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Category: Podcast

Ep. 85: How And What Am I Paying My Financial Advisor?

Fees are a big topic of conversation amongst financial advisors, but also from consumers.  It can be a spicy topic with lots of complexities, but I’ll try to simplify HOW and WHAT you are paying your financial advisor.

I’ll be the first to admit, I am extremely biased being a fee-only financial advisor, which I’ll admit throughout the show.  I will say that there is no right or wrong fee model!  However, I do believe there is a right fee model based on the client’s circumstances.  This is why we designed our fee structure the way we do, because we serve retirees with $1mm – $5mm of investible assets.  

In this episode, I’ll talk about “free financial planning,” the different fee models, what those fees are from a $ perspective, and 5 recommendations if you are considering hiring a financial advisor.  

~ Kevin

Takeaways:

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

84: Retire @ 58 w/ $3million. Prioritize ACA Premium Tax Credits or Roth Conversions?

Hello, PFR Nation and Happy 4th of July, and Happy Birthday, America!  What a great country we live in, I’m so proud to be an American.  My Dad being a (legal) immigrant has given me great appreciation for the opportunities we have relative to the rest of the world.  

I’m feeling extremely blessed for the clients we are serving in our financial planning firm, and I’m so grateful to serve all of you with this podcast.  I hope you continue to find value.  

We have a fair amount of new listeners, plus the legacy listeners, and I just want to say how excited I am to deliver this weekly content to all of you.  Thank you for the support, and welcome to the 84th episode of the PFR Podcast and 7th edition of the ‘Whiteboard Retirement Plan.’  

Leo and Lisa are looking to retire in 2 years, at 61 and 58 respectively.  They have done quite well accumulating approximately $3 million for retirement with the majority being inside of traditional tax deferred IRA’s and a 401k.  

 Leo is on Long Term Disability and was forced to ‘retire earlier’ than planned, and is receiving tax free income until 65.  Lisa plans to fully retire at 58.  However, this will result in losing employer-sponsored healthcare and ultimately needing to shop around in the open market.  One option will be to consider the Affordable Care Act policies on Healthcare.gov.  Furthermore, Roth Conversions are of interest during their “Roth Conversion Window” from Lisa’s age 58 until she turns 75.  In this episode, we will help them decide whether or not to aggressively pursue a ‘low income’ to reduce healthcare costs in early retirement…or, to begin converting some of the tax-deferred accounts right away to reduce the ‘Tax Trap of 401ks.’  

Drop a comment and let me know what you plan to do if you retire before 65!  Will you aggressively pursue ACA Premium Tax Credits?  Aggressively convert to Roth?  Or potentially a hybrid between the two?  

I hope you enjoy the 7th edition of the “Whiteboard Retirement Plan.”

ACA Premium Tax Credits Video

***Additional Disclaimer***  So much about these rules are up in the air.  From 2021-2025, there has been a “gradual slope” downwards of ACA premium tax credits even AFTER you exceed 400% of the Federal Poverty Level.  However, that is set to revert back to the “Cliff” at 400% after 2025.  With that said, there is a LOT on the table with the “One Big Beautiful Bill” which will likely include further changes to these rules.  I guess what I’m saying is…continue to follow the “OBBB” and of course follow the PFR Pod!

-Kevin

Takeaways:

  • Many of the families we serve are overachievers looking to retire early.
  • Healthcare costs are a significant concern for early retirees prior to reaching Medicare eligibility.
  • Budgeting for lifestyle and healthcare is crucial in retirement planning.
  • Roth conversions can optimize tax liabilities over time.
  • Monte Carlo simulations can help stress test the plan, but is by no means the be all end all retirement metric.
  • Understanding the Affordable Care Act and their premium tax credits are important, but should NOT be the sole basis for tax planning opportunities.  
  • Tax traps in traditional retirement accounts can impact long-term wealth during a retiree’s lifetime, and for the next generation.  
  • Income stability is key for a successful retirement.
  • Adjusting retirement plans can provide more flexibility and security.

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

Ep. 83: ‘Oversaved’ for Retirement? Here Are 6 Opportunities To Consider

Many of the individuals and families we serve end up “Oversaving” for retirement.  If you are in that same situation (you overachieved 😊), you will want to listen to this episode to learn about 6 retirement planning opportunities to consider.  

Takeaways:

  • Many clients are overachievers who overfund their retirement.
  • Financial planning is a continuous process, not a one-time event.
  • Understanding the gap between current wealth and future goals is crucial.
  • Retiring earlier than planned can be a viable option for overfunded individuals.
  • Spending intentionally enhances the retirement experience.
  • Taking on more or less investment risk is a personal choice for overfunded retirees.
  • Gifting during one’s lifetime can create meaningful experiences for family.
  • Legacy planning should involve thoughtful conversations about wealth transfer.
  • The impact of inflation on perceived wealth is significant.
  • Measuring progress against past achievements can improve financial mindset.

I hope you find this episode useful.   

-Kevin 

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

Ep. 82: Retirement Related Q+A (Volume 1)

In this week’s podcast, I break down 5 great questions we have either fielded directly in our practice, or have observed in the marketplace from retirees/near retirees.  Shoutout to Roberto for this concept, and if it goes well, we’ll be doing these every 4-5 episodes!  

In this edition, the 5 questions we’ll tackle are:

  • 💬 Question 1: Can I get a mortgage if I just retired and don’t have income? I have the assets!
  • 💬 Question 2: Can a spousal Roth be done for a wife who is retired and draws a pension and Social Security, but no income from working?
  • 💬 Question 3: Rollover my pension or annuitize it? (8.34% payout rate on a $500k pension)
  • 💬 Question 4: Fees — I’m talking to a money manager at one of the large firms. His fee is 1.75%. Does that seem reasonable?
  • 💬 Question 5: Should I bail on US Treasuries and buy CDs because they are FDIC-insured?

I hope you enjoy this one!

-Kevin 

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

Ep. 81: Financial Support or Enabling Your Adult Children?

Is it time to take your adult children off your payroll?

Nearly HALF of parents with adult children are providing them with MEANINGFUL financial support.  But 40% plan to CUT OFF those funds in the next 2 years.

If you or someone you know is struggling with this, you are NOT alone!

In this 81st edition of the PFR podcast, we’ll discuss Savings.com’s recent survey about this, and ultimately how this could impact your retirement plans and how you are remembered.  

Make sure to participate in the poll questions referenced in this episode!

-Kevin

Resources Mentioned:

  • Savings.com Study
  • PsychologyToday Article

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

Ep. 80: Are You Feeling Behind for Retirement? Here Are 6 Things You Should Consider

Are you feeling a bit behind on your goals for retirement?   You’re not alone!

More than half (57 percent) of Americans working full-time, part-time or who are temporarily unemployed feel behind on their retirement savings, according to Bankrate’s latest Retirement Savings Survey.

In the 80th edition of the Planning for Retirement podcast, I’ll discuss 6 tactical moves to improve your retirement outcomes.  I hope you enjoy it!

Also, thanks for your patience this week as my family of 5 + 2 dogs made our move into a new home!  We are swimming in boxes while managing 3 boys being home from summer.  Pray for us!  😊

-Kevin

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

Ep. 79: 9 Reasons to Delay Social Security

I hear a lot of financial advice out there to take Social Security as early as possible. But what if I told you that for many high-net-worth retirees, claiming early could cost you several hundreds of thousands of dollars of lost income and even furthermore negatively impact your investment portfolios over time.

Episode 68, 9 Reasons to Claim Social Security Early.  Make sure to check that one out as well.  In this episode, we’ll look at the other side of the coin on why you might want to DELAY Social Security.  I hope it helps!

***Important edit***
I mentioned a reduction in your “Primary Insurance Amount” when you claim benefits before Full Retirement Age. However, I meant to say there is a 30% reduction @ 62 for those who were born in 1960 or later…NOT a 35% reduction! The 35% reduction applies to a “Spousal Benefit” when claiming @ 62.

Thank you, Roberto, for catching this! I will attach a link to the IRS website which has a helpful chart showing the impacts on claiming early below.
https://www.ssa.gov/benefits/retirement/planner/agereduction.html

-Kevin 

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

Ep. 78: Give Now or Give Later? The Million-Dollar Question (Whiteboard Retirement Plan Volume 6)

There is a lot of focus in the financial advice industry related to the “Accumulation Phase.” 

In the beginning, you’re trying to save as much as possible as you start your careers.  Then you gain some traction and start building up a nice nest egg. As your income increases, maybe you start to think about the tax impact of your savings.  

And finally, you really start to focus in on how much you “need” or “want” before you stop the accumulation phase. The problem is that it continues to be a moving target based on your lifestyle changes, inflation, the markets, or ultimately, the unknown about how long you might live!

But when is enough “enough?”   It’s easy to have the blinders on and just focus on building up as large of a nest egg as possible. As a result, many pre-retirees and retirees fail to think through the distribution phase…or in other words, the decumulation phase.

And many of the folks we serve are surprised to find out they have a SURPLUS in retirement. Meaning, it’s going to be hard for them to spend all their nest egg during their lifetime (not a bad problem to have).

In today’s Whiteboard Retirement Plan breakdown, we’ll look at Bruce and Jennifer Lee, who are 62/61 and looking to retire in January of 2026…

We’ll show you WHY they have a surplus and ultimately discuss some strategies to help them optimize for today, as well as maximize their legacy to their 2 adult children.

I hope you enjoy it.

-Kevin 

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

Ep. 77: Should You Sell in May And Go Away?!

The Planning For Retirement Podcast

Ever hear of the “Sell in May and Go Away” catch phrase as it relates to the stock market?  In this episode, we’ll look at the actual data of market returns from May to October vs. November to April and see if there is any merit.

We’ll also touch on the stock market since the “Liberation Day” sell-off, as the market has gained a ton of ground in April and early May.  

I hope you enjoy this episode, and make sure to share the podcast with someone who is PFR Nation caliber!

-Kevin 

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

Ep. 76: The Unsung Hero of Retirement Accounts

The Planning For Retirement Podcast

Roth IRAs, 401ks, Health Savings Accounts and Traditional IRAs generally get the most hype when it comes to saving and investing for retirement.  

However, the TAXABLE BROKERAGE ACCOUNT, in my humble opinion, is the unsung hero in the retirement planning puzzle.  This is due to the ultimate flexibility and surprising tax efficiency during the accumulation, distribution, AND legacy phases.  

Check out this episode where I talk about the benefits in each phase, as well as some of the mistakes I see retirees make when using these accounts to plan for and execute a successful retirement.

I hope you enjoy it!

-Kevin 

⁠⁠⁠Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠⁠⁠⁠ 

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Connect with me here:

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

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