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Category: Podcast

Ep. 34 – Top investment mistakes retirees have made since 2020

Welcome to another episode of The Planning for Retirement Podcast. I’m your host, Kevin Lao!

2020-2023 brought about legitimate market volatility, the first we’ve experienced since The Great Recession of 2008. I thought I would share some common mistakes I’ve personally seen retirees make over the last few years to highlight the importance of having a disciplined, unemotional, repeatable, investment process.

I’ll also highlight some of the key metrics we are watching in 2024 and how we are currently managing risk in portfolios.

Here are some of the links I referenced in the show:

– Follow me on Facebook (I posted both the Consumer Confidence and the Periodic Table of Returns charts on my Facebook page because they weren’t linking properly in the show notes).

– Follow me on LinkedIn

– Economic Trends in Equity Markets

– What do the markets do after rate cuts are over?

– What do the markets do when there is a Presidential election?

– 2004 – 2023 Periodic Table of Returns

– Magnificent 7 vs. the market

I always love to hear from you all, so never hesitate to email me directly; at [email protected]

If you are interested in working with me 1×1, visit our website to learn more:
https://imaginefinancialsecurity.com/

Ep. 33 – My sincere gratitude, plus a few tax planning observations as we close out 2023.

2023 was an amazing year, and I just wanted to spend some time sharing my sincere gratitude for my listeners, clients, and most importantly my wife, Jessica, for supporting me on this journey.

I also wanted to share a few tax planning observations as we close out 2023.

Here are some links I referenced in the show:

– Ep. 18 – Roth conversion strategy could save $427k in taxes

– Ep. 10 – 6 reasons to take advantage of Roth conversions

-IRMAA limits for 2024

For those of you interested in working with me 1 on 1, visit my website:
https://imaginefinancialsecurity.com/

Wishing you and yours a happy, healthy, and prosperous 2024!

-Kevin

Ep. 32 – Tactical ways to reduce your anxiety transitioning from saving to spending in retirement

I decided to record this episode as a follow-up to Ep. 30 given how many questions and discussions I’ve heard from listeners. If you have not listened to Ep. 30, you should go back and listen as Cody Garrett joined me to talk about the challenge of psychologically going from “Saver to Spender” in retirement.

However, many of the follow-up questions were about what tactical action items you could take to get comfortable with “spending” down your retirement nest egg.

There are 7 potential tactics and philosophies you could adopt, but be sure to coordinate these concepts with a comprehensive financial plan.

Here are some of the resources I referenced in the show:

-The Retirement Planning Education Facebook Group

– Changes in retirement spending behaviors over time (Michael Kitces article)

– Bill Bengen’s original 4% rule study

– Immediate Annuity (SPIA) rates

– IRS single life expectancy tables

***Just a note here, I meant to add that the “Required Minimum Distribution” is based on qualified tax-deferred accounts including IRAs, 401ks, 403bs, TSPs, etc. Roth IRAs are exempt, non-qualified brokerage accounts are exempt, AND Roth 401ks/403bs/TSPs will be exempt from RMDs beginning in 2024.

– Ep. 14 from The Retirement Planning Podcast (Retirees – Stop Underspending in your Go-Go Years)

-Using the Guardrail Withdrawal Strategy to Increase Retirement Income

-Guyton and Klinger Guardrail Decision Rules

If you are interested in working with me 1×1, visit my website:
https://imaginefinancialsecurity.com/

I hope you enjoy this episode!

-Kevin

Ep. 31 – Nontraditional retirement planning using real estate, tax planning, and end of year charitable gifting opportunities (featuring Brady Slack)

I’m excited to have Brady Slack, the proud owner of High Country Finance based in Utah, join for this fascinating topic. At first, I was planning to steer Brady in two directions with regards to tax planning opportunities for business owners and W2 employees. But, we ended up mainly focusing on using real estate as a nontraditional retirement planning vehicle, and the tax efficiency of leveraging this asset class.

Just a word to the wise, investing in Real Estate is NOT as easy as it sounds. Many of these expert investors have been through ups and downs, and Brady talks about the need to be experienced in order to be successful in this market.

We also talked about a few charitable giving ideas for all taxpayers.

I hope you enjoy this episode!

Here are the details on how to connect with Brady and his team.

Website – Highcountryfinance.com
Instagram – @thebradyslack
Brady’s podcast – Slackin’ Off

If you are interested in learning more about how to work with me 1×1, visit my website: www.imaginefinancialsecurity.com

-Kevin Lao

Ep. 30 – Is it harder to go from spender to saver pre-retirement, or saver to spender in retirement? (Featuring Cody Garrett)

I’ve known Cody for almost 3 years now, and this man is a true student of his craft. Cody is an advice-only financial planner passionate about helping DIY investors on the path to financial independence and through early retirement. He is a CFP practitioner and proud owner of the Measure Twice® brand.

His educational insights have been featured by Barron’s, Forbes, Fox Business, CNBC, Morning Brew, Business Insider, and MarketWatch. You can also hear him on the ChooseFI, The Long View (Morningstar), The Financial Independence Show, and Michael Kitces’ Financial Advisor Success podcasts.  
Twitter: @MeasureTwiceMNY
LinkedIn: https://www.linkedin.com/in/codylgarrett/
Website: https://www.measuretwicemoney.com/

Cody brought up an interesting question that received a ton of engagement in the “Retirement Planning Education” Facebook group. The question was: “Is it easier to go from a spender to a saver, or a saver to a spender?” So naturally, we recorded a podcast about it!

In this episode, we will cover: – the topic itself – the poll results – the psychological shift from saving to spending in retirement – tactics to solve this behavioral challenge, and much more. I hope you enjoy this episode! -Kevin

Ep. 29 – Is the 60/40 portfolio dead for retirement planning?

For decades, the 60/40 portfolio has been the most popular asset allocation for retirees and institutional investors. It provides enough exposure to the equity markets to hedge inflation, but also plenty of “safe money” to offset dips in the stock market.

And then, 2022 – 2023 comes along when interest rates skyrocket sending the price of bonds into the red by -15%. The 60/40 portfolio failed for the first time in 40 years.

This begs the question, is the 60/40 portfolio dead?

In today’s episode, I talk about what the 60/40 portfolio is, how it’s performed over the last few decades, and then most importantly, I share 5 ways you can “modernize” the 60/40 portfolio to set yourself up for success in today’s economic landscape.

I hope you find it helpful and make sure to share this episode with a friend who is approaching retirement or has recently retired!

And don’t forget to follow me on Facebook @kevinlaocfp

-Kevin

Ep. 28 – The top estate planning concern leading DIY investors to hire a fiduciary financial advisor, and what you can learn from it

Opposites attract, and this bleeds into the world of personal finance. There is a reason why the #1 cause for marital issues is related to personal finances. Well, when planning for retirement, this is no different. There’s oftentimes a “CFO” of the household, and a “Non-CFO.” It varies, depending on the couple, how much the “Non-CFO” is involved and/or interested in the personal finances. But either way, the concern is if the “Non-CFO” spouse had to take over the “CFO” role. As we get older, we realize we aren’t Superman or Superwoman. Then the question becomes, how do you equip the “Non-CFO” to minimize financial stress if and when they have to take over the “CFO” role? We’ll unpack all of this and more! I hope you find this episode to be helpful! -Kevin

7 reasons to own permanent life insurance in retirement

We’ve all heard the sales pitches! “Permanent life insurance solves all of your problems!”

For those of you who have followed me for a period of time know I don’t believe this to be true. But at the same time, there is a large % of the financial advisor (and talking heads) population that blanketly tells people, “Don’t ever buy permanent life insurance.”

To me, this is a breach of fiduciary duty. Just because we all have our biases doesn’t mean we should PUSH those biases on someone’s personal financial situation. As my friend Cody Garrett likes to say, “Keep Finance Personal.”

Here is a link to the article I referenced in the show about “How to divide assets in a blended family.”

Here’s a link to an episode from Andy Panko’s podcast;

Episode 77 – “Understanding cash value life insurance and how it’s sold, with Kevin Lao.”

This could be a nice compliment to what we discussed today!

I hope you enjoy it.

Make sure to give the show a follow and leave us a review so we can reach more people and make a bigger impact!

Kevin

 

 
 
 
 

Ep. 25 – The #1 “Value Add” a Comprehensive Financial Planner Provides for Retirees

I hope you enjoy this one! I am not going to give it away in the description but here are the most common responses I hear from people (until they listen to this episode of course): – Tax planning – Peace of mind – Investment management – Income distribution planning – Estate planning All good answers, but all of them are wrong! Here are a few links I referenced during this episode, check them out below:

WSJ Article – Retirement Regrets 

Investment News – Why people are reluctant to hire an advisor 

Vanguard’s Advice Alpha 

Episode 21 – Purpose in Retirement

 
 
 
 

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(904) 323-2069

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