My Smart Retirement

Typically, the things we desire most in life are also the most challenging and demanding, but they ultimately bring us the greatest satisfaction and yield the best outcomes. Just like gardening, well-planned financial plans require time and patience to succeed. In today’s episode, we explore the parallels between gardening and financial planning and the lessons we can learn from them.

While investing all your money into a single account may seem convenient, it is likely not the best approach for long-term success. Join us as we explain why it’s worth spending the time and effort to develop a diverse portfolio. We’ll also discuss the importance of staying vigilant and using the right tools to achieve your financial goals.

Here’s some of what we’ll discuss in this episode: 

• The importance of diversifying your investment portfolio and the potential risks of relying solely on one type of investment tool for income. (2:13)
• Much like gardening, well-planned retirement strategies take time and patience to grow and produce rewards. (4:34)
• The “weeds” and “pests” of the financial world to look out for. (6:33)
• Using the right tools for your objectives. (10:28)

Contact The Office

480-632-8770

Schedule A Visit

https://bit.ly/3V4xihj

For more, visit us online

https://www.flemingfinancialservices.com/

Recent surveys have shown that Americans are feeling more financially stressed due to inflation, economic instability, and lack of savings. People are unsure about creating a budget, where to invest their money, and how to save for retirement. Some worry that their savings won't last and that they will have to rely on credit cards and debt. In today’s episode, we’re going to discuss some of these prominent stressors and the importance of taking action with your retirement plan in the midst of uncertainty.

Over the course of this episode, we'll explore a wide range of topics. We'll analyze the latest inflation rates, dissect some subcategories in the CPI report, review recent studies on financial stress in America, and address the concerns about the U.S. potentially losing its reserve currency status to China. Ultimately, Nancy will discuss why it’s more important than ever to pay attention to your financial decisions in today’s economy.

Here’s some of what we’ll discuss in this episode: 

• What surveys are showing about financial stress in America. (1:45)
• Inflation rates slowed down in March. (3:19)
• Reviewing some subcategories in the CPI report. (6:03)
• The importance of sticking to your retirement plan even with these current pressures.  (9:59)
• The fear that the U.S. will lose its reserve currency status to China. (12:13)

Contact The Office

480-632-8770

Schedule A Visit

https://bit.ly/3V4xihj

 For more, visit us online

https://www.flemingfinancialservices.com/

Have you ever wondered why you handle money the way you do? It turns out your financial behaviors can be traced back to your formative memories. In this episode, we explore how historic market crashes have left a lasting impact on our relationship with money.

From the Great Depression to the sudden COVID-19 market crash in 2020, we’re taking a journey through time to examine some of America’s most notable financial crises. By contrasting earlier events with more recent downturns, we gain a deeper understanding of how they may have influenced our financial perspectives and decision-making.

Join us for a fascinating exploration of financial psychology, as we reflect on the lessons of history and their relevance to today's economic landscape. Don't miss out on this thought-provoking episode!

Here’s some of what we’ll discuss in this episode:

• The lasting impact of the Great Depression. (3:00)
• The banking world took the forefront in the late 70s and early 80s because of high-interest rates. (6:12)
• How the Dot-Com crash of 2000 changed the way people thought about investing in the stock market. (9:03)
• The impact of the sudden COVID-19 market crash in 2020. (11:19)
• These historical market crashes have impacted generations differently.  (15:19)

Today we are following up on last week’s episode to talk a little more about taxes. Filing your taxes can feel overwhelming, and when you’re near or in retirement, there are some additional factors to consider. In today’s episode, we will answer some questions we received about filing taxes in retirement and provide you with more helpful tips to maximize your earnings.

We’ll cover a range of topics such as Roth conversion strategies, ways to save money on taxes when working a job on the side, and changing tax brackets. We’ll also take a moment to reflect on happy moments in life and talk about enjoying retirement throughout the financial planning process. Stay tuned for some helpful insight and real-life examples on how to best navigate taxes in retirement. 

Here’s some of what you’ll learn in this episode:

• Reflecting on happy moments in life and enjoying our time in retirement. (1:53)
• Is it a bad idea to do a Roth conversion if I have a high income? (3:38)
• Some ways to save money on taxes when earning extra income with a side job. (9:14)
• Should I be making estimated payments on taxes every quarter if I change tax brackets? (11:39)
• Helping family members navigate finances after the loss of a spouse. (17:51)

With Tax Day right around the corner, we wanted to record a timely episode to answer your tax questions for 2023. In fact, tax filing season might look a little different this year than it has in years past. In today’s episode, we’re going to cover some common tax pitfalls and how to avoid them.

We’ll dive into some interesting statistics on tax filing in the U.S. and talk about some recent bills and rule changes that you need to be aware of before filing this year. Should you hire a professional accountant to file your taxes? What happens if you push off filing your return? We’ll answer all these questions and more. Join Nancy for this informative episode so you can make the most of filing your taxes this season.

Here’s some of what you’ll learn in this episode: 

• We might see smaller refunds and jolting capital gains tax this year.  (0:57)
• Some interesting statistics on tax cheating. (3:38)
• The tax change bill in 2018 that made it more difficult to itemize charitable donations. (5:32)
• Should you hire a professional accountant to file your taxes? What statistics are showing about filing taxes through software programs. (8:33)
• The consequence of putting off filing your return. (12:15)
• The new rules for taking money out of inherited IRAs. (18:00)

Contact The Office

480-632-8770

Schedule A Visit

https://bit.ly/3V4xihj

For more, visit us online

https://www.flemingfinancialservices.com/

Do you ever feel like your retirement planning goals are always moving? You're not alone. We’ve found that people often move the goalposts in their own retirement planning, often to their detriment. In this episode, we're diving deep into the psychology of retirement planning and the dangers of moving the goalposts.

As life throws its ups and downs, it can be tempting to put off investing in our retirement while we deal with immediate needs. It might also be tempting to delay investing until you have accumulated a certain amount of money in your savings account. No matter what reason you might have for moving your goalpost, sticking to a financial plan is important so that you can retire when you’re ready.

In today’s episode, we’ll tackle questions such as “Should I push my retirement date back if I don’t have the details figure out?” and “How conservative do I need to be five years from retirement?” Join us as we dive into the complexities of retirement planning and offer insight to help you stay on track with your financial goals. 

 Here’s some of what we'll dicuss in this episode:

• Should I push my retirement date back if I don’t have the details figured out? (2:40)
• While having an emergency fund is important, it can be tempting to hold onto excess cash as a safety net instead of utilizing it to your advantage. (6:46)
• Prioritizing retirement savings so that you are prepared for unexpected circumstances and can maintain a flexible retirement timeline. (9:42)
• How conservative do I need to be five years from retirement? (11:29)
• It is important to have a contingent, flexible retirement plan that prepares you for unexpected circumstances. (16:57)

No matter how much you plan or how well you prepare, life can sometimes stand in the way. You never know what the future has in store, and plans can change at a moment’s notice, leaving us with life’s other retirement plan.

In this episode, Nancy will share some of the conversations she’s had recently with new retirees who have faced difficult and unexpected life changes. It’s never easy, but that’s where an advisor can come in and provide support and guidance. In these examples, we’ll talk about Social Security and spousal benefits. 

As we age, it can be difficult to come to terms with how we feel versus how we might be perceived, and we want to share a recent post on social media that really connected with us.

Here’s some of what you’ll learn in this episode: 

• Unexpected things that happen in retirement can change our entire plan. (1:47)
• Accessing your spouse’s Social Security benefits. (7:11)
• How the spousal benefits work. (10:15)
• Keeping the right perspective as we age. (16:22)

Most of the people we work with in Arizona have utilized an IRA to help save for retirement. It’s one of the most popular tools out there for good reason, and it’s a big piece of many retirement plans.

But the IRA is also unique in a lot of ways from anything else you might use to save. In this episode, Nancy will tackle the ‘Dirty Dozen’ differences that an IRA has from other retirement accounts. There will probably be things on this list that you’re familiar with but we hope you’ll also pick up some new information during our discussion.

No matter how well-versed you are with IRA accounts, it’s important that you know these differences because they will impact your financial decisions and retirement strategies.

Here’s some of what you’ll learn in this episode:  

• How the IRA is passed on to beneficiaries and not through a will. (3:38)
• IRAs are the only asset you own that require you to take money out even if you don’t want to. (5:02)
• The IRA has its own complex set of rules for distribution. (6:24)
• IRAs receive no step-up in basis upon death. (9:47)
• No joint ownership or joint distribution. (17:02)

Retirement is an exciting time and should be a period where life is free from worry and responsibility. We work every day to help people in Arizona find that financial freedom, but that doesn’t mean that stress won’t creep up in retirement.

Today we want to talk about these stressors that people often deal with in retirement. Some of it stems from the unknown while other stress is created by the unexpected. No matter where it comes from, it’s important to us to help you through these experiences through proper planning and guidance.

Here’s some of what you’ll learn in this episode: 

• The things that are no longer stressful once you reach retirement.  (0:38)
• How do you fill your time in retirement? (2:01)
• The unknown in retirement is stressful, including a down market early on.    (4:38)
• How planning can help ease the stress you have. (6:55)
• Your plans in retirement could change completely but we want you to be able to do what you want. (9:00)

The Arizona Corporation Commission’s Securities Division released a warning to investors this month about self-directed IRAs, and it’s something that we immediately read through and processed.

In this episode, we’re going to give you the details in the alert and help you better understand what you need to be aware of. If this is an account you have or are thinking about opening, then you want to have all the information available to help you make the best decisions possible.

The self-directed IRA isn’t like a regular IRA. This product allows you to store other types of assets like real estate, promissory notes, precious metals, and other investments. When you’re dealing with this type of IRA, you increase the possibility of something not being legitimate and you incur additional risk beyond normal IRA investing.

The alert, which you can read here, makes points out a handful of risks you need to be aware of:

• You are solely responsible for evaluating and understanding the investments.
• There will be a lack of information and liquidity in these IRAs.
• These are considered high-risk investment options.
• This might be a fertile ground for fraud.
• There are complex tax rules that you need to know about.

Join us as we break down this alert for Arizonans and provide an update on the latest inflation and monetary policies.

Here’s some of what you’ll learn in this episode: 

• Nancy’s feeling about all the monetary spending and inflation policies happening in Arizona. (3:21)
• What concerns Nancy most with the recent inflation reports. (7:23)
• Details on the five points in the self-directed IRA alert.   (10:19)
• How can you avoid these risks if you have or want to have a self-directed IRA?  (20:30)

Contact The Office: 480-632-8770

Schedule A Visit: https://bit.ly/3V4xihj

For more, visit us online: https://www.flemingfinancialservices.com/