Retirement Starts Today (Benjamin Brandt CFP®, RICP®)
Explorez tous les épisodes de Retirement Starts Today
| Date | Titre | Durée | |
|---|---|---|---|
| 10 Apr 2023 | Conference Breakdown, Ep #291 | 00:21:44 | |
Many DIY investors would like to learn more about the latest changes in financial and tax laws but don’t have the same opportunities to attend professional financial conferences. The good news is that Bret and I do have these opportunities, and we relish sharing our findings. On this episode of Retirement Starts Today, Bret shares his insights from his boots-on-the-ground experience at Ed Slott’s recent conference in Las Vegas. If you are curious about the changes surrounding IRAs and other retirement accounts as a result of the Secure Act 2.0, you won’t want to miss Bret’s distillation. Outline of This Episode
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| 13 Dec 2021 | Summer Travel Series: Travel Hacking with Lee Huffman [Rebroadcast] | 00:21:46 | |
We’ve all been sitting at home for the past year and now everyone is getting the travel bug. That’s why today we’re kicking off the Summer Travel Series with an interview with Lee Huffman. Lee hosts a podcast called We Travel There and he writes a frugal travel blog at BaldThoughts.com. I’ve been curious about the world of travel hacking, so I have plenty of questions for Lee about using travel points, how to find the best travel resources, and, of course, where to travel. Check out this interview to help you plan your summer vacation. Outline of This Episode
How should we all get started traveling again?The pandemic has left many of us homebound for over a year, so now that many people are fully vaccinated, everyone is ready to get on the road again. The big question is: how should we get started? Lee recommends using the travel credits that you may have accrued from canceled vacations over the pandemic. Those credits and vouchers may have expiration dates, so be sure to check the fine print to ensure that you don’t lose out. He also suggests getting your summer trips booked ASAP. The sooner you book, the sooner you’ll be able to find reward availability and lower prices. The more people begin traveling the higher the prices will rise. What about international travel?Travel within the U.S. is on the rise, but people are also itching to travel internationally. Since the vaccine rollout has been different in each country, it is important to carefully investigate the specific travel rules for the country you wish to go to. Each country has its own pandemic rules and regulations. Some countries require negative Covid tests upon arrival and others may require you to be fully vaccinated. It is also important to remember that if you travel internationally, you will need a negative Covid test to enter the U.S. again, regardless of your vaccination status. Listen in to hear how many hotels in Mexico are helping travelers with this requirement. What are the best ways to earn points?You can earn travel points and rewards even when you are not traveling by using a credit card. Lee recommends the Capital One Venture Rewards card to get started. You can get cash back or earn extra miles with each purchase that you make. Listen in to hear how you can get started with the Capital One Venture rewards program to start traveling this summer. Lee compares saving miles and points with saving for retirement. He states that the two best days to start saving your miles are 10 years ago and today. He also mentions the importance of using your miles periodically. You don’t want them to become devalued over the years. How to use your travel milesThere are more ways you can earn travel miles than just making purchases. There are apps that you can use like Dosh to help you earn extra miles on each transaction. If you have had a travel rewards card for years but find it difficult to use, you won’t want to miss this interview with Lee Huffman as he explains how you can best use your hard-earned miles. He not only mentions how to use your miles, but he also includes fantastic resources that you can check out to help you find availability so that you can actually use the points that you have accrued. Make sure to check out Lee’s podcast, We Travel There, to get inspiration for your next travel destination. He interviews locals to help his listeners understand how to get there, where to go, what to do, how to get around, and where to stay. Resources & People Mentioned
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| 01 Jun 2020 | Are You a Prudent Pessimist? Ep # 142 | 00:19:34 | |
Are you an eternal optimist or a prudent pessimist? It may seem like the stock market is the eternal optimist. Have you seen the headline that Uber laid off 3,000 employees? If you have, you may be wondering why their stock jumped up. Learn why this is a common occurrence by listening in. Then on the other side of the coin, you’ll learn how you can be a prudent pessimist after reading the latest Social Security headlines. But first, let’s get to a listener question from Jennifer. Outline of This Episode
Should Jennifer roll over her lump sum pension payment into a Roth IRA?We may be hearing more and more questions regarding lump sum pension payments in the coming months due to dropping interest rates. These lowered interest rates make lump sum pension payouts more attractive. Jennifer is considering rolling over her lump sum pension payment into a Roth IRA. I would advise against this due to the high tax rate. You don’t want to have that heavy tax bill all at at the same time. Instead of rolling everything into a Roth IRA, a partial Roth conversion could be a better option. Listen in to hear why. Why does the stock market favor bad news?I recently came across an article on Tech Crunch which stated that Uber laid off 3000 employees. However, the stock market’s reaction to the tightening of Uber’s purse strings was positive. Many people wonder why news like Uber’s often leads to increased stock values. This is because the stock market looks forward in time, months, or even years ahead. While the news is bad for the company and the employees right now, this fiscal responsibility may pay off in the long run, or so investors think. Should you worry about the latest Social Security news?While the stock market may seem overly optimistic, any news surrounding Social Security seems pessimistic. How about this headline from Investment News? Pandemic Will Deplete Social Security Trust Fund, is that scary enough for you? Of course, like all headlines, this one is meant to grab your attention. The truth is, legislators will probably figure this out in the end. The pandemic will not last forever and soon people will get back to work and their Social Security tax contributions will be collected once again. As long as people are paying into Social Security, this fund will not run out of money. If you want to be a pessimist, be a prudent pessimist the right wayIf you still believe that Social Security is doomed, don’t let that cause you to change your retirement plans. If you think that claiming your benefit early at age 62 will be the best way to make use of your contribution, think again. If you really want to be the prudent pessimist you’ll wait all the way until age 70 so that you receive a 32% increase on your benefit. Listen in to hear why waiting to take Social Security at age 70 is the best choice for the prudent pessimist. Resources & People MentionedConnect with Benjamin Brandt
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| 25 Jan 2021 | Life Insurance Isn’t Special, Ep #176 | 00:18:07 | |
I figured that you all may be a bit sick of hearing the news lately which is why this week’s episode will focus only on listener questions without the Retirement Headlines segment. I’ve got 2 listener questions that will pique your interest. Chris asks about long term care insurance. What is the difference between hybrid and traditional policies and when can someone self insure? And Janet wants to know about the tax benefits of life insurance to fund your retirement. Don’t miss the answers to these complex questions, press play now! Outline of This Episode
Do you even need long term care coverage?The question of how to pay for long term care comes up when creating every retirement plan. It is extremely difficult to plan for long-term care due to the myriad unknowns. Will you even need coverage? This question can be difficult to answer since the duration and level of long-term care varies from person to person. This is why we look at the statistics. A person turning 65 today has a 70% chance of needing some sort of long-term care service in their life. And 20% of people will need it for longer than 5 years. How much does long-term care cost?Since 70% of people end up needing long-term care service, it is prudent to be prepared. But how much money will you need? The average stay for a nursing home resident is 28 months and the average stay for assisted living is 27 months. When you consider that nursing homes cost $225 per day for a semi-private room and assisted living costs half that, and you take the average length of stay you can round the total cost to $200,000. To self insure or purchase long-term care insuranceNow that we have analyzed the 3 parameters surrounding the issue of long-term care -- the likelihood of needing long-term care, the length of stay, and the cost -- we can analyze how to cover this cost. There are a couple of different ways to tackle this problem. You could self insure or purchase one of the many types of long-term care insurance policies. Long-term care insurance may give you peace of mind, but is it worth the cost? Self-insuring may be easier than you think if you can handle the market risk. Listen in to hear an option for self-insuring that you may not have thought of before. Can life insurance be used as a tax strategy?The shakier the stock market feels, the more we’ll hear about alternative investing strategies. Janet was curious about how life insurance could be used as a tax-saving strategy since all of her assets are in tax-deferred accounts. What she is referring to is overfunding a life insurance policy and living off the proceeds tax-free for decades. Does that sound too good to be true? If so, it probably is. Listen in to hear why life insurance is not as special as it sounds, you’ll want to hear how this strategy could backfire on you and ruin your retirement. If you have a question that you’d like answered on the show you can ask in one of two ways. The easiest way to ask me a question is to simply reply to the Every Day Is Saturday newsletter. The second way is to visit the Retirement Starts Today website and click the Ask a Question tab. Resources & People MentionedConnect with Benjamin Brandt
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| 07 Jun 2021 | Do You Know the Difference Between Being Rich and Being Wealthy? Ep #195 | 00:12:51 | |
Do you consider being rich and being wealthy the same thing? In the book by Morgan Housel, The Psychology of Money, the author argues that these words mean two different things. In this episode of Retirement Starts Today, we’ll explore the difference between rich and wealthy as well as the connotation of the word money. Outline of This Episode
Thank you for 1 million downloadsI want to thank you all for helping me hit an exciting podcasting milestone. In May of this year (2021), we hit 1 million lifetime downloads. Wow! When I started this podcast several years ago I was thrilled to reach 100 listeners a month, so this kind of reach boggles my mind. Thank you for joining me on this journey. To celebrate this milestone, I have an extra heaping helping of retirement headlines today. Both articles hail from the Wall Street Journal. The first article, written by Jason Zwieg, is a review of the book, The Psychology of Money, by Morgan Housel and it explores the different mentalities of the rich and the wealthy. The second article will reveal the best way to declutter your filing cabinet. The Psychology of MoneyHave you ever thought about what money really is? Money is more than a way to show the value of things. Money is also a carrier of emotion, ego, hopes, fears, dreams, heartbreak, confidence, envy, surprise, and regret. There is so much of ourselves that we wrap up in the concept of money. This is one of the central arguments in Morgan Housel’s new book, The Psychology of Money. The author juxtaposes two stories of two different men with two very different outlooks on money, and in doing so, he reveals that great fortunes can be built from old-fashioned values like delayed gratification. Have you ever thought of money from a values perspective? What is the difference between being rich and being wealthy?Housel explores the differences between those who are rich and those who are wealthy in his book. He describes being rich as having a high current income and being wealthy is having the freedom to choose not to spend money. He explains that many rich people aren’t wealthy because they spend much of their high income to show others how rich they are. How the difference between rich and wealthy can figure into retirement“The ability to do what you want, when you want, with whom you want, for as long as you want pays the highest dividend that exists in finance.” This is what many people are looking for in retirement. Most people think of retirement as a time when you stop working, however, retirement could mean, “the ability to do what you want, when you want, with whom you want, for as long as you want.” What are you looking for in retirement? Are you ready to give up working completely or do you simply want more freedom and flexibility? Resources & People Mentioned
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| 29 Apr 2024 | The Four Unique Risks in Decumulation, Ep #346 | 00:21:00 | |
You’ve been accumulating your savings your entire life, but when the time comes to draw down your investments, there are new risks. In this episode, we’ll discuss four risks that come with the decumulation phase of retirement. Press play to learn how to avoid these risks in retirement. Are you looking for a new advisor? One of our listeners is looking for a checklist to help him hire a retirement advisor. While answering that question I went ahead and made my advisor checklist available to all of you to download here. Outline of This Episode
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| 24 Oct 2022 | The Father Of 4% Rule Doesn't Buy 3% Alternative, Ep #267 | 00:14:33 | |
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
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| 28 Jun 2021 | Sabbaticals Are Essential For The Way We Work with Paul Millerd, Ep #198 | 00:19:15 | |
Have you ever thought about your relationship with work? As retirement looms ahead, many people become fearful of the unknown that it brings. A common way to express this fear is to worry about money, but this fear goes beyond money. The real fear that people have about retirement is about how they will spend their time when they no longer have work to fill their days. In 2017, Paul Millerd changed his relationship with work. After climbing the corporate ladder for 10 years he decided to slow down and become a freelancer. Listen to this conversation to hear what Paul learned from this experience and how his wisdom can help you prepare for retirement. Outline of This Episode
What defines a sabbatical?I often ask my clients to take a couple of weeks off of work before retirement to explore what they will be doing when they retire. I liken this exercise to a practice round of retirement. A sabbatical can be a similar experience, but it goes even deeper. The time frame of a sabbatical isn’t strictly defined and can extend anywhere from 2 weeks to 2 months or more. The biggest difference between a sabbatical and a vacation is that a sabbatical is more of a change in mindset. How is a sabbatical different from a vacation?Paul explains that vacations are packed full of activities, much like a workweek. People try to pack as much into a vacation as possible. However, a sabbatical is like taking a vacation without ever going into vacation mode. To try out a sabbatical, Paul suggests staying at an Airbnb and simply living there. Cook your meals rather than eating out, shop locally, and simply bike or walk around your new surroundings. Try to discover a state of non-doing. This can be challenging and can even become uncomfortable for many people. The result of this contemplative state is self-realization and a newfound curiosity. How can we use the curiosity that emerges from a sabbatical to explore retirement plans?Taking a sabbatical can completely change your way of thinking and may even disrupt your plans for retirement. We have worked so hard our entire lives for a future payoff, so it can be hard to stop delaying gratification. By taking a sabbatical, it allows people to take the time to explore the work and hobbies that inspire their passion. In doing so, people can get a better understanding of the ways that they can spend their time in retirement. A sabbatical can prepare you for retirementIf you have been working your way towards burnout, perpetually delaying gratification, or even if you simply need a retirement trial run, you may want to try taking a sabbatical. Listen to this interview with Paul Millerd to hear how a sabbatical can provide you with a shift in mindset and truly prepare you for retirement. Connect with Paul MillerdConnect with Benjamin Brandt
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| 21 Aug 2024 | How Do You Know It’s Time to Retire? Ep #362 | 00:20:54 | |
Knowing when to retire is not just an economic decision; it’s highly personal. In an era where your work is with your identity, deciding when to retire can feel monumental. So how do you know when the time is right? That’s what we’ll explore in today’s episode. In addition to discussing this retirement headline, Bret Mulvaney joins the show again to help me answer our listener question. Press play to listen. Outline of This Episode
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| 16 Sep 2024 | Six Lessons From Six Years of Retirement (from Fritz Gilbert’s Retirement Manifesto), Ep # 366 | 00:18:29 | |
Are you actually prepared to navigate the complexities of retirement? We’re exploring Fritz Gilbert’s Six Lessons From Six Years of Retirement, shared from his blog The Retirement Manifesto. One by one, we’ll walk through these lessons, keeping in mind that retirement is an evolving journey, not a static experience. For those who still need to optimize their post-work life, these lessons will show you a roadmap. We then talk about a listener question about portfolio management—whether to prioritize Roth conversions or refilling cash buckets when your investments outperform expectations. We get deep into the importance of tax diversification and flexibility in retirement, especially why having options—whether it’s a Roth, brokerage, or IRA—is absolutely crucial when facing financial uncertainties. If you’re preparing for or already navigating retirement, today is an excellent lesson from the ‘upperclassmen’—those a few years ahead of us in the retirement game. Resources & People Mentioned
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| 28 Mar 2022 | Get the Freeloaders Offloaded with Bobbi Rebell, Ep #237 | 00:27:13 | |
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
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| 03 Aug 2020 | Put Your Social Security Knowledge to the Test, Ep # 151 | 00:22:30 | |
So you think you know a thing or two about Social Security? Let’s put it to the test! I came across a Social Security Quiz from CNBC that I thought was fun, so I wanted to share it with you all. Stick around after the quiz to hear some listener questions. You’ll learn how to compare the 4% rule to a dynamic withdrawal rate. You’ll also learn about rolling over an IRA and the tax consequences. Let’s have some fun today, so listen in to find out just how much you really know about Social Security. Outline of This Episode
Test your social security knowledgeSure, you are probably more educated about Social Security than the average Joe, but how much do you really know about Social Security? Take this Social Security quiz to test your knowledge. Let’s see how much you really know. Can you get 8 out of 12 correct? You’ll have to listen in to hear the answers.
How do the dynamic withdrawal system and 4% rule compare?I’ve mentioned in the past that by using the 4% rule, 96% of the time people will have more money left over than when they started. Pete is curious about how the dynamic withdrawal system compares to that 4% rule. The 4% rule is easy to assess because you can look backward in time to analyze the data. With a dynamic withdrawal system, the amount of money left at the end would depend on your sequence of returns. Since the dynamic withdrawal system looks forward rather than back, there isn’t the same kind of data to assess. The difference between the two systems is that one is looking backward and the other is looking forward. How to draw money from tax-deferred accounts and already taxed accountsOne listener has money in tax-deferred accounts as well as in accounts that have already been taxed. He is trying to decide the best way to withdraw money from these in retirement. My advice is to think about what you are trying to solve. Are you interested in paying taxes now or later? When would you prefer to have the least tax burden? It is also important to note that Roth conversions are very appealing right now. Resources & People MentionedConnect with Benjamin Brandt
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| 13 Jan 2025 | How to Spend More (or Less) in Retirement | 00:19:56 | |
Click here to work with us! Are you spending too little in retirement, worried you might outlive your savings? Many retirees struggle to strike the right balance, often holding back on enjoying the wealth they’ve worked a lifetime to build. I’ll show you how to overcome those fears and spend with confidence while still planning for the future. What about real estate? Whether you’re thinking about renting instead of owning, leveraging home equity for long-term care, or even investing in rental properties, the right approach can make all the difference. I’ll share practical insights to help you figure out what works best for your lifestyle and financial independence. Retirement is your chance to live on your terms, free of unnecessary stress and worry. By understanding the psychology of spending and making thoughtful decisions about your biggest assets, you can enjoy the freedom and security you’ve earned. Let’s get started. Outline of This Episode
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| 11 Dec 2023 | 12 Reasons to Rent in Retirement [Rebroadcast] | 00:22:17 | |
One of the greatest financial assumptions is that it’s always better to own than to rent. However, in retirement, this may not be true. Once you are financially independent it is important to realize that not every dollar you spend needs to yield a return. Join me for this episode of Retirement Starts Today to question traditional thinking and to see how you can improve your life, spend more money, and have more fun in retirement. This episode was first broadcast in June 2023. | |||
| 06 Feb 2023 | Raise Your Healthy Deserve Level – an Interview with Gary Kadi, Ep #282 | 00:29:36 | |
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
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| 07 Nov 2022 | I Bought My House at the Peak, Now I Regret It… Ep #269 | 00:15:27 | |
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
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| 07 Dec 2020 | Retirement Rewind: My Favorite Retirement Podcasts (for the 3rd time) #169 | 00:20:11 | |
Welcome back to the Retirement Rewind! I take the last part of the year off from podcasting to spend more time with my family. But that doesn’t mean that you miss out on your favorite retirement podcast. Actually, I have a treat for you today. This episode is so good this is the 3rd time I’m playing it. Press play to find out which retirement podcasts I listen to in my spare time and scroll down to the bottom of the page to find links to my favorite episodes of those podcasts. On this episode, you’ll discover more amazing retirement podcasts to listen to. In addition, you’ll learn about the confusing world of reverse mortgages and whether you should plan for a 20% cut to your Social Security. Outline of This Episode
Do you find reverse mortgages confusing?I’m sure you’ve seen the ads for reverse mortgages before, but do you really know what they are? A study done on a focus group showed that most people thought reverse mortgages were a government welfare program. They didn’t realize that there were interest and fees involved and many thought that with a reverse mortgage they wouldn’t have to pay any more property taxes. Do you have questions about reverse mortgages? What exactly is a reverse mortgage?Commonly known as a reverse mortgage, a Home Equity Credit Mortgage (HECM) is just like any other mortgage -- it has to be paid back. Reverse mortgages are sometimes taken on by people in retirement who are looking for a lifetime income. A reverse mortgage works when the HECM calculates half of your home equity value and they set up a lifetime annuity based on that amount. Reverse mortgages can be complicated, so if you are considering one, make sure you read all the fine print. My 5 favorite retirement podcastsIf you’re listening to Retirement Starts Today you probably love podcasts as much as I do. I got into podcasting because I realized it would be a fantastic way to share my knowledge with a wider audience without having to be a writer. You may be surprised to learn that I have my own favorite retirement podcasts. Learning to save for retirement can be kind of boring since all of us retirement podcasters are essentially saying the same thing. It’s the personality of the podcast hosts that really sets these shows apart from the rest. Here are 5 retirement podcasts that I love to listen to and learn from.
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| 14 Aug 2023 | Dirty Dozen Tax Scams, Ep #309 | 00:23:14 | |
Scammers are constantly changing their playbooks to try and stay ahead of the authorities. That is why the IRS annually updates its “Dirty Dozen Tax Scam” list. This week we’ll explore the latest article from the IRS on this year’s tax scams then we’ll check out an article from Financial Advisor Magazine that involve questionable tax practitioners and charitable remainder annuity trusts. Don’t miss out on this week’s listener question because chances are, you have had this question as well. Outline of This Episode
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| 25 Dec 2023 | How to Pay 0% on Capital Gains [Rebroadcast] | 00:16:39 | |
Would a 0% tax rate help you live an even better retirement? In this week’s Retirement Headline, we’ll explore a WSJ article titled How You Can Grab a 0% Tax Rate. If that doesn’t pique your interest, I don’t know what will! Listen in to hear how you can learn to plan so that you can take advantage of a 0% tax rate on capital gains income. This episode originally aired in August 2023. | |||
| 01 Jul 2024 | Semi-Retire to Spend More $$$?! Ep #355 | 00:15:08 | |
It’s no secret that I want you to spend more money in retirement. Why? Because you’ve worked for it! Retirement is about living the life that you have saved for all these years, so I’m looking for any way I can find to help you get out there and enjoy it. One way that has been gaining popularity in recent years is semi-retirement. In this episode of Retirement Starts Today, we’ll look at an article that shows how partial retirement has been shown to lead to an increase in spending levels in retirement. Outline of This Episode
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| 19 Jun 2023 | The Power of Semi-Retirement and Work-Life Balance, Ep #301 | 00:18:16 | |
Have you considered working part-time in retirement? A growing number of older adults are choosing to continue work even after reaching retirement age. While some continue work due to financial necessity, many choose work that offers fulfillment and enjoyment. In the retirement headlines segment of this episode of Retirement Starts Today, we’ll explore the meaning and nature of work and what that could mean for your retirement. Make sure to stick around for the listener questions segment where we consider the pros and cons of keeping a stable value fund in a 401K while rolling over the rest of the 401K into a Roth. This is an interesting question to explore since the pros and cons have changed recently and what once were pros are now cons. Listen in to hear why. Outline of This Episode
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| 16 Jan 2023 | Breaking News - Secure Act 2.0, Ep #279 | 00:22:32 | |
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
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| 03 Jul 2023 | Your Future (Retired) Self, Ep #303 | 00:22:04 | |
If you want an amazing retirement you need to start thinking about your future self. We discussed the idea of your future self on a previous episode where I interviewed my coach, Dr. Benjamin Hardy. In this episode, we’re taking a look at another book on the future self, Your Future Self by Hal Herschfield. I’m listening to the audiobook now and this topic has me thinking about how it applies to retirement. Listen in to hear more about this book and my exciting announcement about my own explorations into the topic of the future self in retirement. Outline of This Episode
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| 06 May 2024 | Medicare Mistakes, Ep #347 | 00:20:06 | |
It can be easy to forget your age as the birthdays roll around. However, when you’re about to turn 65 you’ll know. Medicare and all of their relevant service providers won’t let you forget. You may feel inundated with the amount of mail, emails, and even phone calls and text messages, but rather than ignoring all the excess information, it’s important to dig in and learn so tha you can make the best decision for your healthcare. To help you avoid potentially expensive and health-altering mistakes, today we’ll review 5 of the biggest Medicare mistakes you can make by reviewing an article by Rick Fine from The Sensible Financial Planning blog. Outline of This Episode
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| 16 Nov 2020 | Medicare Annual Maintenance and Timelines: What Do I Need to Do Annually? Ep #166 | 00:22:30 | |
After you finally get Medicare all figured out and everything in place, the last thing you want to do is ever think about it again. But unfortunately, you need to review your Medicare coverage annually. Danielle Roberts is back, yet again, to help us understand what we need to do annually to review our Medicare plans. In this episode, you’ll learn what to do if you have a prescription drug change, if your Medicare Advantage plan gets discontinued, and how to change from supplemental plans to advantage plans and vice versa. There’s loads of information in this episode so make sure to pay attention so that you don’t miss any details. Outline of This Episode
What is the annual election period?The Medicare annual election period runs from October 15 - December 7. This is the time when you can enroll in, change, or disenroll from a part d drug plan or a Medicare Advantage plan. What to look for when you receive your annual notice of changeWhen Medicare sends your annual notice of change it will lay out all of the benefit changes for the next year. This is one Medicare notification that you do not want to toss in the garbage. Take some time to go over this document to look for premium changes as well as changes in drug tiers for all of your medications. Even if you are happy with your current plans, it is still a good idea to check your coverage. Listen in to learn what you can learn from the MyMedicare.gov website. What if I want to change my Medicare supplement to an advantage plan or vice versa?If you are looking to change plans you can do so during the open enrollment period which also takes place from October 15 - December 7. It’s quite easy to switch from a supplement to an advantage plan. Simply enroll during the open enrollment period and then cancel your supplement. There are no health questions to answer. However, if you would like to switch from an advantage plan to a Medigap plan, it is more complicated. Discover the order of events that must take place by hearing it straight from Danielle Roberts. Is switching between Medigap plans easy to do?Switching between Medigap plans generally requires a health screening and underwriting which is why it is important to wait until you have been approved for a new plan before canceling your old plan. Using a broker can help you understand the nuances of Medicare and ensure that you don’t make costly mistakes. Learn more about Boomer Benefits at BoomerBenefits.com. If you haven’t listened to all 4 of the Medicare episodes with Danielle Roberts, I encourage you to head on over to episode 163 to get started. I know I have learned a ton from Danielle’s expertise and you will too. Resources & People MentionedConnect with Danielle Roberts
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| 01 Apr 2024 | The 4 Phases of Retirement, Ep #342 | 00:19:49 | |
It may be easy to define success in your working career, but defining success in retirement can be more difficult. What does success look like in retirement? What will you do daily or weekly to get the most out of your retirement? In this episode of Retirement Starts Today, we’ll explore a TEDx talk about the 4 phases of retirement that many (but not all) experience. Click play to hear how you can squeeze the most juice out of your retirement. Outline of This Episode
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| 22 May 2023 | A Comparison of Variable Spending Strategies, Ep # 297 | 00:19:57 | |
If you have found this podcast you’re probably interested in spending more money, spending less in taxes, and making life even better in retirement. On this episode of Retirement Starts Today, we’re taking a look at how to spend more money in retirement by assessing a two-part article from AdvisorPerspectives.com called A Framework for Assessing Variable Spending Strategies. If you are trying to figure out how to maintain your desired standard of living throughout retirement, you won’t want to miss hearing the authors’ findings. Press play to listen. Outline of This Episode
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| 26 Aug 2024 | Permission to Spend in Retirement, Ep #363 | 00:24:46 | |
In retirement, retirees make the big switch–drawing on savings rather than contributing to them. This is often when the trouble comes–the psychological hurdle comes when it’s time to start spending your hard-earned savings. In this episode, you’ll learn how to understand the mental barrier that comes with the big switch and learn strategies to overcome it. Listen to learn how to use your retirement funds without guilt or fear of financial instability. Outline of This Episode
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| 23 Nov 2020 | BIG Legislation Changes, tiny Portfolio Changes, Ep # 167 | 00:16:18 | |
Are you worried about what the election means for your retirement portfolio? Many people are tempted to make big changes to their retirement savings to reflect their election concerns. On this episode of Retirement Starts Today Radio, you’ll learn what you can do to your portfolio if you are nervous about the transition. You’ll also hear what the new RMD tables mean and how the Biden proposals could change the entire retirement landscape. Outline of This Episode
What do the new RMD tables mean for you?Since people are living longer than ever before, the IRS has finally decided to acknowledge these longer lifespans by updating their Required Minimum Distribution tables. According to the longer retirement timeline, retirees can take out smaller mandatory distributions and spread them out over a longer period of time. What does this mean for you? You can expect to see smaller tax bills and larger IRA balances compounding over time. Listen in to hear the details and learn why this new tax table may seem familiar. Should you make big changes to your retirement plan because of the election?Thankfully, we’re not here to discuss politics. You can go just about anywhere else on the internet for that. However, I do want to touch on the changes that may arise due to the election. An election year often brings about strong feelings one way or the other and many people feel that they need to make changes to their portfolio based on what they hear on the news. Just because there is an election doesn’t mean that you should make big changes to your retirement portfolio. It’s a good idea to keep in mind that there may be between 4 and 8 presidents in office over the course of your retirement. Major global policy shifts don’t equal major portfolio shiftsEven if there are major shifts in global policy you only want to make tiny shifts in your portfolio. If you listen in I will give you specific examples of what you can do to prepare for the future transition without changing the essence of your portfolio. I do want to clarify that you should never take advice from me or anyone that you find on the internet. Regardless of who is running the country, I want you to have an amazing retirement. Which Biden proposals could affect you and your retirement?One of Biden’s proposals could completely change the retirement landscape. How would your retirement plans change if the Medicare age was lowered from age 65 to 60? At this point, it is just a proposal. Stay tuned in to Retirement Starts Today Radio over the coming months to hear the latest on this Biden proposal as well as his plans for Social Security. Resources & People Mentioned
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| 24 Feb 2025 | 7 Inefficiencies on Rich Retirees' Tax Returns, Ep #389 | 00:22:27 | |
Click here to work with us! A lot of retirees assume their tax situation gets simpler once they stop working, but that’s not always the case. There are plenty of ways high-net-worth retirees end up paying more than they need to—sometimes without even realizing it. Maybe it’s interest and dividend income getting taxed at higher rates, or IRA withdrawals happening earlier than necessary. Maybe it’s something as simple as missing the right way to report charitable giving. These things add up, and over time, they can quietly eat away at retirement savings. Some of the biggest inefficiencies show up on tax returns in ways people don’t always expect. Social Security benefits taken too soon, mutual funds kicking off surprise capital gains, or estimated tax payments falling short and triggering penalties—it all matters. There are ways to structure income, investments, and withdrawals to keep more of what’s earned, but they take a little planning. The goal isn’t just to minimize taxes for the sake of it, but to make sure every dollar is working as efficiently as possible. Most of these inefficiencies can be fixed with a few small adjustments. Some require a different way of thinking about income in retirement, others just mean taking advantage of tax rules that are already there. Either way, it’s worth a closer look. A little awareness now can mean thousands saved over the years. Outline of This Episode
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| 27 Dec 2021 | Could Living Abroad Save You Money? with Tim Leffel [Rebroadcast] | 00:24:32 | |
Would you want to raise your standard of living for half of what you live on now? Tim Leffel did, which is why he chose to uproot his family from their life in Nashville to move to a small city in Mexico. Tim is the author of the book A Better Life for Half the Price and he joins me today to discuss the pros and cons of living abroad. Don’t miss the opportunity to learn how you can save money by living abroad. Tim is an expert in the subject and has written extensively about this topic. Listen in to hear this interview. Outline of This Episode
Why did Tim choose to move to Mexico?Tim and his wife have traveled extensively and even lived in Seoul, Korea, and Istanbul, Turkey when they were young. When they had their daughter they knew that they didn’t want to live in the far flung reaches of the world but they still wanted the experience of living abroad. Mexico was close by and easy to travel to, plus they liked the culture and the food which made it an easy choice to settle on. They chose to live in the central Mexican town of Guanajuato which is a mid-sized city of 200,000 with pleasant weather all year round. It makes sense to rent first before purchasing abroadTim chose to rent for a year first before taking the plunge and purchasing a home. He remarks that buying a house abroad is not like it seems on those popular house hunting TV shows. There is a lot you need to think about when buying a home abroad. The zoning laws aren’t the same as in the U.S. and it can be hard for a foreigner to understand what things are worth without living there first. Tim recommends putting in the time and effort to truly understand the market value before purchasing a home. What are examples of how he saves money by living in Mexico?It’s no secret that living in Mexico is less expensive than living in the U.S. Rent in the United States can easily cost $2000. In Mexico, you can find a house to rent for a fraction of that. Healthcare expenses are notoriously high in the U.S. and in Mexico, Americans are shocked to find how easy it is to pay for those expenses out of pocket. Tim finds that his total monthly expenses in Mexico are roughly equivalent to what he paid in rent in the U.S. Not everything is cheaper in Mexico though, listen in to hear about what costs more in Mexico. Do you need to know the language first?You would think that you need to be fluent in the language before moving abroad, but there are some places in Mexico where you can get by being monolingual. Tim still doesn’t consider himself fluent, although he is learning the language. Since his daughter went to school in Mexico, she had the opportunity to become fluent. Would you want to learn the language before moving abroad? Connect with Tim Leffel
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| 05 Feb 2024 | 2 Social Security Mulligans, Ep # 334 | 00:17:34 | |
If you want to spend more money in retirement you’ll want to understand how to maximize your Social Security benefits. Many people think that there is no going back once you’ve decided to collect your Social Security benefits. However, today’s retirement headline discusses two options in case you’d like a do-over. In our listener question segment, one listener asks the best way to pass on their assets to their children. Listen in to hear the answer and scroll to the bottom of the show notes to discover more estate planning resources. Outline of This Episode
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| 13 Sep 2021 | The Great Resignation, Ep #209 | 00:17:31 | |
Have you been feeling the pull to retire? This feeling isn’t constrained to those nearing retirement age; many people have been feeling the desire to quit their jobs lately. So many workers are considering a job change that this wave of people has begun what is called “The Great Resignation.” I read about this phenomenon on The Guardian website in an article written by Elle Hunt. Elle considers 17 questions that you should ask yourself before you make the leap into the unknown. If you have been contemplating retirement or a job change you won’t want to miss this episode. Outline of This Episode
Attitudes surrounding employment are changingA recent survey indicated that over 40% of people have considered a job change this year. This trend could be a byproduct of stress brought on by the pandemic, but it could be due to a global shift in mindset which has led to a changing shift in employment priorities. Have you considered retiring early or leaving your current job? If so, you’ll want to make sure that you ask yourself these questions before making any rash decisions. 17 questions to consider if you are ready to quit your job
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| 08 Jan 2024 | I Don’t Want To Be Old When I Am Old, Ep # 330 | 00:16:09 | |
I don’t know about you, but I want to stay active and healthy for as long as possible. That’s why when I saw this Forbes article I knew I wanted to share it with you. If you want to learn how to age gracefully and maintain your vitality, you won’t miss this episode. Then, stick around to hear my answer to the question: why do some people have a hard time with retirement? Outline of This Episode
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| 21 Oct 2024 | Take Advantage of Your Peak Deduction Years, Ep #371 | 00:24:58 | |
Are you sure you're making the right call when deciding between Roth and traditional retirement accounts? A recent article on the Michael Kitsis blog started a debate into why, during your peak earning years, contributing to traditional pre-tax accounts might actually make more sense—even if tax rates rise in the future. I’m going to break down why high-income earners can often benefit more from deferring taxes now and paying them later in retirement when they have more control over their income. I’ll explain how using tax deductions at your highest earning years and withdrawing funds at lower tax rates in retirement can save you a significant amount in taxes over time. It’s all about maximizing your flexibility and finding opportunities to lower your tax burden down the road. Outline of This Episode
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| 12 Oct 2020 | Social Security Bankruptcy Insurance, Ep # 161 | 00:16:53 | |
Are you worried about the seemingly constant news stories which claim that Social Security may run out of money? These articles highlight any problems that the Social Security program is facing which can lead the reader to fret about the future of the guaranteed income source in retirement. Not surprisingly, there are companies out there that want to capitalize on this worry. Does Social Security insurance sound like a good idea to you? On this episode of Retirement Starts Today I read from and discuss an article about Social Security Insurance. You’ll learn what it is and how it works and hear my thoughts about this product. Outline of This Episode
There is a product out there to solve every problemInvestors are always looking for less volatility in their investment portfolios, but oftentimes they don’t realize that proper investment planning is the best way to achieve that. Those who don’t approach their portfolios with an investment plan in place are often looking for a product to buy to solve their problems. The low volatility fund is one product for people who want to buy a risk solution rather than plan. Is a low-risk fund all it’s cracked up to be?Does this low volatility fund end up raising risk in the short run while at the same time reducing risk in the long run? These low-risk funds often paint a distorted picture. While trying to reduce the downside they ultimately limit the upside which leads to less risk yet ultimately fewer returns. Zweig explains it beautifully, “the market loves to make monkeys out of people who think they’ve solved it.” Solve your investing problems with strategy rather than productsIt is important to remember that in investing as well as in other areas of retirement planning there will always be someone there to charge you a fee for a product as a solution to your investment planning problem. So before you rush out to buy the first product that comes along, my advice to you is to think about your own behavior first. Consider if there is a planning or behavior management solution that could replace this product. What is a good alternative to Social Security insurance?If you think that Social Security will run out of money or that you may see your benefits reduced that’s okay. But instead of rushing out to buy a product to hedge against the Social Security problem, be a prudent pessimist. A prudent pessimist doesn’t take a cut on their Social Security benefit by filing early, they wait until age 70 to receive a 32% bonus. That way if there is a cut to your benefit, it will be a cut on the bonus rather than on the reduced benefit. Press play to hear more about Social Security insurance, investment planning, and a listener question about how to migrate into the bond market. Resources & People MentionedConnect with Benjamin Brandt
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| 19 Feb 2024 | The Challenges of Retiring from a High-Powered Job, Ep #336 | 00:19:34 | |
Is it possible to suddenly step away from a high-powered job and into a life of leisure? This may not be the best idea for your retirement if you work at the executive level. In this episode of Retirement Starts Today, we’ll explore an article from Harvard Business Review that outlines several pitfalls that could come with retiring from a high-powered job and insights on how to navigate them. Stick around for the listener question segment to hear the best ways to give money to your adult children while you are still living rather than waiting until you pass away to leave an inheritance. Outline of This Episode
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| 24 May 2021 | Improving the 4% Rule, Ep # 193 | 00:18:45 | |
I’m sure you’ve all heard about the 4% rule for retirement planning. This rule is great for speculating your likelihood of success, but it isn’t always the best rule to follow in practice. Druce Vertes at AdvisorPerspecives.com offers a different approach to implementing the original 4% Rule. On this episode of Retirement Starts Today, we’ll dive into his technical article which explores the idea of making the normally rigid 4% rule more flexible to maximize spending for different levels of risk aversion. I’m always looking for innovative ways to help you turn your retirement portfolio into income and that’s exactly what we’re exploring this week. Tune in to hear how to tweak the 4% rule and maximize your spending in retirement. Outline of This Episode
What exactly is the 4% rule?The original 4% rule was theorized by Bill Bengen in the 1990s. This rule is handy for napkin math but doesn’t allow much flexibility and it may be overly cautious. The 4% rule states that you can invest an equal amount in stocks and bonds and withdraw 4% of your starting portfolio during each year of retirement. As long as you adjust for inflation each year, you would never exhaust your money over the course of a 30-year retirement. Have you used the 4% rule to help you calculate the likelihood of financial success of your retirement? How can one make the 4% rule more flexible?Our retirement headline this week is titled Beyond the 4% Rule: Flexible Withdrawal Strategies Using Certainty-Equivalent Spending. It examines what would happen if we explored options beyond Bengen’s 4% rule. It asks, what flexible rules would maximize spending for different levels of risk aversion? The author used the programming language Python to maximize certainty-equivalent spending. This led him to three generalized rules based on one’s risk tolerance. 3 rules for 3 separate risk tolerance categoriesFor those that are completely risk-averse, Bengen's 4% rule is the safest bet. The fixed constant withdrawal level never experiences a shortfall or reduction in withdrawals. The next category is for those who don't mind plenty of risk in their portfolio. This is why this rule is not recommended for most people. It finds the withdrawal amount that historically maximized spending irrespective of market volatility. This risk-neutral category is for those that can tolerate reductions in spending or shortfalls in some years as long as they are offset by gains in other years. For those that fall somewhere in between the two ends of the risk tolerance spectrum, different rules apply which trade off higher mean withdrawals against the risk of lower withdrawals. Using some of these rules, a retiree could achieve more than the 4% expected withdrawal rate. All of these models are simplifications, but they are useful and allow you to visualize the choices between different rules that have varying levels of risk tolerance. Visualize your retirement spendingThe author strived to create a simple model to help people understand strategies that may improve on a fixed withdrawal at varying levels of risk aversion. You can test out the different rules by using this online tool which allows you to try out and visualize each one. It’s always refreshing to learn about new ways to live off your retirement savings. Vertes’ idea splits the difference between the 4% rule and a dynamic distribution plan. This hybrid plan would allow for higher spending in good markets and a scientific way to gradually reduce portfolio withdrawals when the market dips. Listen in to hear how each of these rules could play out with concrete examples using actual numbers. You’ll also hear Joe’s question regarding multiple 401Ks. Resources & People Mentioned
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| 24 Aug 2020 | Lifetime Income Illustrations Are Coming to Your 401K, Ep #154 | 00:19:13 | |
Welcome back to another exciting episode of Retirement Starts Today. I want to say thank you to everyone who has participated in the Listener Survey. There is still time until the end of August 2020 to participate in the survey and voice your opinion about what you would like to hear on the show next year. You can fill out the survey here. It will take just a few short minutes of your time. In this episode, we’ve got a couple of listener questions plus you’ll hear about an interesting new addition to your 401K. Press play now to begin to learn how to make your retirement dreams a reality. Outline of This Episode
Lifetime income illustrations may be a new part of your 401K disclosureThe Labor Department has just revealed a new rule for plan administrators of contribution plans like 401Ks and 403Bs. This rule states that the plan administrators must begin to demonstrate how your account balance can be used as an income stream. They will need to illustrate how the retirement plan could realistically provide the account holder with a lifetime income. The goal is to help people understand how their savings could translate to retirement income. How will this rule help you plan for retirement?I think this visualization will be helpful but it misses the bigger picture. Seeing the basic math laid out is helpful for general retirement planning, but it won’t help you put the nuts and bolts together to build a comprehensive retirement plan. It’s important to remember that your retirement income is rarely linear. It changes throughout retirement. These illustrations can simply help you get a birds-eye view of how your savings can turn into retirement income. If you are looking for something a bit more comprehensive, download my Retire Ready Toolkit. Can you contribute to a Roth and a 401K at the same time?John asks if he can begin contributing to a Roth while also contributing to a 401K. You can make Roth conversions at any time. A Roth conversion is when you send money from your IRA to a Roth IRA and pay the taxes on that money. You can do this at any time since the government is always happy to collect your tax dollars. Press play to hear why I suggest waiting until retirement to start converting your IRA. A Roth conversion tax questionGreg has a question on maximizing Roth conversions now to save on taxes in the future. It may make sense for some people to make large conversions this year. My opinion is that it’s better to pay the devil you know. The current tax cuts are set to expire soon so there will probably be tax hikes in the coming years. I like to call this the Golden Era of Roth Conversions. It’s always a good idea to fill up your tax bracket with Roth conversions as well. Having a decent amount of your money in a Roth IRA adds tax flexibility Resources & People Mentioned
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| 20 Jul 2020 | Optimizing Your Retirement Planning Strategies with Grant Bledsoe, Ep # 149 | 00:23:18 | |
Have you ever wondered what I sound like on a different podcast? Well, today you get to find out. Since I am attempting a family road trip with 6 kids under 12, I can’t personally be with you all this week. But I am excited to share with you a bit of my interview with my friend Grant Bledsoe on his podcast, Grow Money Business. Listen in to hear my thoughts on several hot retirement topics like the 4% rule, how to set up your income in retirement, and stay tuned until the end to hear people’s biggest problem people in retirement. Outline of This Episode
Is the 4% rule the best way to plan for retirement?Most people who are deep into retirement planning are familiar with the 4% rule. The idea that if you take 4% out of your retirement portfolio each year and never run out of money is simple and easy to remember. However, I argue that you need more flexibility than the 4% rule offers. In practice, our lives are too dynamic to take such a linear approach. Your income in retirement may end up changing several times and you need to have a retirement plan that can adjust to the changes that life brings. How do you adjust your retirement planning strategies?So how do you adjust your retirement plan to account for all those life changes? You and I aren’t the only ones with this question. Guyton is a retirement researcher who wanted to figure out another way of not running out of money in retirement. In a nutshell, Guyton’s guardrails state that you can increase your spending when the market is good and decrease your income when the market takes a downturn. Guyton’s guardrails start you off with a higher income at the beginning of retirement. This retirement model takes into account the more human side of retirement planning. Is your retirement plan flexible? How do you set up your income in retirement?One of the biggest problems people have about retirement planning is, how do they get their money? I think it is important to stick with what you know. You probably aren’t used to getting one lump sum of money each year, so that may be hard to adjust to. I like to set up distributions once a month. These distributions come from the boring side of your portfolio. I call it the mullet distribution strategy Just like that memorable 80’s haircut your portfolio is business up front and a party in the back. I like to let the exciting stuff ride it out and party while taking from the business end of the portfolio. Listen in to hear more about the mullet distribution strategy. What is the biggest thing that people get wrong in retirement planning?The number one problem that I see people having in retirement is that they are retiring away from something rather than towards something. Retirement shouldn’t only be about telling your boss to kiss-off. It’s important to find a meaningful way to spend your time. Find something to do with your newfound time freedom. Take a class, discover a hobby, or mentor someone. Remember you are jumping into a void. You’ll need a way to find contentment outside of the things that are related to money. What will you do after you retire? Resources & People MentionedConnect with Benjamin Brandt
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| 27 Feb 2023 | How to Give Your Parents Advice That They Will Actually Listen To, Ep # 285 | 00:12:59 | |
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
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| 13 Apr 2020 | Spotting and Avoiding Coronavirus Scams, Ep # 135 | 00:20:45 | |
We all know that scammers are out there looking for the next opportunity to prey on their targets. The Coronavirus isn’t just a worldwide pandemic, for scammers its an opportunity to try new scams. On this episode of Retirement Starts Today you’ll learn how to spot a Coronavirus scam, stimulus check scam, and a grandparent scam. I also have lots of links to resources for you to learn more about this topic so be sure to scroll down to the bottom of this page when you’re done listening. Outline of This Episode
I’m holding office hoursSince we are all experiencing heightened stress and worry during this pandemic I thought I would try something new. On Friday 4/17 at 10:30 am CDT I’m holding office hours so that we can chat and discuss all things retirement. I’ve had many attendees during my recent webinars, but they aren’t very interactive. During this Zoom meeting, you’ll be able to ask questions. If you are nearing retirement and have worries about the virus, the markets, or anything retirement-related this will a great place to bring your questions. So please join me here on Friday 4/17 at 10:30 CDT The Coronavirus is a great time for scammersAnytime is a good time for scammers, but people are even more susceptible to scams during times of stress. The Coronavirus has brought stress upon us all so scammers are having a field day. A plethora of new scams have sprung up during the past few months. These scams range the gamut from apps with viruses, phishing emails, Robo phone calls, and so many others. Listen in to hear how to identify a Coronavirus scam and find out what you can do to protect yourself and your loved ones from these tricksters. Stimulus payment scamsThe thought of $1200 per person has scammers ready to pounce. Your stimulus check is not in the mail. Paper checks won’t arrive until May. If you receive a paper check for more than you were expecting it’s probably a scam. Remember the IRS call, text, or email you to ask you for your bank account information. If you need information about your stimulus check go directly to their website irs.gov/coronavirus. Grandparent scams with a new Coronavirus twistGrandma, I’m sick in the hospital, please wire money right away! Grandpa, I’m stuck overseas and can’t get home, please send me money! These old scams can pull at the heartstrings even more in these challenging times. You are probably savvy enough not to fall for these types of tricks but maybe someone you know and love could be easy prey. Do them a favor and educate them about these tactics. Listen in to hear about all the different types of Coronavirus scams and what you can do to help the ones you love not fall for them. Resources & People Mentioned
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| 10 Oct 2022 | 11% of Retirees Plan to Maximize Social Security, Ep #265 | 00:17:06 | |
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
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
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| 11 Jan 2021 | Could Living Abroad Save You Money? with Tim Leffel, Ep # 174 | 00:24:33 | |
Would you want to raise your standard of living for half of what you live on now? Tim Leffel did, which is why he chose to uproot his family from their life in Nashville to move to a small city in Mexico. Tim is the author of the book A Better Life for Half the Price and he joins me today to discuss the pros and cons of living abroad. Don’t miss the opportunity to learn how you can save money by living abroad. Tim is an expert in the subject and has written extensively about this topic. Listen in to hear this interview. Outline of This Episode
Why did Tim choose to move to Mexico?Tim and his wife have traveled extensively and even lived in Seoul, Korea, and Istanbul, Turkey when they were young. When they had their daughter they knew that they didn’t want to live in the far flung reaches of the world but they still wanted the experience of living abroad. Mexico was close by and easy to travel to, plus they liked the culture and the food which made it an easy choice to settle on. They chose to live in the central Mexican town of Guanajuato which is a mid-sized city of 200,000 with pleasant weather all year round. It makes sense to rent first before purchasing abroadTim chose to rent for a year first before taking the plunge and purchasing a home. He remarks that buying a house abroad is not like it seems on those popular house hunting TV shows. There is a lot you need to think about when buying a home abroad. The zoning laws aren’t the same as in the U.S. and it can be hard for a foreigner to understand what things are worth without living there first. Tim recommends putting in the time and effort to truly understand the market value before purchasing a home. What are examples of how he saves money by living in Mexico?It’s no secret that living in Mexico is less expensive than living in the U.S. Rent in the United States can easily cost $2000. In Mexico, you can find a house to rent for a fraction of that. Healthcare expenses are notoriously high in the U.S. and in Mexico, Americans are shocked to find how easy it is to pay for those expenses out of pocket. Tim finds that his total monthly expenses in Mexico are roughly equivalent to what he paid in rent in the U.S. Not everything is cheaper in Mexico though, listen in to hear about what costs more in Mexico. Do you need to know the language first?You would think that you need to be fluent in the language before moving abroad, but there are some places in Mexico where you can get by being monolingual. Tim still doesn’t consider himself fluent, although he is learning the language. Since his daughter went to school in Mexico, she had the opportunity to become fluent. Would you want to learn the language before moving abroad? Connect with Tim Leffel
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| 18 Jan 2021 | What to Do with $500,000 I Don’t Need? Ep #175 | 00:16:07 | |
I’m feeling optimistic this year and I want to continue to spread that optimism. That’s why I want to focus several shows on travel. Most people’s travel plans were foiled by covid in 2020, so 2021 will be the year of the vacation! We’ll be interviewing experts and discussing the mental and physical health benefits of travel. We get started on that road today with a Retirement Headline from Harvard Business Review. Outline of This Episode
Are fewer vacation days negatively impacting your work?You have probably heard that without recovery periods, your ability to perform tasks effectively diminishes significantly. However, this is in direct conflict with the common practice of powering through work without a break. The Harvard Business Review performed a study with the US Travel Association to help understand the relationship between wellbeing and taking time away from work. They discovered that there has been a significant decline in vacation days over the past 2 decades. In 1996, Americans averaged 21.1 vacation days per year and in 2016 that number fell to 16.1 vacation days per year. Is technology helping or hindering your time?Although productivity has increased due to technology, our inability to unplug has offset those gains. In fact, our inability to step away from technology has even led to bad vacations. According to the article, poorly planned vacations do not improve energy levels or reduce stress, effectively eliminating the time away. Learn what you can do to make the most of your vacation time by listening to this episode of Retirement Starts Today. How to double your chances of getting a raisePeople who took fewer than 10 of their vacation days per year had a 34.6% likelihood of receiving a raise or bonus over a three-year period of time. Whereas, people who took more than 10 of their vacation days had a 65.4% chance of receiving a raise or bonus. So, double your chances for a raise and take a vacation! What would you do with an extra $500,000 laying around?Seth’s mom insists that she doesn’t need the money in her $500,000 401K until it’s time to start taking RMDs. He wants to help her understand what she should do with the money. My first question is why doesn’t she need it? Many people are worried about having enough money to last the rest of their lives. Is she underspending to make her money last longer? After understanding her reasons, there are a few things she can do. Long term tax planning is key here. You may be surprised to learn that sometimes it is better to pay more in taxes now to help save on your lifetime tax bill. Listen in to learn how long-term tax planning can affect retirement planning. Resources & People MentionedConnect with Benjamin Brandt
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| 06 Sep 2021 | Quit Cutting Your Own Grass, Ep #208 | 00:17:26 | |
In retirement, you have all the time in the world, but are you using your time wisely? I recently read an op-ed article from CNBC about the power of delegation and it got me thinking about the way we spend our time. On this episode of Retirement Starts today, we’ll explore that op-ed article, I'll share what I learned about inherited IRAs this week, and I’ll answer a listener question about retirement planning beyond the 4% rule. Outline of This Episode
What is the highest use of your time?Are you planning to live your best life in retirement? If so, you may want to consider delegating various tasks that could be better handled by someone else. Even if you have lived a life of frugality you should ask yourself if doing certain tasks is the best use of your time. You may receive a better return on investment and return on your health by hiring someone else to do certain services for you. Use your time to enjoy life rather than by doing menial tasks. Tasks that may be best done by othersIf you can afford it, consider hiring someone to complete these tasks for you.
Which of these services would best serve you? How will you spend your time in retirement?Even though you will have more time on your hands in retirement, it still makes sense to use your time wisely. Think about the highest and best use of your time. What could this extra time mean to you? Would it bring an improvement in your quality of life? Could you plan your bucket list or how to leave your legacy? Retirement is all about the what if, so what if you could take some of these tasks off your plate? Make sure to listen to hear what I learned this week about inherited IRAs and you won’t want to miss a listener question about using retirement guardrails. This episode is packed full of information so press play now to get started. Resources & People Mentioned
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| 25 Apr 2022 | Future You is Happier than Current You, Ep #241 | 00:15:36 | |
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
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| 14 Nov 2022 | Special Announcement and What’s New for Medicare Open Enrollment, Ep #270 | 00:14:36 | |
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
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| 12 Jun 2023 | $300 Gym Bag, Ep # 300 | 00:13:01 | |
If you clicked on this title you may be wondering what a $300 gym bag has to do with retirement. Well, this podcast focuses on learning how to spend more money and pay less taxes to set yourself up for the ideal retirement. Outline of This Episode=
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| 28 Dec 2020 | Retirement Rewind: How to Retire Abroad with David Jacoby, Ep # 172 | 00:21:13 | |
Welcome back to another edition of Retirement Rewind -- episodes so good we played them twice! Time for travel is by far the number one thing that Retirement Starts Today Radio listeners look forward to in retirement. That’s why I interviewed David Jacoby on to this episode and why it was chosen as a Retirement Rewind. David Jacoby is a financial planner and travel expert who specializes in helping travelers and expats. David, himself has lived in 4 different countries and even built his business while living abroad. On this episode, he’ll help us understand the unique aspects of retiring abroad. If travel abroad piques your interest then you won't want to miss this interview. Outline of This Episode
The 3 types of people that are interested in travel abroadMany people are interested in traveling when they retire, but David Jacoby has found that there are 3 types of people that come to him for his services. Digital nomads or globetrotters are people who work remotely or are location independent entrepreneurs. Next are people who want to retire abroad for financial or social reasons. They are looking for the right country to move to. The last group of people is those who are not quite ready to retire abroad and still live in the U.S. They may be traveling a bit right now to scope out potential locations. Would you consider living abroad when you retire? When does traveling extensively turn into living abroad?Traveling abroad and living abroad aren’t quite the same. Rather than living full time in another country, some people would rather keep their house in the U.S. and spend extended vacations in other parts of the world. Others just want to sell it all and start fresh in exotic locales. However, before this romantic idea sets in, it’s important to do your homework first. David encourages his clients to visit a place 2-3 times in different parts of the year before making any final plans. Renting a place for 3 months or so will give you a better feel for everyday life in your desired location. How to determine where you might want to live?Some people may not know exactly where they want to live, they just have a general idea. They may prefer a tropical climate, be near the ocean, or perhaps they have always wanted to live in Europe. David can help his clients consider practicalities when choosing a location. Oftentimes visas and taxes play a huge part in choosing where to settle. For instance, Portugal, Spain, and Italy have easily obtainable visas for Americans while other countries in Europe are more challenging for American citizens to move to. But what about healthcare?Have you considered travel health insurance? No matter where in the world you choose to settle you’ll need to think about health care especially since Medicare does not work outside the U.S. Depending on where you live you’ll either rely on the local system of care or pay for private health insurance. Some people even chose to forgo health insurance. This sounds crazy but when you consider that the costs of medicine in many parts of the world are 1/10 of what you pay in the U.S. it isn’t that scary. You need to understand why you should still enroll in Medicare even if you plan to live abroad for several years, so make sure to listen to this interview with international travel expert, David Jacoby. Connect with David JacobyConnect with Benjamin Brandt
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| 06 Dec 2021 | Planning Multi-Generational Disney Trips with Lou Mongello [Rebroadcast] | 00:23:20 | |
What is the number one travel goal for people approaching retirement? Disney! People young and old alike love to go to Disney. In my 15 years of retirement planning, I have discovered that a multi-generational trip to Disney is at the top of most people’s bucket lists. That is why I have brought the world’s foremost expert on Disney travel, Lou Mongello, on to Retirement Starts Today for an interview. Lou and I discuss all things Disney: the must-see attractions, when to go, how to plan, and what is so special about Disney. Outline of This Episode
What’s so special about Disney that everyone wants to go there?Since Disney is the number one bucket list item for many people there must be something extra special about it. When I ask Lou why it is so special, he is unable to quantify this phenomenon. He chalks it up to the way Disney makes us feel. If you have been, you know what he means. One way that Disney is able to give us those warm fuzzy feelings is with its customer service. Disney’s level of service is unparalleled. They always go beyond expectations which is why everyone remembers Disney with such fondness. No other place in the world enjoys such a level of brand loyalty. What are the must-see attractions?There is so much to do at Disney. In Orlando, there are not only the 4 main theme parks but there are water parks and resorts to enjoy as well. It can be challenging to figure out what to do when there is so much to choose from. There is something for everyone at Disney. Lou recommends the classics from Magic Kingdom in addition to some of the newer attractions. Grandma and the littles are sure to enjoy It’s a Small World and the Jungle Cruise. The Haunted Mansion is another Magic Kingdom classic. At Hollywood Studios, the Tower of Terror and Rock n Roller Coaster are fun for the thrill-seekers in the family. And Frozen and Toy Story are hits with the kids. The Animal Kingdom safari also brings joy to the entire family. When to go?When planning your Disney vacation it is you’ll need to consider when to go. This will depend on your family’s schedule, but there is more to consider. Disney has different travel seasons. The peak season includes major holidays and summer. The off-peak times are the rest of the year. During the off-peak times, you can find values on food and lodging prices. One tip to use while planning your Disney vacation is to use a Disney travel agency. Many don’t realize that Disney agents are free to the consumer since they get paid by Disney. When planning your Disney vacation make sure to take advantage of these experts. They can help you make the most of your holiday. What is the best age to go to Disney?There is no bad age to go to Disney. There is so much to do that appeals to every age group. That is what makes Disney such a great multigenerational vacation getaway. Not only is there something for everyone, but there is a wide variety of accommodations and food choices. You can customize your vacation to your family’s specific wishes. The most important thing to do is plan ahead. Much like financial planning, planning before you go to Disney will ensure that you get the most out of your family holiday. Resources & People MentionedConnect with Lou Mongello
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| 30 Nov 2020 | Retirement Rewind: The Hidden Challenges of Retirement with Fritz Gilbert, Ep # 168 | 00:28:29 | |
Welcome to Retirement Rewind! Each year I take the holiday season off from podcasting to spend more time with my family. The good news is that I prepare my favorite episodes from the past for you to enjoy. This episode is an interview with Fritz Gilbert over at the Retirement Manifesto blog. In this interview, Fritz and I discuss his new book, Keys to a Successful Retirement as well as his firsthand experience now that he has recently retired. If you’ve already listened to this episode before you might be surprised to hear the tidbits that you forgot about and if you missed it the first time around, you won’t want to miss the interview this time. Outline of This Episode
You have to experience retirement to really understand itFritz spent years leading up to retirement trying to understand what retirement would be like. However, after finally retiring, he realized that it isn’t something that you can explain to others. You have to actually experience it yourself to understand. I like his analogy of having a locked door in front of you your whole life and on the day of your retirement, you are finally given the key. What do you think? Do you think the feeling of retirement can be conveyed to others? More than half of all people retire before they think they willSave, save, save! Even if you are one of those people that think they will continue working forever, it is still important to save for retirement. 60% of all people are forced into retirement before they have planned. What if you were forced into retirement tomorrow? Would you be ready? What are you doing now to help yourself prepare for the inevitable time when you won’t be able to work anymore? What is the biggest bang for your buck for learning about retirement?I asked Fritz how he would spend his money if he only had $500 to spend on learning about retirement. It’s not a lot of money to spend on such an important topic, but fortunately, there is so much free content available; you can learn just about anything without too much money. YouTube, podcasts, and blogs provide a lot of information for free. Fritz would spend his $500 in one of two ways. He loves books and feels like they provide a wealth of information. He also values the money he spent on hiring a CFP for a once over on his accounts. As a DIY investor, the peace of mind of having a professional give him the green light was invaluable. If you only had $500 to spend learning about retirement how would you spend it? Create your ideal retirement by embracing your passionRetirement is a fantastic time to devote yourself to the passions that you’ve had to put on the backburner during your working years. Do you have a passion? How will you pursue it in retirement? If you don’t have a passion yet a curious mind can take you a long way to discovering one. Fritz found a passion that he never knew he had. Find out what it is by listening to this interview. Resources & People MentionedConnect with Fritz Gilbert
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| 10 Feb 2025 | Are Retirement Income Worries Overblown? Ep 387 | 00:22:09 | |
Click here to work with us! Many people fear running out of money in retirement, assuming they'll struggle financially once they stop working. But a recent Gallup poll shows 80% of retirees have enough to live comfortably, despite concerns about Social Security, longevity risk, and pension declines. Why the difference between expectation and reality? Many retirees find their expenses drop, Medicare covers more than expected, and Social Security plays a bigger role in their income. However, many still claim Social Security early, leaving money on the table. By making strategic choices, like delaying Social Security and managing retirement savings wisely, you can secure a more stable, stress-free future. If you're anxious about your retirement income, you're not alone—but retirees before you have found their finances more stable than they expected. By taking the right steps now, you can be part of that 80% who enjoy a confident retirement. Outline of This Episode
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| 14 Feb 2022 | Retirees Aren’t Spending Enough, Ep #231 | 00:18:53 | |
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
Retirees aren’t spending enoughWhy 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 retirementOne 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:
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 spendingThe 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 retirementMy 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
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| 30 Mar 2020 | What You Need to Know About the Coronavirus Stimulus Package, Ep # 133 | 00:21:00 | |
With the Coronavirus situation bringing so much change into our lives, I decided to bring an abrupt conclusion to the Living Off Your Savings series. Instead, today, we’ll talk about some of the changes that the Coronavirus legislation will bring. Now that President Trump signed the Coronavirus stimulus package into law I wanted to give you an idea of what you can expect from this landmark legislation. Join me on this episode of Retirement Starts Today to discover how the Coronavirus stimulus package affects you. Outline of This Episode
Join me for the Living Off Your Savings webinar!I wanted to make sure to fulfill my promise of having a webinar to cap off the Living Off Your Savings series especially since the series was shorter than expected. You’ll have 2 options to join the webinar. Option A takes place on April 2 at 10:30 AM CDT. Option B is April 2 at 2 PM CDT. This webinar will cover how to turn your accumulated savings into monthly retirement income. We’ll cover case studies, portfolio breakdowns, and how to have an amazing retirement even in the midst of a market meltdown! Sign up soon since we are already at ⅔ capacity. What you should know about the Coronavirus stimulus packageHave you filed your taxes yet? If you haven’t, pay attention. If your income was over $150,000 in 2018, but under in 2019 then file immediately. If your income was under $150,000 in 2018 but over in 2019 and you haven’t filed then wait to file. The stimulus checks that are coming are based on your AGI in 2018 or 2019 if you have already filed. Those stimulus checks will be $1200 per adult and $500 for each dependent child. If you filed jointly the income threshold is $150,000. The stimulus checks will be directly deposited into the bank account in which you received your 2018 return. Let’s hope that it’s still open! How a retiree can put their stimulus check to good useIf you are losing sleep at night about the stock market then take this money and put it where it is needed most -- put it in a savings account, checking account, or stash the cash under the mattress. Do whatever will help you sleep at night. If you aren’t having trouble sleeping and you know where your income is coming from, think about making a Roth IRA contribution. If you have the stomach for it and don’t need it for a while, consider using that check for long-term investments. Listen in to hear a great way to teach the grandkids about the power of compound interest. How else could the Coronavirus stimulus package affect your retirement
Listen in to hear all the details on how this landmark stimulus package could affect you and your retirement. Resources & People Mentioned
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| 19 Dec 2022 | Don’t Move for Taxes [Rebroadcast] | 00:12:36 | |
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
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| 17 Apr 2023 | Early Retirement Can Accelerate Cognitive Decline, Ep # 292 | 00:13:54 | |
You may be excited to jump on the early retirement bandwagon, but before you do, listen to this episode. In our retirement headlines segment, we explore a peer-reviewed article that shows that early retirement can accelerate cognitive decline. Stay tuned for the listener questions segment to hear how to reimagine your retirement spending mindset by creating a flexible spending plan. Retirement Starts Today Radio is a way to learn about having more income, paying fewer taxes, and creating an even better retirement, so if that sounds like the life you’re trying to create, press play now. Outline of This Episode
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| 03 Apr 2023 | Monte Carlo Failures Aren’t Plane Crashes, Ep #290 | 00:16:17 | |
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
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| 21 Mar 2022 | Don’t Even THINK About Delaying Retirement, Ep #236 | 00:20:18 | |
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
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| 20 Jan 2025 | Fired After Announcing Retirement? Ep # 384 | 00:22:40 | |
Click here to work with us! Can you be fired after announcing your retirement? It's a question that raises eyebrows and stirs concern for anyone nearing the end of their career. A recent article highlights the legal and financial implications of being terminated after sharing retirement plans, and it’s a scenario more common than you might think. Employers often operate under at-will employment laws, giving them broad rights to terminate employees, even after a retirement announcement. But what does that mean for you? Understanding protections like ERISA and the Age Discrimination in Employment Act can make all the difference in navigating this tricky situation. It's not just about legalities—financial stability, severance packages, and health insurance come into play too. On top of that, announcing retirement at the wrong time could mean missing out on potential benefits or buyouts. Striking a balance between professional courtesy and protecting your financial future is essential. When it comes to planning for life after work, the timing and approach of your announcement could impact everything from your wallet to your peace of mind. Outline of This Episode
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| 26 Oct 2020 | Medicare Basics: What to Expect as You Approach Age 65 with Danielle Roberts, Ep # 163 | 00:21:33 | |
You asked and I listened. This summer I asked you all for your thoughts on the show and many people responded that they wanted to hear more deep dives into complex subjects. We tried this out with the Living Off Your Savings series and now we’re taking some extra time to discuss Medicare. This episode is the first of a 4 episode series on Medicare. Grab your headphones and press play to begin your Medicare education. Since I am not a Medicare expert, I have invited Danielle Roberts with Boomer Benefits to teach us about this nuanced subject. Make sure to stick around until the end of the episode to learn how you can get a free copy of Danielle’s new book, 10 Costly Medicare Mistakes You Can’t Afford to Make. Outline of This Episode
When should someone start thinking about Medicare?The official Medicare enrollment period begins 3 months before your 65th birthday and this is often the time when people usually begin to start thinking about Medicare. Age 64.5 is a great time to begin to research your Medicare choices. In addition to Danielle’s book, there are plenty of resources online to help you educate yourself. After you listen to this series, YouTube and the Medicare website are good places to continue learning. What costs are involved in Medicare?Some people are surprised to find that Medicare is not free. There are costs involved that you need to be aware of to properly plan for retirement. In addition to the monthly fee taken directly out of your Social Security payment, there are deductibles for inpatient and outpatient services as well as copays or coinsurance for doctor visits. Listen in to understand why it’s important to do your research early on to decide on what kind of extra coverage you may need. What are the different parts of Medicare?Medicare Part A is what your Medicare payroll taxes have been paying for all these years and it covers hospital stays. Part B is what gets taken out of your Social Security check each month and this piece covers outpatient care. Medicare Part B pays only 80% so it is important to consider how you will cover the other 20%. This 20% can be supplemented in 2 ways. Listen in to hear what the difference is between Medigap and Medicare Advantage plans. How you can receive a FREE copy of Danielle’s bookDanielle is a fountain of Medicare information, so you won’t want to miss this series. On the next episode, you’ll hear what to expect if you retire before or after age 65. If you want a chance to get a free copy of Danielle’s book sign up for the Every Day is Saturday newsletter and respond to that email with a promise to leave an honest review of this podcast and Danielle’s book. So, if you haven’t already signed up for Every Day is Saturday, head over to RetirementStartsToday.com and hit subscribe. Resources & People Mentioned
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| 25 Nov 2024 | The Four Unique Risks in Decumulation [Rebroadcast] | 00:21:18 | |
You’ve been accumulating your savings your entire life, but when the time comes to draw down your investments, there are new risks. In this episode, we’ll discuss four risks that come with the decumulation phase of retirement. Press play to learn how to avoid these risks in retirement. Are you looking for a new advisor? One of our listeners is looking for a checklist to help him hire a retirement advisor. While answering that question I went ahead and made my advisor checklist available to all of you to download here. Outline of This Episode [1:47] Understand effective strategies for the decumulation phase Resources Mentioned Connect with Benjamin Brandt
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| 22 Apr 2024 | More Muscles = Better Retirement, Ep #345 | 00:16:10 | |
A lot of us are looking to get in shape in retirement. This is a good thing since part of living an even better retirement is looking after your health and muscle mass. Staying healthier and more active longer will ensure that you are making the most out of your retirement. In addition, maintaining a healthy muscle mass is a huge part of keeping your health as you age. In this episode, we’ll explore a Scientific American article on keeping your muscles strong as you age. Make sure to listen in to discover some tools that I use to track my health and wellness as I enter the second half of my life. Outline of This Episode
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| 21 Jun 2021 | Summer Travel Series: Travel Hacking with Lee Huffman, Ep #197 | 00:21:22 | |
We’ve all been sitting at home for the past year and now everyone is getting the travel bug. That’s why today we’re kicking off the Summer Travel Series with an interview with Lee Huffman. Lee hosts a podcast called We Travel There and he writes a frugal travel blog at BaldThoughts.com. I’ve been curious about the world of travel hacking, so I have plenty of questions for Lee about using travel points, how to find the best travel resources, and, of course, where to travel. Check out this interview to help you plan your summer vacation. Outline of This Episode
How should we all get started traveling again?The pandemic has left many of us homebound for over a year, so now that many people are fully vaccinated, everyone is ready to get on the road again. The big question is: how should we get started? Lee recommends using the travel credits that you may have accrued from canceled vacations over the pandemic. Those credits and vouchers may have expiration dates, so be sure to check the fine print to ensure that you don’t lose out. He also suggests getting your summer trips booked ASAP. The sooner you book, the sooner you’ll be able to find reward availability and lower prices. The more people begin traveling the higher the prices will rise. What about international travel?Travel within the U.S. is on the rise, but people are also itching to travel internationally. Since the vaccine rollout has been different in each country, it is important to carefully investigate the specific travel rules for the country you wish to go to. Each country has its own pandemic rules and regulations. Some countries require negative Covid tests upon arrival and others may require you to be fully vaccinated. It is also important to remember that if you travel internationally, you will need a negative Covid test to enter the U.S. again, regardless of your vaccination status. Listen in to hear how many hotels in Mexico are helping travelers with this requirement. What are the best ways to earn points?You can earn travel points and rewards even when you are not traveling by using a credit card. Lee recommends the Capital One Venture Rewards card to get started. You can get cash back or earn extra miles with each purchase that you make. Listen in to hear how you can get started with the Capital One Venture rewards program to start traveling this summer. Lee compares saving miles and points with saving for retirement. He states that the two best days to start saving your miles are 10 years ago and today. He also mentions the importance of using your miles periodically. You don’t want them to become devalued over the years. How to use your travel milesThere are more ways you can earn travel miles than just making purchases. There are apps that you can use like Dosh to help you earn extra miles on each transaction. If you have had a travel rewards card for years but find it difficult to use, you won’t want to miss this interview with Lee Huffman as he explains how you can best use your hard-earned miles. He not only mentions how to use your miles, but he also includes fantastic resources that you can check out to help you find availability so that you can actually use the points that you have accrued. Make sure to check out Lee’s podcast, We Travel There, to get inspiration for your next travel destination. He interviews locals to help his listeners understand how to get there, where to go, what to do, how to get around, and where to stay. Resources & People Mentioned
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| 24 Jun 2024 | How To Spend Your Money To Maximize Happiness, Ep # 354 | 00:17:38 | |
We’ve all heard the saying, “Money can’t buy happiness.” However, research suggests that while money may not buy lasting joy, it can certainly enhance our lives if spent wisely. The key lies in how we spend our money. On this episode of Retirement Starts Today, we’ll explore a recent article on spending money to maximize your happiness. Stick around for the latest book update and sign up for the newsletter to learn how to preorder and stay up to date on book giveaways! Outline of This Episode
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| 02 Aug 2021 | Can I Go Fishing for the Next 25 Years and Forget About Work?, Ep #203 | 00:20:48 | |
How’s this for a headline? I’m 62, unemployed, living off my savings, and waiting on Social Security — ‘Can I go fishing for the next 25 years and forget about work? It naturally caught my eye since there was fishing in the title! Today we’ll check out this MarketWatch article and answer the headline’s question as well as explore the additional recommendations the article mentions on ways to make retirement savings last. In the listener questions segment, I’ll answer a complex question about borrowing against your home for a gift for a child. Once you’re done listening please head on over to our annual listener survey to make sure you voice your opinions on the trajectory of the show. Outline of This Episode
Is it time to forget work and go fishing?A recent Market Watch article caught my eye since it had fishing in the headline. The article opens with a question from a reader about his decision to quit his job early and go fishing for the rest of his life. The recent retiree did a great job saving for retirement and the MarketWatch author and I agree--he is absolutely ready to go fishing for the rest of his life. I enjoyed reading this article since it included other experts’ responses, so I thought I would dig in and explore them a bit further and add my own 2 cents. The dangers of leaving ‘moldy money’ lying aroundOne commenter pointed out that the writer had a substantial amount of money in a savings account. He warned of the dangers of inflation by leaving that money in a low-yielding savings account. I agree with these concerns. Unless there is a specific reason, you need to be wary of leaving ‘moldy money’ lying around in low-yielding accounts. This money will end up losing purchasing power over time due to inflation. If you do have a substantial amount of money that isn’t invested consider converting a portion of that savings into a Roth IRA. Listen in to hear how I disagree with one advisor’s approach to investing for retirement. Why the bucket approach worksAnother advisor suggested the bucket approach for asset allocation. This approach requires you to divide your assets into categories based on your withdrawal timeline. The super-conservative category is the first bucket you’ll dip into. The less conservative bucket has a longer time horizon, and the aggressive bucket won’t be touched for a long time. The bucket approach is a great idea and allows you to visualize your near-term assets and distinguish them from your longer, more volatile investments. Recognizing the difference between the boring short-term assets from the more exciting long-term assets will help you keep your sanity when the market starts misbehaving. To delay Social Security or notThe next area that the article discusses is Social Security. The letter writer plans to wait until full retirement age in order to receive 100% of his Social Security benefit, but there is the possibility of delaying even longer until the age of 70. Generally, my suggestion is to wait until age 70 to receive the maximum benefit, however, in this case, I don’t think it is as important. Listen in to hear why.
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| 08 Apr 2024 | The 529 to Roth IRA Rollover, Ep # 343 | 00:17:45 | |
Recent legislation has made everyone’s favorite college savings plan a little more flexible. Funds in a 529 plan aren’t as locked up as they used to be now that your children’s unused college funds can be rolled into a retirement account. In this episode, we’ll discuss an article from the White Coat Investor which explores how the 529 can be rolled into a retirement account. We’ll discover the benefits and drawbacks of using a 529 to save for retirement. Listen in to hear whether the 529 rollover could help you in your retirement. Outline of This Episode
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| 06 Jan 2025 | Purpose vs purpose: An interview with Doc G, Ep #382 | 00:19:59 | |
What does it mean to live a life of purpose? I talk with Jordan Grumet, aka Doc G, host of the Earn & Invest podcast, about how his work as a hospice doctor shaped his understanding of purpose and regret. His new book, “The Purpose Code,” offers insights on how to live with intention and meaning. We talk about the difference between "Big P" and "Little P" purpose and why focusing on grand goals often leads to frustration. Jordan shares how the terminally ill reflect on their lives, emphasizing the courage it takes to prioritize what truly matters. This conversation is about using time, money, and energy to create a fulfilling life. Whether you’re planning retirement or redefining your goals, Jordan’s perspective can help you focus on what lights you up and brings you joy. Outline of This Episode
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| 16 Dec 2024 | The 4 Phases of Retirement (Rebroadcast) | 00:20:13 | |
Originally aired April 2024: It may be easy to define success in your working career, but defining success in retirement can be more difficult. What does success look like in retirement? What will you do daily or weekly to get the most out of your retirement? In this episode of Retirement Starts Today, we’ll explore a TEDx talk about the 4 phases of retirement that many (but not all) experience. Click play to hear how you can squeeze the most juice out of your retirement. For more information, visit the show notes at https://retirementstartstodayradio.com/the-4-phases-of-retirement-rebroadcast | |||
| 05 Jun 2023 | Retirement Mastermind Groups, Ep #299 | 00:14:07 | |
Have you ever considered joining a retirement mastermind group? Many of us choose mastermind groups to further our careers, businesses, or other areas of our lives, but few think to create one for retirement planning. Today, we’ll focus this entire episode on Fritz Gilbert’s recent article on his experience creating a retirement mastermind group. You won’t want to miss out on hearing what you could learn from a retirement mastermind. Make sure to listen until the end to hear how you can create your own retirement mastermind group. Outline of This Episode
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| 01 Nov 2021 | Executor Help - How to Settle an Estate, Pick an Executor, and Avoid Family Fights with David Edey, Ep #216 | 00:19:47 | |
Our chances of death are 100%, so that means at some point in your life you will probably experience the death of a loved one, and you’ll need to prepare for your own passing. Choosing the right executor can make a traumatic time more bearable. The role of executor is not an easy one, which is why it is important to choose wisely. In this episode of Retirement Starts Today, you’ll hear an interview with executor expert, David Edey. David has recently written a book titled How to Pick an Executor and Avoid Family Fights. After listening to this interview you’ll be able to choose and become an exemplary executor. Outline of This Episode
What you can do to prepare your executorDavid learned how to be a rock star executor from his own challenging family experience. It took him 7 years, 10 court appearances, and $50,000 in lawyers’ fees to settle his parents' estate and they both had a will! Everyone seems to know someone with an executor horror story which is why he decided to write his book. David wants to teach others how they can choose or be a fantastic executor. If you ask someone to become your executor, you must ensure that they have all the tools they need to perform their duty. Make sure to have an up-to-date will in place. Talk with your beneficiaries so that they know what to expect when the time comes. Your digital assets and files should be organized and easily accessible. No one wants to be looking around for missing paperwork when they are dealing with the loss of a loved one. Make it as easy as possible for the executor to get the job done. How to choose an executorFamilies can fall apart when it’s time to settle an estate which is why it is important to carefully choose an executor. You could choose a family member, a friend, or a third party. If you choose to hire a third party there will be many fees involved. If you choose one of your children over another it is important to communicate with both the chosen executor and the other children to ensure that you help to keep the family harmony after you pass. There is no one right way to choose an executor, but you should consider the health and age of the chosen executor. It is important to choose someone who can keep the dynamic that you want to set for the estate and that can get the job done. How to be a fantastic executorIf you have been chosen to be an executor you need to ask plenty of questions. It is important to understand where important documents, passwords, and information are. Insist that the will is up to date and that everything is labeled in an easy-to-find location. David’s book has a wealth of resources that can walk you through the process of being an executor. He explains the protocols for shutting down social media, bank accounts, and other online accounts. You can also check out David’s Executor Help podcast. Family dynamics can fall apart when a loved one passes. Doing the proper preparations for your passing may be challenging now, but it will pay off in the long run. Doing so will ensure that you leave a legacy and not a mess. Connect with David Edey
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| 12 Jul 2021 | Affluent Retirees Scared To Draw Down Savings, Ep #200 | 00:17:33 | |
Episode 200! I can’t believe I’ve made it to this landmark episode. Thank you all for joining me on this journey and I hope you'll join me for the next 200. I enjoy looking back and reminiscing on previous episodes, but I don’t have to go too far back to find my most recent favorite. Episode 199 is one of my most recent favorites. In it, I interviewed world-renowned Disney expert, Lou Mongello, to discuss multigenerational Disney trips. Check it out if taking the grandkids to Disney is on your bucket list. In this episode, we’re covering two retirement headlines. The first is from Investment News and it describes how some leading retirement experts question whether advisors should rethink their assumptions about retirement spending when creating financial plans. The 2nd retirement headline is from HumbleDollar.com titled Secret Sauce. This article describes the aspects of work that we want to hang onto, those that we might not, and it outlines six steps to design a successful and ideal retirement. Outline of This Episode
People in retirement live differentlyMary Beth Franklin recently wrote an article for Investment News about retirement spending. She sourced a study completed by the Employee Benefit Research Institute (EBRI) which analyzed the spending of 2000 retirees. The study found diversity in the way people live in retirement based on financial status, retirement goals, demographics, and spending habits. Mary Beth's article focuses on the results for those that were classified as affluent and comfortable retirees. Not many affluent retirees plan to spend their savingsIn the article, affluent retirees were defined as those with financial assets exceeding $320,000 and an annual income of $100,000 or more. Most of them were also mortgage-free with zero debt. Their most common sources of income were defined as employer benefit plans, Social Security, and personal savings. They reported that they feel they have saved enough for retirement and only 1 in 3 plans to spend all or a significant portion of their savings. Comfortable retirees may spend only a small portion of their assetsComfortable retirees had mid-levels of financial assets between $99,000 and $320,000 and an annual retirement income of less than $100,000 a year. Many still had a mortgage and other debts. Most of these people cited workplace retirement savings and Social Security as their major sources of income. Almost 75% of these comfortable retirees said that their retirement savings are sufficient or more than meet their needs, however, more than half of them plan to grow, maintain, or spend only a small portion of their assets. Why are affluent and comfortable retirees hesitant to spend their retirement savings?The study found that the Baby Boomer generation wishes to retain assets rather than spending them down. So the question is, why don’t these retirees wish to spend their retirement savings? This may be due to the fact that their Social Security income or pension provides enough to meet their expenses, but it could also be due to an inability to switch gears from accumulation to decumulation. Another reason may be that many retirees don't know how to determine a sustainable withdrawal rate that considers future uncertainties, and this lack of knowledge makes them wary to spend their nest eggs. I think the key to confidently spending and living off your savings is to understand how much it costs for you to live for a year in retirement. Listen in to hear how you can learn how to calculate your spending so that you can determine your sustainable withdrawal rate in retirement. Resources & People Mentioned
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| 21 Nov 2022 | Do's and Don'ts for Your 7-Figure Retirement [Rebroadcast] | 00:19:00 | |
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
8 Financial tips for a successful retirementDon’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 MentionedConnect with Benjamin Brandt
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| 29 May 2023 | Rich People Unsatisfied with Their Wealth, Ep #298 | 00:14:48 | |
Have you ever thought about how much money you need to be truly happy? If so, you’re not alone. And chances are that number is elusive. In today’s Retirement Headline segment, we’ll check out an article from The Atlantic called “The Reason Many Ultrarich People Aren’t Satisfied With Their Wealth.” In doing so, we’ll explore human nature and how to know when enough is enough. In the Listener Questions segment, one listener asks how to withdraw funds from a taxable account during early retirement. Don’t miss out on discovering the logistics of how to access your money in retirement. Press play to find out. Outline of This Episode
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| 10 May 2021 | Time for a Gap Year? Ep # 191 | 00:22:00 | |
Have you ever considered going back to school? Early retirement can be a fantastic time to explore new learning opportunities. In this episode of Retirement Starts Today, we’ll take a look at a Market Watch article that describes the burgeoning culture of adult learning for those at or near retirement age. We’ll continue by exploring many higher education programs across the United States that are aimed at people aged 50 and above. Make sure to stick around for the listener questions segment where I answer a question about using home equity as long-term care insurance. You’ll hear my opinion on the matter and learn how much home equity you may need to make this strategy work. Outline of This Episode
It’s time to rebalanceWe all know that the market has had an incredible run this past year. Many people’s portfolios are up 30%. When you’re seeing these kinds of returns it can be especially difficult to take those earnings and put them into the calmer side of your portfolio, but as you approach retirement it’s a good time to edge closer to a 60-40 split. If you are within a year or two of retirement, you should know where your first few years of retirement income are coming from. That means that this is the time to be prudent and squirrel away some of those profits in any boring type of account so that you can fund the first few years of your retirement without worrying about the ups and downs of the markets. Now is the time to take a gap yearIf you have ever had the inkling of going back to school early retirement is a great time to start. Many people are turning to higher education as a way to find fulfillment after long and successful careers. The rise of Covid and the ease of learning through technology are augmenting this trend. The pandemic has caused stagnant enrollment rates in many colleges around the country. This has led those institutions to find new ways to make money. Many universities are turning to alternative programs and continuing education as a way to reach a broader audience. What kinds of learning opportunities are out there?There are learning opportunities offered through many different types of programs at different universities, private subscription programs, and even free online programs. These are a few of the programs are offered by different universities:
You don’t have to turn to a university to continue your education. There are many types of subscription learning programs available as well. If you don’t want to invest any money into continuing your education you can take advantage of free or low-cost programs through these websites: Learning is easier than ever beforeThere are so many amazing educational opportunities to enjoy. The pandemic has caused a giant leap forward in virtual learning. With modern technology, you can learn anything at any time from any place. Since people are living longer, retirement can last for 30 years or more. This leaves plenty of time for an encore. So, if you ever had the notion to go back to school to either pursue your options for a second act or simply to explore new educational opportunities, the world is your oyster. Have you ever considered going back to school? What would you want to study? Resources & People Mentioned
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| 29 Nov 2021 | Bucket List Travel on Any Budget with Danielle Desir [Rebroadcast] | 00:25:08 | |
Since travel is on many soon-to-be retirees' must-do lists I have created this summer travel series with various travel experts. Danielle Desir from the Thought Card podcast joins me today to discuss how to travel to any destination on a budget. Recognized by Flight Network as one of the best travel hackers in the world, Danielle has figured out how to travel to bucket-list destinations on a dime. Are you ready to learn how to plan your next big trip on any budget? Listen in to discover how. Outline of This Episode
If you’re on a budget, don’t settle for inexpensive destinations, think big!Many people think that if they are on a budget they can only travel to budget-friendly places, but Danielle Desir takes a different approach. As a travel hacker, Danielle has learned how to make travel to bucket-list destinations more affordable. She describes using an abundance mentality as a way to make affordable travel work. She recommends getting creative when planning, “take what you have and make it work.” Identify what matters to youThe first step in becoming a financially savvy traveler is to identify what you value in travel. Is it important to you to be comfortable on a flight? Do you like to eat out and try the best local cuisine? Do you want to see everything you can in one location? Do you prefer luxury accommodations? Once you have identified what the most important aspects of travel are to you then you will understand where you can be flexible in your spending. If eating out isn’t important to you then you can save money by packing a sack lunch each day. If a fancy hotel room isn’t important then you could save money by staying in a hostel or an inexpensive Airbnb or motel. Understanding what you value in travel will help you save money and ensure that you have an amazing time on your trip. Make a game of saving moneyAnother way to save money is to gamify your planning experience. By making a game of saving money you can compete with yourself to see how much money you can save each time you travel. You can cut costs in a variety of ways by looking for inexpensive accommodation, saving on flights, or by using travel points. Gamifying your travel costs allows you to get creative and save more. Communication is key when it comes to couples’ travelWhen traveling with your significant other it is important to take into account what they value as well. Make sure to communicate with them so that you are both on the same page. They may value different things about travel so it is important not to skimp in the areas that matter to them. You should also be understanding of your partner's travel experience. There may be one partner that is more travel savvy than the other. That means that the travel-savvy partner needs to be patient and explain the importance of the things that you do to save money when traveling. It is also important to remember that traveling in retirement will be much different than traveling for work. You are out there to have fun. Listen to this episode with travel expert Danielle Desir to hear how you can travel to any destination affordably. Resources & People MentionedConnect with Danielle Desir
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| 13 Mar 2023 | A Few Simple Tricks Turn Humble HSAs Into Wealth Builders, Ep # 287 | 00:18:05 | |
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
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| 23 Dec 2024 | 8 Ways to Become Poor in Retirement (Rebroadcast) | 00:21:31 | |
Originally aired March 2024: There are many ways that could threaten your financial security in retirement. Knowing the common issues can ensure that you don’t fall into the traps. Today’s financial headline comes from Yahoo Finance and is called 8 Ways Baby Boomers Become Poor in Retirement. Listen in to learn what they are so that you don’t drive yourself into the poorhouse. For more information, visit the show notes at https://retirementstartstodayradio.com/8-ways-to-become-poor-in-retirement-rebroadcast | |||
| 18 Sep 2023 | The Problems with Monte Carlo Are in Your Mind, Ep #314 | 00:26:20 | |
Even if you aren’t familiar with Monte Carlo analyses, you’ve probably used it. Monte Carlo drives math behind the retirement planning software that you use. Monte Carlo software is truly amazing, however, the way people look at it is wrong. In this episode, you’ll hear the pros and cons of Monte Carlo analysis and how you can use a Monte Carlo calculator to maximize your full retirement potential. Outline of This Episode
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| 28 Sep 2020 | Are Stock Splits Good for Stocks? Ep # 159 | 00:19:10 | |
Have you seen the news about Tesla and Apple lately? Their stock prices are surging to new highs after the announcement of a stock split. Is this what is supposed to happen with a stock split? Learn more about stock splits and what they mean for you by listening to this episode of Retirement Starts Today. After we the Retirement Headlines I answer several listener questions. Have you been wondering about you and your spouse’s Social Security timeline? Should you roll over funds if you are happy with your 401K? Which is better--to dollar cost average or to max fund your retirement as quickly as possible? You’ll hear my take on the answers to these questions by pressing play now. Outline of This Episode
What is a stock split?Before I share my thoughts about the recent announcement of the Apple and Tesla split, I want to clarify what a stock split is. A stock split is simply dividing the price of a stock. When a stock split happens shareholders double the number of their shares but, essentially, they should hold the same monetary value. So if I own 1 share of Ben Brandt Industries at $10 per share before the split then afterward I’ll own 2 $5 shares that also equal $10. The whole point of a stock split is to bring down the price so that it becomes more affordable for everyday investors. Should you buy a stock upon the announcement of a split?Recently Apple and Tesla both announced an upcoming stock split at about the same time. When they did so their share prices soared. This isn’t a typical market response of a stock split and is actually a surprising outcome. Listen in to discover why you should stay well away from announcements like these and you’ll even learn why stock splits should be obsolete in today’s world. What factors should be considered when setting up a Social Security timeline?Are you wondering what the best timeline is for setting up your Social Security benefits? If you have listened to my show at all, you know by now that I am a fan of maximizing the largest of the Social Security checks by delaying those benefits for as long as possible. Grow the larger Social Security check for as long as possible to help you build the foundation of your retirement plan. But what about the second Social Security check?If you are married then you likely have 2 Social Security checks to look forward to. Should you delay taking that benefit until age 70 as well? I recommend waiting until full retirement age to file for this benefit, but keep it in your back pocket as a contingency plan. So, in case of a market downturn, you can be ready to turn on this benefit rather than dip into your savings before the market bounces back. If you enjoy staying up to date on the latest retirement news, make sure to sign up for the Every Day Is Saturday newsletter. Resources & People MentionedConnect with Benjamin Brandt
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| 12 Aug 2024 | Tightwads vs Spendthrifts, Ep #361 | 00:18:32 | |
Do you feel pain when spending money? Or perhaps it’s the opposite, and you spend a little too freely without much thought, pain, or remorse? In this episode of Retirement Starts Today, we’ll explore an article on how to make the most out of retirement by trying to land somewhere in the middle of the spending spectrum. Whether you find yourself to be a “tightwad” or a “spendthrift” you’ll find this episode to be a helpful exploration of gaining happiness from your retirement spending plan. Outline of This Episode
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| 03 Jun 2024 | Is the 4% Rule Too Safe? Ep #351 | 00:21:45 | |
The 4% rule is the “golden rule” of retirement planning. Everyone is familiar with it and it’s easy to work out for some quick, back-of-the-napkin math. Since it is so easy to calculate and implement, many use it as their retirement withdrawal rule. However, this approach may be overly conservative. While using a significantly higher withdrawal rate may go too far, the 4% rule may be too cautious. Listen in to hear the limitations of sticking with this overly simplistic rule of thumb. Outline of This Episode
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| 09 Dec 2024 | Using Guardrails For The 4% Rule [Rebroadcast] | 00:23:11 | |
Originally aired February 2024: You’ve heard of the 4% rule, and if you’ve listened to this podcast before, you’ve heard of Guyton’s guardrails strategy. But have you ever heard of using them together? Today’s retirement headline explores this idea. Overall, the article highlights the importance of considering sequence-of-returns risk in retirement planning and adopting flexible strategies, such as guardrails, to ensure financial security throughout retirement. Listen in to learn more about this combination of strategies as well as my opinion on the matter. Then stick around for the listener question segment where Bret and I answer the question: Do I need a will if I want to split my assets evenly between my two children? Outline of This Episode (02:11) Sequence of returns risk is the greatest risk to your retirement For more information, visit the show notes at https://retirementstartstodayradio.com/using-guardrails-for-the-4-rule-rebroadcast Connect with Benjamin Brandt
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| 30 May 2022 | Father of 4% Rule Urges Caution, Ep #246 | 00:23:29 | |
We’ve all heard of the 4% rule, but did you know that the creator’s recommendation for it has changed over the years? I recently discovered an article from ThinkAdvisor.com that included an interview with the father of the 4% rule, Bill Bengen. In the retirement headlines segment, we’ll take a close look at the article and learn directly from Mr. Bengen’s perspective and then I’ll offer my own. Don’t miss out on this glimpse into the mind of the creator of the 4% rule. Outline of This Episode
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| 03 Mar 2025 | From Saver to Spender: How to Confidently Use Your Nest Egg, Ep 390 | 00:16:32 | |
Click here to work with us! For decades, you've been focused on saving—watching your retirement accounts grow, sticking to a budget, and making smart financial decisions to ensure a secure future. But now that the time has come to actually enjoy your hard-earned money, spending it feels... unsettling. You’re not alone. Many retirees struggle with the mental shift from accumulation to decumulation, even when their financial plans show they have more than enough. The fear of running out, coupled with conflicting financial advice, makes it tough to confidently transition into this new phase of life. Today we explore strategies for overcoming the retirement spending fear, based on an insightful Forbes article by Tim Maurer. We’ll break down his three-step approach: phasing into retirement instead of stopping abruptly, redefining "work" to maintain purpose and fulfillment, and structuring an investment portfolio designed specifically for retirement withdrawals. Plus, we’ll tackle a listener question about Social Security spousal benefits and the implications of early filing. By the end of the episode, you'll gain a clearer understanding of how to embrace your retirement, spend with confidence, and fully enjoy the wealth you’ve built. Outline of This Episode
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| 10 Mar 2025 | The 2% Trap: Why Retirees Spend Far Less Than They Could, Ep #391 | 00:15:42 | |
Click here to work with us! Many retirees enter their golden years with the goal of financial security, but what if the biggest risk isn’t running out of money—it’s not spending enough of it? A surprising new study reveals that retirees are withdrawing just 2% a year from their savings—barely half of what’s traditionally considered safe. This cautious approach might seem responsible, but it often leads to unnecessary frugality, missed experiences, and larger-than-expected tax burdens later in life. The hesitation to tap into personal savings, even when there's plenty available, raises an important question: What’s stopping retirees from spending with confidence? Research shows that retirees feel much more comfortable spending guaranteed income from sources like Social Security and pensions while being reluctant to withdraw from their own investments. This behavioral tendency can leave money unspent for decades, only to be forced out later through required minimum distributions (RMDs) that create tax inefficiencies. Meanwhile, large inheritances often arrive too late to make a meaningful impact on the next generation. Rethinking the 2% mindset means understanding what keeps retirees locked into ultra-conservative spending habits and finding ways to turn savings into income that feels reliable. A simple shift—such as automating monthly withdrawals or adjusting expectations around financial security—can open the door to a more fulfilling retirement. The money was saved to be spent, and spending it well can be just as important as saving it wisely. Spending too little can be just as costly as spending too much. With the right approach, retirees can enjoy their wealth now while keeping future financial security intact. Outline of This Episode
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| 21 Dec 2020 | Retirement Rewind: Estate Planning Strategies to Preserve IRAs with John Ross, Ep #171 | 00:24:24 | |
Welcome to this episode of our Retirement Rewind. Retirement Rewind episodes are so informative that we decided to play them again while I take the month of December to spend a bit more time to enjoy my family. Estate planning attorney, John Ross from the Big Picture Retirement podcast, joins me to discuss how you can preserve your IRAs for your heirs in the wake of the SECURE Act. Check out this interview to discover how to optimize legacy tax planning, how to utilize an accumulation trust, and learn about the charitable remainder trust. Outline of This Episode
How has estate planning changed with the elimination of the stretch IRA?The SECURE Act brought about huge changes to estate planning when it effectively killed the stretch IRA. The stretch IRA provided the opportunity for people to name their spouse as a primary beneficiary and their children as secondary beneficiaries. Upon inheritance, the IRA could be sent into a conduit trust and the RMDs were sent directly to the beneficiary. Those RMDs were based on the life expectancy of the beneficiary. One benefit of this trust was that it was doled out over a lifetime, another is that the IRA was preserved and protected from creditors. With the SECURE Act in place the conduit trust will no longer set the standard. What will replace the conduit trust?Now that the conduit trust is defunct, how should people plan their estate? An accumulation trust may be the key. Inheritors can no longer withdraw those IRA funds over the course of their lifetime. They now have only 10 years to draw on the IRA. In those 10 years a lot can happen. If your inheritor gets sued, divorced, or has problems with creditors then the IRA is at risk of disappearing. One solution to this problem is to set up an accumulation trust. You may want to rethink your beneficiariesNow that the long-term stretch IRA is gone we need to rethink legacy planning. You may be thinking that 10 years is too short of a window for your inheritors. However, there is a way to stretch that 10-year window into 20. You could stretch these funds into 20 years by leaving your spouse half of your IRA and your kids the other half. Find out how this could work by listening to this interview with Johnn Ross. Now is the time to review your estate planInstead of thinking of this change in the law as an inconvenience, take the opportunity to review and update your estate plan. Many people set up their estate plan and then never revise it, but a lot can change over the years. When was the last time you reviewed your estate plan? Connect with John RossConnect with Benjamin Brandt
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| 15 Aug 2022 | Cities That Will Pay You to Leave Town, Ep #257 | 00:19:14 | |
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
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| 03 May 2021 | Deducting Your Home Office in a Work from Home World, Ep # 190 | 00:15:41 | |
Since 2020 was the year of working from home, you may be wondering how you can deduct your home office expenses from your taxes now that tax time is upon us. For this reason, we explore an article written by Jeffrey Levine at Kitces.com. Learn the home office deduction rules and discover if they will apply to your situation. Outline of This Episode
Who is eligible for the home office deduction?Many small business owners can claim a home office deduction as a tax break. However, not every person working from home can claim this deduction. For instance, the deduction is not accessible for employees who work from their own home offices. People owning partnership interests, on the other hand, are potentially eligible for this deduction. There are specific rules that need to be followed in order to determine whether your home office qualifies. What are the rules to claim the home office deduction?In order to claim the home office deduction, there are requirements that must be met. The home office must pass the exclusive use test. This test dictates that in order to claim a home office deduction, the portion of the home that is deemed the home office must be used entirely for business purposes. Something that limits a person’s ability to claim a home office deduction, but not necessarily eliminates it, is the ability to claim a separately identifiable space within their home that is used exclusively for business purposes. Another stipulation of a home office deduction is the regular use requirement. Occasional office use is not enough, even if the business is the only use for that particular space. It must be used regularly in order to qualify for the home office deduction. Another requirement is that the home office must be considered the taxpayer’s principal place of business for a particular business activity. This means that this is the space where the majority of business is done. Deciding on this can be tricky if you have a home office as well as one in an office building. When deciding on a principal place of business, individuals should consider both the amount of time they spend at their various business locations, as well as the relative importance of the tasks performed at each location. Because of the pandemic, many have had to shift work that they typically did in an office building to spaces in their homes. For the year 2020, people in this situation may be able to claim a home office deduction. How to calculate the home office deductionThere are two ways that you can calculate the home office deduction. The regular method will calculate the actual expenses of using your home office space. The simplified method will calculate the square footage of your home office and multiply it by $5. The maximum deduction using the simplified method is $1500. If you are considering using the home office deduction it is important to work with your tax professional to ensure that you are within the detailed guidelines. Make sure to click on through to the article to learn all the details about claiming the home office deduction. Resources & People MentionedConnect with Benjamin Brandt
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| 11 Sep 2023 | Why Are the Notes Found in Aretha Franklin’s Couch a Valid Will? Ep #313 | 00:20:11 | |
Aretha Franklin can teach you more than a little R-E-S-P-E-C-T. On this episode of Retirement Starts Today, you’ll learn from her estate plan (or lack thereof). After hearing about this estate plan gone haywire Bret and I will team up to answer a listener’s question on how you can transition from a saving to a spending mindset. Listen in to ensure that your estate isn’t tied up for years while your heirs battle out the details in court. Outline of This Episode
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| 05 Apr 2021 | Why We’re Experiencing Zoom Fatigue and How To Fix It, Ep # 186 | 00:17:12 | |
If you’ve been working from home over the past year you may wonder why you feel even more exhausted than normal. This could be due to Zoom Fatigue. In this episode, we’ll explore an article from CNBC that references a Stanford study about this phenomenon. In the listener questions segment, I’ll answer questions about RMDs and Roth conversions. Let’s get to the bottom of your exhaustion--press play now. Outline of This Episode
Why are we so exhausted after video conferencing?Over the past year, many of us have been using Zoom and other video conferencing applications to replace in-person meetings. The constant video conferencing has led to increased fatigue at the end of the day and a researcher with Stanford University wondered why. Jeremy Bailenson researched this issue and recently published a paper about how video conferencing affects people on a psychological level. 4 reasons for Zoom fatigueJeremy concluded that there are four different contributors to Zoom Fatigue:
Ways to battle Zoom fatigueTo alleviate these issues, Bailenson has the following tips:
Zoom fatigue is a new version of burnout that is important to mitigate. You want to retire when you are ready rather than because you are feeling burnt out due to video conferencing. Try using these tips to help you combat the exhaustion you feel after video conferencing. Resources & People Mentioned
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| 09 Oct 2023 | Plan on Living to 100, Ep # 317 | 00:21:51 | |
Do you remember when you were a kid and were fascinated by the thought of living to be 100? It seemed like such a far-fetched idea, but now with advances in technology, nutrition, and medicine, this far-flung notion increasingly seems like a real possibility. As you may have guessed, today’s retirement headline discusses planning to live until age 100. We’ll explore what that prospect means for your retirement income, goals, and health. Share this episode with a friend so you can discuss it together! Outline of This Episode
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| 28 Aug 2023 | 7 Tips to Maintain a Sense of Purpose in Retirement, Ep #311 | 00:20:09 | |
I’ve always said that it’s important to retire to something rather than away from something. To do that means finding a sense of purpose. In this episode, we’ll explore an article from PhysicianOnFIRE.com that discusses how retirees can discover and maintain a sense of purpose in their lives after leaving the workforce. Make sure to stick around for today’s listener question. This one was my favorite one this year so don’t miss it! Outline of This Episode
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| 29 Mar 2021 | How To Protect Yourself and Your Savings From Cyberfraud, Ep # 185 | 00:18:34 | |
You have fraud protection on your bank accounts and your credit cards, but what about your retirement accounts? Today we’ll explore an article from the Wall Street Journal outlining a case of cyber fraud in a 401K account. We’ll also discuss ways for people to safeguard their savings. In the listener questions segment, I’ll answer a question about buying an RV in retirement and we’ll wrap up this episode with a question from Hal about whether to make Roth conversions or pay off the mortgage. Press play to get started on this episode of Retirement Starts Today. Outline of This Episode
Retirement accounts are not offered the same protections as 401K accountsOur retirement headline this week is titled Retirement Planning Gives Bigger Role to Theft Prevention as Risks Lurk Online. This article warns us against cyber fraud of retirement accounts. The laws regarding retirement income were enacted well before the internet, so they don’t address who should be responsible for this type of crime. We often have more money saved in our retirement accounts than in our checking accounts, so this kind of theft can be life-changing. Retirement account cyberfraud is increasingRetirement account cyber fraud used to be typically perpetrated by members of one’s own family, but in the past few years, strangers have played a bigger role in committing these types of crimes. The article highlights one particular case where the account owners were shocked to discover that ⅔ of their retirement savings had been transferred to an unknown account. The couple then had to postpone their retirement indefinitely. 5 steps you can take to protect yourself from cyberfraudIf you don’t want to have this happen to you there are steps you can take to protect yourself from cyber fraud.
Thieves always want to be ahead of us and the regulators so we have to stay on our toes. Listen in to hear the tips on how you can protect your hard-earned money and retire comfortably. You’ll also hear the answers to 2 relevant listener questions. Resources & People Mentioned
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| 10 Aug 2020 | Does It Still Make Sense to Save in a 401K? Ep # 152 | 00:19:04 | |
Welcome back to Retirement Starts Today! I have long been a proponent of saving in 401K’s, but will this article in Bloomberg make me change my mind? That’s the first article in the Retirement Headlines segment. We’ll also check out an article about the coin shortage and another about how hobbies can improve your financial fitness. Couple that with some listener questions and you’ll gain tons of financial insight. Listen in to continue expanding your financial knowledge. Outline of This Episode
Do 401K’s still make sense?The 401K retirement savings plan was authorized in 1978 and began to take hold in the ’80s. Many different employers take advantage of these types of retirement savings plans. Recently there was a Bloomberg article written that questioned whether the 401K still made sense to save in. The author argued that today’s low tax rates and the high fees of many 401K’s make it an undesirable vessel for saving. He does make some interesting suggestions on ways to improve the 401K program. Listen in to hear whether this article changed my opinion about 401Ks and what I think the best way to save for retirement is. Why are coins so difficult to find during the pandemic?Have you noticed the coin shortage? If you have been just about anywhere lately you have probably seen the signs on various stores and establishments about the shortage of coins. I have been wondering why there has been a coin shortage during the pandemic until recently. My hometown newspaper, the Bismarck Tribune, published an article that helped me understand why. Listen in if you are curious why there has been a shortage of coins in circulation lately. How can your hobbies make you financially fit?I often tout the benefits of retiring to something rather than away from something. It’s much healthier to keep active with hobbies in retirement, but your hobbies are more than a way to simply keep you busy. Hobbies can actually help you lower your stress levels. Hobbies can actually get you out of a negative mindset and help you to break away from financial stress. Have you noticed that your hobbies help you reduce stress? Will I have to pay a penalty for a Roth conversion?A listener is wondering about converting funds from a 401K to a Roth before the age of 59.5 He knows that he will have to pay taxes on the conversion but he was wondering whether he had to pay the 10% withdrawal penalty as well. The good news is that you don’t have to pay a penalty for converting funds into a Roth. However, it is important to have money set aside for the tax liability. Do you have a question for me? I love answering listener questions on the show, so please send in your questions! Resources & People Mentioned
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| 02 Oct 2023 | Traveling After 65 with Danielle Roberts from Boomer Benefits, Ep #316 | 00:28:19 | |
Medicare’s open enrollment is starting soon, so I’ve invited Danielle Roberts from Boomer Benefits to join me today. In this episode, we’re discussing what’s new with Medicare in 2024, the important dates to remember for open enrollment, when to reevaluate your health insurance options, and how to ensure you have health coverage when traveling abroad in retirement. Press play to hear what’s new in Medicare. Outline of This Episode
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| 30 Dec 2024 | 5 Expenses Retirees Wish They Spent More Money On (Rebroadcast) | 00:23:24 | |
Originally aired February 2024: There are two ways to mess up retirement: run out of money or die with regret. Oftentimes, people in the retirement space only focus on the running out of money part. In an effort to help you live an even better retirement, today’s retirement headline discusses the regret part. Join me to learn five expenses that retirees wish they had spent more money on so that you can learn from their mistakes. Stick around to hear the answer to our listener question: Is there one person who can help develop a comprehensive retirement plan? Or do you need to have an investment advisor, a financial advisor, a tax advisor, and an estate planning attorney? Find out the answer by pressing play. For more information, visit the show notes at https://retirementstartstodayradio.com/5-expenses-retirees-wish-they-spent-more-money-on-rebroadcast | |||
| 17 May 2021 | The 6 Phases of Retirement, Ep # 192 | 00:19:33 | |
As you prepare yourself for retirement, you probably have a vision of your retired self traveling, spending more time on your hobbies, or with loved ones. Retirement will give you time for all that and more. I read an article recently that describes the 6 phases of retirement. I had never defined it that way before, but this was an interesting way to delineate a natural progression of this time period. Press play to learn what these 6 phases are. Outline of This Episode
The natural progression of retirementHave you ever thought about the natural phases of retirement? This week’s retirement headline is written by Andy Millard from AndyTheAdvisor.com. In the article, Andy mentions that much like the 5 stages of grief, retirement can also be broken into 6 identifiable phases. These stages don’t take the same amount of time and can vary from person to person.
Do you recognize these phases? Have you noticed them from your parents or older friends’ retirements? What are you most looking forward to in retirement? Check out the newsletter for more links and retirement learning opportunitiesBe sure to listen until the end of this episode to hear what to do if RMD rules violate your safe spending guidelines. I’ll also include links to the Guyton-Klinger rules in the Every Day Is Saturday newsletter. Head on over to www.retirementstartstodayradio.com/newsletter to sign up if you aren’t on the mailing list. The newsletter focuses on sending out relevant retirement information to educate you on your next phase of life. Resources & People Mentioned
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| 09 Nov 2020 | Medicare Supplements & Advantage - Where Does Part D Fit In? Ep. #165 | 00:26:36 | |
Do you know the difference between a Medicare supplement and a Medicare advantage plan? You’ll need to understand their differences to make an educated decision about which to choose when it is time to sign up for Medicare. Danielle Roberts from Boomer Benefits joins me again to help us wade through the various Medicare supplement choices. Learn how best to fill the gaps that Medicare leaves by listening to this episode of Retirement Starts Today. Outline of This Episode
What is a Medicare supplement or Medigap plan?One benefit of choosing the original Medicare route is that the federal government will be processing your claims. While this is a positive aspect of choosing traditional Medicare, it also means that there will be deductibles and a 20% out of pocket cost on your claims. For this reason, it is important to consider purchasing a Medicare supplement plan. There are 10 different standardized plans to choose from, although most people choose one of 3 plans.
Find out why Medicare supplements are ideal for customers with some discretionary spending and frequent medical spending. Medicare Advantage plans are becoming popularMedicare Advantage plans are gaining in popularity. The premiums are lower, but there is less choice for the consumer. You must use only the plan’s network of providers and their approved medications. There will also be extra spending on your part in the years that you have more medical spending. If you want to switch from a Medigap to an Advantage plan there is no required medical questionnaire to fill out. However, if you would like to switch from an Advantage plan to a Medigap plan there is a possibility that you could be denied based on your health. Listen in to hear what questions you need to ask before you sign up for a Medicare Advantage plan. What about dental and vision insurance?Many people are surprised to discover that dental, vision, and hearing are not covered by Medicare. This is because in the 60s when Medicare was created, it wasn’t typical for insurance companies to cover these ancillary medical concerns. There are a couple of options that seniors have when it comes to dental, vision, and hearing. You could purchase a standalone plan which covers these areas. Or you could choose a Medicare Advantage plan that also covers dental, vision, and hearing. There is an important consideration you need to be aware of if choosing the Medicare Advantage route. Find out what it is by listening to this episode of Retirement Starts Today. Do you have a rainy day fund?One last consideration that you need to think of is having a rainy day fund for out of pocket medical costs. If you choose a high deductible plan and then you end up needing cancer treatment that year, you could be hit with a $6500 bill. An HSA is a great way to cover this cost. Have you listened to all of Danielle’s episodes? If not, head over to episode 163 to get started from the beginning! Resources & People MentionedConnect with Danielle Roberts
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| 21 Aug 2023 | How to Pay 0% on Capital Gains, Ep #310 | 00:17:26 | |
Would a 0% tax rate help you live an even better retirement? In this week’s Retirement Headline, we’ll explore a WSJ article titled How You Can Grab a 0% Tax Rate. If that doesn’t pique your interest, I don’t know what will! Listen in to hear how you can learn to plan so that you can take advantage of a 0% tax rate on capital gains income. Outline of This Episode
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