Retirement Starts Today

Bret and I recently reviewed all of our clients' estate plans this spring and, as a result, we have so much to share with you about what we learned. It was so much that we had to break it into multiple episodes!

If you are curious about how this sort of meeting goes and wish that you could be a fly on the wall, you won't want to miss this episode.

Today we'll discuss why you need to ask yourself what could go wrong, why it's so important to consider where your documents are located, why you may want to consider having your medical power of attorney or living will a digital document, and how an executor is a mini dictator.

Everyone needs an estate plan. Listen in to hear what you need to consider when you create or update yours.

• [2:02] Having your estate planning docs in order can help you sleep better
• [4:14] Don't create complexity by trying to keep things simple
• [9:17] Where are your documents located?
• [12:38] How can your kids prove to a hospital that they can make medical decisions on your behalf?
• [14:24] Commonly misunderstood ideas about estate planning
• [25:01] The pros and cons of having co-powers of attorney or individual powers of attorney

• Use this calendar link to set up a 20-minute fit meeting

• Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/
• Follow Ben on Twitter: https://twitter.com/retiremeasap
• Join the newsletter: https://retirementstartstodayradio.com/newsletter
• Dive deeper into retirement planning with Ben at www.RetirementIncome.University

Subscribe to Retirement Starts Today on

Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Do you ever get together with your friends from high school and wonder why they all look so old? Are you surprised by the image that you see in the mirror each morning? If so, you're not alone.

In today's retirement headline segment, we'll explore an article from Jennifer Senior at MSN.com that examines the abstract concept of feeling a different age in your head than you physically are in years.

Related to the retirement headline, today's listener question is about how to understand when you are mentally ready to retire. Learn how important purpose is in your decision to retire.

• [1:02] Subjective age is feeling a different age in your head
• [6:37] What can this teach us about retirement?
• [8:50] Understanding the mental aspect of deciding when to retire

• The Puzzling Gap Between How Old You Are and How Old You Think You Are

• Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/
• Follow Ben on Twitter: https://twitter.com/retiremeasap
• Join the newsletter: https://retirementstartstodayradio.com/newsletter
• Dive deeper into retirement planning with Ben at www.RetirementIncome.University

Subscribe to Retirement Starts Today on

Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Have you made any changes to your retirement savings due to the poor economy? If you did, you're not alone.

According to a Financial-Planning.com article, half of America stopped saving for retirement last year. Don't miss hearing why this is such a bad idea.

Stick around for the listener questions segment where Bret and I address one listener's worry about the upcoming changes to the tax code. Retirement Starts Today is the podcast where you learn how you can spend more money, pay fewer taxes, and live a better life.

• [1:42] 50% of Americans stopped saving last year
• [6:10] My thoughts
• [8:46] How prepared should I be for the sunset on tax laws in 2026

• Half of America stopped saving for retirement last year amid soaring inflation
• The Retirement Tax Podcast

• Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/
• Follow Ben on Twitter: https://twitter.com/retiremeasap
• Join the newsletter: https://retirementstartstodayradio.com/newsletter
• Dive deeper into retirement planning with Ben at www.RetirementIncome.University

Subscribe to Retirement Starts Today on

Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

You may be excited to jump on the early retirement bandwagon, but before you do, listen to this episode. In our retirement headlines segment, we explore a peer-reviewed article that shows that early retirement can accelerate cognitive decline.

Stay tuned for the listener questions segment to hear how to reimagine your retirement spending mindset by creating a flexible spending plan.

Retirement Starts Today Radio is a way to learn about having more income, paying fewer taxes, and creating an even better retirement, so if that sounds like the life you're trying to create, press play now.

• [1:22] Cognitive decline can increase in retirement
• [3:50] My takeaways from the article
• [6:52] How can I convince my partner to spend more money in retirement?

• Research shows that early retirement can accelerate cognitive decline

• Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/
• Follow Ben on Twitter: https://twitter.com/retiremeasap
• Join the newsletter: https://retirementstartstodayradio.com/newsletter
• Dive deeper into retirement planning with Ben at www.RetirementIncome.University

Subscribe to Retirement Starts Today on

Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Many DIY investors would like to learn more about the latest changes in financial and tax laws but don't have the same opportunities to attend professional financial conferences. The good news is that Bret and I do have these opportunities, and we relish sharing our findings.

On this episode of Retirement Starts Today, Bret shares his insights from his boots-on-the-ground experience at Ed Slott's recent conference in Las Vegas. If you are curious about the changes surrounding IRAs and other retirement accounts as a result of the Secure Act 2.0, you won't want to miss Bret's distillation.

• [3:22] Private letter rulings are very expensive
• [6:23] Tax laws are getting more complicated
• [11:52] Main themes of the conference
• [17:30] Don't squander your biggest advantage in retirement

• Ed Slott
• Devin Carroll on YouTube
• Social Security Intelligence
• Episode 279 - Secure Act 2.0

• Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/
• Follow Ben on Twitter: https://twitter.com/retiremeasap
• Join the newsletter: https://retirementstartstodayradio.com/newsletter
• Dive deeper into retirement planning with Ben at www.RetirementIncome.University

Subscribe to Retirement Starts Today on

Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Have you ever used a Monte Carlo analysis to help you plan retirement? If so, the results can seem scary. You may be looking for a 100% likelihood of success so that you can rest easy–after all, you are probably hoping for a 100% successful retirement.

However, in this episode of Retirement Starts Today, you'll learn why a 100% success rate should not be your goal. Listen in to hear why.

• [1:42] Retirement plan uncertainties
• [8:00] Don't shoot for 100% success with a Monte Carlo analysis
• [10:25] How to figure out the cost basis

• Monte Carlo Failures Aren't Plane Crashes

• Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/
• Follow Ben on Twitter: https://twitter.com/retiremeasap
• Join the newsletter: https://retirementstartstodayradio.com/newsletter
• Dive deeper into retirement planning with Ben at www.RetirementIncome.University

Subscribe to Retirement Starts Today on

Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

We talk about retirement income guardrails a lot on this show, but today we'll go into greater depth while exploring an article from Kitces.com. This article was written by a mentor of mine and takes an advisor's perspective on how to discuss spending increases and decreases with clients.

These are fantastic conversations to review if you have been implementing or thinking about using the guardrails strategy in your retirement plan. Grab a pen and paper and take some notes to reflect as you listen so that you can keep them handy and run them through your own filter.

Stick around until the end to hear from a listener who is unhappy with their advisor, yet concerned about the tax implications of switching to a new one.

• [2:22] What are guardrails?
• [10:20] How to have the spending reduction conversation
• [15:30] What to do if you are unhappy with your financial advisor

• Implementing Retirement Income Guardrails to Facilitate Spending Raises and Cuts
• Dynamic Distribution Rate white paper
• Jarvis Financial

• Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/
• Follow Ben on Twitter: https://twitter.com/retiremeasap
• Join the newsletter: https://retirementstartstodayradio.com/newsletter
• Dive deeper into retirement planning with Ben at www.RetirementIncome.University

Subscribe to Retirement Starts Today on

Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Do you want to know how you can fully utilize your biggest advantage over the IRS? Listen to this episode to find out.

Today, we explore a ThinkAdvisor.com article that turns traditional retirement tax thinking on its head. Then, Bret helps me answer a listener's question about opening a Roth IRA when your salary is too high. Bret has a great tip that you may not have thought of before. Finally, you'll hear from Mike in Tuscon who is engaging in his love of music in retirement. Don't miss out on this episode to hear how you can plan to improve your retirement.

• [1:22] Delaying taxes in retirement isn't always the best
• [5:10] My thoughts
• [7:42] What about opening a Roth IRA and only making Roth conversions
• [12:45] How Mike is investing in himself

• Delaying Taxes in Retirement Isn't Always Best, Award-Winning Paper Shows
• Personal Capital
• Betterment

• Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/
• Follow Ben on Twitter: https://twitter.com/retiremeasap
• Join the newsletter: https://retirementstartstodayradio.com/newsletter
• Dive deeper into retirement planning with Ben at www.RetirementIncome.University

Subscribe to Retirement Starts Today on

Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Do you have an HSA? If so, do you simply use it to pay for your medical expenses? Or do you use it as a way to build your wealth? Today we'll look at an article from Financial Advisor Magazine that will help us identify opportunities for wealth creation.

Listen in to learn how to maximize the triple benefit of the humble HSA.

• [1:22] A few tricks to turn the humble HSA into a wealth builder
• [12:30] What is the Pension Benefit Guarantee Corporation?

• Article - A Few Simple Tricks Turn Humble HSAs into Wealth Builders
• PBGC.gov

• Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/
• Follow Ben on Twitter: https://twitter.com/retiremeasap
• Join the newsletter: https://retirementstartstodayradio.com/newsletter
• Dive deeper into retirement planning with Ben at www.RetirementIncome.University

Subscribe to Retirement Starts Today on

Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Do you combine your finances with your partner? If you do, chances are that you might be happier. In this episode of Retirement Starts Today, we'll explore a WSJ article written by Julia Carpenter titled Couples Who Combine Finances Are Happier. So Why Don't More Do It?

In addition to examining the benefits of combining finances, we'll take a look at the reasons couples choose not to pool their resources. Finally, I'll share my thoughts on why merging with your spouse's finances could be a boon to your retirement.

Make sure to stick around for the listener question segment. Bret and I discuss whether it is worth self-funding long-term care rather than purchasing long-term care insurance. Listen in to hear discover whether you're surprised by our response.

• [1:22] Couples who pool their finances are happier
• [6:30] Do we recommend self-funding long-term care insurance?

• WSJ article - Couples Who Combine Finances Are Happier. So Why Don't More Do It?

• Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/
• Follow Ben on Twitter: https://twitter.com/retiremeasap
• Join the newsletter: https://retirementstartstodayradio.com/newsletter
• Dive deeper into retirement planning with Ben at www.RetirementIncome.University

Subscribe to Retirement Starts Today on

Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify