Retire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®

By Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Business News Investing Business News Careers

Retire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP® episodes

January 12, 2023Secure Act 2.0 - Key Impacts on Your Retirement Planning
The much anticipated Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0 recently passed Congress as part of the Consolidated Appropriations Act of 2023. While no single change made in this act will have the same level of effect on your retirement planning as some changes made in the original SECURE Act, passed in December 2019, there are far more provisions in this act that may impact your planning.

Hear Tyler Emrick, CFP, CFA discuss some of the more impactful changes and how they will affect your planning and retirement.

Here's some of what you'll learn in this episode:
What is the SECURE Act and why another update? (1:23)
Big changes to RMDs including age being pushed back again. (3:22)
The Roth changes that you can start planning for. (8:29)
Catch-up contributions for high-income earners will be required to be Roth. (11:11)
A 529 to Roth transfer will be allowed after 15 years. How can you qualify for that? (13:47)
Additional contribution increases coming in 2024 and 2025. (17:10)
A few other changes that we think you should know about. (20:18)

Have questions?

Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.
http://bit.ly/calltruewealth
27 min
December 21, 2022Social Security - Planning Strategies, COLA, and Update
Whether you are trying to understand better how Social Security works or looking to optimize your filing strategy, this episode is for you.

Hear Tyler discuss some of the less talked about factors impacting your Social Security claiming strategy. Listen as he talks through his clients' most common questions and concerns. All to help you better understand and maximize your benefits.

Here's some of what you'll learn on this episode:
How Social Security as part of income planning has changed through the years. (3:13)
How we help clients identify Social Security opportunities they have. (7:29)
The Cost Of Living Adjustment (COLA) coming in 2023. (16:05)
How we help clients determine their claiming strategy. (20:34)
Where does Social Security fit into the overall retirement planning process. (30:14)

Have questions?

Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.
http://bit.ly/calltruewealth
38 min
December 08, 2022Ep 113: Enhancing Your Charitable Giving
Most Americans donate to charity yearly, and many have distinct goals in their retirement plan to meet annual charitable donations. Most also give cash … the tax-efficient way to give.
Hear Kevin and Tyler discuss ways to tax-optimize your charitable giving. Whether through bunching your deductions or using donations of appreciated stock, each coupled with a donor-advised fund can help you gain a bigger tax break and meet your charitable goals in the Retire Smarter way.

Here's some of what you'll learn in this episode:
Why we want to be more thoughtful of the why behind charitable giving. (4:20)
Details on the current standard tax deduction amounts. (11:25)
How you can utilize the bunching strategy to maximize deductions. (14:17)
An example of how clients typically approach giving. (17:11)
Assets you might consider giving instead of cash. (20:35)

Have questions?
Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth’s CFP® Professionals.
http://bit.ly/calltruewealth
26 min
November 22, 2022Overcoming Financial Missteps & Inaction to Get the Help You Need
It's usually a life event -- retirement, Social Security age, business sale, death or inheritance -- that tends to drive people to seek financial advice. Those that tend to benefit the most from advice are those whose time is valuable and where the cost of a mistake is high (and potentially irrevocable.)

Hear Kevin and Tyler talk about recent meetings they've had with people seeking help. Learn why the problem that brought them in often isn't the real problem. Rather, it's the "unknown unknowns" or the "things they think they know but just ain't so" that are more so the problem to avoid or opportunity to capitalize upon. This is an episode that many listeners will be able to relate to and cause 'aha moments.'

Here's some of what you'll learn on this episode:
Some background on a recent growth award we were recently honored with. (1:15)
An example of how we help families identify and address their estate planning needs. (6:54)
Is a Roth Conversion right for you? (14:47)
The ways we typically provide the most help to people. (19:35)
Analogies for why it's important to have the right information. (24:03)

HAVE QUESTIONS? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth’s credentialed and experienced professionals or visit http://bit.ly/calltruewealth.

Or listen to episode 45 to learn about True Wealth’s Retire Smarter Solution™ that aligns your money to your goals, overlaid with tax-smart strategies, so you can retire with confidence.
34 min
November 10, 2022Q4 Check-up & Tax Moves
It's that time of year again ... the fourth quarter. Before you get enthralled with the holiday season, it's time to look back over this year and towards the next. Does your lifestyle spending match the goals you have in your plan or do your goals need to be modified to reflect reality?

Are your investments well aligned to meet your spending goals or are you exposing yourself to unnecessary lifestyle risk?

What tax moves should you make before the end of the year? And what moves should you plan for next year?

Listen to Kevin and Tyler describe the process True Wealth goes through to make sure how these important details are handled to help you stay on your retirement track and pay no more than your fair share in tax.

Here's some of what you'll learn on this episode:
Some background on the three core items we need to be checking as the year comes to a close. (2:19)
The changes from the past year and the recent laws that impact what we're doing this year. (6:30)
The income targeting we do and some examples of that. (11:33)
How inflation and the cost of living adjustments factor into end-year planning. (13:50)
Why you have to a proactive approach to your financial plan. (18:23)

HAVE QUESTIONS? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth’s credentialed and experienced professionals or visit http://bit.ly/calltruewealth.

Or listen to episode 45 to learn about True Wealth’s Retire Smarter Solution™ that aligns your money to your goals, overlaid with tax-smart strategies, so you can retire with confidence.
27 min
October 27, 2022Smartly Using Retirement Accounts to Optimize Your Retirement & Tax Savings
Are you looking for ways to accelerate your savings right before retirement? How do you determine whether to save Roth or Pretax? What type of retirement account should you be using? In short, how can you use the myriad tax-advantaged accounts to optimize your retirement savings and tax advantages?

All these questions and more are answered as Tyler walks you through how IRA, Roth, and 401K plans work and how you can best use them to maximize your retirement savings. Hear him tell a client story to illustrate some of the lesser-known retirement account options available. Small business owners and self-employed individuals will want to pay special attention as this self-employed business owner saved over $200K in pretax savings this year, getting thousands in tax deductions and accelerating their savings as they approach retirement.

Here's some of what you'll learn on this episode:
High-level view of how Tyler looks at the structure of retirement plans. (4:43)
The bucket that most people utilize in their retirement plan. (7:25)
Where are the most under-utilized retirement plans. (12:16)
A story about a client who was looking for tax strategies to maximize benefits. (15:01)
How can individuals benefit? (23:52)

HAVE QUESTIONS? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth’s credentialed and experienced professionals or visit http://bit.ly/calltruewealth.

Or listen to episode 45 to learn about True Wealth’s Retire Smarter Solution™ that aligns your money to your goals, overlaid with tax-smart strategies, so you can retire with confidence.
32 min
October 13, 2022Surprising Lessons on Stock Returns and Diversification
History shows that owning companies (buying stocks) provides far superior returns vs. lending to companies (buying bonds). While most know this, most would be surprised by how many stocks lose money over time. A JP Morgan report showed this number to be 40% over a broad period from 1980-2020. And 66% of stocks failed to keep up with a broad benchmark.

Hear Kevin dive into these details, portfolio implications, and touch on key characteristics of risk -- not just how much your investments move up and down (volatility) but making sure you have the dollars you need when you need them (terminal wealth dispersion). You'll be surprised by what you learn and likely question whether you are truly diversified.

After all, luck or any low-probability investment strategy -- pursued consciously or not -- is not rational for your retirement dollars.

Here's some of what you'll learn on this episode:
The investment part of retirement isn't solely about the traditional motivations. (5:32)
The good part of having unique risks in your portfolio. (10:12)
What studies have shown us about market returns. (19:41)
A look at how the professionals do with picking stocks. (24:19)
HAVE QUESTIONS? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth’s credentialed and experienced professionals or visit http://bit.ly/calltruewealth.

Or listen to episode 45 to learn about True Wealth’s Retire Smarter Solution™ that aligns your money to your goals, overlaid with tax-smart strategies, so you can retire with confidence.
34 min
September 22, 2022It’s the End of the World as We Know It, and Why to Feel Fine
"It's the End of the World as We Know It (And I Feel Fine)" is a 1987 song by American rock band R.E.M.. The title may sound pessimistic or perhaps a bit delusional. Yet, hear Kevin make the analogy as to why this song -- one of his favorites -- is a perfect theme song for capitalism, creative destruction, and rational optimism about innovation and future stock returns.

Here's a little of what you'll learn on this episode:
Why bad news in the headlines is nothing new. (1:39)
What a consumer sentiment survey tells us. (4:12)
Why it might actually be a good time to invest when you feel very pessimistic. (10:08)
A book that still sticks with Kevin a decade later and the lessons learned. (13:44)
What is creative destruction and how does it apply here? (17:23)

HAVE QUESTIONS? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth’s credentialed and experienced professionals or visit http://bit.ly/calltruewealth.

Or listen to episode 45 to learn about True Wealth’s Retire Smarter Solution™ that aligns your money to your goals, overlaid with tax-smart strategies, so you can retire with confidence.
30 min
September 08, 2022 Red Flags of Investment Fraud
A $50+ million investment fraud is unwinding in northeast Ohio with a former high school basketball coach and self-proclaimed single-family real estate expert being accused of bilking investors in a ponzi scheme. You probably think, "This can't happen to me." The same can likely be said of those in the community that now have fallen victim to fraud at the hands of someone they trusted.

Hear Kevin discuss red flags and common scams fraudsters often use. Affinity fraud, guaranteed or high returns, and unregistered products are often well disguised into good-sounding strategies to gain your trust and dollars.

And be sure to pay attention to the end, when Kevin talks about public vs. private investments and the benefits of using a qualified custodian -- like Schwab, Fidelity, Pershing, and TD Ameritrade -- for the safe keeping of your assets.

Key topics on this episode:
3:19 - Local story that sparked this discussion
7:58 - Affinity fraud
9:58 - Sale of an unregistered security
13:58 - Private hard money lender
16:11 - Why this local Ponzi collapsed
20:48 - Why a custodian matters
22:57 - Be aware of private investments
27:39 - Any protection for this?

For more, visit us online: http://truewealthdesign.com
33 min
August 25, 2022 Pension Lump Sums - You May Need To Act Now in 2022
Pension lump sums will be much LOWER in 2023 than 2022. Listen to Kevin give a brief intro on what is going on and then cut into a replay of episode 62, recorded in December 2020 on the same topic.
Learn timing considerations on how to optimize your pension benefits by understanding the key variables -- interest rates and mortality -- that determine your lump sum. Company pension plans specifically discussed include Akron Children's Hospital, Bridgestone, FirstEnergy, Goodyear, Kaiser, Mercy Health, and Rockwell Automation.
Need help with your specific lump sum option?

If you are eligible for a lump sum, don't delay. To give proper advice, your pension decision must be made within the context of your overall financial life plan, and this takes some time to thoughtfully put together. Call 855-TWD-PLAN (855-893-7526) or visit https://www.truewealthdesign.com/contact to get expert help.

Whether you have a pension from your company or not, you'll benefit from this episode. Why? Anyone can invest money with an insurance company and receive a lifetime income in the form of annuity payments. So these considerations are universal in crafting your retirement income plan.

Want more information on pension claiming strategies? Listen to Episode 38 here: https://www.truewealthdesign.com/ep-38-pension-lump-sum-or-monthly-payment

Key topics on this episode:
0:38 - Why we're pulling this show from the archives
8:53 - What you need to know about lump sums
14:22 - Why this matters
15:58 - Segment Rates
21:43 - What To Expect In The Future
26:02 - Spreadsheet Story
30:28 - Closing Thoughts
35 min

About Retire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®

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Planning Retirement Smarter. Living Retirement Better. With Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP® of True Wealth Design. #Retire #Stocks #Investing #401k #IRA #CFP #TrueWealthDesign.…