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

It's probably no surprise that we get a lot of questions about the IRA as people use this type of account and try to figure out how to get the most out of their contributions. In this episode, Victor to answer some of the IRA FAQs that you might have like traditional versus Roth, conversions and rollovers, and changes from the SECURE Act. Like any other retirement account you might have, we always want to make sure you completely understand what you're investing in and the best way to take advantage of that tool.

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

• What kind of return should I expect from my IRA? (1:21)
• Choosing between a traditional and a Roth IRA. (2:53)
• When does a Roth conversion makes sense for someone? (5:32)
• Rolling over an old 401(k) to an IRA. (8:59)
• The changes you need to know from SECURE Act and SECURE Act 2.0. (11:28)
• Why you should take the retirement quiz on our website. (14:42)

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 matter how much experience you have investing, you're probably familiar with the concept of diversification. It's a financial buzzword that gets used all the time and especially during times of market volatility. But what does true diversification really mean?

In this episode, Victor will help you better understand the concept by explaining what it means to us at Palante Wealth Advisors and describe how we help clients build that into their portfolio. Most people have a good idea of what it means to diversify their investments, but the execution can fall short for a number of reasons.

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

• How the average person defines diversification. (1:18)
• How Victor defines diversification. (4:41)
• We've seen people do pretty well but also not very well with diversification. (6:03)
• Here's how you can end up being too diversified with your investments. (8:51)
• Victor explains the process Palante Wealth uses to help a client become diversified. (11:03)

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/

Financial planning looks different from person to person. That's the beauty of building a customized plan that doesn't adhere to the same set of rules. It gives you the ability to have a plan that's flexible and fluid.

Even though every plan is different, there are some guidelines everyone should follow. Let's explore some financial commandments that should be written on stone tablets in your retirement plan and find out why Victor thinks these five are so important.

Here are the commandments we'll discuss in this episode:

• Thou shalt not compare my investments to the stock market without the proper context. (1:14)
• Thou shalt not give up before giving your strategy enough time to play out. (4:41)
• Thou shalt not chase big returns too late in life. (7:53)
• Thou shalt not ignore costs and fees. (10:32)
• Thou shalt not overlook the importance of rebalancing and diversifying. (13:16)

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/

Your financial planner shouldn't be someone who tells you what you want to hear. This should be the person that you can trust will shoot you straight and make sure you know the truth, good or bad.

That's the approach we're taking on this episode of the podcast. It's time for a reality check for some. We want to wake people up with some surprising financial statements and we'll do that in the form of truth bombs. Hopefully, your financial world won't be shaken too much when we drop these right into your lap.

Here are the quotes we'll discuss in this episode:

• Bonds aren't always as great for retirees as a lot of people think. (1:22)
• Income tax rates are currently close to historical lows. (4:22)
• The hardest part of investing is managing your own behavior. (6:04)
• You probably have more risk in your portfolio than you realize. (10:41)

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/

Today we're going to find financial guidance from one of the great comedians and actors of our generation, the late Robin Williams. He's known for so many comedic roles but the one that always stands out is his role as a psychiatrist in Good Will Hunting because of his ability to play such a serious and dramatic character. No matter what your favorite film might be, Robin had countless memorable lines and we going to highlight a handful on the show.

Here are the quotes we'll discuss in this episode:

• "The things we fear the most have already happened to us." (1:56)
• "Stop being afraid of getting older. With age comes wisdom and confidence." (4:46)
• "There's a world out there. Open a window, and it's there." (7:51)
• "You will have bad times, but they will always wake you up to the stuff you weren't paying attention to." (10:11)

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/

For so many years, people could simply rely on working a long career with a company and using a pension and Social Security to cover most of their retirement needs. Unfortunately for the Baby Boomer generation, financial planning isn't so simple anymore.

Let's explore the changing retirement landscape and help Baby Boomers better prepare for what lies ahead.

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

• Why Baby Boomers can't just rely on doing things the way their parents did. (2:05)
• What are the specific concerns we hear from Baby Boomers most often? (3:55)
• The biggest mistakes that Baby Boomers make regularly. (6:22)
• Three things Baby Boomers need to address as part of their retirement plan. (11:13)

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/

Generally speaking, there are some rules of thumb that might be good starting points when you begin building your financial plan, but these might often end up being outdated by the time you understand your needs. In this episode, Victor is going to address a handful of these you've probably heard about and explain why they might not work as expected.

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

• The 4% rule has been used to plan withdrawals in retirement but Victor details why this initial idea isn't a part of what we do. (1:10)
• Can you rely on the 10-5-3 rule for estimating returns on different investments? (5:17)
• Should you move from stocks to bonds as you get older in order to reduce risk? (9:47)
• Is $1 million a good target to reach to be comfortable in retirement? (13:47)

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/

There are plenty of people in the financial world that are guilty of crying wolf. No matter what is happening, they always preach the same message, which means we have to learn to tune them out.

That's not always easy, however, and people will often make bad financial decisions because they've been influenced by one of these wolf-criers. It's time to point out the different types of opinions you'll often find and provide examples of times we've seen this happen.

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

• How do you deal with people that are always negative about the market. (1:37)
• What about the person that takes every bit of news and makes it out to be a huge bullish signal. (3:57)
• The people that always preach about interest rates. (6:22)
• Advisors that always push the same product no matter what the situation. (9:51)

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/

There are some financial advisors who are just flat-out liars, but that's actually pretty rare. More often, advisors are guilty of making statements that they've been conditioned to say over the years, even if those statements aren't exactly brimming with truth.

Today we're going to take a little time to talk about why you should be cautious if you hear any of these statements from a financial advisor and try to explain what they might actually mean.

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

• When an advisor tells you that they can beat the market, what should this tell you? (1:47)
• What if an advisor tells you are no fees for the work being done. (4:51)
• There's always some level of risk in all decisions you make about your money. (7:56)
• It's an outright lie if someone guarantees taxes will be much lower in retirement. (11:34)
• Paper losses versus real losses. (16:47)

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/

Creating a steady income stream in retirement is a goal everyone has because it allows for a steady and reliable life, but how do you achieve that within your financial plan? In this episode, Victor will explain how we approach income planning in retirement and the challenges facing anyone trying to put predictable streams in place.

Here is some of what you'll learn in this episode:

• Is there a way to generate predictable income? (1:45)
• Why dividends aren't as reliable as people often think. (3:33)
• An example of a time someone relied too heavily on the market in retirement with bad results. (7:06)
• How to offset inflation when setting up an income plan. (9:30)
• How the income discussion fits into our initial meetings. (13:23)

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/