The Financial Samurai Podcast Concerns From Retirement Planners With Steve Chen, Founder of Boldin (formerly NewRetirement)
Dec 6, 2024
Steve Chen, founder and CEO of Boldin, a DIY financial planning software, dives into the complex world of retirement planning. He addresses common concerns retirees face, particularly around healthcare and income management. The discussion highlights the significance of strategic asset allocation while tackling misconceptions about retirement wealth in America. Chen also shares insights on managing required minimum distributions and the tax implications associated with retirement savings, all while underscoring the importance of financial literacy and personalized strategies for wealth accumulation.
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Boldin's Origin
- Steve Chen created Boldin (formerly NewRetirement) after helping his mom plan for retirement with spreadsheets.
- His mom, like many others, had saved but wasn't wealthy enough to attract a traditional financial advisor.
Accumulation vs. Decumulation
- Accumulating money involves saving, investing wisely, and managing behavior.
- Decumulation, however, presents greater complexity: determining work duration, Social Security timing, healthcare costs, and taxes.
RMD Concerns
- Required minimum distributions (RMDs) concern retirees who've saved in pre-tax accounts.
- RMDs force withdrawals, creating taxable income that some retirees aim to minimize via Roth conversions or strategic asset location.