Episodes

  • Navigating the Complex World of Inherited Wealth with Myra Salzer, Ep #375

    Navigating the Complex World of Inherited Wealth with Myra Salzer, Ep #375
    Nov 18 2024
    Ready to learn how to make a lasting and meaningful legacy for your loved ones? I had an in-depth conversation with Myra Salzer from the Wealth Conservancy. Myra brings a unique perspective as a financial advisor who specializes in helping clients navigate life after inheriting significant wealth. We explore not just the financial implications but the deeply personal challenges that can come with inheriting a fortune. Myra shows us how inheritors are similar to retirees in that both are financially independent, yet they differ significantly in their experiences. Unlike retirees who have worked, saved, and planned, many inheritors have never experienced earning and managing money themselves. This usually leads to a lack of control over their finances, emotional challenges, and pretty complex social relationships. We also get into the importance of transparency and avoiding surprises when planning an inheritance. Myra shares invaluable advice on how wealthholders can communicate with beneficiaries to build trust and strengthen relationships. For those of us planning to leave a financial legacy, this conversation is a must-listen to ensure that our wealth becomes a true blessing for future generations. Outline of This Episode [0:20] Meet Myra Salzer[1:18] Myra’s specialty[3:05] Inheritors’ limited control[4:48] Differences between inheritors and retirees[6:00] Social challenges where inheritors often struggle[8:20] Avoiding surprises in inheritance planning[14:00] The value of smaller, meaningful gifts Resources & People Mentioned The Retirement Podcast NetworkBook: Die with Zero Connect with Myra Salzer Myra’s Website - The Wealth ConservancyMyra’s YouTube ChannelThe Inheritor’s Sherpa Connect with Benjamin Brandt Become a Client: www.retirementstartstoday.com/startGet the Retire-Ready Toolkit: http://retirementstartstodayradio.com/Follow Ben on Twitter: https://twitter.com/retiremeasapJoin the newsletter: https://retirementstartstodayradio.com/newsletterGo deeper into retirement planning with Ben at www.RetirementIncome.University Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify
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    19 mins
  • Veterans Day Special: Reflecting on Service and Lessons Learned, Ep # 374

    Veterans Day Special: Reflecting on Service and Lessons Learned, Ep # 374
    Nov 11 2024

    In this episode, we step away from our usual financial discussions to share personal stories from our military service. Why? To give listeners a glimpse of who we are beyond our roles as financial advisors—so we opened up about how our time in the service shaped our lives.

    Bret shares his experience working in logistics and on the flight line in the Air Force, while I discuss my years as a combat engineer in the Army National Guard. We both reflect on how those experiences influenced our paths and continue to impact our work today.

    Bret talks about his five years of active duty and four years in the reserves, highlighting memorable assignments from Korea, Guam, and Germany, and sharing humorous tales about managing logistics and hazardous materials.

    I share stories of my time in Iraq, from conducting mine detection patrols to the lessons learned during long days in a tent. Our service stories illustrate how those years instilled lessons that we now apply to our roles as financial planners.

    We close the episode with some actual advice on how to give financial gifts to loved ones in a tax-smart way. This special Veterans Day episode honors the holiday by sharing how our military experiences have shaped us and reminding listeners of the lasting impact service can have.

    Outline of This Episode
    • [0:32] Why are we pausing our financial talk to share our military stories?
    • [1:36] What was Bret’s role in the Air Force, and how did it shape his journey?
    • [3:40] Which memorable places did Bret serve, and what did he learn?
    • [7:00] How did my role as a combat engineer lead to unexpected experiences?
    • [8:50] What connections can we draw between military service and advising?
    • [14:17] How can you give cash or assets to loved ones in a tax-efficient way?
    • [19:10] Final thoughts on recognizing veterans and what their service means
    Resources & People Mentioned
    • The Retirement Podcast Network
    Connect with Benjamin Brandt
    • Become a Client: www.retirementstartstoday.com/start
    • Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/
    • Follow Ben on Twitter: https://twitter.com/retiremeasap
    • Join the newsletter: https://retirementstartstodayradio.com/newsletter
    • Dive deeper into retirement planning with Ben at www.RetirementIncome.University

    Subscribe to Retirement Starts Today on

    Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify
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    20 mins
  • Investing in Health: The Steps to a Longer, Better Retirement, Ep #373

    Investing in Health: The Steps to a Longer, Better Retirement, Ep #373
    Nov 4 2024
    Investing in health can lead to a more vibrant, enjoyable retirement. In this episode, I share the personal health investments I've made, like sleep tracking and working with a health coach, each designed to enhance well-being and longevity. Prioritizing health alongside wealth allows us to fully embrace retirement. I detail four key health tools, each with its own costs and benefits. From the Whoop Strap for monitoring sleep quality to MyFitnessPal for tracking nutrition, these tools help create a healthier lifestyle. My biggest investment was a full-body MRI, providing peace of mind and preventive insights—sometimes, the best financial choice is a health choice. To finish, Brett and I answer a listener's question on Roth conversions, covering the best timing to optimize tax efficiency and avoid penalties. This episode offers practical advice for a health-focused, financially savvy retirement. Outline of This Episode [0:27] Nine-Year Milestone and Book Announcement[2:30] The Importance of Investing in Health[4:17] Wearable Tech: The Whoop Strap[6:10] Health Coaching and Nutrition Tracking[8:08] Long-Term Investment in a Full-Body MRI[13:06] Listener Question: Optimal Timing for Roth Conversions Resources & People Mentioned The Retirement Podcast NetworkWhoop Strap – Wearable device for tracking recovery and sleep qualityMyFitnessPal Premium – Nutrition and macro tracking appPrenuvo – Provider of full-body MRI scansPeter Diamandis and Fountain Life – Inspiration for full-body MRI screenings Connect with Benjamin Brandt Become a Client: www.retirementstartstoday.com/startGet the Retire-Ready Toolkit: http://retirementstartstodayradio.com/Follow Ben on Twitter: https://twitter.com/retiremeasapJoin the newsletter: https://retirementstartstodayradio.com/newsletterDive deeper into retirement planning with Ben at www.RetirementIncome.University Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify
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    22 mins
  • Don’t be Rattled by RMDs, Ep #372

    Don’t be Rattled by RMDs, Ep #372
    Oct 28 2024
    Are you feeling rattled by Required Minimum Distributions (RMDs)? We’re here to help. Today we get deep into managing RMDs as we explore an article by Pam Krueger from Kiplinger’s. I outline the complexities of RMDs, share strategies to minimize tax impacts, and talk about how to craft a "perfect RMD" strategy. Plus, I’ll dig into why so many retirement podcasters, myself included, have no plans to retire themselves. We kick things off by understanding the basics of RMDs, including when and how retirees must start withdrawing funds from tax-deferred accounts like IRAs and 401(k)s. I share exactly how the timing of RMDs, starting at age 73 (or potentially later under new laws), can have huge tax implications. I also detail strategies to minimize taxes through Qualified Charitable Distributions (QCDs) and preemptive withdrawals. And of course, co-host Bret Mulvaney and I respond to a listener's intriguing question: why don’t retirement podcasters retire? Outline of This Episode [00:22] Tax Month and RMDs Overview[02:10] Age Changes and Future Implications[08:00] Strategies for a “Perfect RMD”[16:10] Why Retirement Podcasters Don’t Retire[21:30] Life Fulfillment through Financial Planning Resources & People Mentioned The Retirement Podcast NetworkKiplinger’s article by Pam Kruger: “Rattled by RMDs? Look No Further.”Retirement Starts Today Tax Tool: retirementstartstoday.com/taxSecure 2.0 Act details Connect with Pam Krueger https://www.kiplinger.com/author/pam-krueger Connect with Benjamin Brandt Become a Client: www.retirementstartstoday.com/startGet the Retire-Ready Toolkit: http://retirementstartstodayradio.com/Follow Ben on Twitter: https://twitter.com/retiremeasapJoin the newsletter: https://retirementstartstodayradio.com/newsletterDive deeper into retirement planning with Ben at www.RetirementIncome.University Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify
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    23 mins
  • Take Advantage of Your Peak Deduction Years, Ep #371

    Take Advantage of Your Peak Deduction Years, Ep #371
    Oct 21 2024
    Are you sure you're making the right call when deciding between Roth and traditional retirement accounts? A recent article on the Michael Kitsis blog started a debate into why, during your peak earning years, contributing to traditional pre-tax accounts might actually make more sense—even if tax rates rise in the future. I’m going to break down why high-income earners can often benefit more from deferring taxes now and paying them later in retirement when they have more control over their income. I’ll explain how using tax deductions at your highest earning years and withdrawing funds at lower tax rates in retirement can save you a significant amount in taxes over time. It’s all about maximizing your flexibility and finding opportunities to lower your tax burden down the road. Outline of This Episode [0:20] Why are pre-tax contributions better during peak earning years?[0:52] How can retirees better control income and taxes after retiring?[5:00] What’s the key tax strategy difference between Roth and traditional?[6:10] Why take deductions at high income and realize them later?[9:20] How do tax rate changes affect Roth vs. traditional choices?[12:08] Why is avoiding future "tax tidal waves" crucial for savers?[13:20] What life events can raise taxes, even without rate hikes?[14:50] How do traditional accounts allow for smart Roth conversions?[15:20] Why should retirees focus on tax flexibility now? Resources & People Mentioned The Retirement Podcast NetworkMichael Kitces Blog: The article titled "Why Pre-Tax Contributions Are Better Than Roth in Peak Earning Years, Even If Tax Rates Increase" by Ben Henry-Moreland.Retirement Tax Quiz Tool: Available at retirementstartstoday.com/taxBen Henry-Moreland’s articles Connect with Benjamin Brandt Become a Client: www.retirementstartstoday.com/startGet the Retire-Ready Toolkit: http://retirementstartstodayradio.com/Follow Ben on Twitter: https://twitter.com/retiremeasapJoin the newsletter: https://retirementstartstodayradio.com/newsletterDive deeper into retirement planning with Ben at www.RetirementIncome.University Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify
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    25 mins
  • Who Pays More when the Tax Cuts Expire? Ep 370

    Who Pays More when the Tax Cuts Expire? Ep 370
    Oct 14 2024

    What could happen to our taxes if the 2017 Tax Cuts and Jobs Act (TCJA) expires in 2025? This week, we explore a Wall Street Journal article analyzing the TCJA’s potential expiration and its varied impacts across the U.S. from coast to coast.

    These tax cuts, enacted under President Trump, included reductions across multiple income brackets, increased standard deductions, and expanded child tax credits. However, when they’re set to expire, the shift could mean substantial tax hikes for many households.

    The discussion centers on the unique impact of these changes in different regions, showing how factors like income levels and state taxes could influence the extent of the increase.

    Outline of This Episode
    • [0:20] What happens if the 2017 tax cuts expire?
    • [3:00] Impact of the TCJA’s expiration on different regions
    • [4:47] Where tax increases will be highest
    • [5:45] Bay Area faces double pressure
    • [6:05] Retirees in Collier County, Florida, brace for tax changes
    • [7:50] Rural areas face modest tax impacts
    • [12:21] Listener Question: Social Security & retirement timing
    Resources & People Mentioned
    • The Retirement Podcast Network
    • Where Taxes Would Rise the Most if Trump’s Tax Cuts Expire
    • Retirement Starts Today Tax Tool: retirementstartstoday.com/tax
    Connect with Benjamin Brandt
    • Become a Client: www.retirementstartstoday.com/start
    • Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/
    • Follow Ben on Twitter: https://twitter.com/retiremeasap
    • Join the newsletter: https://retirementstartstodayradio.com/newsletter
    • Dive deeper into retirement planning with Ben at www.RetirementIncome.University

    Subscribe to Retirement Starts Today on

    Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify
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    19 mins
  • Retirement Income Worries Often Overblown, Ep 369

    Retirement Income Worries Often Overblown, Ep 369
    Oct 7 2024
    Are you actually prepared for how upcoming tax law changes could impact your retirement? I analyze insights featured on the Nerd’s Eye View blog, focusing on key tax strategies for retirees. With the potential 2025 sunset of the Tax Cuts and Jobs Act approaching, potential changes in marginal tax rates, personal exemptions, and deductions could significantly affect tax planning, especially for higher-income earners. Flexibility is super important when preparing for uncertain legislative changes. Roth conversions and gains harvesting are explored as ways to mitigate the potential impact of rising tax rates. By taking action now, retirees can strategically time income recognition and navigate these upcoming shifts in tax policy. We’re going to keep this conversation centered around forward-thinking tax planning based on Nerd’s Eye View insights, helping retirees and financial advisors remain adaptable and ready for the changes that may come. Understanding these strategies can help you out big time, and lead to smarter decisions as the future tax landscape unfolds. Outline of This Episode [0:08] Discover October’s tax focus and new tool[1:06] Estimating Your Retirement Tax [2:30] What happens when tax cuts sunset?[6:10] How to adapt to future tax changes effectively [7:00] Roth conversions for tax efficiency[13:50] Listener question on retirement spending[18:00] Social Security as a contingency plan Resources & People Mentioned The Retirement Podcast NetworkRetirement Starts Today Tax ToolThe Nerd’s Eye View Blog article Connect with Nerd’s Eye View Nerd’s Eye View Connect with Benjamin Brandt Become a Client: www.retirementstartstoday.com/startGet the Retire-Ready Toolkit: http://retirementstartstodayradio.com/Follow Ben on Twitter: https://twitter.com/retiremeasapJoin the newsletter: https://retirementstartstodayradio.com/newsletterDive deeper into retirement planning with Ben at www.RetirementIncome.University Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify
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    22 mins
  • The Closest Thing to a Sure Thing, Ep 368

    The Closest Thing to a Sure Thing, Ep 368
    Sep 30 2024
    Are index funds really the "sure thing" in investing, or do our emotions get in the way? To help answer that question, we’re going to talk about a Wall Street Journal article by Jason Zweig, which demonstrates the simplicity and challenges that come with investing in index funds. While these funds are designed to replicate the market at a low cost, actual investor behavior is what can lead to underperformance. We’ll talk about why sticking to this seemingly easy strategy is harder than it looks and explore how to avoid the "behavior gap" that keeps investors from reaching their full potential. Next, Brett and I team up to tackle a listener question about estate planning. If you’ve already got a financial plan in place but need help with wills, trusts, and powers of attorney, this segment is for you. We break down what estate planning tools you need to protect your family and your assets, and we’ll also get deep into when it's time to involve an attorney. Estate planning may not be fun, but having a plan in place can prevent huge headaches down the road. Outline of This Episode [0:20] Index funds are a sure thing...right?[2:51] Understanding the behavior gap[4:00] The temptation to sell[7:00] Boring but effective[13:17] A real-life coffee conversation[17:42] Estate planning essentials[19:50] Powers of Attorney: Why you need them now[21:47] Don't forget your parent’s estate plan[23:50] Navigating health care directives[25:00] Final thoughts: Simple, yet hard to do Resources & People Mentioned Messing Up the Closest Thing to a Sure Thing in the Stock Market, by Jason ZweigMind the Gap 2024: A Report on Investor Returns in the USThe Retirement Podcast Network Connect with Wall Street Journal contributor Jason Zweig Jason Zweig, Wall Street Journal profile Connect with Benjamin Brandt Become a Client: www.retirementstartstoday.com/startGet the Retire-Ready Toolkit: http://retirementstartstodayradio.com/Follow Ben on Twitter: https://twitter.com/retiremeasapJoin the newsletter: https://retirementstartstodayradio.com/newsletterDive deeper into retirement planning with Ben at www.RetirementIncome.University Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify
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    27 mins