Retirement Ready

Inheritance 101

An inheritance isn’t something you experience every year, so when it does happen, there are a lot of details to understand. We talk about some of the questions surrounding inheritances. Eric also shares the most common mistakes and how you can avoid them.
 
Here are the questions Eric answers on today’s show:
What you need to know about the tax implications with an inheritance. (1:00)
The elimination of the stretch IRA changed the rules for inherited IRAs. (3:16)
These are some of the most common mistakes people make. (7:05)
What mistakes do beneficiaries make? (9:02)
 
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Mailbag: Do I Have Too Much in Cash?

When people are in retirement or closer to retirement, the accessibility of money goes up. So, what does that mean when you have to take out RMDs? How do you know if you have too much money in the bank? Talking through this with an advisor might help you make the right next steps with your money. We also talk about what mistakes people are prone to make if they try to DIY their retirement planning without a financial advisor.
 
Here are the questions Eric answers on today’s show:
Mailbag: How do I figure out all my RMDs? (0:47)
Mailbag: Do I have too much in cash? (4:57)
Mailbag: What aspects of my retirement plan am I most likely to mess up without an advisor? (8:02)
 
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Retirement Planning with Mr. Miyagi

Let’s dust off one of our favorite movies from the 80s today and talk about the financial advice you might get from Karate Kid’s Mr. Miyagi. The story is about someone who learns with the help of a mentor, just like you might learn from a financial mentor. With some planning and some focus, you’d be amazed just what you can accomplish. Find out what Eric has to say about retirement planning and how it relates to these movie quotes.
 
Here are the quotes we discuss on today’s podcast:
“Walk on the left side of the road, safe. Walk on the right side, safe. Walk in the middle? Sooner or later, get squished…” (3:40)
“Trust the quality of what you know, not the quantity.” (5:59)
“Sometimes what the heart knows, the head forgets.” (8:54)
“Man who catch fly with chopstick can accomplish anything.” (11:10)
 
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Mailbag: Is It Irresponsible to Retire Early?

From yearly taxes and investing strategies to retiring early, there’s always a question that comes up about your current financial situation.
Eric answers three questions from the mailbag today, all common scenarios that you might one day come across yourself. Find out what he has to say!
Here are the questions Eric answers on today’s show:
Mailbag: If now is actually a good time to invest, should I rearrange money from savings?  (0:47)
Mailbag: Without the child tax credit, I always owe on my taxes. Is that a problem? (3:51)
Mailbag: Ready to walk away from my job. Is it irresponsible to retire early?  (5:46)  
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Retirement Red Zone

Let’s talk football! As fans of the game, we make some comparisons between football terms and retirement planning. How can you win when it comes to our financial plan? Understanding the strategies ahead of time and having the right team behind you can make all the difference.
Which of these sayings relate to your financial life? 
What is the retirement red zone? (0:47)
Is the hurry-up offense a good strategy? (5:09)
When should you take the victory formation? (7:39)
Even the best of the best have a good coach. (9:20)
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Mailbag: Do I Need To Budget For Retirement?

Does a budget really make that big of a difference? Eric talks about what this looks like in retirement and why it is critical to your financial plan.
Not only does it impact your retirement lifestyle, but it has a huge implication on your taxes. Eric answers this question and two others from the mailbag on the podcast.
Which of these sayings relate to your financial life? 
Do I need to start budgeting before I retire? (1:12)
Are ETFs always better than mutual funds? (4:15)
How should my son invest some gifted money? (6:46)
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How Often Do These Financial Situations Happen?

Day-to-day, Eric works with a lot of people as he helps them navigate a variety of financial decisions. But what might seem rare to you could be a more common occurrence to witness in his office. How often does Eric come across scenarios like these? You might be surprised by some of the answers!
Which of these sayings relate to your financial life? 
Do people find out they can retire tomorrow if they wanted to? (0:47)
Are clients prone to disregard the advice from their financial advisor? (2:37)
Emotions happen. How often does someone cry during a financial meeting? (5:13)
Are unexpected inheritances a rare occurrence? (8:17)
 
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Mailbag: Should I Get a Prenup?

What are the financial implications of getting married later in life? There are a lot of variables that go into this financially speaking. Have you talked through what happens when one of you passes away? Do you or your fiancé have children? Eric and Marc go over what this may look like and also answer two other questions from the mailbag.  
Which of these sayings relate to your financial life? 
Mailbag: How complicated is a 401(k) rollover? (0:47)
Mailbag: Should I get a prenup before marrying at age 52? (3:47)
Mailbag: What do I need to know about an inherited IRA? (8:54)
 
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Financial Advice from Seinfeld

Ever take financial advice from your favorite TV show? Believe it or not, you might learn something, even from an unlikely source. Inspired by a classic sitcom, today we take some quotes from Seinfeld to apply them to our financial plans.
Which of these sayings relate to your financial life? 
“Sometimes the road less traveled is less traveled for a reason.” (2:47)
“It’s amazing that the amount of news that happens every day always fits in the newspaper.” (4:17)
“The true spirit of Christmas is people being helped by people other than me.” (7:19)
“I am so busy doing nothing…” (9:47)
 
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Mailbag: Which Investment Should I Withdraw From?

Whether you are nearing retirement or wanting to buy a new car, taxes are often a big part of the conversation. Thinking through how and when to withdraw from your investments strategically can make all the difference in what taxes you pay afterwards.
Today we’ll answer a question that came in about which accounts were best to take withdrawals from and a couple others as well.
Here are the questions Eric answers from the mailbag in today’s show: 
How is it possible to not pay taxes in retirement? (0:46)
Which investment should I withdraw from to pay cash for a car? (3:51)
Will Social Security still be around in 10 years? (7:28)
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