Retirement Road Map

A successful retirement isn't just about your investments. For many retirees, the biggest, most crucial thing is having a comprehensive retirement plan–of which the portfolio is a big piece. What many people don't realize is just how much work goes into the plan. Even if you have a financial advisor, you might just be getting the portfolio–not the planning or the strategies to address taxes, legacy, cash flow, and more. In today's episode, we're talking about why a good financial plan matters, why they're going to remain important for years to come, and potential gaps in your own retirement strategy to fill in as you chart a path, secure your future, and live your dream.

In this podcast interview, you'll learn:

• The value of having a team of specialists who can all execute in different areas.
• What's missing from your retirement plan when all you have is a portfolio.
• Why it's so easy to accidentally pay egregious and unnecessary fees when working with financial professionals.
• What a deep dive into tax planning looks like–and why it's a lot more than looking at your taxes in the rearview.
• How a strong financial plan makes it easy for clients to assess their assets, investments, cash flow, legal documents, and net worth in a matter of seconds.

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To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast

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How do you choose between working full-time and doing everything else you've ever wanted to do with your life? When's the right time to retire, and will you have the money to do it?

Today, we're talking to Anne Lester. For 29 years, Anne was portfolio manager and head of retirement solutions for J.P. Morgan. Since leaving J.P. Morgan, she's become a regular commentator on CNBC and Bloomberg, and you may have seen her writing in the Wall Street Journal and New York Times.

In our conversation, Anne shares the story of how she fell in love with finance, her thoughts on the FIRE (Financially Independent, Retire Early) movement, and how she's been able to live a richer life while having the career and home life she always wanted.

In this podcast interview, you'll learn:

• Why the financial industry does such a bad job of recruiting and retaining women.
• Anne's advice to anyone starting out in the financial industry.
• Anne's thoughts on the FIRE (Financially Independent, Retire Early) movement.
• Why it's so hard to convince someone who grew up poor or middle class to retire in their mid-50s.
• Anne's three basic rules for financial planning.

Want the Full Show Notes?

To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast

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As the war between Russia and Ukraine rages on, Founding Partner Matt Peck, CFP®, CIMA®, will continue to break down this war and its financial implications in market updates.

In the video above, Matt discusses:

• Developments in the war, highlighting the immediate and anticipated fallout from the invasion of Ukraine
• Effects on the Federal Reserve and its response
• The impact on the interwoven markets
• Questions you can ask yourself as to how you should respond when it comes to your financial planning

Our hearts continue to break for the people of Ukraine. We hope they will soon be able to achieve peace and end this terrible war.

A week after the tragic invasion of the Ukraine began, uncertainty reigns. How will this military action affect the markets? Inflation? Global growth? Today we're joined by Founding Partner, Matt Peck, CFP®, CIMA® to learn more about the potential implications of the largest land war in Europe since World War II.

Most importantly, our thoughts and prayers are with the Ukrainian people and those in the line of fire.

The chart mentioned can be found here: https://lplresearch.com/2020/01/08/how-stocks-do-during-geopolitical-events/

For many business owners, insurance is all but guaranteed to be a massive part of their portfolio. Though it may seem simple at first, entrepreneurs rely on insurance products to safeguard their companies from risk, and the wrong coverage can create liabilities, hinder growth, and negatively impact one's retirement.

Joining me to discuss these topics is Tom Rogers. Tom is the Chief Growth Officer at FBinsure–a full-service independent insurance agency serving personal, commercial, and benefits clients here in the Northeast. He's a 20-year insurance industry veteran, and he's uniquely focused on challenging the traditional insurance buying process in favor of a holistic advisory approach.

In today's conversation, we talk to Tom about how business owners can ensure that they're protected while executing on powerful growth strategies.

In this podcast interview, you'll learn:

• The biggest risks for business owners–and why a small problem can snowball into a seven-figure loss if it goes to litigation.
• New potential liabilities facing business owners that they may not be insured for under a conventional policy.
• The unique challenges of purchasing commercial insurance–and how to find the broker and coverage that's right for you.
• How business insurance fits into an entrepreneur's estate plan.
• Why you should always get a second opinion before committing to an insurance plan.

Want the Full Show Notes?

To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast

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We all have financial goals. However, even when we have a plan in place, it’s not always the right plan–and sometimes our plans can do more harm than good. How does this happen, why do we sometimes cling to bad decisions, and what can we do to stop making these mistakes? To help answer these questions, we’re talking to Zeke Waisel. Zeke is a Behavioral Financial Advisor, as well as a CERTIFIED FINANCIAL PLANNER™. His unique training allows him to look past the numbers to understand why clients are (or aren’t) meeting their financial goals, make sense of behavioral biases, and create better plans.

In this episode, Zeke explains to us what exactly makes a BFA so unique, some of the biggest mistakes that people swear by when they make investments (both good and bad), and the unique challenges facing Millennial and Gen-X investors compared to their parents and grandparents.

In this podcast interview, you’ll learn:

• Common situations in which behavioral bias trumps sound thinking.
• Why younger investors are often more conservative with their money–and why Robinhood investors are often just gambling.
• Zeke’s biggest pieces of advice for young people.
• How to get a handle on your budget.

Want the Full Show Notes?

To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast

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Most people aren't proactive in their tax planning, either during their professional careers or in retirement, and the consequences can be grave. Tax law is constantly changing, the IRS is harder than ever to work with, and a missed opportunity or a stone left unturned can make a massive difference when it comes to your bottom line.

This is why we work with people like Peter Roache. Peter is a CPA from Donellon, Orcutt, Patch, & Stallard, specializing in handling tax returns, financial statements, and management consulting for companies with annual revenue between $100,000 and $100 million. He's a fantastic tax planner and someone we love to work with.

Today, Peter joins us to talk about how to manage tax risk, diversify your taxes in retirement, and what the future of taxation may look like across legacies and generations.

In this podcast interview, you'll learn:

• Why tax codes are getting more and more complex.
• How Peter uses today's tax rates to determine the value of Roth conversions for the future.
• Why so many people end up in a higher tax bracket after retiring.
• How the "backdoor mega Roth conversion" can work within a 401(k) to move nondeductible money and get many years worth of contributions in one.
• What you need to know about tax loss harvesting.

Want the Full Show Notes?

To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast

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When we're working with families to create retirement plans, one thing comes up more than almost any other: taxes. Families want to know how to best tax plan, craft strategies, and implement ideas to protect themselves in the face of fast-changing, sometimes volatile legislation.

For this conversation, we're joined by Mark Kenney. Mark is a CFP and advisor here at SHP, and he has tons of experience helping people create effective retirement plans. Today, we're starting from the beginning and sharing a number of things you can do right now to assess your retirement and make sure you're on the right path.

In this podcast interview, you'll learn:

• The difference between an IRA and a Roth IRA.
• How the SECURE Act has changed inheritance–and how to best cascade wealth across generations.
• How required minimum distributions can significantly impact your Social Security taxes and Medicare Part B premiums.
• How to determine when to execute a Roth conversion.

Want the Full Show Notes?

To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast

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Health insurance is one of the most confusing systems in America—and Medicare is rarely any easier to understand than the co-pays, deductibles, and other costs that people deal with before age 65. As great as it would be to transition seamlessly into Medicare coverage, few are able to do so without risking being partially uninsured or overinvesting in the wrong coverage.

To better understand Medicare coverage, we're talking to Scott Hokanson. Scott is licensed as both a Medicare Supplement and Medicare Advantage Expert, as well the Owner of Brabo Insurance, which works with over 500 small businesses and over 10,000 employees situated between Cape Cod and Boston.

In this conversation, we discuss what Medicare is, the penalties and taxes associated with healthcare for retirees, and a wide variety of different strategies you can use to not only get the coverage you need, but reduce your expenses in other ways as you approach and enter retirement.

In this podcast interview, you'll learn:

• Why Medicare Part A is good (but not fully comprehensive) healthcare coverage.
• Supplemental Medicare plans Scott recommends to most of his clients.
• What makes Medicare uniquely frustrating for doctors and hospitals.
• The common mistakes that people make with health savings accounts.
• Why Medicare prescription plans are awful—and how you can find less expensive medicines.

Want the Full Show Notes?

To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast

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Estate planning helps us protect the people who matter most to us. It ensures that our legacy is carried out the way we want it to be and protects the people we love. It's one of the most important pieces of a retirement plan—and there are many ways for this process to go wrong.

To help us understand how to build robust, comprehensive estate plans, we're joined by attorney Keith McManus. Based in Cape Cod and Plymouth, Massachusetts, he's the founder of McManus Estate Planning, and has helped thousands of families and individuals successfully transfer wealth across generations since 1996.

Today, Keith joins the podcast to give us a basic breakdown of estate planning documents, the common misconceptions about estate planning, and the pitfalls he sees in many estate plans.

In this podcast interview, you'll learn:

• When it's the right time to start estate planning—and when to revisit your estate plan.
• How major legislation like the SECURE Act can dramatically change an estate plan.
• Why having only a will is a massive mistake—and why Keith recommends working with a highly specialized estate planning lawyer.
• The major taxes that come into play when transferring wealth across generations.
• Why there's no one-size-fits-all approach to estate planning.

Want the Full Show Notes?

To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast

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