Joe Knows Retirement

If you have an old 401k or other savings vehicle, you may have wondered what happens to it once you retire. In this episode of Joe Knows Retirement, Joe shares three things you can do with your old 401k and lists the pros and cons of each option. He talks about why moving it to an IRA is often the option he recommends, and stresses the importance of working with a professional team when making the...

Have you ever wondered how pension options are calculated? In this episode of Joe Knows Retirement, Joe discusses the factors that determine a pension's value and dives into different pension options like the lump sum option and survivorship option. He also talks about the pros and cons of taking a monthly pension versus taking the lump sum. Are you interested in applying to receive expert help in...

If you've dreamed of retiring early and you have a pension and $1 million or more saved, then early retirement could be a reality for you. In this episode of Joe Knows Retirement, Joe shares a client case study where he shows how much value a pension has and how much money you might expect to have in retirement if you have a similar pension and savings. He also discusses other considerations for r...

You might have heard to not touch your Roth IRA so that your tax-free investments grow as much as possible. But in this episode of Joe Knows Retirement, Joe shares 8 times when it actually does make sense to take out from your Roth, especially if you have a pension and $1 million+ saved. Whether it's to save money in Medicare premiums or Social Security tax, or just because you had an uncommonly h...

Being a Midwestern Millionaire means being frugal, hardworking, and a diligent saver, but it likely also means you love saving money any way you can, even in comical ways. In this episode of Joe Knows Retirement, Joe shares 40 relatable things you might say or do if you're a Midwestern Millionaire who loves saving money. From ordering water at restaurants to washing and reusing plastic dishes, the...

In this video, Peak Retirement Planning founder and CEO Joe Schmitz joins The Advisor Journey to talk about his journey as a financial advisor and the growth Peak Retirement Planning has seen. He talks about how they have grown and the team behind that growth, as well as shares who the Midwestern Millionaire is and why he loves working with them. Are you interested in applying to receive expert he...

Does doing a Roth conversion make sense if you're retiring with a pension and $2 million+ saved? In this episode of Joe Knows Retirement, Joe shares a case study of a real-life client in this situation who was told by another advisor to not to do a Roth conversion, and why he doesn't think that's the best advice. He also talks about possible objections you might hear to doing a Roth conversion and...

If you're a Midwestern Millionaire (i.e., you're a diligent saver, frugal, and hardworking), it's important to give your money purpose in retirement. In this episode of Joe Knows Retirement, Joe shares ten questions you should ask yourself to help clarify how you want to put your money to use. Whether you spend it, give it to charities, or gift it to your kids or grandchildren, Joe talks about how...

Tax planning in retirement is important, but it's also important to make sure you're getting proper tax prep done. In this episode of Joe Knows Retirement, Joe gives five reasons why you're financial advisor should also do your tax prep (or collaborate with your CPA). From simplifying the process to maximizing the tax savings involved, he argues that all Midwestern Millionaires should work with a...

Retiring with financial freedom means being able to do what you want, when you want, with who you want. In this episode of Joe Knows Retirement, Joe shares how to take full advantage of your financial freedom in retirement by saving money and giving your money purpose. He also talks about how to give your time purpose in retirement and invest in the things that truly matter to you. Are you interes...

If you're charitable-minded, you want as much of your giving to go to the charities you love as possible. In this episode of Joe Knows Retirement, Joe talks to charitable-minded retirees and shares how you can maximize your giving and minimize the amount of money you pay in taxes when giving. He shares two big tax-saving strategies you can use, as well as other tips on how to save money on taxes i...

Have you ever wondered how pension options are calculated? In this episode of Joe Knows Retirement, Joe shares a real-life Peak Retirement Planning client's case and the different options they considered with their pension, including the partial lump sum and the survivorship options. He breaks down the real numbers to show how they came to the decision that they did and how you can consider simila...

If you have a pension and $1 million or more saved, giving might be your preferred way to give your money purpose. In this episode of Joe Knows Retirement, Joe talks about giving your money to the next generation and the different ways you can make an impact. He shares specific strategies you can use to create generational wealth, as well as general financial wisdom that will maximize your giving...

The 2% Club is made up of retirees who have a pension and at least $1 million saved. In this episode of Joe Knows Retirement, Joe talks about his heart for retirees in the 2% Club, why he decided to specialize in working with them, and shares the unique situations they can find themselves in in retirement. From tax consequences to giving their money purpose, Joe speaks directly to 2%ers in this vi...

If your financial advisor says these things, it might be time to find a new advisor. In this episode of Joe Knows Retirement, Joe shares seven things financial advisors say that can indicate they're not providing the level of service you need. If they don't do tax planning, don't calculate Roth conversions, or don't collaborate with other professionals, you might want to consider working with a di...

How does a pension affect social security taxes, and how does social security affect taxes on investment withdrawals? In this episode of Joe Knows Retirement, Joe answers those questions and shares strategies on how to optimize your payouts in retirement and pay as little in taxes as possible. Are you interested in applying to receive expert help in planning for your financial future? If so, you c...

If you're part of the 2% Club (you have a pension and $1 million or more saved), your tax planning should be as specialized as your financial situation. In this episode of Joe Knows Retirement, Joe shares five tax-free investment strategies you can use to grow your money while paying as little in taxes as possible. From Roth vehicles to more unique options like life insurance policies and real est...

If you're part of the 2% Club (you have a pension and $1 million or more saved), it's important that you incorporate the five pillars of retirement planning into your retirement plan. In this episode of Joe Knows Retirement, Joe discusses each retirement planning pillar and how they could be affected by the 2% club's pension and savings. He also explains the impact of taxes on each pillar and impo...

Have you thought about getting a second home in retirement? In this episode of Joe Knows Retirement, Joe talks through the pros and cons of buying a second home versus renting one. He shares different considerations and makes an argument for why renting might be the better option if you're a Midwestern Millionaire and you're in the 2% Club. Are you interested in applying to receive expert help in...

Your pension is a great asset to have in retirement, but it's important to plan for it properly in order to keep as much of it as possible. In this episode of Joe Knows Retirement, Joe shares different strategies and considerations you might want to think about if you want to optimize your pension payout. From Roth conversions to different pension options like the survivorship option and the lump...

How should you plan for retirement if you have a $3,000 per month pension and over $1 million saved? In this episode of Joe Knows Retirement, Joe breaks how much money you could expect to have in retirement and shares a tax breakdown to illustrate the importance of tax planning for your unique situation. He also talks about other considerations that might affect your planning like Medicare costs,...

Many retirees are worried about running out of money in retirement, but that may not be as big of a concern as it seems. In this episode of Joe Knows Retirement, Joe breaks down how much income you could realistically have in retirement if you have a pension and over $1 million saved, and then shares how to make the most of your money with the time you have. Whether you spend it, gift it, or give...

If you have a pension, you might find yourself tipping Uncle Same through taxes if you don't plan well. In this episode of Joe Knows Retirement, Joe shares strategies you can use to lower the amount of money you pay in taxes, especially if you have a pension. From smarter ways to allocate your investments to specific tools like Roth conversions, Joe talks about it in this episode. Are you interest...

If you have a pension and $1 million or more saved, then tax diversification can be just as important as investment diversification. In this episode of Joe Knows Retirement, Joe breaks down the three different tax buckets you might have in retirement and shares the pros and cons of each. He also shares money-saving strategies and considerations unique to those retiring with a pension. Are you inte...

You may have heard of sequence of returns risk, but have you heard of positive sequence of returns? In this episode of Joe Knows Retirement, Joe talks about the positive performance of the stock market over the past two years and how it could leave you with even more money than you expected in retirement. He talks about the different ways you can use your extra money, and shares stories of current...