Ready For Retirement

Our topic on this episode of the Ready for Retirement podcast is about the 5 steps to design the optimal portfolio. Questions to ask ourselves: Am I invested the right way? Am I owning the right types of investments for my goals? Where do I start when it comes to designing the optimal portfolio for my individual situation?  Are you ready to start focusing on the things that truly matter when it co...

Our topic on this episode of the Ready for Retirement podcast is about understanding if you should just own the S&P 500 in your portfolio. Questions to ask ourselves: Does the S&P 500 give proper diversification for my individual goals? Should I be allocated to stocks outside of the United States? Does the S&P 500 fit my risk tolerance? Should I hold the S&P 500 in both my taxable...

Our topic on this episode of the Ready for Retirement podcast is about understanding how to plan for an early retirement if you want to retire before your full retirement age.  Questions to ask yourself: Why do you want to retire early? Do you not want to work at all? Do you want to work part-time or change careers? What does retirement really look like if everything were to stop today? Are you re...

Our topic on this episode of the Ready for Retirement podcast is about understanding where you should pull funds from first in retirement. How much of my retirement expenses are covered by fixed income sources and how much income do I need my portfolio to generate? When it comes to pulling funds in retirement, identifying how to create the most income is important, but arguably less so than the ta...

Our topic on this episode of the Ready for Retirement podcast is about understanding when it's best to collect Social Security for your specific situation.  This week, we have a listener question: My question regards the date for a single person to collect social security. My thinking is the main benefit to wait is to obtain larger monthly benefit and also survivor benefit. I have no one who...

Our topic on this episode of the Ready for Retirement podcast is about how Biden’s new tax plan may impact your financial goals.  Biden’s proposed tax plans come with many changes and knowing the right questions to ask ourselves can help us navigate the changes so we can stay on course with our financial plan.  Questions to ask ourselves include:  Should I think about realizing capital gains if I...

Our topic on this episode of the Ready for Retirement podcast is about how to invest when the stock market is at all time highs. Investing in the market can come with drastic increases and/or decreases in a short amount of time, and it can often take years to recover. It’s important to ensure you have a portfolio that provides stability when stocks take a turn for the worst. Over the past 10 years...

Our topic on this episode of the Ready for Retirement podcast is “6 "Hidden" Tax Savings Opportunities Before Year End”. Maximizing tax savings can be one the greatest ways to save money; James gives a checklist of six things we should review for tax savings before 2020 comes to a close.  Should I take an itemized deduction or standard deduction? When is it best to do charitable giving?...

Our topic on this episode of the Ready for Retirement podcast is “Don't Focus on These 5 Wrong Things”.  With so much information, it can be difficult to know what’s truly worth spending our time on. James gives examples in this episode of five things we shouldn’t focus on and four things we should focus on.  Active vs. passive management, fee’s, small impact decisions, recent performance &am...

Our topic on this episode of the Ready for Retirement podcast is thinking through the question, “Should you Have a 100% Stock Portfolio in Retirement?”  James discusses the statistical and practical standpoints on this topic to help listeners understand that when you are investing, there are thousands of options. The conventional wisdom is to own more stocks during your working years, as you prima...

This episode of Ready for Retirement is all about emergency funds. James walks the listener through the purpose of an emergency fund, as well as potential options of what to do with your emergency fund.  He shares that the purpose of an emergency fund is to be able to cover unexpected expenses, such as loss of income, medical emergencies, or home and auto repairs. Without an emergency fund, when t...

On this episode of Ready for Retirement, James answers the question “Should I do a Roth or Traditional 401k?” James addresses this question by discussing, with practical examples and numbers, when it makes sense to use a Roth 401k, or IRA, and when it’s a better option to use a Traditional 401k, or IRA.  The general difference between the two is when you pay taxes, and whether your contribution is...

The topic on this episode of the Ready for Retirement podcast is goals. Our host, James, urges listeners to reframe how they think about financial goal-setting. He walks through why goals matter as well as some of the most common goals and how to approach them.  When you think about goals, consider what is important to you, what you want to be able to accomplish in the future, and what you envisio...

On this episode of the Ready for Retirement podcast, James discusses target date funds and explains what they are, how they work, what the fees are, and how to know if a target date fund is the best option for you.  He tells listeners that when creating a 401k, you’re given a list of fund options to choose from as you invest money. One option is to build your portfolio on your own. Another option...

Our topic on this episode of the Ready for Retirement podcast is thinking through the question “How soon before retirement should you start to adjust your portfolio?” James discusses the statistical and practical standpoints on this topic to help listeners develop a comprehensive view of this question and its trickle-down effects.  By the numbers, there are several things to keep in mind: the data...

Our topic on this episode of the Ready for Retirement podcast is the question “How much can I spend in retirement?” Most people are concerned that they won’t have enough money and they worry that they will outlive their money, but James outlines the traditional and newer thought processes on withdrawals amounts during this episode.  While the traditional rule of thumb has been to withdraw 4% of yo...

On this episode of the Ready for Retirement podcast, James provides listeners with a broad but detailed overview of Medicare. Medicare is the federally maintained health care plan for all qualifying Americans aged 65 and up.  There is always something in the news about Medicare and it can seem daunting to understand all of the different parts and supplemental plans, but James breaks down the basic...

The COVID-19 pandemic hit hard in early 2020, and it continues to remain prevalent as we near the end of the year. Whether you’ve just recently retired, or it’s coming up in the next few years, it’s likely the virus has brought about some financial uncertainty regarding your readiness for retirement. Before making any sudden changes, it’s important to remain rational and avoid these five big retir...

James introduces the problem of saving for medical expenses in retirement and explains the concept of the Health Savings Account. In this brief episode, James lays out some of the basics of the HSA, including its framework and operation.  James points out that the HSA is one of the easiest ways to save and accumulate money tax-free, whether saving for health expenses or not. He encourages listener...

The topic of this episode of the Ready for Retirement podcast is Roth IRAs. A Roth IRA allows your money to grow tax-free and provides fewer limitations than other investment accounts. James outlines 7 of the main benefits of using Roth IRAs in your portfolio to strengthen your retirement funding. Unlike other investment accounts, you are able to withdraw your contributions at any time as long as...

In this episode of the Ready for Retirement podcast, James discusses gold and whether it is a good investment or not. He begins by giving an update on the current price, reminding listeners that this is a unique environment and conclusions should be drawn from historical data only.  After giving a disclaimer about his experience, he explores whether gold has a history of holding value. Prior to 19...

The topic of this episode of the Ready for Retirement podcast is tax-efficient ways to invest after maxing out your 401(k). You might not know that you can deposit after-tax contributions to your employer 401(k) plan, which will allow you to save future money and attain higher growth in that plan.  Another option is mega backdoor Roth contributions, which are in-plan conversions to Roth IRAs that...

Our topic on this episode of the Ready for Retirement podcast is the myth that investments are negatively impacted during election years. Many people shift their portfolios to less risky investments or pull out their funds entirely during election years because of this belief, but is it true?  While there may be some residual effects of elections, particularly presidential elections, on the stock...

Whether you’re a freelancer or an entrepreneur, being your own boss has many perks. You can set your own schedule, prioritize the projects that mean the most to you, and you have the leverage to make key decisions that can alter the course of your career.  When you’re self-employed, however, you don’t have the built-in HR benefits that come with being an employee of a company — instead, you need t...

Our topic on this episode of the Ready for Retirement podcast is the issues you need to keep in mind when helping your aging parents with their finances and estate plans. James describes the five main categories of issues that need to be considered: cash flow and living arrangements, estate planning, insurance, tax planning, and asset and debt. No one is really ever prepared to walk through these...