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

It's time to open up the mailbag again and answer some of your financial questions on the podcast, and we have a few really good ones to tackle today. Whether you're in retirement or getting close, there will be some good information that we think you'll relate to with your own financial planning.

So a few of the things we'll address in this episode are whether or not you need life insurance in retirement, how to inherit different account types and manage the taxes associated with each, and what to do about taxes in a brokerage account generating dividends.

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

• Do you need life insurance in retirement if you have a significant age gap with your spouse? (2:14)
• The natural transition from life insurance to long-term care insurance in retirement. (9:41)
• Tax planning strategies for accounts paying consistent dividends. (12:19)
• Is it worth choosing capital appreciation investments over dividend-paying investments? (16:30)
• What you need to know about inheriting different types of accounts and the taxes you have to pay. (19:55)
• Why you might benefit most from taking advantage of the step-up in cost basis. (24:13)

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

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

Having a million dollars saved for retirement isn't providing the type of confidence that it used to for pre-retirees, and many people feel like they'll need a little luck to be successful in retirement. Is that really the case and what's a more realistic target number today? We'll take a look at a recent article detailing the fears many Americans have and talk about how you can combat some of these worries.

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

• The key stats from this CNBC article that we want to highlight. (3:31)
• The impact of inflation on the amount you'll need to have saved. (6:34)
• The reasons why you should pay attention to this article. (8:40)
• Why the target of $1 million might not actually be meaningful for you. (12:27)
• Ways that you can combat these fears. (17:49)
• How we help clients understand how much they'll need for retirement through income planning. (20:06)

Read the CNBC Article: https://www.cnbc.com/2022/12/02/35percent-of-millionaires-say-they-wont-have-enough-to-retire-report-finds.html

Additional link used on this episode: https://www.usinflationcalculator.com/inflation/current-inflation-rates/#:~:text=The%20annual%20inflation%20rate%20for,ET.

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

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

Today's show is all about answering your financial questions and we have four great ones for you that cover a few important topics.

We're going to answer questions about annuities, which is a product that not everyone understands. We'll also talk about what to do if you come into a surplus of income, whether that's from a work bonus, inheritance or real estate transaction. And finally, we'll discuss where you should be focusing your money in terms of account types and how you should allocate your contributions to these different retirement saving options.

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

• I have an annuity that I bought 9 years ago and it will mature in a year, right around the time my wife is scheduled to retire. I'll have the option of turning it into a lifetime income or moving it into a different investment altogether. Which should I do? (3:09)
• My twin boys will be heading to college in a few months. Which thing should I place a higher priority on—their education or my retirement? (11:48)
• My house is already paid off, but I'm about to sell it and downsize to a condo that's about $100,000 cheaper. Should I just put the money I make during this transition in the market? (15:35)
• Should I be completely maxing out my 401(k) and Roth IRA before opening a taxable brokerage account? Or is there a benefit to opening a separate brokerage account to provide more flexibility? (21:30)

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

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

Saving in your 401(k) can be an easy and painless way to build your retirement savings. But because it's so easy and painless, it can also be easy to ignore for long periods of time, which often leads to mistakes. In this episode, we'll cover at least the top 5 mistakes people make in their 401(k)s.

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

• Why you should always take advantage of the company match. (3:57)
• Don't assume a target date fund provides you a customized solution for your needs. (7:26)
• Too many people fail to rebalance their portfolio often enough. (12:01)
• The 401(k) plan doesn't view you as the client. Your company is their client. (14:53)
• Why you shouldn't automatically leave your money in a former employer's 401(k) account. (19:19)

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

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

The one constant in life is change, and there are frequent changes that you have to be aware of to make sure you're getting the most out of your retirement plan. Here are five changes to the retirement landscape that you should be aware of in 2023.

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

• Details on the new 401(k) limit increases and why it's important. (3:59)
• IRA limits are going up so what should you be doing? (9:44)
• The IRA and Roth IRA income phase out range changes. (14:27)
• Cost of Living Adjustments (COLA) for Social Security increasing 8.7% in 2023. Should this change your claiming strategy? (19:45)
• Should you take advantage of the Roth option in your company 401(k)? (23:17)

Read the Yahoo! article we referenced here: https://finance.yahoo.com/news/5-retirement-changes-know-2023-164658275.html

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

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

Today's episode will be all about your questions as we dive into our mailbag to cover three different scenarios.

Each of these is great and we'll spend time tackling each topic in depth. We'll first talk about when you should shift your investing strategy to a conservative approach. Then we'll help someone work through which assets would be better to get out of a divorce. And finally we'll discuss life insurance needs for a couple with a 10-year age difference. Plus, we'll take a look at tax planning in the wake of a $2 billion Powerball lottery win this month.

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

• What will the $2B Powerball winner take home after taxes? (2:34)
• Mailbag question on when to shift to conservative investing. (7:55)
• Mailbag question on how to split divorce assets. (14:12)
• Mailbag question on life insurance. (19:44)
• How to get in touch with your financial questions. (25:15)

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 going to be sharing the five secrets for experiencing satisfaction in retirement. Who doesn't want to get to a place where they've achieved fulfillment in one's wishes, expectations, and needs? That's what we work to do each and every day with our clients and will use this episode to help you improve your situation. If you can key in on these five points, you'll have a high chance to achieve that satisfaction.

What we discuss in this episode:

• Secret 1: Define & Design YOUR Retirement (2:25)
• Secret 2: Building a portfolio that works for you (7:55)
• Secret 3: Be Flexible (11:460)
• Secret 4: Diversify & maximization of income streams (18:31)
• Secret 5: Have proper health coverage (20:58)

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 on Medicare or will be switching over to it soon, this episode will be extremely valuable for you. We've invited Christee from the team here to join the show to talk to us about this healthcare program.

We'll go through all of the key aspects of Medicare today as well as tell you why consumers should be careful regarding the advertisements they see and hear.

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

• What is AEP? (2:35)
• Why should you be reviewing your Medicare plan? (3:39)
• Do plans change from state to state? (5:40)
• Explaining the difference between Medicare Supplements and Medicare Advantage (10:22)
• Who might be a good fit for each plan? (20:21)
• Do people have to get a prescription drug plan? (26:42)
• What should consumers be cautious about with endorsements and advertisements? (28:55)
• What does the review process look like for our clients? (32:39)
• Best way to get in touch with Christee for Medicare assistance. (38:13)

If you would like to chat with Christee about Medicare, you can email her at [email protected]

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

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

As we approach the end of the year, saving money on taxes becomes a bigger focus for many people. Today we're focusing on some of the most common retirement planning questions about taxes.

We'll talk about mistakes to avoid and how a proper plan can make a significant difference in your tax savings. Check out today's show to find out how our advice can help your financial future.

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

• Are all of my retirement accounts taxed the same? (3:25)
• Will my taxes be lower in retirement? (10:26)
• Am I going to have as many deductions in retirement as I did while working? (15:47)
• Is there a way to get tax-free income in retirement? (19:57)
• Should I move to an (income) tax-free state? (24:13)
• What tax item commonly surprises couples? (26:11)
• Listener question: Do I have to worry about taxes on inherited accounts? (28:26)

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 joined by Ben Sullivan, CFA® and vice president at AE Wealth Management. Ben will share his thoughts about why the market is down, whether we're heading into a recession, and what could help turn this all around.

It's been a tough year, but our goal is to help you thrive in wealth in retirement. Check out today's show to find out how our advice can help your financial future.

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

• How "perfect storms" can create problems in your finances. (9:08)
• How the Federal Reserve impacts the stock market. (20:50)
• If there's any reason to run from bonds right now. (30:35)

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

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