This conversation with Mike Canet and Ryan Herbert delves into the intricacies of retirement planning, focusing on the importance of understanding income streams, tax strategies, and the role of fiduciary advisors. Ryan and Mike emphasize the need for effective tax planning to maximize retirement income and avoid common pitfalls that can lead to unnecessary tax burdens. They discuss the benefits of Roth IRAs and the significance of making informed decisions regarding investments and distributions to ensure financial security in retirement.

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In this episode of the Savvy Investor Radio Show, hosts Katherine Groce and Samantha Nash discuss the intricacies of financial planning during tax season, the implications of market volatility, and strategies for transitioning from growth to income in retirement. They emphasize the importance of having a structured plan that accommodates both growth and income needs, particularly for those approaching retirement. The conversation also highlights the significance of understanding one's investment goals and the role of income annuities in providing financial security during retirement.

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Tax Planning and tax preparation are very different! Ryan Herbert and Lawrence Kiely explain the complexities of tax planning and preparation for retirement, highlighting common misconceptions about taxes, the importance of understanding tax implications on retirement accounts, and strategies for minimizing tax burdens. They also share why you need a proactive tax planning to avoid costly mistakes and ensure financial security in retirement.

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Are you thinking about when to retire and how it will impact your financial future? Katherine Groce & Samantha Nash explore the complexities of retirement planning, highlighting the importance of personalized financial strategies. They discuss the emotional and financial decisions involved, the benefits of retiring early versus later, and how to balance work and life goals for a fulfilling retirement. Katherine & Samantha also touch on the generational differences in retirement planning and the need for a customized approach to achieve one's retirement dreams.

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What is the #1 way retirees pull income? A recent study by Charles Schwab reveals seven key income sources for retirees, with the top leading the list at 40%. Ryan Herbert and Lawrence Kiely highlight several strategies and list the primary factors retirees need to focus on when building out an income plan.

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Are you underestimating the impact of taxes on your retirement? Katherine Groce & Samantha Nash discuss how taxes can be a significant expense in retirement, often overlooked by many and dispelling the myth that taxes are lower in retirement. They emphasize the importance of proper tax planning to avoid unexpected financial burdens. 

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Most people think they have a balanced retirement portfolio, but often they are taking on more risk than they realize. Ryan Herbert explains The Magnificent 7 and why it’s crucial to diversify your investments to avoid being overly dependent on a few high-performing stocks. He also highlights risk tolerance and examines tech-heavy mutual funds' underlying assets.

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Are you aware of these key ages in retirement planning? Katherine Groce & Samantha Nash cover significant retirement ages that retirees should understand when it comes to:

1) Penalty-free withdrawals from your 401k or TSP

2) “Supersized" catch-up contributions

3) Social Security benefits

4) Medicare enrollment

5) Current and new rules for Required Minimum Distributions (RMDs)

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Are annuities the secret to a secure retirement? Shaquille O'Neal recently shared how annuities have become a vital part of his financial strategy. Ryan Herbert explains that annuities, although often misunderstood, can be an effective tool for generating consistent retirement income when used properly. He also explores various retirement income options, including stocks, preferred stocks, and annuities, explaining their pros and cons.

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Retiring from the federal government can be a complex process, with numerous elements to consider, such as pensions, healthcare, and “leave” payouts. Katherine Groce and Samantha Nash discuss Trump’s recent administrative changes which have added another layer of complexity, potentially impacting the optimal retirement timing.

Katherine and Samantha dive into why federal employees must weigh their options carefully, considering incentive packages and procedural intricacies like TSP rollovers and Roth conversions. Long-time employees may discover they are effectively "working for free," underscoring the importance of accurate financial planning for a secure retirement.

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