The Year You Retire

Join hosts John Bever and Jim Uren in episode 17 of The Year You Retire podcast as they tackle the crucial question: "Do I have to pay taxes on my Social Security income?" This episode dives deep into the intricacies of how the IRS handles Social Security in retirement, offering valuable insights on how to minimize or even eliminate these taxes. The duo also sheds light on the infamous "Social Security tax torpedo," explaining how it can significantly impact your tax bill and what you can do to avoid it.

Listen in for practical advice, historical trivia, and key strategies to navigate Social Security taxation and help get the most out of your Social Security income. Don’t miss the final episode of season one as John and Jim prepare for an exciting season two with more relevant and helpful information for your retirement planning journey.

In this episode, you will…

·       Learn to Maximize Your Retirement Income by Understanding Social Security Taxation.

·       Discover How to Navigate the Social Security Tax Torpedo and Keep More Money in Your Pocket.

·       Learn Effective Strategies to Help Minimize Taxes and Get More Out of Your Retirement Nest Egg.

·       Understand How Provisional Income Impacts Your Social Security Tax Bill in Retirement.

·       Discover the Potential Benefits of Delaying Social Security Benefits to Help Manage Your Taxes.

The key moments in this episode are:

00:00:05 - Introduction to the Year You Retire Podcast

00:00:52 - Taxation of Social Security Income

00:01:09 - Understanding the Social Security Tax Torpedo

00:06:11 - Provisional Income and Tax Thresholds

00:12:10 - Observations and Planning Opportunities

00:15:35 - Understanding the Tax Code

00:16:54 - Tax Brackets and Marginal Tax Rate

00:18:07 – More on the Tax Torpedo

00:21:05 - Strategies to Minimize Taxes

00:27:43 - Gratitude Segment

00:30:39 - Accessing Show Notes and Transcripts

00:30:53 - Conclusion and Disclaimer

Disclosure:

The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. 

Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. 

Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.

Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.

Are you feeling lost with the new required minimum distribution (RMD) rules for IRAs and qualified retirement plans? Do you know when you have to start taking your RMDs and how much you need to withdrawal? Do you want to discover strategies to reduce your taxes on these distributions? Tune in to this episode for clear explanations and actionable advice! We'll cover the essentials of RMD regulations, how to navigate your lifetime income tax brackets, the impact of the Social Security tax torpedo, and smart ways to minimize your lifetime income taxes. Plus, we’ll reveal our top recommendation for reducing taxes on your RMDs. Join CERTIFIED FINANCIAL PLANNER™ professionals, John Bever and Jim Uren, as they unpack these critical topics and share their best tips for maximizing your retirement savings. Don’t miss out on learning how to disinherit Uncle Sam and keep more of your hard-earned money!

In this episode you will:

·       Master the basics of the new RMD requirements so you don’t get hit with costly penalties from the IRS.

·       Maximize your retirement income by learning effective strategies to help reduce the taxes on your annual RMDs.

·       Discover how to manage different tax brackets over your lifetime to help reduce your lifetime income tax costs. 

·       Explore the potential benefits of Roth IRA conversions and how they may be able to optimize your retirement income while minimizing taxes.

·       Uncover the impact of Social Security on RMD taxation and how to navigate this aspect of retirement planning.

·       Gain insights on planning for inherited IRAs and taxes to ensure a smooth transition for your beneficiaries.

The key moments in this episode are:

00:00:42 – Updates on the latest RMD Rules

00:03:10 - Understanding RMD Calculation Methods

00:08:02 - Optimizing RMDs for Tax Planning

00:14:01 - Strategies to Reduce Lifetime Taxes on RMDs

00:17:00 - Utilizing QCDs for Charitable Giving

00:18:51 - Delaying RMDs with QLACs

00:20:06 - Power of Roth Conversions

00:25:15 - Strategies for Inherited IRAs

00:27:57 - RMD Pitfalls to Avoid

00:29:27 - Planning for RMDs

00:30:41 - Optimizing Lifetime Tax Brackets

00:31:44 - Topic for the Next Podcast Episode

00:32:45 - Gratitude and Appreciation

Disclosure: 

The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth.  

Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice.  

Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment.

and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.

Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com. 

Did you know that paying off your mortgage before you retire might not always be your best move?

In this episode of The Year You Retire, Jim Uren and John Bever delve into the hot topic of whether to pay off your mortgage before retiring. They discuss the advantages of being mortgage-free, such as potential interest savings and improved cash flow, but also emphasize the liquidity risk and misunderstood historical fears associated with mortgages. They discuss the importance of considering individual financial goals, risk tolerance, and overall liquidity when making this decision. They also touch on the tax advantage of having a mortgage and strategies for paying off mortgages early.

If you want to be better prepared for the year you retire, this episode provides valuable insights into the considerations individuals should weigh when deciding whether to pay off their mortgage. Remember, there's no one-size-fits-all answer and your own circumstances should be carefully evaluated. If you're nearing retirement and own a home, this episode offers valuable insight into the decisions that lie ahead. 

In this episode, you will:

• Learn the unusual perks of mortgage in the U.S. compared to other countries.
• Discover the pros and cons of an early mortgage payoff.
• Learn the potential tax advantages of keeping your mortgage in place.
• Explore effective strategies if you choose to pay off your mortgage early.
• Learn the personality type that might be best suited to a 15-year mortgage.

The key moments in this episode are:

00:00:42 – Topic Introduction

00:04:37 - Pros and Cons of Paying Off Your Mortgage Early

00:07:41 - Impact on Portfolio and Sequence of Return Risk

00:10:55 - Historical Fear of Mortgages and Current Market Conditions

00:15:19 - Importance of Liquidity and Unexpected Expenses

00:19:32 - Tax Implications of Paying Off Mortgage

00:21:09 - Factors to Consider in Paying Off Mortgage

00:23:48 - Ways to Pay Off Mortgage Early

00:25:55 - Final Tips and Considerations

00:27:50 – Coming Up on Our Next Episode

Disclosure:

The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. 

Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. 

Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.

Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.

Did you know that your retirement years are often accompanied by large capital gains tax bills? Do you know if you have the proper strategies in place to help reduce the damage that capital gains taxes can have on your portfolio? If you’re not sure you’re doing all you can to save big on your capital gains tax bill, then this episode is for you.

In this eye-opening episode of The Year You Retire podcast, hosts John Bever and Jim Uren delve into the intricacies of capital gains taxes and the strategies you can use to help to minimize their impact. They discuss the definition of capital gains, the difference between long and short term gains, how capital gains are taxed, and the steps you can take to help reduce your annual tax bill. John and Jim’s actionable insights and friendly demeanor will give you a deeper understanding of how to manage taxes in retirement and allow you to make better informed financial decisions along the way.

In this episode, you will be able to:

• Uncover the workings of capital gains in the U.S. tax system and how to determine the potential size of your tax bill.
• Discover smart strategies to help minimize capital gains tax and keep more of your investment profits.
• Understand how the type of investment account and the type of investment asset can change the amount of your tax bill.
• Learn about the benefits of tax loss harvesting and how it can optimize your retirement portfolio.
• Discover how charitable giving may be able to eliminate the capital gains tax on certain assets.
• Understand income tax brackets and how to leverage them to help minimize your retirement tax liabilities.

The key moments in this episode are:

00:00:42 – Introduction to Capital Gains Taxes

00:02:29 - History of Income Tax in the US

00:08:17 – Realized vs. Unrealized Gains and Losses

00:11:54 - Long Term Capital Gains Tax Rates

00:15:19 - Understanding MAGI (Modified Adjusted Gross Income)

00:17:02 - Strategies to Avoid Capital Gains Tax

00:21:18 - Special Rules for Different Assets

00:25:08 - Key Strategies for Reducing Long-Term Capital Gain Taxes

00:29:43 – Episode Conclusion and Hosts’ Gratitudes

00:31:16 – Disclosure and Disclaimer Information

Disclosure:

The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. 

Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. 

Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.

Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.

Are you married, widowed, or divorced? If so, then you may be eligible to receive Social Security Benefits based on your spouse's or former spouse's work history even if you have also earned your own Social Security benefits. But unfortunately, understanding and claiming these benefits can be very complicated. And once you request benefits, the Social Security administration rarely lets you fix a mistake, even if that mistake means you miss out on thousands of dollars of income every year in retirement. So be sure to listen to this entire episode to make sure you have all of the knowledge you need to help to get the most out of your Social Security spousal benefits.

In this episode you will:

·      You’ll discover how to know if you qualify for any spousal benefits

·      If you’re married, you’ll learn how you and your spouse may want to coordinate the claiming of your benefits to maximize your lifetime income

·      If you’re widowed, you’ll discover how widowed spouses have the most favored status when it comes to claiming Social Security benefits and the special strategies you can use to really boost your lifetime benefit amount

·      If you’re divorced, we’ll reveal how to know if you can claim any benefits from your ex-spouse and if so what you need to know to get the most out of those benefits

·      We are also going to reveal some special circumstances that if they apply to you, you need to be especially careful in your claiming strategies because some of the regular rules or strategies won’t apply to you.

·      And you’ll also discover what the late Tonight Show host, Johnny Carson, can teach us about Social Security spousal benefits

The key moments in this episode are:

00:42 – Introduction to Episode Topic: Social Security Spousal Benefits

02:10 - Qualifying for Spousal Benefits

07:07 - Spousal Benefits for Married Couples

11:49 - Delayed Retirement Credits and the File and Suspend Strategy

15:35 - Understanding Spousal Benefits

19:10 - Deciding When to Claim Spousal Benefits

23:05 - Spousal Benefits for Divorced Spouses

28:25 - Spousal Benefits for Widowed Spouses

34:07 - Special Circumstances and Landmines

36:41 - Social Security Mistakes

37:57 - Additional Resources

38:53 - Next Episode Preview

Disclosure:

The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. 

Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. 

Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.

Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.

Are you looking for a tax strategy that may help reduce the amount of taxes you pay during retirement? How about a strategy that may help increase the lifespan of your retirement portfolio? If so, then a Roth conversion may be the right move for you.

In this episode of The Year You Retire, hosts John Bever and Jim Uren delve deep into the world of Roth conversions. They reveal the potential tax savings that a well-timed Roth conversion can provide during the retirement years. Through their insightful conversation you’ll gain valuable knowledge and practical strategies to help you determine if and when a Roth conversion may be right for you.

In this episode you will:

• Discover how a Roth conversion may help you maximize your retirement savings.
• Understand the rules you must know before completing a Roth conversion.
• Find out the eight considerations to keep in mind when deciding on a Roth conversion.
• Learn about the Social Security tax torpedo and how to avoid it.
• Gain a better understanding of our tiered tax brackets and how to use this knowledge to make an informed Roth conversion decision.
• And much more.

The key moments in this episode are:

01:00 - The Power of Roth Conversions

Jim and John discuss the benefits of Roth conversions, including reducing lifetime income taxes and disinheriting Uncle Sam. They highlight the potential for stretching portfolio lifespan and paying less taxes over one's lifetime.

04:10 - Overview of Roth IRAs

John provides an overview of Roth IRAs and explains the difference between pre-tax traditional funding and Roth funding. He also mentions the potential for tax-free gains in a Roth IRA after age 59 ½.

07:01 - Understanding Roth Conversions

John explains that a Roth conversion involves moving money from the pre-tax side to the Roth side, providing control over when to pay taxes. He also discusses the options for paying taxes on the conversion.

10:20 - Factors to Consider for Roth Conversions

John delves into the complexities of determining if a Roth conversion is right for an individual, highlighting considerations such as federal tax brackets, IRMAA brackets, state tax brackets, the Social Security tax torpedo, the five-year rule, and more.

16:19 - Exploring the Impact of IRMAA on Medicare Premiums

John explains how income-related monthly adjustment amounts (IRMAA) can lead to increased Medicare premiums as income rises, and how this should be considered when planning Roth conversions.

18:40 - State Income Tax Considerations for Roth Conversions

John and Jim discuss how state income tax laws can impact Roth conversions, with specific emphasis on the benefits for Illinois residents who can avoid state taxes on Roth conversions.

20:14 - Navigating the Social Security Tax Torpedo

John delves into the complexities of the Social Security tax torpedo, emphasizing the regressive nature of the tax and the importance of strategic Roth conversions to mitigate its impact.

23:46 - Understanding the Five-Year Rule for Roth Conversions

John highlights the five-year rule for Roth conversions and its impact on accessing converted amounts, especially for those under 59 ½, providing insight into the considerations for tapping into Roth funds.

29:30 - Qualified Charitable Distributions (QCDs) from IRAs

Learn about the benefits of giving money directly from your IRA to a charity through QCDs and how your intent to use QCDs should inform your Roth conversion decision.

31:34 – A Summary of the Considerations for Roth Conversions

Gain insights into the eight key considerations for Roth conversions, including tax brackets, legacy planning, and charitable intent. Understand the importance of tax diversification for future flexibility.

Disclosure:

The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. 

Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. 

Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.

Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.

Have you thought about working with a financial planner, but you’re just not sure what to expect? Have you thought you might benefit from creating a financial plan, but you just don’t know what the process might be like or if it would even be helpful? Wonder no more. In this episode you’ll be given a guided tour through the financial planning process at Phase 3 Advisory Services.

Join hosts John Bever and Jim Uren as they reveal each step of the financial planning process that they follow with every client. From your initial phone call to the creation of your written action plan, you’ll discover what to expect at every step along the way. You’ll learn how we conduct our first meeting, the questions we tend to ask and the information we gather to help create your personalized financial plan. You’ll also learn the enormous benefits of having a personalized financial plan, the importance of working with a CERTIFIED FINANCIAL PLANNER™ professional, and the importance of plan implementation and review.

After listening to this episode, you will be able to:

·      Determine how the financial planning process might help you work toward your financial goals.

·      Schedule your initial conversation with a financial planner without fear of the unknown.

·      Understand what to expect at every step of the financial planning process.

·      Identify the benefits of working with a CERTIFIED FINANCIAL PLANNER™ professional.

·      Boost your motivation to help you work toward a strong financial future.

The key moments in this episode are:

00:00:05 - Introduction to Retirement Planning

00:01:19 - Importance of Working with a Financial Planner

00:05:44 - Health Benefits of Financial Planning

00:07:39 - What to Expect in a Discovery Meeting

00:13:01 - Sample Questions in a Discovery Meeting

00:13:45 - Financial Considerations in Retirement

00:15:10 - Financial Planning Process

00:19:18 - Importance of Data Gathering

00:24:41 - Financial Plan Presentation

00:26:19 - Importance of Review

00:26:42 - Reviewing Financial Data

00:27:58 - Client-Centric Approach

00:28:51 - Tools for Financial Planning

00:29:34 - Tax Optimization in Retirement

00:30:00 - Gratitude Segment

Disclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. 

Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. 

Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.

Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.

In this episode of The Year You Retire, hosts John Bever and Jim Uren reveal their list of the seven primary retirement predators. These retirement predators are the biggest threats to your financial lifestyle in retirement and it is critical that you prepare yourself against the potential damage they can cause. So listen along as John and Jim discuss each of the seven predators and provide practical steps you can take to help protect yourself. With a friendly and relatable approach, they share real-life examples and their professional insight, making this episode an essential resource for individuals approaching retirement.

In this episode, you will be able to:

·        Learn to identify the seven retirement predators and what you can do help protect yourself.

·        Discover the concept of “sequence of return risk” and potential threat to your retirement lifestyle.

·        Gain professional insight on potential tax reduction strategies.

·        Understand the importance of early retirement planning.

·        Test your knowledge with some retirement trivia questions.

·        Prepare for a successful retirement with clear financial planning session expectations.

The key moments in this episode are:

00:02:09 - Trivia Questions

00:03:58 - Procrastination

00:06:14 - Longevity Risk

00:11:01 - Lower than Expected Returns

00:15:05 - Impact of Market Downturns and Withdrawals

00:16:42 - Sequence of Return Risk

00:19:25 - Protecting Against Sequence of Return Risk

00:21:01 - Spending Shocks and Retirement

00:26:46 - Managing Taxes in Retirement

00:29:19 - Roth Conversions and Tax Strategies

00:30:01 - Procrastination in Retirement Planning

00:30:48 – On Our Next Episode

00:31:22 - Gratitude Segment

Disclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth.  Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results.

No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.

Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.

The buzz about Mint exiting the market has sent shockwaves through its user base, leaving many in search of a worthy alternative. Whether you've been a dedicated Mint user or are just diving into the world of budgeting apps, we've got you covered in this episode.

The silver lining? There's a plethora of apps ready to empower you in taking charge of your spending and to help kick start your savings journey. However, with the sea of options out there, navigating through the information overload to find the perfect app for you can be a bit overwhelming.

If you're search for a budgeting app has left you feeling overwhelmed, you are not alone! Trying to navigate through various options can be frustrating and time-consuming, especially if you're not sure which one will work best for your specific needs. Instead of feeling empowered and in control of your finances, you might find yourself feeling lost in a sea of choices, unable to find the right fit. It's time to simplify your search and discover the tools that can truly make a difference in your retirement planning.

In this episode of The Year You Retire, hosts John Bever and Jim Uren dive into the world of budgeting and tracking expenses in retirement. They stress the importance of having a well-structured spending plan in retirement and provide practical insights for managing finances. They share their personal experiences with budgeting tools, offering relatable anecdotes that make the conversation engaging and informative. The episode highlights the need for open communication and seeking professional help when facing financial disagreements as a couple.

It also delves into the security of budgeting apps and presents a range of tools and apps that can simplify financial management in retirement. Through their friendly and approachable discussion, John and Jim aim to help you simplify your spending and achieve a more financially stable retirement. Whether you're looking to improve your budgeting skills or explore alternative tools for tracking expenses, this episode provides valuable insights and practical advice to help you navigate the financial aspects of retirement with confidence.

In this episode, you will:

·       Learn what you need to do before choosing a budgeting tool.

·       Explore easy options for tracking your cash spending.

·       Discover some of the most popular tools and apps to help you tack your spending.

·       Learn what features may be the best fit for your spending style.

·       Discover strategies to help keep your data secure.

The key moments in this episode are:

00:01:29 - Importance of Tracking Expenses

00:06:19 - Tracking Spending Methods

00:10:22 - Monthly Summary of Spending

00:12:14 - Overcoming Financial Challenges

00:13:09 – When Couples Can’t Agree

00:14:21 - Ensuring Security in Budgeting Apps

00:16:53 - Tracking Cash and Budgeting

00:18:37 - Managing Budget Busters

00:23:38 - Planning for Medical Expenses in Retirement

00:26:03 - Importance of Financial Planning

00:26:56 - Tools for Simplifying Financial Management

00:29:22 - Most Popular Budgeting Apps

00:32:08 - First Tracking Tool Used

00:35:19 - Summary and Tips for Budgeting

Disclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. 

Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. 

Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.

Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.

In this episode, Jim Uren and John Bever discuss the decision of using a financial advisor versus managing retirement planning on your own. They cover the advantages and disadvantages of both approaches, highlighting the cost-saving potential and personal enjoyment of the DIY method, but also cautioning about the time and potential for costly mistakes. On the other hand, they emphasize the expertise and knowledge that financial advisors bring to the table, along with the potential for costly mistakes. However, they also address the drawbacks, including the cost and the possibility of working with the wrong advisor. Jim and John present a balanced view, emphasizing the importance of considering one's preferences, skills, and resources when making the decision. If you're nearing retirement age, this episode can help you make more informed decisions about your retirement planning, whether you're considering going it alone or seeking professional financial advice.

In this episode, you will:

• Learn the pros and cons of a DIY approach to financial planning and investment management
• Uncover the drawbacks and potential benefits of working with a financial advisor as you work toward your financial goals
• Discover what research reveals about the potential financial and non-financial benefits of working with a financial advisor
• Understand how an advisor can use both asset allocation and asset location to help you manage your investment portfolio. 
• Learn what to look for in a potential financial advisor and why the fiduciary standard is helpful, but not enough

The key moments in this episode are

00:00:41 – Episode Introduction

00:02:47 - Advantages and Disadvantages of DIY Approach

00:06:46 - Advantages and Disadvantages of Working with an Advisor

00:11:27 – Research on Confidence Levels When Working with an Advisor

00:13:22 - Holistic Benefits of Working with a Financial Advisor

00:16:54 - Portfolio Specific Benefits of Working with an Advisor

00:18:25 – The Value of Asset Selection and Allocation Services

00:20:26 – The Value of Advisor Guided Withdrawal Strategies in Retirement

00:24:12 – The Value of Behavioral Coaching

00:28:39 – The Value of Advisor Guided Asset Location

00:32:53 - The Potential Total Value of a Financial Advisor

00:36:55 – Advice on Finding a Good Fit Financial Advisor

00:42:08 - Next Episode Preview

00:42:57 – John and Jim Share Their Thankfulness  

Disclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. 

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