In this episode of the FMI Podcast, financial advisor Marlana Lancaster and founder David Elmore explore what it really means to retire well. They discuss why retirement requires purpose beyond work, common mistakes people make with 401(k)s, how to create sustainable income from retirement savings, and the hidden tax traps that can devastate long‑term plans. The conversation also covers Social Security taxation, withdrawal strategies, estate planning, the financial impact of helping children and grandchildren, managing fear and market volatility, and why thoughtful planning is essential as people live longer and retirement years stretch further than ever before.

0:00 – What Retirement Really Means

0:45 – The Importance of Purpose After Retirement

2:29 – Baby Boomers and the Retirement Wave

3:14 – What to Do With Your 401(k) at Retirement

3:58 – Why Cashing Out a 401(k) Is a Major Mistake

4:34 – Rolling a 401(k) Into an IRA Explained

6:14 – Creating Retirement Income Without Running Out

7:18 – The 5% Income Rule in Retirement

7:46 – Taxes and Social Security in Retirement

9:10 – Using Multiple “Buckets” of Retirement Money

10:24 – What Is Bracket Creep?

11:55 – Estate Planning and Updating Beneficiaries

13:42 – How Children and Grandchildren Can Impact Retirement

15:27 – Travel, Lifestyle Choices, and Budgeting in Retirement

16:48 – Fear, Market Volatility, and Protecting Your Money

18:18 – Inflation and the Risk of Sitting in Cash

19:41 – Why a Written Financial Plan Matters

20:25 – Living Longer and Planning for 30+ Years of Retirement