Ed points out the way to help allay the fear of running out of money in retirement is by implementing good income streams.  He talks about assessing your retirement income needs first and then looking at tools such as annuities and how you can possibly leverage higher interest rates.  He gives his take on reverse mortgages and the need to look at how to maximum your Social Security claiming strategies.  How are Americans coping with inflation.  That’s also part of the conversation as well as looking at Roth opportunities.

You can reach Ed Storer and the team by calling 800-563-7030.

The Wealth Training Academy

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Investments Coach at the Wealth Training Academy Scott Wright joins Ed in the first segment for a conversation on inflation.  Where do we stand now with inflation?  How are Americans dealing with it?  Where are we now with the Fed and interest rate hikes?  Ed and Scott get into all of that in opening the podcast.  Ed then offers an in depth look at annuities including the different types and the pros and cons.  He then discusses what to consider in the event of the passing of a spouse.  Topics covered include the tax implications, the changes in income, and making sure to consider avoiding decisions such as unplanned withdrawals.

You can reach Ed Storer and the team by calling 800-563-7030.

The Wealth Training Academy

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Ed discusses the impact of taxes on retirement and steps to counteract that impact.  He explains how withdrawals from retirement accounts and pensions can be taxed.  He also talks about the calculation of provisional income and how that can make your Social Security subject to taxation.  What are the milestone ages in your retirement journey?  Ed goes over the important ages and even introduces a couple of new ones. 

You can reach Ed Storer and the team by calling 800-563-7030.

The Wealth Training Academy

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Ed highlights mistakes to avoid in retirement planning including not factoring inflation and longevity, overestimating income, and not finding the balance of conservative and aggressive in investing.  He then points out different strategies employed while examining Traditional and Roth IRAs.  He points out how a down market could be a good time for a Roth conversion and points out any drawbacks to be aware of. 

You can reach Ed Storer by calling 800-563-7030.

The Wealth Training Academy

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Now that it has passed, Ed reviews some of the key provisions of Secure Act 2.0 including the raising of the RMD age, additional catch-up opportunities, and expanded Roth contributions.  He looks at lessons that can be learned from 2022 and how to move forward towards retirement in a stronger position.  Ed also talks about a down market being a good time to consider a Roth conversion and the right strategies that go along with that.

You can Ed and the team by calling 800-563-7030.

The Wealth Training Academy

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Ed discusses unique challenges women face in planning for retirement and much of this can be attributed to the longevity of women.  He also offers good retirement planning tips for 2023 and strategies to consider in making sure you have enough money in retirement.

You can reach Ed and the team by calling 800-563-7030.

The Wealth Training Academy

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Ed defines the retirement income replacement rate and looks at what needs to be considered in building income for your retirement.  This includes determining how much income you will need compared to your pre-retirement income, how much you earn, how much you save, when you will retire, your tax rates, and what Social Security covers.  He also looks at tax strategies that can help you presently and in the future.  This includes tradition 401(k) and IRA saving strategies as well as Roth.  Then he discusses a growing trend of working in retirement in explaining why more people are choosing to in some form or fashion and what should be considered when making that choice.

You can reach Ed Storer and the team by calling 800-563-7030.

The Wealth Training Academy

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Ed offers great suggestions for how to use your Christmas bonus if you received one this year.  They include debt payoff, increasing savings, saving for retirement, and securing your family.  He also covers some solid planning tips to help you retire in a challenging economy in 2023.  Understanding sequence of returns and possibly delaying Social Security are part of the conversation.  What are some important questions you should be able to answer when considering your retirement and income plan?  Those include your budget, your tax strategies, long-term care protection, and other sources of income in your retirement. 

You can reach Ed Storer and the team by calling 800-563-7030.

The Wealth Training Academy

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Ed covers strategies to implement when in the financial red zone which is five to ten years away from retirement.  These include looking at funding your 401(k) to the max, rethinking your 401(k) assignments, and looking at traditional and Roth IRAs.  He offers good tax considerations for the end of the year such as the clean vehicle tax credit, taxes and children, charitable contributions, health accounts, and tax harvesting.  Then Ed moves into delicate ways to approach your parents in starting a conversation about money and retirement.

You can reach Ed and the team by calling 800-563-7030.

The Wealth Training Academy

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Ed stresses the need to make sure you stay on track with your retirement savings in the financial red zone and offers solutions to avoid the obstacles.  Those include inflation, stock market volatility, unexpected expenses, and debt.  He then offers detours around those roadblocks that could keep you from your retirement target date and clarifies some common misconceptions about your 401(k).

You can reach Ed Storer and the team by calling 800-563-7030.

The Wealth Training Academy

See omnystudio.com/listener for privacy information.