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

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

In this episode, Scott is going to share some of the wisdom he gained from AE Wealth Management's Wealth Elite Symposium he recently attended in Nashville, Tennessee. This event featured esteemed speakers from Schwab, former writers for the Wall Street Journal, experts from Fidelity, and more. Listen in as Scott shares his takeaways on market risk, recessions, interest rates, generational wealth, and happiness in retirement.

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

0:00 - Intro

3:23 - Market risks, recessions, and the unpredictability of economic events

10:41 - Having an investment strategy that aligns with your timeline, tolerance, and income plan

12:48 - The impact of Fed interest rates on the market + accounting for inflation in your retirement plan

17:56 - How the potential decline in interest rates affects online savings accounts

20:48 - Items to keep in mind during this election year

23:30 - Normalizing conversations around wealth + being transparent with your beneficiaries

31:31 - Bringing happiness into your morning routine

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 today's financial landscape, the market has been hitting new highs and interest rates remain at elevated levels. You might have even heard some of the buzz surrounding the Federal Reserve and interest rate adjustments. We're here to bring some clarity to the question on many investors' minds: What does all of this mean for my investments and retirement plans? Is all of this exciting or cause for concern?

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

0:00 – Intro

3:20 – Understanding S&P 500 + Recent Market Highs

7:36 – Impact of Economic Indicators on Market Performance

9:56 – Analyzing Historical Returns + Being Cautious of Market Noise

15:12 – Market Performance Impact on Your Retirement

19:40 – Understanding the Federal Funds Rate

25:18 – Interest Rates Impact on Your Retirement

32:06 – Listener Question: Financial Indecision

Resources for this episode:

JP Morgan Chart – Investing during all time highs

https://www.jpmorgan.com/content/dam/jpm/securities/documents/cwm-documents/Is-it-worth-considering-investing-at-all-time-highs.pdf

Additional Information

https://awealthofcommonsense.com/2024/01/new-all-time-highs-after-a-bear-market/

https://ofdollarsanddata.com/should-you-invest-in-stocks-at-all-time-highs/

Interest Rates

USA Today Article - https://www.usatoday.com/story/money/2024/01/31/january-federal-reserve-meeting-live-updates/72409059007/

Nasdaq.com article - https://www.nasdaq.com/articles/wall-street-banks-readjusts-2024-interest-rate-predictions-after-feds-dovish-turn

Bankrate – Biggest Winners & Losers - https://www.bankrate.com/banking/federal-reserve/fed-interest-rate-decision-biggest-winners/

https://www.investopedia.com/terms/f/federalfundsrate.asp

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 today's episode, we're going to discuss the retirement hazard zone. This is the 10 years leading up to retirement and the first decade of retirement itself. Listen in Scott compares this period to driving through a construction zone, focusing on the need to slow down, think differently, and be prepared for the unexpected.

Before we jump in, Scott will discuss the top 5 financial scams targeting retirees and pre-retirees and share some essential tips to help you avoid financial fraud.

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

0:00 – Intro

0:58 – Scams targeting older adults + prevention

14:50 – Thinking differently in retirement

19:00 – Preparing for the unexpected

21:56 – Slowing down

25:39 – Listener question on Social Security

NCOA Article on Scams

https://www.ncoa.org/article/top-5-financial-scams-targeting-older-adults

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

Are you considering maxing out your 401(k) but unsure what to do next? We face this question all the time at the Sierens Financial Group so today we'll explore if it's wise to max out your 401(k) before investing anywhere else.

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

0:00 – Intro

2:44 – What's on today's show

4:33 – What's in the news right now? Spot Bitcoin was just approved by the SEC.

8:40 – What should you know about Spot Bitcoin?

10:50 – An 85-year study from Harvard reveals the one simple element that is the key to happiness.

14:26 – Should you max out your 401(k) first, or consider other options before contributing the max?

16:13 – Reasons you might want to max out your 401(k).

19:23 – Reasons you might NOT want to max out your 401(k).

23:08 – Exploring your options and how taxes play a role.

27:00 – Jacob's question: Should you start Social Security at 67 if you're still working?

References for this episode:

1. https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023
2. https://scoop.upworthy.com/harvards-85-year-study-reveals-the-number-one-key-to-happiness?utm_source=flipboard&utm_content=topic/personalfinance

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