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
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!
Jul 4, 2023 • 25min
Here's When It Makes Sense to Rent In Retirement
Many people believe that when you're retired, you need to own your own home, ideally without a mortgage. But there are instances where renting can make more sense, not just financially but for several other reasons. In this episode, James discusses the pros and cons of owning versus renting and when it makes sense to rent instead of own.Questions answered:In what instances does it make more financial sense to rent than own?What other reasons might factor into the decision to rent?Timestamps:0:00 Intro3:33 Cost of rent rising6:00 Less control7:22 Equity9:00 First issue: tax implications11:49 Second issue: budget15:08 Lifestyle18:44 Your health19:56 Example23:20 Emotional factors24:33 OutroCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!
Jun 27, 2023 • 33min
Everything You Need to Know About RMDs (Required Minimum Distributions)
Required Minimum Distributions work differently depending on the type of account. How can you most effectively plan for them? Today we're talking through everything you need to know about RMDs so you can understand their nuances and create a plan to best address them.Questions Answered:At what age do you need to take an RMD?What accounts do you have to take an RMD on?Timestamps:0:00 Intro2:59 At what age do you need to take out an RMD?4:19 How much is the RMD going to be?7:40 What accounts do you have to take an RMD on?9:25 Basic rules11:26 Spouse and non-spouse inherited IRAs16:11 Extra benefit20:07 Exceptions to the rules23:54 Keep this in mind25:55 Example32:26 OutroCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!
Jun 20, 2023 • 29min
[Case Study] How to Prepare for Early Retirement
For people who are planning to retire early, planning for retirement can be especially daunting. There are many different points to consider, but the most important is ensuring that your income stream will sustain you for the rest of your life.Today’s case study examines someone who is looking to retire early so that you can understand what framework and approach to apply to your own situation.Questions Answered:What do you do for income when you no longer receive a paycheck?What sort of strategies do you use for taxes, medicare, withdrawal, etc?Timestamps:0:00 Intro1:11 Today’s question4:11 Considerations6:55 Strategy and Expenses9:34 Recommendations11:30 Implications13:27 Are they on track?18:35 A couple of things you can do22:22 Adding in Social Security25:42 Quick thoughts27:34 OutroCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!
Jun 13, 2023 • 22min
Here’s How You Can Tell If a Roth Conversion Is Right For You
One of the best things you can do for your portfolio is to implement the right tax strategy. Each situation is unique and requires a personalized approach.Using a listener’s question, James explains one specific example to show when and how to implement the right strategy. Questions Answered: Why should or shouldn't you do Roth conversions?What should you be mindful of when doing Roth conversions?Timestamps:0:00 Introduction0:53 Listener question4:03 Two core things to focus on5:56 Should we do a Roth conversion?7:13 Taxable income9:16 Lower tax bracket11:24 Taking a basic look14:21 Gray area16:40 Control the balance19:31 Big picture plan20:41 OutroCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!
