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

In this episode, we dive into a common question: Can you work and receive a wage income while collecting Social Security? The answer may surprise you, as it's yes, maybe, and no. Join us as we explore each response in detail, discussing whether your benefits would be reduced and uncovering ways to reclaim any deductions. Additionally, we'll discuss four key ingredients to consider when deciding the optimal time to take your Social Security benefits.

Here's what we'll discuss in this episode:

• The three important periods of time to understand when it comes to Social Security. (2:33)
• Time period 1: Deductions prior to your full retirement age. (8:54)
• Time period 2: Deductions in the year of your full retirement age. (10:14)
• Time period 3: Once you reach your full retirement age, there are no longer any deductions when collecting Social Security. (14:12)
• Deducted benefits don't go away forever. (16:00)
• So, when should I take Social Security? (20:04)

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 continue discussing and answering listener questions we've received. Scott will answer questions on paying off your home mortgage, navigating retirement discussions with your partner, and leaving behind an inheritance for your children. Listen in as you may find yourself asking a similar question, in a similar scenario, or able to take the strategies discussed to help improve your financial picture!

Here's what we'll discuss in this episode:

• Mailbag- Should I just pay off the $45,000 left on my mortgage if I have the money? (2:40)
• Are you getting tax deductions for your mortgage interest? (9:43)
• Mailbag- How can I convince my spouse to join me in retirement? (11:51)
• Mailbag- What kind of planning do I need to do to ensure my kids inherit my money and not the IRS? (19:52)

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

Effective retirement planning involves not only knowing your sources of income, such as Social Security but also having a clear understanding of the expenses that will be incurred from that income. It's very important to consider all potential costs to ensure a comfortable retirement. In Scott's experience, there is one cost that many individuals tend to overlook or underestimate, and that's what we'll be discussing in today's episode.

Here's what we'll discuss in this episode:

• Are you planning for Medicare and healthcare costs? (0:43)
• Healthcare costs can make up a big part of retirement expenses. (4:25)
• Taking a look at Medicare premiums and deductibles. (6:06)
• What is IRMAA and who has to pay it? (10:28)
• IRMAA charges could come back in later years of retirement. (13:32)
• Are you accounting for inflation with healthcare costs? (16:31)
• Some factors to plan for when building your income plan. (17:37)

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 are going to look at the results of the 2023 Retirement Confidence Survey. Join us as Scott unpacks these surprising statistics, shares his takeaways, and reveals the insights they provide when it comes to retirement planning. Whether you are nearing retirement or have already retired, this episode is packed with valuable information.

Here's what we'll discuss in this episode:

• Survey one's results, which compares expected retirement expenses to the actual expense realities. (4:53)
• Scott's takeaway from the first survey's results. (8:05)
• The next survey that compares income source expectations to income source realities. (10:58)
• Knowing how much you can take out of your retirement savings is important. (17:47)
• Surveys show that most people favor income stability over maintaining wealth. (21:23)
• One of the key ingredients that helps increase confidence in retirement. (27:53)

Retirement Confidence Survey Links:

Survey Website: https://www.ebri.org/retirement/retirement-confidence-survey

Survey: https://www.ebri.org/retirement/retirement-confidence-survey

Retirement Confidence Sheet: https://www.ebri.org/docs/default-source/rcs/2023-rcs/rcs_23-fs-1_confid.pdf?sfvrsn=738d392f_4

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

Retirement can come with a lot of tax questions and concerns. From understanding the tax implications of withdrawing from your retirement accounts to minimizing taxes on investment income, it can be overwhelming. In today's episode, we'll break down the 7 tax questions that people approaching retirement are asking.

Here are a few lessons that we'll discuss in this episode:

• What are the tax implications of withdrawing money from different retirement accounts? (4:16)
• Does the taxation of my pension income differ from other forms of income? (6:11)
• Your Social Security benefits might be taxed. (7:39)
• How will my taxes change if I move to another state in retirement? (13:47)
• Should I do a Roth conversion now or wait until retirement? (21:31)

Get your free guide to unlock hidden tax saving opportunities: lifemoneyshow.com/taxes

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 going to dive into some listener questions today! In this mailbag episode, we'll discuss the differences between Roth conversions and Roth contributions and clarify which of these options have income limits. We will also explore what to do if your 401k contributions are already maxed out. We'll then wrap up with an insightful discussion on spousal Social Security benefits.

Here are a few lessons that we'll discuss in this episode:

• The difference between Roth conversions and Roth contributions. (3:51)
• Where should you be saving if you maxed out your 401(k)? (10:54)
• Understanding Social Security Spousal benefits. (15:58)

When to take Social Security Video: https://youtu.be/rpFdrpOHdUU

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

To celebrate our 100th episode of the podcast, we're going to share 10 lessons from retirees to help you and your retirement plan. These tips will help you build wealth, reduce stress during the planning process and retire with confidence. So, whether you're retired or not, this episode will be packed with valuable lessons for folks of all ages.

Here are a few lessons that we'll discuss in this episode:

• Savings rate versus return rate. (4:08)
• Tax diversification creates flexibility and can even lower your long-term taxes. (9:59)
• Having a purpose for your money is important for planning. (14:30)
• Knowing your outflow can help you avoid having to adjust your lifestyle in retirement. (20:55)
• The power of hiring a professional to help you with your financial plan. (29:18)

Want to get in touch?

Web: https://sierensfinancialgroup.com/

Email: [email protected]

Phone: 847-235-6989

When it comes to saving for retirement, many people automatically turn to the 401(k) as their go-to account. But is it really the best option for everyone? While the 401(k) is certainly a powerful tool, it may not be the best choice for all your retirement savings. In this episode, we'll explore the pros and cons of 401(k) plans and introduce alternative retirement savings options that can help diversify your portfolio and provide flexibility for your retirement.

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

• 3:42 – Some of the pros of a 401(k).
• 6:45 – Some downsides to a 401(k).
• 13:20 – Thinking about tax diversification and some alternative accounts that are out there.
• 14:59 – The most underutilized account out there, in Scott's opinion.
• 20:24 – There are a lot of benefits to the 401(k), but tax diversification is important.

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

Finding yourself between jobs can be frustrating. Whether you were fired, laid off, or just had to step away of your own choosing, change can feel challenging, but can also present exciting opportunities. In today's episode, we're going to talk about changing careers and cover five financial planning considerations when transitioning into a new job.

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

• It is time for a new career in a new industry? Or time to work for yourself? Some questions to ask yourself between jobs. (3:32)
• Some health insurance options to explore between jobs. (8:47)
• How to handle severance to support your lifestyle and grow your wealth. (11:02)
• The importance of consolidating your old 401Ks during this transition. (13:50)
• What kind of tax planning should you be doing? (18:00)

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, we're opening up the listener mailbag to answer questions about distributions that you might need to take from an inheritance, combining old 401ks into an IRA, and how to invest for inflation and how to invest if you're on the doorstep of retirement.

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

• An explanation of what inflation is and how it works. 3:10
• Why you need to have equities in your portfolio to help combat inflation over time. 6:15
• The three things you need to do as you approach retirement. 9:58
• How conservative do you need to be with investing when you get within 5 years of retirement? 14:24
• Should you combine all of your 401ks into one IRA? 18:32
• What you need to know about making withdrawals from inherited IRAs. 24:50

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