Retirement Starts Today

If you have received an inherited IRA or think you will in the future you won’t want to miss this episode. In the retirement headlines segment, we’ll take a look at the proposed changes in regulations regarding inherited RMDs based on the Secure Act of 2020. In the listener questions segment, we’ll hear from Jim who has a question about rebalancing retirement income buckets. Make sure to stick around until the end so that you understand the best way to manage your buckets in retirement.  Outline of This Episode [1:32] The IRS interpretation isn’t what we thought it would be [7:36] An example to illustrate an inheritance scenario  [10:45] What can we learn from this new rule? [14:25] Should you have 5 years of income or 25% of your portfolio value in bucket #1? [17:18] Should you rebalance when stocks and bonds are down? [18:56] Do Vanguard total bond funds qualify for bucket #1 or #2? [22:03] Should you maintain a small list of funds in a portfolio? Resources & People Mentioned Episode 239 - Part-Time Retirement Programs Are on the Rise Investment News article by Ed Slott 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

How much thought have you given to your future self? This week’s retirement headline explores the concept of nurturing your future self now so that you can increase your health, happiness, and financial security. Over in our listener questions segment, I’ll answer a question from an anonymous listener about increasing their spending in retirement. They are looking for advice on whether they can afford to substantially increase their spending this year. Listen in to hear the Retirement Starts Today version of Suze Orman’s “Can I Afford It.” Outline of This Episode [1:58] Thinking about your future self can help you build a happier life [7:52] Who is your future self 10 years after retirement? [11:00] Should this listener spend the money that he didn’t spend in the past 3 years? Resources & People Mentioned How Thinking About 'Future You' Can Build a Happier Life Dr. Benjamin Hardy’s 30 Day Future Self Course BOOK - Be Your Future Self Now by Dr. Benjamin Hardy 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

If you are heading into retirement you probably have a bucket list that you want to work on. While just about everyone has heard of a bucket list, not many are familiar with the concept of reverse bucket lists.  On this episode of Retirement Starts Today, we’ll explore this concept by referring to an article from Jeff Stein at Inc.com. You’ll learn how a reverse bucket list could help you manage your wants versus your needs.  Stick around for the listener questions segment to hear which assets to look at when doing a Roth conversion. You’ll also hear a question from Paul about the logistics of retirement withdrawals. Outline of This Episode [1:42] Using reverse bucket lists to prioritize [5:20] What assets to use at when looking at Roth conversions [9:48] The logistics of retirement withdrawals  [12:48] Make sure the money comes out of the right accounts Resources & People Mentioned Inc.com article Podcast - Optimism with Simon Sinek and Arthur Brooks An online risk tolerance questionnaire 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

Do you wish you could have more freedom at work yet still earn a paycheck? Remote work and flexible scheduling may help you ease into retirement rather than plunging in all at once. In our retirement headline segment today, we’ll explore an article from the Wall Street Journal that discusses a new phenomenon that is a direct result of the Covid-19 pandemic. Additionally, I’ll answer Frank’s question about using the bucket time segmentation strategy in retirement. Listen in to hear details about what those buckets might look like and how to time withdrawals from each bucket.  Outline of This Episode [1:32] How should the increase in mortgage interest rates change your retirement plans? [3:21] Part-time retirement programs are on the rise [7:40] Obstacles to phased retirements [8:25] My thoughts on phased retirement [9:54] How to determine when your long-term retirement savings bucket is up or down Resources & People Mentioned WSJ article - Part-Time Retirement Programs Are on the Rise Episode 238 - I’m Retiring in 3 Weeks! Here’s What to Do… 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 people begin retirement planning they usually have 3 main questions. We cover the questions about what to do about healthcare before Medicare and should I pay off my house regularly on this show. However, the third question, what do I do if I still have kids at home, is not one we regularly address. That is why I’m excited to have Bobbi Rebell, author of the new book, Launching Financial Grown Ups on the show today. Bobbi is here to discuss the growing phenomenon of adult kids living with their parents and how that can impact your retirement plan. You won’t want to miss this episode if your kids are not completely launched. Listen in to hear Bobbi’s fantastic advice for creating an exit strategy to get your children off the payroll. Outline of This Episode [1:22] What to do if we have kids at home when facing retirement? [7:20] What can we do to prepare our kids for an exit strategy? [10:53] How to deal with our children’s financial mistakes [19:07] Don’t rob kids of the ability to think things through Resources & People Mentioned Lemonade Insurance BOOK - Think Like a Bread Winner by Jennifer Barrett Connect with Bobbi Rebell BobbiRebell.com BOOK - Launching Financial Grown-Ups by Bobbi Rebell Check out GrownUpGear.com for some Grown-Up merch @BobbiRebell on Twitter @BobbiRebell1 on Instagram 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 hesitant to retire this year because of all that is going on in the world? On this episode of Retirement Starts Today, we’ll explore a retirement headline from Maurie Backman at The Motley Fool called 3 Reasons Why 2022 May Be a Bad Year to Retire, but then you’ll hear my rebuttal to each of her 3 arguments.  If you have been on the fence about whether you should take the plunge and retire now, you won’t want to miss this episode. Make sure to stick around until the end of the episode to hear an anonymous question about how to be certain that you won’t owe interest and penalties on a Roth conversion.  Outline of This Episode [2:11] Pitfall #1 - The pandemic is still raging [5:00] Pitfall #2 - Inflation is rampant [8:15] Pitfall #3 - Stability is important [12:23] An underpayment penalty question Resources & People Mentioned The Motley Fool - 3 Reasons Why 2022 May Be a Bad Year to Retire Taxes in Retirement Facebook group Underpayment of Estimated Tax on the IRS website Estimated Taxes on TurboTax’s website 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

With the news that January’s inflation rate was a staggering 7.5%--the highest level in 40 years–everyone has inflation on their minds lately. Many retirees are reassessing how they can protect their nest eggs.  On this episode of Retirement Starts Today, we’ll explore a WSJ headline, “There’s No Perfect Way to Inflation-Proof Your Investments,” by Anne Tergesen. If you have been wondering how you can best use your investments to hedge against inflation in retirement, don’t miss out on this episode to hear the pros and cons of several different options. Make sure to listen to the end to hear how long you might have to hold on to gold so that it keeps pace with inflation. (Spoiler alert–it’s a lot longer than you think!)  Outline of This Episode [1:22] Inflation is on the mind of every retiree in 2022 [3:57] I bonds are the belle of the ball [6:14] The pros and cons of TIPS [7:23] The pros and cons of stocks, commodities, and real estate [10:06] The pros and cons of buying gold [11:29] How to pay taxes on Roth conversions Resources & People Mentioned WSJ article - There’s No Perfect Way to Inflation-Proof Your Investments Taxes in Retirement Facebook Group 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 people begin retirement with the question: what’s next? That question can plant the idea of starting a second chapter whether it be a new business, a side hustle, a passion project, or a consulting business. The question then becomes, how to get started?  Gabe Nelson, the host of the Solopreneur Money podcast, is here to discuss how you can start a business in retirement. In this episode, you’ll learn tips on how to get started, how to decide what to charge, how long it should take to become profitable, and so much more.  Outline of This Episode [1:58] What are some tips for someone that wants to start a business in retirement? [5:28] How to keep track of expenses [7:00] At what point does the business have to become profitable? [11:30] How to move from employee to employer [14:00] The kinds of clients that Gabe works with [16:42] Gabe never plans on retiring Resources & People Mentioned QuickBooks Connect with Gabe Nelson SolopreneurMoney.com BOOK - The Solopreneur’s Money Manifesto by Gabe Nelson 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

Tax season is here. This yearly duty is something that a good portion of citizens put off until the last minute, with some even requesting an extension to file later. However, today I have 8 reasons for you to consider filing your taxes early. Listen in to discover why you might want to bite the bullet and file your tax return early this year. Outline of This Episode [1:12] 8 reasons to file your 2021 tax return early [4:18] Why you should try to get as small a refund as possible in retirement [8:09] Should Marion invest 25% of her portfolio in a fixed annuity over 10 years? This is a great list to encourage people to get started on their taxes. I’ve had my thoughts on tax planning for a while now that I’m cohosting the Retirement Tax Podcast with Steven Jarvis. Check it out if you are interested in tax planning strategies in retirement.  Resources & People Mentioned The Retirement Tax podcast with Steven Jarvis and Benjamin Brandt Retirement Tax Services from Steven Jarvis 8 reasons to file your 2021 tax return early by Kay Bell 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 be worried about money in retirement, but are you worried that you won’t spend enough of it? Today’s retirement headline comes from Neil Templin over at Barrons.com and it examines how people’s core spending and saving habits from their working years continue in their retirement years.  Listen to this episode to hear the author’s suggestion for how to rectify this issue and whether or not I agree with him.  Outline of This Episode [1:22] Retirees aren’t spending enough [5:30] Create a retirement paycheck [7:20] My thoughts on the article [10:00] join the newsletter [11:07] How to invest for retirement with limited assets Retirees aren’t spending enough Why do people continue to save in retirement when they are expected to be spending? Retirees Aren’t Spending Enough of Their Nest Eggs, Here’s Why, an article written by Neil Templin, examines the reasons why some people don’t plan to spend down their assets in retirement. These retirees' portfolios remain the same or sometimes even grow at a time of life when they should be diminishing. The author looks into why this phenomenon is happening. Reasons for reluctant spending in retirement One study even revealed that ¾ of participants had seen their assets remain the same or grow in retirement. There are numerous reasons why this could happen.  The robust stock market over the past ten years could contribute to a steady or growing portfolio. However, even with strong returns, some people may not feel comfortable enough to loosen their purse strings and spend their savings in retirement. Templin lists these reasons for reluctant spending habits in retirement: Fear of running out of money paired with uncertain longevity  Worry about future medical expenses  Concern over rising long term care costs Learning from a parent’s retirement experience Spending habits from working years continue through retirement  Not wanting to be a burden on their children It is difficult to change the core values that people have about spending. Saving is a habit developed over time and retirees are discovering that they can’t simply flick a switch and turn it off.  A solution to reluctant retirement spending  The author next examines research on retirees with pensions. The research showed that those who received more than half of their income in regular payments spent much more in retirement than those who received less than half of their income regularly.  The article concludes that creating a pension-style income or regular paycheck by using annuities could be a solution for retirees who are reluctant to spend in retirement.  An alternative to purchasing annuities in retirement My concern with purchasing annuities to solve this problem is that this solution eliminates the freedom to choose. With a flexible spending strategy, retirees can spend confidently. They understand that when the market doesn’t behave ideally that there is always a plan b to fall back on. This flexible spending strategy relies on education and knowledge to give retirees the peace of mind they need to spend confidently. Listen in to hear how Guyton’s Guardrails could inspire confidence in your retirement spending strategy.  Resources & People Mentioned Retirees Aren’t Spending Enough of Their Nest Eggs, Here’s Why Join the Every Day Is Saturday newsletter! 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