A large IRA or 401(k) balance sounds like a good problem to have. And in many ways, it is. But if too much of your retirement money is sitting in accounts that will eventually be taxed as ordinary income, the future tax bill may be larger than you expect.

Tax deferral can be valuable, but it's NOT the same thing as tax planning. Required minimum distributions, Social Security taxation, Medicare premiums, and the tax burden on a surviving spouse can all be affected by how and when you draw money from different accounts. Sometimes the smarter move is to pay attention before the IRS forces your hand.

Could your IRA or 401(k) become a future tax problem? If so, what can you do about it before RMDs begin? Find out from podcast host Johnny Dean and Rick “The Professor” Plum, CFP® on this week’s episode of Managing Your Financial Future!

The so-called "4% rule" is one of the most familiar ideas in retirement planning. It gives people a simple way to think about how much they might withdraw from a portfolio each year. But a useful guideline can become a problem when it starts being treated like a rule that applies to everyone.

A withdrawal rate does not exist in a vacuum. Your age, spending needs, Social Security timing, pensions, market conditions, tax situation, and withdrawal strategy ALL matter. The number may give you a starting point, but it cannot tell you how your retirement should actually be structured.

So how should you think about the 4% rule, and why can the wrong withdrawal strategy make even a reasonable number risky? Find out from podcast host Johnny Dean and Rick “The Professor” Plum, CFP® on this week’s episode of Managing Your Financial Future!

The Bucket Strategy gets talked about a lot, but not every explanation (outside of this program) gets it right. Some descriptions make it sound like you just set aside a little cash, invest the rest for growth, and that's that. But when the strategy is done correctly, there's a lot more going on beneath the surface.

A true Bucket Strategy matches each dollar to a purpose, a time horizon, and a level of risk that fits the job it needs to do. Cash flow, market downturns, taxes, timing, and investor behavior all have to be part of the discussion.

What do people often misunderstand about the Bucket Strategy, and why do those details matter so much? Find out from podcast host Johnny Dean and Rick “The Professor” Plum, CFP® on this week’s episode of Managing Your Financial Future!

Most people understand the risk of dying too soon or getting sick along the way. But there's another retirement risk that can be harder to think about: living longer than expected. A long life can be a great thing, but from a planning standpoint, those extra years still have to be funded.

If you build your plan only around average life expectancy, that can leave too much to chance. Some money may need to provide stability, while other money still needs room to grow. The REAL challenge is making sure your plan can last without forcing you to live too cautiously. 

How can you reduce the risk of outliving your money without giving up the ability to enjoy retirement? Learn more from podcast host Johnny Dean and Rick “The Professor” Plum, CFP® on this week’s episode of Managing Your Financial Future!

We've discussed many different topics on this podcast over the years: retirement income, Social Security, taxes, Roth conversions, and the Bucket Strategy, to name a few. But there are certain core principles underneath nearly every planning conversation, and they can change the way you think about your money.

What assumptions are you making about market swings, your time horizon, and the way your money should be invested? Are you treating every dollar the same, or does each part of your portfolio have a specific reason for being there? And when you shift from saving to distribution, does your strategy need to shift with it?

Learn all about the core financial principles that guide the way we think about retirement planning from podcast host Johnny Dean and Rick “The Professor” Plum, CFP® on this week’s episode of Managing Your Financial Future!

Social Security is thought of as one of the most predictable parts of a retirement plan. You look at your statement, estimate your benefit, and assume that number will be there when you need it. But the amount you expect and the amount that actually hits your bank account are not always the same.

What choices or circumstances could reduce your benefit? How much does timing matter when deciding when to claim? Could Medicare premiums, taxes, continued work, or the loss of a spouse change the income you were counting on? And are there ways to plan around some of these reductions before they catch you by surprise?

Fact is, your net Social Security check could turn out to be smaller than you expected. Learn more from podcast host Johnny Dean and Rick “The Professor” Plum, CFP® on this week’s episode of Managing Your Financial Future!

The Bucket Strategy sounds simple in broad terms. One bucket is designed for money you may need soon, another is built for long-term growth, and the middle bucket sits somewhere in between. But that middle bucket may be the hardest one to get right.

How much growth should you try to capture without taking too much risk? How much stability do you need so the first bucket can be replenished when the time comes? And should the middle bucket be treated as one investment area, or broken into smaller pieces with different time horizons and different jobs? Important questions, all.

Why is Bucket 2 so challenging, and how should it be structured inside your retirement income plan? Find out from podcast host Johnny Dean and Rick “The Professor” Plum, CFP® on this week’s episode of Managing Your Financial Future!

Retirement has a way of exposing assumptions you may not even realize you're making. While you're working, a lot of financial decisions feel automatic: tax withholding, paychecks, and your retirement accounts mostly stay in the background. But once retirement begins, those same decisions can become much more complicated. 

What if your real tax rate is not as simple as the bracket you think you're in? Could taking income from the wrong account create a bigger tax bill later? And if one spouse passes away, what happens when income drops, tax brackets shrink, and Medicare costs potentially rise? These things do happen, and you need to be prepared.

Which retirement assumptions could end up costing you, and how can you plan around them before they become REALLY expensive? Find out from podcast host Johnny Dean and Rick “The Professor” Plum, CFP® on this week’s episode of Managing Your Financial Future!

Retirement planning often assumes your spending should start at one level and then rise every year with inflation. Sounds logical, right? But the reality is that many retirees spend more in the early years, when they are healthier, more active, and more eager to travel or enjoy the life they worked so hard to reach.

So are some retirees being too cautious with their money? Could a rigid withdrawal rule cause you to underspend during the years when money may matter most to you? And how do you balance the desire to enjoy retirement now with the need to protect yourself later?

It could very well be that you're not spending enough in retirement. Learn more from podcast host Johnny Dean and Rick “The Professor” Plum, CFP® on this week’s episode of Managing Your Financial Future!

A retirement plan has to do more than just look good on a spreadsheet. It has to survive real life. Markets don't move in straight lines, family situations change, health can change, income can change, and if you have a plan that only works when everything goes smoothly, then you really don't have a plan.

Ask some questions: What happens when something important changes earlier than expected? What if a cost you hoped to avoid suddenly becomes unavoidable? And what if the assumptions behind your income plan turn out to be a little too optimistic at exactly the wrong time? The answers you give can reveal whether your financial plan has the ability to survive. 

What are the 3 Things That Could Break Your Retirement Plan, and how might you build more resilience before they happen? Find out from podcast host Johnny Dean and Rick “The Professor” Plum, CFP® on this week’s episode of Managing Your Financial Future!