Retiring Today

What would you do if you won the lottery tomorrow? How would your life change? It may seem glamorous to win the lottery or dream of a giant lump sum of money but the reality is, people who win the lottery are typically not accustomed to handling large sums of money given to them immediately and a whole host of problems can arise. The same logic can apply to those people who inherit large sums of money from friends or family members. In this episode of Retiring Today, we will cover how to keep your loved ones from Sudden Wealth Syndrome. 

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The old rule of thumb used to be that you needed $1 million to retire. Now, there are many in the industry who think you need $3 million to retire. If you didn't start planning for your retirement in your 20's or 30's, you are looking at $3,720 to $8,493 a month that you need to aside for retirement. In this episode of Retiring Today, Abby Huntrods and Chawn Honkomp explore the idea of how much you need to save for retirement and if $3 million is really the new $1 million. 

Show Notes:

We often say retirement has changed over the years - today's retirees don't experience retirement the same way that Americans in retirement did in 1950. WWII had ended, the economy was booming and the baby boomer generation was born. Now, many of those people born during the 1950s are getting ready to retire or have already retired. In this episode of Retiring Today, we discuss how much retirement has changed between then and now. 

Next up in our Superhero series is the topic of Life Insurance. It is a topic that top of mind for a lot of people due to the Coronavirus pandemic landscape we are currently in. In this episode of Retiring Today, we will cover how life insurance can be sued in your retirement plan to create tax-free wealth for your loved ones, cover long-term care and also could be an income source. 

Show Notes:

Social Security is the backbone of your retirement. It can lay a great foundation for your income but should not be used as your only source of retirement income. In today's episode of Retiring Today, we are breaking down some of the top Social Security myths we hear from families and individuals as they prepare for retirement. 

The Required Minimum Distribution (RMD) age has changed! In December of 2019, a major piece of legislation was passed and lots of changes came with it. How does the RMD age change from 70.5 to 72 in the SECURE Act going to affect your retirement? Tune into this week's episode of Retiring Today. 

Next up in our Retirement Superhero Series is the Non-Qualified Account - an option that can supercharge your retirement and diversify your portfolio. In this episode of Retiring Today, Chawn Honkomp and Abby Huntrods take over the podcast booth discussing the ways this superhero can help you meet your retirement vision. 

Retirement has changed over time and the changes come in all forms. From corporate trends focusing pensions to go away to legislative changes, it can be hard to navigate what you should focus on in your retirement. In today's episode of Retiring Today with Loren Merkle, we will be discuss retirement law changes, new investing options, and strategies to protect your legacy.

Articles Referenced in the Show:

Worried about having enough money for your retirement? Income is the foundation of any retirement. It impacts almost all the decisions you make before retirement and in retirement. It also is the number one concern for pre-retirees. In today's episode of Retiring Today, we will explore the creation of retirement income and how to make it creatively customized for you and your retirement needs. 

We've talked a lot about the Roth IRA and how powerful it can be in your retirement plan. Over the past few months, we've been working with our families to initiate Roth Conversions as we've experience unprecedented marketing volatility. In this episode of Retiring Today, Director of Medicare, AnnaMarie Morrow, join the team to talk about how Roth Conversions can affect your overall retirement plan.