Planning for Retirement with Kevin Lao

You’ve spent decades preparing financially for retirement. But how much time have you spent preparing for the life you want to live? This week, I’m sharing two concepts I’ve used personally for the last 13 years: the Wheel of Life and The 12 Week Year. Together, they’ve helped me be more intentional with my faith, family, friendships, fitness, and finances, even when life gets busy and I lose my rhythm.

We’ll discuss how to identify the areas of life that matter most to you, honestly assess where you are today, and turn your intentions into simple weekly actions. Whether that means strengthening your marriage, building friendships outside of work, improving your health, or spending meaningful time with your family, you can start taking steps today.

You don’t need a perfect scorecard. You need a few priorities and a willingness to follow through.

My hope is that this episode helps you think about how you can be the best version of yourself during this next chapter, and gives you a practical way to begin taking action 12 weeks at a time.

-Kevin

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⛳ PFR Nation (Who This Is For)

If you're over 50, have saved seven figures (or multiple seven figures), love golf and travel, and you want to make work optional while minimizing taxes… welcome to the right place.

Connect with me here:

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***This is for general education purposes only and should not be considered as tax, legal or investment advice***

One of my favorite parts of serving retirees and pre-retirees is the perspective they share with me. Over the years, my retired clients have passed along wisdom that I’m grateful to share with those preparing for their own next chapter.

Whether it's a sabbatical, phased retirement, full retirement, or even another career altogether, here are 6 things to ponder as you begin mapping out your back 9. I hope you enjoy it.

-Kevin

Connect with me here:

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This is for general education purposes only and shouldnot be considered as tax, legal or investment advice.

Jimmy Buffett left behind an estimated $275 million fortune, but his estate plan has become the center of a bitter legal battle involving his widow, Jane Buffett, and longtime business manager Richard “Rick” Mozenter.  My apologies as I mistakenly referenced Rick as “Charlie” throughout the entire episode!

Anyhow, Jane is the lifetime beneficiary of the marital trust, yet she cannot fully control it. She and Mozenter were appointed as co-trustees, and they are now fighting over financial information, trust distributions, professional fees, legal expenses, and which trustee should be removed.

While likely all of us may not have a Jimmy Buffett sized estate, there are some important estate planning lessons I want to highlight in this episode.

I'll discuss:

·       Why inheriting wealth is different from controlling wealth

·       How two-person co-trustee arrangements can create complexity

·       Why trustee selection involves more than financial expertise

·       How even a technically sophisticated estate plan can fail when it ignores family dynamics

·       And probably the most important lesson happens after you have actually revised or implemented your estate plan

Let me know what you think in the comments.  I’d love to hear your take on this whole situation. 

Links Referenced:

Jimmy Buffett's $275mm legal battle

Ryan Smith (Next Frontier Estate Planning)

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⛳ PFR Nation (Who This Is For)

If you're over 50, have saved seven figures (or multiple seven figures), love golf and travel, and you want to make work optional while minimizing taxes… welcome to the right place.

-Kevin

Connect with me here:

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This is for general education purposes only and should not be considered as tax, legal or investment advice.

Dave Ramsey has been pretty outspoken against the traditional 4% rule. He's called it 'crap,' and has suggested 8% is completely doable.

I backtested every complete rolling 30-year retirement period with start dates from 1970 through 1997. The results actually blew my mind.

The average maximum starting withdrawal rate was:

• 8.19% from a 60/40 portfolio
• 8.65% from an 80/20 portfolio
• 8.94% from an all-stock portfolio

So, was Dave Ramsey right?

On one hand, "yes." An 8% starting withdrawal worked far more frequently than many people might expect. But an average historical result does not make 8% a safe or dependable retirement strategy.

In this episode, we discuss:

• What Dave may actually mean by withdrawing 8%
• The difference between an inflation-adjusted withdrawal and taking 8% of the current balance
• How sequence-of-returns risk can determine whether the strategy succeeds
• The potential impact on legacy and long-term-care planning
• Whether real retirees can emotionally tolerate a 100% stock portfolio
• How spending phases, guardrails and guaranteed income can support a higher initial withdrawal rate

As always, selecting a withdrawal strategy in retirement should depend on your person goals, risk tolerance, risk capacity, and other factors. Please consult with an advisor before making any changes to your plan!

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⛳ PFR Nation (Who This Is For)

If you're over 50, have saved seven figures (or multiple seven figures), love golf and travel, and you want to make work optional while minimizing taxes… welcome to the right place.

-Kevin

Connect with me here:

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***This is for general education purposes only and should not be considered as tax, legal or investment advice.

Anytime I'm working with a client looking to retire early, there is usually a combination of excitement and nerves. For one, Medicare likely isn't an option for several years down the road. But more importantly, there is no fixed income coming into the picture. Employment/Self-Employment income is gone, no pension, no Social Security yet. And suddenly, the portfolio they've worked decades building up becomes the primary source of income. I call these The Bridge Years.

But these “bridge years” may also offer some of the greatest planning opportunities of your retirement.

In this episode, we're going to help you navigate this important period and help you prepare not only financially, but also psychologically.

You’ll learn:

• Which accounts you may want to withdraw from first
• How the Rule of 55 and Rule 72(t) can provide early access to retirement accounts
• How much cash and short-term fixed income you may want to hold
• Why the years before Social Security and RMDs can create valuable tax-planning opportunities
• How to coordinate Roth conversions, capital-gain harvesting, and ACA health-insurance subsidies
• Why a higher initial withdrawal rate may be completely acceptable
• How to navigate the dreaded 'sequence of returns' risk
• Why longevity, healthcare, and long-term care require special attention when retiring in your 50s or early 60s

Early retirement is not like a normal retirement, but vigilant planning can help you bridge the gap and gain years of valuable time back. I hope this episode helps.

If you find this content useful, do me a favor and leave us a 5* review wherever you are consuming podcasts. It really helps us reach and impact as many people as we can. Thank you!

-Kevin

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This is for general education purposes only and should not be considered as tax, legal or investment advice.

For years, investors have looked at the bond side of their portfolios and wondered: what's the point?

Interest rates were near zero, yields were low, and then 2022 reminded investors that bonds can lose money too.

But today, the fixed income landscape looks very different. Retirees can potentially earn 4%, 5%, or even more on investments they traditionally consider their “safe money.”

So… is fixed income finally back?

In this episode, I break down how I'm thinking about bonds and fixed income for retirees today, including:

-Why higher interest rates can create risks for BOTH bonds and stocks
-How much of your retirement portfolio should potentially be in fixed income
-Risk tolerance vs. your actual capacity to take risk
-Using bonds, CDs, T-bills and cash to create a short-term income reserve
-Why guaranteed income can change how much investment risk you need to take
-Where annuities may fit into the fixed-income conversation
-Why chasing dividend stocks for income can create its own risks
-How to build an investment portfolio around your retirement plan, not the other way around

I also share one of my favorite lessons from Tiger Woods' 2019 Masters victory and why sometimes the best retirement strategy isn't firing at every pin. It's simply making sure you stay in the tournament.

The goal isn't to maximize the return on every dollar you have.

Some dollars need to grow. Some need to hedge against inflation. Some need to produce income. And some simply need to make sure you're still in the game when markets get ugly.

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⛳ PFR Nation (Who This Is For)

If you're over 50, have saved seven figures (or multiple seven figures), love golf and travel, and you want to make work optional while minimizing taxes… welcome to the right place.

-Kevin

Connect with me here:

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This is for general education purposes only and should not be considered as tax, legal or investment advice.

John and Kathy are 59 years old, one month away fromretirement, and have accumulated $4 million in retirement accounts. Their home is paid off, they have strong Social Security benefits coming in the future, and on paper, they appear to be in excellent shape.

But having enough money to retire is only the beginning.

In this episode, I walk through John and Kathy’sretirement plan and tackle some of the bigger decisions they'll face over the next 30 years:

• How much can they comfortably spend while still preserving wealth for their children and grandchildren?

• Should they stick with the traditional 60/40 portfolio in retirement, or increase their equities exposure?

• When should each spouse claim Social Security, especially when they have different life expectancies?

• Should they implement Roth conversions when virtually all $4 million is in tax-deferred retirement accounts?
• How should the Go-Go, Slow-Go, and No-Go years change their spending plan?
• How could Roth conversions affect lifetime taxes, Medicare IRMAA premiums, and the eventual inheritance their children receive?
• What happens if one spouse dies much earlier than expected?

Then, we put the plan through a much tougher test.

Using my Retirement Backtesting Simulator, I take theirexact retirement strategy back to 1966—one of the most challenging retirement start dates in modern U.S. history—and see whether their $4 million portfolio could have survived 30 years of inflation, bear markets, and sequence-of-returns risk.

The results might surprise you.

If you're approaching retirement with $1 million, $2million, $4 million or more saved, these are the types of questions worth answering before you retire—not five or ten years afterward.

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This is for general education purposes only and shouldnot be considered as tax, legal or investment advice.

Most people think about taxes once a year, when it's time to file their return. But tax preparation and tax planning are two very different things. Tax preparation looks backward. Tax planning looks forward. And when you're approaching retirement, that distinction can have a major impact on how much of your money you actually get to keep.

In this episode, Kevin shares a story from earlier in his career that changed the way he thought about taxes and financial advice. Then he breaks down some of the biggest tax-planning opportunities retirees and those approaching retirement should be thinking about throughout the year, not just during tax season.

We'll discuss capital gain and tax-loss harvesting, Social Security taxation, ACA premium tax credits, Medicare IRMAA surcharges, charitable giving strategies, qualified charitable distributions, Roth conversions, inherited IRAs, and more.

More importantly, we'll look at how all of these decisions interact.

Because good retirement tax planning isn't simply about paying the least amount of tax this year. It's about making intentional decisions today that could help you better manage your lifetime tax bill.

If you're approaching retirement with significant savings and wondering whether you're being proactive enough about taxes, this episode will give you a framework for what to be thinking about before year-end.

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⛳ PFR Nation (Who This Is For)

If you're over 50, have saved seven figures (or multiple seven figures), love golf and travel, and you want to make work optional while minimizing taxes… welcome to the right place.

-Kevin

Connect with me here:

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This is for general education purposes only and should not be considered as tax, legal or investment advice.

Thousands of retirees relocate every year looking for lower taxes, a lower cost of living, better weather, or to be closer to family.

In this episode, Kevin sits down with estate planning attorney and financial advisor Ryan Smith to discuss the estate planning issues that many retirees overlook after relocating. From wills and trusts to powers of attorney, healthcare directives, probate laws, and beneficiary designations, they explain what should be reviewed when you establish residency in a new state.

While this conversation focuses on retirees relocating during retirement, the same planning considerations will apply to just about any retiree.

In this episode, you'll learn:

Why moving to another state can impact your estate plan

Which legal documents should be reviewed after relocating

Tennessee-specific estate planning considerations

Common mistakes retirees make when changing residency

Practical steps to protect your family and your legacy

Making life easier for your fiduciary relationships and beneficiaries

Whether you're moving for family, lower taxes, or a better retirement lifestyle, this episode will help you avoid costly planning mistakes before they're discovered when it's too late.

Connect with Ryan Smith here:

Next Frontier Estate Planning

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👍 If you found this helpful: Hit Like, subscribe, and I’ll see you next week with more retirement planning content designed for people over 50 who want to make work optional.

Are you interested in learning more about working with me on your retirement plan? You can start with visiting my firm's website at https://imaginefinancialsecurity.com/

Or, you can fill out our Retirement Readiness Questionnaire:https://imaginefinancialsecurity.com/retirement-readiness-questionnaire/

-Kevin

This is for general education purposes only and should not be considered as tax, legal or investment advice.

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Will Social Security really be cut by more than 20%?Should you claim early before the rules change? Or is the media exaggerating what's actually happening?

In this episode, I will break down the latest Social Security Trustees Report, explain what the 2032 Trust Fund projection actually means, and discuss the newly introduced PROMISE Act designed to begin addressing the program's long-term funding shortfall.

You'll learn:

What the Social Security Trust Fund actually is

Why the Trust Fund is projected to be depleted around 2032

Why Social Security isn't expected to "go bankrupt"

Whether claiming benefits early is a smart strategy

How a potential 22% benefit reduction could affect a retirement plan

What the new PROMISE Act does (and doesn't do)

The most likely changes Congress could make to strengthen Social Security

Practical planning steps you can take today without overreacting to the headlines

If you're approaching retirement or already retired, this episode will help you separate fact from fear and make more informed decisions about one of the most important income sources in your retirement plan.

⁠⁠Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 

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-Kevin

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This is for general education purposes only and should not be considered as tax, legal or investment advice.