In today's episode, we're talking about how to prepare for a smooth transition into retirement. Whether you're five years away from retirement or just starting to think about it, these steps are crucial for ensuring you are financially, emotionally, and physically ready for this significant life change.

Disclaimer: This episode is for informational purposes only and does not constitute financial advice. Please consult with a professional for advice tailored to your individual circumstances.

In this episode of "Retirement Made Simple," we take a deep dive into the world of old 401(k) accounts, specifically focusing on five possible options for what you can do with them. This includes leaving your money in your old 401(k), rolling it over into a new employer's plan, rolling it over into an Individual Retirement Account (IRA), or cashing it out.

Throughout the episode, we weigh the pros and cons of each option, providing viewers with a comprehensive understanding of their choices.

Please remember that our show is for informational purposes only and it's crucial to consult with a financial professional before making any major financial decisions.

In this episode, host Kevin Lum focuses on the downsides of investing in a 401k. He starts by providing an overview of the history of 401k and the importance of understanding the potential costs associated with this popular retirement savings option.

The first downside discussed is the high fees you can find in a 401k plan.

The second downside of investing in a 401k: limited investment options. He explains how having limited options in a 401k plan can impact potential returns and diversification

The third downside discussed is the high potential tax burden in retirement. Kevin explains the tax implications of withdrawing from a 401k in retirement and compares it to other investment options with lower tax implications.

https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator

https://www.investor.gov/financial-tools-calculators/calculators/required-minimum-distribution-calculator

In this episode of Retirement Made Simple, host Kevin Lum, CFP® discusses the critical decision of when to claim Social Security benefits: at age 62 or 70. Should you take Social security right away or delay.

Tune in as we dive deep into the factors that can impact your financial future, including understanding Social Security benefits, the pros and cons of claiming at different ages, and how to make the right decision for your retirement. Don't forget to subscribe!

Resources:

In today’s episode I want to explain one of the most overlooked strategies for both reducing your taxable income and investing for the future.   In fact, I’m going to show you how you can get a tax deduction today and allow the money to grow tax deferred for years and then take out the money tax free.  You can find a list of expenses that qualify for a health savings account expenditure here: https://livelyme.com/whats-eligible/ Also, Lively is my favorite HSA provider because of their investment options and ease of use. I have no financial relationship with Lively I'm just a fan. https://livelyme.com 

Website //  https://foundryfinancial.org

Facebook // facebook.com/retirementpodcast

It seems nearly impossible to find a safe place to park your cash with decent returns. In this episode I'm going to walk through three places you can park extra cash that pay up to 1000% more money than your local bank.

The IRS recently disallowed a charitable donation, because the donor was missing just a few simple words. And it turns out a lot of donors are making the exact same mistake. In this video I'll walk through the mistake a widow made that cost her a $464,000 tax deduction because her tax paperwork lacked a few key words and tell you how to avoid the same mistake. We'll walk through the key things you need to know whether you're contributing $500 or $500,000.00.

On this episode, we talk with Fari Gonzaque of Transformations by Fari about staying healthy and active in retirement. Fari has been a fitness coach for over 30 years.

In this episode we explore the question of whether we're headed for a recession along with practical tips for handling a market downturn and economic slowdown. 

In this episode, I recap an email I wrote to our clients about current market volatility and also give my thoughts on the future of the market.