Ready For Retirement
James Conole, CFP®
Ready For Retirement is the podcast dedicated to helping you learn the tips and strategies that will help you achieve your retirement goals. When it comes to retirement planning, it can quickly become overwhelming and easy to not take action. I designed this podcast because I want you to have the knowledge and confidence to create your secure retirement. My ultimate goal for all of my clients (and listeners) is to create peace of mind and that starts with having a strategy. I want you to spend more time thinking about what matters most to you in retirement. I post weekly episodes to keep you up-to-date on all the best tips and strategies to create a retirement that excites you. Everything from investing tips, tax planning, withdrawal strategies, insurance planning, Social Security, and that's just the start! Let's help you maximize your return on life. We use your money and the strategies I share in this podcast to do just that!
Episodes
Mentioned books
Sep 12, 2023 • 25min
The Tax-Smart Way to Consolidate Your Retirement Accounts
By the time you get to retirement, it is not uncommon to have many different accounts at multiple different institutions. You may be wondering, "How do I begin the process of consolidating everything without paying a bunch in taxes or penalties?"In this episode, James covers three types of taxes you're likely to encounter when consolidating: ordinary income, capital gain, and early withdrawal penalties. He also explains strategies to sidestep these taxes and penalties and how to decode your current allocation to pinpoint your income needs.Questions answered:What is a good strategy for consolidation?How do you ensure you won't get penalized for consolidating?Timestamps:0:00 Intro1:55 The situation5:18 Capital gains8:46 Income taxes14:03 401k plans17:31 Allocation 21:21 Alternatively23:45 OutroCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!
Sep 5, 2023 • 20min
The Retirement Portfolio Shift- How to Make the Transition Smoothly
It’s common knowledge to have a different portfolio allocation before retirement than you actually have in retirement. But how and when do we actually go about making that change?This episode is based on a listener question: Alan, has a portfolio mix weighted too heavily in stocks. As he shifts into retirement, he is looking to have a new allocation strategy. James discusses how to shift into a different allocation, when the right time to do that is, and what makes the most sense for Alan’s situation.Questions Answered:How do we shift into a new allocation strategy?When should you begin that process?Timestamps:0:00 Intro3:08 The framework8:41 Where should you hold assets?14:14 What’s the timing?18:14 In summary19:11 OutroCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!
Aug 29, 2023 • 22min
Are Adjustable Rate Mortgages Right for You in a High Interest Rate Environment?
Are short-term savings using an adjustable rate mortgage worth the risk of rate hikes? In this podcast, we cover how adjustable rate mortgages (ARMs) work, how they differ from fixed-rate mortgages, and the reality of their adjustment periods. James uses a real-life scenario to dive into the comparison of adjustable and fixed-rate mortgages. Learn how to plan for the worst-case scenarios and evaluate the benefits and drawbacks of each option. Questions answered:Is it better to get a fixed rate mortgage, or is it better to get an adjustable rate mortgage? What is the risk versus reward?Timestamps:0:00 Intro3:10 Buying a home5:18 How ARMs work7:24 Why use an ARM?10:11 What's the risk?14:07 When not to get an ARM16:15 When to get an ARM18:50 Other considerations20:21 Analysis21:06 OutroCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!
Aug 22, 2023 • 26min
How Rising Interest Rates Should Impact Your Pension Decision (Lump Sum vs Annuity)
How can rising interest rates impact your pension value?In this week's episode, we analyze a real-life scenario from our listener, Mark, who is weighing the pros and cons of an early retirement, a higher lump sum, or a commit to an annuity. Learn how to calculate the imputed returns of an income annuity and how to determine if taking the lump sum and investing it would be the better option. Questions Answered:What considerations and calculations can be used to decide between a lump sum payout or an annuity?Are you working against yourself by continuing to work?Timestamps:0:00 Intro2:40 Mark's question4:24 Unpacking it7:38 Don't do your analysis this way14:09 Here's how to do your analysis18:54 Risk19:58 Planning20:50 Takeaway24:47 OutroCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!
Aug 15, 2023 • 32min
What's the Best Way to Fund a Remodel During Retirement?
If you’re retired, you can’t wait around for the next bonus or stock to vest when you have a large expense. When you’re on a fixed income it’s more important than ever to find the best way to pull funds for large expenses. In today’s episode, James explains how to find the best way to pay for large expenses in retirement while answering a listener’s question.Questions Answered: Should you use IRAs (or other assets), cash, or finance to pay for large expenses with today’s high-interest rates?What considerations should you take into account when planning for a big expense in retirement?Timestamps:0:00 Intro3:48 Cashflow 8:46 Taxes10:52 Timing13:14 Example20:58 Investment27:04 Legacy30:32 OutroCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!
Aug 8, 2023 • 28min
Here's the Right Way to Determine How Much Individual Stock to Hold
How much of your portfolio is safe to hold in one individual stock? While 5% or 10% is typically recommended, rules of thumb like these are often irrelevant and harmful. The right answer depends upon your specific situation.James explains the right way to determine how much individual stock you should hold based on your situation.Questions Answered:How much is okay to have in an individual stock?What conditions make owning individual stock acceptable or unacceptable?Timestamps:0:00 Intro2:02 Monica's story3:30 Individual stocks5:02 Example 17:45 Conditions10:18 Technicalities12:37 Example 214:34 Emotional implications16:11 Framework19:43 Portfolio size21:49 Time best spent22:50 Underperforming25:07 Why diversify?27:01 OutroCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!
Aug 1, 2023 • 16min
Ask Yourself This Question to Transform Your Retirement
What do you think is the key to a successful retirement?By asking yourself the right questions and being intentional about using money to enrich life, you can live more presently in the moment and enjoy a meaningful and successful retirement.James explains the most important question to ask yourself so that you can transform your retirement.Questions Answered:How do you get the most out of life with your money by living intentionally?How do you live intentionally for a more meaningful life?Timestamps:0:00 Intro2:37 The email6:42 The responses9:46 Points to note12:03 Steph’s story13:35 Important things to think about15:30 OutroCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!
Jul 25, 2023 • 27min
What Age Should I Collect Social Security If I Don’t Need It?
For many people, Social Security will be their primary income source in retirement, but some individuals have sufficient assets or income from other sources, making them less dependent on Social Security benefits.James explains the factors that can affect when you should collect Social Security and how to create a dynamic strategy.Questions Answered: What if you have sufficient assets/ income that you don't depend on Social Security for your retirement needs?How should that change your approach to collecting social security?Timestamps:0:00 Intro2:36 If you don't need Social Security5:40 First thing to look at7:48 Listener's situation10:11 Working in retirement12:50 The second thing to look at14:30 The third thing to look at15:44 The fourth thing to look at17:15 Examples20:18 Needing cash down the line24:49 Final thoughts25:22 OutroCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!
7 snips
Jul 18, 2023 • 23min
Is It Possible to Have Too Much in Roth IRAs?
DescriptionThere are a lot of good reasons to put your money into a Roth account. But does it make sense to have all your money in Roth accounts?The truth is, there is a point at which it's potentially harmful to continue putting money into Roth accounts. James explains the nuances of Roth accounts and tax planning, while answering a listener's question.Questions Answered: Is there a point at which you can have too much in a Roth account?How can you use tax planning in retirement?Timestamps:0:00 Intro1:17 Listener question3:59 Short answer5:41 Example8:04 Tax planning9:10 Eample11:45 Two questions14:18 Charitable giving18:22 Example20:57 OutroCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!
6 snips
Jul 11, 2023 • 25min
Do We Have Enough for Retirement? [Plus Bonus Worksheet]
How much it will cost to meet your needs is one of the hardest parts to understand about retirement. Relying on conventional wisdom will only get you so far, and may even lead you astray.In this episode, we explain how to get an accurate sense of your retirement expenses while walking you through a real example from a listener question.As a bonus, we are including a free worksheet for you to use:Retirement Cash Flow PlannerQuestions answered:How can you tell if you're financially on track for retirement?What do you do before social security kicks in to supplement income?Timestamps:0:00 Intro3:10 Listener question3:57 A few things to consider6:00 Here's where to start10:23 Where does the rest go?13:07 Steps 1 and 216:31 Their portfolio18:31 Retirement expenses21:50 Income strategy23:40 OutroCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!
