The Guided Retirement Show

It’s our Season 10 finale of The Guided Retirement Show, which means it’s time for Chris Rett, CFP®, AIF® to join Dean Barber as the featured guest. Chris and Dean are going to review 10 questions that everyone should ask themselves before retirement. If you’re planning to retire around three to five years from now, make sure to take some notes and to ask yourself these questions before retirement. Let’s review the questions and then we’ll explain why everyone should think about them before retirement.

10. When should I/we start Social Security?

9. What types of insurance do I need in retirement?

8. What healthcare and other unexpected costs can I expect in retirement? And how do I plan for them?

7. How do I plan for inflation and other uncertain economic changes?

6. When was the last time I reviewed my estate plan? Do I need to make changes? Are my beneficiaries up to date?

5. Am I emotionally ready to retire? How will I maintain my health in retirement? Have I considered how the transition from work to retirement will affect my mental health and sense of purpose? Do I have hobbies or interests I want to pursue?

4. How do I account for/plan for taxes in retirement?

3. How will I generate income in retirement and what is my distribution strategy?

2. What will my lifestyle be in retirement and have I saved enough money to retire?

1. What do I want my legacy to be?

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To get a full recap of today's conversation, including the biggest takeaways and links to all the resources mentioned, visit GuidedRetirementShow.com/114

Learn More about Retirement Planning

Find out more about retirement planning and Modern Wealth Management, by visiting modwm.com

Dean Barber could talk for hours about estate planning mistakes to avoid. On Episode 113 of The Guided Retirement Show, Dean decided to cover some of the most common estate planning mistakes that he and Tim Denker of Denker Law Firm, LLC have witnessed. Tim founded Denker Law Firm, LLC in 2006 and has practiced estate planning and business law since 2003.1 Dean and Tim want you to be informed when it comes to estate planning and are going to 10 mistakes to avoid.

1. Not preparing an estate plan
2. Not understanding the dangers of will-based trusts
3. Improper asset titling
4. Using free resources without understanding the details
5. Not getting the right people involved—attorneys, CPAs, advisors
6. Doing a disservice to your family, not yourself
7. Knowing the difference between an IRA and 401(k) in estate terms
8. Taking a Set-It-and-Forget It Approach with Your Estate Plan
9. Business owners without a succession plan
10. Not considering beneficiary-controlled trusts

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To get a full recap of today's conversation, including the biggest takeaways and links to all the resources mentioned, visit GuidedRetirementShow.com/113

Learn More about Retirement Planning

Find out more about retirement planning and Modern Wealth Management, by visiting modwm.com

How can you pay less taxes over your lifetime? That’s a question everyone wants to know the answer to, but there isn’t a one-size-fits-all answer. Everyone’s financial situation is different. Along with explaining the importance of having a forward-looking tax plan as a part of your personalized financial plan, Corey Hulstein, CPA and Marty James, CPS, PFS joined Dean Barber on The Guided Retirement Show to share some tax planning tips.

In this podcast interview, you’ll learn:

• The Dynamic of the CFP® Professional and CPA Working Relationship
• The Difference Between Tax Preparation and Tax Planning
• Considerations When Creating a Distribution Strategy
• The Difference Between Charitable Remainder Trusts and Charitable Lead Trusts

START PLANNING

To get a full recap of today's conversation, including the biggest takeaways and links to all the resources mentioned, visit GuidedRetirementShow.com/112

Learn More about Retirement Planning

Find out more about retirement planning and Modern Wealth Management, by visiting modwm.com

At Modern Wealth Management, we enjoy guiding couples and individuals from various walks of life through the retirement planning process. Hence why we came up with the name of our podcast, The Guided Retirement Show. Many of the case studies we’ve reviewed in our podcasts, articles, and other content have focused on couples retirement planning. Today, Will Doty, CFP®, AIF® and Dean Barber are going to dive into a case study that geared toward all the single folks out there. Everyone’s situation is unique when it comes to retirement planning, whether you’re retiring single or married. Maybe you’ve been single for most or all your life. Or maybe you were married and are now single following a divorce or death of a spouse. No matter your situation, you need to have a plan for retirement. In this article and podcast, we’re going to run through a case study of someone retiring single with $1.5 million in retirement savings. Let’s review some things they’ll need to think about.

In this podcast interview, you’ll learn:

• The difference between the three tax buckets
• How to determine your plan’s probability of success
• What IRMAA stands for and how it works
• The importance of having a personalized financial plan

START PLANNING

To get a full recap of today's conversation, including the biggest takeaways and links to all the resources mentioned, visit GuidedRetirementShow.com/111

Learn More about Retirement Planning

Find out more about retirement planning and Modern Wealth Management, by visiting modwm.com

As Modern Wealth Management continues to grow, one of the additions we’re very excited about is our office in Rochester, New York. Our Rochester-based team members specialize in 401(k) plans, which are typically people’s largest asset as they head into retirement. So, we figured it would be good idea to have Michelle Cannan, CPFA™, QKA®, QKC, our head of company retirement plan services and managing director of our Rochester office, join Dean Barber on The Guided Retirement Show to discuss how a 401(k) plan works and many other nuances about 401(k)s.

Along with covering how a 401(k) works for plan participants, Michelle will share a little bit about the roles of the plan sponsor and plan provider.

In this podcast interview, you’ll learn:

• How Our Team of Retirement Plan Advisors Works with 401(k) Plan Sponsors
• The Roles of Retirement Plan Advisor, Record Keeper, Sponsor, and Participant with How a 401(k) Plan Works
• How 401(k) Plan Automatic Enrollment Works
• Roth vs. Traditional Considerations

START PLANNING

To get a full recap of today's conversation, including the biggest takeaways and links to all the resources mentioned, visit GuidedRetirementShow.com/110

Learn More about Retirement Planning

Find out more about retirement planning and Modern Wealth Management, by visiting modwm.com

As we attempt to help educate people about market sentiment, we’ve continued to welcome back AllianceBernstein’s David Mitchell as a guest on The Guided Retirement Show. David last appeared on The Guided Retirement Show with Dean Barber in October 2023 to give his market outlook and review market trends from the previous six months.

Dean and David will review some of the things they discussed during that episode. David will also review the last six months of market performances again and give his updated market outlook to help people develop a better understanding of market sentiment.

Note: This was recorded on April 2, which was before the March inflation report was released.

In this podcast interview, you’ll learn:

• Shorter-Term Treasuries Oftentimes Are Closely Tied to the Fed Funds Rate
• Longer-Term Treasuries Attempt to Price in Future Growth and Inflation
• The Fed’s Challenges with Trying to Engineer a Soft Landing
• What Opportunities Dean and David Are Looking at in Equities and Fixed Income

START PLANNING

To get a full recap of today's conversation, including the biggest takeaways and links to all the resources mentioned, visit GuidedRetirementShow.com/109

Learn More about Retirement Planning

Find out more about retirement planning and Modern Wealth Management, by visiting modwm.com

Estate planning can be a complicated issue. It can run smoothly or there can be a lot of pitfalls that you don't foresee. As Matt Kasper, CFP®, AIF® makes his third appearance on The Guided Retirement Show, he and Dean Barber will go over some key items for successor trustees while discussing the importance of having a solid estate plan and being transparent about your wishes with the next generation.

In this podcast interview, you’ll learn:

• The two distinct sides of an estate plan
• Differences between will-based and trust-based plans
• The roles of co-trustees, successor trustees, corporate trustees, and contingent successor trustees
• Estate planning is individual

Meet with Us: https://modwm.com/meet-with-us/ 

Ask a Question: https://modwm.com/ask-a-question/

START PLANNING

To get a full recap of today's conversation, including the biggest takeaways and links to all the resources mentioned, visit GuidedRetirementShow.com/108

Learn More about Retirement Planning

Find out more about retirement planning and Modern Wealth Management, by visiting modwm.com

A lot of people think that wealth planning is just about the management of money. That is part of wealth planning, but it’s far from being the only part. Modern Wealth Management Managing Director Jeremiah Johnson, AIF® is going to elaborate on that with Dean Barber on The Guided Retirement Show. Having a good understanding of what wealth planning is all about is pivotal to securing your financial future.

In this podcast interview, you’ll learn:

• Wealth Planning Is More Than Managing Your Money
• Why It’s Important to Have a Financial Planning Team That’s Working for You
• What It’s Like to Be the CEO of Your Retirement
• The Meaning of Financial Independence

Meet with Us: https://modwm.com/meet-with-us/ 

Ask a Question: https://modwm.com/ask-a-question/

START PLANNING

To get a full recap of today's conversation, including the biggest takeaways and links to all the resources mentioned, visit GuidedRetirementShow.com/107

Learn More about Retirement Planning

Find out more about retirement planning and Modern Wealth Management, by visiting modwm.com

How much do you think you need each month to spend in retirement? There are many factors that will go into determining that number. On this episode of The Guided Retirement Show, Logan DeGraeve, CFP®, AIF® and Chris Rett, CFP®, AIF® are going to walk you through a case study that looks into how much money you would need to spend $10,000 net a month in retirement.

Before they get started, they want to make something very clear. Everyone isn’t going to want to spend $10,000 net a month in retirement. For some people, that will be way more than they need each month. For others, it might not be enough. And there might be some people that spending $10,000 net a month in retirement is just right. This is strictly an example that Chris and Logan will be going through to highlight the planning that’s needed to retire if you’re wanting to spend $10,000 net a month.

In this podcast interview, you’ll learn:

• Key considerations for building a spending plan for retirement
• Things to think about when claiming Social Security
• Important tax considerations
• How to interpret a Monte Carlo simulation

Meet with Us: https://modwm.com/meet-with-us/ 

Ask a Question: https://modwm.com/ask-a-question/

START PLANNING

To get a full recap of today's conversation, including the biggest takeaways and links to all the resources mentioned, visit GuidedRetirementShow.com/106

Learn More about Retirement Planning

Find out more about retirement planning and Modern Wealth Management, by visiting modwm.com

Drew Jones, CFP®, AIF® has a passion in working with small business owners, helping them get their business to be as valuable as it can possibly be before facilitating an exit strategy. As Drew makes his third appearance on The Guided Retirement Show, he and Dean Barber will discuss what small business owners need to do when it comes to retirement planning. 

In this podcast interview, you’ll learn:

• The Challenges and Opportunities of Retirement Planning for Small Business Owners 
• Retirement Planning for Small Business Owners Is a Long Process 
• Key Retirement Planning Considerations for Small Business Owners 
• Your Business Is Your Biggest Asset If You’re a Small Business Owner 

Meet with Us: https://modwm.com/meet-with-us/ 

Ask a Question: https://modwm.com/ask-a-question/

START PLANNING

To get a full recap of today's conversation, including the biggest takeaways and links to all the resources mentioned, visit GuidedRetirementShow.com/105

Learn More about Retirement Planning

Find out more about retirement planning and Modern Wealth Management, by visiting modwm.com