The Millionaire Insider Podcast

When should you start taking Social Security?

At full retirement age, or later?

It's one of the most important retirement decisions you'll make. And getting it wrong could cost you thousands of dollars over your lifetime.

But here's what many people don't realize:

The best time to claim Social Security isn't necessarily the age that gives you the largest monthly check.

Sometimes, less is more. Your health, life expectancy, marital status, taxes, and other retirement income all play a role.

And if you're married, your decision could affect your spouse's financial security long after you're gone.

After 37 years of advising and researching millionaires, I've learned that a financially secure retirement isn't just about accumulating wealth. It's about making smart decisions that protect your money and help you create a life you enjoy.

In this week's episode of The Millionaire Insider® Podcast, I share five important Social Security questions to ask before deciding when to claim it.

In this episode, you will learn:

>> (5:55) Tax considerations for you and your future

>> (8:18) Steps to create your plan

>> (10:01) LTC planning considerations

>> (11:03) Factors to help you determine when to take Social Security

>> (13:10) A simple step that can have a dramatic impact on your retirement

>> (14:27) How Social Security fits into your retirement paycheck

>> (16:55) The best advice I can give regarding Social Security

>> (18:25) Additional insights and tips

Social Security is one piece of your retirement puzzle, but how you use it can make an enormous difference.

The goal isn't simply to maximize your Social Security check. It's to create a retirement income plan that supports the lifestyle you want while helping protect you and your spouse.

Remember, wealth isn't the destination. A life you love is.

Before you claim your benefits, make sure you understand your options and how they fit into your overall retirement plan.

Enjoy the episode!

Are You Ready For Retirement?

When you replace uncertainty with facts, including your income, your spending, and your strategy, everything changes. You move from guessing… to knowing. Retirement readiness isn't just financial; it's your life and future.

Take the quiz: https://themillionaireinsider.com/rrq

Links Referenced in the Show:

Have Questions? Need Support? https://themillionaireinsider.com/sr

Show notes and more information: https://themillionaireinsider.com/187

This information is for educational purposes only and is not intended to provide financial, investment, or planning advice.

Most of us want to know where successful people spend their money—and how they save.

Over the years, I've learned that being smart with money doesn't mean being frugal about everything.

Some of the strategies I've learned have saved me thousands of dollars. And many of them are surprisingly simple changes you can make, too.

The goal isn't to save every dollar and never enjoy your wealth. It's to spend intentionally on what matters most to you while staying on track toward your financial goals.

In this week's episode of The Millionaire Insider®, I'm sharing where I choose to spend and save my own money. Then I'll share practical lessons to help you make smarter money decisions.

If you've ever wondered whether you're spending money on the right things—or where you could save more without sacrificing what matters—this episode is for you.

In this week's episode of The Millionaire Insider®, I'm sharing where I spend and save my money—and the decisions behind those choices.

In this episode, you will learn: >> (1:38) How I save money on food

>> (5:49) How to save thousands on a home remodel

>> (8:43) Where I save money on skincare

>> (13:01) Where I choose to spend my money more freely

>> (16:04) Where I choose to spend more on skincare

>> (16:45) How to decide where to spend and where to save

One of the most important lessons I've learned is that spending wisely isn't about depriving yourself. Rather, spending wisely is about making intentional choices that align with your values and support the life you want.

Every time you say yes to something, you're also saying no to something else. Choose your yeses wisely.

Enjoy the episode!

Are You Ready For Retirement?

When you replace uncertainty with facts, including your income, your spending, and your strategy, everything changes. You move from guessing… to knowing. Retirement readiness isn't just financial; it's your life and future.

Take the quiz: https://themillionaireinsider.com/rrq

Links Referenced in the Show:

Have Questions? Need Support? https://themillionaireinsider.com/sr

Show notes and more information: https://themillionaireinsider.com/186

This information is for educational purposes only and is not intended to provide financial, investment, or planning advice.

Giving money to an adult child who asks for it can feel like the natural thing to do. You love them, you want to help, and if you have the money, you may not give helping them a second thought.

But helping your children financially isn't always as simple as writing a check. The more important question is whether helping them in this way supports their future or jeopardizes your own financial security and independence.

Without clear boundaries, ongoing financial support can affect your retirement, create resentment, and even prevent your children from learning important money lessons.

In this episode of The Millionaire Insider®, I share how to navigate these difficult conversations, determine when financial help makes sense, and set boundaries without guilt.

In this episode, you will learn: >> (12:26) What to say when asked for money

>> (17:12) Strategies to avoid conflict when your kids ask for money

>> (20:46) Avoiding the comparison game

>> (21:12) The power of saying no

>> (22:32) The ultimate goal

>> (24:06) A great statement when you say no

Helping your adult children isn't necessarily a bad thing. Sometimes you may want to help with an emergency, education, a home, or another opportunity that can improve their future.

Before you say yes, think about it. Decide what you can afford, what you are willing to fund, and whether your help moves your child toward greater independence or creates more dependence.

Sometimes the most loving thing you can do is say no. Instead, offer a different kind of support and allow your adult child to solve the problem themselves. When your financial house is in order, you have more freedom to say yes when it makes sense—and no when it doesn't.

Enjoy the episode!

Are You Ready For Retirement?

When you replace uncertainty with facts, including your income, your spending, and your strategy, everything changes. You move from guessing… to knowing. Retirement readiness isn't just financial; it's your life and future.

Take the quiz: https://themillionaireinsider.com/rrq

Links Referenced in the Show:

Have Questions? Need Support? https://themillionaireinsider.com/sr

Show notes and more information: https://themillionaireinsider.com/185

This information is for educational purposes only and is not intended to provide financial, investment, or planning advice.

In Part 2, we continue the conversation about taxes in retirement. We will explore important questions that can help you identify potential tax-related risks and opportunities before they become costly mistakes.

Financial preparation for retirement is an ongoing process. Retirement and tax planning involve much more than looking at how much you owe in taxes each year. Rather, it should look at the bigger picture.

A decision that saves you money today could cost you much more later. How and when you withdraw money, your retirement income, Roth conversions, Social Security, Medicare premiums, and even what happens after the first spouse dies can all affect your financial future. That is why the goal isn't to make one tax decision at a time. It is to create a coordinated plan and to understand how the different pieces work together. Seeing the big picture lets you make more informed decisions throughout retirement.

In this episode, you will learn: >> (2:05) Critical insight you need to know

>> (3:48) Ways to save through gifting strategies

>> (7:31) What happens when a spouse dies

>> (8:55) The problematic widow tax

>> (13:44) Tax scenarios to help you determine your best strategy

>> (16:16) One of the most important tax tips

Retirement tax planning isn't about finding loopholes or simply paying the least tax in a given year.

The goal is to ask the right questions at the right time and coordinate your estate planning decisions. When you understand how the pieces work together, you can make more informed decisions today while preparing for what may happen tomorrow.

Enjoy the episode!

Are You Ready For Retirement?

When you replace uncertainty with facts, including your income, your spending, and your strategy, everything changes. You move from guessing… to knowing. Retirement readiness isn't just financial; it's your life and future.

Take the quiz: https://themillionaireinsider.com/rrq

Links Referenced in the Show:

Have Questions? Need Support? https://themillionaireinsider.com/sr

Show notes and more information: https://themillionaireinsider.com/184

This information is for educational purposes only and is not intended to provide financial, investment, or planning advice.

Most people spend decades saving and investing for retirement. But far fewer spend enough time planning how they will withdraw that money or considering how taxes will affect what they actually keep. Poor planning can lead to costly mistakes.

Many factors can affect how much you pay in taxes throughout retirement. Examples include which accounts you withdraw from, the timing of those withdrawals, Medicare premiums, Roth conversions, and other financial decisions. The goal isn't simply to pay the least tax this year. It's to create a coordinated retirement and tax plan that helps you keep more of your money over your lifetime.

In this week's episode, I share important retirement tax questions you should be asking before—and throughout—retirement.

In this episode, you will learn: >> (0:59) One of the biggest mistakes retirees make

>> (10:25) The ultimate goal and a major opportunity

>> (15:06) Examples of actions you can take now

>> (17:11) Roth conversion considerations

Retirement tax planning isn't about finding a loophole or chasing the latest tax strategy. It's about asking the right questions early enough to still have time and flexibility to adjust your plan.

The decisions you make before and during retirement ultimately affect how much money you have available to enjoy your life. A coordinated plan can help you see the potential impact of different choices and give you greater confidence that your decisions will support the retirement and life you want.

Enjoy the episode!

Are You Ready For Retirement?

When you replace uncertainty with facts, including your income, your spending, and your strategy, everything changes. You move from guessing… to knowing. Retirement readiness isn't just financial; it's your life and future.

Take the quiz: https://themillionaireinsider.com/rrq

Links Referenced in the Show:

Have Questions? Need Support? https://themillionaireinsider.com/sr

Show notes and more information: https://themillionaireinsider.com/183

This information is for educational purposes only and is not intended to provide financial, investment, or planning advice.

For years, you worked hard to manage money and build your wealth. But as you approach retirement, you may realize you no longer want to spend your time managing every account, investment, tax decision, and financial detail.

Building wealth and managing it in retirement are very different. As your working years end, your focus shifts from accumulation to creating retirement income, managing risk, planning withdrawals, reducing unnecessary taxes, and coordinating your estate plan. It's easy to feel overwhelmed because your tax strategies often change significantly in retirement.

The key is to have a financial plan that drives your investment decisions—not the other way around. Your money should support your retirement income needs, goals, risk tolerance, tax strategy, liquidity needs, and legacy plans.

And if managing it all has become a full-time job, you don't have to do everything yourself. You can simplify your financial life, build the right team, and delegate without giving up control.

In this episode, you will learn: >> (6:28) The bottom-line decision >> (12:06) An easy way to simplify your finances >> (18:32) One common and expensive mistake to avoid >> (20:09) A compromise to managing it all >> (21:23) How to build the right team >> (22:27) How financial planners charge for services >> (23:37) The ultimate decision

Most people build wealth to create choices and freedom—not to spend their retirement managing every aspect of their money. Financial freedom lets you enjoy your life and feel less stress and worry.

The goal isn't to disengage from your finances. It's to simplify, create a coordinated plan, decide what you want to manage yourself, and delegate the rest to qualified professionals.

The key is to delegate tasks, not abdicate responsibility. This lets you remain informed and in control while spending more time enjoying what your wealth makes possible.

Enjoy the episode!

Are You Ready For Retirement?

When you replace uncertainty with facts, including your income, your spending, and your strategy, everything changes. You move from guessing… to knowing. Retirement readiness isn't just financial; it's your life and future.

Take the quiz: https://themillionaireinsider.com/rrq

Links Referenced in the Show:

Have Questions? Need Support? https://themillionaireinsider.com/sr

Show notes and more information: https://themillionaireinsider.com/182

This information is for educational purposes only and is not intended to provide financial, investment, or planning advice.

Artificial intelligence is changing how we work, research, plan, and make decisions.

I use AI in my business and personal life, and it has saved me a lot of time. AI tools can help you organize information, research ideas, ask better questions, and think through your options.

But AI has another side that can't be ignored.

AI isn't always right. Sometimes, it gives answers that don't make sense. Unfortunately, when it comes to your money, retirement, health, taxes, or estate plan, acting on inaccurate or incomplete information can have serious consequences.

The key is knowing when AI can be a valuable tool—and when you shouldn't rely on it.

In this week's episode of The Millionaire Insider®, I share how you can use AI to help with your money and life—and where you need to be cautious.

>> (2:04) A great way to use AI

>> (6:19) When to be cautious

>> (9:57) How to use AI for planning and when to skip it

>> (10:55) One of the best situations to use AI

>> (17:32) My favorite way I am using AI for my health (This has been a game-changer!)

AI is changing quickly, and the opportunities are incredible.

But knowing how to use AI isn't enough. You also need to know when to use it—and when not to.

Because when it comes to your money, retirement, health, taxes, or estate plan, the wrong answer can have consequences.

In this episode, I share how I'm using AI, where I've found it most valuable, and a few situations where you may want to think twice before relying on its answers.

Some of the best ways to use AI may not be the ones you expect.

Enjoy the episode!

Are You Ready For Retirement?

When you replace uncertainty with facts, including your income, your spending, and your strategy, everything changes. You move from guessing… to knowing. Retirement readiness isn't just financial; it's your life and future.

Take the quiz: https://themillionaireinsider.com/rrq

Links Referenced in the Show:

Have Questions? Need Support? https://themillionaireinsider.com/sr

Show notes and more information: https://themillionaireinsider.com/181

This information is for educational purposes only and is not intended to provide financial, investment, or planning advice.

Wealth isn't the destination. A life you love is. And creating that life often starts with how you think. After more than 35 years of advising and researching millionaires, I have learned that wealth is rarely just about how much someone earns. Some of the highest-income people I have met struggle financially, while others quietly build significant wealth and a life they love.

One of the biggest differences is how they think, the decisions they make, and the actions they consistently take.

Successful millionaires aren't fearless, and they certainly don't make the right decision every time. They experience fear, setbacks, uncertainty, and failure just like everyone else. The difference is how they respond. They understand that mistakes and setbacks are learning opportunities, not stopping points on the path to creating a life they love.

In this episode, you will learn:

>> (11:27) Insight to take action when you're terrified

>> (18:13) A million-dollar lesson on what you need to know

>> (21:58) A critical step to achieving wealth

>> (25:10) The real goal which isn't a goal

>> (32:28) What society rewards and why most people focus on a result

One of the biggest lessons?

The goal isn't simply to make more money.

It's to build wealth that gives you choices—and ultimately helps you create a financially secure, fulfilling life you love.

Enjoy the episode!

Are You Ready For Retirement?

When you replace uncertainty with facts, including your income, your spending, and your strategy, everything changes. You move from guessing… to knowing. Retirement readiness is not just financial; It's your life and future.

Take the quiz: https://themillionaireinsider.com/rrq

Links Referenced in the Show:

Have Questions? Need Support? https://themillionaireinsider.com/sr

Show notes and more information: https://themillionaireinsider.com/180

This information is for educational purposes only and is not intended to provide financial, investment, or planning advice.

Do you ever end your day exhausted, knowing you were busy all day but wondering what you actually accomplished?

It is a common problem, especially for successful people. Your calendar is full, your phone is constantly demanding your attention, and there is always one more thing on your plate that needs to get done. The problem often isn't that you need more time. It is that too much of your time goes to activities that don't produce the results you want and need.

That is where the Power Hour can be a game-changer. Instead of trying to do more, the goal is to identify the right actions, eliminate distractions, and focus your energy on what will actually move you closer to your goals.

>> (7:00) What is a power hour?

>> (8:15) The different categories of power hours

>> (10:30) The impact of multi-tasking and productivity

>> (13:43) One habit that is critical to your success

>> (17:42) The 6 Step Power Hour Process successful people use

>> (26:27) Additional success tips

Time is one of your most valuable resources. Regardless of your wealth, career, or success, you cannot create more of it. What you can control is how intentionally you use the time you have.

The Power Hour is not about squeezing more work into an already busy life. It is about getting clear on what matters, eliminating distractions, and consistently taking the right action.

Today's episode will show you how. And the best news, the right plan plus the right action creates amazing results.

Enjoy the episode!

Are You Ready For Retirement?

When you replace uncertainty with facts, including your income, your spending, and your strategy, everything changes. You move from guessing… to knowing. Retirement readiness is not just financial; It's your life and future.

Take the quiz: https://themillionaireinsider.com/rrq

Links Referenced in the Show:

Have Questions? Need Support? https://themillionaireinsider.com/sr

Show notes and more information: https://themillionaireinsider.com/179

This information is for educational purposes only and is not intended to provide financial, investment, or planning advice.

Most of us continue to grow our online presence. From email accounts and social media to online banking, photos, passwords, and even cryptocurrency, these digital assets can become some of the most valuable or problematic elements of an estate plan.

Without clear instructions and the proper legal provisions, your trustee or executor may face delays, frustration, or even be unable to access important accounts after your death.

In this episode of The Millionaire Insider® Podcast, I interview Susan Swinehart about what happens to your digital life when you die. We discuss how to plan for access to your digital assets, how current laws may affect your heirs, and practical steps you can take now to make the process easier for the people you love.

In this episode, you will learn: >> (1:52) What counts as a digital asset—and why it matters to your estate plan

>> (3:07) The critical steps that can help your heirs access your phone after your death

>> (5:21) How the Revised Uniform Fiduciary Access to Digital Assets Act may affect your estate plan and heirs

>> (6:10) Which estate planning documents should address digital asset access—including one that is often overlooked

>> (9:18) Five digital planning strategies that can make the process easier for your family

>> (16:37) The steps you can take now to help your trustee, executor, and professional team

>> (23:15) Additional ways to help protect and provide access to your digital assets and data

Your estate plan may cover your home, investments, and financial accounts. But what about the digital life you have spent years building? Without a plan, valuable information, sentimental photographs, and even financial assets can become difficult or impossible for your loved ones to access.

A little preparation today can make an enormous difference later. By organizing your digital assets, documenting access appropriately, and coordinating the details with your estate, financial, legal, and tax planning, you can make it easier for the people you trust to carry out your wishes. You'll also give yourself and your family greater peace of mind.

Enjoy the episode!

Are You Ready For Retirement?

When you replace uncertainty with facts, including your income, your spending, and your strategy, everything changes. You move from guessing… to knowing. Retirement readiness is not just financial; It's your life and future.

Take the quiz: https://themillionaireinsider.com/rrq

Links Referenced in the Show:

Have Questions? Need Support? https://themillionaireinsider.com/sr

Show notes and more information: https://themillionaireinsider.com/178

This information is for educational purposes only and is not intended to provide financial, investment, or planning advice.