Your Retirement With Sam Duell

Sam, Andi, and Luke point out how retirement planning is different now due to many factors such as dwindling pensions and longevity.  They talk about the importance of building income, protecting your wealth, and factoring in health care costs and inflation.  Then they move into discovering fees you may be paying and avoiding unnecessary costs in retirement including penalties.  They keep the conversation grounded in reality as they debunk some retirement myths and old ways of thinking in crafting retirement strategies.

You can reach Duell Financial Strategies by calling 866-203-7486.

Duell Financial Strategies

See omnystudio.com/listener for privacy information.

Luke reminds us that, even though you may choose to work in your seventies, there are still retirement planning considerations.  Among those are how it will work with your RMDs, Social Security claiming strategies, and how working could impact your tax situation.  He also addresses the fear of running out of money in retirement with moves to consider to help make your money last.  Those include creating a floor, bucketing your money, making systematic withdrawals, and using account sequencing.  Luke also points out some retirement planning mistakes to avoid in December with the end of the year approaching.

You can reach Duell Financial Strategies by calling 866-203-7486.

Duell Financial Strategies

See omnystudio.com/listener for privacy information.

Sam and Luke remind us that, even though you may choose to work in your seventies, there are still retirement planning considerations.  Among those are how it will work with your RMDs, Social Security claiming strategies, and how working could impact your tax situation.  They also address the fear of running out of money in retirement with moves to consider to help make your money last.  Those include creating a floor, bucketing your money, making systematic withdrawals, and using account sequencing.  They also point out some retirement planning mistakes to avoid in December with the end of the year approaching.

You can reach Duell Financial Strategies by calling 866-203-7486.

Deull Financial Strategies

See omnystudio.com/listener for privacy information.

What are good questions to ask your financial professional in times of economic turmoil?  Sam, Andi, and Luke cover some of these including long-term planning, diversification, and whether or not to change course.  They also warn of retirement mistakes to avoid and offer reminders of the changes to legacy planning which came with the original Secure Act.

You can reach Duell Financial Strategies by calling 866-203-7486.

Duell Financial Strategies

See omnystudio.com/listener for privacy information.

Sam, Andi, and Look look at strategies to have in place when you first retire.  They cover the adjustment period, prioritizing expenses, continuing to save, having a Social Security Strategy, and seeking out professional help.  They also discuss the next wave of retirees-Generation X.  These are the people born between 1965 and 1980.  The older ones are clearly in the financial red zone but are they ready?  They look at a study that will give some insight.  Then they move 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 Duell Financial Strategies by calling 866-203-7486.

Duell Financial Strategies

See omnystudio.com/listener for privacy information.

Your approach to investing in retirement can certainly be different than earlier in your life. Sam, Andi, and Luke run through some things to consider and some practices to avoid.  They include having a proper philosophy that can be flexible and able to change over time and to avoid questioning your plan due to volatility, trying to outperform the market, and letting your emotions get the best of you.  They also look at four financial gaps that could stand in your way to retirement.  They include the knowledge, resources, perception, and empowerment gap.  Then they expand on some of the observations of Morningstar’s Christine Benz.

You can reach Duell Financial Strategies by calling 866-203-7486.

Duell Financial Strategies

See omnystudio.com/listener for privacy information.

Sam, Andi, and Luke talk about the announced Social Security Cost of Living Adjustment for 2023 pointing out that it is the highest in forty years but also that inflation is as well.  They discuss how this high inflation, volatility, and rising interest rates must be factored when planning for retirement.  They get into the sudden shift for retirees when entering retirement and goes over the process of “de-accumulation.”  Then they look at retirement challenge solutions such as planning for inflation in your other retirement income streams, preparing for out-of-pocket health care costs, and building good tax strategies.

You can reach Duell Financial Strategies by calling 866-203-7486.

Duell Financial Strategies

See omnystudio.com/listener for privacy information.

Sam and Luke cite results of a J.D. Power study that revealed some pitfalls of utilizing digital resources in planning your own retirement.  They break down the advantages and, in their opinion, the necessity of working with a professional to build and maintain your retirement.  They also go over some of the “curveballs” of retirement in the form of unexpected expenses and then offer strategies to stay on track in the current economic environment.

You can reach Sam, Andi, and Luke by calling 866-203-7486.

Duell Financial Strategies

See omnystudio.com/listener for privacy information.

In the midst of recent market volatility, what are the major concerns of retirees and pre-retirees?  Sam, Andi, and Luke break 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.  They also discuss their approach to a safe withdrawal rate and then move into RMD mistakes to avoid.

You can reach Duell Financial Strategies by calling 866-203-7486.

Duell Financial Strategies

See omnystudio.com/listener for privacy information.

Luke breaks down proposals that are included in Securing a Strong Retirement Act of 2022 which is also known as Secure Act 2.0.  Proposed changes include requiring employers to auto enroll employees in a 401(k) or 403(b), raising the RMD age, new rules for 401(k) retirement plans, and increases for catch up contributions.  He also gives considerations on saving more and saving smarter for retirement such as factoring in longevity and inflation, looking at a health savings account, and considering an annuity.  Luke then moves to what you will do with all that time in retirement.  Trips, part-time work, fitness, health, and finding your purpose are included in the conversation.

You can reach Duell Financial Strategies by calling 866-203-7486.

Duell Financial Strategies

See omnystudio.com/listener for privacy information.