Planning for Retirement with Kevin Lao

I hear a lot of financial advice out there to take Social Security as early as possible. But what if I told you that for many high-net-worth retirees, claiming early could cost you several hundreds of thousands of dollars of lost income and even furthermore negatively impact your investment portfolios over time. Episode 68, 9 Reasons to Claim Social Security Early .  Make sure to check that one ou...

There is a lot of focus in the financial advice industry related to the “Accumulation Phase.”  In the beginning, you’re trying to save as much as possible as you start your careers.  Then you gain some traction and start building up a nice nest egg. As your income increases, maybe you start to think about the tax impact of your savings.   And finally, you really start to focus in on how much you “...

Ever hear of the “Sell in May and Go Away” catch phrase as it relates to the stock market?  In this episode, we’ll look at the actual data of market returns from May to October vs. November to April and see if there is any merit. We’ll also touch on the stock market since the “Liberation Day” sell-off, as the market has gained a ton of ground in April and early May.   I hope you enjoy this episode...

Roth IRAs, 401ks, Health Savings Accounts and Traditional IRAs generally get the most hype when it comes to saving and investing for retirement.   However, the TAXABLE BROKERAGE ACCOUNT, in my humble opinion, is the unsung hero in the retirement planning puzzle.  This is due to the ultimate flexibility and surprising tax efficiency during the accumulation, distribution, AND legacy phases.   Check...

The first quarter of every year is a great opportunity for us to meet with our clients and discuss things like: Required Minimum Distributions (RMDs) Cash Flow Needs Rebalancing opportunities and overall market outlook Tax opportunities before the deadline Tax opportunities to tee up for the year(s) ahead And overall retirement planning landscape for each of our clients But this past quarter, we h...

The conventional wisdom is to spend down your taxable accounts first, then your tax-deferred accounts, and finally your tax-free accounts.  However, this may not always be the case.   In this episode, I’ll break down the case of “Rory and Erica” on the whiteboard, which goes against this conventional wisdom.   We’ll cover max spending strategies, optimal investment strategies, tax-efficient withdr...

The VIX (Wall Street’s fear index) topped out at 57 as I write this on 4/9/25.  Which for perspective, 15 is a normal level.  In 2020, the VIX topped out at 66, and in 2008 it topped out at 88!  So, this means there is a lot of fear in the markets. We just wrapped up our Q1 reviews, and our clients are also in that camp feeling uncertainty.  However, the market rallied today (4/9/25) with the S&am...

Shoutout to my wife, Jess, for this podcast idea!  I started my list with 5, then went to 10…but I had to put 20 down for this list!  But, there are several more that SHOULD have made this list! We talk about purpose in retirement, and what better purpose than to have some amazing golf courses that you want to play in retirement!?   My hope is to provide some inspiration as you all plan for retire...

The Federal Reserve elected to hold steady on rate cuts for now.  The market did react positively to this news, but ultimately volatility has ensued since then in response to tariff concerns and their impact on inflation.  So naturally, we are fielding more and more questions about the markets and the impact on their retirement portfolio.   As a result, I wanted to dig into past economic cycles wh...

Our retirement planning firm, Imagine Financial Security, turned 4 in February and I have been wanting to do a podcast celebration for this one!  To celebrate, I thought I would do an episode about some of my initial experiences of going independent as a financial advisor. I’ll touch on 4 things I miss about working for a larger financial institution. Then, I will touch on 4 of the things I LOVE a...

No, I’m not saying a Bear Market is certain.  Nobody has a crystal ball.  However, the markets are volatile right now, and it’s a great reminder that the market doesn’t operate on a straight line upwards.  It has bumps along the road.  And that is a GOOD thing!  If there was no risk, there would be no opportunity for gains! However, it’s important to begin preparing before you enter a bear market,...

The default assumption for many online social security calculators, financial planning tools and expert advice tells you to DELAY Social Security as long as possible!  After all, that does yield the highest monthly benefit, assuming you wait until age 70. Well, that may not be the best strategy for you!   In this episode, I am going to break down 9 reasons why you may want to claim Social Security...

Today, we will be looking at a client example of a 62/61 year old couple with $1mm inside of a Traditional IRA, about $50k in cash savings, and a $450k home that is paid off.   In this episode, we’re going to dive into the timing of their Social Security income, IRA distribution strategy, Roth Conversions, as well as their investment strategy.  We’ll also discuss some of the key risks they’ll face...

One of the top concerns for the clients we serve is related to taxes in retirement.  They’ve worked hard to get to this point where they could even think about retiring, but then realize that the more they pay in taxes, the less money in their pocket to enjoy life and ultimately leave to their kids or beneficiaries.   After all, the federal government has shown that they have been a pretty poor mo...

Most people start to think about taxes right about now around the tax filing deadline. They gather a bunch of documents, send them to their tax preparer, and mistakenly believe their tax preparer is going to come up with this MAGIC way to save a bunch of money on taxes. Then they get ticked off because there is not much you can do in April to lower your tax bill.   Finally, they get frustrated by...

“Legacy is not about leaving something for people, it’s about leaving something behind IN people.” — Peter Strople Many retirees create estate plans with their attorneys.  They get a big binder with their documents, hopefully they update their beneficiaries, retitle their assets to their trust, and then they throw that big binder in a safe and “tell their kids where it is.” But they ignore the fac...

WELCOME to the OFFICIAL episode 63!  I was jumping ahead of myself last week when I thought I was recording 63, but in fact that was episode 62. Las week we talked about cash flow and budgeting, and how that sets the framework for one of the core assumptions for your retirement planning. Today, we are going to dive into how your cash flow needs impacts your rate of withdrawal,  and ultimately how...

Hello PFR Nation, Welcome to the official kickstart of our show going weekly!  Yes, we switched the day of the week to Tuesday.  I will also be continuing the weekly “Fireside Chats” on YouTube, and those will be released weekly on Thursdays.   For this episode, I wanted to chat with you all about a core financial planning topic that I haven’t discussed enough. BUDGETING. For some of you, that may...

PFR Nation, I am very excited to have one of our very own, Roberto Fortuna, on to the show this week!  We are going to discuss the benefits of ‘Working’ in retirement.  But, when we say ‘Working’ we just mean having purpose in retirement.  Whether that is part time work, volunteering, starting a consulting business, or just being Grammy and Grandpa!  Whatever it is that is going to give you purpos...

Happy 2025 everyone!  First let me say, this is NOT a market prediction episode!  They are always wrong.  However, I do believe that many of you who are recently retired or approaching retirement will be interested in this episode.  I put together a list of 5 things the market is looking for in 2025 that will impact both the stock and bond market.  Additionally, I have 5 key takeaways for you to h...

PFR Nation, It’s hard to believe we are wrapping up 2024!  I hope everyone is having a wonderful holiday season with their loved ones!   This is Volume 3 of the “Whiteboard Retirement Plan” edition of the podcast.  The numbers don’t lie, Volume’s 1 and 2 were among the top downloaded episodes for 2024.  I will continue to do the Whiteboard Retirement Plan breakdowns every 4 or 5 episodes or so.  I...

PFR Nation…you’re somewhere in the ballpark of 50-60+ and you’ve gotten to the point where you feel you are on the verge of achieving financial independence.  Congratulations!!  All of that hard work and sacrifice pays off in the end.   I wanted to make an episode about when I thought it made sense to hire a financial advisor, and more specifically a financial advisor who specializes in retirement...

Happy Thanksgiving, PFR Nation!   What a ride 2024 has been.  You all were a HUGE part in making this year so exciting.  Listen, it’s a lonely business that I chose…being a rogue financial planner in the independent space.  However, I wouldn’t trade it for the world.  Given it is the season of gratitude, of course I want to give a shoutout to my team!  Zack, The Podcast Man .  Amy, our Client Serv...

I’m excited for this episode, as we have a real-life retiree, Michael Levine, who successfully owned and sold a home healthcare business.  Michael spent the beginning of his career in accounting until he and his wife started their company over a decade ago.  His knowledge in the home health care space in addition to maximizing the benefits of long-term care insurance is going to be extremely valua...

Full disclosure, many of these proposals will never come to fruition.  However, it is election time, so why not have some fun with this? I spent a lot of time digging into each candidate’s tax proposals, as well as the potential impact to you, PFR Nation. Let me be clear, this is not an endorsement for either candidate, nor is it a recommendation to make changes based on these hypothetical proposa...