Retire Confidently Podcast

Reasons People Don't Change: Lack of motivation. People may not be motivated to change their financial behavior because they don't see the need for change. They may be comfortable with their current financial situation, or they may not believe that they can change their behavior. Fear of failure. People may be afraid to change their financial behavior because they are afraid of failing....

Here are some considerations about paying tithing during retirement: ·        Your income sources. In retirement, your income may come from a variety of sources, including Social Security, pensions, retirement savings, and investments. You will need to decide how you want to tithe on these different sources. Some people choose to tithe on their gross income, while others tithe on their net income...

Whether or not to tithe on retirement funds is a personal decision. There is no right or wrong answer, and it is important to do what feels right for you. Some people believe that tithing is a way of showing gratitude to God for all that they have, including their retirement funds. They believe that by tithing, they are returning a portion of what God has given them. Others believe that tithing sh...

Life insurance that can be transferred to an annuity is called a life insurance annuity. It is a type of life insurance policy that allows the policyholder to convert a portion of the death benefit into an annuity. The annuity will then pay out a regular income stream to the policyholder during their lifetime. There are two main types of life insurance annuities: Immediate annuities start paying o...

This week we get a little nerdy. Who am I kidding. We get A LOT nerdy.  We chat about fixed annuities vs. variable annuities. Fixed indexed annuities Offer a guaranteed minimum interest rate with the potential for additional growth based on the performance of a market index, such as the S&P 500. Are less risky than variable annuities, but they also have the potential for lower returns. Have su...

No. AND. Yes. No , your Social Security benefit will not go up once you begin to withdraw it. Your benefit is calculated based on your earnings history and your full retirement age. If you start taking benefits before your full retirement age, your benefit will be reduced. If you start taking benefits after your full retirement age, your benefit will be increased. However, your benefit will never...

An assumed IRA is an IRA that has been inherited by a spouse. The spouse can treat the IRA as their own, and they can continue to make contributions to the IRA. They will also have to take required minimum distributions (RMDs) starting at age 72. An inherited IRA is an IRA that has been inherited by someone other than a spouse. The beneficiary of the IRA must take RMDs starting at the end of the y...

I'm amazed that as I read my wife's journal about 12 years ago, how much is similar to today.   The economy is a complex system that is constantly changing. It is influenced by a variety of factors, including consumer spending, business investment, government spending, and global events. As a result, the economy goes through periods of expansion and contraction, which are known as econom...

An in-service 401(k) rollover is the transfer of your 401(k) assets from your current employer's plan to an IRA or another 401(k) plan while you are still employed. This is different from a traditional 401(k) rollover, which happens when you leave your job and take your 401(k) assets with you. There are a few benefits to doing an in-service 401(k) rollover. First, it allows you to have more c...

Heaven is often thought of as a place of eternal bliss, where people are free from pain and suffering. However, there is another way to think about heaven: as a state of being, rather than a place. This means heaven can be something that we can experience in this life. There are many ways to experience heaven on earth. One way is  to experience heaven is to help others. When we give of ourselves t...

There are many ways to celebrate success. Here are a few ideas: ·       Take some time for yourself. After working hard towards a goal, it's important to take some time to relax and recharge. This could mean taking a day off, going on vacation, or simply spending some time doing something you enjoy. ·       Spend time with loved ones. Celebrating your success with the people you care about is...

Investing in oneself is a crucial aspect of personal development, growth, and success. Here are some ways you can invest in yourself: Learning : Invest in your education by taking courses, attending workshops, and reading books to acquire new skills and knowledge. You can also enroll in online courses or pursue a degree program. Health : Invest in your health by eating nutritious food, exercising...

We work to plan our lives out, think we know how it will all end up. But what about when it doesn't. What next? For the Orton's it was a mini-retirement. A MINI RETIREMENT?! A mini-retirement is a temporary break from work or career responsibilities that typically lasts between six months and two years. Unlike a traditional retirement, a mini-retirement is intended to be a short-term bre...

Erik and Emily Orton went from broke to bootstrapping life aboard a sailboat in the Caribbean for a year with their five children. They are the authors of the New York Times Top 10 Travel Book Seven at Sea. They teach, write and speak about how to create unforgettable memories with your kids before they leave home. They coach moms and dads on how to live their best lives and inspire your kids to d...

Just because we repeat something over and over doesn't make it true. Similarly, just because someone believes something to be true, that also doesn't make it true. Enter the confusion around the Personal Residence Exclusion . If you meet certain conditions, you may exclude the first $250,000 of gain from the sale of your home from your income and avoid paying taxes on it. The exclusion i...

Eligibility: You can contribute to a Roth IRA if you have earned income and your modified adjusted gross income (MAGI) is within the limits set by the IRS. For 2022, the contribution limit is $6,000 for those under 50, and $7,000 for those 50 or older. Tax Treatment: Contributions to a Roth IRA are made with after-tax dollars, meaning you don't get an immediate tax deduction. However, qualifi...

The Saver's Tax Credit is referred to in IRS tax forms as the “Credit for Qualified Retirement Savings Contributions.” This non-refundable credit may be helpful if matched-savings plans, such as Individual Development Accounts (IDAs), are not available or when saving for retirement is a high priority. The Saver's Credit is a great way for low- and moderate-income individuals or couples t...

There are NO RULES! Problems in your life could be solved by daydreaming Problems in our society could be overcome by daydreaming The first rule of daydreaming there are no rules. So often what stands in your way is you. You don’t allow yourself to really consider that things COULD be possible. We talk ourselves out of something before we even allowed ourselves to see if the thing is even possible...

Getting reflective about the year 2022. Markets were down. My father passed away. Many events will be touchstones for the rest of my life. Life gives us the opportunity to get better, grow stronger, see new perspectives…but it doesn’t always mean that we want to do it. It similarly doesn’t mean that we aren’t afraid of it either.  If you are able to move forward in uncertainty your connections and...

Growing up in a small town I had my share of “learning experiences” One such experience came about when my friend “Bodie” said we drive to the nearby town to where the road is inclined and drive my Chrysler Plymouth of a “jump” – Luckily I lived to tell the tale of the Chrysler Plymouth Where you are and what you need to retire creates vision. When you have an exact vision misunderstandings disapp...

Most of the benefits from the Tax Cuts and Jobs Act of 2017 will expire in 2025. What is your plan to take advantage of these benefits? Did your eyes just gloss over from not understanding what we are talking about?  It’s ok that you don’t understand every word and statute within TCJA – Where you start to get in to trouble is if you don’t understand how that will impact your retirement and money m...

What are you putting into place right now should your spouses life come to an end? The "Difference-maker" is having a support network of people who can speak objectively into your life and have professional sense to what they are speaking to.  Having a professional(s) assist in your life planning does not mean that you are ignorant or somehow less than - it means you are wise enough to a...

Loss of a loved one is hard. Add to that loss any sort of stress or catastrophe and loss and grief can be exacerbated to a near debilitating level. UNLESS. You can laugh. The emotional intelligence to be able to laugh one minute and cry the next is what is currently helping Telton and his mom through the loss of their dad/spouse. At the passing of his dad - the question was not "What are we g...

Karen was divorced and then remarried to Dax. Her 2nd husbands kids were estranged but she felt like she needed to help keep the kids informed. NOT EASY. But the right thing to do. She stepped in where she felt she good and from the fruits of her stepping into her uncomfortability one son had a change of heart came back – allowing her to have the peace she wanted if Dax passed. What she didn'...

You open your mouth and say something to your kids that you immediately regret. Luckily, this story has a funny ending. I don't live in regret, but I do look back at my life and wonder "Why didn't I do this or that differently?" Some regrets are big ones others are just lessons I needed to experience in order to learn and grow.  Most of the clients I work with express some leve...