RETIREMENT MADE EASY

What factors go into the social security claiming decision? How do strategies differ based on your age, health, and marital status? Where do you even start? Social security planning is often neglected—or at the very least not given the attention it deserves.

In this episode of the Retirement Made Easy podcast, I hope to start the conversation about Social Security claiming strategies. I want each of you to be able to make an informed decision with your financial planner. Hit the play button to learn more!

• [2:57] Social security planning can't be neglected
• [5:10] Claiming strategies for single people
• [8:51] Claiming strategies for people still working
• [12:19] The break-even analysis
• [16:13] Claiming strategies for married people
• [20:32] The answer isn't black and white

• 3 Steps to Retirement Planning
• Scotty Kilmer on YouTube

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What happens if you start collecting Social Security payments but feel like you've made a mistake or taken it too early? Did you know that you can stop or suspend the benefits? Secondly, when you start collecting Social Security there's an option for a lump-sum payment. Learn more about this little-known Social Security strategy in this episode of Retirement Made Easy! And as a bonus, I'll answer three listener questions!

• [2:08] Submit a question at RetirementMadeEasyPodcast.com!
• [6:19] Using Subsidies for Retirement Plans to Fix Social Security
• [12:45] Social Security withdrawal options
• [15:26] Social Security's lump-sum option
• [17:36] Listener Question #1: Should I roll a 403B into an IRA?
• [21:25] Listener Question #2: Should I roll over my 401k at 57?
• [24:50] Listener Question #3: How does disability work with life insurance?

• 3 Steps to Retirement Planning
• The Case for Using Subsidies for Retirement Plans to Fix Social Security

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Most "Top 10 Mistakes You're Making in Retirement" articles are vague, mostly common sense, and of little use to their readers. And when you read these articles, you have to consider the source. A bank is never going to tell you that having debt in your retirement is a mistake because they want to sell you loans!

I wanted to share mistakes that I see every single day working in my firm—mistakes that you won't find in most articles. 90% of our clients are 55 and older working toward their dream retirement. I've seen it all. So in this episode of the Retirement Made Easy Podcast, I'll cover 10 retirement planning mistakes you need to think about.

• [1:41] Ask me questions at RetirementMadeEasyPodcast.com!
• [2:45] Mistakes to avoid making in retirement
• [6:08] Mistake #1: Not accounting for an early retirement
• [8:39] Mistake #2: Neglecting planning for healthcare
• [9:30] Mistake #3: Not understanding the impact of inflation
• [10:40] Mistake #4: Neglecting tax planning
• [12:02] Mistake #5: Not understanding Social Security
• [13:30] Mistake #6: Failing to address long-term care expenses
• [15:06] Mistake #7: Forgetting about the big ticket items in retirement
• [18:40] Mistake #8: Not understanding how your money helps you reach goals
• [20:43] Mistake #9: Not having your goals written down
• [22:25] Mistake #10: Not understanding sequence of return risk

• 3 Steps to Retirement Planning
• 16 Retirement Mistakes You Will Regret Forever
• J.P. Morgan 2023 Guide to Retirement

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What are required minimum distributions (RMDs)? How will they impact you? How do we account for them? Too many financial advisors neglect to help their clients plan for RMDs. I am not one of them. I cover the basics that you need to know in this episode of Retirement Made Easy.

• [1:54] Carefully choose the people you take advice from
• [5:29] Something you need to know about 401ks
• [9:47] The basics of required minimum distributions
• [13:28] Why you want to work with a professional
• [15:22] The various ways you can take distributions
• [19:07] Know that the time is coming and plan for it
• [20:46] RMDs for inherited accounts are different

• 3 Steps to Retirement Planning
• 2024 Tax Guide
• RMD Calculator
• Qualified Charitable Distribution

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Let's wrap up 2023—and kick off 2024—with another round of your questions, answered! In this episode of the Retirement Made Easy podcast, I'll answer six listener questions, covering everything from how severance pay is taxed to how the pop-up feature on pensions work. I'll also share my thoughts on what 2024 has in store. Give it a listen!

• [2:07] Question #1: What happens to unvested 401k money?
• [5:31] Question #2: How is severance pay taxed?
• [7:38] Question #3: What is the outlook for 2024?
• [12:22] Question #4: What is the pop-up feature on pensions?
• [16:06] Question #5: How do you convert a beneficiary IRA?
• [19:48] Question #6: How does tax mapping work for my clients?

• 3 Steps to Retirement Planning
• LPL Financial 2024 Outlook Report
• Fidelity 2024 Stock Market Outlook

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What are 5 ways you can prepare for retirement? Why can actively managed funds be risky in retirement? How does a divorce impact your social security? In the last two episodes of 2023, I plan on answering some amazing listener questions, including these. Listen to this episode of Retirement Made Easy for some rapid-fire answers to your questions.

• [2:40] Question #1: 5 Ways to prepare for retirement
• [7:02] Question #2: The risks of actively managed funds
• [10:56] Question #3: Customer service should be top priority
• [12:44] Question #4: How does a divorce impact social security?
• [15:41] Question #5: Should I work with Fisher Investments?
• [16:13] Question #6: How to pay for long-term care

• 3 Steps to Retirement Planning

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I've received numerous questions all running along the same theme: Are we heading into a recession? What would it mean for the stock market moving forward? How will it impact your retirement? Many of you are concerned that we'll be entering a recession in 2024. In this episode of the Retirement Made Easy podcast, I'll cover what a recession is, the trends we're seeing, and what the stock market teaches us about investing. Don't miss it!

• [0:43] Check out RetirementMadeEasyPodcast.com!
• [3:02] Are we on the verge of a recession?
• [6:36] What the stock market teaches us about investing
• [11:34] Contributions toward Roth IRAs and 401ks in 2024

• 3 Steps to Retirement Planning
• ERISA

• Email at: [email protected]
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Are you on the same page as your spouse when it comes to retirement planning? Do you both understand your retirement plan? Even if one of you handles the finances, both of you need to understand the ins and outs of your retirement plan. It's inherently important. How do we develop a plan that everyone understands that makes sense? That's what I'll cover in this episode of Retirement Made Easy.

• [4:21] Why your spouse needs to be involved in retirement planning
• [6:36] Why you need to understand your retirement plan
• [8:10] How to keep your uninterested spouse engaged
• [15:06] Question #1: Should you build an expected inheritance into your plan?
• [19:25] Question #2: How can you calculate costs in retirement?

• 3 Steps to Retirement Planning

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What could go wrong in retirement? What if the "what-ifs" become realities? How will it impact your 30-year retirement? We don't know what the future holds which is why it's important to think about the variables. There will be things outside your control but you can reduce risks by taking retirement planning seriously.

No one plans on "failing" at retirement but many people fail to plan ahead of time. But the choices you make will have long-lasting implications. You need a game plan in place. In this episode of Retirement Made Easy, I talk about some of the "what-ifs" and what you can do about them.

• [4:59] My biggest recommendation
• [5:53] Why a nonchalant mindset makes me anxious
• [8:10] What if you're overly concentrated in a single stock?
• [10:51] What if you overspend during retirement?
• [15:22] What if you waste money on something you "want?"
• [18:13] What if you accidentally trap your money?
• [20:26] The importance of identifying the what-ifs

• 3 Steps to Retirement Planning

• Email at: [email protected]
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Social Security isn't likely intentionally misleading us but they are leaving out some details that every person contemplating retirement needs to know. Social Security announced the cost of living adjustment for 2024: 3.2%. This will go into effect 1/1/2024. However, your benefit won't likely go up the full 3.2%. Why? I'll share the answer in this episode of Retirement Made Easy.

• [1:48] Check out RetirementMadeEasyPodcast.com!
• [2:47] The cost of living adjustment and Medicare Part B
• [10:03] Social Security benefits will be cut
• [15:04] Social Security benefits won't likely cover monthly expenses

• 3 Steps to Retirement Planning
• The Consumer Price Index
• Voluntary Withholding Request
• Social Security's COLA for 2024 is 3.2%
• SSA.gov

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