By Scott Sierens
4.8
55 ratings
The podcast currently has 150 episodes available.
You've worked hard for your money, and naturally, you want to keep as much of it as possible instead of handing it over to Uncle Sam. Fortunately, there are smart strategies to help reduce your tax burden and keep more of your earnings where they belong- in your pocket. And, as the end of the year approaches, it's the perfect time to start thinking about these tax reduction strategies.
In part one of this two-part conversation, Scott breaks down the difference between tax preparation and tax planning and provides a detailed walkthrough of a hypothetical couple's financial situation to illustrate how different income sources and savings impact their taxable income. As the episode progresses, he shares several year-end tax strategies that you should consider implementing before December 31.
Here’s some of what we discuss in this episode:
0:00 - Intro
6:47 – Tax preparation vs. tax planning
9:22 – How income planning ties into tax planning
17:47 – Understanding what your taxable income is
23:06 – Tax brackets
27:19 – Workplace retirement plans
32:08 – Health Savings Account
33:37 – Backdoor Roth IRA
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: [email protected]
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Feeling uneasy about your finances with election season approaching? You’re not alone. Political uncertainty often raises questions about market stability, and it’s easy for that anxiety to seep into concerns about your retirement savings.
Join Scott as he breaks down market trends during election years, and explores how elections can affect retirement accounts like IRAs and 401(k)s. Don’t miss these actionable insights to help you stay focused on your long-term financial goals, even during election uncertainty.
Here’s some of what we discuss in this episode:
0:00 - Intro
4:18 – Common concerns among investors about the election
8:19 – How the stock market performs in election years
12:15 – How the market has performed across past presidencies
16:20 – Focusing on what matters most to you
20:25 – Impact of election on IRAs and 401ks
25:56 – Tax Cuts and Jobs Act
29:42 – Focusing on controllable factors
Resources for this episode:
Investor Fear CNBC Article:
https://www.cnbc.com/2023/11/13/investors-fear-the-2024-elections-may-hurt-retirement-savings.html
The 2024 Election and Your Finances:
https://www.thestreet.com/retirement-daily/your-money/the-2024-election-and-your-finances
How Does the Stock Market Perform in an Election Year?
https://ofdollarsanddata.com/how-does-the-stock-market-perform-in-an-election-year/
Investing During an Uncertain Election Year:
https://www.fidelity.com/learning-center/trading-investing/election-market-impact
Average Stock Market Return Under Democratic and Republican Presidents:
https://www.fool.com/investing/2024/07/05/average-stock-market-return-democrat-republican-pr/
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: [email protected]
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
When you’re nearing retirement, a lot of questions can arise when it comes to decisions around your 401k. In this episode, Scott answers 5 frequently asked 401k questions- specifically for those nearing retirement.
Don’t miss out on this essential guide to managing your 401(k) as you approach or enter retirement!
Here’s some of what we discuss in this episode:
0:00 - Intro
4:16 – Using target date funds
11:46 – Catch-up contributions
17:00 – Company offering 401k advising for a fee
22:00 – Company stock in 401k
25:54 – What should I do with my 401k?
What Should I Do With My 401k Video:
https://lifemoneyshow.com/video/what-should-i-do-with-my-401k-when-i-retire/1720/
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: [email protected]
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Did you know that the first week of August was National Simplify Your Life Week? Just as decluttering your home can ease the stress of cleaning and upkeep, decluttering your finances can reduce stress when it comes to planning for your retirement.
Join Scott as he outlines five key strategies to simplify your retirement plan and reduce stress.
Here’s some of what we discuss in this episode:
0:00 - Intro
3:40 – Paperwork to keep vs throw away
8:12 – Tax paperwork
11:09 – Automating your savings
14:32 – Simplifying investments
18:47 – Understanding your investment strategy
22:52 – Simplifying taxes
27:53 – Keeping your retirement paycheck simple
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: [email protected]
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
With Fourth of July celebrations recently behind us, we're focusing on the theme of independence in today's episode. But this isn't just about whether you've saved enough money for retirement. Instead, we’ll explore different categories that contribute to our sense of independence in retirement.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:00 – Independence from employment
9:10 – Independence from the stock market
14:58 – Independence from the IRS
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: [email protected]
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
We hear a lot of half-truths in the financial world. This isn’t necessarily because people try to make misleading statements, but because sometimes a simple statement just doesn’t quite tell the whole story. Listen in as Scott shares a few examples that show that, while common financial advice can be helpful, it's important to dig deeper and understand the full scope of your retirement needs during the planning process.
Here are some of the half-truths we discuss in this episode:
0:00 – Intro
2:58 – “Diversification is key!”
8:15 – "Medicare will cover all your healthcare needs!"
13:51 – "Contribute enough to get the company match!"
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: [email protected]
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
We're thrilled to welcome Lauren Jackson, an experienced attorney based in Illinois, to our podcast today! With over two decades of legal expertise, Lauren specializes in real estate, estate planning, and probate law. Today, she's here to demystify the world of estate planning and offer invaluable insights to our listeners.
Here’s some of what we discuss in this episode:
0:00 – Intro
6:25 – Why do we need estate planning documents?
10:15 – The importance of a healthcare power of attorney
28:44 – The importance of a power of attorney for property
46:50 – What does having a will in place do?
49:53 – How does the probate process work?
1:04:31 – The complexities of guardianship
Learn more about Lauren:
https://laurenjacksonlaw.com/
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: [email protected]
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Do you need life insurance once you’ve retired? We get this question all the time in our office. And, as with most things in financial planning, the necessity of it depends on your situation. So, in today’s video, Scott is here to share some examples of why one would or would not need life insurance in retirement.
Here’s some of what we discuss in this episode:
0:00 – Intro
5:20 – Focusing on your investment strategy instead of the news
11:11 – The basics of life insurance and its purpose
15:49 – Do single individuals need life insurance in retirement?
19:57 – Do couples need life insurance in retirement?
26:59 – How to determine the right path for your situation
Stock Market Crashes Article:
https://money.usnews.com/investing/articles/robert-kiyosaki-track-record-stock-market-crashes
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: [email protected]
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Navigating Social Security can feel confusing. With a sea of information out there it’s hard to discern what’s fact and fiction. In this episode, Scott addresses five common statements about Social Security and breaks down whether they’re true or false.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:04 – Average retirement spending for 65-year-old
7:47 – Social Security taxes
13:39 – Taking Social Security when you retire
18:05 – Keeping all Social Security benefits when a spouse passes
20:30 – Penalties for working and taking Social Security
24:29– Collecting Social Security at 70 vs 62
Article – Retirement Planning: How Much the Average 65-year-old Retiree Spends Monthly
https://www.nasdaq.com/articles/retirement-planning%3A-how-much-the-average-65-year-old-retiree-spends-monthly
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: [email protected]
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Many of us have experiences that we regret. How can we avoid these feelings in our retirement years? In today’s episode, Scott shares common retiree regrets and practical strategies to sidestep them.
Here’s some of what we discuss in this episode:
0:00 – Intro
7:13 – Waiting too long to retire
9:01 – Not having goals and a purpose in retirement
13:06 – Losing touch with family
15:16 – Not enjoying more while you’re younger
21:20 – Not taking your health seriously earlier in life
23:39 – Not planning for long-term care
26:11 – Listener question about spending in retirement
7 Biggest Regrets of Retirees
https://finance.yahoo.com/news/7-biggest-regrets-people-retirement-120010632.html
10 Retirees Share Their Biggest Regrets
US News Article: https://money.usnews.com/money/retirement/baby-boomers/slideshows/10-retirees-share-their-biggest-regrets
Want to get in touch?
Web: https://sierensfinancialgroup.com/
Email: [email protected]
Phone: 847-235-6989
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
The podcast currently has 150 episodes available.
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