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Category: Podcast

Ep. 60: 5 Things to Watch in the Markets for 2025

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 help you improve the success of your retirement plans.  

Make sure to follow our show if you are over 50 and have accumulated at least $1million for retirement or are pretty darn close (you are considered “PFR Nation”).  I am confident you will find value in what we are doing here.  

And lastly, make sure to share our show with a friend or family member who is also “PFR Nation” caliber.  

I hope you enjoy it!

Kevin

Resources mentioned:

Connect with me here:

⁠⁠⁠⁠⁠Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠⁠⁠⁠ 

⁠⁠⁠⁠⁠⁠⁠⁠Click this link to fill out our Retirement Readiness Questionnaire

Or, ⁠⁠⁠⁠⁠⁠⁠⁠visit my website

 

Ep. 59: We’ve Been Retired for 8 Years, How Are Things Going? ‘Whiteboard Retirement Plan’ Vol 3 Ft. Sonny and Cher

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 don’t want to overplay it, so I’ll track the data to ensure you are still finding value in that content.

If you want to be FEATURED in a Whiteboard Retirement Plan breakdown, you can fill out the Retirement Readiness Survey which is linked at the end of the show notes.  There is a question that asks, “How do you want to engage with us?”  One of the responses is the Whiteboard Retirement Plan on YouTube, so check that box.  That is also the questionnaire you would fill out if you are interested in hiring our firm in 2025.  Based on our current capacity, I see about 8 new client slots will be available for us to bring on in 2025.  So, I would highly recommend acting soon if you’ve been thinking about engaging with us.  

With all of that out of the way, I hope you find value in this episode!  I think there is a lot to learn from “Sonny and Cher’s” breakdown related to:

  • Part time work
  • Delaying Social Security
  • Spousal Social Security
  • Spending phases (Go Go Years, Slow Go Years, No Go Years)
  • Rates of withdrawal
  • Investment returns related to a “Balanced Portfolio”
  • Process of withdrawals during a down market
  • Downsizing in retirement

And more!

If you are 50+ and have accumulated over $1mm for retirement, you will probably want to follow/subscribe to the show as I am sure you will find some value in the content we put out.

And with that, I am signing off for 2024!   Wishing you a Healthy, Happy, and Prosperous 2025!

-Kevin

Connect with me here:

⁠⁠⁠⁠⁠Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠⁠⁠⁠ 

⁠⁠⁠⁠⁠⁠⁠⁠Click this link to fill out our Retirement Readiness Questionnaire

Or, ⁠⁠⁠⁠⁠⁠⁠⁠visit my website



Ep. 58: Let’s Ask ‘Chat GPT’ When You Should Hire a Financial Advisor!

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 planning.  However, I realized how BIASED I am personally on this topic 😊!

Naturally, I decided to go to the most objective source possible, Chat GPT.  For those who don’t know, Chat GPT is the Godfather of Artificial Intelligence and is owned by “OpenAI.”  

I created a new chat with the following prompt:

“I’m doing my next podcast for folks in the 50 to 60 range that have saved diligently for retirement. I want to explain when and why they should really consider hiring a financial planner.  Also, I want to tell them HOW to find a financial advisor that specializes in working with them.”

So, without further ado, I hope you enjoy this episode.  

P.S.

I talked about WHERE I would go to find the “Right” financial advisor on the show, but I did not get into the details.  I said I would create a short list of resources to use in your find an advisor search, so I decided to make a PDF for you all.  I hope it helps! CLICK HERE to view the PDF.

-Kevin 

Connect with me here:

⁠⁠⁠⁠⁠Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠⁠⁠⁠ 

⁠⁠⁠⁠⁠⁠⁠⁠Click this link to fill out our Retirement Readiness Questionnaire⁠⁠⁠⁠⁠⁠⁠⁠

Or, ⁠⁠⁠⁠⁠⁠⁠⁠visit my website

 

Ep. 57: End of Year Tax Planning Opportunities

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 Services Associate.
 Mason, my shorts/social media editor.  And of course, Roberto, the backbone of our financial planning process.  I could not do what I do without all of you, and I just want to thank you for the impact you are making on the families we serve.  

So, It is the end of another year, it’s hard to believe.  For our practice, this is when we do a our end of year tax planning.  We are not only looking at opportunities for 2024, but opportunities in 2025 and beyond.  Given we are firmly planted in our tax planning season, I thought I’d share some tips and tricks for you to consider in your own retirement planning journey.  

I hope this helps.  My only ask is that you share this with a friend or family member who is “PFR Nation” caliber as I can guarantee they will also find value
in our content.  Much appreciated!

-Kevin 

Resources:

  • Whiteboard Fireside Chat playlist

Connect with me here:

  • ⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠

⁠⁠⁠⁠Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠⁠⁠ 

⁠⁠⁠⁠⁠⁠⁠Click this link to fill out our Retirement Readiness Questionnaire⁠⁠⁠⁠⁠⁠⁠

Or, ⁠⁠⁠⁠⁠⁠⁠visit my website

Ep. 56: Aging in Place w/Michael Levine

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 valuable to all of you who are planning for your own retirement as well as caring for aging parents.

Some of the topics we’ll touch on are:

  • Why homecare?  
  • Homecare vs. Medicare
  • Hiring a home care company vs. privately
  • How does Long-term care insurance fit into Home health care?  
  • Cost of care, how to decide how much LTCi to buy?
  • Maximizing your LTC policy
  • What if you don’t have LTC…and what if our clients are stepping in to care for aging parents

I hope you enjoy this one and make sure to share it with a friend or family member who would benefit from this content.

-Kevin 

Resources:

  • Deducting your Long-term Care Insurance premiums
  • Download your free PDF on What questions to ask about your long-term care insurance policy

Connect with me here:

  • ⁠⁠⁠⁠⁠⁠Join My Company Newsletter⁠⁠⁠⁠⁠⁠
  • ⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠

⁠⁠⁠Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠⁠ 

⁠⁠⁠⁠⁠⁠Click this link to fill out our Retirement Readiness Survey⁠⁠⁠⁠⁠⁠

Or, ⁠⁠⁠⁠⁠⁠visit my website

Ep. 55: Trump vs. Harris on Taxes

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 proposals.  

However, tax changes will inevitably impact all of us, so it’s important to understand what each candidate is proposing.  Furthermore, I would note that I am not going to vote solely based on tax proposals, but it’s a pretty big deal to me personally and professionally.  

The topics I’ll hit on are in regards to:

  • Business Taxes/Corporate Taxes
  • Capital Gains and Dividends
  • Credits, Deductions, Exemptions
  • Estate and Wealth Taxes
  • Excise Taxes
  • Individual Income taxes
  • Social Security and Medicare
  • Tariffs and Trade

I recognize there are MANY more tax proposals in the mix, but I wanted to focus on the ones that will impact PFR Nation the most.  

So, without further ado, I hope you enjoy this episode.  

Kevin

Resources Mentioned:

  • Tracking 2024 Presidential Tax Plans
  • Tariff Tracker: Tracking the Economic Impact of the Trump-Biden Tariffs
  • Why the Economic Effects of Taxes (Including Tariffs) Matter
  • The Unpleasant Arithmetic of Kamala Harris’s Housing Plan
  • Congressional Budget Office Shows 2017 Tax Law Reduced Tax Rates Across the Board in 2018
  • Who Bears the Burden of the Corporate Income Tax?
  • No Tax on Tips: An Answer in Search of a Question
  • Neighbor to Neighbor Disaster Relief Fund

Connect with me here:

  • ⁠⁠⁠⁠⁠YouTube⁠⁠⁠⁠⁠
  • ⁠⁠⁠⁠⁠Join My Company Newsletter⁠⁠⁠⁠⁠

⁠⁠Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠

Click this link to fill out our Retirement Readiness Survey⁠⁠⁠

Or, ⁠⁠⁠visit my website

 

Ep. 54: Behavioral Biases Against Annuities and How They Harm Everyday Retirees (w/ Sheryl Moore and Tracy Lownsberry)

Annuities have become the four-letter word of retirement planning products.  However, is this warranted?  When should annuities be positioned in a well-diversified retirement income plan?   How do you ensure you aren’t being taken advantage of by an agent who doesn’t have your best interests?  

In this next edition of The PFR Podcast, I host annuity experts Sheryl Moore and Tacy Lownesberry to discuss this notorious retirement product and attempt to reduce the stigma associated with annuities.  

Why do this? 

Well, I personally do not sell annuities…nor do I receive any compensation from annuity agents or their providers.  However, I see the value when they are in fact a good fit, but oftentimes preconceived biases against the product prevent right-fit clients from purchasing them.  

I hope you all enjoy this episode.  And thank you Sheryl and Tracy for joining to share your insights.  

-Kevin 

Resources Mentioned:

  • Life and Annuity Illustrations Confuse Clients, Advisor Tells Regulators
  • Annuities are key to retirement. So why are so few of us buying them?
  • Sheryl on LinkedIn
  • Tracy on LinkedIn

Connect with me here:

  • ⁠⁠⁠⁠Join My Company Newsletter⁠⁠⁠⁠

⁠Are you interested in working with me 1 on 1?⁠⁠⁠⁠ 

⁠⁠⁠⁠Click this link to fill out our Retirement Readiness Survey⁠⁠⁠⁠

Or, ⁠⁠⁠⁠visit my website

Ep. 53: Ages 58/54, COAST to retirement with $5.5mm and make a multi generational impact (‘Vol 2 Whiteboard Retirement Plan’)

Thanks so much to our recent listener who submitted their financial info for this next edition of the ‘Whiteboard Retirement Plan.’ 

This was a fun case to break down.

“Travis” is 58, “Taylor” is 54, and they are currently putting 3 children through college.  They’ve managed to save a nice nest egg of approximately $5.5mm and it’s tax diversified quite nicely.  

In this episode, I’ll break down my thoughts on:

  • College planning and 529s
  • Bridge to Social Security 
  • ‘COASTing’ to retirement
  • Order of withdrawal
  • Roth conversions and the RMD Tax Trap
  • Spending/withdrawal rates
  • Risk tolerance vs  Risk Capacity
  • Long-term Care Planning
  • Financial Legacy
  • And more!

Remember, we are just having fun with this!  This is not advice, nor a solicitation for any specific action.  I’ve never met with this couple, nor do I have the full details of their financial picture.  However, I hope you all can take 1-2 things and learn something related to your OWN journey as you plan for retirement.  

‘Travis and Taylor’ – thank you for participating and I hope that you find this video especially useful!

If you are interested in participating in a future edition of the “Whiteboard Retirement Plan,” make sure to submit your “Retirement Readiness Survey” in the links below.  Please make sure to indicate somewhere in the survey that it’s for a Whiteboard Retirement Plan episode, as that’s the same link new clients fill out when they apply to work with us.

Also, make sure to follow the podcast on YouTube so you don’t miss out on my weekly “Whiteboard Fireside Chats” where I do a mini deep dive into a specific topic.  There is a playlist in the channel that you can check out.  

I hope you all enjoy it!  And make sure to share my show with a friend or family member who is in the 50-60+ range and preparing for retirement.

Thanks for tuning in!

-Kevin

Connect with me here:

  • ⁠⁠⁠Join My Company Newsletter⁠⁠⁠

Are you interested in working with me 1 on 1?⁠⁠⁠ 

⁠⁠⁠Click this link to fill out our Retirement Readiness Survey⁠⁠⁠

Or, ⁠⁠⁠visit my website

Ep. 52: The Sandwich Generation: Planning for Retirement, Juggling College Funding, and Caring for Aging Parents with Jeff McDermott

Are you approaching retirement while juggling paying for your kids’ college, or even perhaps caring for aging parents?  You are not alone.  In fact, 48% of adults are providing some sort of financial support to their grown children, while 27% are their primary support. Additionally, 25% are financially supporting their parents as well.  

The conversation focuses on the sandwich generation, which refers to individuals who are planning for their own retirement while also supporting their children and aging parents.  In this conversation, Kevin Lao and Jeff McDermott discuss various financial planning topics, including college planning, retirement savings, and caring for aging parents. They emphasize the importance of balancing saving for college and retirement, taking advantage of catch-up contributions after age 50, and having open conversations about estate planning and long-term care. They also highlight the benefits of using 529 plans, taxable brokerage accounts, Health Savings Accounts, and more. 

I hope you enjoy this episode!

-Kevin 

Connect with me here:

  • ⁠⁠Join My Company Newsletter⁠⁠

Links referenced:

  • Forbes Article: The ‘Sandwich Generation’ Is Financially Taking Care Of Their Parents, Kids And Themselves
  • Jeff McDermott on IG
  • CreateWealthFP.com
  • Whiteboard Fireside Chat: You are 50+ and want to catch up for retirement
  • Whiteboard Fireside Chat: The different types of permanent life insurance
  • SECURE Act 2.0 529 Rollover Rules

Are you interested in working with me 1 on 1?⁠⁠ 

⁠⁠Click this link to fill out our Retirement Readiness Survey

Ep. 51: Artificial Intelligence & Bitcoin: Should these Emerging Technologies Have a Place in Your Investment Portfolio? (w/Brian Bonewitz, CFA)

Are you approaching retirement and worried about the impact of Artificial Intelligence (AI) on the future of your job?  What about the impact of AI on the financial markets?  And lastly, do Bitcoin and other cryptocurrencies have a place in a well-diversified investment portfolio?

I hope you enjoy my interview with Brian Bonewitz.  Brian is an AI consultant, CFA holder, and has a unique perspective on AI, digital assets, and the impact they have on investing for retirement.

Personally, I believe the mainstreaming of Bitcoin in 2024 is likely to cap some of the upside potential, but also it reduces the downsize given some of the world’s largest asset managers are now substantial stakeholders in crypto assets.

To each their own, but I believe a decision should be made one way or the other, and likely sooner rather than later.

-Kevin Lao

Connect with me here:

  • ⁠Join My Company Newsletter⁠

Links Referenced in Episode:

  • ⁠⁠The godfather of AI sound alarm about potential dangers of AI
  • Digital Assets (IRS website)
  • 6 Things to know about Wash-Sale Rules
  • Michael Saylor on Bitcoin
  • Coinbase
  • Brian Bonewitz on Linkedin
  • Rafa.ai

⁠⁠⁠⁠Are you interested in working with me 1 on 1?⁠ 

⁠Click this link to fill out our Retirement Readiness Survey

[email protected]
(904) 323-2069

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