Make It Last with Victor Medina - Legal & Financial Retirement Planning

Is $1 million the magic number you need to retire? In this week’s episode, Victor challenges conventional wisdom and makes a point that you might not need as much money to retire as you’re being told.

Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!

Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.

For more information, visit Medina Law Group or Palante Wealth Advisors. To schedule a free consultation with us call 609-818-0068.

Sometimes it’s hard to tell where we should be focusing our investments. In this episode of Make It Last, Victor talks through which retirement vehicle is right for you; focusing primarily on 401K plans and IRAs.

Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!

Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.

For more information, visit Medina Law Group or Palante Wealth Advisors. To schedule a free consultation with us call 609-818-0068.

In this week’s episode, Victor discusses the idea of being happy in retirement. What are ways people can find joy in retirement and bring down stress? Victor also spends some time giving the latest update to the Medical Aid in Dying for the Terminally Ill Act (or the “Right to Die Act”)

For a FREE report to help you in planning your income text the word INCOME to 609-554-5936.

Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!

Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.

For more information, visit Medina Law Group or Palante Wealth Advisors. To schedule a free consultation with us call 609-818-0068.

Click below for transcript!

Announcer:  Welcome to “Make It Last,” helping you keep your legal ducks in a row and your nest egg secure, with your host Victor Medina, an estate planning and elder law attorney and certified financial planner.

Victor J. Medina:  Everybody, welcome back to Make It Last, the only show that helps you with your retirement planning from both a legal and financial perspective. I’m your host, Victor Medina. I’m so glad that you can join us for another fun and exciting show. I have to tell you right off the top, I can’t win. I just can’t win as a broadcaster.

Here I am, last week’s show, telling you all about the fact that New Jersey stopped the right‑to‑die law that was in place because of a court case that was in there. No sooner did I talk to you about that on Wednesday, than a pair of judges reinstated right off the top.

Let’s talk a little bit about that before we get to the major topic for today’s show. The right‑to‑die law had just taken effect by the way. It was signed into law by Governor Phil Murphy. It was done in the spring.

There was a way of addressing some of the issues for people who advocate for a right to die to have a mechanism for doing that. People already had a way of doing it traveling out of state. What we wanted to do or what the legislature wanted to do was, basically, come in and be able to do it for New Jersey residents.

The law had a bunch of provisions in there. You needed to be terminally ill. You needed to ask for the medication to end your own life two different times. One of them had to be in writing. You need to have certain certifications by doctors and things like that. But, the point was that it had been passed into law.

Then, a judge had stopped it. What they had done is, they had said that the law was not one that could stand up to legal scrutiny. There’s a lot of wranglings behind it about how technically it was done, but then it was appealed to the appellate court.

The appellate court basically took the next level of the legal argument and said that the lower court had abused its discretion in striking down the law.

The way that the lower court had done it, it was awarded a preliminary injunction relief. That’s basically just saying that it could stop anything that was happening because of some irreparable harm, but the way that the restraining order was written, it basically said that the law was going to cause immediate and irreparable damage to the state.

The appellate court ruled that the law does not impose a problem for doctors who may disagree with it, because the right‑to‑die procedure is voluntary. What was happening before was, the doctor that requested the injunctive relief said, “If you make us operate under this law,

Are retirement planning and financial planning the same thing? NO! In this episode I discuss the differences between them. I also talk a little about the rising nursing home costs and give you an update in what’s happening with the Aid in Dying for the Terminally Ill Act

For a FREE guide on some top Retirement Issues, text the word RETIREMENT to 609-554-5936.

Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!

Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.

For more information, visit Medina Law Group or Palante Wealth Advisors.

Click below for transcript!

Announcer:  Welcome to “Make It Last,” helping you keep your legal ducks in a row and your nest egg secure, with your host Victor Medina, an estate planning and elder law attorney, and certified financial planner.

Victor J. Medina:  Everybody, welcome back to Make It Last. I’m your host, Victor Medina. This is the only show that helps you walk through the perilous world of legal and financial retirement planning.

I am so happy to be back. I feel like it’s been a long time since I recorded a new episode or been here live with you. I’ve been preempted on the live show by a number of Somerset Patriots games. I have to tell you, I don’t follow the Somerset Patriots. I guess, maybe I should.

I’m a Red Sox fan. We’re 14, 15 games out of any kind of the hunt of baseball. I’m not really sure that they’re worth following.

I’m not in a happy mood as a Red Sox fan, since the folks in San Diego did a whole trolling of our fan base by saying that they were going to play the “Sweet Caroline” song and then doing a Rick Roll. If you don’t know what a Rick Roll is, ask your grandkids. They will show you, and you’ll be delighted.

Anyway, Red Sox fan life right now, not great, but I am great. Happy to be here. There’s been so much that’s happened since the last time that I joined you. Let me jump right into some brand new news.

You may have recalled, depending on how big of a fan of the show you are, that I talked about the newest law in New Jersey, helping people be able to end their own life. It was the Aid Medical Assistance in Terminal Illness or In Dying Act.

It is basically what New Jersey had done to put in place a law that allowed people who were terminally ill to select to be able to end their own life. There were rules about that. You had to ask for medication to end your own life two different times, and one of them had to be in writing.

You need certain certifications by physicians, so and so forth, but no sooner had the law been passed and told that it was going to be existence that it was blocked by a judge. Right now, there is no terminal illness law in New Jersey. We are waiting for the resolution for that. That’s a piece of new news that’s out there.

As I mentioned before, it really didn’t change too much about what it is that we do for our planning. I know that people came in and they asked us, “Hey, now there is this new law, does it change my estate planning at all?” especially for people that had done estate planning with me.

I said to them, and I’ll say to you, the answer is no. Quite clearly, the answer is no. Here’s the reason why. When we put legal planning in place, one of the things that we do with your healthcare documents is talk about who should be able to make healthcare decisions ...

How do you retire when you have no money? Learn some tips for retirement on a shoestring budget! Then, Victor discusses The 5 Key Decisions You Have to Consider In Retirement.

For a FREE RETIREMENT CHECKLIST, text the word CHECKLIST to 609-554-5936. Make sure you’re on the right track for retirement!

Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!

Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.

For more information, visit Medina Law Group or Palante Wealth Advisors.

Click below for transcript!

Announcer:  Welcome to “Make it Last,” helping you keep your legal ducks in a row and your nest egg secure. With your host Victor Medina, an estate planning, elder law attorney, and certified financial planner.

Victor J. Medina:  Hi everybody. Welcome back to Make it Last. The only show that brings you on a journey of legal and financial retirement planning hosted by your dual fiduciary debts, me. My name is Victor Medina. I’m so glad you could join us for another fun and exciting episode. I’m really stoked for today’s show.

The first thing that I wanted to get into is, my wife sent me a really cool link about Retirement on a Shoestring. There’s so much said about having plenty of money and having it all be set aside and your setup for retirement. I was intrigued by this because it was how to retire when you have no money or very little money.

I want to walk you through that article before we get into the main topic for today’s show. Just because I think it’s good to have a different perspective.

You might be somebody that is looking to retire on a shoestring budget, and maybe has no choice about that. Maybe you just want the perspectives of knowing what the other side is doing. Maybe you’ve got good planning in place. You’ve got plenty of money. What you really need is just to see how the other side of it might look like. This is actually done by a website called nextavenue.org.

They’re tracking, first, a couple named Joan and Steve Reid. They are 67 years old, so pretty average retirement age. Maybe a little bit…I don’t want to say the words early. I’m not saying that you should always keep working till you’re 70 or older, but you know, 67 these days, not everyone is thinking about retirement at that age.

In May of 2019, they retired. They moved from a rather affluent New York City suburb to an oceanfront community of Vero Beach, Florida. I actually have some familiarity…I’m aware of Vero Beach. There’s somebody on my team here whose parents were living there for a period of time. Their goal in retiring was to retire on a shoestring budget.

By the way, it’s a goal that many new retirees share, but it’s one that’s kind of tricky to accomplish. In this case, for the Reid family, they were looking to get a slower environment. They want to be near beaches. It turns out that Vero Beach does that for them.

The neighborhoods are quiet. There’s a slower pace. People are friendly. They have careers where it is at least understandable why they didn’t have a lot of money saved.

She worked as a freelance writer and a part‑time public library clerk, so not high‑gaining areas. He is a mixed media artist, which shouldn’t be confused with the mixed martial artist because then that means he could kick your butt if you didn’t like his art.

In this episode of Make It Last, Victor dives into both the legal and the retirement world. First, Victor discusses planning for incapacity and managing different financial accounts in that time. Then, Victor goes through the 3 different worlds of money: Banking, Insurance, and Wall Street. How are these worlds defined? How should they be integrated? How should your investments change once you hit retirement? All these questions answered in this portion of the show.

Text “ABC” to 609-554-5936 for a free report on the ABC’s of Fixed-Indexed Annuities!

Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!

Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.

For more information, visit Medina Law Group or Palante Wealth Advisors.

Click for full transcript…

Announcer:  Welcome to “Make It Last,” helping you keep your legal ducks in a row and your nest eggs secure with your host, Victor Medina, an estate planning and elder law attorney and certified financial planner.

Victor J. Medina:  Everybody, welcome back to Make It Last. If you know, it’s the only show that helps you keep your legal ducks in a row and your financial nest eggs secure, and taking you through the world of legal and financial retirement planning.

I’m your host, Victor Medina. I’m so glad you can join us for another fun and exciting episode. I’m really jazzed for today’s show because I planned here to talk a little bit about some legal stuff and a little bit about some retirement stuff. I always like it when I can blend those two worlds together.

In the legal world, we’re going to talk about how to plan for incapacity. We’re going to go over dealing with different financial accounts and what are your alternatives in order to help somebody manage your money if something were to happen to you, if you became incapacitated.

We’re going to give you some alternatives to consider as you think about how to put your plan together for that. In the retirement world, we’re going to talk about the three different worlds of money and integrating those.

When we start talking about investing your hard‑earned dollars, you might get in mind some financial vehicles. That you might be using some different products, most likely, things like stocks, bonds, mutual funds, may be even real estate. There are a plethora of investments available to consumers. They come in all shapes and sizes.

The difficult part, though, is figuring out a way to make all of these investments and other financial work vehicles work together in order to put you on the path to success in your financial life.

When I think about retirement, one of the things I like to make clear is that, the same investments and financial vehicles that got you to retirement, probably are not going to be the same financial vehicles that will get you through retirement. Possibly, right. Most of the time, I find this not to be the case.

Unfortunately, I see too often pre‑retirees, and even retirees, people that are already in retirement invested in the same way in retirement that they worked through their working years. Sometimes I’ll be so bold as to ask them, “You know what, how much of these have you owned or changed since you become retired, or you intend to change?”

The answer for many of them is just zero, that they continue on with what they have. Today, I’m going to talk a little bit about the three worl...

How do you know if you are ready to retire? In today’s episode, Victor goes through some signs to identify if you are ready for retirement or, if you should wait.

Text the word INCOME to 609-554-5936 for a free report on the income bridge to make sure you have enough income to last your entire life.

Like this episode? Leave a reivew and give a 5-star rating on the Apple Podcast app. As always, share with a friend!

Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.

For more information, visit Medina Law Group or Palante Wealth Advisors.

Announcer:  Welcome to “Make It Last,” helping you keep your legal ducks in a row and your nest egg secure, with your host Victor Medina, an estate planning and elder law attorney, and certified financial planner.

Victor J. Medina:  Hey everybody, welcome back to Make It Last, the only show that takes you on a fun and exciting journey through the world of legal and financial retirement planning. I’m your host, Victor Medina, and I’m really glad you can join us here today. I’m excited for today’s show, as I am for many of the shows.

More and more I’ve been interested in the soft part of retirement, less about the numbers and whether or not you’ve done the right calculations. More about signs that you’re ready to retire or the emotional components around that.

In today’s show, I’m going to be attacking how to evaluate or see if you contain any of the signs that you aren’t yet ready to retire. Like, how are you going to know when you’re ready to call it a career. The thing about it is that, retirement is such a big decision. It shouldn’t be taken lightly. For most people, the decision itself to retire doesn’t come easy, it is full of all kinds of emotional input on there.

A lot of people are defined by what it is that they do. Even if they’re not consciously aware, or that it’s defined that way. They are by how they spend their time up until that point in time, in which they retire.

They get up and work, five days out of the week for most people. That means that the majority of time that they spend, even the majority of those days in which they’re working, they spend doing something that defines their existence.

I’m of a mind that people should take their time and consider all of their options and make the best decision for them and their family, both financially and emotionally. How does one really know that they’re ready for retirement? How much money is enough? How can you prepare for the social and emotional side of the equation?

Today’s show is all about being prepared, or to the contrary I guess, how to know when you aren’t quite ready. There are some signs that you can catch on to that could indicate that the timing isn’t quite right. I’m here to help you identify some of those signs that say that you’re not quite ready to retire.

I’ll tell you there are all kinds of things that are going to factor into making that decision. What I want to do is try to help you get some of the information to understand whether or not you’re ready. I have created a number of different reports that are out there, that are available for you to download. They’re 100 percent free.

I want you to have these so that you can have the best information about retirement and getting ready for that.

One of the ones that I want to help you understand more about is called the income b...

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On average, after age 60, financial literacy decreases by 1.5% per year. In today’s episode, Victor discusses how to handle this idea moving forward in financial planning. Victor also talks through scammers using gift cards to finance fraud as well as the rise of nursing home expenses.

Text QUESTIONS TO 609-554-5936 for a free report to help you figure out who you should be working with and questions you should be asking you current advisor, or a potential advisor.

Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!

Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.

For more information, visit Medina Law Group or Palante Wealth

In today’s episode, Victor breaks down electronic wills and reiterates the importance of mindfulness. Victor also lays out the 5 Psychological Stages of Retirement as inspired by a study done by AgeWave, Ameriprise Financial, & Harris Interactive to learn more about the attitudes and worries of people before and after retirement.

For a FREE checklist to help with your retirement income planning, text the word CHECKLIST to 609-554-5936

Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!

Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.

For more information, visit Medina Law Group or Palante Wealth Advisors.

Click below for full transcript.

Victor J. Medina:  Everybody, welcome back to Make It Last. I’m your host Victor Medina. I’m so glad that you could join us for another exciting adventure in the world of legal and financial retirement planning. I’ve got a great show for you today.

We’re going to go off the beaten path of the objective evaluations of retirement, numbers and what you can do.

I want to focus on a few fun items, some of the signs, the five psychological signs, or phases of retirement. I had a lot of fun preparing this one, so I’m really excited to go into it. Before I do, I found a few topical things that I wanted to go over, that are interesting tidbits that have come across my radar, that affect a lot of my clients.

The first one has to do with electronic wills. It’s interesting, because over the last, I don’t know, hundred years ‑‑ even less than that ‑‑ we’ve had so many technological advancements to the masses, including the computer, the Internet, smartphone, and these developments have changed the way that we live our lives and the way that we conduct business.

Everyone has access to a hundred percent of the knowledge in the world, just about ‑‑ at least the encyclopedia ‑‑ right in their pocket. I don’t know how many times I’ve been out to dinner where we’ve asked some question and I said, “You know what? We have the answer in our pocket. Let’s just look it up.”

All of the access to this has moved and migrated away from static paper to something else. Even instead of calling the receptionist of a company and asking for directions, if we just go to our cars app, put in the name of the company or the business, it automatically populates, and we’re off.

Instead of mailing documents or sending them on the Pony Express, we send them via email. We’ll send them now over text message or some other secure communications system.

Right now, technology is colliding with trust and estates laws through the use of electronic wills. Let’s take a look at what these are, along with how states are beginning to deal with them.

What is an electronic will? Everyone remembers the time where you used to have the reading of the will. You’d be at the lawyer’s office. There’d be a lot of pomp and circumstance. Everything would smell of mahogany wood and leather and we would open up this rich leather paper and we would sit down and we would have the reading of the will.

At least that’s what it is in people’s mind. I will tell you, I’ve been at this for over 15 years. I have never had a reading of a will. Ever. Not one.

A will is basically that document if you don’t know, that gives instructions on one’s death. What property should be distributed,

In today’s episode, Victor tackles the question, “Are my financial advisors working in my best interest?” In addition, Victor discusses 5 Retirement Planning Sins and ways to avoid and overcome them.

For additional information on retirement planning issues and things you should look to avoid, text RETIREMENT to 609-554-5936.

Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.

For more information, visit Medina Law Group or Palante Wealth Advisors.

Click below to read the full transcript…

Victor J. Medina:  Hello everybody, welcome back to Make It Last. I’m your host Victor Medina. I am so glad you could join us for another fun and exciting adventure in the world of legal and financial retirement planning.

Listen, I have a lot to cover in today’s show and one of the things I’m going to do is talk to you about five retirement planning sins and how to overcome them. Before I get into that, a couple of things that I wanted to share first of all.

Today is my wife’s birthday. I’m not allowed to tell you how old she is. Certainly not on anything that’s going to be pushed out and saved in posterity forever and ever but it is her birthday and I want to wish her a very happy birthday. I’m going to try to do something special for her a little bit later today.

That wasn’t the biggest news of what we had. [laughs] Biggest news of what we had in terms of the first segment of today, I wanted to cover a couple of things that we’re going in my practice that I thought were newsworthy. Things that are related to clients that I’m having, and to having to deal with it.

It just seems to be part of a thread of things along the way. That’s really about whether or not financial advisors are out there doing the best thing for their clients, and whether or not the financial institutions are doing the same thing.

We’ve been working pretty consistently with teachers and people who were in the public education system that come to us with a number of accounts already in place at TIAA. It used to be TIAA‑CREF.

I think about 10 years ago, they moved from a non‑for‑profit company to a for‑profit company, but they didn’t send out a big press release around that. Nobody got a flyer in their materials saying, “Hey, by the way, we’re no longer non‑for‑profit and just wanna let you know how for‑profit we really are.”

It turns out that they just made the change. It allowed them to start to treat clients completely differently. Part of what they started doing was offering products that have some stringent and harsh contract terms.

It’s really visiting on my clients’ heads right now, as we try to figure out the balance of their retirement planning. We start down a path of putting a great plan in place for them.

Then when we go to try to access the money that’s in there, that’s the time that we learn the contracts that they have will only release this money over the course of five years or seven years or nine years. It really impacts their planning.

I don’t think that many clients are in a situation where they realize that that’s exactly what’s been going on. Then, I started reading a article but an arbitration with somebody who had dealt with AXA Advisors.

The details of it aren’t super important, they were a retired couple, they had saved a lot of money. But what they were being pushed into were these unsuitable contrac...