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

Are you starting to feel like you might be ready to retire but can't quite pinpoint why? If so, today's episode is perfect for you! We'll explore five clear signs that it may be time to move on to the next chapter of your life.

Join Scott as he breaks down these key indicators, including one crucial sign that should apply in every case- being financially prepared to take that next step. Don't miss this insightful episode as Scott shares real-life stories to help you recognize these signs and determine if they apply to you!

Here's some of what we discuss in this episode:

0:00 – Intro

3:11 – You can't wait to retire

4:30 – You don't enjoy work anymore

7:01 – Things are changing at work

11:27 – You desire more personal or family time

13:54 – You're financially prepared to retire

Want to get in touch?

Company website: https://sierensfinancialgroup.com/

Podcast website and resources: https://maxretirementshow.com/

Phone: (847) 235-6989

Contact our team: [email protected]

Schedule your no-cost introductory call: https://sierensfinancialgroup.com/schedule-a-meeting/

Join us for our next financial workshop: https://sierensfinancialgroup.com/

Check out our free guides:

Unlocking Hidden Tax Savings Guide: https://maxretirementshow.com/taxes/

Social Security Benefits Guide: https://maxretirementshow.com/socialsecurity/

Will Your Money Last As Long As You Do Guide: https://sierensfinancialgroup.com/

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

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

LinkedIn: https://www.linkedin.com/in/scott-sierens-sfg/

Big changes are on the horizon for 2025, and this episode is all about keeping you in the loop. From updates to 401(k)s, Social Security, and Medicare to new tax brackets and changes for inherited IRAs and HSAs, we're covering it all. Whether you're retired, approaching retirement, or just beginning to map out your plans, this discussion is for you.

Here's some of what we discuss in this episode:

0:00 – Intro

2:30 – 401(k)s, 403(b)s and 457s

6:45 – IRAs and Roth IRAs

8:08 – Social Security and Medicare updates

13:08 – Tax changes

18:34 – Health savings accounts

20:58 – Inherited IRAs for non-spousal beneficiaries

Resources for this episode

401k Changes

https://www.irs.gov/newsroom/401k-limit-increases-to-23500-for-2025-ira-limit-remains-7000

https://www.cnbc.com/2024/11/23/401k-changes-2025.html#:~:text=For%202025%2C%20employees%20can%20defer,top%20of%20the%20%2423%2C500%20limit

Social Security & Medicare

https://www.ssa.gov/news/press/factsheets/colafacts2025.pdf

https://www.kiplinger.com/retirement/medicare/three-medicare-changes-on-the-horizon-for-2025

https://www.cms.gov/newsroom/fact-sheets/2025-medicare-parts-b-premiums-and-deductibles

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

Scott recently met with a prospective client who asked, "Why isn't the transition into retirement easy?" While there's no "easy button" for retirement, it doesn't have to feel overwhelming or confusing either. In today's episode, Scott explores why retirement, or the transition into it, might feel difficult, and why many people find the process more challenging than expected.

Here's some of what we discuss in this episode:

0:00 – Intro

2:57 – The junk drawer of accounts

10:13 – Savers who have a hard time spending

15:58 – Putting together your retirement vision

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

A random, retired YouTuber did a simple video exploring the top 5 regrets from other retirees he interviewed (all in their 70s). It blew up to almost half a million views (and counting). In today's episode, we're diving into three of the most impactful regrets from this list and offering proactive steps you can take to avoid making the same mistakes in your own retirement.

Here's some of what we discuss in this episode:

0:00 – Intro

3:04 – The phases of retirement

5:25 – Wishing they retired earlier

13:14 – Wishing they had taken better care of their health

17:15 – Wishing they would have spent more early in retirement

Retirement regrets video

https://www.youtube.com/watch?v=mNUSJ3juAbA

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

How do you know when it's time to make updates to your retirement plan? With a personal story as the backdrop, Scott explores two major categories of life changes that can (and should) influence your financial strategy.

The first category revolves around changes in financial needs. Whether it's an unexpected job change, a decision to retire earlier than planned, or simply wanting to take on new travel adventures, these scenarios require careful consideration and potential updates to your investment and income plans. The second category focuses on family changes. Scott explains how family dynamics, whether it's a marriage, divorce, or the birth of a grandchild, can affect your retirement plan.

Join us today as we talk about the importance of maintaining a flexible and adaptable strategy that can accommodate the unexpected twists and turns of life!

Here's some of what we discuss in this episode:

0:00 – Intro

3:53 – Changes in your financial needs

10:09 – Family changes and impact on your retirement plan

15:49 – Wrapping up

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

In this second part of our year-end tax reduction series, we dive deeper into actionable steps to reduce your long-term tax burden. If you missed part one, we discussed what makes up taxable income, tax planning vs. tax preparation, and got into some year-end tax planning strategies. In this episode, we're shifting the focus to strategies you can implement now to minimize your future tax liability.

Stay tuned to learn about Roth conversions, charitable giving, and more ways to keep more money in your pocket. With the Tax Cuts and Jobs Act set to expire soon, now is the time to act. Listen today to avoid surprises come tax season!

Here's some of what we discuss in this episode:

0:00 – Intro

4:12 – Roth conversions explained

9:27 – Charitable strategies

14:55 – When stock options should be exercised

16:44 – Tax harvesting

19:51 – The annual gift exclusion

22:03 – Avoiding the big surprise

Donor Advised Funds Video - https://youtu.be/RTZMTCrKqCs

Qualified Charitable Distributions Video - https://youtu.be/Q3amqWf_G-Y

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

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