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

Ep 94: Rules Gone Awry, Part 3 - The Rule of 100

There's a "rule" that says you should take 100, subtract your age, and the result tells you how much of your money you should invest in stocks. It would be awesome if retirement planning was that simple, but simple isn't always effective and that's the problem with the Rule of 100. Take a listen to find out about better ways to invest and plan for your financial future.
This is the third of a five-part series we're revisiting on Retirement Rules Gone Awry. 
 
What we discuss in this episode: 
1:40 - Today's rule  
5:29 - Measuring risk  
10:32 - Simple isn't always better 
 
Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 

Ep 93: Rules Gone Awry, Part 2 - Take Social Security Early

There's an old school of thought that says you should take social security as early as you can so that you can get the most out of it. But this is another one of those retirement rules gone awry that we enjoy picking apart on the podcast. Kevin will tell us why this retirement "rule" needs to be scraped and give us the proper lens through which to view the social security problem.
This is the second of a five-part series we're revisiting on Retirement Rules Gone Awry. 
 
What we discuss in this episode: 
1:52 - Background on this Social Security rule
4:05 - The common approaches people take to SS
5:27 - 'I won't live long enough.' 
6:59 - 'I don't want to wait to spend money.' 
9:21 - Worry about SS funding issues 
14:29 - Different ways you can take SS
 
Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 

Ep 92: Rules Gone Awry, Part 1 - The 80% Spending Rule

Walter was being nosy recently and asking his mom about her retirement plans. When she told him she was planning on living off of 80% of her current income during her retirement years, it raised a red flag. How did she come to that figure?
You guessed it, she didn't really have an exact answer for why she picked that number.
So Walter turns to Kevin on this week's podcast to understand how that "80% Rule" worked its way into the retirement planning vernacular and why we'd all be wiser to ignore it.
This is the first of a five-part series we're revisiting on Retirement Rules Gone Awry. 
 
What we discuss in this episode: 
1:40 - Backstory on this topic
4:28 - How do you determine the amount?
6:03 - Where does it vary from person to person?
10:40 - Why this rule falls apart
15:07 - Building customized plans
17:13 - Final thoughts
 
Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 

Ep 91: What Retirees Want in a Home

Listen as Kevin completes the podcast series discussing the book What Retirees Want (WRW) by world-famous "Age Wave" expert Ken Dychtwald, Ph.D. 
Should you stay or should you go...
While many Boomers intend to not move but age in place, an increasing amount are making a change.
Learn why many more Boomers are choosing to go and where they are going to in order to improve retirement satisfaction. 
 
Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 
 
What we discuss in this episode:
0:42 - Current market volatility
3:28 - Where will you call home?
5:23 - Book passage that ties into this discussion 
8:57 - Age in place or move?
10:48 - Reasons retirees decide to stay
12:53 - Where are people moving to?
17:03 - Retirement regrets
18:52 - Discussing this with clients
20:18 - Continuing Care Retirement Communities
24:41 - Closing thoughts
 

Ep 90: What Retirees Want in Time, Health & Relationships

What do retired Boomers say is the key to retirement happiness? Think about what you would say and then take a listen to learn this and more on the show.
Listen and learn as Kevin continues the podcast series, discussing the book What Retirees Want (WRW) by world-famous "Age Wave" expert Ken Dychtwald, Ph.D. 
 
Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 
 
What we discuss in this episode: 
0:31 - Tom Brady retiring
1:34 - Recap on what we've discussed so far
3:25 - What makes us happy
5:50 - Stress in retirement
8:58 - The idea of leisure
12:28 - Top priorities for Boomers
18:33 - Retirement destinations
25:02 - Final thoughts and action plan
 

Ep 89: What Retirees Want: Work In Retirement?

Listen as Kevin discusses the book What Retirees Want (WRW) by world-famous "Age Wave" expert Ken Dychtwald, Ph.D. Learn why your expectations of how long you'll work will likely vary substantially from how long you'll actually work and why this matters.
 
Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 
 
What we discuss in this episode: 
1:50 - What we're focusing on today
4:31 - Survey found retirees leaving earlier than planned
6:43 - 3 reasons why expectations don't match reality
9:28 - Don't rely heavily on those later earnings
10:54 - Why people are still working in retirement
13:19 - Client story
14:18 - Giving back/mentorship
18:03 - Takeaways from this discussion
21:10 - Having a plan
 

Ep 88: What Retirees Want: An Overview

Listen as Kevin discusses the book What Retirees Want (WRW) by world-famous "Age Wave" expert Ken Dychtwald, Ph.D.
Learn how increasing wealth and longevity have transformed retirement and will continue to create more "Time Affluence."
Hear why Work, Leisure, Health, Home, Family, Finances, and Purpose are key zones impacted by this new idea of retirement and how to better think about and prepare for the softer side of retirement.
 
Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 
 
What we discuss in this episode: 
0:42 - Holiday recap
1:48 - Business growing
3:20 - The book we read
7:05 - The idea of retirement through history
11:52 - Retirees today
13:08 - My grandfather's retirement
16:14 - Time affluence and its influence
18:32 - Final thoughts
 

Ep 87: How Pre-65 Retirees Can Get a Huge Healthcare Tax Credit

Many early retirees find they must utilize Affordable Care Act (ACA or Obamacare) policies to bridge the gap from employer-provided health insurance to Medicare at age 65. ACA policies are expensive but even affluent families may be able to obtain significant tax credits -- often more than $10,000 yearly -- to offset premiums.
Hear Kevin discuss Premium Tax Credits and how to plan to obtain them. With a recent law change, these credits are even more sizable and accessible at higher income levels for 2021 and 2022 and maybe longer with pending tax legislation.
 
Read more and get additional financial resources here: https://www.truewealthdesign.com/ep-87-how-pre-65-retirees-can-get-a-huge-healthcare-tax-credit/ 
 
What we discuss in this episode: 
1:30 - The article that inspired this conversation
3:49 - Background on healthcare and tax credits
5:41 - Insurance costs and a real-life example
13:58 - Summarizing the numbers
15:07 - Planning strategies to take advantage of the credit
18:58 - Changes for 2022
22:56 - Final thoughts

Ep 86: Cash Flow - Measuring & Monitoring the Heartbeat of Your Financial Planning

Do you know what it costs to live your lifestyle? Many successful people don't. They haven't had to worry about money, live below their means, and save diligently.Yet, when it comes to retirement planning, you need to know these costs. On one hand, you need to make sure you have enough and don't run out of money. On the other, you need these costs for proper investment and tax planning.Hear Kevin and special guest Tyler Emrick, CFP, CFA discuss the importance of cash flow and several client stories where it made a huge impact. You'll hear different ways to measure lifestyle and how you can jump-start the planning process by taking a preapproval approach to retirement spending. And be sure to listen to the end where they'll discuss how to monitor your tax-smart distribution planning to be sure you stay on the good side of the retirement track.
 
Get additional financial information: https://www.truewealthdesign.com/ep-86-cash-flow-measuring-monitoring-the-heartbeat-of-your-financial-planning/
 
 
Today's rundown: 
1:12 – Elf on the shelf
5:00 – Cash flow, measuring, and monitoring
11:52 – Kevin’s story about cash flow
15:02 – Tyler’s story about cash flow
20:44 – Cash flow like a mortgage pre-approval
22:03 – Tax importance with cash flow
23:12 – The fourth quarter for retired clients
28:25 – Common concerns
 
Resources: 
https://www.truewealthdesign.com/ep-68-my-journey-as-a-financial-planner/

Ep 85: What’s a “Conservative” Investor To Do These Days?

If you own a disproportionate amount of cash or bonds in your portfolio, you can be broadly classified as a conservative investor. With today's low-interest rates, being conservative is a tough investment row to hoe. Starting yields have been shown to explain 90%+ of returns realized from high-quality bonds. Ergo low-interest rates equal low returns. So what can you do? 
 
Read more: https://www.truewealthdesign.com/ep-85-whats-a-conservative-investor-to-do-these-days/
 
 
Today's rundown: 
0:58 – Catching up with Kevin
3:53 – “Conservative” investor in today’s world
9:16 – Getting a plan and risk
11:54 – Building a bond ladder
13:43 – Consider annuities  
18:04 – Social Security deferring
19:03 – Don’t simply reach for a yield
 
Annuity breakdown: 
https://www.truewealthdesign.com/episode-12-behind-the-curtain-of-annuities-and-free-steak-dinners/
https://www.truewealthdesign.com/episode-13-beating-up-on-variable-annuities/
 
Things to consider before years end:
Ep 62: Pension Lump Sums: 2021 May Be The Best Year Ever - True Wealth Design
Ep 31: Details In A Tax-Smart Retirement Distribution Plan - True Wealth Design
Ep 59: Retiree Health Insurance Part 2: Pre-Medicare - True Wealth Design
How to Get A $16,168 Tax Credit On Obamacare Even If You Are Affluent - True Wealth Design
Want a copy of True Wealth’s free report Plan Smarter for a Lower-Tax Retirement? Drop us a line and we’ll be sure to get it right out.