By Chad Smith, CFP® and Mike Eklund, CFP®
4.6
4545 ratings
The podcast currently has 225 episodes available.
Retirement, a phase many of us anticipate for a long time, comes with its own set of financial intricacies. Specifically, how do you effectively withdraw funds from your savings to ensure a comfortable, sustainable, and tax-efficient lifestyle?
A well-crafted retirement blueprint is essential. This plan should outline your long-term goals and the steps needed to achieve them. More importantly, your financial plan should be flexible enough to accommodate life's unexpected expenses, such as healthcare costs or home repairs. Revisiting and updating your blueprint annually—or when significant life changes occur—can help ensure you stay on track.
In this episode, we’re sharing the essential steps to develop a retirement withdrawal plan that caters to your needs. We dig into which accounts to draw from, how to minimize taxes, and how to manage unexpected expenses. You'll also learn about advanced strategies like Roth conversions, tax-loss harvesting, and the benefits of Qualified Charitable Distributions and Donor-Advised Funds.
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Retirement planning is a delicate process, and you need to carefully consider your various income streams, including Social Security benefits. For those of us who plan to continue working while claiming Social Security, it’s important to understand how this decision can impact the monthly benefits you receive.
In this episode, we’re sharing how to avoid financial shocks in retirement. We discuss the essentials of earned income, the reduction in benefits due to excess earnings, and specific scenarios such as spousal and ex-spouse benefits.
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We all have visions of our ideal retirement. However, our financial plans can quickly veer off course if we haven't appropriately managed our risks.
On this episode of Financial Symmetry, Greg Suggs from Greg Suggs Insurance joins me to discuss how to manage common risks that could negatively affect your wealth. You won’t want to miss out on these easy-to-implement pieces to your insurance puzzle that could save your assets.
Outline of This EpisodeHow do you begin to save for your children to go to college? With the rising costs of college education, is it worth the monetary commitment?
Including tuition & fees, room & board, books & supplies, etc. the average cost of college is anywhere from $27,000 for an in-state public school up to $80,000–$90,000 a year for an Ivy League School.
How you pay for your student’s college is one of the most important financial decisions you’ll ever make. In this episode, we cover the three phases of saving for college and what you need to pay attention to in each phase.
Outline of This EpisodeSome problems are easily solved with a bit of reasoning, logic, or by using a bit of math. Other problems go beyond quantitative thinking.
The most thought-provoking issues aren’t numbers-based. Many decisions surrounding retirement require much deeper consideration and often cause you to reevaluate your thinking of what you had originally imagined retirement to be.
In this episode, you’ll learn how to identify “wild problems” people face when retiring and develop a framework for working through them.
Resources & People MentionedOne of the retirement questions that persists through the ages is whether to take a pension or a lump sum payment. On this episode, we flesh out an example from baseball: Did Bobby Bonilla Day make the right decision back in 1999 to take $1.2 million per year instead of a $5.9 million lump sum payment?
Seeing this example play out over time can help you make your own pension vs. lump sum choice. Listen to find out whether Bobby hit a home run with his financial decision.
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What if you had a magic app that told you how much of your net worth you never got to spend at the end of your retirement?
The trouble with planning for retirement is all the uncertainty, however, proper planning can help. In this episode, Cameron Hendricks joins me to discuss how you can learn to spend more in retirement.
Outline of This Episode
Have you considered how your instincts influence your decision-making around retirement planning?
Our natural instincts and biases create frameworks that lead our perspectives on how we think the world works.
These frameworks influence our decisions surrounding our financial decisions.
On this episode of Financial Symmetry, we discuss how to build prosperity by analyzinging and identifying your perspective. Listen in to learn 10 instincts identified by the book Factfulness and what you can do to combat the biases they lead to.
Outline of This Episode
Today we’re diving in to a specific path that many retirees consider as they move away from the “corporate” world and enter their second act – which is starting a business.
With increased life expectancy, cost of living increases and a desire for continued fulfillment, many retirees are excited to begin a new experiment in an area they are passionate about.
Some surveys show the proportion of people starting businesses at ages 55 to 65 has increased in recent years and, at one point, even surpassed the typical entrepreneur age group of 25- to 35-year-olds.
So today we’re speaking to those currently operating sole proprietorships and single-member LLCs OR those considering starting their own business. We’re going to shine the light on the S Corp business type and provide some details on why this could be an opportunity to explore.
Outline of This Episode****
📬 Get our Retire On Purpose Guide here.
📰 See the full show notes here
🌐 Explore the Retirement Podcast Network here
Now that you have made it through the retirement danger zone, you have made it to the Arrivement phase of retirement. You may be wondering, what are my next steps?
This season can be full of opportunities and connection with those you care about. At this point in your life journey, you may face some difficult decisions around relocating or how best to spend or give the wealth you've worked hard to accumulate.
Listen in to hear about the financial and tax moves that we see most commonly used during the middle years of your retirement.
📬 Sign up for the Advisor Corner Newsletter here and receive our Retire On Purpose Guide.
📰 See the full show notes here
🌐 Explore the Retirement Podcast Network here
The podcast currently has 225 episodes available.
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