We’re all human meaning we all forget things.  We forget someone’s name … we forget our email password … we forget old 401(k) accounts.  Wait … what?  Do people really forget about something as big as a retirement account?  You bet they do.  In fact, Market Watch says there are currently 24 million “forgotten” 401(k) accounts!  And collectively, those accounts hold 1-point-3 trillion dollars in assets!  I’m guessing that’s not good?

There’s a term that occasionally pops up in the financial media … “lifetime income.”  Market Watch cited a survey in which one-in-three people believed they could get lifetime income from a mutual fund.  And one-in-five thought it comes from a target date fund.  John explains if there is such a thing as lifetime income and if there is, how does it work? 

Special guest Bill Murray joins the show and shares his favorite financial advice. Plus, John dishes about spending time with Bill and his brothers at a recent event. 

PGA Player of the Year Patrick Cantlay won the FedEx Cup and 15 million dollars.  One million of that bonus automatically goes to his retirement fund.  But even Cantlay has said being at the top of the golf world won’t last forever and expects earnings to fluctuate year-to-year.  How can someone safeguard their retirement savings for future years when their current income amounts may be uncertain?  Should contributions adjust accordingly, or should you still try to make them steady and consistent?

Kiplinger says drawing from the right account at the right time can make a huge difference in the amount of taxes you owe over the course of your retirement. 

Then, what’s the most important thing you need to know about self-planning for retirement? Patrick Kelly, the author of “Stress Free Retirement,” says it’s knowing when to ask for help. Hear John explain how he works to help clients be more emotionally detached to make better decisions for their financial future. 

If you knew that you could cheat on your taxes without getting caught, would you do it?  Believe it or not, 94% of the people in a recent survey say it’s our civic duty – as Americans – to pay our fair share of taxes.  So, I guess the bigger question is – what constitutes “fair share”?  Hear John explain how using his tools and strategies can help keep more money in your pocket than in Uncle Sams! 

John tells story of helping couple who are tired of working and ready to retire, Poor planning can sabotage your retirement … including your healthcare.  For example, Market Watch warns that decisions you make around age 63 will determine how much you have to pay for your Medicare Part B premiums.  Hear John explain how! 

When the market is doing well – like now – do you tend to get a little complacent?  An NYU finance professor told Business Insider that investors have become “sloppy and lazy.”  He said people think that making money is easy … and he warned that the markets have a way of “fixing” that kind of thinking very quickly.  Is it dangerous to assume that investing in the markets is always the best way to go?

Then, RMDs – or required minimum distributions – are back for 2021.  Best-selling retirement author Patrick Kelly says many retirees are surprised to learn that they’ll have to withdraw this money from their accounts, whether they want to or not. Okay, for those listeners who don’t need that money right now, what are some “tax friendly” options for what they might want to do with it when they take those RMDs?

We hear a lot about the benefits of a Roth IRA.  But a writer for The Motley Fool says she doesn’t want a Roth because…

1. She’s not convinced her tax rate will be higher in retirement.  And,
2. She doesn’t want to be tempted to withdraw money before she actually retires.

What do you think of her reasoning?, One of the big debates in retirement planning is whether … and how much … you should continue to invest in stocks after you’ve retired.  Morningstar’s Christine Benz believes everyone should be in the market and she says the current rise in inflation is a good example of why. Do we keep money in stocks … or is there a better way to deal with that inflation risk? Hear John discuss! 

Have you given much thought to the mechanics of how you’re going to get paid, after you retire?  David Blanchett, head of retirement research for Morningstar, says there’s actually some disagreement over how that should work.  So, what’s the difference between just spending down your nest egg … and using that nest egg to generate income?, So, what about prices today?  Well, the cost of seeing a doctor is 5% higher today than it was this time last year.  The cost of toilet paper is nearly 8% higher.  The price of a bag of oranges is nearly 10% higher … and the cost of filling your gas tank?  That’s more than 22% higher than last year!  In other words, our buying power is going backward!  If this trend continues, what could that mean for our buying power in retirement? 

An experienced financial advisor will tell you that the #1 retirement fear is ...? RUNNING OUT OF MONEY!  A report by the Employee Benefit Research Institute (EBRI) found that roughly 10% of baby boomers in the highest income group will run short of money!  And the percentage is even greater for those in the more modest income groups.  So, we clearly have a problem here.  How do we keep that from happening? Hera John explain how he can REPLACE YOUR PAYCHECK! 

We’re all familiar with 401(k)s and IRAs, but Business Insider says there are other ways to build a solid retirement.  And one of the ways they mentioned was a “life insurance strategy.”  I thought life insurance served a very specific purpose – can it really be part of a retirement plan, too? John discusses this and how he can replace your paycheck in retirement!