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

Widowed in Retirement - How to Plan for the Financial Changes

Losing a spouse is difficult. Losing a spouse that handles your household finances is devastating. Hear Tyler Emrick, CFA®, CFP®, discuss what you need to know to ensure your household is in good financial shape after you pass and how True Wealth Design helps families when they need it the most – after a loss of a loved one. 
 
Here are some of what we discuss in this episode:
Experience working with families in this situation. (1:26)
The problems that arise when just one spouse handles everything. (3:33)
Getting a person comfortable to make decisions and take over the financial role. (8:06)
How we advise people about the estate planning process.  (10:57)
The division of labor in the household and Tyler’s personal experience.  (13:23)
What are the typical changes for the surviving spouse? (20:21)
 
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

Faulty Retirement Assumptions

A solid retirement plan starts with making reasonable assumptions on myriad items -- your retirement lifestyle and its associated spending and what you can reasonably expect from your investments to just name a few. Poor assumptions will get you off on the wrong foot and may force you to make severe and undesirable lifestyle reductions to get back on track.  
Hear Tyer Emrick, CFA®, CFP® discuss common assumptions and where they go wrong.  We've all heard the saying about when you 'ass-u-me' things. Don't be a donkey. Rather, listen and learn, as you take a step on the right retirement foot.
 
Here are some of the assumptions we will discuss in this episode:
The perception that the stock market is the biggest risk to retirement. (6:09)
Families ignoring inflation in their retirement plan projections. (11:10)
The spending assumptions that families typically make. (15:38)
Not accounting for income changes in retirement. (18:06)
Will you love not having a job in retirement? (21:42)
 
Hear our previous interview with retirement researcher Dr. David Blanchett. 
Part 1 ---> https://www.truewealthdesign.com/ep-101-interview-with-retirement-researcher-dr-david-blanchett-part-1/
Part 2 ---> https://www.truewealthdesign.com/ep-102-interview-with-retirement-researcher-dr-david-blanchett-part-2/
 
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

Bank Busts & Safeguards for Your Investment Funds

There has been a lot of misinformation regarding and uncertainty caused by the recent bank failures. You may have concerns about whether your money is at risk whether at a bank or at custodians such as Charles Schwab, Fidelity, Pershing, or TD Ameritrade. 
 
Hear Kevin Kroskey, CFP®, MBA give a summary of what happened at Silicon Valley Bank and explain why your bank account should be thought of as a loan to the bank (because it is!). Conversely, he'll detail key investor protections you benefit from by not having your account a general liability of a bank but a segregated account at a custodian. He'll go further and explain how mutual funds and ETFs held in your investment accounts allow additional safeguards and segregation of your assets.
 
You'll learn about coverage you may have through the Securities Investor Protection Corporation (SIPC), excess SIPC coverage custodians may have to protect affluent investors, and, as an example of the safeguards, what happened to investors' segregated accounts held at Lehman Brother's bankruptcy during the GFC. 
 
Here's some of what you'll learn in this episode: 
So much misinformation around the banking collapse right now. (3:17)
The details of what happened and what went wrong. (8:30)
Why were investors caught off guard by the risk in commercial banking? (18:03)
Some of the differences in the way different institutions manage your money. (28:11)
Kevin's opinion on what he thinks could happen moving forward. (36:15)
 
Have questions?
 
If you’re ready to explore a relationship and gain more clarity and confidence around your retirement, taxes, and investments use this link to schedule a free 15-minute call with one of our experienced and credentialed professionals.

Top 5 To-Do’s Before You Retire

Getting to the point where you finally decide to retire is one thing, but trying to ride off into the sunset can be an exceptionally tall task. Hear Tyler Emrick, CFA®, CFP®, talk through his five must-do items to help you feel confident about cutting the paycheck cord.     
Here are the five things we'll discuss on this episode:
Have a non-financial retirement plan. (3:27)
Visualize and project. (8:44)
Start measuring. (11:23)
Create your distribution plan (18:27)
Find an expert to help (23:09)
 
RELATED CONTENT: 
Your Hierarchy of Retirement Needs - https://www.truewealthdesign.com/ep-76-your-hierarchy-of-retirement-needs/
 
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 Much Is the Right Amount Of Cash?

Coming off a year with unprecedented interest rate hikes, everywhere you turn there is an advertisement for yields on CDs or other types of savings accounts. Clients are asking whether they should consider using these products, and if so, to what extent. 
 
Hear Tyler Emrick, CFA®, CFP® discuss pros, cons, and alternative solutions and, more importantly, how you should think about the role cash has in your broader financial, retirement, and investment planning. 
 
Here's some of what you'll learn in this episode: 
What economic trends are we seeing in recent months? (1:52)
What are some alternative investments to consider? (6:58)
A story about someone we worked with who had much more cash than they realized. (10:38)
The cash discussion goes well beyond just an emergency fund. (16:08)
 
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

Nearing Retirement But Facing Potential Layoff?

Unemployment numbers are near historic lows, but for some white-collar professionals, that does not tell the whole story.  Many are rightfully concerned their job is at risk, potentially harming a retirement plan that would otherwise be on track. 
 
Listen as Tyler Emrick, CFA®, CFP®, talks through what industries are getting hit the hardest and what you can do now to help protect your retirement in the face of job insecurity.
 
Here's some of what you'll learn in this episode: 
What we're seeing in the workforce right now. (0:52)
Studies show that people often don't work as long as they had planned. (4:17)
What are some of the signs that financial trouble might be coming for your employer? (6:17)
What is offered in an early retirement package? (10:11)
What should you consider if you get caught up in a round of layoffs? (15:11)
 
Check out our podcast on Pension Lump Sums: https://www.truewealthdesign.com/ep-106-pension-lump-sums-you-may-need-to-act-now-in-2022/ 
 
 
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 are Retirees Doing After Poor Market Returns in 2022

2022 was a tough year for stock and bond market returns. How are retirees adapting to the falling market? What decisions are they making now to set themselves up for success in the future? 
 
Listen as Tyler Emrick, CFP, CFA, shares his clients' stories to uncover their questions and how they plan to navigate the challenges posed by the current market and economic landscape.  
 
Here's some of what you'll learn in this episode: 
Some of the numbers that show just how bad 2022 was for investors. (2:54)
A lot of families are using the flexibility built into their retirement plan. (5:47)
Considering taking advantage of a Roth conversion. (10:28)
We've started taking a closer look at retirees' spending to see how it's changed. (13:16) 
What we're looking at inside a client's portfolio. (20:24)
 
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

Secure Act 2.0 - Key Impacts on Your Retirement Planning

The much anticipated Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0 recently passed Congress as part of the Consolidated Appropriations Act of 2023. While no single change made in this act will have the same level of effect on your retirement planning as some changes made in the original SECURE Act, passed in December 2019, there are far more provisions in this act that may impact your planning. 
 
Hear Tyler Emrick, CFP, CFA discuss some of the more impactful changes and how they will affect your planning and retirement.  
 
Here's some of what you'll learn in this episode:
What is the SECURE Act and why another update? (1:23) 
Big changes to RMDs including age being pushed back again.  (3:22) 
The Roth changes that you can start planning for. (8:29)
Catch-up contributions for high-income earners will be required to be Roth. (11:11)
A 529 to Roth transfer will be allowed after 15 years. How can you qualify for that? (13:47)
Additional contribution increases coming in 2024 and 2025. (17:10)
A few other changes that we think you should know about. (20:18)
 
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

Social Security - Planning Strategies, COLA, and Update

Whether you are trying to understand better how Social Security works or looking to optimize your filing strategy, this episode is for you. 
 
Hear Tyler discuss some of the less talked about factors impacting your Social Security claiming strategy. Listen as he talks through his clients' most common questions and concerns. All to help you better understand and maximize your benefits. 
 
Here's some of what you'll learn on this episode: 
How Social Security as part of income planning has changed through the years. (3:13)
How we help clients identify Social Security opportunities they have. (7:29)
The Cost Of Living Adjustment (COLA) coming in 2023. (16:05)
How we help clients determine their claiming strategy. (20:34)
Where does Social Security fit into the overall retirement planning process. (30:14)
 
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
 

Ep 113: Enhancing Your Charitable Giving

Most Americans donate to charity yearly, and many have distinct goals in their retirement plan to meet annual charitable donations. Most also give cash … the tax-efficient way to give.
Hear Kevin and Tyler discuss ways to tax-optimize your charitable giving. Whether through bunching your deductions or using donations of appreciated stock, each coupled with a donor-advised fund can help you gain a bigger tax break and meet your charitable goals in the Retire Smarter way.
 
Here's some of what you'll learn in this episode:
Why we want to be more thoughtful of the why behind charitable giving. (4:20)
Details on the current standard tax deduction amounts. (11:25)
How you can utilize the bunching strategy to maximize deductions. (14:17)
An example of how clients typically approach giving. (17:11) 
Assets you might consider giving instead of cash. (20:35)
 
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