Retirement Coach's Corner

Whether or not you've made any New Year's resolutions yet, right now is a good time to look ahead financially. We go over a checklist for retirement preparedness as you formulate your retirement plan. Do you know the answers to these questions? Here are the first five questions you should be asking: Do I know how much income I need every month? (1:46) Which account should I withdraw from first? (3...

As the saying goes, "the grass is always greener on the other side." If that's the case, how can you tell if it's time to find a new financial advisor or if you're just imagining things might be better elsewhere? Alan and Troy talk through when and why you might want to find another financial advisor and when it might make more sense to stay with the advisor you have.   Here are some of the reason...

What does it look like to finish the race strong when it comes to retirement? In running, marathons are considered one of the ultimate races to run. Today we talk about the similarities between retirement planning and running a marathon. From preparing ahead of time to crossing the finish line successfully, Troy and Alan are here to coach you through it. Here are some of the similarities between m...

When you are on a team, it's important to build a sense of trust and understanding of one another. Troy and Alan are financial advisors and retirement coaches, but there's a lot more to know about them. On today's show, we hear more about what their lives look like and what their outlook is for the future. Here are the questions we answer from the mailbag:   What would we do if we could foresee th...

Wondering what to do about the market right now? Troy and Alan coach three different people through their investment decisions. From when to become more conservative in your investments to using a Roth 401(k) option to retiring early, you'll want to hear what they have to say on today's show. How would Troy and Alan build a plan around these people and their unique situations? Here are the questio...

Instead of kicking the can down the road, we talk about why people procrastinate putting together a financial plan. Ready to get started? Do you ever put something off too long? A lot of people procrastinate when it comes to retirement planning, too. Why is that? Today we talk through the reasons people put off retirement planning and how to overcome these hurdles. You might say, "It worked out fo...

We've all heard a few different rules of thumb when it comes to retirement planning. Are they worth following? Alan and Troy weigh in on what advice to take to heart and which of these rules of thumb don't pan out. Let's start with the rule of 100. This takes your age and your risk tolerance into account. Subtract your age from 100 and theoretically, that's how much risk you should have in the mar...

There is so much career change happening for so many people right now. Finding yourself between jobs can be stressful, whether that's because you were laid off or needed to step away. Today we'll talk about the challenges, opportunities, and questions to ask when you find yourself between jobs. One question you might ask is, is it time for a new career ? The last couple of years a lot of people ha...

Going through a divorce at any age is difficult. If you are near retirement or in retirement, there are some additional financial complications you'll want to consider amidst the divorce. For starters, many women will choose to keep the house. Their home may feel more sentimental or an area of comfort. If that's your choice, just make sure you know the ramifications of that to make sure it's a fai...

Sometimes the biggest thing holding you back is you . If you overthink something or act impulsively, it can have big implications on your financial plan. Let's talk about the main areas where people tend to get in the way of themselves and what to do instead. Are you feeling a little worried about the market at the moment? Alan and Troy share what they tell clients to focus on instead. Think about...

Is retiring at the age of 55 feasible? Inspired by an article from Yahoo Finance , Troy and Alan discuss what you need to do to make that dream a reality. Not everyone wants to retire this early, but some are dreaming about retiring as soon as today (or even better, yesterday). In order to make it happen, you've got to have the right plan in place. When you retire early, you will face certain chal...

What do you need to know about required minimum distributions? Are they inevitable or is there something you can do about them?   What we discuss in this episode:  0:29 - Troy and Alan are back together! 1:28 - Do you know what RMDs are? 4:16 - RMD age changed to 72. 9:43 - Can you avoid taking RMDs? 14:38 - What do you do if you don't need the RMD?   Get additional financial resources here:   htt...

We don't think as much about birthdays as we get older, but we should all be paying attention to certain ages when planning for retirement. You might already be familiar with a couple of the ages we discuss on the show today but we'll share a few planning opportunities that many people might not be aware of.   What we discuss in this episode:  0:49 – Working with advisor out of your market 2:11 –...

Ever hear a phrase while you're watching television or reading a financial article and not truly understand what it means? There's so much jargon that gets used in the financial industry and it's not always well-defined. On this episode, we'll clear up some of the terms you might be hearing more frequently right now and make sure you know exactly what's being said.   What we discuss in this episod...

Following last week's episode of answering questions from the mailbag, we have yet another mailbag full of questions. Troy answers listeners' questions about saving and spending wisely in retirement. Gideon in Lexington is a pastor and has the option to opt out of paying into Social Security. Is this something he should do? Troy said this is a nice option to have. This allows you to invest in your...

On today's episode, we are opening up the mailbag to answer some of your questions about retirement and financial planning. We'll discuss selling a business, pension buyouts, and splitting assets during a divorce.    Tim says, "I am a dentist and I am thinking about retiring in the next five or so years. I own my building so would I be better off selling the building and investing that cash or try...

Does everyone really need a financial advisor? Who does an advisor most benefit and who might be better off on their own? Alan and Troy talk through the reasons why someone might do well working with a financial advisor to create the right financial plan. Instead of waiting until you get to retirement, you want to approach it beforehand with an advisor. For those who are procrastinating or feel li...

You don't know what you don't know. On today's show, we talk through ways to financially plan for the future, even if you don't know what it holds.   What we discuss in this episode:  0:40 - What's it like living that RV life? 1:54 - How do you plan for the next big market crash? 5:44 - What are healthcare costs going to look like in 20 years? 8:29 - What will your tax rates be in the future? 11:0...

What answers will Troy and Alan have for these financial questions? Do yours match what they have to say? Find out!     What we discuss in this episode:  2:06 - The best way to not run out of money is? 5:22 - The stock market has the ability to…? 7:30 - When should you run the other way from a financial advisor? 11:30 - What is a new client most nervous about? 13:41 - What's the most gratifying pa...

Are you one of the many people resigning from your job right now? What does it mean for your financial plan and financial future?   What we discuss in this episode:  1:17 - People are leaving the workforce, coined the "Great Resignation." 5:37 - Those leaving the workforce are no longer contributing to Social Security.  7:21 - Some chose to take money out of their 401(k) this past year. 12:10 - Ta...

What's the risk of longevity? Does your financial plan prepare for the possibility of living until 100? On today's episode, we'll discuss how longevity impacts your retirement plan.    Read more and get additional financial resources here: https://mercurioadvisors.com/podcast/preparing-for-longevity-risk/   What we discuss in this episode:  0:55 - How old is their oldest client? 2:09 - How old is...

This one's on the house--what should you do about your house in retirement? How does it fit into your financial plan?   Read more and get additional financial resources here: https://mercurioadvisors.com/podcast/ep-17-all-about-the-house/   What we discuss in this episode:  0:51 - What's it like being a snowbird? 2:31 - When should you pay off the house? 5:22 - Should you downsize? 7:17 - Is a ren...

How should you prepare for the possibility of needing long-term care? Is long-term care insurance your only option? Alan and Troy share the basics of how to address long-term care expenses in your financial plan.   Read more and get additional financial resources here:  https://mercurioadvisors.com/podcast/ep-16-planning-for-long-term-care-expenses/   What we discuss in this episode:  0:40 - Alan...

Is life insurance something you should have as a part of your financial plan? Alan and Troy discuss the reasons you may want to use this financial tool.   Read more and get additional financial resources here:  https://mercurioadvisors.com/podcast/ep-15-the-strategy-behind-life-insurance/   What we discuss in this episode:  0:35 - Why does talking about life insurance make people cringe? 4:04 - Ho...

Do you know what your risk tolerance is or why it matters? Alan and Troy break down the basics of what risk is and how it fits into your financial plan.   Read more and get additional financial resources here: https://mercurioadvisors.com/podcast/ep-14-what-is-your-risk-tolerance/   What we discuss in this episode:  0:42 - Troy got a new job title! 2:11 - What is risk tolerance? 7:35 - How does yo...