Retirement Starts Today

Have you ever used a Monte Carlo analysis to help you plan retirement? If so, the results can seem scary. You may be looking for a 100% likelihood of success so that you can rest easy–after all, you are probably hoping for a 100% successful retirement. However, in this episode of Retirement Starts Today, you’ll learn why a 100% success rate should not be your goal. Listen in to hear why. Outline of This Episode [1:42] Retirement plan uncertainties [8:00] Don’t shoot for 100% success with a Monte Carlo analysis [10:25] How to figure out the cost basis Resources & People Mentioned Monte Carlo Failures Aren’t Plane Crashes Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Join the newsletter: https://retirementstartstodayradio.com/newsletter Dive deeper into retirement planning with Ben at www.RetirementIncome.University Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

We talk about retirement income guardrails a lot on this show, but today we’ll go into greater depth while exploring an article from Kitces.com. This article was written by a mentor of mine and takes an advisor’s perspective on how to discuss spending increases and decreases with clients. These are fantastic conversations to review if you have been implementing or thinking about using the guardrails strategy in your retirement plan. Grab a pen and paper and take some notes to reflect as you listen so that you can keep them handy and run them through your own filter.  Stick around until the end to hear from a listener who is unhappy with their advisor, yet concerned about the tax implications of switching to a new one. Outline of This Episode [2:22] What are guardrails? [10:20] How to have the spending reduction conversation [15:30] What to do if you are unhappy with your financial advisor Resources & People Mentioned Implementing Retirement Income Guardrails to Facilitate Spending Raises and Cuts Dynamic Distribution Rate white paper Jarvis Financial Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Join the newsletter: https://retirementstartstodayradio.com/newsletter Dive deeper into retirement planning with Ben at www.RetirementIncome.University Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Do you want to know how you can fully utilize your biggest advantage over the IRS? Listen to this episode to find out.  Today, we explore a ThinkAdvisor.com article that turns traditional retirement tax thinking on its head. Then, Bret helps me answer a listener's question about opening a Roth IRA when your salary is too high. Bret has a great tip that you may not have thought of before. Finally, you’ll hear from Mike in Tuscon who is engaging in his love of music in retirement. Don’t miss out on this episode to hear how you can plan to improve your retirement. Outline of This Episode [1:22] Delaying taxes in retirement isn’t always the best [5:10] My thoughts [7:42] What about opening a Roth IRA and only making Roth conversions [12:45] How Mike is investing in himself Resources & People Mentioned Delaying Taxes in Retirement Isn’t Always Best, Award-Winning Paper Shows Personal Capital Betterment Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Join the newsletter: https://retirementstartstodayradio.com/newsletter Dive deeper into retirement planning with Ben at www.RetirementIncome.University Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Do you have an HSA? If so, do you simply use it to pay for your medical expenses? Or do you use it as a way to build your wealth? Today we’ll look at an article from Financial Advisor Magazine that will help us identify opportunities for wealth creation. Listen in to learn how to maximize the triple benefit of the humble HSA. Outline of This Episode [1:22] A few tricks to turn the humble HSA into a wealth builder [12:30] What is the Pension Benefit Guarantee Corporation? Resources & People Mentioned Article - A Few Simple Tricks Turn Humble HSAs into Wealth Builders PBGC.gov Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Join the newsletter: https://retirementstartstodayradio.com/newsletter Dive deeper into retirement planning with Ben at www.RetirementIncome.University Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Do you combine your finances with your partner? If you do, chances are that you might be happier. In this episode of Retirement Starts Today, we’ll explore a WSJ article written by Julia Carpenter titled Couples Who Combine Finances Are Happier. So Why Don’t More Do It? In addition to examining the benefits of combining finances, we’ll take a look at the reasons couples choose not to pool their resources. Finally, I’ll share my thoughts on why merging with your spouse's finances could be a boon to your retirement.  Make sure to stick around for the listener question segment. Bret and I discuss whether it is worth self-funding long-term care rather than purchasing long-term care insurance. Listen in to hear discover whether you’re surprised by our response. Outline of This Episode [1:22] Couples who pool their finances are happier [6:30] Do we recommend self-funding long-term care insurance? Resources & People Mentioned WSJ article - Couples Who Combine Finances Are Happier. So Why Don’t More Do It? Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Join the newsletter: https://retirementstartstodayradio.com/newsletter Dive deeper into retirement planning with Ben at www.RetirementIncome.University Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Giving advice to your parents can be a challenge both for you and for them. However, there comes a time when the roles reverse and our parents may need to hear our practical advice. If you have been wondering how to go about doing this you’re not alone.  This week we’ll explore a retirement headline from Francine Russo at WSJ titled How to Give Your Parents Advice That They Will Actually Listen To. And to continue with the parent-child relationship theme we’ll answer a listener question about moving to be near the kids and grandkids in retirement. Don’t miss out on this helpful episode. Press play now.  Outline of This Episode [1:12] How to give your parents advice [6:32] On moving to be closer to adult children and grandchildren Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Join the newsletter: https://retirementstartstodayradio.com/newsletter Dive deeper into retirement planning with Ben at www.RetirementIncome.University Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Investing in yourself is a great way to invest in your retirement. You may know Fritz Gilbert from the Retirement Manifesto blog or you may even have read his book, Keys to a Successful Retirement. What you may not know is how he has invested in himself in retirement.  On this episode of Retirement Starts Today, you’ll hear how Fritz has chosen to invest in his community and himself through a charity that his wife started. Listen in to hear how Fritz's life took off in unexpected directions because he chose to follow his curiosity.  Outline of This Episode [2:22] How Fritz's life has changed in retirement  [5:30] Getting engaged in a charity is a great transition [10:23] How he has invested in his physical health Resources & People Mentioned BOOK - Younger Next Year by Chris Crowley PODCAST - Can Carl Retire? See The Retirement Planning Process In Action FI Chautauqua Ecuador Episode 146 - The Hidden Chances of Retirement with Fritz Gilbert Connect with Fritz Gilbert Freedom for Fido The Retirement Manifesto BOOK - Keys to a Successful Retirement by Fritz Gilbert Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Join the newsletter: https://retirementstartstodayradio.com/newsletter Dive deeper into retirement planning with Ben at www.RetirementIncome.University Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Do you typically like to get your taxes done early? Before you rush out to submit your tax return, listen to this episode to hear why you might want to wait. In this episode, we’ll explore a CNBC article by Kate Dore that lists the reasons you may want to wait to file your taxes in 2023. After the Retirement Headlines segment, Bret and I will discuss the differences between bonds and bond funds to see if we can answer which one is better. Finally, in the Personal Development section, Scott from Houston will let us know what he has been doing to improve his life and health in retirement. This episode is packed full of helpful, informative ideas that you can use to improve your life in retirement. Press play now to listen. Outline of This Episode [1:22] Early filers should wait to submit their tax returns [6:00] Which are better: bonds or bond funds? [12:52] Scott is reassessing the practices and habits of his everyday life Resources & People Mentioned BOOK - Raise Your Healthy Deserve Level by Gary Kadi Episode 282 - Raise Your Healthy Deserve Level an Interview with Gary Kadi ‘Early filers’ should wait to submit their tax return in 2023, the IRS warns. Here’s why Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Join the newsletter: https://retirementstartstodayradio.com/newsletter Dive deeper into retirement planning with Ben at www.RetirementIncome.University Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

I’m so excited to bring you this interview with Gary Kadi. Gary is the author of one of the best books I read in 2022, Raise Your Healthy Deserve Level. I call this an accidental retirement book because although it is not specifically written for retirees, many topics apply to retirement.  Gary has so much to share in this interview. We discuss how to receive good things in life, how your net worth is directly proportional to your self-worth, why you shouldn’t reject good things, why only 5% of people retire with financial freedom, and how to find fulfillment in retirement. This was a fantastic interview and I know you’ll enjoy hearing from Gary Kadi. Press play to hear what he has to say.  Outline of This Episode [2:12] In life you don’t get what you deserve, you get what you think you deserve [6:20] Tips to work on yourself that can spill over into your finances [8:50] Retirement is an inside job [13:00] What do you do to find fulfillment in retirement [19:49] Accept yourself for who you are Resources & People Mentioned BOOK - Raise Your Healthy Deserve Level by Gary Kadi BOOK - Think and Grow Rich by Napoleon Hill Benjamin Hardy BOOK - Be Your Future Self Now by Benjamin Hardy Connect with Gary Kadi Raise Your Healthy Deserve Level Facebook group Connect with Benjamin Brandt Dive deeper into retirement planning with Ben at www.RetirementIncome.University Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Many people are concerned that rising interest rates will eventually crash the housing market. Future retirees can become overly worried about the housing market since the value of their homes plays a huge role in their retirement plans. This is why an article from Annie Lowrey at the Atlantic caught my eye. Today, we’ll dive into the article, The U.S. Needs More Housing Than Almost Anyone Can Imagine, and prognosticate the future of the housing market.  Outline of This Episode [1:32] Addressing housing affordability concerns [7:50] What to look for in a tax preparer [14:50] What Jim did to improve his retirement Resources & People Mentioned Atlantic article: The U.S. Needs More Housing Than Almost Anyone Can Imagine Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify