Retirement Plain & Simple

In this volatile market, a lot of us are thinking about reaching out to an advisor if we haven't worked with one previously. So, what red flags should we look out for when it comes to working with a financial professional?

If your advisor doesn't seem to be specialized in a certain age or part of retirement planning, they may be stretched too thin. Specialized advisors are able to focus more on your needs. If your advisor only tells you good things, you probably want to consider what they're not telling you. On today's episode, we'll break down 5 red flags to look out for when working with an advisor.

What we discuss:

1:17 – Working with all clients

4:38 – They only tell you the good things

10:36 – They can't explain things

13:47 – They talk more than they listen

20:00 – High level of market certainty

Contact:

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

The older you get, the less you pay attention to the number beside your age, but there are actually quite a few things to look forward to in your 50s, 60s, and 70s.

As you reach certain milestone ages, you have a planning opportunities open up and decisions that need to be made.

You might be aware of a few of the ages we'll discuss on this show and why they're important, but we think there might be a few surprises as we go through the discussion today.

What we discuss:

0:45 – Just celebrated a birthday

1:15 – 50

3:29 – 55

7:30 – Working example

9:41 – 62

17:22 – 65

20:35 – Full retirement age

23:18 – 72

Contact:

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

As you approach retirement, questions about your house will probably pop up. Should you think about downsizing, refinancing, and paying off the house completely? There's a lot to consider about this large asset. So, today we are going to break down some of the most common retiree questions we get about housing.

With interest rates still historically low should you be paying off your house as soon as possible or should you focus on paying the minimum? Some clients prefer one strategy over the other, a lot of people want their mortgage done with before retirement. Downsizing has been a common retiree move, but this is trickier in today's market. Is it still a good idea? Join us today as we unpack these questions and more!

What we discuss:

2:16 – Pay it off now or pay the minimum?

7:33 – Should you downsize?

14:24 – Are reverse mortgages a good or bad idea?

23:04 – Is a home equity line a good idea for major purchases?

Contact:

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

When it comes to retirement planning what murky issues could confuse or trip you up? On today's episode, we're going to break down a recent article that highlights a few murky issues pre-retirees and retirees face that make retirement planning a bit harder. The article mentions that Americans are confused about how much income is needed to offset inflation. If your planning doesn't account for inflation, you'll find yourself with significantly less buying power in the future.

Once in retirement, a lot of us are facing uncertainty when it comes to withdrawal rates. How much money can you take out of these accounts? When can you start withdrawals? Among these top concerns is Social Security and the best strategy to use to maximize your benefits. With many of these murky issues, an advisor can help you navigate the uncertainty and help you make confident decisions. Join us today as we explore these issues and how you can avoid the confusion.

USA Today Article: Retirement planning: These 3 issues are making it extra hard right now (usatoday.com)

What we discuss:

2:37 – USA Today article

3:35 – How much income do you need?

7:40 – What is COLA?

12:56 – Do you know withdrawal rates?

Contact:

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

If you have kids or grandkids, you may be wondering how they fit into your retirement plan. What do you need to consider when it comes to your family? If you have kids later in life you may be facing college expenses as you get close to retirement. College is expensive, so you'll want to consider your options and discuss the best strategy with your child.

A lot of kids are coming out of school without strong job prospects, you may have to consider supporting them longer than you thought. You have to have this budgeted into your overall retirement plan and be prepared to cut them off financially if necessary. On today's episode, we'll discuss 5 ways children and grandchildren factor into the retirement plan and what you need to contemplate while you plan.

What we discuss:

1:02 – College expenses

6:23 – Trouble in the job market

9:24 – Changes with grandkids

12:13 – Special needs

15:56 – Generational wealth

Contact:

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

Did you play any instruments as a kid? Similar to how you'd check if your guitar or violin was in tune, it's always a good idea to check in and make sure your retirement plan is still in tune.

Are you considering future tax considerations? Most people realize taxes are going to go up in the future so it's more important than ever to have a diversified tax strategy for your retirement accounts. Do you have the right amount of life insurance? This is an evolving part of your plan. You just can't set it and forget it. On today's episode, we'll discuss 4 signs that your plan may be out of tune and how you can get it back in tip-top shape.

What we discuss:

0:51 – Did you play an instrument?

3:07 – Considering future taxes

6:30 – Having the right life insurance

11:49 – The right amount of cash

17:30 – The right amount of risk

Contact:

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

If you've ever taken a subway or train you may have noticed the warning sign "mind the gap." It's a friendly reminder to watch where you are stepping and to take precautions. Similarly, you want to mind the gap in your retirement plan.

There are gaps in retirement planning, but there are ways to plan and prepare for these blind spots. When you stop working you are no longer getting a steady paycheck, so how are you going to replace that income stream? On today's episode, we are discussing 5 common gaps we see when people are constructing their financial plan and how you can avoid making these missteps.

What we discuss:

1:25 – The income gap

7:51 – The Social Security gap

11:56 – The inflation gap

15:07 – The long-term care gap

21:09 – The surviving spouse gap

Contact:

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

We are opening up the mailbag today to answer some listener questions. Should you take money from your IRA if you want to start a business? Well, this will depend on your age. If you are under 59 ½ there could be some hefty penalties.

Should you put your future savings in a Roth or 401(k) if your employer offers both? Most people believe taxes are going to go up in the future. But you'll need to sit down and find the correct balance for your situation. On today's show, we'll be discussing IRAs, trading options, RMDs, Roth IRAs, and more.

What we discuss:

1:56 – "I want to start a business, should I take the money from my IRA?"

7:06 – "Can I meet my retirement income needs through trading options?"

11:48 – "I'll be turning 70 this year, is there a way to get out of an RMD?"

15:05 – "I'm not a savvy investor, have I damaged my future?"

19:14 – "Should I put my future savings in a Roth or 401(k)?"

Contact:

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

Unfortunately, a lot of couples aren't on the same page when it comes to their financial and retirement plans. Do you understand the spousal options on your pension? Are you and your spouse coordinating your Social Security?

There's a lot to strategize here. Maybe one of you will start collecting your benefits as soon as you retire and the other spouse will wait. It's all going to depend on your situation, but the important thing is that both of you are involved in the planning process. On today's episode, we'll discuss the common financial mistakes we see couples make and how you can avoid them.

What we discuss:

1:22 – Spousal benefit options

5:14 – Coordinating Social Security

6:36 – Managing risk with spouses

9:27 – Coordinating your accounts

13:15 – Mistakes with life insurance

Contact:

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

Where can advisors drop the ball? While they may not mean to, sometimes advisors can overlook areas in our financial plan. On today's episode, we'll discuss 5 areas advisors may drop the ball and how you can make sure your plan is properly taken care of.

If your advisor is not reviewing your tax returns you may want to have a discussion with them. They may not be a tax professional, but they can still learn valuable information from your returns. Similarly, if they aren't evaluating the fees and costs associated with your investments it may be time to address this red flag. Are they helping you plan out your retirement income and target dollars? Have they discussed family values and legacy planning with you?

What we discuss:

1:32 – Reviewing your tax returns

3:09 – Evaluating fees and costs

7:14 – Planning your retirement income

11:26 – Clarifying target dollars

17:28 – Reviewing family goals and legacy plans

Contact:

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