Retirement Plain & Simple

Sometimes you need to find a new financial advisor. Other times, you might think you need a new advisor, but really, you're just guilty of thinking that the grass is greener on the other side. Today we're sharing some common scenarios and whether they're legitimate reasons for leaving your advisor. In our 30-plus years in the financial industry, we've seen it all. We'll share some hypothetical sce...

Just like the lights on your dashboard can indicate if something is wrong with your car (like low tire pressure or leaking oil), there are indicators in your financial life that might point out that you have a problem that needs to be addressed… You might have watched your parents retire in their early 60s and think that's how it should still be for everyone.  But consider that you'll likely live...

There is a lot of conflicting information about retirement and investing on the internet- so how do you know which options are the best for you? Being a good advisor isn't about winning a popularity contest or just saying the same things everyone else in the industry says. It's about giving the best advice that you can for each individual situation. On today's show, we're going to peel back the cu...

You've most likely heard plenty of "rules" you're supposed to follow to retire successfully. Some of these rules are stated so confidently, you'd be crazy not to immediately accept them as fact. But we don't mind the threat of being called crazy, so let's dive into some of the most popular retirement "rules of thumb" to see if they truly lead us down the path of good financial guidance or run a ch...

Pop quiz time! Can you ace this retirement pop quiz or should you be studying a bit more? Don't worry if you guess a few wrong either. Not all of these are "100%" right or wrong. At what age should you start saving for retirement? When you begin working After you buy your first home When you pay off all of your debt Which of these is the best estimate of how much income you'll need in retirement?...

In this volatile market, a lot of us are thinking about reaching out to an advisor if we haven't worked with one previously. So, what red flags should we look out for when it comes to working with a financial professional? If your advisor doesn't seem to be specialized in a certain age or part of retirement planning, they may be stretched too thin. Specialized advisors are able to focus more on yo...

The older you get, the less you pay attention to the number beside your age, but there are actually quite a few things to look forward to in your 50s, 60s, and 70s.   As you reach certain milestone ages, you have a planning opportunities open up and decisions that need to be made. You might be aware of a few of the ages we'll discuss on this show and why they're important, but we think there might...

As you approach retirement, questions about your house will probably pop up. Should you think about downsizing, refinancing, and paying off the house completely? There's a lot to consider about this large asset. So, today we are going to break down some of the most common retiree questions we get about housing. With interest rates still historically low should you be paying off your house as soon...

When it comes to retirement planning what murky issues could confuse or trip you up? On today's episode, we're going to break down a recent article that highlights a few murky issues pre-retirees and retirees face that make retirement planning a bit harder. The article mentions that Americans are confused about how much income is needed to offset inflation. If your planning doesn't account for inf...

If you have kids or grandkids, you may be wondering how they fit into your retirement plan. What do you need to consider when it comes to your family? If you have kids later in life you may be facing college expenses as you get close to retirement. College is expensive, so you'll want to consider your options and discuss the best strategy with your child. A lot of kids are coming out of school wit...

Did you play any instruments as a kid? Similar to how you'd check if your guitar or violin was in tune, it's always a good idea to check in and make sure your retirement plan is still in tune. Are you considering future tax considerations? Most people realize taxes are going to go up in the future so it's more important than ever to have a diversified tax strategy for your retirement accounts. Do...

If you've ever taken a subway or train you may have noticed the warning sign "mind the gap." It's a friendly reminder to watch where you are stepping and to take precautions. Similarly, you want to mind the gap in your retirement plan. There are gaps in retirement planning, but there are ways to plan and prepare for these blind spots. When you stop working you are no longer getting a steady payche...

We are opening up the mailbag today to answer some listener questions. Should you take money from your IRA if you want to start a business? Well, this will depend on your age. If you are under 59 ½ there could be some hefty penalties. Should you put your future savings in a Roth or 401(k) if your employer offers both? Most people believe taxes are going to go up in the future. But you'll need to s...

Unfortunately, a lot of couples aren't on the same page when it comes to their financial and retirement plans. Do you understand the spousal options on your pension? Are you and your spouse coordinating your Social Security? There's a lot to strategize here. Maybe one of you will start collecting your benefits as soon as you retire and the other spouse will wait. It's all going to depend on your s...

Where can advisors drop the ball? While they may not mean to, sometimes advisors can overlook areas in our financial plan. On today's episode, we'll discuss 5 areas advisors may drop the ball and how you can make sure your plan is properly taken care of. If your advisor is not reviewing your tax returns you may want to have a discussion with them. They may not be a tax professional, but they can s...

When you do a jigsaw puzzle with your family you probably start off with a strategy. You are going to look at the big picture, organize your pieces, and decide where to start. Approaching our retirement plan, in the same way, can be helpful. What is the big picture of the puzzle? What is the big picture in your retirement plan? The framework of the puzzle is like the framework of your plan, your i...

We don't hear unreasonable requests very often, but it's still important to manage expectations. On today's episode, we will be discussing 4 requests either we have heard or other advisors have heard that are a bit too unreasonable to expect. We will be discussing risk, reducing fees, taxes, and the importance of being involved in the planning process. We want to be as transparent with you as we c...

Have some questions about retirement? Let's open up the mailbag and answer some of these questions. On today's show, we will be going over 6 financial topics our listeners are curious about.  Can you use a home equity line as an emergency fund? Long-term care coverage premiums are going up, should you keep your insurance? How often should you meet with an advisor? We'll be covering these topics as...

Sometimes we can get overconfident in our financial planning. This type of overconfidence can create blind spots in our financial plan. On today's episode, we are going to cover 5 areas people tend to become overconfident in when it comes to the financial world, so you can stay level-headed. We'll talk about the stock market, dollar figure goals, rules of thumb, financial understanding, and decisi...

It can be tempting to procrastinate and to figure things out later. But putting certain things off in our finances can really affect our retirement plan. On today's episode, we are going to discuss 5 things that people either want to wait on or have questions about putting off. Writing a will, paying off debt, cashing in on Social Security, are all things that we can technically wait to address la...

Today we are going to consider three red flags to watch out for in your retirement plan. There is a lot to keep track of when it comes to our finances so let's highlight three areas of importance. How often should we meet with our advisors? Is my retirement plan adaptable? We don't know what will happen in the future, but if we keep an eye out for these red flags we will be better prepared.   What...

Every retiree will be facing a new set of challenges that their parents didn't have to deal with, and that's absolutely true today. The world is a much different place than it was 20-30 years ago when mom and dad walked away from their paycheck. Let's look at the biggest adjustments that have to be made in planning and share how we're helping people accomplish that.   What we discuss on this episo...

At first glance, each of the statements we'll go through today seems like basic common sense that everyone would agree with. But when we look at the way people actually behave with their money, it would seem that common sense is a bit uncommon. Let's discuss these strategies and why we often struggle to stick to them.   What we discuss on this episode:  2:07 – Buy low, sell high 4:40 – Two real-li...

Few things in the financial world are as polarizing as annuities, but when used correctly, they can be a great tool for a retirement plan. Let's try to sort through the different annuity options and explain what's to like and what's to dislike about these sources of retirement income.   What we discuss on this episode:  0:35 – Background on this topic 2:59 – First type of annuity 4:56 – Second typ...

Working with a financial advisor will be one of the most important professional relationships you'll have in life, but it can be hard figuring out who to trust your future with. Today we'll share the key skills and traits you should be looking for in an advisor along with some of the questions you need to ask.    What we discuss on this episode: 0:42 - Why we are talking about this today. 1:41 - C...