Retire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®

Social Security Timing: Reframing Your Thinking For Better Decision-Making

Our brain uses mental shortcuts to help us solve problems. While they can be quite helpful, in some areas they may harm our decision-making. Social Security claiming is often one of these negatively impacted areas.
In this episode, hear Tyler Emrick, CFA®, CFP®, discuss the mental shortcuts (aka cognitive biases) at play when deciding to take your Social Security benefits. Being cognizant and acting with a more prudent decision-making process will likely help you realize a better outcome and improved retirement.
 
Here’s some of what we discuss in this episode:
Optimism and pessimism bias can skew our judgments when making decisions.
Present bias and temporal discounting. In the context of Social Security, this means favoring smaller payments now over larger payments later, a decision that can significantly impact long-term financial health.
The anchoring effect is another critical bias discussed. This occurs when individuals rely too heavily on the first piece of information they encounter—such as the earliest age they can claim Social Security—making it challenging to adjust their plans with new information.
Tyler explains the concept of delayed retirement credits and how Social Security benefits are designed to be actuarially equivalent, regardless of when you start claiming them.
How Social Security is uniquely impacted by inflation and interest rates.
 
Have questions?
Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.
http://bit.ly/calltruewealth

Effective Estate Planning: Tips to Make Sure The Process Goes Smoothly And Money Goes Where You Intend

Estate planning is about more than just wealth distribution—it’s about peace of mind. 
In this episode, Hear Tyler Emrick, CFA®, CFP®, cover the fundamentals to start or update your estate planning journey. We’ll discuss how your financial advisor is best to guide the process while your attorney ensures legal alignment. Working together makes the journey better for you and more likely at your intended destination while reducing risks of unnecessary taxes, legal costs, and family conflicts.
 
Here’s some of what we discuss in this episode:
A story about how a lack of estate planning could derail everything you hoped to leave your loved ones.
What we need to begin crafting the financial aspects of your estate plan.
The role your advisor plays versus what the attorney will do.
Tax considerations you need to be aware of so that you can ensure more wealth is passed along.
The many benefits to estate planning.
 
Have questions?
Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.
http://bit.ly/calltruewealth

The Disappearing Act of Retiree Health Benefits – What Options Do You Have?

Employer-provided retiree health benefits are quickly becoming obsolete. KFF’s latest survey reveals a sharp decline in large employers offering these benefits, leaving individuals to seek other solutions.
Hear Tyler Emrick, CFA®, CFP®, explore your options. Whether you are worried about age 65—either retiring before or after—or have a business, we have you covered. Plus, we'll highlight potential trouble spots and important deadlines you need to know.
Don’t navigate this shift alone—tune in for expert guidance.
 
Here’s some of what we discuss in this episode:
What the trends tell us about employer-sponsored coverage, including retiree health benefits.
Understanding the different healthcare options you might have along with the pros and cons: COBRA, Market Place, MEWA Plan, Health share plans, Private health insurance, and Medicare.
The trouble spots for retirees planning for health care.
 
Have questions?
Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.
http://bit.ly/calltruewealth

Retirement "Magic Numbers" Make Little Sense

In this episode, Tyler Emrick, CFA®, CFP®, explores why targeting a "magic number" of retirement savings falls well short of good retirement planning. Yet, why do people often focus on this? Is it because this survey data is regularly done and widely in the media – with the magic number now at a record high of $1.46 million – or something more?
 
Here’s some of what we discuss in this episode:
The amount of money investors believe they need to retire has increased dramatically and is exceeding the current pace of inflation.
What has been the driving force behind the increase?
Why you should be careful when using a magic number.
The financial items you should be focusing your attention on instead.
 
Have questions?
Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.
http://bit.ly/calltruewealth

Real Estate, Taxes, & College Oh My!

We welcome Kevin Kroskey, CFP®, MBA, back in action, joining Tyler Emrick, CFA, CFP®, on this potpourri-type episode.
 
Hear Kevin's perspective on the last episode, coming changes in the residential real estate market, and why they will be good for consumers. He'll also share some lessons learned from this tax season and differences between tax-only clients and clients who receive coordinated tax and wealth management services.
 
Hear Tyler share recent client stories from new clients about the issues and ramifications of not coordinating financial, legal, and tax matters properly.
 
And be sure to listen at the end when they discuss the recently released college ranking, called "A First Try at ROI". This study and the resulting calculator look at the cost outlays for 4,500 colleges and the ROI – return on investment – in earnings over time. Is the Ivy league worth the cost (if your child can get in)? What about a pricey private school vs. a public in-state one? And who had a wiser decision-making process for their college selection – Kevin or Tyler.
 
That and more on this episode of Retire Smarter.
 
See the rankings here: https://cew.georgetown.edu/cew-reports/collegeroi/
 
Have questions?
Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.
http://bit.ly/calltruewealth

Historic Changes To The Residential Real Estate Industry Will Be Good For You (And Are Similar To Changes Occur-ring In Financial Advice)

Gone are the days of 6% commissions when selling a home!? Well, sort of. In this episode, we unpack the $418 million proposed settlement that will likely reshape the real estate industry. While change creates winners and losers, consumers will generally be winners as the industry wheat will further separate from the chaff.
Hear Tyler Emrick, CFA®, CFP®, reflect on similarities to the financial planning industry's evolution from stock traders to advisors, from selling products to providing advice. The changes have been positive for consumers, and there's still plenty of chaff to remove. To help you better identify the chaff, Tyler discusses advisory services that stand out and deliver more value to you for the dollars you pay.
 
Here’s some of what we discuss in this episode:
Background on the lawsuit and subsequent agreement for the National Association of Realtors (NAR).
The argument being made against real estate agents.
How this compares to past legislation in the financial planning industry.
The details of the agreement and how it might change fees and services.
The similarities to the financial planning industry and why there’s been a move towards a holistic approach.
 
Have questions?
Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.
http://bit.ly/calltruewealth

How to Avoid A Surprise Bill at Tax Time

When it comes to finances, paying a big bill at tax time is the worst. Worse yet, is if that bill comes as a surprise because your CPA, Investment Professional, and Financial Planner were not on the same page.
In this episode, Tyler Emrick, CFA®, CFP®, sheds light on traditional culprits that cause nasty surprises at tax time. Whether it is capital gain distributions, higher interest rates, or under-withholding on your income we cover it all on today’s episode of Retire Smarter.
 
Here’s some of what we discuss in this episode:
Interest rates have increased ordinary income and what most Americans are used to being taxed on.
Investment considerations to factor in that will impact taxes.
Stats on capital gain distributions and better investment options for tax purposes.
Sometimes you are under-withholding taxes on your income so what should you change?
 
Have questions?
Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.
http://bit.ly/calltruewealth

Smarter Ways To Financially Help Your Children & Grandchildren

So, what are smarter ways to save or gift to your family? In this episode listen to Tyler Emrick, CFA®, CFP® discuss how to gift wisely, be supportive of and not inhibit responsible financial behaviors, utilize intra-family loans, and optimize benefits for your family today and into the future.
 
Here’s some of what we discuss in this episode:
What the statistics tell us about how closely tied parents and young adult children are emotionally and financially these days.
Some smart ways to gift to your children and grandchildren.
Best practices for opening and saving into a 529 account and the mistakes you need to avoid.
Why you might choose to use a custodial account or Roth account instead of a 529 plan.
 
Have questions?
Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.
http://bit.ly/calltruewealth

How Risky of An Investor Are You?

In this episode, Tyler Emrick, CFA®, CFP®, takes a deep dive into the world of risk. Is filling out a simple questionnaire sufficient? How about telling your advisor, "I'm moderately conservative?"  Don't these seem fuzzy at best?
Hear how your perceived risk and diversification may differ – sometimes substantially – from mathematical reality. And be sure to listen in to how Tyler and the team at True Wealth can help you more appropriately find the right risk level, which probably should change over time, to best align your money to achieve your goals. 
 
Here’s some of what we discuss in this episode:
Risk applies to everyone we work with so there are no exceptions when it comes to this topic.
What are the general rules for risk that the industry follows?
The True Wealth Design process for building a plan and determining risk.
How diversification and market conditions are used to construct a portfolio.
What ongoing portfolio management should you be doing to manage risk as you move through life?
 
Have questions?
Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.
http://bit.ly/calltruewealth

What Do Clients Value Most in A Financial Advisor?

In this episode, we investigate the pivotal points that clients continually express genuinely matter when seeking financial guidance.
Hear Tyler Emrick, CFA®, CFP®, explore the deeper aspects of working with a Financial Advisor and how they hold significance when choosing and continuing to work with a financial professional.
 
Here’s some of what we discuss in this episode:
How a conversation with his wife sparked the idea for this show for Tyler.
How we get feedback from our clients to help us evaluate our service.
Where does an advisor add specific value to a client?
Tyler will share a few specific things that people want from their advisor.
The many different designations advisors have and a breakdown of which ones you should pay attention to.
How important are returns?
 
Have questions?
Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.
http://bit.ly/calltruewealth