Ed offers good tax strategies to consider to get a better grip on your tax bill.  He talks about connecting taxation with outflow as well as income, spending down traditional IRAs, Social Security claiming strategies, and Roth conversions and contributions.  Continuing with the tax theme, Ed runs through an end-of-year tax checklist to maximize your tax refund in 2023.  He then moves into spending habits to avoid in retirement so as not to bust that retirement spending plan.

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

The Wealth Training Academy

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Ed warns of retirement mistakes to avoid and offers reminders of the changes to legacy planning which came with the original Secure Act.

Wealth Training Academy investment coach Scott Wright joins in to talk about proper investment strategies in a volatile market.

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

The Wealth Training Academy

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Ed looks at strategies to have in place when you first retire.  He covers the adjustment period, prioritizing expenses, continuing to save, having a Social Security Strategy, and seeking out professional help.  What are the income tax brackets for 2022 vs. 2023?  Ed takes a look at that and then moves into some things to consider at the end of the year including maximizing your 401(k), IRA, Roth, and Health Savings Account savings and looking at strategic tax moves.

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

The Wealth Training Academy

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Ed points to a study that shows Americans are contributing less to their retirement than every before and that more than half of working U.S. adults feel as though they are behind on retirement savings.  That’s according to a recent report from Bankrate.  He points to reasons why which certainly include inflation.  He also talks about the concept of profit first when it comes to approaching your retirement as you would starting a business.  Scott Wright, investment coach at the Wealth Training Academy also joins in to discuss the condition of the markets.

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

The Wealth Training Academy

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Ed explains the similarities between planning for and running retirement and planning for and running a business.  He looks at building a business plan for your retirement which is the approach of the team at The Wealth Training Academy.  He also highlights financial moves you can make before you retire to help build a stronger and more efficient plan.  Some of the moves he covers are reducing risk, maximizing your contributions in the financial red zone, building a retirement budget, and forward planning for healthcare and the possibility of long-term care.  Ed then highlights mistakes to avoid to help you ensure you do not run out of money. 

You can reach the team at the Wealth Training Academy by calling 800-563-7030.

The Wealth Training Academy

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Ed cites results of a J.D. Power study that revealed some pitfalls of utilizing digital resources in planning your own retirement.  He breaks down the advantages and, in his opinion, the necessity of working with a professional to build and maintain your retirement.  He also goes over some of the “curveballs” of retirement in the form of unexpected expenses and then offers strategies to stay on track in the current economic environment.  He also goes through steps to consider that could help eliminate the fear, uncertainty, and doubt in retirement planning.

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

The Wealth Training Academy

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Ed goes through various streams of retirement income that may not be subject to taxation and breaks down the strategies to achieve that goal.  He also continues to monitor high inflation and its effects on retirement planning and discusses steps to take in order to maintain the lifestyle you want in retirement.

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

The Wealth Training Academy

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Insurance Coach Miriam Thomas on the team at The Wealth Training Academy joins in with information on Medicare just before the upcoming enrollment window.  Miriam clears up a lot of confusion with Medicare, the different components, the difference between Medicare Advantage and Medicare Supplement, and upcoming changes with the Medicare program.

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

The Wealth Training Academy

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In the midst of  market volatility, what are the major concerns of retirees and pre-retirees?  Ed breaks that down in looking at how Americans feel about the future of their retirement, the level of their fear of running out of money, and their ability to cover living expenses.  He then discusses his approach to a safe withdrawal rate and moves into RMD mistakes to avoid.

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

The Wealth Training Academy

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Ed looks at the issue that will present themselves in the future with tax-deferred retirement savings and offers some solutions.  Challenges you could potentially face include snowballing required minimum distributions, possible higher Medicare premiums, and a tax burden on your heirs.  Solutions presented include shifting savings from pre-tax to Roth and considering Roth conversions.  He also talks about retirement regrets to avoid and how to make sure you can enjoy the lifestyle you want and then breaks down how interest rate hikes could be an additional challenge in your retirement planning.

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

The Wealth Training Academy

See omnystudio.com/listener for privacy information.