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

Did you know the government is going to force you to take money out of some of your retirement accounts as you get older, even if you don't want to? In today's episode, we talk about what required minimum distributions are, why they exist and when they might start for you. Ignoring them could lead to major taxes issues down the road that might be difficult to overcome.

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

• When you ignore RMDs and don't properly plan for them, it could lead to unnecessary tax expenses in the future. 0:55
• What are RMDs? 4:31
• Why do we have to take these RMDs and when do they start? 7:20
• The potential tax risks of ignoring RMDs. 10:07
• Is there anything you can do to avoid having to take these RMDs? 17:49

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 for some last-minute tax tips before filing your 2022 taxes, this episode is for you. We're going to talk about strategies you can utilize to reduce your taxes for last year or utilize to get some tax-free money growing for your future.

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

• The first strategy is being able to make contributions to your IRA. (3:41)
• The second strategy is making a contribution to the Roth IRA. (7:10)
• The third strategy is making spousal contributions to an IRA. (10:13)
• The fourth strategy is contributing to an HSA up til the tax deadline. (12:04)
• The fifth strategy is taking advantage of a SEP IRA. (14:47)
• The sixth strategy is to check to see if you have captured all of your write-offs. (15:51)

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

Get some 2023 Tax Tips: https://www.youtube.com/watch?v=sr3HB1R4EZo

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

Whenever we first start talking to someone about what they're going to need for retirement, we usually hear some of the same answers. They'll name some of the basics like mortgage and utilities and then run through the fun stuff like travel and hobbies. But too often, there are five expenses that people typically miss when planning for their retirement, and that's what we're going to talk about today.

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

• Healthcare expenses in retirement could top $350,000 (2:25)
• Using the analogy of a housing project to show how estimates can be incomplete. (5:54)
• The first expense people typically overlook is medical expenses. (12:10)
• The types of unexpected travel expenses you need to plan for. (17:08)
• We think about parents needing assistance, but your children might as well. (18:53)
• You home will need maintenance, repair and replacement. (21:55)
• One of the most crucial items people miss when determining how much they need. (23:52)

Want to get in touch?

Web: https://sierensfinancialgroup.com/

Email: [email protected]

Phone: 847-235-6989

Even if you've been saving your money and investing for a long time it's easy to make rookie mistakes. On this episode, we'll cover some of the top rookie mistakes we see people make, illustrate how to avoid them or how to fix them if you've already made some mistakes in your financial life.

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

• First mistake: Having investments with no purpose. We'll share some examples of what that means. (3:16)
• Second mistake: Not understanding risk. Every investment carries risk and you need to know what that is. (7:09)
• Third mistake: Making emotional decisions. We're all guilty of doing this and it can hurt long-term returns. (14:57)
• Fourth mistake: Following 'hot tips' when picking investments. (19:04)
• Fifth mistake: Forgetting about the investment fund fees. (24:15)

Want to get in touch?

Web: https://sierensfinancialgroup.com/

Email: [email protected]

Phone: 847-235-6989

Today we're going to open up the mailbag to answer your financial questions and we'll be covering some great income, tax and investing topics. We hope this episode provides some great information that you can take and implement into your financial plan to help you build wealth and retire with confidence.

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

• Should I start converting as much as my IRA to a Roth IRA (4:24)
• The two main factors you need to consider before doing a Roth conversion. (7:09)
• Here's what we'd recommend when deciding on a Roth conversion. (12:54)
• Which rental property option is better? Cash out investments and pay cash, take out a home equity loan, or just have a mortgage on the property? (15:18)
• The pros and cons of each option for buying the property. (20:08)
• How should you use the money from an inheritance? Here are the usual priorities we run through. (27:49)

Want to get in touch?

Web: https://sierensfinancialgroup.com/

Email: [email protected]

Phone: 847-235-6989

You've worked hard for your savings and investments, and we've found that most people want to make sure that those funds pass on to someone that's important to them when they pass.

In this episode, Scott will address five, unfortunately, common beneficiary mistakes. These could cost you and your loved ones dearly, and end up spoiling an otherwise well done retirement plan.

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

• The troubles that could happen when naming minors as your beneficiaries. (3:53)
• Why you want to coordinate your beneficiary designations with your will. (10:30)
• The risk of not naming alternative or successor beneficiaries (14:28)
• Why you don't want to name your personal estate as a beneficiary. (15:58)
• Errors that we see people make in their accounts. (17:07)
• A few other things to check for. (18:07)

Want to get in touch?

Web: https://sierensfinancialgroup.com/

Email: [email protected]

Phone: 847-235-6989

On this episode the Your Life, Your Money Podcast, Scott Sierens delves into why he believes there are three key questions that everyone should be asking themselves in order to ensure that they are properly preparing for retirement.

These questions cover some of the most critical elements of the retirement planning process and are essential for anyone looking to secure their financial future. By asking and answering these questions, you can gain a better understanding of your retirement goals and develop a plan to achieve them.

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

• Scott first breaks down a CNBC article that lists the 10 states where $1 million runs out the fastest. Are you living in one of these states? Are there some caveats to these findings you should be aware of? Scott picks it apart… (1:56)
• The first retirement question you should be asking is, "How much can I withdraw from my savings each year?" (6:20)
• Take it a step further and ask yourself the question, "When do I need to make an adjustment?" (10:10)
• Scott details why this first question (and its follow-ups) is so important to ask. (11:35)
• The second question you should be asking is, "Should I still have life insurance when I retire?" (13:15)
• The third retirement question you should be asking is, "How much are my tax deferred savings going to cost me in taxes?" (17:42)

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

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

Market volatility became the norm in 2022. Are we in for more of the same in 2023? In this episode, we'll share some of the predictions being made by some big industry names for the upcoming year.

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

• Here are the expert predictions for 2023. (2:13)
• What do I think about these predictions? (7:48)
• Here's what we SHOULD be planning on. (10:11)
• How should you approach market volatility from a planning perspective? (11:42)
• Know where you need to make adjustments. (13:55)
• There are a few opportunities right now for investors. (16:22)

Check out all the 2023 predicitons here:

Bloomberg Prediction: https://twitter.com/SamRo/status/1598455372691525633

Morgan Stanley Prediction: https://markets.businessinsider.com/news/stocks/stock-market-outlook-2023-extreme-volatility-inflation-rates-mike-wilson-2022-11

JP Morgan: https://www.bloomberg.com/news/articles/2022-12-01/jpmorgan-strategists-see-us-stocks-slumping-in-first-half-of-2023?leadSource=uverify%20wall

Blackrock: https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/outlook#:~:text=Investment%20themes&text=Investment%20implication%3A%20We%20stay%20underweight,at%20some%20point%20in%202023.&text=We%20see%20higher%20yields%20as,risk%20spectrum%20to%20receive%20it.

Russell Investments: https://russellinvestments.com/us/global-market-outlook

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

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

In the first part of this two-part series, we detailed the changes coming to required minimum distributions and Roth accounts. In this episode, we'll work our way through more of the planning items in SECURE Act 2.0, including spousal IRAs, qualified charitable distributions, catch-up contributions, emergency savings accounts, and required minimum distributions.

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

• How has the spousal IRA changed and what that means in different situations? (3:08)
• Catch-up contributions in IRAs are now going to be indexed for inflation. (9:24)
• In 2025, those aged 60-63 will be able to contribute more than the catch-up contribution. (13:29)
• Starting in 2024, the max amount you can use for a qualified charitable distribution will be indexed for inflation. (15:58)
• The penalty for failing to take your RMD will be less starting in 2023. (17:27)
• There are now more opportunities to take out emergency money from your retirement accounts early without penalty. (20:13)
• New opportunities to pay off student loans through employment. (24:12)

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

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

Another round of retirement changes are on the way after President Biden signed a spending bill in December 2022 that included the SECURE Act 2.0. Retirees and pre-retirees need to understand what this legislation means, how it might impact you, and what planning opportunities this could open up.

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

• Background on the original SECURE Act and what that changed. (2:51)
• The new ages for Required Minimum Distributions. (5:23)
• Important Q&A surrounding SECURE Act 2.0. (7:49)
• How you can use this new RMD rule to your advantage. (9:51)
• Delaying the RMD age could also help delay when Medicare surcharges start. (13:06)
• Roth change 1 – Eliminating RMDs for all Roth accounts. (13:54)
• Small business owners can utilize the ability to create a SEP Roth. (16:22)
• Employer contributions are now eligible for Roth treatment. (17:50)
• High-wage earners are going to be required to use the Roth for catch-up contributions. (19:20)
• How the Secure Act 2.0 could provide more benefits to a 529 plan. (22:01)

Learn more about SECURE Act 2.0: https://www.kitces.com/blog/secure-act-2-omnibus-2022-hr-2954-rmd-75-529-roth-rollover-increase-qcd-student-loan-match/?utm_source=ActiveCampaign&utm_medium=email&utm_content=SECURE+Act+2+0%3A+Later+RMDs%2C+529-to-Roth+Rollovers%2C+And+Other+Tax+Planning+Opportunities++%5BNEV%5D&utm_campaign=NEV+Wednesday+Email

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

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