As we close out the year, we wanted to take the chance to answer a bunch of financial questions that we’ve received. It’ll give us the opportunity to cover a wide range of topics that will hopefully address an area of planning you’ve also been curious about. Before we get into these great questions, we’ll share a cautionary tale about a retiree who fell victim to an investment scam, losing nearly three-quarters of a million dollars. 

Here’s what we discuss in this episode:

0:00 – Intro 

0:36 – Retirement scam story

7:30 – Annuity withdrawal

11:07 – Paying off a mortgage

13:54 – Spousal Roth IRA 

17:02 – Mortgage tax deduction

18:13 – Income planning 

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:

If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: [email protected]

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

Social Security is the backbone of retirement for millions of Americans, but big changes could be coming pretty soon. In fact, one Congressman asked the Congressional Budget Office to put together a report detailing the impact of changing the full retirement age from 67 to 69.

This change, if implemented, would have huge implications for anyone planning their retirement. Ryan will break down some of the key takeaways and discuss the implications if the government moves forward with this idea.

Read the full report here: https://www.cbo.gov/publication/60516

Here’s what we discuss in this episode:

0:00 – Intro 

1:19 – Full retirement age

3:04 – Key takeaways from the report

9:13 – How should you view Social Security changes at different ages?

13:28 – Final thoughts on Social Security

14:17 – Mailbag

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:

If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: [email protected]

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

Are you and your spouse on the same page when it comes to what you want in your retirement? If not, it’s time to talk. Retirement planning is a significant milestone that requires careful consideration and, more importantly, collaboration. 

Many couples don’t communicate enough when it comes to money, but preparing for retirement is best done with both parties understand the goals and how they’ll get there. That’s what we want to highlight in this video so we’ll break down the importance of being a team when it comes to your financial future.

Here’s what we discuss in this episode:

0:00 – Intro 

1:28 – Mailbag

3:54 – Couples with uncertainty

9:50 - How we help couples get on the same page for retirement

12:00 – Do both spouses need to be involved financially?

14:22 – Why couples benefit from an advisor

16:51 – Closing thoughts

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:

If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: [email protected]

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

You can never ask too many questions when you’re trying to understand your finances and prepare for retirement. It’s essential that you know what you’re invested in and what you’re working towards. In this video, Ryan Cravitz will tackle some of the most fundamental yet challenging questions about retirement planning. 

Here’s what we discuss in this episode:

0:00 – Intro 

1:16 – How much you need when you retire

4:46 – How much in savings?

7:22 – How much risk 

11:06 – Annuities

13:26 – Are you tax-efficient

17:28 – When to take Social Security

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:

If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: [email protected]

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

Social Security is a really important part of an overall retirement plan but there are five things people get wrong when planning for retirement. The things we’ll talk about in this video are misunderstandings we often hear from clients and other people. In fact, advisors don’t always get these things right.  

If you’re approaching retirement or already in retirement, you’ll want to make sure you get clarity on these five things before you make any Social Security decisions.  

Here’s what we discuss in this episode:

0:00 – Intro 

1:57 – Long-term solvency of Social Security 

6:17 – Spousal benefits  

8:51 – Maximizing survivor benefits 

12:04 – Confusing taxes with the earnings test 

14:51 – Taxes you’ll owe 

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:

If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: [email protected]

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

Today we’re going to give you three compelling reasons why you should consider retiring now or as soon as possible. If you are unsure about your retirement readiness, this episode will help you evaluate your financial security, address potential burnout and health considerations, and ensure you have a purposeful plan for your retirement days.

 If any of these reasons resonate with you, it’s worth having a conversation with a financial professional to see if you’re ready to retire. You might be closer to retirement than you think.

Here’s what we discuss in this episode:

0:00 – Intro 

1:38 – Financial security 

8:41 – Burnout or health considerations 

13:26 – What will you do Monday morning? 

20:10 – Final thoughts 

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:

If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: [email protected]

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

In this video, Ryan outlines five crucial things you need to know about RMDs, including when you need to take them, how to calculate them, and strategies to reduce them for tax efficiency. These five things will help give you a better understanding of RMDs and the role they play in building an income plan, which will also help you be more efficient in retirement. 

Here’s what we discuss in this episode:

0:00 – Intro 

1:46 – When do you have to take your first RMD?

5:00 – Calculating RMDs

7:39 – Can RMDs be aggregated?

11:16 – Why reduce RMDs?

15:06 – Strategies to reduce your RMDs

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:

If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: [email protected]

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

One of the biggest questions that we get about Social Security is when should I take my benefits? A lot of people want to claim them as soon as they can for multiple reasons, but would you be better off delaying your benefits up to age 70?

Join us as we explore five compelling reasons why you might want to consider postponing your Social Security claims, from maximizing survivor benefits to enhancing long-term financial stability.

Here’s what we discuss in this episode:

0:00 – Intro 

1:25 – Survivor benefits 

2:48 – Increase your monthly benefit

4:49 – Long-term stability

6:18 – Tax advantages

7:56 – Spousal benefits

10:05 – How far out should you plan?

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:

If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: [email protected]

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

As you approach retirement, one of the most pressing questions is how much you can withdraw from your savings without running out of money. The 4% rule, a popular guideline in retirement planning, suggests that you can withdraw 4% of your retirement portfolio in the first year and adjust that amount for inflation each subsequent year. 

This rule, developed by William Bengen in the 1990s, was designed to ensure that retirees wouldn't outlive their savings over a 30-year retirement. But how does this rule align with the actual spending patterns and lifestyle of retirees today?

Here’s what we discuss in this episode:

0:00 – Intro 

1:01 – Looking at the 4% rule

4:15 – Comparing 4%, 5%, and 6% withdrawal rates

8:42 – Stress testing each withdrawal strategy

13:47 – Incorporating annuities into your plan

20:43 – Conversation takeaways

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:

If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: [email protected]

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

The crucial conversation when it comes to retirement is all about how much you need to have saved. The traditional $1 million benchmark doesn’t have as much staying power as it used to. In fact, a recent study found that Americans believe they need at least $1.5 million to retire comfortably. 

We’ve found that most people believe they’ll need a lot more saved before they can retire or they feel like they need to work a lot longer than they actually do.

So what’s the true answer? Well, it’s different for every individual but today we’ll look at the data and break down the numbers to help you get an idea of how much you’re going to need to retire. 

Here’s what we discuss in this episode:

0:00 – Intro 

2:26 – Why people think they need more than they do 

3:40 – Results from a study

5:15 – Average annual income

6:35 – Single withdrawal amounts

12:21 – Married withdrawal amounts

16:12 – How much saved for single people

22:15 – How much saved for married people

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:

If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: [email protected]

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.