Now that it has passed, Paul reviews some of the key provisions of Secure Act 2.0 including the raising of the RMD age, additional catch-up opportunities, and expanded Roth contributions.  He looks at lessons that can be learned from 2022 and how to move forward towards retirement in a stronger position and then dispels some common retirement myths.

You can reach the team at Roberts Wealth Management by calling 800-891-8680.

Roberts Wealth Management

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Paul defines the retirement income replacement rate and looks at what needs to be considered in building income for your retirement.  This includes determining how much income you will need compared to your pre-retirement income, how much you earn, how much you save, when you will retire, your tax rates, and what Social Security covers.  He also looks at tax strategies that can help you presently and in the future.  This includes tradition 401(k) and IRA saving strategies as well as Roth.  Then he discusses a growing trend of working in retirement in explaining why more people are choosing to in some form or fashion and what should be considered when making that choice.

You can reach Roberts Wealth Management by calling 800-891-8680.

Roberts Wealth Management

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Paul covers some solid planning tips to help you retire in a challenging economy in 2023.  Understanding sequence of returns and possibly delaying Social Security are part of the conversation.  What are some important questions you should be able to answer when considering your retirement and income plan?  Those include your budget, your tax strategies, long-term care protection, and other sources of income in your retirement.  Paul also covers protecting your income in retirement.

You can reach Paul Roberts and the team by calling 800-891-8680.

Roberts Wealth Management

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Paul offers detours around those roadblocks that could keep you from your retirement target date and clarifies some common misconceptions about your 401(k).  He also explains the whole FTX controversy.

You can reach the team at Roberts Wealth Management by calling 800-891-8680.

Roberts Wealth Management

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Paul covers the approach you should take regarding tax strategies in retirement.  This includes connecting taxing with outflow as well as income, spending down traditional IRAs, and the consideration of Roth conversions and contributions.  He also discusses the condition of the markets and high inflation and looks ahead to what we may be able to expect.

You can reach Paul Roberts and the team by calling 800-891-8680.

Roberts Wealth Management

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What are good questions to ask your financial professional in times of economic turmoil?  Paul Roberts covers some of these including long-term planning, diversification, and whether or not to change course.  He also warns of retirement mistakes to avoid and offers reminders of the changes to legacy planning which came with the original Secure Act.

You can reach Paul Roberts and the team by calling 800-891-8680.

Roberts Wealth Management

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Your approach to investing in retirement can certainly be different than earlier in your life. Paul runs through some things to consider and some practices to avoid.  They include having a proper philosophy that can be flexible and able to change over time and to avoid questioning your plan due to volatility,  trying to outperform the market, and letting your emotions get the best of you.  Paul looks at four financial gaps that could stand in your way to retirement.  They include the knowledge, resources, perception and empowerment gap.  He also expands on some of the observations of Morningstar’s Christine Benz.

You can reach the team at Roberts Wealth Management by calling 800-891-8680.

Roberts Wealth Management

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Paul talks about the announced Social Security Cost of Living Adjustment for 2023 pointing out that it is the highest in forty years but also that inflation is as well.  He discusses how this high inflation, volatility, and rising interest rates must be factored when planning for retirement.  Paul gets into the sudden shift for retirees when entering retirement and goes over the process of “deaccumulation.”  Then he looks at retirement challenge solutions such as planning for inflation in your other retirement income streams, preparing for out-of-pocket health care costs, and building good tax strategies.

You can reach the team at Roberts Wealth Management by calling 800-891-8680.

Roberts Wealth Management

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Brennan Kim fills in for Paul Roberts and cites results of a J.D. Power study that revealed some pitfalls of utilizing digital resources in planning your own retirement.  He breaks down the advantages and, in his opinion, the necessity of working with a professional to build and maintain your retirement.  He also goes over some of the “curveballs” of retirement in the form of unexpected expenses and then offers strategies to stay on track in the current economic environment.

You can reach the team at Roberts Wealth Management by calling 800-891-8680.

Roberts Wealth Management

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Brennan Kim fills in for Paul. Brennan is part of the team of All-Star Advisors at Roberts Wealth Management.  He discusses reasons why some may decide to or need to delay their retirement start date.  Reasons include having not saved enough, not accounting for taxes, relying exclusively on Social Security, and sequence of returns risk.  He also goes over some last-minute financial moves you can consider before launching your retirement.  Those include reducing portfolio risk, maximizing 401(k) contributions, planning your Social Security and Medicare strategies, and exploring long-term care protection options.  Brennan then shows how we need to factor in longevity to avoid some risks that can come with that including too much risk, outdated withdrawal strategies, and improper rollovers.

You can reach the team at Roberts Wealth Management by calling 800-861-8680.

Roberts Wealth Management

See omnystudio.com/listener for privacy information.