Retirement Starts Today

I’m sure you have heard the news about the recent Inflation Reduction Act, but what will this Act mean to you as a retiree? We’ll explore this question by examining an article written by Kelly Anne Smith over at Forbes.  If politics isn’t your thing, don’t worry, it’s not mine either. I scour the internet looking for the most neutral, least political articles that I can get my hands on. So, if you are interested in only the facts and how they apply to you, then don’t miss out on the retirement headlines segment today to hear what the Inflation Reduction Act could mean for you.  In the listener questions segment, I have a 3-part question from a listener survey respondent. I’ll answer whether you should convert a 401k or traditional IRA to a Roth IRA first, the pros and cons of converting 401Ks and IRAs, and whether there is any rush to convert 401Ks to Roth IRAs. Outline of This Episode [3:02] What the Inflation Reduction Act means for you [11:32] On converting to Roth IRAs from 401K or IRA Resources & People Mentioned Forbes article - The Inflation Reduction Act Is Now Law—Here’s What It Means For You PODCAST - The Retirement Tax Podcast with Benjamin Brandt and Steven Jarvis BOOK - Be Your Future Self Now by Benjamin Hardy BOOK - Raise Your Healthy Deserve Level by Gary Kadi 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

The decision of when to take Social Security is one of the biggest that you will face in retirement. Many people turn to Social Security break-even calculators to help them make the decision, but my guest today insists that this shouldn’t be your only deciding factor. Social Security expert, Devin Carroll from  SocialSecurityIntelligence.com  joins me today to discuss all things Social Security. We’ll touch on the break-even math, including where it works and where it doesn’t, cost of living adjustments, the possibility of the Social Security system going bankrupt, and how Congress could fix the Social Security funding problem.  Since Social Security is such an important part of retirement planning you won’t want to miss this episode.  Outline of This Episode [1:22] The break-even calculator has been used for years to help people decide when they should file [5:36] An example of how the break-even calculator could work [8:02] Why very few people wait until 70 to file [8:50] What’s next for the cost of living adjustment [12:42] Will Social Security go bankrupt? [16:08] How could the government fix Social Security problems? Resources & People Mentioned Rachel Greszler Connect with Devin Carroll Devin’s Social Security calculators SocialSecurityIntelligence.com Devin’s 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

You may have seen the news about tennis superstar, Serena Williams' upcoming retirement. In a recent interview, Serena expresses her heartache about her decision. In our retirement headlines segment, we’ll explore an article from MarketWatch that compares Serena Williams’ feelings with those of many retirees upon their decision to retire.  Afterward, we’ll check out a question from our recent listener survey about whether one listener should move to be closer to family in retirement. This answer to this question is tricky and not the same for everyone, so make sure you stay around until the end to hear my thoughts.  Outline of This Episode [1:32] Serena Williams feels no happiness upon retirement [7:45] My thoughts on combatting depression in retirement [10:04] What are the benefits and pitfalls of moving closer to the children in retirement? Resources & People Mentioned Market Watch article on Serena Williams’ retirement Vogue article Study on the prevalence of depression in retirement The benefits of volunteering 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 ever considered taking a sabbatical from work? If you did take one, would it ruin your career and financial goals? Most companies in the United States don’t offer paid sabbaticals like some in Europe, so doing so would require extensive planning. Jake Northrup at Kitces.com recently wrote an article that could help financial planners and DIYers plan how to take a sabbatical without destroying their financial future.  If taking a mini-retirement appeals to you, make sure to listen in to hear how it could affect your financial goals. You’ll also discover loads of resources that could help you make the most of your financial planning for such an endeavor. Make sure to stick around until the end of the episode to hear my response to whether I think Social Security is doomed.  Outline of This Episode [2:22] The idea of traditional retirement is being challenged [6:02] An example of how one couple planned their sabbatical [9:20] How taking time off could affect your long-term goals  [13:26] Will Social Security be eliminated by the Supreme Court? [17:04] How to secure your benefit against possible reductions in Social Security Resources & People Mentioned Kitces article on Sabbatical Financial Planning Kitces article on 3 types of retirement Kitces article on the FIRE movement Indeed article on employee burnout World Economic Forum on Sweden’s sabbatical policy Research on the Great Resignation Reuter’s labor article Interactive planning tools Finding your tax equilibrium Harvesting capital gains Marketwatch article on Social Security BOOK - The 4-Hour Workweek by Tim Ferriss Episode 142 - Are You a Prudent Pessimist? 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 considered moving to a new city in retirement? If you work in the tech industry you may find a city willing to pay you to move there.  In today’s retirement headline segment, we’ll dive into an article written by Christopher Mims at The Wall Street Journal which explores towns that provide incentives to lure highly paid tech workers away from Silicon Valley. Don’t miss out on the listener question segment especially if you have or are considering an annuity. I’ll explain the various fees, benefits, and drawbacks to these insurance investment products.  This is the last week to complete our annual listener survey, so if you haven’t filled it out yet, then please do so that you can voice your opinions and help direct the future of this show.  Outline of This Episode [1:22] Some towns are offering moving incentives to remote tech workers  [5:14] How could this improve your retirement? [6:34] How variable annuity fees are calculated [8:40] Annuities can provide many options [12:56] My thoughts on annuities [16:30] Don’t forget to fill out our annual listener survey Resources & People Mentioned WSJ article - 71 Cities and Towns Are Paying Tech Workers to Abandon Silicon Valley Annuity.org article Investopedia on annuities Capital One article on market risk BOOK - Be Your Future Self Now by Dr. Benjamin Hardy BOOK - Raise Your Healthy Deserve Level by Gary Kadi Annual Listener Survey 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

Nobody likes to think about their own death but to save your loved ones from the headache of trying to navigate your digital accounts without your passwords, you’ll need to set them up for success now. If you don’t take steps to share your accounts after your death, gaining access to your data could be a lengthy and challenging process. I recently found an excellent article from Dalvin Brown at The Wall Street Journal which discusses How to Pass On Your Passwords When You Die. This article gives tips on what to do with our digital lives when we pass away.  Make sure to stick around until the end of the episode to hear a question about Roth conversions and taxes. And if you haven’t done so yet, please take 3 minutes and fill out our 5th Annual Listener Survey to help me improve the show for you. Outline of This Episode [2:52] How to pass on your passwords [7:35] Using a password manager [10:15] Using passkeys makes sharing challenging [13:42] Roth conversions and taxes Resources & People Mentioned How to Pass On Your Passwords When You Die 1Password LastPass Google Inactive Account Manager 5th Annual Listener Survey 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

 Many of us have financial goals that extend beyond ourselves to include friends and family. Doing so can be an enormous help to those you love, but it is important to consider your own financial well-being in conjunction with that of the ones you want to help. Today, we’ll look at an article that explores how to intentionally offer financial support to your loved ones without deviating from your financial goals. The article that we’ll look at comes from Sophia Bera at GenYPlanning.com and it takes a different approach to a timeless topic. Approaching issues from a different angle can give you a new perspective. In the listener questions segment, we’ll discuss two questions: one about inverse ETFs and another about the specific mechanics of doing a Roth conversion. Make your voice heard by completing our annual listener survey! Outline of This Episode [3:12] Money is a team sport [10:54] Create healthy boundaries [13:24] My thoughts on inverse ETFs in a declining market [16:54] Should Dave rebalance first before making a Roth conversion? Resources & People Mentioned How to Financially Support Your Loved Ones without Derailing Your Plan Fill out our annual listener survey! 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 ever tried tax loss harvesting? With the markets down across the board, now is a good time to learn to utilize this tax-saving tool. I found a great article about this from Barrons.com that I share in the retirement headline segment. The article explores the traps that can befall someone trying to use this strategy. Afterward, in the listener questions segment, we’ll dive into the question: do I need life insurance in retirement? You may be surprised to learn that there is no one size fits all answer to this question.  If you have been a long-time listener of Retirement Starts Today, you may remember that I use our annual listener survey to improve the show each year. Now is the time to make your voice heard. Please take a few minutes to fill out this mostly multiple-choice survey so that we can ensure that we are bringing you the most relevant content to help guide you on your retirement journey. Outline of This Episode [2:17] Tax loss harvesting can be more sizzle than steak [3:44] 7 Tips for tax loss harvesting [15:29] How much life insurance does Jim need in retirement? Resources & People Mentioned Now’s a Good Time to Focus on Tax-Loss Harvesting. Here Are 7 Tips Dave Ramsey Our annual listener survey Connect with Benjamin Brandt Don’t forget to fill out our annual listener survey: https://retirementstartstodayradio.com/Survey  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

If you are like many retirees and soon-to-be retirees, you may be rethinking your entire investing strategy. Stocks are down, interest rates are up, and inflation is eating away at your purchasing power.  One listener wonders, with everything going on in the world, should they shift their investments into commodities? In the listener question segment, I discuss what commodities are, how to invest in them, and share my thoughts on whether investing in commodities is a good idea. Before the listener questions, we’ll explore a retirement headline written by Eleanor O’Sullivan at Rethinking65.com which examines what life might look like if more people live to age 114. Join me on this episode of Retirement Starts Today as we explore the effects of technology on longevity and whether you should jump ship from your sinking stock portfolio to invest in commodities. Outline of This Episode [1:32] Planning to live to 114? [3:15] Cell phones improve access and democratize healthcare [7:53] Technology can help in every aspect of our lives [11:03] Is it time to invest in commodities? [13:08] How to invest in commodities [17:55] My thoughts on investing in commodities Resources & People Mentioned 88 Years Old and Planning on 114 Brite ’22 Conference Greycroft Primetime Partners Apax Partners Sharecare Investopedia on commodities 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

Nobody likes to experience the uncertainty that a bear market brings, but it’s an even more challenging experience to weather when you are a recent retiree. It’s easy to lose sight of your goals in a bear market which is why I found an article outlining some lessons that you can remember during a bear market. Listen to this episode to hear some wise words of wisdom that may help you keep your wits about you during this bear market. Stick around until the end to hear my thoughts on tax-loss harvesting.  Outline of This Episode [1:42] 5 lessons to remember in bear markets [9:20] How to use tax-loss harvesting Resources & People Mentioned Five Things to Keep in Mind During Bear Markets by Jack Forehand The Retirement Tax Podcast - Listen to CPA, Steven Jarvis’ answer to the same listener question 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