In this week's episode, hosts Katie Umland and Tim Regan explore the nuanced challenges faced by the sandwich generation, those individuals caught between supporting their children and caring for aging parents. How do you balance the responsibilities of two generations? What are the financial implications, and how can you prepare for what's often an unpredictable but inevitable situation?

"Every dollar can only be spent once," Tim reminds us, emphasizing the importance of intentional and proactive financial decision-making. The discussion dives into scenarios where familial assumptions can lead to unexpected complications if not addressed early on. Whether it's deciding on living arrangements for aging parents or managing financial support for adult children, these conversations require clear communication and planning.

Plus, the hosts share insights into the emotional and financial dynamics of moving parents closer for care, addressing the historical differences between now and previous generations when it comes to family support.

3 Key Takeaways:

• Being part of the sandwich generation requires carefully balancing time and resources between caring for aging parents and supporting children.
• Open communication and setting clear expectations with family members about care and financial support can prevent conflicts and misunderstandings.
• Being intentional about financial decisions means recognizing that every dollar spent in one area is a dollar not available elsewhere, highlighting the need for prioritization and planning.

Join Tim and Katie as they unpack these dynamics to better prepare for the responsibilities that come with being part of the sandwich generation, and don't forget to explore our previous episodes for more insights!

On this episode of The Retirement Readiness Podcast, Katie Umland and Tim Regan explore the complexities of planning for retirement and estate management in blended families. They delve into the unique challenges and considerations blended families face when trying to ensure a fair and smooth transition of assets across their family structures.

From understanding the dynamics of a family where "everything is ours" to addressing scenarios where individual asset maintenance is key, Katie and Tim outline strategies for effective communication and planning. As Tim poignantly observes, "You have to be intentional with how you plan for that."

Join them as they discuss practical strategies for integrating both emotional and logical perspectives into your planning. They also touch on Prairie View's recent developments, including the launch of Purview Tax, dedicated to providing proactive tax advice.

3 Key Takeaways:

1. Blended families, especially those formed later in life with established individual assets, benefit from intentional planning and clear expectations.
2. Establishing clear communication with all family members involved, including adult children, can help prevent misunderstandings and ensure everyone is aligned with estate plans.
3. Retirement and estate planning should be approached as a phase-oriented strategy, where flexibility and forward-thinking can help integrate both individual and collective family goals.

This week, we're tackling an important question for those approaching retirement: How do you know when it's time to move, and what should you consider during this life transition? Hosts Tim Regan and Katie Umland delve into the complexities of moving in retirement, from deciding whether to downsize to contemplating a move to a retirement community.

Many clients have grand plans to downsize their homes, imagining a significant financial windfall, but it doesn't always work out that way. Their discussion highlights how lifestyle factors often outweigh financial considerations, underscoring the importance of aligning your living situation with your retirement goals and family needs.

Key points include:

• The reality of downsizing: smaller spaces often come with higher expectations and costs.
• The emotional aspect of moving: how nostalgia and family memories can impact the decision to sell a long-time home.
• The stages of moving in retirement: from bigger homes to independent living facilities and eventually, possibly assisted living.

"You live in a house to support the lifestyle that you want."

3 Key Takeaways:

1. Downsizing does not always result in a financial windfall due to increased expectations for quality and amenities in a new home.
2. When considering a move, weigh the emotional and lifestyle benefits as heavily as financial ones.
3. Planning for retirement housing involves assessing different stages of life, from maintaining a larger family home to transitioning to independent living and eventually assisted living if needed.

Click play to hear practical advice on aligning your retirement lifestyle with your housing choices, and check out our previous episodes for more retirement planning insights!

In this episode, we're exploring a vital decision: How to choose the right financial advisor for your unique needs and when to seek one.

Ever found yourself wondering, "What exactly does a financial advisor do?" You're not alone. Many people might not even realize the full range of services and support a financial advisor offers—or what to look for when searching for one.

We know selecting a financial advisor can feel overwhelming. Tune in as hosts Tim Regan and Katie Umland provide a comprehensive guide to help you determine what to look for in a financial advisor, understand how different advisors are compensated, and identify what services align with your financial goals. They emphasize the importance of finding a fiduciary and how to gauge if an advisor is fit for your specific situation. As well as, why a comprehensive approach often yields the best results.

“If you're questioning should I have one... the answer is yes,” Tim advises, highlighting that professional financial guidance is beneficial regardless of your current financial state.

Tune in to understand how to simplify the world of financial advising and make a choice that fits your lifestyle and goals!

3 Key Takeaways:

1. Understanding the role of a fiduciary and how financial advisors are compensated is crucial in making an informed decision.
2. Your financial advisor should fit your current financial stage, whether you’re just starting to save or planning for retirement.
3. Transparency in fees and services can help establish a comfortable and productive relationship with your financial advisor.

For more insights on financial planning and advisor selection, visit Prairie View Wealth and Tax Advisors at pv-wp.com and explore their wealth of resources designed to help you live your "Two Comma Life."

In this week's episode of The Retirement Readiness Project, we're tackling an issue that's becoming increasingly crucial for retirees: cybersecurity. Our hosts, Katie Umland and Tim Regan, dive into how retirees can protect themselves in an ever-changing digital landscape.

Cyber threats evolve rapidly, and it's essential to stay one step ahead. Our guest breaks down the importance of using password management tools, like 1Password and LastPass, and explains how these apps not only store but also generate robust passwords.

“Don’t send anything through email or text that you wouldn't put on a postcard. When in doubt, reach out."

Plus, learn about practical, everyday steps to enhance your cybersecurity, from enabling two-factor authentication to recognizing phishing emails before they cause harm. This episode is packed with actionable advice and insights that every retiree can benefit from.

Click play to arm yourself with the knowledge you need to navigate the digital world safely. And don’t forget to explore our past episodes for more valuable tips on achieving a secure and fulfilling retirement!

3 Key Takeaways

1. Password management tools can significantly enhance your online security by storing and generating strong, unique passwords.
2. Always question the origins of unexpected emails or messages. Verify the sender before clicking on links or attachments.
3. Enabling two-factor authentication on as many accounts as possible provides an extra layer of security against unauthorized access.

In this episode of The Retirement Readiness Project, we tackle an all-too-common financial pitfall: mentally spending your bonuses or pay raises before they hit your bank account. Hosts Katie Umland and Tim Regan offer sage advice on how to channel these financial windfalls strategically to build an emergency fund, pay down debt, and ultimately enjoy your earnings guilt-free.

“If you think of money like time, it expands to fill what’s available,” Tim asserts, urging listeners to adopt a disciplined “pay yourself first” mindset for long-term financial health.

Katie and Tim dive into practical New Year's resolutions for better money management, emphasizing the importance of setting achievable goals and starting new habits today, not tomorrow. They delve into the exciting world of personal financial management tools like Quicken, sharing how categorizing expenses and tracking net worth can simplify your financial life.

The episode also highlights the value of communication in relationships when setting mutual goals. Katie shares her own experiences of balancing home projects with her partner, while Tim emphasizes aligning on aspirations to avoid friction.

Click play to equip yourself for a financially savvy 2025, and be sure to explore our previous episodes for more insights!

3 Key Takeaways: 
- Adopt a "pay yourself first" strategy to prioritize your financial well-being before other expenses. 
- Set realistic, incremental goals to steadily achieve long-term objectives without feeling overwhelmed.
- Communicate financial and personal goals with your partner to ensure alignment and mutual support.

Curious about whether cryptocurrency has a place in your retirement portfolio? Tune in as Tim Regan and Katie Umland delve into this controversial yet fascinating topic! Together, they're breaking down the complexities of crypto and its potential implications on your financial future.

Tim and Katie discuss the investment value of cryptocurrencies, the technology that underpins them, and whether it's too late to get on the crypto bandwagon. “The boat has sailed,” Katie suggests, noting that the meteoric rise in crypto values is unlikely to repeat. They also explore blockchain technology and its wide-reaching applications beyond currency.

Plus, hear about Prairie View's exciting new developments as the team prepares for a big office move and the launch of their new services, including tax return assistance.

Tune in to deepen your understanding of crypto and stay updated on Prairie View Wealth's latest offerings!

3 Key Takeaways:
- The major financial gains in cryptocurrency have likely passed, making it less attractive for new investors seeking high returns.
- Blockchain technology extends beyond currency and has vast potential applications in securing digital transactions and data integrity.
- Despite the hype, crypto is unlikely to replace traditional currencies in the near future due to issues of value stability and market readiness.

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Ever grappled with holiday spending and budgeting? This episode of The Retirement Readiness Project is here to help! Hosts Tim Regan and Katie Umland walk you through practical tips and personal stories about navigating holiday expenses and setting up a budget that works for you.

From the confusion of layaway programs to the pitfalls of credit card debt, Tim and Katie discuss why budgeting during the holiday season is essential. They share their experiences with spending awareness, end-of-year budgeting, and the importance of intentional gift-giving. "It's not just about what you can afford to give, but what you should give," Katie notes.

Tune in as Tim recounts his preference for layaway over credit cards and Katie highlights the value of zero-dollar budgeting. They delve into modern spending challenges, including the evolution of subscription services and managing family gift expectations without breaking the bank.

“You don't need to escalate your holiday spending each year just because you have financial means; set limits to prevent overspending,” Tim advises.

Whether it's setting a holiday budget, understanding the long-term impacts of small expenses, or managing a family’s diverse needs, this episode is packed with actionable advice. Make sure to visit the PrairieView Wealth Partners' website for more resources and subscribe to our podcast for ongoing financial guidance.

3 Key Takeaways:

• Set intentional goals for gift-giving to manage financial strain and avoid overwhelming loved ones with material items.
• Utilize the end of the year to review spending habits, evaluate automatic payments, and plan next year's budget.
• Consider zero-dollar budgeting to manage finances effectively, ensuring that spending aligns with true needs and not just wants.

This week, join hosts Tim Regan and Katie Umland as they explore the rapidly evolving landscape of robo advisors and AI technology in the financial services industry. Are these technological advancements a threat to traditional financial advisors, or do they present new opportunities to enhance client services?

Tim and Katie delve into how AI and machine learning are transforming everything from investment selection to tax planning. You'll hear concrete examples of how firms like Prairie View Wealth Partners are integrating AI tools to provide more tailored, efficient services without replacing the invaluable human touch.

“The basic blocking and tackling is no longer going to be a value add,” Tim explains. “But the advisory side of that really starts to take off.”

Discover how AI is already influencing the way advisors operate and what the future holds for integrating these technologies with human expertise. From app-driven solutions to the potential of virtual reality in financial planning, Tim and Katie paint a vivid picture of what’s to come.

Click play to learn more, and be sure to check out our library of previous episodes!

3 Key Takeaways

• AI and robo advisors are augmenting, not replacing, the role of financial advisors by providing better tools for efficient client service.
• AI-driven tools can help streamline complex tasks like tax planning and investment selection, allowing advisors to focus on personalized advisory services.
• The future of financial services may include more app-driven solutions and even virtual reality experiences to offer tailored, engaging client interactions.

In this week’s episode, hosts Katie Umland and Tim Regan chat about the often-overlooked art of thoughtful decision-making and its impact on your financial future, particularly as the year comes to a close. They unpack valuable strategies for end-of-year tax planning and investment decisions, all while sharing a few personal anecdotes about holiday season chaos and recent family moves.

The guest highlights concepts from the insightful book “The Road Less Stupid,” emphasizing the importance of taking time to think and plan rather than rushing into decisions. This episode also delves into how asking your brain questions can unlock your subconscious to find better solutions.

“We often get caught up in doing things quickly and end up missing out on the best solutions.”

Listeners will learn about the crucial distinction between financial advisors and accountants, and how to bridge the communication gap between these two roles for more holistic financial planning. There’s also a sneak peek at PrairieView Wealth Partners’ exciting upcoming tax service designed to streamline and enhance clients' financial and tax planning efforts.

Whether you're planning your next Roth IRA contribution or thinking about making charitable donations, this episode provides invaluable tips on proactive financial planning, reminding listeners of the importance of timing and strategic decision-making.

And don’t forget to explore our previous episodes for more financial wisdom!

3 Key Takeaways

• Thoughtful, well-timed decision-making can significantly enhance financial outcomes.
• Effective end-of-year strategies involve tax planning to maximize deductions and smart contributions to retirement accounts like Roth IRAs.
• A holistic financial plan requires coordinated communication between financial advisors and accountants to optimize long-term strategies.