Retirement Starts Today

Even if you aren't familiar with Monte Carlo analyses, you've probably used it. Monte Carlo drives math behind the retirement planning software that you use. Monte Carlo software is truly amazing, however, the way people look at it is wrong.

In this episode, you'll hear the pros and cons of Monte Carlo analysis and how you can use a Monte Carlo calculator to maximize your full retirement potential.

• [1:52] When Monte Carlo simulations work and when they don't
• [7:10] How to use Monte Carlo simulations effectively
• [15:13] Should you annuitize to provide a safety net?

• Advisor Perspectives article
• Check out the Monte Carlo analysis lesson for FREE at RetirementIncome.University!
• BOOK - Die With Zero by Bill Perkins

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Aretha Franklin can teach you more than a little R-E-S-P-E-C-T.

On this episode of Retirement Starts Today, you'll learn from her estate plan (or lack thereof). After hearing about this estate plan gone haywire Bret and I will team up to answer a listener's question on how you can transition from a saving to a spending mindset.

Listen in to ensure that your estate isn't tied up for years while your heirs battle out the details in court.

• [2:22] Why are the notes found in Aretha Franklin's couch a valid will?
• [5:35] My takeaways
• [13:23] How to switch from a saving to a spending mindset in retirement

• Why Are the Notes Found in Aretha Franklin's Couch a Valid Will?
• Episode 295 - How Could This Go Horribly Wrong? Lessons in Estate Planning Part 1
• Episode 296 - My Kids Don't Want My Stuff – Lessons in Estate Planning Part 2

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Here at Retirement Starts Today, we are always looking for ways to teach you how to spend more money so that you can enjoy an even better retirement. However, many times our clients and listeners have trouble loosening their purse strings.

After years of being diligent savers, instead of enjoying the fruits of their labor, retirees reaching financial independence often find another reason to be frugal. Listen in to hear how you may be overdoing delayed gratification.

• [1:32] Will gratification always lead to a more fulfilling life?
• [2:55] How to find balance
• [4:01] Habits are hard to make and hard to break
• [10:12] How are expense ratio fees charged?

• Annual Listener Survey
• LifeAfterTheDailyGrind.com

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I've always said that it's important to retire to something rather than away from something. To do that means finding a sense of purpose.

In this episode, we'll explore an article from PhysicianOnFIRE.com that discusses how retirees can discover and maintain a sense of purpose in their lives after leaving the workforce.

Make sure to stick around for today's listener question. This one was my favorite one this year so don't miss it!

• [2:12] How to maintain a sense of purpose as a retiree
• [8:43] Why a purpose-filled life is important to retirement
• [12:40] How to deal with guilt about retiring from a much-needed service profession

• PhysicianOnFIRE.com
• Annual Listener Survey
• Episode 263 - Be Your Future Self Now
• Episode 303 - Your Future (Retired) Self
• BOOK – Be Your Future Self Now by Benjamin Hardy
• BOOK – Your Future Self by Hal Herschfield

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Would a 0% tax rate help you live an even better retirement? In this week's Retirement Headline, we'll explore a WSJ article titled How You Can Grab a 0% Tax Rate. If that doesn't pique your interest, I don't know what will!

Listen in to hear how you can learn to plan so that you can take advantage of a 0% tax rate on capital gains income.

• [1:42] How to grab a 0% tax rate
• [7:08] 4 ways to take action
• [11:22] How will lowering my taxable income affect my future Social Security benefits?

• How You Can Grab a 0% Tax Rate

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Scammers are constantly changing their playbooks to try and stay ahead of the authorities. That is why the IRS annually updates its "Dirty Dozen Tax Scam" list. This week we'll explore the latest article from the IRS on this year's tax scams then we'll check out an article from Financial Advisor Magazine that involve questionable tax practitioners and charitable remainder annuity trusts.

Don't miss out on this week's listener question because chances are, you have had this question as well.

• [2:22] What the IRS has to say about the dirty dozen in 2023
• [9:54] Tax scams that target the wealthy
• [14:02] On making larger withdrawals in your 60s and lesser withdrawals later on

• The Retirement Tax Podcast
• The Annual Listener Survey
• The IRS 2023 Dirty Dozen
• IRS Warns Of Tax Scams That Target Wealthy

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As a financial advisor that thinks a lot about the Medicare surcharge IRMAA, an article titled Stop Worrying About IRMAA written by a source I trust certainly caught my eye.

In this episode, we'll explore what IRMAA does, reflect on the article, and discuss whether the IRMAA surcharge is worth worrying about. If you have questions about IRMAA or are starting to approach Medicare age you won't want to miss out on this episode.

• [1:22] How Medicare works
• [5:33] How IRMAA works
• [8:09] My thoughts
• [9:18] Action items
• [14:50] How to pay taxes on Roth conversions

• The White Coat Investor - Should We Even Worry About IRMAA?
• Episode 101 - How to Navigate the Upcoming Changes in Medicare Supplement Plans

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Who wants to live longer? I know I do! Before you start taking magic pills and seeking the fountain of youth in an effort to increase your life span, Alex Janin from the Wall Street Journal suggests you start exercising.

In this episode of Retirement Starts Today, we'll explore Alex's article, What if the Most Powerful Way to Live Longer Is Just Exercise?

Make sure to stick around for the end of the show where Bret and I turn traditional retirement advice on its head as we answer one listener's question about how to draw down their various retirement accounts.

• [2:32] Just exercise more
• [5:41] Biohackers have discovered exercise is best
• [8:22] Exercise sooner rather than later
• [11:16] What is the best way to draw down my accounts in retirement?

• Whoop Strap
• WSJ article - What if the Most Powerful Way to Live Longer Is Just Exercise?

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If you have diligently saved throughout your career, you may be ready to retire, yet still feel uncertain about spending your savings.

To truly live your best life in retirement you need to learn how to shift from a saving mindset to a spending mindset. In this episode of Retirement Starts Today, we'll help you do just that.

This is the podcast where you can learn how to spend more money and pay less taxes on your way to an even better retirement. Listen in to learn how you can start spending more money so that you can enjoy your best retirement.

• [2:52] 3 techniques retirees can use to spend more money confidently
• [6:30] Techniques #2 and 3
• [12:24] Can my wife receive a spousal benefit before I receive my Social Security benefit?

• ThinkAdvisor article

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If you are new to the show, welcome! This is a place where we talk about how to spend more money, pay less taxes, and have an even better retirement. Today we're investigating that last part–the even better retirement.

In the retirement headlines segment, we'll take a look at a CNBC article that dives into an 85-year happiness study from Harvard University. Results from this study reveal the number one retirement challenge no one is talking about. Listen in to hear what this could be.

• [1:22] The number one retirement challenge that no one talks about
• [3:38] Ask yourself a few questions
• [8:17] How to go about bridging insurance before Medicare

• Boomer Benefits
• CNBC article

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