Retirement Starts Today

In this episode, we step away from our usual financial discussions to share personal stories from our military service. Why? To give listeners a glimpse of who we are beyond our roles as financial advisors—so we opened up about how our time in the service shaped our lives.

Bret shares his experience working in logistics and on the flight line in the Air Force, while I discuss my years as a combat engineer in the Army National Guard. We both reflect on how those experiences influenced our paths and continue to impact our work today.

Bret talks about his five years of active duty and four years in the reserves, highlighting memorable assignments from Korea, Guam, and Germany, and sharing humorous tales about managing logistics and hazardous materials.

I share stories of my time in Iraq, from conducting mine detection patrols to the lessons learned during long days in a tent. Our service stories illustrate how those years instilled lessons that we now apply to our roles as financial planners.

We close the episode with some actual advice on how to give financial gifts to loved ones in a tax-smart way. This special Veterans Day episode honors the holiday by sharing how our military experiences have shaped us and reminding listeners of the lasting impact service can have.

• [0:32] Why are we pausing our financial talk to share our military stories?
• [1:36] What was Bret's role in the Air Force, and how did it shape his journey?
• [3:40] Which memorable places did Bret serve, and what did he learn?
• [7:00] How did my role as a combat engineer lead to unexpected experiences?
• [8:50] What connections can we draw between military service and advising?
• [14:17] How can you give cash or assets to loved ones in a tax-efficient way?
• [19:10] Final thoughts on recognizing veterans and what their service means

• The Retirement Podcast Network

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Investing in health can lead to a more vibrant, enjoyable retirement. In this episode, I share the personal health investments I've made, like sleep tracking and working with a health coach, each designed to enhance well-being and longevity. Prioritizing health alongside wealth allows us to fully embrace retirement.

I detail four key health tools, each with its own costs and benefits. From the Whoop Strap for monitoring sleep quality to MyFitnessPal for tracking nutrition, these tools help create a healthier lifestyle. My biggest investment was a full-body MRI, providing peace of mind and preventive insights—sometimes, the best financial choice is a health choice.

To finish, Brett and I answer a listener's question on Roth conversions, covering the best timing to optimize tax efficiency and avoid penalties. This episode offers practical advice for a health-focused, financially savvy retirement.

• [0:27] Nine-Year Milestone and Book Announcement
• [2:30] The Importance of Investing in Health
• [4:17] Wearable Tech: The Whoop Strap
• [6:10] Health Coaching and Nutrition Tracking
• [8:08] Long-Term Investment in a Full-Body MRI
• [13:06] Listener Question: Optimal Timing for Roth Conversions

• The Retirement Podcast Network
• Whoop Strap – Wearable device for tracking recovery and sleep quality
• MyFitnessPal Premium – Nutrition and macro tracking app
• Prenuvo – Provider of full-body MRI scans
• Peter Diamandis and Fountain Life – Inspiration for full-body MRI screenings

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Are you feeling rattled by Required Minimum Distributions (RMDs)? We're here to help. Today we get deep into managing RMDs as we explore an article by Pam Krueger from Kiplinger's. I outline the complexities of RMDs, share strategies to minimize tax impacts, and talk about how to craft a "perfect RMD" strategy. Plus, I'll dig into why so many retirement podcasters, myself included, have no plans to retire themselves.

We kick things off by understanding the basics of RMDs, including when and how retirees must start withdrawing funds from tax-deferred accounts like IRAs and 401(k)s. I share exactly how the timing of RMDs, starting at age 73 (or potentially later under new laws), can have huge tax implications. I also detail strategies to minimize taxes through Qualified Charitable Distributions (QCDs) and preemptive withdrawals.

And of course, co-host Bret Mulvaney and I respond to a listener's intriguing question: why don't retirement podcasters retire?

• [00:22] Tax Month and RMDs Overview
• [02:10] Age Changes and Future Implications
• [08:00] Strategies for a "Perfect RMD"
• [16:10] Why Retirement Podcasters Don't Retire
• [21:30] Life Fulfillment through Financial Planning

• The Retirement Podcast Network
• Kiplinger's article by Pam Kruger: "Rattled by RMDs? Look No Further."
• Retirement Starts Today Tax Tool: retirementstartstoday.com/tax
• Secure 2.0 Act details

• https://www.kiplinger.com/author/pam-krueger

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Are you sure you're making the right call when deciding between Roth and traditional retirement accounts? A recent article on the Michael Kitsis blog started a debate into why, during your peak earning years, contributing to traditional pre-tax accounts might actually make more sense—even if tax rates rise in the future.

I'm going to break down why high-income earners can often benefit more from deferring taxes now and paying them later in retirement when they have more control over their income.

I'll explain how using tax deductions at your highest earning years and withdrawing funds at lower tax rates in retirement can save you a significant amount in taxes over time. It's all about maximizing your flexibility and finding opportunities to lower your tax burden down the road.

• [0:20] Why are pre-tax contributions better during peak earning years?
• [0:52] How can retirees better control income and taxes after retiring?
• [5:00] What's the key tax strategy difference between Roth and traditional?
• [6:10] Why take deductions at high income and realize them later?
• [9:20] How do tax rate changes affect Roth vs. traditional choices?
• [12:08] Why is avoiding future "tax tidal waves" crucial for savers?
• [13:20] What life events can raise taxes, even without rate hikes?
• [14:50] How do traditional accounts allow for smart Roth conversions?
• [15:20] Why should retirees focus on tax flexibility now?

• The Retirement Podcast Network
• Michael Kitces Blog: The article titled "Why Pre-Tax Contributions Are Better Than Roth in Peak Earning Years, Even If Tax Rates Increase" by Ben Henry-Moreland.
• Retirement Tax Quiz Tool: Available at retirementstartstoday.com/tax
• Ben Henry-Moreland's articles

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What could happen to our taxes if the 2017 Tax Cuts and Jobs Act (TCJA) expires in 2025? This week, we explore a Wall Street Journal article analyzing the TCJA's potential expiration and its varied impacts across the U.S. from coast to coast.

These tax cuts, enacted under President Trump, included reductions across multiple income brackets, increased standard deductions, and expanded child tax credits. However, when they're set to expire, the shift could mean substantial tax hikes for many households.

The discussion centers on the unique impact of these changes in different regions, showing how factors like income levels and state taxes could influence the extent of the increase.

• [0:20] What happens if the 2017 tax cuts expire?
• [3:00] Impact of the TCJA's expiration on different regions
• [4:47] Where tax increases will be highest
• [5:45] Bay Area faces double pressure
• [6:05] Retirees in Collier County, Florida, brace for tax changes
• [7:50] Rural areas face modest tax impacts
• [12:21] Listener Question: Social Security & retirement timing

• The Retirement Podcast Network
• Where Taxes Would Rise the Most if Trump's Tax Cuts Expire
• Retirement Starts Today Tax Tool: retirementstartstoday.com/tax

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Are you actually prepared for how upcoming tax law changes could impact your retirement? I analyze insights featured on the Nerd's Eye View blog, focusing on key tax strategies for retirees. With the potential 2025 sunset of the Tax Cuts and Jobs Act approaching, potential changes in marginal tax rates, personal exemptions, and deductions could significantly affect tax planning, especially for higher-income earners.

Flexibility is super important when preparing for uncertain legislative changes. Roth conversions and gains harvesting are explored as ways to mitigate the potential impact of rising tax rates. By taking action now, retirees can strategically time income recognition and navigate these upcoming shifts in tax policy.

We're going to keep this conversation centered around forward-thinking tax planning based on Nerd's Eye View insights, helping retirees and financial advisors remain adaptable and ready for the changes that may come. Understanding these strategies can help you out big time, and lead to smarter decisions as the future tax landscape unfolds.

• [0:08] Discover October's tax focus and new tool
• [1:06] Estimating Your Retirement Tax
• [2:30] What happens when tax cuts sunset?
• [6:10] How to adapt to future tax changes effectively
• [7:00] Roth conversions for tax efficiency
• [13:50] Listener question on retirement spending
• [18:00] Social Security as a contingency plan

• The Retirement Podcast Network
• Retirement Starts Today Tax Tool
• The Nerd's Eye View Blog article

• Nerd's Eye View

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Are index funds really the "sure thing" in investing, or do our emotions get in the way? To help answer that question, we're going to talk about a Wall Street Journal article by Jason Zweig, which demonstrates the simplicity and challenges that come with investing in index funds.

While these funds are designed to replicate the market at a low cost, actual investor behavior is what can lead to underperformance. We'll talk about why sticking to this seemingly easy strategy is harder than it looks and explore how to avoid the "behavior gap" that keeps investors from reaching their full potential.

Next, Brett and I team up to tackle a listener question about estate planning. If you've already got a financial plan in place but need help with wills, trusts, and powers of attorney, this segment is for you.

We break down what estate planning tools you need to protect your family and your assets, and we'll also get deep into when it's time to involve an attorney. Estate planning may not be fun, but having a plan in place can prevent huge headaches down the road.

• [0:20] Index funds are a sure thing...right?
• [2:51] Understanding the behavior gap
• [4:00] The temptation to sell
• [7:00] Boring but effective
• [13:17] A real-life coffee conversation
• [17:42] Estate planning essentials
• [19:50] Powers of Attorney: Why you need them now
• [21:47] Don't forget your parent's estate plan
• [23:50] Navigating health care directives
• [25:00] Final thoughts: Simple, yet hard to do

• Messing Up the Closest Thing to a Sure Thing in the Stock Market, by Jason Zweig
• Mind the Gap 2024: A Report on Investor Returns in the US
• The Retirement Podcast Network

• Jason Zweig, Wall Street Journal profile

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How can we better prepare for a successful retirement? We're exploring the lessons from a recent article by Christine Benz of Morningstar, where she reflects on her six-week sabbatical and how "mini-retirements" can help us test the waters before we fully retire.

We talk about how the luxury of unscheduled time, balancing purpose, and the importance of finding joy in small moments can shape our ideal retirement experience.

I also have a listener-inspired segment on protecting personal data in the age of cyber threats and data breaches.

• [00:58] How should we handle data breaches and protect our information in retirement?
• [03:02] Lesson 1: Why is unscheduled time an underrated luxury?
• [05:15] Lesson 2: Why having a sense of purpose is crucial in retirement
• [06:49] Lesson 3: How hard is it to balance leisure and obligations in retirement?
• [08:47] Lesson 4: What joy can we discover in small moments during retirement?
• [10:26] Brett Mulvaney shares how he got started in financial planning
• [14:08] Steps for protecting your Social Security and tax data after a breach

• The Retirement Podcast Network
• Christine Benz's Lessons From Another 'Faux-tirement'
• Christine Benz, How to Retire (Morningstar)
• IRS Identity Protection PIN
• Social Security Online Services

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Are you actually prepared to navigate the complexities of retirement? We're exploring Fritz Gilbert's Six Lessons From Six Years of Retirement, shared from his blog The Retirement Manifesto.

One by one, we'll walk through these lessons, keeping in mind that retirement is an evolving journey, not a static experience. For those who still need to optimize their post-work life, these lessons will show you a roadmap.

We then talk about a listener question about portfolio management—whether to prioritize Roth conversions or refilling cash buckets when your investments outperform expectations. We get deep into the importance of tax diversification and flexibility in retirement, especially why having options—whether it's a Roth, brokerage, or IRA—is absolutely crucial when facing financial uncertainties.

If you're preparing for or already navigating retirement, today is an excellent lesson from the 'upperclassmen'—those a few years ahead of us in the retirement game.

• The Retirement Podcast Network
• Original Six Lessons article by Fritz Gilbert (and The Retirement Reality Series)
• Dan Sullivan's The Strategic Coach program

• Fritz Gilbert's The Retirement Manifesto

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Retirement is not just a transition from work to leisure. It's a continuous journey of self-discovery. We explore the story of Tom, who reflects on the emotional and financial challenges he faced after leaving a successful career. From adjusting to a fixed income to finding new ways to matter outside of his career, Tom's experiences give us valuable lessons for those nearing retirement.

In light of Tom's story, we talk more about Roth conversions and the evolving rules surrounding Required Minimum Distributions (RMDs). We'll tell you how to manage Roth conversions, even after reaching RMD age, and the importance of tax planning as part of a truly comprehensive retirement strategy.

Learn how to make smarter financial decisions as you prepare for (or continue through your continuous journey of) retirement.

• [2:06] What challenges arise when going from a fulfilling career to retirement?
• [3:11] How do you cope when you're no longer excited about retirement?
• [5:31] Can part-time work in retirement bring meaning or just fill time?
• [4:56] How do you adjust to losing status and income?
• [4:03] Why is adapting to a fixed income harder than expected in retirement?
• [9:46] How many Roth conversions can you make after turning 73?
• [10:41] Is converting IRA funds to a Roth still a good strategy after RMD age?
• [12:07] What happens if you delay your first Required Minimum Distribution (RMD)?
• [13:50] How do changes in tax laws impact retirement decisions?

• The Retirement Podcast Network
• Tom Pendergast's Blog: Out Over My Skis (Retirement Freedom or Free Fall article)

• Tom Pendergast's Blog

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