Advised | with Rick Luchini

Today's discussion covers the factors to consider before taking your social security.  Listen to how we help clients choose the right age to claim social security benefits. 

Subscribe on YouTube: https://www.youtube.com/channel/UCbXaSLydoMX7P_kDc5tYmyQ

Check out more from Hamilton: https://brandenburgfs.com/

Thinking of retiring before 65? Don't Miss This One! Today I shed light on Health Insurance in retirement with the help of insurance expert Jocelyn Wolf.  We cover how to get affordable coverage before 65, and some pitfalls to avoid now, and after switching to Medicare.   Although we mention our local state's exchange, most of these same techniques and concepts will apply to you anywhere in the US. 

TIME STAMPS: 

Meet Jocelyn:   https://www.evolveinsurancegrp.com/

Born and raised in central Pennsylvania, Jocelyn attended Bishop Guilfoyle High School in Altoona, PA.  Jocelyn is a 2013 graduate from Duquesne University in Pittsburgh, PA with a Bachelor’s Degree in Business Administration focused on marketing and sales. 

Unlocking Financial Insights:

Why We Stand Out:

Educational, Energetic, and Empowering:

Your Guide to Financial Confidence:

The Message:

Today is an important discussion around mindset for any stage of your financial journey. Listen as we discuss finding balance between saving and living, and defining success on your own terms.  Enjoy!

My guest, Brandon Lovingier, ChFC®, MQFP® aka The Enlisted Money Guy™, has served over 18 years in the Army – including deployments to Iraq and Afghanistan. He established Enlisted Money to help enlisted service members avoid the same mistakes he made and achieve financial freedom. He’s spoken at MilMoneyCon and loves mentoring other service members.

www.enlistedmoney.com

Ohan "The Money Doctor" is a certified financial planner who helps beginner investors navigate their financial challenges. In this episode, he passionately dispels financial myths and underscores the importance of accessible financial education. Listen in as he offers practical tips to those earning six-figure salaries but living paycheck to paycheck, encouraging them to transform their mindset and break free from financial stagnation.

We also shines a light on how to maximize your dollar, tips on card payment methods, the power of changing perceptions about needs and wants, and the critical role of setting clear financial goals. Be inspired to embark on your journey to financial independence by investing in yourself, leveraging opportunities, thinking creatively, and proactively seeking answers to your financial questions.

Learn more about Ohan at ohanthemoneydoctor.com

Today's episode is all about retirement income planning.  I chop it up with Hamilton Brandenburg, a virtual financial planner focusing on helping retirees spend money and save on taxes.  If you're doing your own napkin math and considering retirement, this episode will give you a lot to start thinking about.  

Check out more from Hamilton: https://brandenburgfs.com/

Key Takeaways:

• Retirement income planning requires a flexible approach to spending, taking into account the specific needs and desires of each individual.

Chapters:

00:00 Intro

01:24 Working Virtually 

06:37 Approach Income Planning

09:24 4% Rule vs Flexible Spending

13:13 Cash Flow 

20:19 Empowering Clients

27:56 Flexibility in Retirement

28:49 Importance of Ongoing Plan Updates

33:08 Impact of Taxes on Retirement

36:32 Roth Conversions

48:15 Retirement Expectations 

Exploring an unconventional approach to financial advice with Aaron Buchner, Financial Planner and owner of Cactus .

Aaron discusses balancing living in the moment with future planning. We challenge the traditional emphasis on retirement and building wealth, suggesting that you should prioritize happiness and fulfillment in your work and personal lives. We highlight the importance of finding a balance between delayed gratification and enjoying life today, as well as the need for financial advisors to support individual goals rather than prescribing a one-size-fits-all approach.

Key Takeaways:

• Plan for happiness and fulfillment today, rather than only focusing on retirement and building wealth.

From walking-on at Penn State to being drafted by the St. Louis Rams and now turned CEO, Central Pa's Josh Hull refuses to take no for an answer. Get inspired by this humble, small town guy who continues to overcome adversity by leaning on Family, Mindset and Faith.

Listen as we discuss the dangers of attaching your identity to sports and your career. The mindset Josh used to succeed in football, that he carried into the business world, and why business owners should be looking to hire former college athletes.

I get Josh's take on the latest NCAA NIL rules and discuss his thoughts on the the NCAA's newest proposal to pay student athletes directly.

Finally we discuss Josh's current role as CEO and how his company is helping the US become more energy independent, as well as the unique investment opportunities and tax benefits that come along with US energy production.

Your #401k does not manage itself. Sure, there are some automation buttons you can choose from, and it's easy to let 2, 3 maybe even 10 years slip by without giving it another thought. Your 401k will likely become (if not already) your biggest asset. It's what you will rely on to fund the majority of your retirement years. With something that important, WHY aren't we taking it more serious? Most folks strategy is to ignore it until the time they want to retire, and then find out whether or not they can afford to OR adjust their lifestyle down to make due. It is reactionary, and I'm am pleading with you to be PROACTIVE, and take control now. You might have to spend some time (or money) on optimizing the account, but we regularly do a lot more, for a lot less in our every day lives.

401k's are not overly complicated. In fact, their limiting features make them easy to manage with little effort. The key is to build out the proper allocation, rebalance it at proper drift triggers, not date intervals, and keep the fee drag to a minimum. After that it's routine maintenance and a deeper dive into the "how much" and "what type" you are contributing. All of that should be reviewed on an annual basis, because your life, tax status, goals, time horizon etc change pretty much that often.

Today's episode should give you some things to consider and hopefully realize you have more control, than you think.

The world has changed, yet the traditional cold turkey retirement is still mainstream...WHY? What if you could get to the good stuff sooner? How much energy would you have? Would your health improve? Would your relationship with your spouse and children get stronger? Would you, just simply be happier?

For many the answer to all those questions and more is a resounding YES, and unfortunately they don't see a clear path to get there. Now this is no trick, or easy get rich quick scheme, and you don't even have to buy real estate! The concept is to either slow down for longer, OR (and this one is my favorite) actually do something you enjoy doing every day, so that work... well isn't really work. You still need a portfolio and you will still need some traditional planning to see what age this can start at, and how much money is needed each year.

This concept doesn't work if you're 50 and don't have any savings, the idea is the start the benefits of the retirement you're starting to envision, EARLIER. Would spending more time with the grandkids 2 years earlier make your life better? How about snow birding to Florida 4 years earlier than you thought possible? If you could play golf mostly when you want to for 5 years before you previously planned, would that increase your happiness?

Start viewing you retirement for what it allows you to do, not what you get to stop doing!

In Today's episode I discuss the impact of financial advice before age 50. Why it should be very different than the advice your parents receive, and some things to consider when getting started. Somewhere along the way, Financial Planning became synonymous with Retirement Planning. The truth is, Financial Planning is comprehensive financial advice for all ages, not just for the rich and the soon to be retired. If you're in your 30's or 40's, you are making financial decisions every day that will impact your greatly down the road. Now might be the time to start taking it serious, and get your financial house in order.