Retirement Plain & Simple

For some people, it's time for spring cleaning. And that often means diving into a cluttered closet and getting it cleaned out and organized. In this episode, we'll discuss what principles we can take from a closet clean-out and apply to our financial lives.

It's always overwhelming to start the process of cleaning and organizing a closet, and for most people, it's no different when it comes to getting organized financially. But keeping your finances organized is an important part of the financial planning process, as it encourages us to take a deeper look at what's working in our financial plan and what isn't. So, where do you begin when starting to organize your financial life? Stay tuned to find out!

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

• What is the dollar cost averaging strategy and how could it benefit you in retirement planning? (1:30)
• What is reverse dollar cost averaging? (5:06)
• Consolidating your accounts to make them easier to keep track of. (10:08)
• Are you investing the way you should be? (12:38)
• Some spring travel and day-trip ideas in the Philadelphia area. (15:15)

Contact:

If you have any questions, call 215-513-4330 or visit https://www.kempharvest.com/

On this episode of Retirement Plain & Simple with Mark Kemp & Todd Little, we'll address some key money saving concerns that we think you'll find helpful as we run full speed into tax season.

Todd is going to kick us off by breaking down the important difference between tax filing and tax planning. It's a crucial distinction that you'll want to know about to avoid missing out on key opportunities throughout your retirement years. We'll also dive into one of the age-old debates: Roth vs. traditional contributions. Should you pay the tax now or later in life? We'll give you the lowdown on what the pros and cons are and why you might want to consult with a financial planner for help in this arena instead of solely relying on the recommendations of a tax preparer.

Mark will also share some real-life examples of common tax issues that he and Todd have seen over the years and much more. You didn't know tax talk could be so fun, but Mark and Todd are ready to provide some spice to the conversation, so buckle up for a great 30 minutes of Retirement Plain & Simple as we help you navigate the 2023 tax season and beyond.

Here's some of what we'll discuss on this episode:

• Accelerating into tax season. Todd has some important points about distinguishing between tax filing and tax planning. (1:17)
• Roth vs. traditional contributions. Should you pay the tax now or later on in life? This is an essential question when it comes to tax planning. It's one of the areas where the advice might differ between working with a financial planner and a tax preparer. (6:41)
• Mark introduces the first of three examples of common tax issues the team has seen over the years. (12:06)
• A simple, but massive tax mistake. (18:16)

The mortgage. Do you pay it off so you don't have to carry the debt into retirement? (22:04)

If you have any questions, call 215-513-4330 or visit https://www.kempharvest.com/

If you want to improve your finances and plan for retirement, it's good to have a financial advisor. Picking the right advisor can lead to one of the most important relationships in your life.

But not all advisors are created equal. In this episode, we're going to point out some of the people that you might want to stay away from. We'll share some red flags you should look for when searching for the right advisor so that you can make the right choice with your financial future.

Remember, no matter who you pick, you aren't stuck with that advisor forever. If you're ever unsure about the service you're receiving, reach out to another professional to get a second opinion.

Here's some of what we'll discuss on this episode:

• Watch out for the guy with the hammer. (3:38)
• Watch out for the oxygen hog. (6:37)
• Watch out for the expensive but empty suit. (10:47)

If you have any questions, call 215-513-4330 or visit https://www.kempharvest.com/

Over 30 years ago, a mentor in the business taught about "The Financial house". With the New Year here, we want to help you get your Financial House in order.

Every house needs a good foundation, and this lesson will help you make sure your foundation is strong. Let's jump in!

Here's what you'll learn on the show:

• The three parts of the Financial House. (3:57)
• Do you have a functional budget? (6:11)
• Getting your financial documents in order. (12:44)
• Weighing risks and insurance. (18:47)

Contact:

If you have any questions, call 215-513-4330 or visit https://www.kempharvest.com/

Most of us make a financial mistake (or two) in our lifetime, but there are circumstances that it's imperative to make the right decision. When major life decisions occur, you want to understand how they can affect your finances.

Let's explore some of the things you should be thinking about to make smart financial decisions when you encounter some of the most significant events in your life.

Here's what you'll learn about mutual funds on the show:

• What you should consider when going through a job or career change as you approach retirement. (1:13)
• How an inheritance can be a blessing and a curse. (9:04)
• How to navigate becoming an empty nester. (13:16)

Contact:

If you have any questions, call 215-513-4330 or visit https://www.kempharvest.com/

Sometimes you need to find a new financial advisor. Other times, you might think you need a new advisor, but really, you're just guilty of thinking that the grass is greener on the other side.

Today we're sharing some common scenarios and whether they're legitimate reasons for leaving your advisor. In our 30-plus years in the financial industry, we've seen it all. We'll share some hypothetical scenarios and see if any of these apply to you.

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

• Should I leave an advisor who made a mistake? (2:33)
• Should I leave an advisor who doesn't have as much time for me? (8:35)
• Should I leave an advisor who is not very engaging and outgoing? (13:07)

Contact:

If you have any questions, call 215-513-4330 or visit https://www.kempharvest.com/

Just like the lights on your dashboard can indicate if something is wrong with your car (like low tire pressure or leaking oil), there are indicators in your financial life that might point out that you have a problem that needs to be addressed…

You might have watched your parents retire in their early 60s and think that's how it should still be for everyone. But consider that you'll likely live much longer than them, you probably don't have the pension that they had, and the costs for your healthcare during your retirement years will dwarf their costs. Don't feel entitled to retirement at a certain age unless you have a plan in place that shows you why and how it's possible. Let's dive into some red flags you should be aware of.

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

• If you lose sleep because of market fluctuations based on issues in Greece, China, or elections, then you probably have too much risk in your portfolio. (1:48)
• Are you overly focused on attaining a certain net worth? (5:29)
• Do you know how much it actually costs to fund your lifestyle? (7:22)
• Don't expect your retirement to look exactly like your parents' retirement experience. (13:15)

Contact:

If you have any questions, call 215-513-4330 or visit https://www.kempharvest.com/

There is a lot of conflicting information about retirement and investing on the internet- so how do you know which options are the best for you?

Being a good advisor isn't about winning a popularity contest or just saying the same things everyone else in the industry says. It's about giving the best advice that you can for each individual situation.

On today's show, we're going to peel back the curtain to discuss some areas where a good financial advisor's opinions might go against the grain with mainstream ideas in the industry.

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

• What's the right amount of life insurance for you? (2:18)
• How an annuity may or may not fit in your overall financial plan. (6:48)
• Everything you need to know about mutual funds. (10:34)
• How we determine if you should pay off all of your debt or not. (18:21)

Contact:

If you have any questions, call 215-513-4330 or visit https://www.kempharvest.com/

You've most likely heard plenty of "rules" you're supposed to follow to retire successfully. Some of these rules are stated so confidently, you'd be crazy not to immediately accept them as fact.

But we don't mind the threat of being called crazy, so let's dive into some of the most popular retirement "rules of thumb" to see if they truly lead us down the path of good financial guidance or run a chance of leading us astray.

As you'll hear us talk about on the show all the time, every individual needs a plan tailored to their specific needs so while these rules are good for providing some direction, they aren't necessarily applicable to you.

Here's some of what you'll learn on this episode:

• The rule of 72 is great for determining the amount of time to double your money based on returns. (2:32)
• The rule of 100 doesn't give you a true sense of how much risk you should be taking on. (5:24)
• Why we totally disagree with rule that you need 75% of your working income in retirement. (6:48)
• Why it's not accurate to assume that you need 10 times your salary saved by the time you're 67. (17:05)
• The 4% rule has been for withdrawing money in retirement has been a good guideline but it doesn't hold up now. (20:00)

Contact:

If you have any questions, call 215-513-4330 or visit https://www.kempharvest.com/

Pop quiz time! Can you ace this retirement pop quiz or should you be studying a bit more? Don't worry if you guess a few wrong either. Not all of these are "100%" right or wrong.

At what age should you start saving for retirement?

1. When you begin working
2. After you buy your first home
3. When you pay off all of your debt

Which of these is the best estimate of how much income you'll need in retirement?

1. 50% of your current income
2. 85% of your current income
3. 100% of your current income
4. None of the above

Join us today as we explore these pop quiz questions and more on today's episode!

What we discuss:

2:27 – At what age should you start saving for retirement?

6:47 – How much do you need to cover your income?

12:48 – What do retirees fear or worry about the most?

15:58 – Which of these represent a diverse retirement plan?

Contact:

If you have any questions, call 215-513-4330 or visit https://www.kempharvest.com/