Functional Retirement Podcast

The step-up in basis is a tax benefit that many retirees may have heard of but often do not fully understand. This concept can significantly impact estate planning and tax liabilities for heirs, potentially saving families hundreds of thousands or even millions of dollars. In this discussion with Financial Planner Thatcher Taylor, we will delve into what the step-up in basis is, how it works, and...

In this episode, Financial Planner Thatcher Taylor discusses late-life housing and care options. As individuals approach retirement and later life, planning for housing and care becomes crucial. Understanding these options can help retirees and their families make informed decisions. 1. Aging in Place 2. Independent Living Communities 3. Assisted Living 4. Memory Care 5. Skilled Nursing Facilities...

The decision of when to claim Social Security is highly personal and can have lasting financial implications. While waiting until age 70 may be beneficial for some, it is not a one-size-fits-all solution. A thorough analysis that considers individual circumstances, risk factors, and the dynamics of married couples can help retirees make informed decisions that align with their retirement goals. As...

In this episode of the Functional Retirement Podcast, host Thatcher Taylor, a Certified Financial Planner, dives into a practical scenario involving a couple, Dan and Sally, who have just retired. With a combined need of $72,000 per year from their investment accounts to supplement their Social Security income, Thatcher explores the complexities of determining which accounts to draw from—tradition...

In this episode of the Functional Retirement Podcast, we tackle one of the most common questions I receive from clients: "Will I run out of money in retirement?" While this is a valid concern, research shows that the bigger issue for many affluent retirees is not running out of money but rather not spending enough of it. This episode delves into the concept of the "retirement consum...

 If you’re just one year out from retirement, the planning phase should be behind you. This episode is all about shifting from prep mode to game day execution. Your income, healthcare, and lifestyle decisions should already be mapped out—now it’s time to focus on making it all happen. We’ll walk you through what the final stretch looks like, what not to stress about, and why midnight spreadsheet s...

Hi everyone, welcome back to your classroom. Today, we're diving into part two of our retirement countdown series, focusing on what you need to consider when you're five years out from retirement. If you missed the previous episode, we discussed the preparations needed when you're ten years out. Now, let’s get into the critical steps for the five-year mark. Timestamps: 1:25 Retireme...

Most of my clients are over the age of 50, and I’ve noticed that as you get closer to retirement, your thought process evolves. Instead of one long discussion, I thought it would be more beneficial to break it down into manageable segments. This way, you can focus on the timeframe that’s most relevant to you. In this first episode, we’ll talk about what you should be doing 10 years out from retire...

Where will your retirement income come from, and how will it be taxed? This is a crucial question every retiree needs to understand. A client recently shared an intriguing Instagram post that highlighted how the average American retires at 64 and may only enjoy about 12 years of good health in retirement. This sparked a discussion about the importance of investing in health alongside financial ass...

Retirement is Not Just One Thing : The traditional view of retirement—working until a certain age and then sailing off into the sunset—is just one of many paths. Whether you’re considering the FIRE movement (Financial Independence, Retire Early), semi-retirement, or even a career shift, it’s crucial to define what retirement means to you. Understanding your vision will help you create a tailored f...

Welcome back to the Functional Retirement Classroom , where we trade boring lectures for laughs, spreadsheets, and slightly-too-real truths about your financial future. Today’s lesson? Longevity! (Yes, that thing where you live way longer than you thought—and your bank account wasn’t ready for it.) Did you know there’s a 70% chance one half of a non-smoking couple aged 65 will make it to 90? That’...

 When you're getting advice—especially about your money or retirement—don’t just nod and smile like you’re at a grandkid’s school play. Ask questions! Stuff like, “How do you know that?” or “Why is this the right choice for me?” The goal isn’t to be rude, it’s to make sure the person advising you understands you . A good advisor won’t hand you a cookie-cutter answer—they’ll dig in, get to kno...

 Retirement isn’t just about crunching numbers and counting down to your last paycheck—it’s about living your best life . Sure, savings and social security matter, but as we chat about in this episode, your physical, mental, and emotional well-being are the real VIPs of a happy retirement. Feeling good in your golden years? That’s the real return on investment. Let’s break down how staying sharp,...

Retirement is often perceived as a definitive endpoint in one’s career—a time when individuals stop working altogether. However, as discussed in the 50th episode of the Functional Retirement Podcast, retirement is much more nuanced than simply ceasing to work. It represents a significant life transition, fundamentally about gaining control over your time and life, allowing you to pursue what you t...

In this episode of the The Functional Retirement Podcast, host Thatcher Taylor discusses the importance of understanding market volatility and its impact on retirement planning. He reflects on the 2008-2009 market crash, emphasizing that many investors who panicked and sold during downturns often locked in losses, while those who stayed invested saw significant recovery.  Thatcher advocates for a...

Understanding Social Security: Is It Really Running Out of Money? In recent years, the topic of Social Security has become a significant source of anxiety and confusion for many Americans. With headlines suggesting that Social Security is running out of money, it's essential to separate fact from fiction and understand the realities of the system. Timestamps: 00:00 Intro 03:30 No Money In Tru...

Hey there! Have you ever thought about what you can truly control in your retirement? It’s a lot like golf, isn’t it? You can perfect your swing, but once you hit the ball, it’s out of your hands. Are you spending too much time worrying about market returns or tax policies that you can’t control? What if I told you that focusing on your savings, spending habits, and investment choices could lead t...

Welcome to the Functional Retirement Podcast with your host, Thatcher Taylor! In this episode, we dive deep into the world of Roth catch-up contributions and the significant changes coming in 2026 that every retiree needs to know. If you're over 50 and working for an employer with a 401(k), this episode is a must-listen! Discover how the Secure Act 2.0 is reshaping retirement planning by maki...

In this episode of the Functional Retirement Podcast, host Thatcher Taylor, a Certified Financial Planner, dives deep into the world of Roth IRAs. He discusses the growing popularity of Roth accounts and the various methods to contribute to them, especially for those who may face income limits. Key topics include: Income Limits : Understanding the thresholds for contributing to a Roth IRA and how...

We're discussing a crucial topic: the taxation of Social Security benefits. Many retirees are unaware that up to 85% of their Social Security income could be taxable, depending on their overall income. Recently, there have been discussions about eliminating this tax, which could save retirees thousands annually. However, whether this change occurs or not, understanding how Social Security ben...

Just like Michelangelo saw the masterpiece within the marble, you can envision your ideal retirement!  Where do you want to live in retirement? What lifestyle do you envision?  Your retirement is more than just finances; it’s about mindset and health too! Discover how to refine your retirement plan and ensure a fulfilling lifestyle  Timestamps: 00:00 Intro 04:20 Vision 08:10 Foundation 13:55 Patie...

Let's explore the incredible potential of 401k plans as essential tools for retirement planning. Did you know that as of 2024, there are over 500,000 401k accounts with balances exceeding a million dollars? That's a testament to the power of consistent contributions and smart investing! Timestamps: :00 - Introduction :16 - Importance of 401(k) plan 2:01 - Maximizing 401(k) benefit 6:30 -...

Hey everybody, welcome back to your classroom. Thatcher Taylor here, owner of ProPath Financial. Today, I want to discuss why the average net worth figures you often see are misleading and don't provide meaningful insights for your retirement planning. If you need assistance with finding your personalized number for retirement, click this link . Please like, subscribe, and share this podcast...

Are you ready to unlock the secrets of Social Security in 2025?  Join Thatcher Taylor on the latest episode of the Functional Retirement Podcast as he dives deep into the significant changes that could impact your retirement income. From a 2.5% cost of living adjustment to the groundbreaking Social Security Fairness Act that eliminates the windfall elimination provision, this episode is packed wit...

On this episode of the Functional Retirement Podcast, host Thatcher Taylor,  delves into the relationship between taxes and retirement planning. He emphasizes the importance of considering tax implications not just for the current year, but for the entire span of retirement. Thatcher highlights the need to strike a balance between saving now and enjoying the benefits later, cautioning against focu...