How much should you really be saving or already have tucked away toward retirement? As a follow-up to our three-part series where we focused on the retirement questions of every generation, David gets down to percentages and dollar amounts you’ll need to answer this common question. Here’s some of what we discuss in this episode: If we’re living longer, do I need to save more? How much of my current income do I need to replace with my retirement savings? How much should I already have saved? Wha...
Apr 25, 2024•25 min•Ep. 246
For those in their mid-twenties to mid-forties, this episode is for you! In this final part of our three-part series, we look at the financial questions that millennials are asking. With plenty of working years ahead, the financial advice for millennials is very different than for retirees. From paying off student loans to saving toward retirement goals, David shares some ideas you might want to consider in the years ahead. Here’s some of what we discuss in this episode: Should I prioritize payi...
Apr 11, 2024•36 min•Ep. 245
If you are between the ages of about 44 to 59 years old, you might be asking retirement questions about whether you have saved enough to retire or even if you can retire early. In part two of our three-part series, today we get into some really good information for Gen X as they begin to really buckle down and think about what retirement might look like and how to successfully prepare. Whether you are trying to catch up on saving or looking to leverage your investments, David has plenty of wisdo...
Mar 28, 2024•31 min•Ep. 244
What financial questions are every generation asking? Over the course of this three-part series, there will be something for everyone! Every generation has a different set of scenarios and priorities they are facing. Today, we’ll focus on six common financial questions Baby Boomers are asking (and then in future episodes we’ll dive into the questions Gen X and Millennials are facing). These are generic questions that David hears every day in his office, but remember that broad advice doesn’t alw...
Mar 14, 2024•25 min•Ep. 243
As we wrap up the month of February with a few 60-degree days (not to mention a Super Bowl win!) we take the mailbag as David answers some listener questions. To start, Jason is wondering how to best handle his 401(k) after retiring. Then Megan wants to know the best way her dad can wisely gift money to avoid estate tax. David explains what the state tax exemption is and who to talk to in order to get the right answers on how best to proceed. Finally, we discuss the capital gains implications of...
Feb 29, 2024•18 min•Ep. 242
Following the Super Bowl, we can’t help but bask in the glow of the Chiefs’ victory. David shares four financial insights and comparisons to Sunday’s game. For instance, Travis Kelce was shut down in the first half but had 8 catches and 92 yards in the second half. How does that relate to your financial plan? Here’s some of what we discuss in this episode: Have a good plan and be open to mid-course corrections. Have discipline and do the little things well. Adversity will come your way, it’s rea...
Feb 15, 2024•26 min•Ep. 241
Diving into the mailbag, David answers three questions about Social Security, 401(k) savings, and bad debt. Whether you are full retirement age, like Jacob who asks when to begin taking Social Security, or you are in your working years like Anna who is saving away in her 401(k), you’re sure to learn something from today’s show. Here’s some of what we discuss in this episode: Mailbag: I’ve reached full retirement age but don’t plan to retire anytime soon. When should I take my Social Security? Ma...
Feb 02, 2024•23 min•Ep. 240
Life insurance isn’t a fun topic to talk about, but it’s an important one. We talk through three reasons you should use life insurance and how to have a life insurance strategy in place--as soon as this week. Remember, with life insurance, you’re trying to protect against an unforeseen financial event. Here’s some of what we discuss in this episode: The income replacement of a breadwinner. The rising cost of long-term healthcare. Transferring wealth in the future to your heirs. For additional re...
Jan 18, 2024•27 min•Ep. 239
For our first podcast of the new year, we are covering five things you can take care of this month to get your year off on the right track. Whether you have big financial plans for the year or simple financial tweaks, each of these five things are important and doable in January. Here’s some of what we discuss in this episode: Calculating your financial net worth. Getting the 401k company match. Building an emergency savings account. Avoiding debt. Putting your savings system on autopilot. How t...
Jan 04, 2024•27 min•Ep. 238
Because David loves listener questions so much, we wanted to end the year with a few more! For starters, Amy says she has never been in a hurry to pay off debt, never paid extra on her mortgage, uses a HELOC, doesn’t pay cash for cars, and doesn’t see a problem with it. Using debt has allowed her to use money for other things, including saving for retirement. Is that okay? Here are the questions we discuss in this episode: Mailbag: I’m not in a hurry to pay off debt, is that bad? Mailbag: Due to...
Dec 21, 2023•15 min•Ep. 237
Today, we do one of the things David does best—answer financial questions! No matter where you are in your financial journey, at least one of these listener questions may relate to your life. From end-of-year charitable donations and how they may (or may not) impact your taxes to deciding what to do with a raise, David shares what you need to keep in mind. Here’s some of what we discuss in this episode: Mailbag: Do charitable contributions still benefit me from a tax standpoint? Mailbag: What sh...
Dec 07, 2023•16 min•Ep. 236
If you have a pension, you have some choices to sort through when it comes time to use it. Should you take a monthly payment or a lump sum? It’s a big decision to make and not one to take lightly. While we’ve covered this topic in the past, a lot of things have changed between inflation and interest rates. We discuss six key factors to consider. Each of these factors should play a part in your decision to determine what’s best for you. Here’s some of what we discuss in this episode: What’s happe...
Nov 16, 2023•26 min•Ep. 235
Following the meeting with a client, we dive into what happens when someone inherits an IRA. The rules about inherited IRAs have changed a lot in the last few years and mistakes can be costly. Listen in as we review what changed since the SECURE Act was implemented. We'll also discuss some examples of how it can look to inherit an IRA, both for a spouse or a non-spouse beneficiary. Here’s some of what we discuss in this episode: The SECURE Act changed the rules. There are two main categories of ...
Nov 02, 2023•16 min•Ep. 234
When you go to sell your home, there’s a lot to keep in mind! After a few questions from clients, David sets the record straight on today’s podcast about what to expect regarding taxes when selling your house. Whether you are in retirement or in your 30s, you’ll want to use this as a starting point before you go to sell. Here’s some of what we discuss in this episode: After the ownership and use test, how much of the gain can you exclude from tax? Do home improvements reduce the taxable gain? Ho...
Oct 26, 2023•17 min•Ep. 233
David does one of the things he loves to do best—helping listeners! We dive into the mailbag today to hear questions from people in all sorts of different points in their financial lives. We hear from a retiree ready to downsize, a younger listener trying to max out savings, and someone about to retire but shocked by required minimum distributions . Do you relate to any of these situations? Here are the questions David answers today: Mailbag: Planning to downsize our house. Should we pay cash to...
Oct 12, 2023•19 min•Ep. 232
Although everyone is unique and has their own journey, today we talk through a list of five “universal truths” when it comes to retirement. David weighs in regarding how true each of these things may be for everyone. From needing an income plan in retirement to under-standing the statistical likelihood of one day needing long-term care, are you prepared? Planning ahead can be of great importance, especially on behalf of your beneficiaries, saving everyone from a lot of heartache and confusion do...
Sep 28, 2023•26 min•Ep. 231
Let’s talk about the mandatory withdrawals you’ll eventually have to take out of your accounts. Required minimum distributions are something to expect once you hit a certain age, but there are still plenty of ways to be strategic about them. Especially once you’re over 60 and in the retirement “red zone,” you’ll want to plan for your RMDs and what you can do about them. We talk through different strategies that David has used with his clients and what to keep in mind about RMDs. Here’s what we d...
Sep 14, 2023•21 min•Ep. 230
Is it really necessary to set up a trust? Fran shares what her age and assets are when she asks this important question. While David is not a lawyer, as a financial advisor he shares some of the reasons why or why not someone would want or need a trust when estate planning. Tune in as David answers this and two other questions from the mailbag on today’s show. Here are the listener questions David answers: Mailbag: Should I save my healthcare receipts in my 30s to later get reimbursed by my HSA ...
Aug 24, 2023•16 min•Ep. 229
We used to talk about stretch IRAs all the time, but now we hardly mention it. Why is that? Even though we rarely discuss it on the podcast, David regularly hears questions about stretch IRAs in his office from clients. In this episode, we’ll reflect on the stretch IRA’s former glory, and share how to leave an IRA to a beneficiary strategically now that the stretch IRA as we knew it, ceases to exist. Here’s what you’ll learn on today’s show: What a stretch IRA was and why it was important. The n...
Aug 11, 2023•14 min•Ep. 228
Is there such thing as contributing to a Roth IRA too soon? After a number of clients have asked how to fund a Roth IRA for a grandchild or college-aged child, David wanted to share all about this option and gift toward the future. Here’s what you’ll learn on today’s show: Is it possible to be too young to start a Roth IRA? (2:12) What qualifications do you need to open a Roth IRA? (4:30) Why should we pay attention to Roth IRAs? (6:16) Can they withdraw early from the account? (8:03) Any Roth o...
Jul 27, 2023•23 min•Ep. 227
Whether you’re close to retirement or still far from that exciting date, it’s not uncommon to wonder when you should start preparing for each aspect of it. From figuring out the right time to be debt-free and when to adjust your portfolio risk, to deciding when to plan for your Social Security benefits or healthcare coverage, this episode guides you through the ideal timeline for each. Tune in to find out how far away from retirement you should have answers to these pressing questions. Here’s wh...
Jul 13, 2023•37 min•Ep. 226
We’ve all heard the phrase, “too much of a good thing.” Is there such a thing as saving “too much” for retirement? If you’re still working, it’s helpful to figure out how much you really need for the future. Have a plan that considers what your retirement income sources will be as well as what expenses you may face. There are some expenses that are reduced or eliminated altogether in retirement. On the other hand, don’t forget about added costs like inflation or health care costs. Here’s what yo...
Jun 29, 2023•21 min•Ep. 225
When it comes to taking Social Security benefits, there’s often a question about whether to take them as soon as possible or to wait. Inspired by a few recent conversations in the office, David wanted to specifically discuss the Social Security benefits for those who are divorced, currently single, at retirement age, and able to get benefits based on an ex-spouse’s work records. Here’s what you’ll learn on today’s show about ex-spouse Social Security benefits: Who is eligible to claim ex-spouse ...
Jun 22, 2023•13 min•Ep. 224
You might be surprised how many times the same financial questions come up, but the answers can depend on the person. David talks through commonly asked questions and concerns in the office and shares how to find the answer that is right for you . Stay tuned to see what you can learn from this week's mailbag episode! Here’s what you’ll learn: Should I pay off my house early? (1:51) How do I financially cut off my adult child without causing issues? (5:07) Should I delay retirement until my house...
Jun 08, 2023•20 min•Ep. 223
After a few days with the grandkids, David is ready to talk about ways to give tax-free gifts to beneficiaries, now and in the future. How can you pass some of your legacy onto the next generation? Whether you are well into retirement or still have kids yet to leave the nest, there are a number of ways to do this. David shares three strategies and then discusses what possible downsides you’d want to watch out for. Here’s what you’ll learn on today’s show: What does it mean to have a tax-free gif...
Jun 01, 2023•17 min•Ep. 222
There are ways to invest tax-efficiently, and you don’t necessarily need a Roth or IRA, or 401(k) to do that. How so? David answers three questions from the mailbag today from listeners who are facing different investing decisions. From what to do with an inherited IRA to making wise financial decisions that can impact future generations, there are ways you can approach these situations strategically. Here are the questions we cover today: Mailbag: Am I required to take distributions annually on...
May 18, 2023•17 min•Ep. 221
When you go to set up an IRA or financial account, one simple, critical step is designating a beneficiary. This very important detail is too often overlooked or skipped over, causing mistakes that are incredibly hard to fix once you’re gone. In today’s podcast, David outlines the four biggest mistakes he commonly sees with beneficiary designations and what you can do to fix them before it’s too late. Here are the big mistakes you’ll want to avoid: Not naming a beneficiary. (6:17) Not naming some...
May 11, 2023•25 min•Ep. 220
Your credit score can have a big impact on certain financial decisions such as buying a house or car. Today we talk through how your credit score, or FICO score, is calculated and how you can improve it. While the average credit score in America in 2022 was 714, aiming for higher scores can unlock better financial opportunities. In this episode, David will cover the scores you should be aiming for and how to achieve them. Here’s what you’ll learn in today’s show: Why is your credit score so impo...
May 04, 2023•20 min•Ep. 219
We all know that David likes Roths as a good vehicle for retirement and inheritance. But today we’re going to dive into why someone shouldn’t do a Roth conversion. Whether that’s based on the timing or circumstances, there are a few reasons a Roth conversion might not be the right fit for you. Here are six reasons why you might not want to do a Roth conversion: I can’t stomach paying my taxes early. (2:19) I can’t believe Roth IRAs will always be tax-free. (4:07) Maybe I should wait until future...
Apr 27, 2023•21 min•Ep. 218
Whether you love them or hate them, annuities are just another financial tool that could help you meet your financial goals. Working with the right advisor who is neutral and unbiased will help you navigate your decisions around annuities. There are four types of annuities , so start by understanding what those are to then ask the question of whether they are the right fit for your financial plan. Here’s what you’ll learn today: What are annuities? (2:22) Myth: Insurance companies keep all my mo...
Apr 20, 2023•25 min•Ep. 217
