Retirement Starts Today

Do you wish that there was a list of what to do and what not to do in your retirement? I recently discovered an article from MorningStar.com written by Sheryl Rowling titled 8 Financial Do's and Don'ts for the 7-Figure Retirement, and I thought it would be perfect to share with my listeners. You'll learn several tips that you should consider when planning your retirement. After we analyze the article’s do’s and don’ts, we’ll turn to Debbie’s question about taking Social Security early in order to protect beneficiaries.  Outline of This Episode [1:42] 8 Financial Do's and Don'ts for the 7-Figure Retirement [4:11] Boredom is a 4 letter word in retirement [6:25] Don’t take Social Security too late [10:19] Don’t write checks to charity [12:07] Consult a financial professional [13:45] Should Debbie take Social Security early? 8 Financial tips for a successful retirement Don’t retire too early. Retiring too early can be detrimental to both your psyche and your savings. If you have to retire early or sooner than expected, make sure that you retire to something rather than away from something. Creating a purpose in retirement can ensure that you don’t get bored. Boredom is a four-letter word in retirement.  For every year that you retire early, you have one less year of savings and one more year of spending. Do the math to learn what that could mean for your portfolio. Do watch your taxable income level. This may sound odd, but it often makes sense to pay more taxes now in order to pay significantly less later. Retirement is one time in your life when you have control over the taxes you pay. Implementing careful tax planning strategies can save you over the course of your retirement. Don’t take Social Security too early or too late. When to take Social Security is a complex question, and the answers vary depending on the individual. It’s usually best to wait until full retirement age to start taking benefits and it’s often even better to delay until age 70 especially if you’re married. Listen in to hear what I usually recommend to my clients. Do consider Roth conversions. If you have the opportunity to convert your IRA to a Roth you should even though you must pay tax on the amount converted. Remember that since these are after-tax dollars, the income they provide is never taxed. Do consider retirement stages and safe withdrawal rates when determining your budget. Spending more in the early years of retirement makes sense as long as you consider several factors. You’ll need to ensure that you have a safety net in place and that you have a plan to reduce your spending over time or whenever the market becomes uncooperative. Don’t lock yourself into financial commitments or expensive payments. Long-term expenses like leasing a luxury car can lock you into financial commitments that you can’t free yourself from. Becoming the Bank of Mom and Dad can not only ruin your kids’ chances of financial independence, but it can also ruin your relationship and your own financial security in retirement.  Don’t write checks to charity. Instead of writing checks to charity, consider contributing appreciated stocks. This way of charitable giving can save you more in taxes. One way to utilize this strategy is by creating a donor-advised fund (DAF) which could be likened to a charitable IRA. Do consult a financial professional. Obviously, I agree with this tip. Consider consulting a CPA as well as a financial advisor so that you can ensure that you are considering every angle in your retirement plan. Resources & People Mentioned Boomer Benefits 8 Financial Do's and Don'ts for the 7-Figure Retirement 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

Have you been wondering how to best prepare for the end of the tax cuts coming up in 2026? One of our listeners is and they would like to know how Roth conversions should factor into planning for the end of those tax cuts. You might be surprised by my response to her question, so don’t miss out on the listener questions segment today to hear my answer. If you are Medicare aged you’ll want to pay attention to the Retirement Headlines segment today as we discuss Medicare’s open enrollment period. You’ll learn what changes to pay attention to and why. Make sure to press play to hear what you need to know about Medicare’s open enrollment period, how to plan for the tax cut sunset, and a special announcement regarding the show. Outline of This Episode [3:02] What’s new for Medicare open enrollment [8:52] How to prepare for the 2026 tax code changes Resources & People Mentioned What’s New for Open Enrollment from Investment News Retirement Repair Shop podcast with Mary Beth Franklin Medicare series with Danielle Roberts - Episodes 163, 164, 165, 166 Boomer Benefits on YouTube 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 a difference 18 months makes in the housing market! Many who bought their homes at the peak of the real estate boom are beginning to regret their decision. A recent article from BuzzFeed tells stories of remorse experienced by several homeowners who are now in over their heads.  In this episode, we’ll explore the homeowners’ stories, and compare expert opinions. Finally, I’ll close the segment with my own thoughts. Make sure to stick around until the end to hear my observations about clients’ spending patterns once they reach retirement.  Outline of This Episode [1:22] Many who have bought a house in the past 2 years now regret it [5:39] Advice from different financial advisors [9:02] My takeaways [11:33] My interesting observations about clients’ spending patterns Resources & People Mentioned BuzzFeed article 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

There’s big news in the world of retirement. The news is so big that we have 2 articles from mainstream media sources to check out in this week’s retirement headlines segment. If you’ve been wondering how inflation will affect Social Security benefits you won’t want to miss out on this episode.  Stick around for the listener questions segment to hear how to transition from biweekly paychecks to monthly portfolio withdrawals in retirement. This transition is trickier than you might think, so you won’t want to miss my tips for making the adjustment. Outline of This Episode [2:02] The average Social Security beneficiary will increase by $140 per month [4:52] What is COLA? [9:20] Will you get the increase if you delay filing for Social Security? [10:21] How to manage a monthly payday [13:54] How to get extra credit from your portfolio Resources & People Mentioned Social Security Benefits to Increase 8.7% in 2023 from ABC News Social Security Announces Biggest Benefit Hike Since 1981 from CBS News  Inflation Reduction Act on CBS news 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

Have you been wondering if the 4% rule still applies with a bear market and high inflation? Many financial pundits may have you questioning the validity of this so-called retirement rule of thumb.  In the retirement headlines segment, I share a recent article from Financial Advisor Magazine that highlights quotes from the creator of the 4% rule, William P. Bengen. After sharing the retirement headline, I’ll chime in with my own thoughts on the validity of the rule.  Stick around until the end of the episode to hear whether Social Security benefits increase each month that you delay filing until age 70 or each year.  Outline of This Episode [1:52] William Bengen doesn’t believe that it is necessary to adjust spending to 3% [5:24] Where the 4% rule is helpful [9:20] Do Social Security benefits increase each month you delay filing until age 70, or each year? Resources & People Mentioned The Father Of ‘4% Rule' Doesn't Buy 3% Alternative Delayed Social Security Planner Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasa Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter

Have you ever thought about purchasing stocks for purpose of generating dividend income? If that is part of your retirement plan, then you won’t want to miss this episode. Today we’re taking a look at a retirement headline from MarketWatch that highlights three considerations to be aware of before jumping into this strategy.  Stick around for the listener questions segment to hear the answer to Jerry’s question about increasing his retirement spending until it’s time to collect Social Security. Outline of This Episode [1:22] 3 tips for buying stocks to produce dividends in retirement [5:01] Use a Swiss Army Knife portfolio [7:25] On increasing retirement spending before Social Security Resources & People Mentioned The Nerd’s Eye View blog @DerekTharp on Twitter 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

Why don’t more people maximize their Social Security benefits? As a financial advisor, I often wonder at the surprisingly low percentage of people who choose not to optimize their Social Security benefit.  Today’s retirement headline dives into that question in further detail by analyzing a study with plenty of data. Listen in to learn when many people choose to take Social Security and their reasons for making their decision.  Outline of This Episode [1:42] When people plan to take Social Security and why [7:26] 55% didn‘t think they would be able to replace three-quarters of their last paycheck amount in retirement income [10:40] How should a new retiree fill their cash reserve bucket when stocks and bonds are down? If you know someone who could benefit from the information we cover in this show, share it with them. You may end up encouraging them to consider retirement planning in a new way and improving their life. Resources & People Mentioned The Prudennt Pessimist episode Just 11% of Near-Retirees Plan to Delay Social Security Benefits Until 70 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

Envisioning what your retirement will look like can often be a challenge, so it may be helpful to hear some examples of people in similar situations. In this week’s retirement headlines segment, we’ll explore a WSJ article from Veronica Dagher and Anne Tergesen that interviews 4 retirees who saved enough for a comfortable retirement. Listen in to hear how they spend their time and money.  Make sure to stick around until the end to hear the answer to Donna’s question about changing her husband’s variable annuity to a less expensive option.  Outline of This Episode [2:02] What a $2 million retirement looks like in America [12:45] How to move a variable annuity to a less expensive option Resources & People Mentioned Here’s What a $2 Million Retirement Looks Like in America 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

When we envision retirement, we think more about the things we’ll do to enjoy our time than about the person that we’ll become. My guest today encourages us to change that to spend more time thinking about who we want to be in the future.  Dr. Benjamin Hardy is an organizational psychologist, speaker, and author, in addition to being my coach. I have been involved in Dr. Hardy’s coaching mastermind group for 8 months and I’m excited to extend his teaching to all of you. Make sure to stick around until the end of the episode to hear how you can receive a FREE copy of his new book, Be Your Future Self Now.  Outline of This Episode [2:49] What are the benefits of learning about who we’ll become in the future? [5:02] How to assess the softer goals [8:20] How to future set your goals when your life expectancy is shorter  [17:48] How to balance our future self with the present [25:52] Retirement Starts Today Super Book Giveaway details Resources & People Mentioned BOOK - Thou Shalt Prosper by Daniel Lapin Dan Sullivan BOOK - Die with Zero by Bill Perkins Connect with Dr. Ben Hardy BenjaminHardy.com BOOK - Be Your Future Self Now by Dr. Benjamin Hardy BOOK - Personality Isn’t Permanent by Dr. Benjamin Hardy BOOK - The Gap and the Gain by Dr. Benjamin Hardy and Dan Sullivan BOOK - Who Not How by Dr. Benjamin Hardy and Dan Sullivan 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

Have you been considering a change of scenery in retirement? Before you pack up the house, make sure to listen to today’s episode.  In the Retirement Headlines segment, we’ll check out an article from Harriet Edelson at MarketWatch.com which discusses 6 considerations before moving in retirement. This informative article lists statistics and anecdotal examples that can help you make the relocation decision easier. I was really excited to see today’s listener question as I have been researching retirement calculators. Stick around until the end to discover 2 helpful calculators that could help you understand when you have enough to retire.  Outline of This Episode [1:22] Why people choose to move in retirement [3:43] 6 things to think about before moving in retirement [11:06] Recommendations for public websites to understand whether you are close to your retirement goals Resources & People Mentioned MarketWatch article Fidelity Retirement Income Calculator Vanguard Retirement Income Calculator 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