Retirement Starts Today

Have you ever thought about what the future might be like for your children and grandchildren? In this week’s retirement headline, we’ll explore a Wall Street Journal article called What Old Age Might Be Like for Today’s 30-Year-Olds.  During the listener questions segment, one listener wonders whether it is possible to have too much Roth money. Finally, stay tuned for the personal development segment where we learn what Jerry is doing to find purpose and stay active in retirement.  Outline of This Episode [1:22] What old age might look like for today’s 30-year-olds [7:38] My thoughts [9:12] Is it possible to have too much Roth money? [13:57] Jerry’s investments in himself in retirement Resources & People Mentioned What Old Age Might Be Like for Today’s 30-Year-Olds BOOK - Raise Your Healthy Deserve Level by Gary Kadi The Retirement Manifesto 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

Welcome back to Retirement Starts Today Radio! Today we have an extra special episode for two reasons.  Today, you’ll finally meet our newest advisor, Bret Mulvaney. He joins me today to discuss the most recent legislation regarding tax and retirement planning.  This entire episode is dedicated to reviewing the Secure Act 2.0. Listen in to learn what’s changing in retirement planning and how the Secure Act 2.0 will change your retirement tax situation. Outline of This Episode [2:12] The age for RMDs is changing [7:58] Qualified Charitable Distributions have not changed [10:35] Roth 401k or 403b no longer needed RMD [12:00] An update to 529 plans [16:58] Key takeaways 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

Do you ever wish you could sneak a peek into someone else’s retirement financial plan? Our retirement headline this week does just that. The article, Some Now More Later, takes a look into Richard Connor’s decision-making process as he examines how best to allocate his retirement funds and how he and his wife decided how to claim their Social Security benefits. After the retirement headlines segment, we’ll discuss the best way to rebalance a portfolio in retirement. And lastly, in the personal development segment, you’ll hear our first audio submission from Linda on how she made an investment in herself by committing to learning a foreign language in retirement. Don’t miss out on this informative episode! Outline of This Episode [1:52] Deciding how to claim Social Security with multiple sources of income [9:32] Connor and Vicky’s retirement income plan [17:18] A rebalancing question [23:20] Linda has started to learn Spanish in retirement Resources & People Mentioned Retirement Income University Some Now More Later Episode 277 - Social Security Benefits to Run Out Faster Due to Social Security COLA Increase OpenSocialSecurity.com Connect with Benjamin Brandt Retirement Income 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

Welcome back to a new year or Retirement Starts Today Radio! Just as you have been envisioning your retirement, I’ve been envisioning exciting new things for this podcast.  This year we are kicking off a couple of new additions to the show that I’m particularly excited about. After the retirement headlines, we’ll have our new Lead Financial Advisor, Bret, join us as an occasional co-host for the listener questions segment. In addition to our original segments, you’ll hear from listeners like yourself in our new personal development segment.  On this episode, you’ll hear the latest news on the Social Security front, I’ll answer a question about the best investment options for mid-term investments in a retirement portfolio, and one listener, Frank, will describe how he is investing in his health to improve his retirement. Make sure to stick around until the end to hear the latest addition to your second favorite retirement podcast! Outline of This Episode [2:12] The number of American retirees is outpacing the number of workers [3:52] There are really only two ways to solve this problem [10:15] My thoughts on claiming Social Security [11:40] The best investment options for short and intermediate-term [17:39] Frank is proud of exercising every day in retirement Resources & People Mentioned Investment News article Episode 99 - What Can a Mullet Teach us About Portfolio Distribution?  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

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2050 seems like a long way away, however, it is closer than we think. In this week’s retirement headline, I share an article from Richard Archer at FinanceInsights.net which explores the future of retirement and the impact that technology has had on the past, present, and future of retirement. In the listener questions segment, I help Bruce with a question about using individual bonds vs bond funds in retirement.  You only have a couple of weeks left to answer our annual listener survey. It only takes about 3 minutes of your time to state your opinion and make your voice heard! Outline of This Episode [2:02] Will retired life be better in the future? [6:40] Technology can help retirees stay independent longer [11:08] Individual bonds or bond funds in retirement? [17:40] Using the portfolio immunization strategy Resources & People Mentioned Annual Listener Survey Retirement in 2050. Will Retired Life Be Better in the Future? Bond mutual funds article from Schwab 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

Are you fed up with paying state income taxes? Before you pack your bags and move to a no income tax state you’ll want to listen to this episode. Moving to a different state to save money on taxes could cost more than you think.  After listening to the retirement headline, make sure to stick around to hear Doug’s question about where to save extra money for retirement–my response may surprise you.  Outline of This Episode [1:22] Don’t move to save on income tax [6:33] Should I invest additional money in my tax-deferred 457B account? Resources & People Mentioned Why Moving to a State with Low Income Taxes Could Cost You 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

Jim is only 3 weeks away from retiring and wants to know my top tips for someone approaching retirement. If you are on the countdown to retirement, make sure to listen to the listener's questions to hear what they are.  In the retirement headlines segment, we’ll explore the benefits of using a bucket withdrawal strategy for investments. You may be surprised to hear what the actual benefit of using the bucket strategy is. Listen in to hear what the bucket strategy can do for your retirement.  Outline of This Episode [1:22] Do bucket withdrawal strategies work well in retirement? [6:35] 3 Practical tips for someone retiring in 3-5 weeks Resources & People Mentioned WSJ article - Do ‘Bucket’ Investment Strategies Make Sense in Retirement? BOOK - Miracle Morning by Hal Elrod Future Self video 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

What does a good night’s sleep have to do with retirement planning? Listen to this episode to find out.  Today we’ll explore an article from Andrea Peterson over at the Wall Street Journal titled, To Get a Better Night’s Sleep, First Fix Your Day. After discussing how to apply her advice to retirement, we’ll tackle Bill’s questions. Since he has a few questions I’m trying something new and answering them in a lightning round style. Stick around until the end to discover if this method worked or if it was a flop.  Outline of This Episode [1:22] Findings from pandemic related sleep problems [6:45] How journaling can help you sleep better [11:00] When should Bill take Social Security? [11:55] Should he take the lump sum or the lifetime annuity? Resources & People Mentioned To Get a Better Night’s Sleep, First Fix Your Day by Andrea Peterson Oura Ring Whoop Strap Sound Retirement Radio with Jason Parker 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

Deciding whether to delay filing for Social Security is a hefty decision. Waiting to collect Social Security until age 70 will increase your monthly benefit by 32%, but that doesn’t mean much if you don’t live long enough to reap the rewards of being patient.  In today’s retirement headlines segment, I’ll share an article written by Jeffrey Levine from Kitces.com that discusses a workaround to the seemingly all-or-nothing decision of whether to collect Social Security benefits at full retirement age or to delay filing until age 70. If this decision has been weighing heavily on your mind, you won’t want to miss this episode.  Outline of This Episode [1:22] If you are a do it yourself investor you are your own financial advisor [5:30] Retroactive payments are granted as a lump sum payment [7:03] Use the nudge strategy [9:00] Drawbacks to the 6-month nudge strategy [12:48] Using QLACs and MYGAs to enhance a bucket strategy DIY investors need plenty of tools in their retirement planning toolbox Jeffrey Levine, the author of Getting Comfortable Delaying Social Security with Six Month Reversible Delays, has a way of explaining complex financial concepts by breaking them into understandable bites. You can follow him on Twitter @CPAPlanner if you are looking for another go-to financial resource.  Although today’s retirement headline was written for financial advisors, it contains valuable information for the do-it-yourself investor. As a DIY investor, you need to recognize that you are your own financial advisor. Kitces.com offers a wealth of information and is one of my favorite retirement planning resources.  Nudging your Social Security claiming decision can lessen the worry of making the wrong choice The biggest question that you probably have about Social Security is how big will your benefit be? The answer hinges on two factors: your earnings history and when you choose to take your benefit.  By the time you get ready to retire, there isn’t anything you can do about your past earnings history, but you can control when you decide to collect your benefit. The longer you wait to collect, the larger your monthly check will be. Each year that you choose to wait your payment will increase by 8%.  With lifespans continually increasing it can make a lot of sense to delay filing for Social Security. However, not everyone will live long enough to reap the rewards of delaying their monthly benefit.  Many people see the decision to delay taking Social Security until age 70 as an all-or-nothing endeavor, but that is not the case. In fact, as Jeffrey Levine explains, this decision can actually be broken up into a series of 8 smaller decisions.  By using the strategy of nudging the decision forward every 6 months, you can break this seemingly all or nothing choice into 8 separate, independent, reversible decisions which will lessen the fear of an all or nothing approach. Challenges to using the every 6-month nudging approach As with every financial strategy, there are drawbacks to using the nudge approach every 6 months. The most obvious is that if you happen to die during your wait, you won’t be able to collect the benefits. The author makes an important side note for married couples to consider this drawback. Listen in to hear what it is.  Another downfall is that retroactive applications can reduce your lifelong benefits. Something else to consider is that if you file retroactively, you will receive retroactive benefits in a lump sum which could lead to a spike in your marginal tax rate for the year.  Breaking down the decision of when to claim your retirement benefits into many smaller, less drastic decisions can give peace of mind to the decision-maker especially when they understand that the decision is reversible.  Resources & People Mentioned Getting Comfortable Delaying Social Security with Six Month Reversible Delays Kitces.com Jeff Levine on Twitter @CPAPlanner Connect with our Sponsor Boomer Benefits Boomer Benefits Facebook Page Boomer Benefits YouTube Channel 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