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Category: Podcast

Ep. 98: Convert to Roth before RMDs? Scared to Spend? Age Gap Early Retirement! (Retirement Q&A Session)

PFR Nation,

We just announced our FREE GIVEAWAY winner and runner-up on the YouTube channel last Thursday. Thank you all for participating and making that process super enjoyable and engaging. One of the questions I asked for the giveaway was “What is one thing related to planning for retirement that keeps you up at night?” We received some amazing responses!! So, I thought I would dedicate this episode and the next to addressing some of the best questions in that YouTube thread.

This episode, we will wrestle with three of them:

  1. I have the majority of my retirement savings in pre-tax accounts, so I am worried about how to do the complex math to optimize Roth conversions before RMDs kick in.
  2. I worry that after a lifetime of saving, will I be able to draw down my retirement savings?
  3. My wife is 9.5 years younger than me. I want to retire in a few years at 55, not sure how long after that she’ll keep working. But with that age gap it’s a long retirement timeline. How best do you plan for that?

You’re not going to want to miss this one and hope you find it useful! Thanks for tuning in.

-Kevin

Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠⁠⁠⁠ 

⁠⁠⁠⁠⁠⁠⁠⁠Click this link to fill out our Retirement Readiness Questionnaire

Connect with me here:

Or, ⁠⁠⁠⁠⁠⁠⁠⁠visit my website

This is for general education purposes only and should not be considered as tax, legal or investment advice.

Ep. 97: The Four Phases of Retirement – And How To Skip The Dark and Depressing Phase

PFR Nation,

I recently discovered a Ted Talk by Dr. Riley Moynes about the “4 phases of retirement.” 

We talk a lot about the financial side of retirement planning.

–             Safe withdrawal rates

–             Tax efficiency

–             Investing to and through retirement

–             Legacy

–             Insurance

However, it’s equally important to understand and think about the softer side of retirement planning. In this episode, you will want to hear Dr. Moynes’ take on the 4 phases,and I’ll talk about a real-life hero in the College Football world that canhopefully inspire you to SKIP the dark and depressing phase! 

I hope you enjoy this one.

-Kevin

Takeaways

·     Retirement is not just a financialtransition; it’s an emotional journey.

·     Understanding the four phases ofretirement can help avoid pitfalls.

·     The vacation phase is characterized byfreedom and excitement.

·     The loss phase involves identity andpurpose challenges.

·     Michael Phelps’ experience illustratesthe emotional struggles of retirement.

·     Therapy and seeking help can be crucialduring transitions.

·     Finding new meaning in retirement isessential for fulfillment.

·     Engaging in service and mentoring canenhance retirement satisfaction.

·     Financial independence allows forexploration of new passions.

·     Planning for purpose in retirementshould start before retirement begins.

Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠⁠⁠⁠ 

⁠⁠⁠⁠⁠⁠⁠⁠Click this link to fill out our Retirement Readiness Questionnaire

Connect with me here:

Or, ⁠⁠⁠⁠⁠⁠⁠⁠visit my website

This is for general education purposes only and should not be considered as tax, legal or investment advice.

Ep. 96: Short-form Media is Ruining America, and Their Retirements

PFR Nation,

In this episode, I’m tackling America’s “headline culture,” how short clips and soundbites dominate not only politics, but also the way we think about retirement planning. With the tragic assassination of Charlie Kirk as a starting point, I reflect on how social media algorithms amplify the loudest, most divisive voices, while thoughtful, nuanced conversations get drowned out. When I dug into Charlie’s long-form interviews, like his sit-down with Gavin Newsom, I realized how much context gets lost and how much more common ground we really share when we go deeper.

The same thing happens in retirement planning. Viral soundbites like “Social Security is going bankrupt,” “Never pay off your mortgage,” “The 4% rule always works,” or “Financial advisors can’t beat the market, so don’t hire one” may sound convincing in 20 seconds, but they can be misleading and even harmful if you base major decisions on them.

In this episode, I break down why these headlines don’t tell the full story and what you should consider instead.

At the end of the day, just like politics, retirement requires long-form thinking. The clips may get clicks, but the deeper conversation is where the truth, and a confident retirement, really lives.

-Kevin

⁠⁠⁠Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠⁠⁠⁠ 

⁠⁠⁠⁠⁠⁠⁠⁠Click this link to fill out our Retirement Readiness Questionnaire

Connect with me here:

Or, ⁠⁠⁠⁠⁠⁠⁠⁠visit my website

This is for general education purposes only and should not be considered as tax, legal or investment advice.

Ep. 95: Can We Retire 5 Years Earlier? | Whiteboard Retirement Plan

PFR Nation,

Welcome to another “Whiteboard Retirement Plan” breakdown!

Scottie and Meredith had the perfect plan: retire at 65, sign up for Medicare, and start Social Security at 67. With nearly $1.9 million saved, everything looked like it was on track, until life threw them a curveball. After some friends their age got sick and passed away, they started asking: Why wait? Can we retire right now at 60?

In this Whiteboard Retirement Plan, Kevin Lao stress tests their plan to see if early retirement is really possible without jeopardizing their future.

You’ll hear:

  • How a five-year shift can dramatically impact retirement projections
  • The hidden risks of retiring before Medicare and Social Security kick in
  • Which levers (investment allocation, side hustle income, rental property, and more) can make early retirement realistic
  • The trade-offs between financial security and living life on your own timeline

If you’ve ever wondered whether you could retire earlier than planned without blowing up your financial security, this episode is for you.

-Kevin

⁠⁠⁠Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠⁠⁠⁠ 

⁠⁠⁠⁠⁠⁠⁠⁠Click this link to fill out our Retirement Readiness Questionnaire

Connect with me here:

Or, ⁠⁠⁠⁠⁠⁠⁠⁠visit my website

This is for general education purposes only and should not be considered as tax, legal or investment advice.

Ep. 94: Reducing Sequence of Returns Risk

PFR Nation,

As you approach retirement, or even when you are in the beginning phase of retirement, there is this natural feeling of concern about market uncertainty. After all, the market can turn south in a heartbeat, potentially even leading into a recession. Or worse, a prolonged recession. This term is also known as “Sequence of Returns Risk.” It’s not about your long-term average return, it’s about the ‘sequence’ those returns are generated.

I’ve been stress testing different rates of withdrawal with different starting periods. And the ‘Lost Decade’ of the 2000s is a perfect example of why sequence of returns is so important for retirees to protect against.

In this episode, I’ll highlight some of the major downturns since the 2000s. Then, I’ll talk about some real strategies that you can implement as you protect against sequence of returns risk. I hope you find this one useful!

And let me know what YOU plan to do to hedge against this risk. Also, make sure to share this episode with someone who is also approaching retirement, or who has recently retired! I’m sure they’ll also find it useful.

Thanks for tuning in.

Kevin

Key Topics:

• What Sequence of Returns Risk really means and why it matters more than long-term average returns.

• How the “Lost Decade” of the 2000s demonstrates the dangers of poor return sequencing.

• Practical strategies to protect your retirement portfolio from early losses.

• Tips for stress-testing withdrawal rates and planning for different market scenarios.

⁠⁠⁠Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠⁠⁠⁠ 

⁠⁠⁠⁠⁠⁠⁠⁠Click this link to fill out our Retirement Readiness Questionnaire

Connect with me here:

Or, ⁠⁠⁠⁠⁠⁠⁠⁠visit my website

This is for general education purposes only and should not be considered as tax, legal or investment advice.

Ep. 93: 10 Pieces of Financial Wisdom for Your Adult Children

PFR Nation,

Many of you have adult children or loved ones you hope will benefit from your financial success. But how confident are you in their financial skills? Will they be good stewards of the wealth you leave behind? Even if you don’t plan to leave a fortune, your careful retirement planning might still create a sizable legacy.

I just celebrated 17 years in financial services on 8/28! It’s been a journey full of highs and lows, shaping my perspective on money and life itself. To mark the milestone, I’m sharing 10 key lessons I’ve learned as a financial advisor, entrepreneur, and content creator. My hope is that these insights can help you in your conversations with your adult children or beneficiaries!

I hope you find it useful!

~Kevin

⁠⁠⁠Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠⁠⁠⁠ 

⁠⁠⁠⁠⁠⁠⁠⁠Click this link to fill out our Retirement Readiness Questionnaire

Connect with me here:

Or, ⁠⁠⁠⁠⁠⁠⁠⁠visit my website

This is for general education purposes only and should not be considered as tax, legal or investment advice.

Ep. 92: Should The 4% Rule Be The 7% Rule?

If you have been a podcast listener for a while, you know I have strong feelings about the “4% Rule.” Well, the father of the 4% Rule, Bill Bengen, just released a new book where he admits that 4% is probably too low. In this episode, we’ll briefly touch on the history of the 4% rule, as well as the findings in his new book. But more importantly, we’ll discuss the downsides of actually using the 4% rule in real retirement planning and touch on some key planning opportunities for YOU (PFR Nation) to consider instead. 

I hope you all find this one helpful! 

Let me know what YOU think of the 4% Rule!

-Kevin

Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠⁠⁠⁠ 

⁠⁠⁠⁠⁠⁠⁠⁠Click this link to fill out our Retirement Readiness Questionnaire

Connect with me here:

Or, ⁠⁠⁠⁠⁠⁠⁠⁠visit my website

This is for general education purposes only and should not be considered as tax, legal or investment advice.

91: What Can We Learn From Gene Hackman’s Estate Planning Nightmare?

PFR Nation,

Legendary actor Gene Hackman passed away earlier this year. Some of the details about his estate plan have been made public due to the probate process. While I don’t believe any of us have an $80 million estate, there are some important lessons we can all take away from this estate planning nightmare. Especially if you are part of a blended family (children from a previous relationship or marriage). I hope you all find this useful.

Make sure to check out the links below for some of the blended family content I’ve created in the past from the podcast and company blog.

And finally, make sure to email me at kevin@imaginefinancialsecurity.com if you would like a copy of the e-book I am finishing up, “Planning For Retirement With A Blended Family.”

Thanks for tuning in to the show and making sure to follow the podcast and subscribe to our YouTube channel for weekly retirement-related content for PFR Nation!

-Kevin

Resources Mentioned:

  • Blended Families – You Need a Long-term Care Plan! (blog post)
  • How to divide assets in a blended family (blog post)
  • 4 Retirement and Estate Planning Strategies for Blended Families in Florida (blog post)
  • Blending and Building Wealth in a Blended Family (w/ Tim and Alexis Woodward @ Blend Wealth) (podcast episode)
  • Wealth Protection And Transfer in a Blended Family (w/ Tim and Alexis Woodward @ Blend Wealth) (podcast episode)

– Kevin

Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠⁠⁠⁠ 

⁠⁠⁠⁠⁠⁠⁠⁠Click this link to fill out our Retirement Readiness Questionnaire

Connect with me here:

Or, ⁠⁠⁠⁠⁠⁠⁠⁠visit my website

This is for general education purposes only and should not be considered as tax, legal or investment advice.

Ep. 90: Marilyn Was Forced To Retire @ 60 w/ $1.95million Saved. Can She Do It?

PFR Nation,

I hope everyone has had a great summer! It’s been action-packed for us, especially coming off the heels of family visiting the last 8 days. Thus, thanks for your patience with this week’s episode!

This is a good one! Many folks retire earlier than they had anticipated. In this case, Marilyn was forced to retire 5 years earlier than she had planned! She’s done well saving and investing, and has accumulated $1.95million between taxable, tax-deferred and tax-free accounts. However, she has some ambitious goals for travel and freeing up her time!

Let’s see how her plan looks. And let’s see what levers she can pull in order to improve her retirement outcome. I hope you all find this useful!

-Kevin

Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠⁠⁠⁠ 

⁠⁠⁠⁠⁠⁠⁠⁠Click this link to fill out our Retirement Readiness Questionnaire

Connect with me here:

Or, ⁠⁠⁠⁠⁠⁠⁠⁠visit my website

This is for general education purposes only and should not be considered as tax, legal or investment advice.

Ep. 89: Retirement Related Q&A w/ A CFP (Inherited Roth IRAs, IRA to HSA Rollover, Stock Allocations for Retirees, and more!)

Welcome to all the newbies here! If you are new, you might want to hit that “Follow” button if you are over 50 and have saved a minimum of 7 figures for retirement. You’re approaching the phase of life where you want to be able to fire your boss at any time, maximize your retirement impact, minimize your lifetime tax bill, and worry less about money! This is your podcast!

And don’t forget to “Subscribe” to our YouTube Channel, where we put out weekly retirement-related content designed for YOU (PFR Nation).

Today, we’ll revisit another Q&A session with some GREAT questions we’ve curated over the last few months. Reminder, if you have a question for a future Q&A episode, or simply want to send me an email, you can at: kevin@imaginefinancialsecurity.com

We have questions related to Roth IRAs, Inherited Roth IRAs, stock allocations for retirees, IRA to Health Savings Account rollover, and more!

I hope you enjoy this one!

Kevin

Resources Mentioned:

  • Don’t miss your Roth Conversion Window (video)

⁠⁠⁠Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠⁠⁠⁠ 

⁠⁠⁠⁠⁠⁠⁠⁠Click this link to fill out our Retirement Readiness Questionnaire

Connect with me here:

Or, ⁠⁠⁠⁠⁠⁠⁠⁠visit my website

This is for general education purposes only and should not be considered as tax, legal or investment advice.

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