The Retirement Show: Your Life, Your Money with Scott Sierens

Just like we prepare our houses and lawns for the winter, we need to do the same for our finances. A lot of financial institutions have a Dec. 31 deadline to take action, so we want to make sure you're prepared.

Today is part 2 of our year-end retirement and tax strategy planning series. We'll share more strategies you should consider before the end of this year to help put yourself in the best position possible to help reduce your taxes, avoid unnecessary IRS penalties, and build long-term wealth.

Here's a little of what you'll learn in this episode:

• Why required minimum distributions need to be part of your year-end planning. (5:06)
• Have you withheld enough in federal taxes? We can help you with that year-end review. (7:45)
• If you give to charities, there might be some tax-saving strategies available to you. (12:33)

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

Buying a home is often the largest purchase someone makes over the course of their lifetime so finding ways to do that as efficiently as possible could really benefit you financially in the future. Today we're talking with Michael Bischof, regional vice president for mortgage lending at Guaranteed Rate, to get his expert tips and insight into financing your next home purchase.

Here's some of what you'll learn on this episode:

• How Michael got into this industry at age 24 and why he has stayed in it so long. (2:25)
• When you should sit down with a mortgage lender when you're looking for a home. (9:43)
• Why not all lenders have the ability to recast a mortgage. (20:42)
• Why you should look at all financial options available to you when buying a property. (40:52)

Want to connect with Michael?

Website: https://people.rate.com/michael-bischof-152124

Facebook: https://www.facebook.com/MichaelBischofGR

LinkedIn: https://www.linkedin.com/in/michael-bischof-596b832/

To get additional financial resources, visit us online ---> http://lifemoneyshow.com

Are you prepared for year-end and tax strategy planning? This puts you in the best position possible before the end of the year to help maximize your retirement and minimize your overall tax burden.

We can walk you through spousal IRAs, Roth conversions, and how to save on taxes for required minimum distributions. We're also sharing the No. 1 more overlooked tax advantage account.

Here's a little of what you'll learn in this episode:

• How to maximize your retirement plans by using a mix of investments. (5:12)
• If you're 50 or older, how much extra you can contribute to your retirement accounts? (14:45)
• Why spousal IRAs and spousal Roth contributions are often overlooked. (20:29)

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

There are plenty of decisions that you'll make in the retirement planning process that can't be undone, so you want to make sure that you make the right call. In this episode, we'll explain why these important decisions can't be undone.

Here's a little of what you'll learn in this episode:

• Wall Street's prediction of the stock market's direction is often wrong. (3:54)
• If you miss your window of opportunity and change your mind about claiming Social Security, you'll be out of luck. (7:05)
• Once you start receiving your pension, you won't be able to select spousal benefits. (12:14)
• At some point in most of our lives, we will need care. Don't wait to get long-term care insurance. (18:04)

Article about Wall Street and their stock market predictions:

https://www.marketwatch.com/story/wall-streets-prediction-on-the-direction-of-the-stock-market-is-often-wrong-way-wrong-11663337484

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

If you're looking to sell your home, buy a home or buy a vacation home, today's show is for you. Today we've invited a good friend and realtor, Lindsay Schulze, onto the show to get an update on everything that's happening around real estate and to get tips on the best approach for today's market.

Here's a little of what you'll learn on this episode:

• What you need to change about your home to get the best price. (12:10)
• How you can pick the right realtor to help you close on your home. (25:50)
• Why she won't show clients houses until they do this one thing. (34:11)
• What questions you should ask before buying a house. (43:58)

Connect with Lindsay:

https://www.lindsayshomes.com/

https://www.facebook.com/Schulze-Real-Estate-Reece-Nichols-182108005195183/

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

Today we're diving into the mailbag to answer questions from listeners just like you. We're taking questions about taxes on inherited real estate, Roth conversions, and saving for retirement with irregular income.

What we discuss in this episode:

3:02 – Most affordable states to retire

9:04 – Roth conversions

27:48 – Selling mom's house

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

There are many things we know we'll have to deal with in retirement, but we don't know how to predict when or to what degree. How do you construct a plan that deals with the unpredictability of these different factors? We'll help you determine how.

What we discuss in this episode:

4:10 – Life expectancy

7:50 – Stock market returns

11:15 – Tax rates

15:51 – Inflation

18:46 – Unexpected expenses

21:23 – Mailbag: Want to save more

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

Most people have regrets in life, but you don't want to make mistakes that mess up your retirement. About 26% of retirees are not happy with their lifestyle in retirement, so we're going to learn from their mistakes.

What we discuss in this episode:

6:41 – Diversifying investments

11:03 – Seeking professional help

15:02 – Diminished capacity

18:29 – Practicing retirement

22:20 – Purpose

24:31 – Non-work friends

27:44 – Communication

33:06 – Question: Conservative investor

Read the article we referenced here: https://www.gobankingrates.com/retirement/planning/retirement-biggest-regrets-people-have/

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

The Inflation Reduction Act recently passed both houses of Congress and made a lot of headlines for what it's supposed to accomplish. On today's show, we're talking about the bill and how it may or may not serve you, what it means from a tax standpoint and whether it will actually reduce inflation.

What we discuss in this episode:

3:08 – Inflation Reduction Act

6:30 – Where is money coming from?

10:41 – IRS tax enforcement

15:11 – Where is money going?

17:13 – Health coverage

19:12 – Will it reduce inflation?

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

Many rules of thumb are great to follow to help with your finances, but some rules are outdated and don't align with current economic conditions. We'll explain which rules to follow and which to leave behind.

What we discuss in this episode:

4:01 – 75% rule

6:33 – Retirement spending smile

8:50 – Understand expenses

13:00 – Taxes

16:24 – Retirement income

19:30 – Income and tax projection

22:22 – Rule of 100

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ