Retirease Radio with Victor Medina CFP®, RICP®, CELA®

When it comes to retirement, planning is not always a simple and straightforward process. From market crashes to real estate investments and the labyrinth of investment products, retirees face numerous financial challenges. Many of those challenges come to us in the form of questions, and that's what today's episode is all about.

Today we dive into planning for retirees by covering an extensive range of topics, including strategies for mitigating risk during market fluctuations, planning for home purchases in retirement, understanding the impact of potential market crashes on personal finance, and more. This mailbag edition hits on a wide range of planning items so there's a good chance one or more will be of use to you.

Here are some of what we discuss in this episode:

• Is the market going to crash soon? How can we prepare for that possibility?
• There's one benefit and one negative for having a mortgage in retirement.
• Weighing the benefit of growth and liquidity when figuring out how much cash to put in the bank.

About Retirease Radio:

Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

We're all living longer thanks to modern medicine, and that should be a good thing, right? Being able to enjoy life, and retirement, for many years is a great thing, but it also presents a big risk to retirement.

This longevity risk refers to the risk of outliving your retirement savings. This is becoming a growing concern, especially with increasing life expectancies. In this episode, we're going to highlight the importance of strategic thinking, valuing time over money, and implementing a holistic retirement plan that includes investing, income tax, and estate planning.

Here are some of what we discuss in this episode:

• Why can living a long time carry a lot of risk?
• We address the financial challenges that come with living longer.
• What can you do if running out of money is suddenly a reality?
• How we work with people and plan for those that come into our office with this worry.

About Retirease Radio:

Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

It's important to understand before you work with an attorney that not all lawyers are created equal. While we hope everyone is ethical and hard-working, there are numerous situations where the client needs to proceed with caution.

Join us as we explore the crucial task of finding the right attorney for estate planning, a decision that could impact your family for generations to come. Listen as we share the warning signs to look out for when selecting an attorney, such as those who offer quick recommendations without taking the time to understand your unique situation. We also discuss the dangers of appointing an attorney as a fiduciary and how it could potentially lead to conflicts of interest. Don't miss out as we shed light on the key differences between an expert lawyer in the field and those who are merely moonlighting.

We also share insights on our firm's initial meeting process and why it's essential to create a low-pressure environment. Our host, Victor Medina, is a Certified Financial Planner®, estate planning attorney, and certified elder law attorney and lends his expertise in what you need to be on the lookout for.

Here are some of what we discuss in this episode:

• Why an attorney that makes recommendations and gives you direction before knowing anything about your family is a red flag.
• Should your attorney force you to become their fiduciary?
• Why you want to work with someone who has a specialty in what you need instead of someone who is an 'expert' in everything related to law.
• Can your attorney also take care of your taxes, investments, and other planning needs?

About Retirease Radio:

Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

Every generation likes to talk about how hard they had it, but there's a lot of truth in that when you talk about retirement planning. Each generation brings a unique set of challenges that weren't around when they're parents retired. Today we'll identify these generational challenges to help you get prepared and share some things that have to be addressed.

If you're a Baby Boomer getting that is nearing retirement or already there, this episode will be of particular interest to you. With more than 10,000 Baby Boomers entering retirement every day, this generation has become our primary focus for planning. Everyone entering this new phase of life is doing so with different life circumstances and this has created some unique challenges for this generation compared to previous ones.

But we'll also talk about Generation X and the Millennials as well because many of them have started thinking about retirement or will be doing so very soon.

Here are some of what we discuss in this episode:

• The Millennials face a lot of student loan debt and that creates savings challenges.
• Generation X (1965-1980) are in that age gap where they are tempted to spend the extra income and have the 'sandwich generation' challenges.
• At what age you should start your planning process?
• The biggest things we focus on with Baby Boomers right now.

About Retirease Radio:

Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

No one wants to make mistakes with their retirement plan, but the truth is we're all human and mistakes are going to happen. Almost everyone we've worked with has done something that we would characterize as a mistake. It's not that you made the mistake but instead, how did you react to it?

Let's talk about some of the pre-retiree mistakes we most commonly see so that you're aware of these things and can hopefully avoid them. We'll also explain what can go wrong for each of these mistakes and tell you what you should be doing instead. And remember, the good news is that even if you've already made any of these missteps, they can be corrected through planning.

Here are some of what we discuss in this episode:

• Are you are using the same investment strategy for creating income that you used to accumulate wealth? (2:50)
• Why you don't want to automatically take Social Security as soon as you're eligible. (5:32)
• Are you more focused on tax prep rather than tax planning? (8:56)
• Don't assume that you're retirement healthcare needs are going to be covered by Medicare. (11:05)
• Don't take on more risk than you should to make up for lost time. (14:31)

About Retirease Radio:

Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

Have you ever wondered how to best leverage your 401k plan to secure a comfortable retirement? If yes, then you're in the right place.

In this episode, we'll share some key considerations to make before you make contributions into your 401k. We'll be debunking complexities, discussing the importance of liquidity, and laying out strategies to build your emergency fund while still padding your 401k. Additionally, we'll touch upon the crucial element of employer contributions and how to plan for the tax implications in retirement.

The 401k account is an easy way to save for retirement and that makes it a great tool for planning, but we want to make sure you're supercharging your savings in the most efficient way possible.

Here are some of what we discuss in this episode:

• Why your need for liquidity needs to be considered. (2:22)
• Know what your employer contributions are and how to leverage that. (4:44)
• Are you looking ahead to the future tax implications of this money? (7:00)
• What should you do with the money you leave behind with an old employer? (10:05)

About Retirease Radio:

Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

We all know there are risks associated with financial planning, but most people don't realize how many different types of risks they actually face in retirement. Let's unpack five major risks associated with retirement and discuss how to combat them head-on.

Here are some of what we discuss in this episode:

• Market risk might be the most common risk you think so how do you design a balanced portfolio that doesn't impact your ability to spend. (2:07)
• How interest rates impact you and the risk they create in your portfolio. (4:29)
• The inflation risk is obvious today but how do you account for it in low interest years? (6:55)
• Tax rate risk comes in a couple different forms. (9:38)
• Many people overlook the longevity risk to retirement but it can supercharge the other risks associated with retirement. (12:44)

About Retirease Radio:

Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

Socrates said that "the unexamined life is not worth living." And when it comes to financial planning, it's important to examine yourself by pondering some of these important questions.

Today we're going to share the questions that you need to be asking yourself and Victor will explain why each of these are important. Your answers and how you feel about each of these things can help us determine what is most important when building a financial plan.

Here are some of what we discuss in this episode:

• What financial issues do you worry about? (1:16)
• What do you desire the most? (3:48)
• How much of a risk taker am I when it comes to money? (6:06)
• Do I have any biases that affect my financial decisions? (9:05)
• What did I learn about money from my parents? (10:08)

About Retirease Radio:

Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

We've seen just about every type of scenario from working with thousands of people over decades, but there are some things that we've never heard someone tell us.

The statements we're going to share on the show today just don't make a lot of sense, which is why a client has never told us these things. Let's talk about why we don't hear these and explain some of the planning strategies might use so you won't need to say these things to your advisor.

Here are some of the statements we'll discuss in this episode:

• "I should have spent more and saved less over the years." (1:07)
• "The life insurance payout I got was a little insulting." (4:05)
• "It makes me feel patriotic to pay more in taxes than I have to." (6:25)
• "I love market volatility. It's like a really fun roller coaster." (9:21)

About Retirease Radio:

Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/

No industry is without its flaws, and the financial industry is no exception. Even though we work in this industry, some of the things we see and hear really get under our skin.

So today we thought we'd share some of the pet peeves we've developed from doing the work we do each day. Victor will talk about a handful of things that happen in finance that bother us and explain why we want to see things done differently. A lot of these can impact the work we do because of perception so we want to call these things out.

Here is some of what we'll discuss in this episode:

• Confusing fee structures (2:05)
• Advisors that put their own goals ahead of their clients (5:10)
• The one-size-fits-all financial planning approach (7:35)
• Buzzwords and jargon (9:48)
• A complicated financial plan with dozens and dozens of pages (13:05)

About Retirease Radio:

Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/