adult children or loved ones you hope will benefit from your financial success. But how confident are you in their financial skills? Will they be good stewards of the wealth you leave behind? Even if you don’t plan to leave a fortune, your careful retirement planning might still create a sizable legacy.
I just celebrated 17 years in financial services on 8/28! It’s been a journey full of highs and lows, shaping my perspective on money and life itself. To mark the milestone, I’m sharing 10 key lessons I’ve learned as a financial advisor, entrepreneur, and content creator. My hope is that these insights can help you in your conversations with your adult children or beneficiaries!
I hope you find it useful!
Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
If you have been a podcast listener for a while, you know I have strong feelings about the “4% Rule.” Well, the father of the 4% Rule, Bill Bengen, just released a new book where he admits that 4% is probably too low. In this episode, we’ll briefly touch on the history of the 4% rule, as well as the findings in his new book. But more importantly, we’ll discuss the downsides of actually using the 4% rule in real retirement planning and touch on some key planning opportunities for YOU (PFR Nation) to consider instead.
I hope you all find this one helpful!
Let me know what YOU think of the 4% Rule!
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
Legendary actor Gene Hackman passed away earlier this year. Some of the details about his estate plan have been made public due to the probate process. While I don’t believe any of us have an $80 million estate, there are some important lessons we can all take away from this estate planning nightmare. Especially if you are part of a blended family (children from a previous relationship or marriage). I hope you all find this useful.
Make sure to check out the links below for some of the blended family content I’ve created in the past from the podcast and company blog.
And finally, make sure to email me at kevin@imaginefinancialsecurity.com if you would like a copy of the e-book I am finishing up, “Planning For Retirement With A Blended Family.”
Thanks for tuning in to the show and making sure to follow the podcast and subscribe to our YouTube channel for weekly retirement-related content for PFR Nation!
-Kevin
Resources Mentioned:
- Blended Families – You Need a Long-term Care Plan! (blog post)
- How to divide assets in a blended family (blog post)
- 4 Retirement and Estate Planning Strategies for Blended Families in Florida (blog post)
- Blending and Building Wealth in a Blended Family (w/ Tim and Alexis Woodward @ Blend Wealth) (podcast episode)
- Wealth Protection And Transfer in a Blended Family (w/ Tim and Alexis Woodward @ Blend Wealth) (podcast episode)
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
I hope everyone has had a great summer! It’s been action-packed for us, especially coming off the heels of family visiting the last 8 days. Thus, thanks for your patience with this week’s episode!
This is a good one! Many folks retire earlier than they had anticipated. In this case, Marilyn was forced to retire 5 years earlier than she had planned! She’s done well saving and investing, and has accumulated $1.95million between taxable, tax-deferred and tax-free accounts. However, she has some ambitious goals for travel and freeing up her time!
Let’s see how her plan looks. And let’s see what levers she can pull in order to improve her retirement outcome. I hope you all find this useful!
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
Welcome to another edition of Planning for Retirement (PFR) with Kevin Lao.
And welcome to all the newbies here! If you are new, you might want to hit that “Follow” button if you are over 50 and have saved a minimum of 7 figures for retirement. You’re approaching the phase of life where you want to be able to fire your boss at any time, maximize your retirement impact, minimize your lifetime tax bill, and worry less about money! This is your podcast!
And don’t forget to “Subscribe” to our YouTube Channel, where we put out weekly retirement-related content designed for YOU (PFR Nation).
Today, we’ll revisit another Q&A session with some GREAT questions we’ve curated over the last few months. Reminder, if you have a question for a future Q&A episode, or simply want to send me an email, you can at: kevin@imaginefinancialsecurity.com
We have questions related to Roth IRAs, Inherited Roth IRAs, stock allocations for retirees, IRA to Health Savings Account rollover, and more!
I hope you enjoy this one!
Kevin
Resources Mentioned:
- Don’t miss your Roth Conversion Window (video)
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
In this 88th episode of the Planning forRetirement podcast, I’ll touch on the importance of finding true fulfillmentbeyond financial success and that chasing a retirement goal is merely a toolfor freedom. Freedom to pursue what YOUare built to pursue on this earth. First, I’ll start off by sharing someinsights on tax planning following the One Big Beautiful Bill Act (OBBBA),including changes to tax brackets, the senior deduction and the SALT deduction.I will then highlight a key market trend for 2025, but at the same time stressthe importance of not chasing the next hot thing. And then finally, I will highlight variousside hustles and activities that retirees engage in to stay active, fulfilled,and connected to their communities (compliments of a Reddit thread I stumbledupon). I hope you all enjoy thisepisode!
-Kevin
Takeaways:
•Money is a tool, not the goal.
•Financial independence should lead to a meaningful life.
•Tax benefits from OBBBA are significant for retirees.
•The SALT deduction cap has increased the likelihood of itemizing deductions.
•International stocks are outperforming US stocks in 2025, by a lot!
•Diversification is crucial in investment strategies, but don’t chase returns.
•Timing the market can lead to significant financial mistakes.
•Retirement should focus on finding purpose, not just financial stability.
•Many retirees engage in side hustles for fulfillment and extra income.
•Boredom can lead retirees to seek part-time work or hobbies.
•Staying active is crucial for mental and physical health in retirement.
•Pursuing passions can lead to new business opportunities in retirement.
•Volunteering and helping family can provide a sense of purpose.
•It's important to plan for both financial and personal fulfillment in retirement.
•Retirement can be a time to explore new interests and hobbies.
•Community engagement can enhance the retirement experience.
Resources Mentioned:
•Ep 61 – Benefits of Working in Retirement (w/ Roberto Fortuna)
•What is Your Side Hustle In Retirement? (Reddit thread)
•Tax Trap of 401ks
•Death tax trap of 401ks
•Here is the investment return performance I was referencing in the podcast from BlackRock through May 30th 2025
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
The internet is full of financial advice. Some is good, some is great, and some downright dangerous. After nearly 17 years as a financial advisor, I’ve heard it all. In this episode, I’m calling out the bad advice for retirees and pre-retirees that still gets passed around today in hopes that you will plan better for retirement!
I hope you enjoy it.
-Kevin
Takeaways:
- The internet is full of financial advice, but not all is good.
- Many retirees struggle with the concept of productivity in retirement.
- Not all financial advice is created equal; some is driven by agendas.
- Paying off a mortgage can provide peace of mind, even if it seems financially disadvantageous.
- Social security strategies should be flexible and personalized.
- Roth accounts can be beneficial, especially during the Roth Conversion Window.
- Financial planning should consider both quantitative and qualitative factors.
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
It’s official, the One Big Beautiful Bill Act (OBBBA) was signed into law on July 4th, 2025, making significant impacts on tax rates, deductions, and various credits.
This by no means is a summary of ALL the changes from OBBBA, but I attempted to summarize what I believed was most relevant to our listeners and clients (folks nearing or in retirement, saved over $1million, excluding primary residence, mostly in tax-deferred vehicles).
In addition to the key tax changes, I’ll also break down 3 client examples and how OBBBA impacted their taxes in 2025. Finally, I will discuss 7 planning opportunities to consider.
I hope you find it helpful.
If you are interested in learning more about working with our firm, you can visit our website or fill out the Retirement Readiness Questionnaire below.
-Kevin
Takeaways:
- The OBBBA has made current tax rates permanent, preventing increases in 2026.
- Standard deductions have been slightly increased and made permanent.
- Bonus deductions for taxpayers over 65.
- Social security income remains taxable, despite misconceptions about tax-free status.
- Child tax credits have been permanently increased to $2,200 per child.
- Business owners benefited with QBI deduction and 100% bonus depreciation.
- The SALT deduction cap has been raised to $40,000, benefiting high-tax state residents.
- Service workers can now deduct tips up to $25,000, making their income more tax-efficient.
- The estate and gift tax exemptions have been permanently increased to $15 million for individuals and $30 million for couples.
- The AMT exemption has been extended, but phase-out rules have reverted to previous levels.
- Planning opportunities exist for those over 65 to maximize deductions and manage tax liabilities.
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
I hope you all enjoyed the 4th of July weekend! Happy Birthday, America!
Fees are a big topic of conversation amongst financial advisors, but also from consumers. It can be a spicy topic with lots of complexities, but I’ll try to simplify HOW and WHAT you are paying your financial advisor.
I’ll be the first to admit, I am extremely biased being a fee-only financial advisor, which I’ll admit throughout the show. I will say that there is no right or wrong fee model! However, I do believe there is a right fee model based on the client’s circumstances. This is why we designed our fee structure the way we do, because we serve retirees with $1mm - $5mm of investible assets.
In this episode, I’ll talk about “free financial planning,” the different fee models, what those fees are from a $ perspective, and 5 recommendations if you are considering hiring a financial advisor.
Takeaways:
- If you're hiring a financial advisor, make sure they serve retirees/pre-retirees like YOU.
- Many advisors focus solely on investment management, neglecting comprehensive planning.
- DIY investors often have blind spots that a good advisor can help identify.
- Be cautious of 'free' financial planning services; they often come with hidden costs.
- The fiduciary standard is crucial; only fee-only advisors are true fiduciaries.
- Different financial advisor models have varying incentives and conflicts of interest.
- Advice-only models can be beneficial for DIY investors seeking validation.
- Calculate fees based on dollar amounts, not just percentages.
- Consider the long-term value of the services provided by your advisor.
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Other Links Mentioned:
- Where do I find a retirement-focused financial advisor? (article)
This is for general education purposes only and should not be considered as tax, legal or investment advice.
Hello, PFR Nation and Happy 4th of July, and Happy Birthday, America! What a great country we live in, I’m so proud to be an American. My Dad being a (legal) immigrant has given me great appreciation for the opportunities we have relative to the rest of the world.
I’m feeling extremely blessed for the clients we are serving in our financial planning firm, and I’m so grateful to serve all of you with this podcast. I hope you continue to find value.
We have a fair amount of new listeners, plus the legacy listeners, and I just want to say how excited I am to deliver this weekly content to all of you. Thank you for the support, and welcome to the 84th episode of the PFR Podcast and 7th edition of the ‘Whiteboard Retirement Plan.’
Leo and Lisa are looking to retire in 2 years, at 61 and 58 respectively. They have done quite well accumulating approximately $3 million for retirement with the majority being inside of traditional tax deferred IRA’s and a 401k.
Leo is on Long Term Disability and was forced to ‘retire earlier’ than planned, and is receiving tax free income until 65. Lisa plans to fully retire at 58. However, this will result in losing employer-sponsored healthcare and ultimately needing to shop around in the open market. One option will be to consider the Affordable Care Act policies on Healthcare.gov. Furthermore, Roth Conversions are of interest during their “Roth Conversion Window” from Lisa’s age 58 until she turns 75. In this episode, we will help them decide whether or not to aggressively pursue a ‘low income’ to reduce healthcare costs in early retirement…or, to begin converting some of the tax-deferred accounts right away to reduce the ‘Tax Trap of 401ks.’
Drop a comment and let me know what you plan to do if you retire before 65! Will you aggressively pursue ACA Premium Tax Credits? Aggressively convert to Roth? Or potentially a hybrid between the two?
I hope you enjoy the 7th edition of the “Whiteboard Retirement Plan.”
ACA Premium Tax Credits Video
*Additional Disclaimer*** So much about these rules are up in the air. From 2021-2025, there has been a “gradual slope” downwards of ACA premium tax credits even AFTER you exceed 400% of the Federal Poverty Level. However, that is set to revert back to the “Cliff” at 400% after 2025. With that said, there is a LOT on the table with the “One Big Beautiful Bill” which will likely include further changes to these rules. I guess what I’m saying is…continue to follow the “OBBB” and of course follow the PFR Pod!
-Kevin
Takeaways:
- Many of the families we serve are overachievers looking to retire early.
- Healthcare costs are a significant concern for early retirees prior to reaching Medicare eligibility.
- Budgeting for lifestyle and healthcare is crucial in retirement planning.
- Roth conversions can optimize tax liabilities over time.
- Monte Carlo simulations can help stress test the plan, but is by no means the be all end all retirement metric.
- Understanding the Affordable Care Act and their premium tax credits are important, but should NOT be the sole basis for tax planning opportunities.
- Tax traps in traditional retirement accounts can impact long-term wealth during a retiree’s lifetime, and for the next generation.
- Income stability is key for a successful retirement.
- Adjusting retirement plans can provide more flexibility and security.
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
Many of the individuals and families we serve end up “Oversaving” for retirement. If you are in that same situation (you overachieved 😊), you will want to listen to this episode to learn about 6 retirement planning opportunities to consider.
Basically, this is the exact
I hope you find this episode useful.
-Kevin
Takeaways:
- Many clients are overachievers who overfund their retirement.
- Financial planning is a continuous process, not a one-time event.
- Understanding the gap between current wealth and future goals is crucial.
- Retiring earlier than planned can be a viable option for overfunded individuals.
- Spending intentionally enhances the retirement experience.
- Taking on more or less investment risk is a personal choice for overfunded retirees.
- Gifting during one's lifetime can create meaningful experiences for family.
- Legacy planning should involve thoughtful conversations about wealth transfer.
- The impact of inflation on perceived wealth is significant.
- Measuring progress against past achievements can improve financial mindset.
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
In this week’s podcast, I break down 5 great questions we have either fielded directly in our practice, or have observed in the marketplace from retirees/near retirees. Shoutout to Roberto for this concept, and if it goes well, we’ll be doing these every 4-5 episodes!
In this edition, the 5 questions we’ll tackle are:
- 💬 Question 1: Can I get a mortgage if I just retired and don’t have income? I have the assets!
- 💬 Question 2: Can a spousal Roth be done for a wife who is retired and draws a pension and Social Security, but no income from working?
- 💬 Question 3: Rollover my pension or annuitize it? (8.34% payout rate on a $500k pension)
- 💬 Question 4: Fees — I’m talking to a money manager at one of the large firms. His fee is 1.75%. Does that seem reasonable?
- 💬 Question 5: Should I bail on US Treasuries and buy CDs because they are FDIC-insured?
I hope you enjoy this one!
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
Is it time to take your adult children off your payroll?
Nearly HALF of parents with adult children are providing them with MEANINGFUL financial support. But 40% plan to CUT OFF those funds in the next 2 years.
If you or someone you know is struggling with this, you are NOT alone!
In this 81st edition of the PFR podcast, we’ll discuss Savings.com’s recent survey about this, and ultimately how this could impact your retirement plans and how you are remembered.
Make sure to participate in the poll questions referenced in this episode!
-Kevin
Resources Mentioned:
- Savings.com Study
- PsychologyToday Article
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
Are you feeling a bit behind on your goals for retirement? You’re not alone!
More than half (57 percent) of Americans working full-time, part-time or who are temporarily unemployed feel behind on their retirement savings, according to Bankrate’s latest Retirement Savings Survey.
In the 80th edition of the Planning for Retirement podcast, I’ll discuss 6 tactical moves to improve your retirement outcomes. I hope you enjoy it!
Also, thanks for your patience this week as my family of 5 + 2 dogs made our move into a new home! We are swimming in boxes while managing 3 boys being home from summer. Pray for us! 😊
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
I hear a lot of financial advice out there to take Social Security as early as possible. But what if I told you that for many high-net-worth retirees, claiming early could cost you several hundreds of thousands of dollars of lost income and even furthermore negatively impact your investment portfolios over time.
Episode 68, 9 Reasons to Claim Social Security Early. Make sure to check that one out as well. In this episode, we’ll look at the other side of the coin on why you might want to DELAY Social Security. I hope it helps!
-Kevin
Important editI mentioned a reduction in your "Primary Insurance Amount" when you claim benefits before Full Retirement Age. However, I meant to say there is a 30% reduction @ 62 for those who were born in 1960 or later...NOT a 35% reduction! The 35% reduction applies to a "Spousal Benefit" when claiming @ 62.
Thank you, Roberto, for catching this! I will attach a link to the IRS website which has a helpful chart showing the impacts on claiming early below.
https://www.ssa.gov/benefits/retirement/planner/agereduction.html
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There is a lot of focus in the financial advice industry related to the “Accumulation Phase.”
In the beginning, you’re trying to save as much as possible as you start your careers. Then you gain some traction and start building up a nice nest egg. As your income increases, maybe you start to think about the tax impact of your savings.
And finally, you really start to focus in on how much you “need” or “want” before you stop the accumulation phase. The problem is that it continues to be a moving target based on your lifestyle changes, inflation, the markets, or ultimately, the unknown about how long you might live!
But when is enough “enough?” It’s easy to have the blinders on and just focus on building up as large of a nest egg as possible. As a result, many pre-retirees and retirees fail to think through the distribution phase…or in other words, the decumulation phase.
And many of the folks we serve are surprised to find out they have a SURPLUS in retirement. Meaning, it’s going to be hard for them to spend all their nest egg during their lifetime (not a bad problem to have).
In today’s Whiteboard Retirement Plan breakdown, we’ll look at Bruce and Jennifer Lee, who are 62/61 and looking to retire in January of 2026…
We’ll show you WHY they have a surplus and ultimately discuss some strategies to help them optimize for today, as well as maximize their legacy to their 2 adult children.
I hope you enjoy it.
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
Ever hear of the “Sell in May and Go Away” catch phrase as it relates to the stock market? In this episode, we’ll look at the actual data of market returns from May to October vs. November to April and see if there is any merit.
We’ll also touch on the stock market since the “Liberation Day” sell-off, as the market has gained a ton of ground in April and early May.
I hope you enjoy this episode, and make sure to share the podcast with someone who is PFR Nation caliber!
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
Roth IRAs, 401ks, Health Savings Accounts and Traditional IRAs generally get the most hype when it comes to saving and investing for retirement.
However, the TAXABLE BROKERAGE ACCOUNT, in my humble opinion, is the unsung hero in the retirement planning puzzle. This is due to the ultimate flexibility and surprising tax efficiency during the accumulation, distribution, AND legacy phases.
Check out this episode where I talk about the benefits in each phase, as well as some of the mistakes I see retirees make when using these accounts to plan for and execute a successful retirement.
I hope you enjoy it!
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
The first quarter of every year is a great opportunity for us to meet with our clients and discuss things like:
- Required Minimum Distributions (RMDs)
- Cash Flow Needs
- Rebalancing opportunities and overall market outlook
- Tax opportunities before the deadline
- Tax opportunities to tee up for the year(s) ahead
- And overall retirement planning landscape for each of our clients
But this past quarter, we have had some significant volatility relative to what we’ve seen since 2022 when inflation topped out at 9.1%!!
There were some great takeaways I wanted to share in hopes that it will HELP YOU in your journey to plan for and execute a successful retirement…
I hope you enjoy this episode, and make sure to share it with a friend who is “PFR Nation” caliber! Thank you!
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
The conventional wisdom is to spend down your taxable accounts first, then your tax-deferred accounts, and finally your tax-free accounts. However, this may not always be the case.
In this episode, I’ll break down the case of “Rory and Erica” on the whiteboard, which goes against this conventional wisdom.
We’ll cover max spending strategies, optimal investment strategies, tax-efficient withdrawals, charitable giving, and long-term care planning.
I hope you enjoy this edition of the Whiteboard Retirement Plan! Make sure to share this with someone who would find it useful.
-Kevin
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The VIX (Wall Street’s fear index) topped out at 57 as I write this on 4/9/25. Which for perspective, 15 is a normal level. In 2020, the VIX topped out at 66, and in 2008 it topped out at 88! So, this means there is a lot of fear in the markets.
We just wrapped up our Q1 reviews, and our clients are also in that camp feeling uncertainty. However, the market rallied today (4/9/25) with the S&P 500 gaining 8.5%!
This is just a friendly reminder that you never want to bail on your strategy during periods of volatility.
We’ll break down the VIX, we’ll also talk about the winners and losers in the market from the first quarter.
I’ll share some questions that are on my mind related to economic uncertainty.
And finally, I’ll talk about 4 tactical strategies for you to implement during this time of market volatility.
I hope you find it helpful!
- Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
Shoutout to my wife, Jess, for this podcast idea! I started my list with 5, then went to 10…but I had to put 20 down for this list! But, there are several more that SHOULD have made this list!
We talk about purpose in retirement, and what better purpose than to have some amazing golf courses that you want to play in retirement!?
My hope is to provide some inspiration as you all plan for retirement and begin to hit some of your bucket list golf courses!
Enjoy this one and let me know what you think of my list. And let me know what courses I should be targeting as I continue to explore the amazing world of courses out there!
Thank you!
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
The Federal Reserve elected to hold steady on rate cuts for now. The market did react positively to this news, but ultimately volatility has ensued since then in response to tariff concerns and their impact on inflation. So naturally, we are fielding more and more questions about the markets and the impact on their retirement portfolio.
As a result, I wanted to dig into past economic cycles where interest rates had peaked (like they did in 2024) and ultimately rate cuts began (like in September of 2024). I looked at the results for the S&P 500 returns vs. the Bond Index returns for each cycle from when rate cuts began to when they bottomed out, and there were 5 of them since 1980 (Hyperinflation).
I think you’ll be interested in the results!
Of course, this is in no way solicitation to buy or sell ANY securities, as this is for general education only.
Hope it helps.
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
Our retirement planning firm, Imagine Financial Security, turned 4 in February and I have been wanting to do a podcast celebration for this one!
To celebrate, I thought I would do an episode about some of my initial experiences of going independent as a financial advisor.
- I’ll touch on 4 things I miss about working for a larger financial institution.
- Then, I will touch on 4 of the things I LOVE about being an independent financial advisor.
I hope you guys enjoy it.
Happy 4th Anniversary to IFS!
And congratulations to Roberto Fortuna on his official promotion!
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
No, I’m not saying a Bear Market is certain. Nobody has a crystal ball. However, the markets are volatile right now, and it’s a great reminder that the market doesn’t operate on a straight line upwards. It has bumps along the road. And that is a GOOD thing! If there was no risk, there would be no opportunity for gains!
However, it’s important to begin preparing before you enter a bear market, or worse, a recession.
In this episode, I’ll discuss 14 Retirement Planning moves to help you prepare for the NEXT bear market. Because it’s not a function of “if,” but “when.”
As always, everyone’s situation is unique, so please consult with your own advisors before making any changes! This is for educational purposes only.
I hope you find it helpful.
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
The default assumption for many online social security calculators, financial planning tools and expert advice tells you to DELAY Social Security as long as possible! After all, that does yield the highest monthly benefit, assuming you wait until age 70.
Well, that may not be the best strategy for you!
In this episode, I am going to break down 9 reasons why you may want to claim Social Security early!
As always, everyone’s situation is unique, so please consult with your own advisors before making any changes! This is for educational purposes only.
I hope you find it helpful.
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
Today, we will be looking at a client example of a 62/61 year old couple with $1mm inside of a Traditional IRA, about $50k in cash savings, and a $450k home that is paid off.
In this episode, we’re going to dive into the timing of their Social Security income, IRA distribution strategy, Roth Conversions, as well as their investment strategy. We’ll also discuss some of the key risks they’ll face throughout retirement.
I hope you enjoy this 4th edition of the “Whiteboard Retirement Plan.”
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
One of the top concerns for the clients we serve is related to taxes in retirement. They’ve worked hard to get to this point where they could even think about retiring, but then realize that the more they pay in taxes, the less money in their pocket to enjoy life and ultimately leave to their kids or beneficiaries.
After all, the federal government has shown that they have been a pretty poor money manager, leading us to a $36T deficit and counting.
Naturally, deciding on whether or not to convert funds from a tax deferred IRA or 401k to a ROTH IRA is a big deal.
In this episode, we’ll talk about 7 reasons you may want to delay, reduce, or even avoid Roth conversions altogether.
As always, everyone’s situation is unique, so please consult with your own tax professionals before making any changes! This is for educational purposes only.
I hope you find it helpful.
Resources Mentioned:
- Senior Citizens Tax Elimination Act
- Episode 10: 6 Reasons to Take Advantage of Roth Conversions
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Most people start to think about taxes right about now around the tax filing deadline.
They gather a bunch of documents, send them to their tax preparer, and mistakenly believe their tax preparer is going to come up with this MAGIC way to save a bunch of money on taxes.
Then they get ticked off because there is not much you can do in April to lower your tax bill.
Finally, they get frustrated by the complexity of the tax code and call it a day…until next year, rinse and repeat.
So what they are failing to comprehend is that “TAX PREPARATION” is NOT “TAX PLANNING!”
Tax Planning is ongoing, it doesn’t start and stop at the tax filing deadline. And it’s about reducing your LIFETIME tax bill, not simply looking for a maximum tax refund year to year.
In this episode, we are going to talk about this concept of “Tax Planning” and what can you, PFR Nation, do to reframe your way of thinking about your taxes in your retirement journey.
Then, we’re going to talk through some action items you still can take advantage of before tax time, as well as a few common misconceptions about our tax code.
And finally, we are going to talk about TAX PLANNING strategies for YOU, PFR Nation!
But first, I had to go on a brief rant about what is rattling the markets right now. I’ll give you a hint: it has to do with DOGE.
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
“Legacy is not about leaving something for people, it’s about leaving something behind IN people.”
— Peter Strople
Many retirees create estate plans with their attorneys. They get a big binder with their documents, hopefully they update their beneficiaries, retitle their assets to their trust, and then they throw that big binder in a safe and “tell their kids where it is.”
But they ignore the fact that some day those documents will be read by their beneficiaries, or, perhaps an ‘ex-beneficiary.’
Warren Buffet has a different take on estate planning that we will dive into today.
So, we’re going to dive into Warren Buffett’s annual ‘Thanksgiving Letter.’
Then, I’ll also discuss 3 potential reasons this might be hard for you.
And as a result, I’ll give you 5 tips to make it easier to at least get the ball rolling.
I hope you all find this episode helpful. Make sure to follow along and share this with a friend/family member who would also find it useful.
-Kevin
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Resources Mentioned:
- Warren Buffet advised on reviewing your will with adult children
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
WELCOME to the OFFICIAL episode 63! I was jumping ahead of myself last week when I thought I was recording 63, but in fact that was episode 62.
Las week we talked about cash flow and budgeting, and how that sets the framework for one of the core assumptions for your retirement planning.
Today, we are going to dive into how your cash flow needs impacts your rate of withdrawal, and ultimately how you should be giving yourself “raises” in retirement.
We’ll walk through the revolutionary study by Bill Bengen and his 4% rule. We’ll also walk through some of the downsides of the 4% rule, and ultimately how this dovetailed into Guyton and Klinger’s “Guardrail” study.
We’ll walk through the 4 different “Decision Rules” from the Guardrail study which creates the framework of what a safe rate of withdrawal is for your retirement and ultimately when you should give yourself a raise from your investment portfolio.
I’ll also touch on a couple of news stories that are relevant related to:
- DeepSeek and the selloff of Nvidia last week.
- Deferred Resignation Program (Federal Government’s buyout program) and how this impacts Federal employees.
I hope you enjoy this episode!
If you are interested in working with us on your retirement income plan, start by filling out our Retirement Readiness Questionnaire linked below. And make sure to check out our YouTube channel so you can follow along with our Whiteboard Fireside Chats and fun retirement meme videos 😊.
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
Hello PFR Nation,
Welcome to the official kickstart of our show going weekly! Yes, we switched the day of the week to Tuesday. I will also be continuing the weekly “Fireside Chats” on YouTube, and those will be released weekly on Thursdays.
For this episode, I wanted to chat with you all about a core financial planning topic that I haven’t discussed enough. BUDGETING.
For some of you, that may feel like a 4-letter-word. For others, it’s music to your ears.
I’ll highlight why tracking cash flow and having a budget will be the foundation to designing your retirement projections.
I’ll also explain 4 popular budgeting frameworks to get you started.
And finally, I’ll discuss a few things to be aware of and think through as you create your budget for retirement.
I hope you find this one helpful! And as always, please be sure to follow our show and give us that 5-star review if you find value in our content. Thank you!
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
I am very excited to have one of our very own, Roberto Fortuna, on to the show this week! We are going to discuss the benefits of ‘Working’ in retirement. But, when we say ‘Working’ we just mean having purpose in retirement. Whether that is part time work, volunteering, starting a consulting business, or just being Grammy and Grandpa! Whatever it is that is going to give you purpose in retirement, you should do more of!
For those of you who don’t know, Roberto joined my financial planning firm last May. Yes, I do this for a living and I’m not a ‘professional podcaster! Roberto is a big part of our financial planning process, but he’s also a retired firefighter! Yes, he’s the youngest looking retiree in America, I know. Anyhow, I thought he could bring a unique perspective to this topic, plus I always enjoy my chats with Roberto and thought you would enjoy his cool, calm and collected perspective on retirement, his journey to find purpose, taxes, and of course a fun story about how we joined forces.
I hope you all find value in this one. If you do, make sure to give our show a follow and leave that 5-star review. It helps “pump the algorithm” in our favor so we can reach and impact more people.
Also, make sure to check out our YouTube channel as we post the video form of our podcast in addition to weekly videos on retirement related topics. We’ll link it in the notes below. We’ll be seeing you every week on the PFR Podcast very soon! 😊
-Kevin
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Resources mentioned:
- Questions for a Purposeful and Successful Retirement
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
Happy 2025 everyone! First let me say, this is NOT a market prediction episode! They are always wrong. However, I do believe that many of you who are recently retired or approaching retirement will be interested in this episode. I put together a list of 5 things the market is looking for in 2025 that will impact both the stock and bond market. Additionally, I have 5 key takeaways for you to help you improve the success of your retirement plans.
Make sure to follow our show if you are over 50 and have accumulated at least $1million for retirement or are pretty darn close (you are considered “PFR Nation”). I am confident you will find value in what we are doing here.
And lastly, make sure to share our show with a friend or family member who is also “PFR Nation” caliber.
I hope you enjoy it!
Kevin
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Resources mentioned:
- Where do I Find a Retirement-Focused Financial Advisor? (article)
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- Join My Company Newsletter
This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
It’s hard to believe we are wrapping up 2024! I hope everyone is having a wonderful holiday season with their loved ones!
This is Volume 3 of the “Whiteboard Retirement Plan” edition of the podcast. The numbers don’t lie, Volume’s 1 and 2 were among the top downloaded episodes for 2024. I will continue to do the Whiteboard Retirement Plan breakdowns every 4 or 5 episodes or so. I don’t want to overplay it, so I’ll track the data to ensure you are still finding value in that content.
If you want to be FEATURED in a Whiteboard Retirement Plan breakdown, you can fill out the Retirement Readiness Survey which is linked at the end of the show notes. There is a question that asks, “How do you want to engage with us?” One of the responses is the Whiteboard Retirement Plan on YouTube, so check that box. That is also the questionnaire you would fill out if you are interested in hiring our firm in 2025. Based on our current capacity, I see about 8 new client slots will be available for us to bring on in 2025. So, I would highly recommend acting soon if you’ve been thinking about engaging with us.
With all of that out of the way, I hope you find value in this episode! I think there is a lot to learn from “Sonny and Cher’s” breakdown related to:
- Part time work
- Delaying Social Security
- Spousal Social Security
- Spending phases (Go Go Years, Slow Go Years, No Go Years)
- Rates of withdrawal
- Investment returns related to a “Balanced Portfolio”
- Process of withdrawals during a down market
- Downsizing in retirement
And more!
If you are 50+ and have accumulated over $1mm for retirement, you will probably want to follow/subscribe to the show as I am sure you will find some value in the content we put out.
And with that, I am signing off for 2024! Wishing you a Healthy, Happy, and Prosperous 2025!
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation…you’re somewhere in the ballpark of 50-60+ and you’ve gotten to the point where you feel you are on the verge of achieving financial independence. Congratulations!! All of that hard work and sacrifice pays off in the end.
I wanted to make an episode about when I thought it made sense to hire a financial advisor, and more specifically a financial advisor who specializes in retirement planning. However, I realized how BIASED I am personally on this topic 😊!
Naturally, I decided to go to the most objective source possible, Chat GPT. For those who don’t know, Chat GPT is the Godfather of Artificial Intelligence and is owned by “OpenAI.”
I created a new chat with the following prompt:
“I'm doing my next podcast for folks in the 50 to 60 range that have saved diligently for retirement. I want to explain when and why they should really consider hiring a financial planner. Also, I want to tell them HOW to find a financial advisor that specializes in working with them.”
So, without further ado, I hope you enjoy this episode.
P.S.
I talked about WHERE I would go to find the “Right” financial advisor on the show, but I did not get into the details. I said I would create a short list of resources to use in your find an advisor search, so I decided to make a PDF for you all. I hope it helps! CLICK HERE to view the PDF.
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
Happy Thanksgiving, PFR Nation!
What a ride 2024 has been. You all were a HUGE part in making this year so exciting. Listen, it’s a lonely business that I chose…being a rogue financial planner in the independent space. However, I wouldn’t trade it for the world.
Given it is the season of gratitude, of course I want to give a shoutout to my team! Zack, The Podcast Man. Amy, our Client Services Associate. Mason, my shorts/social media editor. And of course, Roberto, the backbone of our financial planning process. I could not do what I do without all of you, and I just want to thank you for the impact you are making on the families we serve.
So, It is the end of another year, it’s hard to believe. For our practice, this is when we do a our end of year tax planning. We are not only looking at opportunities for 2024, but opportunities in 2025 and beyond. Given we are firmly planted in our tax planning season, I thought I’d share some tips and tricks for you to consider in your own retirement planning journey.
I hope this helps. My only ask is that you share this with a friend or family member who is “PFR Nation” caliber as I can guarantee they will also find value in our content. Much appreciated!
-Kevin
Resources:
- Whiteboard Fireside Chat playlist
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
I’m excited for this episode, as we have a real-life retiree, Michael Levine, who successfully owned and sold a home healthcare business. Michael spent the beginning of his career in accounting until he and his wife started their company over a decade ago. His knowledge in the home health care space in addition to maximizing the benefits of long-term care insurance is going to be extremely valuable to all of you who are planning for your own retirement as well as caring for aging parents.
Some of the topics we’ll touch on are:
- Why homecare?
- Homecare vs. Medicare
- Hiring a home care company vs. privately
- How does Long-term care insurance fit into Home health care?
- Cost of care, how to decide how much LTCi to buy?
- Maximizing your LTC policy
- What if you don’t have LTC…and what if our clients are stepping in to care for aging parents
I hope you enjoy this one and make sure to share it with a friend or family member who would benefit from this content.
-Kevin
Resources:
- Deducting your Long-term Care Insurance premiums
- Download your free PDF on What questions to ask about your long-term care insurance policy
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
Full disclosure, many of these proposals will never come to fruition. However, it is election time, so why not have some fun with this?
I spent a lot of time digging into each candidate’s tax proposals, as well as the potential impact to you, PFR Nation.
Let me be clear, this is not an endorsement for either candidate, nor is it a recommendation to make changes based on these hypothetical proposals.
However, tax changes will inevitably impact all of us, so it’s important to understand what each candidate is proposing. Furthermore, I would note that I am not going to vote solely based on tax proposals, but it’s a pretty big deal to me personally and professionally.
The topics I’ll hit on are in regards to:
- Business Taxes/Corporate Taxes
- Capital Gains and Dividends
- Credits, Deductions, Exemptions
- Estate and Wealth Taxes
- Excise Taxes
- Individual Income taxes
- Social Security and Medicare
- Tariffs and Trade
I recognize there are MANY more tax proposals in the mix, but I wanted to focus on the ones that will impact PFR Nation the most.
So, without further ado, I hope you enjoy this episode.
Kevin
Resources Mentioned:
- Tracking 2024 Presidential Tax Plans
- Tariff Tracker: Tracking the Economic Impact of the Trump-Biden Tariffs
- Why the Economic Effects of Taxes (Including Tariffs) Matter
- The Unpleasant Arithmetic of Kamala Harris’s Housing Plan
- Congressional Budget Office Shows 2017 Tax Law Reduced Tax Rates Across the Board in 2018
- Who Bears the Burden of the Corporate Income Tax?
- No Tax on Tips: An Answer in Search of a Question
- Neighbor to Neighbor Disaster Relief Fund
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
Annuities have become the four-letter word of retirement planning products. However, is this warranted? When should annuities be positioned in a well-diversified retirement income plan? How do you ensure you aren’t being taken advantage of by an agent who doesn’t have your best interests?
In this next edition of The PFR Podcast, I host annuity experts Sheryl Moore and Tacy Lownesberry to discuss this notorious retirement product and attempt to reduce the stigma associated with annuities.
Why do this?
Well, I personally do not sell annuities…nor do I receive any compensation from annuity agents or their providers. However, I see the value when they are in fact a good fit, but oftentimes preconceived biases against the product prevent right-fit clients from purchasing them.
I hope you all enjoy this episode. And thank you Sheryl and Tracy for joining to share your insights.
-Kevin
Resources Mentioned:
- Life and Annuity Illustrations Confuse Clients, Advisor Tells Regulators
- Annuities are key to retirement. So why are so few of us buying them?
- Sheryl on LinkedIn
- Tracy on LinkedIn
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
Thanks so much to our recent listener who submitted their financial info for this next edition of the ‘Whiteboard Retirement Plan.’
This was a fun case to break down.
"Travis" is 58, "Taylor" is 54, and they are currently putting 3 children through college. They’ve managed to save a nice nest egg of approximately $5.5mm and it’s tax diversified quite nicely.
In this episode, I’ll break down my thoughts on:
- College planning and 529s
- Bridge to Social Security
- ‘COASTing’ to retirement
- Order of withdrawal
- Roth conversions and the RMD Tax Trap
- Spending/withdrawal rates
- Risk tolerance vs Risk Capacity
- Long-term Care Planning
- Financial Legacy
- And more!
Remember, we are just having fun with this! This is not advice, nor a solicitation for any specific action. I’ve never met with this couple, nor do I have the full details of their financial picture. However, I hope you all can take 1-2 things and learn something related to your OWN journey as you plan for retirement.
‘Travis and Taylor’ – thank you for participating and I hope that you find this video especially useful!
If you are interested in participating in a future edition of the “Whiteboard Retirement Plan,” make sure to submit your “Retirement Readiness Survey” in the links below. Please make sure to indicate somewhere in the survey that it's for a Whiteboard Retirement Plan episode, as that's the same link new clients fill out when they apply to work with us.
Also, make sure to follow the podcast on YouTube so you don’t miss out on my weekly “Whiteboard Fireside Chats” where I do a mini deep dive into a specific topic. There is a playlist in the channel that you can check out.
I hope you all enjoy it! And make sure to share my show with a friend or family member who is in the 50-60+ range and preparing for retirement.
Thanks for tuning in!
-Kevin
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This is for general education purposes only and should not be considered as tax, legal or investment advice.
Are you approaching retirement while juggling paying for your kids' college, or even perhaps caring for aging parents? You are not alone. In fact, 48% of adults are providing some sort of financial support to their grown children, while 27% are their primary support. Additionally, 25% are financially supporting their parents as well.
The conversation focuses on the sandwich generation, which refers to individuals who are planning for their own retirement while also supporting their children and aging parents. In this conversation, Kevin Lao and Jeff McDermott discuss various financial planning topics, including college planning, retirement savings, and caring for aging parents. They emphasize the importance of balancing saving for college and retirement, taking advantage of catch-up contributions after age 50, and having open conversations about estate planning and long-term care. They also highlight the benefits of using 529 plans, taxable brokerage accounts, Health Savings Accounts, and more.
I hope you enjoy this episode!
-Kevin
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Links referenced:
- Forbes Article: The ‘Sandwich Generation’ Is Financially Taking Care Of Their Parents, Kids And Themselves
- Jeff McDermott on IG
- CreateWealthFP.com
- Whiteboard Fireside Chat: You are 50+ and want to catch up for retirement
- Whiteboard Fireside Chat: The different types of permanent life insurance
- SECURE Act 2.0 529 Rollover Rules
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Or, visit my website
Are you approaching retirement and worried about the impact of Artificial Intelligence (AI) on the future of your job? What about the impact of AI on the financial markets? And lastly, do Bitcoin and other cryptocurrencies have a place in a well-diversified investment portfolio?
I hope you enjoy my interview with Brian Bonewitz. Brian is an AI consultant, CFA holder, and has a unique perspective on AI, digital assets, and the impact they have on investing for retirement.
Personally, I believe the mainstreaming of Bitcoin in 2024 is likely to cap some of the upside potential, but also it reduces the downsize given some of the world’s largest asset managers are now substantial stakeholders in crypto assets.
To each their own, but I believe a decision should be made one way or the other, and likely sooner rather than later.
-Kevin Lao
Connect with me here:
- YouTube
- Join My Company Newsletter
- Facebook
- LinkedIn
- Instagram
Links Referenced in Episode:
- The godfather of AI sound alarm about potential dangers of AI
- Digital Assets (IRS website)
- 6 Things to know about Wash-Sale Rules
- Michael Saylor on Bitcoin
- Coinbase
- Brian Bonewitz on Linkedin
- Rafa.ai
Are you interested in working with me 1 on 1?
Click this link to fill out our Retirement Readiness Survey
Or, visit my website
Do you ever wish you could get inside the minds of existing retirees to ask them what their experience has been? Or, ask them what they wish they would have known before they quit their day job? This episode is for you!
Inthis episode of the Planning for Retirement podcast, I’ll share 50 truths that retirees wish they knew before they quit their day jobs. Some of these are straight from the horse’s mouth, some are my observations in serving retirees for more than a decade, and some are research-based that I uncovered during this process. I’ll cover a range of topics including finding purpose in retirement, the misconception of retirement expenses going down, the importance of exercise and brain stimulation, the high costs of healthcare in retirement, tax traps, and much more.
Thanks for tuning in! Make sure to subscribe to give me a follow on social media and company newsletter below. We’re also getting the YouTube side of things going and I’ll be posting one offs in bet
Connect with me here:
- YouTube
- Join My Company Newsletter
- Facebook
- LinkedIn
- Instagram
Links Referenced in Episode:
- 50 Truths Retirees Wish They Knew Before They Quit Their Day Job
- Purpose and Successful Retirement Transition Questionnaire
- Shocks and the Unexpected: An Important Factor in Retirement
- The life expectancy of older couples and surviving spouses
- How to plan for rising healthcare costs
Are you interested in working with me 1 on 1?
Click this link to fill out our Retirement Readiness Survey
Or, visit my website
Welcome to "The Planning for Retirement Podcast," where we help educate you on how to achieve financial security and fire your boss. Here are some topics you will learn about:- Social Security- Retirement Income Planning- Roth Conversions- Tax Planning- Charitable Giving- Investment Strategies in Retirement- Estate Planning- Long-term Care Planning- Medicare- Required Minimum Distributions- Retirement Mortgage Strategies- And even some behind the scenes into building Imagine Financial SecurityI hope you enjoy the show!-Kevin Lao
Social Media:
- Facebook
- LinkedIn
- Instagram
Are you interested in working with me 1 on 1? Fill out our Retirement Readiness Survey
Welcome to this edition of The Planning for Retirement Podcast. This is Volume 1 of this new series, The Whiteboard Retirement Plan, where Kevin breaks down a real-life client case for “Bob and Jennifer” in plain English. The goal is to help answer the question, “Can I fire my boss?”
He discusses the savings rate, income sources, and withdrawal rate, highlighting the need for adjustments and planning opportunities. The episode ends with a discussion on the impact of early Social Security claiming and survivor benefits. Bob and Jennifer are in a good position to retire, but there are some risks they need to address. Long-term care planning is important, as 70% of people over 65 will need some form of long-term care. They should consider whether to self-fund or get long-term care insurance. Tax planning is also crucial, as 80% of their assets are in tax-deferred accounts. They should explore Roth conversions to minimize taxes and leave a financial legacy to their children. Finding purpose in retirement is essential, and they should consider how to spend their free time to maximize their life experiences with their loved ones. Lastly, they need to have an optimized investment strategy to spin off income for the rest of their lives, while at the same time address a potential bear market or recession.
Takeaways
- Diversification is crucial in investment portfolios to mitigate the risk of selling the wrong thing at the wrong time.
- Interest rate cuts by the Fed can impact the stock market and the economy, but volatility and corrections are normal in investing.
- The Whiteboard Retirement Plan is a straight forward analysis on whether or not a client can fire their boss and retire comfortably.
- Early Social Security claiming can result in reduced benefits, affecting both the retiree and potential survivor benefits. However, in some cases you may consider collecting early to offset a high rate of withdrawal on investments.
- Adjustments to your plan are necessary to ensure a sustainable retirement income.
- Long-term care planning is important for all retirees to consider, as it can have a significant impact on your loved ones, particularly your surviving spouse and children.
- Tax planning, including Roth conversions, can help minimize taxes and maximize your financial legacy to the next generation.
- Finding purpose in retirement is crucial for a fulfilling and meaningful retirement.
Links
Social Media:
- Facebook
- LinkedIn
- Instagram
Referenced in Episode:
- June Inflation Report: https://www.barrons.com/livecoverage/cpi-inflation-june-report-data-today
- Purpose and Successful Retirement Transition Questionnaire: https://dashboard.mailerlite.com/forms/81643/127757558462022794/share
Are you interested in working with me 1 on 1? Fill out our Retirement Readiness Survey
In this episode, Kevin discusses the topic of downsizing to retire early. He shares the reasons why people downsize their homes to fund their retirement and talks about the tax implications of doing so. TakeawaysDownsizing to a smaller home can help fund retirement and allow for an earlier retirement.Home equity can be a valuable asset to consider when planning for retirement.Consulting with financial and tax professionals is crucial to understand the tax implications of downsizing.Social media algorithms can shape people's opinions and contribute to the perception of a divided society.Considering the emotional attachment to a home when downsizing is important, but it's essential to consider financial goals and retirement plans.ChaptersIntroduction and OverviewThe Influence of Social Media AlgorithmsEmotional Attachment and Financial Goals in DownsizingTax Implications of DownsizingMaximizing Home Equity for RetirementLinks
Social Media:
- Facebook
- LinkedIn
- Instagram
Referenced in Episode:
- How to keep most (if not all) of your home sale profits tax-free!
Are you interested in working with me 1 on 1? Fill out our Retirement Readiness Survey
It’s official, we moved to Chattanooga, Tennessee where my wife’s family is from. Considering this big move and the fact that I’ve spoken with hundreds of retirees who relocated during retirement, I thought this would be a timely topic!
I’ll unpack some of the main reasons I see people relocating during retirement including;
- the weather
- lower cost of living
- lower taxes
- healthcare
- family
- politics.
The reasons I hear are good ones, but make sure you find a tight-knit community. Every study I read on this topic points to a close social community being vital to maintaining health and happiness during your golden years.
I will also encourage listeners to be open to the possibility of change and to prioritize their physical, mental, and financial health in retirement. Nothing has to be “set in stone” in terms of where you move initially. You can always “try it out” and decide on the long-term plan after a year or two.
Takeaways
- Relocating in retirement can offer opportunities for a change in lifestyle and a lower cost of living.
- Factors to consider when deciding to relocate include the weather, lower taxes, healthcare options, proximity to family, and political climate.
- It's important to build a sense of community and find like-minded peers in the chosen location.
- Relocating doesn't have to be permanent, and it's okay to try out different areas before making a final decision.
- Prioritize your physical, mental, and financial health in retirement.
Links
Social Media:
Referenced in Episode:
- AARP Article – Reasons to relocate
- Smart Asset article – Best states to retire for taxes
Are you interested in working with me 1 on 1? Fill out our Retirement Readiness Survey
In this episode, Kevin Lao discusses the key takeaways from the book 'Die with Zero' by Bill Perkins. He emphasizes the importance of using money as a resource and not hoarding it. He also talks about the concept of return on experiences and the different life phases for different experiences. Kevin highlights the significance of investing in one's health and giving with a warm hand instead of a cold one. He also mentions the Life Cycle Hypothesis and the importance of insurance products in mitigating financial risks. Lastly, he discusses the potential drawbacks of enabling children and the importance of open communication when giving money.
Takeaways
- Money should be used as a resource and not hoarded.
- Invest in experiences and prioritize return on experiences.
- Consider the different life phases for different experiences.
- Invest in your health to enjoy retirement fully.
- Give with a warm hand instead of a cold one and consider the impact of timing.
- Evaluate insurance products to mitigate financial risks.
- Be cautious about enabling children and have open communication about money.
- Customize your financial plan based on your unique circumstances and objectives.
Chapters
- 00:00 Introduction and Mission of the Podcast
- 02:26 Recommendation of the Book 'Die with Zero'
- 04:29 Using Money as a Resource
- 07:43 Prioritizing Return on Experiences
- 11:10 Different Life Phases for Different Experiences
- 14:01 Investing in Your Health
- 16:14 Giving with a Warm Hand
- 26:49 The Role of Insurance Products in Retirement Planning
Links
Social Media
https://www.facebook.com/KevinLaoCFP/
https://www.linkedin.com/in/kevin-lao-cfp%C2%AE-ricp%C2%AE-4181a29/
https://www.instagram.com/imaginefinancialsecurity/
Retirement Readiness Survey
https://us5.list-manage.com/survey?u=85d31240005020d412afa7ca3&id=95db102295&attribution=false
Living to 100: https://www.livingto100.com/
Die with zero book: https://www.diewithzerobook.com/welcome
You can invest in your company stock in several ways, whether you are working for a publicly traded corporation or even a privately owned company.
And who wouldn’t want to have ownership in the company you have your sweat equity with?
However, there are tax implications and investment risks you must weigh before moving forward with doing so. And even if/when you decide to invest in your company’s stock, you must have a plan and process to ensure you are not taking on unnecessary risk.
In this episode, we’ll cover:
- the different ways you can invest in your company stock
- the tax implications of each strategy
- we’ll cover why investors are often so concentrated in their own company’s stock
- and we’ll talk about some planning strategies along the way to help reduce unnecessary risk
Connect:
- Imagine Financial Security
- Imagine Financial Security on Facebook
- Kevin Lao on LinkedIn
Links referenced throughout this episode:
Ways to invest in your company stock
https://finance.yahoo.com/news/invest-own-company-stock-160142745.html
RSU vs. ESOP
https://www.moneycontrol.com/news/business/personal-finance/mc-explains-how-is-an-esop-different-from-rsu-and-espp-9779721.html
The risk and underperformance of concentrated stock positions
https://www.fa-mag.com/news/the-risk-and-underperformance-of-concentrated-stock-positions-78253.html?section=68&utm_source=FA+Magazine&utm_campaign=3dd4479fde-FAN_AM_John+Hancock_060324&utm_medium=email&utm_term=0_-4b692acec9-%5BLIST_EMAIL_ID%5D
Excessive Extrapolation and the Allocation of 401(k) Accounts to Company Stock
https://www.anderson.ucla.edu/faculty/shlomo.benartzi/excessive.pdf
If you are interested in working with me 1x1, start by filling out our Retirement Readiness Survey below. I’ll follow up with feedback on how you are tracking towards your goals, as well as how we can help you in your journey to financial independence.
Take The Retirement Readiness Survey
Thanks for tuning in and hope you enjoyed this episode.
-Kevin Lao
Thanks everyone for tuning in! As we continue our review season with clients, it’s a friendly reminder of how important a retirement spending budget is! This is a key input your financial advisor must know to run accurate projections for you. Remember, the outputs are only as good as the inputs.
In our last episode, we talked about how important an assumed retirement age is. This week, we will focus on projecting how much you’ll spend in retirement.
This is a very personal question that is tough to fit into a “rule of thumb.” However, I’ll focus on discussing a few rules of thumb and ways you can project an accurate spending number. From there, we’ll talk a bit about some research in retirement spending phases and how that will impact your projections.
And finally, I’ll talk about some of my observations on retiree spending patterns based on my years of practice.
I hope you enjoy today’s episode. Make sure to give us a follow if you’re interested in how to plan for retirement.
Connect:
- Imagine Financial Security
- Imagine Financial Security on Facebook
- Kevin Lao on LinkedIn
Articles:
Exploring the Retirement Consumption Puzzle
- https://www.financialplanningassociation.org/sites/default/files/2020-09/MAY14%20JFP%20Blanchett_0.pdf
How much does the average 65+-year-old retiree spend?
https://www.gobankingrates.com/retirement/planning/how-much-the-average-65-year-old-retiree-spends-monthly/?utm_term=incontent_link_8&utm_campaign=1264931&utm_source=yahoo.com&utm_content=11&utm_medium=rss
Are you interested in working with us? Fill out our "Retirement Readiness Survey" and we'll follow up with some feedback on how you're tracking for your goals and how we could help.
Retirement Readiness Survey Link
Two of our recent client meetings were with folks who retired much earlier than they had anticipated.
So, I started to go down a rabbit hole of research and thought this would be a great episode to encourage you all to STOP planning for a “normal” retirement age in your assumptions!
Even if you do end up working until 65 or 70, you should not build that into your calculations when planning for retirement. Instead, whatever you think your expected retirement date is, push it forward 5 years. So if you want to work until 60, push it to 55. If you want to work until 70, push it to 65.
The point is, that you cannot control what you cannot control.
It then got me thinking about assumptions for retirement planning. And how the inputs/assumptions we, as financial planners, put into the calculations make a huge difference.
So, what I thought I would do for the next several episodes is go through each of those inputs (retirement age, retirement spending, inflation, longevity, investment returns, and taxes) to coach you through some of those important considerations before making certain assumptions. Also, to point out mistakes that I’ve seen in my career practicing retirement planning.
I hope you enjoy this episode, the FIRST-ever time we are publishing a video recording! (*Welcome to 2024 😁)
Thanks for tuning in.
-Kevin Lao
Links:
USA Today Article - Most Americans Retire Earlier Than Expected
Connect:
- Imagine Financial Security
- Imagine Financial Security on Facebook
- Kevin Lao on LinkedIn
Are you interested in working with us? Fill out our "Retirement Readiness Survey" and we'll follow up with some feedback on how you're tracking for your goals and how we could help.
Retirement Readiness Survey Link
Here is part 2 of 2 in the "blended wealth" series! I hope you enjoy it!Episode OverviewIn this episode we shed light on the unique financial planning and estate planning considerations for blended families, emphasizing the importance of tailored advice and open family communication to navigate these complexities successfully.Today’s guests are Tim and Alexis Woodward, co-founders of Blend Wealth, a firm specializing in financial planning for blended families and business owners.If you haven’t already done so, make sure you listen to episode 41: Blending and Building Wealth in a Blended Family before listening to this episode.Connect with Tim and Alexis:Instagram: https://www.instagram.com/theblendcouple/Twitter/X: https://twitter.com/theblendcoupleFacebook: https://www.facebook.com/blendwealth/Blend Wealth: https://blendwealth.com/Key Points3:56 - Retirement Distribution and Wealth Preservation: Complexities of retirement distribution, wealth preservation, and estate planning for blended families. Managing different account types for tax diversification and creating a retirement income strategy that supports both parents and children in blended families.8:14 - Estate Planning and Beneficiary Designations: The critical role of updating estate plans and beneficiary designations to reflect current family dynamics and intentions.15:10 - Family Meetings for Estate Planning: The value of holding family meetings to discuss and clarify estate plans to prevent misunderstandings and ensure fairness.21:40 - Long-Term Care Planning: The necessity of planning for long-term care, particularly in blended families, and the options available, including insurance.27:48 - Life Insurance as a Tool for Estate Planning: How life insurance, especially permanent policies, can be strategically used in estate planning for blended families.31:36 - Investing in Relationships and the Future: The importance of investing time and resources in family relationships and future generations.Resources: Blend Wealth https://blendwealth.com/ Blended Kingdom Families https://blendedkingdomfamilies.com/ Ron Deal's Smart Stepfamily https://smartstepfamilies.com/ FamilyLife Blended https://www.familylife.com/familylifeblended/blended-families/
40% of marriages today create a blended family, which involve children from previous relationships or marriages.I'm very excited for these next two episodes with Tim and Alexis Woodward from the Blend Wealth team!
Financial issues are a hot topic within families. And when you add additional parties, it can create added complexity.
We are breaking down this topic of blended family financial planning considerations into two parts:
- Episode 41: Blending and Building Wealth in a Blended Family
- Episode 42: Wealth Protection and Transfer in a Blended Family
Tim and Alexis Woodward are co-founders of Blend Wealth, a firm specializing in financial planning for blended families and business owners. We hope you enjoy this episode! If you do, make sure to share this with a "blended family" you care about!! Thank you!
Connect with Tim and Alexis:
Instagram: https://www.instagram.com/theblendcouple/
Twitter/X: https://twitter.com/theblendcouple
Blend Wealth: https://blendwealth.com/
Key Points
6:51 - Financial Planning Complexities in Blended Families:
- Blended families face unique challenges in both family dynamics and financial planning, often dealing with children from previous marriages.
9:36 - Starting the Financial Planning Journey:
- Importance of transparency and communication about finances between partners.
- Different approaches to managing finances: joint, separate, or a combination.
14:55 - Prenuptial Agreements:
- Discussed as a tool for addressing financial anxieties and ensuring security for both partners.
18:29 - Setting Financial Goals:
- Shared goals might include retirement planning, travel, and charitable giving.
- Individual goals often relate to obligations towards biological children from previous relationships.
26:33 - Blended Family Dynamics:
- Emphasizes the importance of prioritizing the marital relationship and intentional parenting in blended families.
33:46 - Retirement Specifics:
- Social security strategies for blended families.
- Tax-efficient withdrawal strategies from retirement accounts.
Resources:
- Blend Wealth https://blendwealth.com/
- XO Marriage https://xomarriage.com/
- Blended Kingdom Families https://blendedkingdomfamilies.com/
- Ron Deal's Smart Stepfamily https://smartstepfamilies.com/
- FamilyLife Blended https://www.familylife.com/familylifeblended/blended-families/
- Blended Family Breakthrough Podcast “Blended Family Breakthrough” Podcast with Mike and Kim Anderson
I hope you enjoyed today's episode! Stay tuned for Part 2!
The financial markets are well known to cause some stress and anxiety, but this escalates even more during a Presidential election. Especially this one which is likely to bring out emotions from both sides. As a result, I felt called to do this episode to provide some facts about how Presidential elections impact the stock market.
I hope you enjoy this episode! Make sure to share it with a friend or family member who might find it helpful! I want to impact as many people as possible with this message!
Thank you!
***Just a footnote here. I mentioned I was recording on video, which I did...However, I do not have time to edit this video in time for the next episode. I am currently working on hiring an editor, and will hopefully be adding video as a feature to tune into the show soon enough!
If you're interested in becoming a client, fill out our Retirement Readiness Survey Here
Links from the show:
https://www.usbank.com/investing/financial-perspectives/market-news/how-presidential-elections-affect-the-stock-market.html
https://www.eatonvance.com/advisory-blog.php?post=election-cycle-is-very-likely-to-impact-stocks-
https://www.fidelity.com/learning-center/trading-investing/election-market-impact
https://www.newyorkfed.org/medialibrary/media/research/capital_markets/Prob_Rec.pdf
https://www.ustreasuryyieldcurve.com/
https://www.blackrock.com/us/financial-professionals/insights/investing-in-election-years
First and foremost, it's been a whirlwind for the Lao family in March. My financial planning firm just went through its first audit, woohoo! In the midst of all of the heavy lifting preparing for said audit, my wife gets the worst food poisoning of her life. Needless to say, Daddy's daycare was in session for the majority of last week. To cap things off, my oldest son got sick, so I took my twin boys to their first hockey game on Sunday just the three of us. While there, my wife called me with the news that one of our dogs, Guinness, was bitten by a venomous snake. We spent the rest of the day in the ER while he received anti venin and pain meds. Thankfully, he survived and was released the following evening. He's doing much better now, but the pain meds are keeping him up all night with "stomach problems." TMI, but I woke up this morning to prep and record this podcast only to find multiple piles of you-know-what scattered throughout my office. When it rains, it pours!!
But thankfully, I was able to do some prep and record later in the afternoon...so you all BETTER enjoy this episode!
...
The issue with getting too conservative too quickly is that you bring inflation, longevity, and interest rate risk into the picture! This is NOT an ideal situation for retirees in 2024!
In this episode, I discuss the three reasons I believe most investors get too conservative too early, my issue with "Risk Tolerance" as the primary driver of asset allocation, and the concept of "Risk Capacity."
Instead of selecting your asset allocation based on how you feel, or overly simplistic rules of thumb, reverse engineer your asset allocation based on your personalized financial goals and "required rates of return!" Meaning, don't invest based on how someone ELSE tells you to invest but invest based on your priorities and values.
A few links I referenced:
Jack Bogle's Asset Allocation Rule of Thumb
The 15/50 Rule of Thumb
Ep. 36 - Asset Location to Improve Tax Efficiency in Retirement
If you are interested in working with me 1 on 1, please fill out our Retirement Readiness Survey here, and we will provide personalized feedback on how and what we would address your financial situation.
Feel free to send me an email with your support, feedback, or questions for me! kevin@imaginefinancialsecurity.com
Thank you!
Follow me on FB
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The SECURE Act of 2019 was the first major overhaul of retirement plans, specifically 401ks. However, many people are still curious about what the changes are and how they impact these group 401k plans. I had the pleasure of being joined by Alex Jenkins, the Chief Revenue Officer @ Nest Eggs, to unpack all of this for us. You'll be sure to learn a lot whether you are a small business owner, an executive at a privately held company, or you're just interested in the evolution of 401k plans and how to maximize them for retirement.
Links from the show:
Interested in learning more about Nest Eggs?
Contact Alex Jenkins
alex@nesteggs401k.com
904 252 6780 (cell)
Check out their website here: https://www.nesteggs401k.com/
The SECURE Act 2019 details and how they impacted 401ks
Information on Pooled Employer Plans ("PEPS")
Are you interested in working 1x1 with me? Fill out our "Retirement Readiness Survey" and we'll follow up with some initial feedback on your progress to financial independence and whether or not we would be a good fit to work together.
You can also check out my website at https://imaginefinancialsecurity.com/
I love to hear from YOU, the listener! Email me directly at kevin@imaginefinancialsecurity.com
-Kevin
Have you heard of the 4% rule?! It's the most recognized benchmark for safe withdrawal rates in retirement. However, it lacks flexibility and often leaves retirees "under-spending," particularly in their prime retirement years.
Think Advisor put out this article (link below) that touched on three alternatives to the 4% rule and how they can potentially increase your spending capacity over time, while also protecting downside risk (outliving your assets).
I hope you enjoy this episode!
If you are interested in learning what it would be like to work with me, fill out my complimentary "Retirement Readiness Survey." We'll ask you to answer a few basic questions to determine the key areas of opportunity for you.
Make sure to check "Podcast" at the end when we ask how you heard of us!
Here are some other links I referenced in the show:
Think Advisor article - Pros and cons of 3 retirement spending plans
Bill Bengen's SAFEMAX, 4% Rule Study
Guyton and Klinger Decision Rules
Ep. 14 - "Retirees, Stop Underspending in your Go-Go Years"
My blog article on using Guardrails to boost retirement spending!
IRS Life Expectancy Tables
Make sure to share this with a friend or family member who needs to learn about how retirement works! I appreciate all of you!
Kevin@imaginefinancialsecurity.com
Follow me on Facebook
Follow me on LinkedIn
According to the Vanguard "Advisor's Alpha" study, asset location can add up to 60 bps in returns on an annual basis! The larger your taxable brokerage account balance, the more you need to pay attention to what investments you own in that bucket!
Conventional wisdom says that the taxable accounts should be tapped into first, and therefore should be the most conservative. However, the result could leave you paying more in taxes than you need to!
This is where proper Asset Location comes into the picture.
I hope you enjoy this episode and make sure to share this with someone else like you!
If you are interested in working with me 1x1, make sure to visit my website: https://imaginefinancialsecurity.com/
Links:
- Follow me on Facebook
- Follow me on LinkedIn
-
Vanguard's Advisor's Alpha
-
Schwab article on after-tax returns
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American Century average etf and mutual fund distributions
-
Kitces article on the benefits of asset location
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Is the 60/40 portfolio dead (episode 29)
Housing wealth is one of the largest, if not the largest, assets on the balance sheet for retirees today. However, many retirees simply pay off their mortgage and let their housing equity sit idle.
There's nothing inherently wrong with this line of thinking because being debt-free is often a goal for most people. However, you may want to look at a reverse mortgage as a tool in the toolbelt to achieve your ideal retirement, minimize taxes, and age in place.
A big thank you to George Vrban, a reverse mortgage specialist with Movement Mortgage, for joining us on this episode and providing education on how this strategy fits into a retirement income plan.
For me personally, my conversation with George has shifted my mindset from thinking of home equity as a "last resort," to using it as a potential strategy to maximize retirement wealth and tax efficiency.
Additionally, the reverse mortgage can also be used as a line of credit, not just an income stream, which can be invaluable in case of an emergency.
Finally, I loved the idea of using the reverse mortgage for creative financial planning strategies like Roth conversions, or purchasing a dream vacation home!
Here is a link to George's contact information.
office: 904 616 8181
email: george.vrban@movement.com
Here's a link to Ep. 24 - Self funding long-term care expenses
I always love to hear from you all, so never hesitate to email me directly: kevin@imaginefinancialsecurity.com
If you are interested in working with me 1x1, we are currently on a waiting list for Q2 2024. If you have saved between 2 million - 5 million in retirement assets and you're looking to maximize spending, minimize taxes, and maximize your financial legacy to your children, our firm was built to serve you!
Visit our website to learn more:
https://imaginefinancialsecurity.com/
Welcome to another episode of The Planning for Retirement Podcast. I'm your host, Kevin Lao!
2020-2023 brought about legitimate market volatility, the first we've experienced since The Great Recession of 2008. I thought I would share some common mistakes I've personally seen retirees make over the last few years to highlight the importance of having a disciplined, unemotional, repeatable, investment process.
I'll also highlight some of the key metrics we are watching in 2024 and how we are currently managing risk in portfolios.
Here are some of the links I referenced in the show:
-
Follow me on Facebook (I posted both the Consumer Confidence and the Periodic Table of Returns charts on my Facebook page because they weren't linking properly in the show notes).
-
Follow me on LinkedIn
-
Economic Trends in Equity Markets
-
What do the markets do after rate cuts are over?
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What do the markets do when there is a Presidential election?
-
2004 - 2023 Periodic Table of Returns
-
Magnificent 7 vs. the market
I always love to hear from you all, so never hesitate to email me directly; at kevin@imaginefinancialsecurity.com
If you are interested in working with me 1x1, we are currently on a waiting list for Q2 2024. If you have saved between 2 million - 5 million in retirement assets, you're looking to maximize spending, minimize taxes, and maximize your financial legacy to your children, you are in our target demographic.
Visit our website to learn more:
https://imaginefinancialsecurity.com/
2023 was an amazing year, and I just wanted to spend some time sharing my sincere gratitude for my listeners, clients, and most importantly my wife, Jessica, for supporting me on this journey.
I also wanted to share a few tax planning observations as we close out 2023.
Here are some links I referenced in the show:
-
Ep. 18 - Roth conversion strategy could save $427k in taxes
-
Ep. 10 - 6 reasons to take advantage of Roth conversions
-IRMAA limits for 2024
For those of you interested in working with me 1 on 1, visit my website:
https://imaginefinancialsecurity.com/
Wishing you and yours a happy, healthy and prosperous 2024!
-Kevin
I decided to record this episode as a follow-up to Ep. 30 given how many questions and discussions I've heard from listeners. If you have not listened to Ep. 30 (link here), you should go back and listen as Cody Garrett joined me to talk about the challenge of psychologically going from "Saver to Spender" in retirement.
However, many of the follow-up questions were about what tactical action items you could take to get comfortable with "spending" down your retirement nest egg.
There are 7 potential tactics and philosophies you could adopt, but be sure to coordinate these concepts with a comprehensive financial plan.
Here are some of the resources I referenced in the show:
-The Retirement Planning Education Facebook Group
-
Changes in retirement spending behaviors over time (Michael Kitces article)
-
Bill Bengen's original 4% rule study
-
Immediate Annuity (SPIA) rates
-
IRS single life expectancy tables
***Just a note here, I meant to add that the "Required Minimum Distribution" is based on qualified tax-deferred accounts including IRAs, 401ks, 403bs, TSPs, etc. Roth IRAs are exempt, non-qualified brokerage accounts are exempt, AND Roth 401ks/403bs/TSPs will be exempt from RMDs beginning in 2024.
- Ep. 14 from The Retirement Planning Podcast (Retirees - Stop Underspending in your Go-Go Years)
-Using the Guardrail Withdrawal Strategy to Increase Retirement Income
-Guyton and Klinger Guardrail Decision Rules
If you are interested in working with me 1x1, visit my website:
https://imaginefinancialsecurity.com/
You can email me directly at kevin@imaginefinancialsecurity.com
I hope you enjoy this episode!
-Kevin
I'm excited to have Brady Slack, the proud owner of High Country Finance based in Utah, join for this fascinating topic. At first, I was planning to steer Brady in two directions with regards to tax planning opportunities for business owners and W2 employees. But, we ended up mainly focusing on using real estate as a nontraditional retirement planning vehicle, and the tax efficiency of leveraging this asset class.
Just a word to the wise, investing in Real Estate is NOT as easy as it sounds. Many of these expert investors have been through ups and downs, and Brady talks about the need to be experienced in order to be successful in this market.
We also talked about a few charitable giving ideas for all taxpayers.
I hope you enjoy this episode!
Here are the details on how to connect with Brady and his team.
Website - Highcountryfinance.com
Instagram - @thebradyslack
Brady's podcast - Slackin' Off
If you are interested in learning more about how to work with me 1x1, visit my website: www.imaginefinancialsecurity.com
-Kevin Lao
I've known Cody for almost 3 years now, and this man is a true student of his craft. Cody is an advice-only financial planner passionate about helping DIY investors on the path to financial independence and through early retirement. He is a CFP practitioner and proud owner of the Measure Twice® brand. His educational insights have been featured by Barron's, Forbes, Fox Business, CNBC, MorningBrew, Business Insider, and MarketWatch. You can also hear him on the ChooseFI, The Long View (Morningstar), The Financial Independence Show, and Michael Kitces' Financial Advisor Success podcasts. Twitter: @MeasureTwiceMNY LinkedIn: https://www.linkedin.com/in/codylgarrett/Website: https://www.measuretwicemoney.com/Cody brought up an interesting question that received a ton of engagement in the "Retirement Planning Education" Facebook group. The question was:"Is it easier to go from a spender to a saver, or a saver to a spender?" So naturally, we recorded a podcast about it! In this episode, we will cover:- the topic itself- the poll results- the psychological shift from saving to spending in retirement- tactics to solve this behavioral challengeAnd much more.I hope you enjoy this episode!-Kevin
For decades, the 60/40 portfolio has been the most popular asset allocation for retirees and institutional investors. It provides enough exposure to the equity markets to hedge inflation, but also plenty of "safe money" to offset dips in the stock market.
And then, 2022 - 2023 comes along when interest rates skyrocket sending the price of bonds into the red by -15%. The 60/40 portfolio failed for the first time in 40 years.
This begs the question, is the 60/40 portfolio dead?
In today's episode, I talk about what the 60/40 portfolio is, how it's performed over the last few decades, and then most importantly, I share 5 ways you can "modernize" the 60/40 portfolio to set yourself up for success in today's economic landscape.
I hope you find it helpful and make sure to share this episode with a friend who is approaching retirement or has recently retired!
And don't forget to follow me on Facebook @kevinlaocfp
-Kevin
Opposites attract, and this bleeds into the world of personal finance.There is a reason why the #1 cause for marital issues is related to personal finances.Well, when planning for retirement, this is no different. There's oftentimes a "CFO" of the household, and a "Non-CFO." It varies, depending on the couple, how much the "Non-CFO" is involved and/or interested in the personal finances. But either way, the concern is if the "Non-CFO" spouse had to take over the "CFO" role.As we get older, we realize we aren't Superman or Superwoman. Then the question becomes, how do you equip the “Non-CFO” to minimize financial stress if and when they have to take over the “CFO” role? We'll unpack all of this, and more!I hope you find this episode to be helpful!-Kevin
In episode 26, we addressed 7 reasons why you may want to own permanent life insurance during retirement.
In this episode, we will discuss the different types of permanent life insurance (whole and universal), as well as the different flavors of each type.
I hope you find this to be helpful! Drop us a line if you have questions or comments!
We've all heard the sales pitches! "Permanent life insurance solves all of your problems!"
For those of you who have followed me for a period of time know I don't believe this to be true. But at the same time, there is a large % of the financial advisor (and talking heads) population that blanketly tells people, "Don't ever buy permanent life insurance."
To me, this is a breach of fiduciary duty. Just because we all have our biases doesn't mean we should PUSH those biases on someone's personal financial situation. As my friend Cody Garrett likes to say, "Keep Finance Personal."
Here is a link to the article I referenced in the show about "How to divide assets in a blended family."
Here's a link to an episode from Andy Panko's podcast;
Episode 77 - "Understanding cash value life insurance and how it's sold, with Kevin Lao."
This could be a nice compliment to what we discussed today!
I hope you enjoy it.
Make sure to give the show a follow and leave us a review so we can reach more people and make a bigger impact!
Kevin
I hope you enjoy this one! I am not going to give it away in the description but here are the most common responses I hear from people (until they listen to this episode of course):
- Tax planning
- Peace of mind
- Investment management
- Income distribution planning
- Estate planning
All good answers, but all of them are wrong!
Here are a few links I referenced during this episode, check them out below:
WSJ Article - Retirement Regrets Investment News - Why people are reluctant to hire an advisor Vanguard's Advice Alpha Episode 21 - Purpose in Retirement
Most people go into retirement without Long-term Care Insurance. Meaning, they plan to "self-fund" Long-term Care expenses. But really, what ends up happening is that a family member, or family members, will end up providing the care.
In fact, 70% of care provided is done by unpaid caregivers (aka family members).
This goes against what most people's primary goal is in retirement; "Never to be a burden on their loved ones."
The problem is the "self-funding" plan wasn't communicated properly to their loved ones. Or, there was no "self-funding" plan to begin with.
In this episode, we'll dive into the different assets you could tap into during retirement to "self-fund" long-term care costs, and tips and tricks on how to implement your plan while maintaining your dignity (at home!).
Here are a few links referenced in the show:
Genworth Cost of Care
Publication 502 (IRS)- Qualified Medical Expenses
I hope you enjoy this episode.
This is part 2 of 3 in our series, "How to pay for Long-term care costs in retirement."
Rodney Mogen and Peter Ciravalo from BC Brokerage are my guests again today and they bring a ton of knowledge on this topic! There is a reason Hybrid Long-term Care policies now make up the majority of insurance products sold today. However, because there are so many different types of products and how they fit into a client's situation, oftentimes retirees and pre-retirees can feel overwhelmed with where to start.
I hope you enjoy this episode and make sure to hit "FOLLOW" so you don't miss out on part 3, "How to self-fund extended care costs in retirement."
Here is how to get in touch with BC Brokerage!
BC Brokerage Website
Only Fee Only Podcast
One commonly shared concern for all retirees and pre-retirees I've spoken to over the years: "Never be a burden on your loved ones."
As we all go through the aging process, the potential need for extended care is more and more at the forefront.
However, many pre-retirees and retirees fail to prepare for this because financial advisors focus more on selling products instead of real planning.
In episode 17, Harley Gordon joined us to discuss the consequences of not planning for extended care.
In this 3 part series (episodes 22-24), we will talk about the three ways to pay for extended care expenses:
Part 1 - Traditional Long-term Care Insurance
Part 2 - Hybrid Long-term Care Insurance
Part 3 - Self-funding extended care costs
In parts 1 and 2, I had the pleasure of speaking with Peter Ciravalo and Rodney Mogen from BC Brokerage. Peter and Rodney have a wealth of product knowledge but with a financial planning mindset.
I hope you enjoy this episode's 3-part series.
Here are a few links we referenced in the show.
Genworth Cost of Care
BC Brokerage Website
Peter's LinkedIn
Rodney's LinkedIn
The Wall Street Journal just came out with an article called "How to Retire Better, From Retirees Who Learned the Hard Way."
What's interesting is that 2 of the 3 suggestions had NOTHING to do with money or finances! It was all about purpose and relationships. So, this podcast is dedicated to talking about this NON-financial topic, "Purpose in Retirement."
Also, many of you are new listeners whom of course I've never met before! Welcome! As a result, I thought I would share my personal story on WHY I initially launched this podcast in 2021, and how that purpose has evolved over time.
I hope you enjoy this show!
I'm including a couple of links below:
WSJ article 👈 Purposeful Retirement (book by Hyrum Smith) 👈
Did you know your Social Security benefits in retirement could be 100% tax-free? Perhaps you didn't even know Social Security would be taxable as many of you paid into the system for decades!
Today we will unpack how Social Security retirement benefits are taxed, and most importantly how to reduce taxes on those benefits in retirement.
A few notes for the listeners:
Provisional Income / Social Security Tax Rates for 2023
Individual
- Not Taxable: Less than $25k
- Up to 50% Taxable: $25k-$34k
- Up to 85% Taxable: Over $34k
Married Filing Jointly
- Not Taxable: Less than $32k
- Up to 50% Taxable $32k-$44k
- Up to 85% Taxable: More than $44k
A helpful Kitces.com article
https://www.kitces.com/blog/the-taxation-of-social-security-benefits-as-a-marginal-tax-rate-increase/
Sometimes "hanging tight" isn't the best solution during times of volatility. We've had two bear markets since the Great Recession of 2008. COVID-19 was the first, and the inflation that ensued thereafter in 2021-2022 led to the second. Tax Loss Harvesting involves selling investments when they are down in value (in a taxable account) to create a realized loss for tax purposes. You can then use these losses in current or future years (retirement) to reduce taxes!
These opportunities don't come every year, so it's important to take advantage while you (still) can!
I hope you enjoy this episode!
Roth conversions are definitely gaining lots of popularity, especially with the Tax Cuts and Jobs Act of 2017 expiring in 2026. Because of this, I have noticed consumers believe they should automatically start converting their IRAs and 401ks to Roth accounts!
First and foremost, you have to run the numbers. For every scenario that is a "home run" like the one I'll discuss today, there is a scenario where it does not make sense. Or, perhaps the time isn't right (yet).
Make sure to check out this latest episode to hear the first of our three-part series from our recent educational workshop, "How to Reduce Taxes in Retirement."
Enjoy!
Nobody wants to think of themselves as getting old or frail. In fact, many retirees in their 60s, 70s, and even 80s are still traveling the world. The risk of extended care will never impact them. But if you need extended care, what are the consequences to your loved ones? They are not just financial but physical and emotional.
We are honored to have Harley Gordon join us on this episode, "The Consequences of Extended Care in Retirement."
Harley is a founding member of the National Academy of Elder Law Attorneys (NAELA), and the founding principal of the CLTC, or Certification in Long-Term Care designation. He's recognized as one of the top 10 most influential people in the Long-term Care Industry.
We hope you enjoy this episode and hope you learn something that makes an impact.
It's natural for us to think about how to GET to retirement, but not about how retirement will actually work.
The same is true for saving into a 401k or 403b plan. Most think about how to invest their 401k and maximize growth. However, what about the distribution process? And more importantly, what is the tax impact of those distributions?
Taxes are our clients' #1 expense during retirement, and RMDs play a big part in tax planning. Naturally, I am a big advocate of having an RMD plan.
We will dive into how RMDs work and how to plan for them strategically. Thanks for tuning in!
2022 was a tough year for both stocks and bonds. In fact, it was perhaps the worst year for a 60/40 portfolio, period. For retirees, this makes income planning very difficult! How do you combat record inflation when both stocks and bonds are falling? Additionally, the risk in stocks is likely not over as the fed continues its rate hike strategy, and a recession is likely.
The good news is, there are opportunities for retirement investors! Tune in to hear more about our key opportunities for 2023.
-Yield is back in fixed income
-The value vs. growth story
-International stocks time to shine?
-Bucketing strategy!
As a financial professional who specializes in retirement, I would never tell a client to spend MORE than they can. However, I will tell them what they CAN spend while still maintaining their financial independence. Oftentimes, it's more than what they are currently spending, especially in the "Go-Go Years" of retirement. Why is this? Perhaps the fear of the "what if's" like long-term care, being a burden on their loved ones, not leaving a financial legacy, longevity concerns and more. In this episode, I'm joined by Justin Fitzpatrick, the Co-Founder of Income Lab. Income Lab is a retirement income planning software used by financial advisors, including myself, to help solve the question of "how much can I comfortably spend in retirement." I hope you enjoy the episode and make sure to give us a follow and a 5 star review if you like what we are doing! We appreciate all of you!
Now that you have made the decision on when to retire, the next step is to figure out how to pay for healthcare expenses. This episode features Ari Parker, the Lead Medicare Advisor at Chapter. Chapter is a Medicare broker that specializes in helping people make important decisions on healthcare during retirement. Learn all about the thought process in choosing the right Medicare and healthcare plans for your specific needs! Make sure to give us a follow so you don't miss out on our latest episodes!
First of all, paying off your mortgage EARLY vs. investing the difference is not an apples to apples comparison. I don't know of any investments that provide a guaranteed return = to the mortgage interest rate in question.
If you are comfortable with taking on the risk, you might be better off stretching that mortgage to 30 years and investing the surplus cash into a side fund.
Additionally, this could provide liquidity along the way to access "just in case."
However, there is something to be said for my clients that are mortgage and debt free in retirement. Therefore, those qualitative factors should be considered AS WELL AS the quantitative factors.
Tax preparation is reactive, for the most part. Tax planning is proactive. Most people focus solely on tax preparation, which involves preparing necessary documents to file your taxes. Tax planning involves not only minimizing your tax liability today, but minimizing taxes when you start to draw on your investment assets and throughout your retirement years. We hope you enjoy this episode!
Are you approaching retirement with the bulk of your next egg in tax deferred 401ks or IRAs? With so much uncertainty on where tax rates might head in the future, you might be wondering, "Should I take advantage of Roth conversions?" They are not for everybody, but in the right situation you could end up saving thousands, or even hundreds of thousands, of dollars in taxes during your lifetime. Additionally, your heirs will also benefit from a more tax efficient inheritance. I hope you enjoy this episode, which includes my interview with Kevin Geddings at WSOS 103.9 in St. Augustine!
The number one thing I hear from clients is they don't want to ever be a burden on their loved ones, and yet, I've seen a number of estate planning mistakes over the years. Fortunately, they never truly get exposed unless something unexpected happens. These 5 common estate planning mistakes can and should be addressed, and I always recommend seeking official legal counsel from a licensed attorney to do so!
Spoiler alert: The answer is NOT "do nothing."
Volatility is a healthy part of investing! If there was no risk to it, there would not be the upside potential the stock market has provided for decades! Inevitably when the stock market is volatile, I field a bunch of questions on "what to do next?!" Nobody is complaining when markets are flying up with no volatility, but once we see that 10% or 20% dip, people start to pay attention. I decided to record this episode to shed light into what our practice looks like and how we navigate the good and bad markets. I hope you enjoy it!
A lot of people focus so much on retirement savings strategies and not enough on withdrawal strategies. Also, many people don't realize the withdrawal strategies begin years before you retire! I hope you enjoy this episode and begin to think about how your savings strategies now will impact your withdrawal strategies later. Additionally, if you are closer to retirement, hopefully you can begin to think about which strategy (or strategies) align with your personal preferences. Enjoy it!
It's the end of the year, and most people are thinking about the holidays! Well, we think about tax efficiencies for our clients, so I wanted to share a few tips that you might want to consider as we approach the end of the tax year. This should not be taken as tax advice! Consult with your own professional tax advisors to determine what strategies make the most sense in your situation. Nonetheless, I hope you find it helpful.
The formula we use at our firm, Imagine Financial Security, is; Financial Goals + Risk Tolerance - Income Sources = Rate of Withdrawal.
If you follow this logic, you will find a goals based rate of withdrawal that is customized to your financial plan, not some benchmark created by someone who knows nothing about you.
Hope you enjoy it!
Social Security represents approximately 40% of all retiree's incomes. When to claim Social Security is ultimately unique to everyone, so I put this episode together to help you think about multiple factors before making a decision.
If your investment portfolio and retirement plan can pass these four stress tests, you will find yourself having more peace of mind in your retirement years than you could ever imagine. Take a listen and learn more about how we can help stress test your plans for retirement.
In this episode we will address how accumulating significant savings into Traditional 401ks and IRAs can lead to a massive tax burden in retirement. Additionally, we will be addressing the provision in the SECURE Act which will change the way we view leaving these retirement plans to the next generation.
This is our inaugural episode of the Planning For Retirement Podcast. Therefore, I want to simply introduce the WHY behind this podcast as well as let all of the listeners know about my background both personally and professionally. Lastly, I will tease the next episode content and hope you all enjoy what we are bringing to the table.