Retirement planning isn't just about crunching numbers and sticking to a tight budget—it's about envisioning what's truly possible for your future. These hypothetical scenarios, often overlooked by retirees, can do more than just safeguard your financial well-being; they can enhance your happiness and help you discover opportunities you never thought attainable.

You will want to hear this episode if you are interested in...

• 05:16 Encouraging Big Thinking in Retirement

• 10:15 Planning for Early or Delayed Retirement

• 11:50 Philanthropy and Charitable Giving in Retirement

• 13:37 Identifying Risks in Retirement

• 15:05 Evaluating Large Purchases and Lifestyle Choices

• 16:04 Roth IRA Conversions and Pension Risks

• 19:59 Inflation and Cost-of-Living Concerns

• 26:54 Listener questions

The Real Magic Behind "What-If"

Many clients believe their retirement dreams are out of reach. People often compare themselves to others with larger pensions or savings, assuming they must settle for less. Yet, the crucial question isn't just "Do I have enough?" but "What would I do if I had more? What would bring me joy or meaning?" Posing these open-ended scenarios begins to reveal the true potential hidden in one's retirement plan.

Seeing is believing. The process of actually mapping out these possibilities with a professional often surprises clients, making them realize some dreams are within reach. This mindset shift can allow people to start dreaming bigger.

Longevity, Health, and Unexpected Events

Retirement's uncertainties should never be ignored. It's important to stress-test a plan for premature death, forced early retirement, market downturns, or rising taxes. External factors—like Social Security reductions, inflation, or pension cuts—can also threaten retirement security. Running "what-if" simulations for these scenarios helps retirees build resilience and confidence. For example, what if Social Security benefits drop by 25% or unexpected inflation spikes? Understanding the impact empowers retirees to prepare rather than panic.

Value-Driven Decisions

Retirement is more than financial survival; it's about purpose and fulfillment. Many clients we work with aspire to "be a blessing" through charitable giving, family support, or simply living generously. Rather than focusing solely on accumulating wealth, retirees can explore scenarios to increase their positive impact in the world. "What if we wanted to be outrageously generous?" That question can reshape not just a financial plan but a legacy.

Ultimately, retirement planning isn't about settling—it's about exploring, asking, and dreaming. Anyone can achieve a successful and meaningful retirement by strategically considering "what-if" scenarios and seeking guidance from professionals. By embracing possibility, you can pave the way for a retirement filled not only with security but with joy, purpose, and big dreams. Take control of your retirement vision today—because the magic happens when you ask "what if?"

Resources & People Mentioned

• 3 Steps to Retirement Planning

Connect With Gregg Gonzalez

• Email at: [email protected]

• Podcast: https://RetireStrongFA.com/Podcast

• Website: https://RetireStrongFA.com/

• Follow Gregg on LinkedIn

• Follow Gregg on Facebook

• Follow Gregg on YouTube

Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts

In this episode, I decided to do something a little different. Over the last two weeks, my team and I compiled a list of questions submitted by listeners and clients, some common, some obscure, and some that people simply don't know how to ask. I've got a legal pad in front of me with over 30 questions, ranging from "Am I saving too much?" to "Do I really need a trust?".

We cover a lot of ground today, including the nuances of Roth conversions, the often-overlooked power of HSAs, and the "gas guzzler" analogy I use to explain tax-inefficient investing. I also address the fear of economic meltdowns for those suffering from "2008 PTSD" and why we've decided to keep this podcast 100% ad-free and sponsor-free to maintain our integrity. Whether you are five years out from retirement or already there, this Q&A session is designed to help you stress-test your own plan against the questions you should be asking.

You will want to hear this episode if you are interested in...

• (05:26) Can You Save "Too Much" for Retirement?
• (09:06) Social Security and Spousal Benefits.
• (12:41) Maximizing HSAs for the Long Term.
• (15:27) Handling the Long-Term Care Question.
• (16:47) The Best Withdrawal Strategies.
• (20:17) The Truth About Roth Conversions.
• (24:40) The Retire Strong Bucket Strategy.
• (27:19) Protecting Against Economic Meltdowns.
• (32:16) Do I Need a Trust?

The Balance Between Saving and Living

One of the first questions I tackled was, "Am I saving too much?". It sounds counterintuitive, but I believe the answer can be yes. If saving for retirement is impacting your current lifestyle to the point where you are putting off vacations or postponing joy, you might be overdoing it.

While retirement is a priority, you have to live today, too. On the flip side, we discussed the "when can I retire?" question. I argue that a better question is "when do I want to retire?" because for many, work provides identity and purpose that shouldn't be discarded just because you hit a financial number.

The "Gas Guzzler" Portfolio: A Lesson in Tax Efficiency

We also dove into investment strategies that minimize tax burdens. I use the analogy of a vehicle: you might have a hybrid getting 50 miles to the gallon, or a massive truck getting 11 miles to the gallon. When your account is small, you might not notice the "fuel inefficiency" of high taxes, but as your portfolio grows, those inefficiencies magnify.

This ties directly into withdrawal strategies. I shared a story about someone who planned to drain their 401(k), then their brokerage, then their Roth, completely missing the boat on tax planning. You need a coordinated strategy to lower your lifetime tax bill, not just pay it as you go.

Planning for the "What Ifs"

Finally, we addressed the question, "Are we missing anything?". It's easy to plan for the monthly bills, but people often forget to factor in massive one-time expenses like weddings for their children or the fact that healthcare inflation historically outpaces standard inflation.

We also touched on the fear of another 2008-style crash. If you are losing sleep over a potential economic meltdown, it's a sign to re-evaluate your risk exposure. You might be willing to trade some potential high returns for the peace of mind that comes with a more conservative approach.

Resources & People Mentioned

• 3 Steps to Retirement Planning
• Retirement Budgeting Tool

Connect With Gregg Gonzalez

• Email at: [email protected]
• Podcast: https://RetirementMadeEasyPodcast.com
• Website: https://StLouisFinancialAdvisor.com
• Follow Gregg on LinkedIn
• Follow Gregg on Facebook
• Follow Gregg on YouTube

Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts

Welcome to 2026! A new year brings a fresh set of rules for your retirement savings, and not all of them are straightforward. With the turning of the calendar comes changes to contribution limits, Social Security adjustments, and new tax mandates that could catch you off guard if you aren't paying attention.

In this first episode of the year, I break down exactly what is changing for 2026, from the "good news" of higher contribution limits to the "bad news" of Medicare premium hikes that might eat up your entire Social Security cost-of-living adjustment. I also dive into a controversial new rule from the Secure Act 2.0 that forces high earners to change how they save in their 401(k)s, removing the choice of pre-tax savings for many.

We also tackle some fantastic listener questions, including a look at why Target Date Funds had a "lucky" year in 2025 (and why I still don't recommend them), and I dismantle a dangerous misconception about retirement withdrawals, the "Mayonnaise Jar" math that convinces retirees their money will last 20 years when, in reality, inflation and life have other plans.

You will want to hear this episode if you are interested in...

• (00:23) Intro to 2026 Changes.
• (04:36) Social Security COLA vs. Medicare Premiums.
• (06:40) New IRA and 401(k) Contribution Limits.
• (10:24) The New "Roth Catch-Up" Mandate for High Earners.
• (18:57) New Charitable Deduction Rules.
• (20:03) Listener Q: Target Date Funds Explained.
• (29:12) Listener Q: The "Mayonnaise Jar" Withdrawal Mistake.

The "Fake" Raise: Social Security vs. Medicare in 2026

We start the year with what sounds like a win: a 2.8% Cost of Living Adjustment (COLA) for Social Security recipients. However, before you start budgeting that extra cash, you need to look at the other side of the ledger.

Medicare Part B premiums have jumped by nearly 9.67%, rising to $202.90 a month. For many retirees, this increase will come directly out of their Social Security check, effectively wiping out the "raise" they thought they were getting. It is a reminder that healthcare inflation often outpaces general inflation, and your plan needs to account for that reality, not just the headline numbers.

The $150k Trap: New Mandatory Roth Rules

One of the biggest changes for 2026 comes from the Secure Act 2.0, and it impacts high earners. If you earned $150,000 or more in FICA wages in 2025, you no longer have a choice on how you make your "catch-up" contributions.

Uncle Sam now mandates that your catch-up contribution (the extra $8,000 you can save if you are over 50) must go into a Roth 401(k). This means you lose the immediate tax deduction on those dollars. It is a way for the government to grab more tax revenue now rather than later, and for many savers, it removes the flexibility to design a tax strategy that fits their specific needs. If your employer doesn't offer a Roth option, you might be out of luck entirely.

Why "Cookie Cutter" Investing Still Fails (Even When It Wins)

A listener asked why their Target Date Fund performed so well in 2025. The answer lies in a rare alignment of international markets and bond performance that boosted these funds last year.

But one good year doesn't change my fundamental problem with these funds: they are "cookie-cutter." They treat every 65-year-old exactly the same, ignoring your personal goals, your risk tolerance, and your income needs. It's like walking into a car dealership and being told you have to buy a minivan just because everyone else your age is buying one. You deserve a plan customized to your life, not a default setting based on your birth year.

The "Mayonnaise Jar" Math Mistake

Finally, I address a listener who believed he was set for 20 years because he could withdraw $50,000 a year from his $1 million nest egg until it hit zero. I call this "Mayonnaise Jar" math, assuming you can just pull cash out of a stagnant jar until it's empty.

This logic fails because it ignores inflation. As we saw in 2025 with beef prices jumping 20%, the cost of living does not stay flat. $50,000 today will not buy $50,000 worth of goods in ten years. If you don't have your money invested to grow and outpace inflation, you aren't planning for a 20-year retirement; you're planning to run out of purchasing power long before you run out of money.

Resources & People Mentioned

• 3 Steps to Retirement Planning
• Retirement Budgeting Tool

Connect With Gregg Gonzalez

• Email at: [email protected]
• Podcast: https://RetirementMadeEasyPodcast.com
• Website: https://StLouisFinancialAdvisor.com
• Follow Gregg on LinkedIn
• Follow Gregg on Facebook
• Follow Gregg on YouTube

Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts

How do you take the savings you've built over a lifetime and turn it into reliable income you can count on year after year? That's a question I've been hearing more and more, and it makes sense, without a clear withdrawal strategy, retirees can unintentionally drain their accounts too quickly, trigger unnecessary taxes, or simply feel unsure about whether they're doing things the right way. Making the shift from accumulating money to actually using it can feel uncomfortable, and my goal is to help people approach that transition with clarity and confidence.

In this episode, I break the process down into a straightforward framework that organizes your retirement savings into distinct buckets, each with its own purpose and timeline. I also reveal the too common situation where someone has paid far more in taxes than they needed to, all because of the order in which they pulled money from their accounts. With a little structure and thoughtful planning, you can create an income stream that supports your lifestyle, protects your long-term security, and still leaves room to enjoy the retirement you've worked so hard for.

You will want to hear this episode if you are interested in...

• (0:00) Intro.
• (0:20) Sources of Income in Retirement.
• (4:22) Costly Withdrawal Mistakes.
• (10:10) The Spending Mindset Shift.
• (13:23) The Three-Bucket Method.
• (28:00) Adjusting Over Time.

A Smarter Approach to Using Your Retirement Income

Understanding how you'll draw income in retirement is every bit as important as building the savings itself. Social Security, pensions, part‑time earnings, and withdrawals from your investments all contribute to the picture, but the sequence and timing of those withdrawals can dramatically impact your long‑term results. Pulling too much from tax‑deferred accounts early on can trigger avoidable taxes, while leaning too heavily on a single source can limit your options later.

I've met plenty of people who ended up paying far more in taxes than they needed to simply because they didn't have a coordinated withdrawal strategy. With a thoughtful plan, retirees can design their income in a way that reduces taxes, stretches their savings, and helps ensure their money lasts as long as they do. Retirement isn't just about accumulating enough, it's about managing it intentionally once you get there.

Learning to Use Your Retirement A Shift from Saving to Spending

For years, often decades, we're taught to save diligently, invest consistently, and grow our retirement nest egg. But when the moment finally arrives to start using that money, flipping from saver to spender isn't always as simple as it sounds. I've worked with plenty of retirees who hesitate to touch their accounts, even when they're in a strong financial position. Watching balances decline can feel unsettling, even though that's the very purpose of those savings.

Some people even take Social Security earlier than ideal just to avoid withdrawing from their investments, a choice that can cost them significantly over time. Recognizing that spending down your savings is a normal, healthy part of retirement can make a world of difference. When people understand this shift, they're better equipped to make confident decisions, and to actually enjoy the retirement they spent a lifetime preparing for.

Structure Retirement Withdrawals to create a Predictable Paycheck

When it comes to turning savings into reliable income, I've found that simplicity is often the key. The three‑bucket approach helps retirees organize their money into short‑term cash, steady income‑producing investments, and long‑term growth assets. With this structure, you always know which bucket your income is coming from and when you'll need it.

A dedicated income bucket makes withdrawals feel more like a predictable paycheck, while the growth bucket keeps your future needs covered. This setup helps prevent selling investments at the wrong time, keeps taxes in check, and gives retirees the confidence that their financial plan can support them for the long haul.

Resources & People Mentioned

• 3 Steps to Retirement Planning
• Retirement Budgeting Tool
• 2025 Market Outlook from LPL Financial
• Episode 72: The Bucket Strategy
• BEST Withdrawal Strategy | Where Should You Pull Funds from First?
• I'm 60 Years Old with $1.8million saved. How long will my money last?

Connect With Gregg Gonzalez

• Email at: [email protected]
• Podcast: https://RetirementMadeEasyPodcast.com
• Website: https://StLouisFinancialAdvisor.com
• Follow Gregg on LinkedIn
• Follow Gregg on Facebook
• Follow Gregg on YouTube

Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts

In this 200th episode, I focus on the real pain points retirees face and the importance of planning ahead. Drawing from years of conversations with clients and listeners, today's discussion highlights how assumptions about retirement often don't match reality, especially when it comes to taxes, lifestyle choices, and healthcare.

Taxes remain one of the biggest surprises, as many retirees discover they're not in a lower bracket after all. Withdrawals from 401ks, IRAs, and pensions are taxed as ordinary income, and Social Security can also be partially taxable. At the same time, couples must navigate differing views on lifestyle and legacy, whether to enjoy their savings fully or prioritize leaving an inheritance, making estate planning documents and open conversations essential.

Healthcare and cash management round out the episode's themes. Medicare rules change frequently, and waiting until the last minute can lead to costly mistakes, while keeping too much money in low‑interest accounts or idle cash can erode value against inflation. The takeaway is clear: thoughtful, proactive planning across taxes, legacy, healthcare, and investments is the key to building a secure and successful retirement.

You will want to hear this episode if you are interested in...

• (00:00) Intro.
• (04:34) Cost of Relocating in Retirement.
• (12:57) Retirement Saving Loan Strategies.
• (16:16) Taxes in Retirement.
• (24:04) Market Expectations and Strategies.
• (24:04) Cash management.
• (29:35) Healthcare Planning After Retirement.

Planning Ahead for Taxes in Retirement

Retirement planning often surprises people when it comes to taxes. Many assume they'll be in a lower bracket once they stop working, but withdrawals from 401ks, IRAs, and pensions are taxed as ordinary income, and Social Security can also be partially taxable. That's why it's so important to build a tax‑efficient withdrawal strategy ahead of time, rather than relying on assumptions that may not hold true.

Lifestyle and Legacy: Defining Your Retirement Goals

Another key theme is lifestyle and legacy. When planning for your retirement it is important to recognize what your goals are. Your goals drive your decisions for how you want to set up your retirement. Will you be relocating? Will you be giving away your money? Some retirees want to enjoy their savings fully, while others prioritize leaving an inheritance, even if it means sacrificing their own comfort.

Couples often have different views on this, which makes open conversations and proper estate planning documents essential. Without wills, trusts, or powers of attorney, families can face costly probate battles and emotional strain, so addressing legacy goals early helps prevent conflict later.

From Cash Reserves to Medicare: Proactive Steps for Peace of Mind

Emergencies and healthcare planning is another area where retirees need to be proactive. It may be unreasonable to have large amounts of money in cash or low interest yielding accounts. Having a liquid emergency fund is essential but you may benefit from having your money growing for you. Additionally, Medicare rules change frequently, and waiting until the last minute can lead to expensive mistakes.

The podcast highlights how comparing options, even for something as simple as prescriptions, can save thousands of dollars. Preparing ahead for coverage, understanding what's included, and exploring alternatives ensure retirees aren't blindsided by unexpected expenses and can maintain peace of mind in this new stage of life.

Resources & People Mentioned

• 3 Steps to Retirement Planning

Connect With Gregg Gonzalez

• Email at: [email protected]
• Podcast: https://RetireStrongFA.com/Podcast
• Website: https://RetireStrongFA.com/
• Follow Gregg on LinkedIn
• Follow Gregg on Facebook
• Follow Gregg on YouTube

Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts

Today, in our 199th episode, I dive into some timely updates on Social Security and answered a batch of long-overdue listener questions. We kick things off with the newly announced 2.8% cost-of-living adjustment (COLA) for Social Security benefits starting January 2026. While that sounds like good news, I cautioned listeners not to celebrate too quickly.

Medicare Part B premiums are expected to rise by 11.6%, or about $21.50 per month, which will eat into that COLA, leaving most recipients with a net increase of only around $34.50. I argue that announcing the Social Security COLA a month before Medicare premiums is misleading and suggested both should be released simultaneously to give retirees a clearer picture of their actual income changes. I also highlight the increase in the Social Security earnings limit, which will rise from $176,100 in 2025 to $184,500 in 2026 (a 4.77% jump).

This means higher earners will contribute more to Social Security before hitting the cap. On a brighter note, the stock market has been performing exceptionally well in 2025, with major indices like the S&P 500, NASDAQ, and international markets all posting double-digit gains. At Retire Strong Financial Advisors, we're seeing more people seeking second opinions on their retirement plans, especially as their 401(k)s and 403(b)s hit all-time highs.

I wrap up the episode by tackling some fantastic listener questions and reminding everyone to check out our free resources and YouTube channel for more retirement planning insights.

You will want to hear this episode if you are interested in...

• (00:00) Intro.
• (00:27) Social Security Updates.
• (11:28) Roth Conversions Explained.
• (19:53) 401k Management Fees.
• (21:14) Retirement Planning for Couples.
• (27:19) Annuity Product Warnings.
• (31:07) Retirement Withdrawal Strategies.

Breaking Down Roth Conversions and 401(k) Management Options

One listener, JB, asked a great question about Roth conversions, so I took the opportunity to break it down from the basics. A Roth conversion involves moving money from a pre-tax account like a traditional IRA or 401(k) into a Roth account, paying taxes on the converted amount now so it can grow tax-free in the future. This strategy can be especially powerful for those whose retirement savings are heavily concentrated in pre-tax accounts. However, it's not a one-size-fits-all solution. Roth conversions can trigger higher taxes on Social Security benefits, push you into a higher tax bracket, or increase your Medicare premiums.

There's also the five-year rule to consider, which can limit when you can access the converted funds. That's why I always recommend working with a fiduciary financial planner or tax advisor to determine if it's the right move. Another listener, Kelly, asked about paying Financial Engines to manage her 401(k). I explained that these services are optional and you can opt out and manage your own portfolio if you're comfortable. But if you're receiving personalized advice and planning, the fee might be worth it.

Big Savings, Bigger Risks: Why Planning Matters

Then we heard from Gary, who's 60 and married to Linda, who's 52. He's saved over $2 million mostly in a pre-tax 401(k) and has a pension that won't begin until age 65. Linda works part-time, and with their eight-year age gap and no clear Social Security strategy, there are several risks they need to address. If something were to happen to Gary, Linda wouldn't be eligible for survivor Social Security benefits until she turns 60, and the tax burden on their pre-tax savings could be significant for the surviving spouse. Other unknowns like their debt, health insurance plans before Medicare, and pension survivorship options will add more complexity.

Life insurance and relocation plans are also critical factors that could impact their long-term financial security. I emphasized the need for a comprehensive retirement plan to help them navigate these issues. On a related note, I addressed a listener's question about annuity sales pitches at steak dinner seminars. While annuities can have a place in a portfolio, they're often sold with high fees, surrender penalties, and limited liquidity. I've seen too many people regret these decisions, so I always urge caution that if someone's buying you dinner, they're probably trying to sell you something.

Retirement Education Without the Sales Pitch

That's why we do retirement education differently. Our seminars are held at local libraries, no fancy dinners, no alcohol, and absolutely no product pitches. We're there to educate, not sell. This approach ties into Cindy's excellent question about which retirement account to withdraw from first. She has a mix of accounts, 401(k), Roth, and a stock account she hopes to leave to her kids, and she's unsure how to begin her decumulation strategy. This is a crucial decision, and unfortunately, many people get it wrong.

The old "conventional wisdom" of spending taxable accounts first, then pre-tax, then Roth, no longer holds up. Tax laws have changed, required minimum distribution ages have shifted, and future tax rates are uncertain. Your withdrawal strategy should be customized based on your income sources, Social Security timing, investment types, and long-term tax impact. Some accounts may generate income through dividends and interest, while others are better suited for long-term growth.

The goal is to create a strategy that supports a successful retirement while minimizing your lifetime tax bill. Cindy's question was so important, I even made a YouTube video on it, "Retirement Withdrawal Strategy", which has become one of our most popular resources.

Resources & People Mentioned

• 3 Steps to Retirement Planning
• BEST Withdrawal Strategy | Where Should You Pull Funds from First?

Connect With Gregg Gonzalez

• Email at: [email protected]
• Podcast: https://RetireStrongFA.com/Podcast
• Website: https://RetireStrongFA.com/
• Follow Gregg on LinkedIn
• Follow Gregg on Facebook
• Follow Gregg on YouTube

Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts

In this episode of the Retirement Made Easy podcast, I delve into 401(k)s: how they work, why they matter, and how to maximize their benefits. I break down the basics in simple terms, just like I always aim to do, because retirement planning shouldn't be confusing.

I discuss the differences between good and not-so-great 401(k) plans, the pros and cons of keeping your money in a 401(k) versus rolling it into an IRA, and how changes in providers can impact your investment options.

I also share a helpful government site for tracking down old retirement accounts and explain why Roth conversions might be worth considering. My goal is to help you take control of your financial future with clarity and confidence.

You will want to hear this episode if you are interested in....

• (00:00) Intro.
• (00:27) Overview of 401(k) Plans.
• (01:40) Resources and Services Offered.
• (02:48) Deep Dive into 401(k) Plans.
• (05:13) 401(k) Rollovers and Conversions.
• (10:53) Employer Contributions and Vesting.
• (19:52) 401(k) Loans and Company Stock.
• (22:58) Mega Backdoor Roth and Final Tips.

Smart 401(k) Moves: What to Know About Matching, Vesting, and Rollovers

I will explain how Roth conversions can be done while you're still working or after retirement, depending on your 401(k) plan's rules. Not all plans allow them, and some require a hefty 20% tax withholding, which could be a drawback. I also break down how employer matching works (some companies offer generous matches, others offer none, and vesting schedules determine how much of that match you actually get to keep).

I stress the importance of checking your vesting status before leaving a job. Then I dive into profit-sharing, which can be even more valuable than matching, but it's never guaranteed. I clarify a common misconception: rolling over funds from an old 401(k) or IRA into your current 401(k) won't earn you a match. Finally, I talk about the pros and cons of rolling old 401(k)s into either your current plan or a rollover IRA. Personally, I favor rollover IRAs for their flexibility, investment freedom, and ease of Roth conversions.

Unlocking 401(k) Opportunities and Avoiding Pitfalls

I caution listeners about 401(k) loans. If you retire or get laid off, that loan must be repaid quickly, or it becomes taxable. Once you leave your employer, you can't take out new loans from your 401(k) or IRA. I also touch on company stock in your 401(k); if you have a large concentration, talk to your financial planner about a tax strategy called net unrealized appreciation (NUA), which could work in your favor. Additionally, I introduce the "mega backdoor Roth," another beneficial strategy that allows high earners to contribute beyond the standard limits if their plan permits it (up to $70,000 annually). Not all plans allow this, but it's worth asking.

I also share my frustration that there's no standardized way to compare 401(k) plans across companies. The best thing you can do is request your plan summary document and review it with a fiduciary advisor. Lastly, I offer a tip: some employers let you use unused vacation or PTO payouts as 401(k) contributions, which could help reduce your tax bill. It's a smart move to look into before you retire.

Resources & People Mentioned

• 3 Steps to Retirement Planning
• FIVE 401(k) Secrets You Must Know
• Retirement Savings Lost and Found Database | Employee Benefits Security Administration

Connect With Gregg Gonzalez

• Email at: [email protected]
• Podcast: https://RetireStrongFA.com/Podcast
• Website: https://RetireStrongFA.com/
• Follow Gregg on LinkedIn
• Follow Gregg on Facebook
• Follow Gregg on YouTube

Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts

Are you confident your retirement plan covers everything, or are there blind spots that could cost you down the road? In this episode of the Retirement Made Easy podcast, I reveal six commonly overlooked areas that can quietly sabotage even the most well-intentioned retirement strategy. From inflation shocks and healthcare surprises to tax missteps and market overconfidence, I'll walk you through the pitfalls I see time and again so you can learn how to avoid them. If you want a retirement that's not just comfortable but resilient, this episode is a must-listen. My goal is to walk you through these areas so you can strengthen your own plan and avoid costly mistakes.

Today, I break down six critical areas that often get overlooked in retirement planning. First, I highlight the importance of preparing for large, irregular expenses. Second, I stress the impact of inflation, reminding listeners that costs will rise steadily over time and must be factored into any long-term plan. Third, I caution against assuming past investment performance will continue, urging retirees to prepare for market downturns with a solid strategy.

Fourth, I explain how tax planning (especially Roth conversions) can significantly reduce your lifetime tax burden if done thoughtfully. Fifth, I dive into healthcare planning, noting that Medicare isn't free and doesn't cover everything, so understanding your coverage and out-of-pocket costs is essential. Finally, I emphasize the importance of proper beneficiary designations and asset titling to avoid probate issues and unintended consequences after death. Together, these six areas form the foundation of a resilient, well-rounded retirement plan.

You will want to hear this episode if you are interested in...

• (00:00) Intro.
• (04:20) How to handle large, unexpected expenses on a fixed income.
• (09:25) Does your retirement plan include inflation?
• (13:30) Do you have realistic expectations for your investment performance?
• (17:02) Tax Planning is Retirement planning.
• (20:06) Healthcare planning impacts your retirement.
• (23:17) Beneficiary planning and asset titling.

The Real Cost of Your Living Expenses in Retirement

Many people focus on monthly bills but often overlook big-ticket items, such as a new roof, HVAC system, or vehicle. These costs don't happen every year, but when they do, they can derail your financial stability if you haven't planned.

I share real examples from clients who face these challenges and emphasize the importance of building flexibility into your retirement budget to handle these inevitable expenses. Next, I highlight inflation's impact on your retirement.

The pandemic shows us how quickly prices can rise. I recall replacing our water heater and seeing the cost jump 150% in less than two years.

Inflation affects everything: healthcare, insurance, groceries, and dining out. Your retirement plan must include realistic inflation projections, as costs are expected to continue rising year after year.

Planning for Market Pullbacks and Tax Surprises

Then I turn to investment performance. Over the past decade, the stock market has performed exceptionally well, and many people assume that trend will continue. But that's not realistic. At some point, the market will pull back, and retirees need to be prepared (mentally and financially).

I stress the importance of having a strategy in place before a downturn hits, so you don't panic and make decisions that hurt you long-term. Tax planning is another critical area. Your income strategy in retirement should align with your tax strategy.

Roth conversions allow you to move money into accounts that grow tax-free and aren't subject to required minimum distributions. Timing and planning are everything here.

Getting Healthcare and Legacy Details Right

I also discuss healthcare planning, which many people misunderstand. Medicare isn't like your employer's health insurance, and it doesn't cover everything. Healthcare costs will likely be one of your biggest expenses in retirement, and you need to understand what's covered, what's not, and how to prepare for unexpected medical bills.

Finally, I wrap up with beneficiary planning and asset titling. This is one of the simplest yet most overlooked parts of retirement planning. I've seen too many cases where someone passes away and their assets aren't titled correctly, or beneficiaries aren't listed. The consequences are taxes, probate fees, and emotional stress that fall on the surviving family.

These are easy fixes that can make a huge difference. I urge everyone to take the time to get them right. Now that you know these six areas, you're better equipped to build a retirement plan that truly works.

Resources & People Mentioned

• 3 Steps to Retirement Planning

Connect With Gregg Gonzalez

• Email at: [email protected]
• Podcast: https://RetireStrongFA.com/Podcast
• Website: https://RetireStrongFA.com/
• Follow Gregg on LinkedIn
• Follow Gregg on Facebook
• Follow Gregg on YouTube

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In this episode, I tackled some of the most common and pressing questions I've received from listeners, prospective clients, and current clients at Retire Strong Financial Advisors. These questions are all centered around one big theme: preparing for retirement with clarity and confidence. Whether you're wondering about old 401(k)s, required minimum distributions (RMDs), or how to structure your retirement income, we covered a lot of ground. One of the first things I addressed was the new government resource for tracking down forgotten retirement accounts: LostAndFound.dol.gov.

If you think you might have an old 401(k) or pension from a previous employer, this secure database can help you locate it. If you're nearing retirement, it's crucial to understand how RMDs work, what your contribution limits are, and whether your plan provider supports the latest updates, such as the changes from the SECURE Act 2.0. Always check with your financial advisor or plan administrator to make sure you're making the most of your options. Social Security questions came up a lot, too. I discuss survivor benefits for ex-spouses, how to correct errors in your earnings record, and what happens if you're working while collecting benefits.

If you're past full retirement age and no longer need the income, you can even suspend your benefits to earn delayed retirement credits. And if you inherit an IRA or Roth IRA, you're not stuck with your parents' financial institution, as you can transfer those assets to a custodian of your choice. Finally, I revisited the bucket strategy. This is a framework we use at our firm to help clients organize their retirement savings. Bucket One is your emergency fund, Bucket Two is your income bucket for regular withdrawals, and Bucket Three is your growth bucket for long-term investing.

Matching your account types (Roth, after-tax, and pre-tax) to the right buckets is key. Understanding how much you have in each type of account is the first step. Everyone's situation is different, but the strategy gives you a roadmap to make smarter decisions and build a retirement plan that fits your life.

You will want to hear this episode if you are interested in...

• (00:00) Intro.
• (03:40) How to find old retirement accounts.
• (11:40) Common Question on Social Security.
• (19:30) How to get your money out of life insurance policies.
• (22:50) How the Bucket system works for you.

Helping Those Close to Retirement Navigate their Accounts

One major topic I covered was how to track down forgotten retirement accounts like old 401(k)s or pensions, especially if you're unsure whether the funds are still active. I introduced a helpful new tool, LostAndFound.dol.gov, a secure government database created under the SECURE Act 2.0, which allows you to search for lost employer-sponsored retirement plans.

I also covered the rules around required minimum distributions (RMDs), which kick in at age 73. If you're still working and contributing to your current employer's 401(k), you may be able to delay those RMDs, but IRAs don't offer that flexibility, and distributions must begin regardless of employment status.

On the contribution side, I explained that in 2025, the standard 401(k) limit is $23,500, with an additional $7,500 catch-up for those 50 and older, totaling $31,000. For those aged 60 to 63, a new "super catch-up" provision allows an extra $11,250, though many plan providers haven't yet updated their systems to support it.

Smart Strategies for Navigating Social Security

In this episode, we also cover questions that focus on survivor benefits, earnings corrections, working while collecting, and voluntary suspension, all aimed at helping retirees make informed, strategic decisions.

Another common issue is incorrect earnings records; since Social Security benefits are based on your top 35 earning years, it's crucial to fix any errors within three years, three months, and 15 days of the year the wages were paid.

I also clarified that working while collecting Social Security can actually increase your benefit if those earnings replace lower years in your record. However, if you're under full retirement age and earn more than $23,400, your benefit could be temporarily reduced.

Lastly, I explained that if you inherit an IRA and no longer need Social Security income, you can file a voluntary suspension to earn delayed retirement credits and potentially reduce your tax burden.

What is the 3 Bucket Strategy?

The 3 Bucket System is a retirement strategy that divides your savings into three categories: emergency fund, income, and growth. Bucket One holds liquid, after-tax money for unexpected expenses like medical bills or home repairs.

Bucket Two provides a steady income through withdrawals from retirement accounts, often funded with pre-tax assets like IRAs and 401(k)s. Bucket Three focuses on long-term growth to combat inflation, typically using Roth accounts and investments with higher risk tolerance.

Matching your account types to the right buckets helps create a balanced, tax-efficient retirement plan tailored to your needs.

Resources & People Mentioned

• Retirement Replay: The Bucket Strategy, Ep #72 - RetireStrong Financial Advisors
• 3 Steps to Retirement Planning
• Retirement Savings Lost and Found Database | Employee Benefits Security Administration

Connect With Gregg Gonzalez

• Email at: [email protected]
• Podcast: https://RetireStrongFA.com/Podcast
• Website: https://RetireStrongFA.com/
• Follow Gregg on LinkedIn
• Follow Gregg on Facebook
• Follow Gregg on YouTube

Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts

Over the past few weeks, I've had several clients and prospective clients ask me the same question: "Should I keep my life insurance in retirement?" Life insurance is something we all tend to think of as essential when we're younger (when we've got a mortgage, kids at home, maybe only one working spouse).

But once you're nearing or in retirement, things change. So, the question becomes: Does it still make sense to pay for life insurance? In many cases, the answer depends on your goals and financial picture. I've seen cases where people are paying big premiums for small death benefits that won't make a meaningful impact in their overall financial plan. Life insurance is a tool. If you no longer need the tool, why keep paying for it?

That said, there are still some great reasons to have life insurance in retirement. I've worked with clients who maintain policies to fulfill charitable goals. That's their retirement vision. Others use life insurance for legacy planning, making sure a tax-free benefit goes to their children, a trust, or someone they care deeply about. Life insurance can also be part of pension planning, especially for folks using pension maximization strategies to leave something behind for a surviving spouse.

Now, if you've got permanent life insurance with a cash value, then you need to understand how it works. I always recommend talking to a fiduciary advisor first. These policies can be complicated, so it's worth reviewing them carefully to make sure they're still serving your needs. One thing I've seen time and again is that people misunderstand their policies.

So be cautious because life insurance contracts can have all kinds of fine print. If you don't truly understand how it works, get some help reviewing it. And finally, don't lose sight of your why. Your goals should drive all your financial decisions. So ask yourself, what do you want to protect? Who do you want to help? Whether it's your spouse, your kids, your church, or your community, life insurance can be a powerful tool when used intentionally.

You will want to hear this episode if you are interested in...

• (00:00) Intro.
• (03:20) Do you need life insurance in retirement?
• (07:38) Does it make sense to pay for life insurance? What's the cost to benefit?
• (09:43) Problems with life insurance.
• (15:03) Benefits of having a life insurance policy in retirement?

Life Insurance in Retirement is Not for Everyone

When people ask me whether they still need life insurance in retirement, I tell them: it depends on your goals, your financial situation, and who you're trying to protect. If you're debt-free, your house is paid off, the kids are grown and financially independent, and your retirement accounts are in good shape, then you might not need it anymore.

I had a client recently ask, "Are we wasting money keeping this policy?" And for them, the answer was yes. But for others, the story's different. If you've got a mortgage, a spouse who would struggle financially without you, or anyone who relies on your income, then life insurance might still play a vital role even after you retire.

Is Permanent Life Insurance Serving You?

Another big topic I often see is confusion around permanent life insurance policies, whole life, universal life, variable universal life, you name it. These policies often have cash value, and many people don't fully understand how they work or what they're really worth. I've reviewed policies where the death benefit is only $10,000–$25,000, and the person is still paying high premiums.

In many cases, if you're over 59½ and you want to cash out, you can access the cash value with minimal tax impact, depending on your cost basis. For example, if you've paid $30,000 into the policy and the cash value is $45,000, that $15,000 gain would be taxable as ordinary income. I always recommend speaking with a CPA or fiduciary before making a move, but the key is understanding the numbers and whether that policy is still serving you.

How Your Financial Goals Direct Life Insurance Needs

Lastly, don't forget your goals, your why. Life insurance isn't just about replacing income; it can be a powerful tool to help you leave a legacy. I've worked with a couple who each carry a $1 million policy with their church as the beneficiary because that was part of their retirement vision. Another client is using her policy to fund a college scholarship because a scholarship changed the course of her own life.

These stories are reminders that your financial decisions should reflect your values and what matters most to you. Life insurance can still have purpose in retirement, but only if it's tied to something meaningful. As I always say: dream big, and make your money work for the life you want to live and the legacy you want to leave behind.

Resources & People Mentioned

• 3 Steps to Retirement Planning
• RetireStrong Financial Advisors | Financial Planner St Louis

Connect With Gregg Gonzalez

• Email at: [email protected]
• Podcast: https://RetireStrongFA.com/Podcast
• Website: https://RetireStrongFA.com/
• Follow Gregg on LinkedIn
• Follow Gregg on Facebook
• Follow Gregg on YouTube

Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts