Ready For Retirement

Have you thought about what moving to a new state might mean for your retirement budget and lifestyle? In this Ready for Retirement episode, the focus is on preparing for an out-of-state retirement. James outlines three essential considerations for retirees planning a move:1. Housing Costs and Expenses: From property values and local property taxes to potential capital gains from selling a current home.2. Overall Cost of Living: Everything from groceries to utilities varies widely between regions. It’s also wise to consider personal lifestyle goals—like travel or access to nature—as these can impact ongoing expenses3. A Solid Tax Strategy: Particularly if moving to a state with different tax laws. Retirees can benefit by adjusting their tax strategy based on the state they’ll be in, potentially saving thousands over time. These tips offer invaluable guidance for anyone considering a fresh start in a new state after retirement.Questions answered:How can moving to a different state impact my retirement expenses?What tax strategies should I consider if I plan to retire out of state?Submit your request to join James:On the Ready For Retirement podcast: Apply HereOn a Retirement Makeover episode: Apply Here Timestamps:0:00 - An overview1:27 - Compare housing costs4:04 - Moving to higher property tax state6:32 - Moving to lower property tax state7:12 - Compare cost of living10:48 - Dial in your tax strategy13:44 - Consider state tax rates14:51 - SummaryCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!

Many dream of retiring early, but you would be surprised to learn that many people who retire early regret doing so. James reveals five things that lead people to regret early retirement and provides practical tips to avoid these pitfalls.He explains why many individuals who retire before 65 struggle due to a lack of planning, overly conservative investment strategies, and failure to envision life beyond work. He highlights the importance of aligning financial plans with personal goals, maintaining a balanced portfolio to outpace inflation, and considering part-time work as a transitional phase. He also encourages listeners to “practice” retirement before fully committing and cautions against adhering to common retirement “rules” without understanding their context. By addressing these critical aspects, listeners can make more informed decisions and transition into retirement, at any age, with confidence.Questions answered:Why is it important to have a life plan in addition to a financial plan when retiring early?What lifestyle adjustments should early retirees be prepared to make to sustain their retirement long-term?Submit your request to join James:On the Ready For Retirement podcast: Apply HereOn a Retirement Makeover episode: Apply Here Timestamps:0:00 - Defining early retirement1:15 - Not knowing what you’re retiring to4:14 - Being too conservative7:51 - Not considering part-time work12:25 - Not practicing retirement14:05 - Relying on retirement “rules”17:26 - Being too dependent on 401(k)Create Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!

James sits down with someone who’s financially set to retire—mortgage paid off, kids through college, and investments in place—but he’s still grappling with one big question: what’s next?Instead of focusing solely on financial strategies or retirement planning, James gives him some unexpected advice: start journaling. This led to a deeper conversation about finding purpose beyond optimizing your portfolio.What would your life look like without constraints? What actually matters most to you? And how can you ensure your future is filled with meaning, not just money?It’s not just about retiring from something but retiring to a life you love.Questions answered:How can I avoid feeling unfulfilled in retirement, even if I have all the money I need?What are some practices I can do now to flush out what I really want out of life?Submit your request to join James: On the Ready For Retirement podcast: Apply HereOn a Retirement Makeover episode: Apply Here Timestamps:0:00 - A pertinent conversation1:53 - Journaling prompts3:00 - What matters4:47 - Imagine no limitations6:43 - Best, second-best, worst scenarios10:00 - Addressing fears steps 1&213:22 - Addressing fears steps 3&416:43 - Take action18:50 - Wrap-upCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!

For many, Social Security makes up a large portion of their retirement income, so it’s important to know how to maximize your Social Security benefit. James explains how Social Security works, diving into some important foundational aspects. He then explains four key strategies for maximizing benefits:1. Work for 35 years to avoid zero-income years in the calculation.2. Delay benefits, if possible, until age 70, increasing payments by 8% annually after full retirement age.3. Leverage spousal benefits, allowing a lower-earning spouse to claim up to 50% of the higher-earning spouse's benefit.4. Plan for survivor benefits, where a surviving spouse can receive 100% of the deceased spouse’s benefits.By understanding how these factors work, retirees can make informed decisions to maximize their Social Security income, reducing pressure on their savings and ensuring a more stable retirement.Submit your request to join James: On the Ready For Retirement podcast: Apply HereOn a Retirement Makeover episode: Apply Here Questions answered:How is Social Security funded, and how does it affect my retirement income?How are Social Security benefits calculated based on my earnings?Timestamps:0:00 - How SS works4:16 - Drilling deeper6:27 - Full retirement age8:08 - Work 35 years10:08 - If possible, wait12:17 - Spousal benefits14:03 - Survivor benefits17:39 - SummaryCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!

ames responds to a question from Chris regarding restricted stock units (RSUs) and how to avoid costly mistakes when managing them. He explores whether it’s wise to hold onto company stock or diversify for a safer financial future. He breaks down how RSUs work, from vesting schedules to the tax implications of receiving stock as part of your compensation package. He also explains the critical considerations you should make when deciding whether to hold or sell vested shares and how this decision fits into your broader investment strategy. Questions answered:Should I hold onto or sell my vested RSUs?What are the tax implications of RSUs, and how can I avoid mistakes?Submit your request to join James: On the Ready For Retirement podcast: Apply HereOn a Retirement Makeover episode: Apply Here Timestamps:0:00 - How RSUs work 4:24 - Like a cash bonus7:17 - Question your performance assumptions12:25 - How RSUs are taxed and paid15:14 - Default withholding rate and wash sale rulesCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!

Patrick and Mary will soon both be retired. They are curious about what their withdrawal strategy should be as they balance various retirement accounts, including a pension, IRAs, and a brokerage account. They've been using tax gain harvesting to minimize taxes and plan to eliminate gains by 2024. A key question is whether to withdraw from their IRAs or brokerage account first, considering their state’s tax exclusion. James explains that by managing withdrawals and Roth conversions strategically, some retirees can reduce tax liability, optimize income streams, and preserve the tax-free growth of Roth accounts during retirement.Questions answered:Should retirees withdraw from their taxable brokerage accounts or IRAs first to minimize taxes?How can Roth conversions and state tax exclusions be used to optimize income and lower taxes during retirement?Submit your request to join James: On the Ready For Retirement podcast: Apply HereOn a Retirement Makeover episode: Apply Here Timestamps:0:00 - Meet Patrick and Mary3:14 - Retirement taxes are different6:37 - Consider combined tax rates8:42 - Tax gain harvesting12:35 - Strategizing income in retirement16:48 - Realized gains20:12 - A twist on traditional thinking23:47 - The bottom lineCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!

Ben has been a saver his entire life, which helped position him for an early retirement at the age of 53. Yet, he faces a big challenge. Having maintained his modest lifestyle, Ben’s comfortable portfolio has continued to grow and has nearly doubled in value. James and Ben discuss the challenges of making mindset shifts and the proactive steps Ben has taken to encourage himself to spend more. Questions answered:How did Ben decide to retire when he was in his peak earning years?What are the steps Ben has taken to force himself to spend more?  Submit your request to join James: On the Ready For Retirement podcast: Apply HereOn a Retirement Makeover episode: Apply Here Timestamps:0:00 - Meet Ben2:36 - A lifetime saver5:28 - Confidence to retire early6:41 - Retirement reality vs expectations9:12 - The appeal of retirement11:46 - The biggest challenge - spending14:13 - A growing portfolio17:33 - The lure of subsidiesCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!

Monique aspired to retire early, and while she had faithfully saved throughout her working years, she wasn’t sure if she had enough to retire. After getting assurance from professionals, she took the plunge and quit working. Monique and James talk about the first two years of her retirement – how she’s been able to focus on her health and pursue some hobbies she didn’t have time for previously. Monique also shares some surprising challenges related to spending, travel, and family dynamics. Questions answered:What can retirees who are natural savers (and have more than enough) do to loosen the purse strings and spend more?What does Monique wish she had done differently during her working years in preparation for retirement?Submit your request to join James: On the Ready For Retirement podcast: Apply HereOn a Retirement Makeover episode: Apply Here Timestamps:0:00 - Meet Monique3:58 - 5 years before retiring8:03 - Money impressions from childhood10:47 - Transition to retirement15:06 - Spending and travel challenges.20:50 - Family pressure and self-awareness25:51 - A spending exercise32:19 - Better physical and mental health35:53 - Persons and social changes39:01 - Advice for younger selfCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!

Elaine didn’t decide to retire at age 57, but changes in her company meant an early retirement for her. Being caught off guard, she didn’t feel emotionally prepared to make the shift, even though she knew that her family would be fine financially. One year into her retirement, she found her groove by focusing on her family, building new relationships, trying new things, and staying physically active. Today she says she’s never been happier. James and Elaine discuss how she found her footing in retirement, the advice she would give her younger self, and the plans she and her husband have for when they are both retired. Questions answered:How did Elaine find the activities and community she is now enjoying?What advice would Elaine give to others on the verge of retirement? Submit your request to join James: On the Ready For Retirement podcast: Apply HereOn a Retirement Makeover episode: Apply Here Timestamps:0:00 - Meet Elaine 2:55 - The “decision” to retire4:44 - The loss of income6:05 - New social outlets and new routine8:15 - A year to make shifts11:19 - Advice for younger self13:58 - Search for activities; don’t say no16:21 - Challenges and advice18:37 - What’s next19:58 - Try new things; build relationshipsCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!

After his father lost healthcare coverage in retirement and had to pay for a major health event with savings, Derek was highly motivated to ensure sufficient coverage in retirement. He even considered leaving the job he loved for one with better healthcare and retirement benefits. Derek shares his retirement journey with James, including: ➡ Decisions he made pre-retirement➡ How he addressed healthcare concerns➡ How his perspective on life and giving back has shifted➡ How he and his wife prepared for the changes retirement would bring to their marriageQuestions answered:What are some questions my spouse and I could explore now in preparation for when we’re spending more time together in retirement?What is Derek’s advice for soon-to-be retirees?Submit your request to join James: On the Ready For Retirement podcast: Apply HereOn a Retirement Makeover episode: Apply Here Timestamps:0:00 - Meet Derek3:23 - Importance of healthcare6:48 - Health in retirement10:07 - A new perspective and purpose14:13 - Financial concerns and readiness16:29 - The biggest challenge19:30 - Adjustments in the marriage23:13 - Derek’s advice26:11 - Final thoughtsCreate Your Custom Strategy ⬇️ Get Started Here.Join the new Root Collective HERE!