A common situation that many couples have to face is one spouse being older than the other and worrying about how to protect them financially should something happen. What’s the best way to ensure they are taken care of after you’re gone? Is a big life insurance policy a good option? In this video, John will weigh in on this scenario and answer a question that we recently received: I’m not planning on dying anytime soon, but my wife is nine years younger than me and I want to be sure that she’s ...
Apr 18, 2024•7 min•Ep. 88
For most people, investing strategies change as you age because you want to protect what you’ve earned rather than chasing bigger returns. But what if you have more than you’ll need for retirement in your IRA? Is that a time when being aggressive makes sense or should you still take a more conservative approach? In this video, we’ll be answering a question we recently received with this scenario: I’m in my 70s and it doesn’t seem that I’ll be needing any of the money in my IRA, although I do hav...
Apr 11, 2024•7 min•Ep. 87
As much as any other threat, recognizing and avoiding scams has become a necessary skill for today’s retirees to develop. Technology continues to evolve at a rapid pace, which makes it more and more difficult to stay on top of the latest scams. This episode will highlight the most common financial scams being used right now to help you better recognize when you’re being targeted. Join us as we explore crucial steps you can take to safeguard your financial well-being against the growing tide of s...
Apr 04, 2024•19 min•Ep. 86
It’s not all that uncommon to hear from someone who was given the option of a severance package and pension buyout years ahead of when they actually planned on leaving work to retire. Is it worth taking the offer and leaving your job or does it make more sense to continue working? We received a question recently from someone in this situation: I’m 60 and have been given two options at work. Keep working and retire in 5-6 years with a pension, or I can retire now and take a severance package &...
Mar 28, 2024•8 min•Ep. 85
A common area where people struggle with their finances is simply just making decisions. It’s easy to fall into the trap of overthinking, to the point where you talk yourself into circles and fail to ever make a choice. You’ve probably heard the phrase ‘paralysis by analysis’ before but it often applies to the financial industry as well. We have a scenario that we want to share and work through in this video: It seems like every time I need to make a financial decision, I just end up talking mys...
Mar 21, 2024•12 min•Ep. 84
It’s not uncommon for someone to retire early but still not feel totally comfortable with the idea of not earning a consistent paycheck. It’s a complete shift in thinking and unless you’ve done solid planning, there might be a little doubt still lingering in your mind. So how do you know when you have enough to retire? Better yet, how do you get the confidence to spend the money you have in retirement without the fear of running out and returning to work. We have that exact scenario to work thro...
Mar 14, 2024•10 min•Ep. 83
Are you considering maxing out your 401(k) but unsure what to do next? We face this question all the time at Rosewood Wealth Management so today we want to explore if it’s wise to max out your 401(k) before investing anywhere else, and if it is, where to look if you want to save even more. It’s a good conversation to have early in the year as you make plans for your retirement contributions over the next 12 months. Having said that, we do understand that this is a fortunate position to be in, an...
Feb 01, 2024•15 min•Ep. 82
The future of Social Security continues to be a cause for concern if you read the headlines, but should you be concerned about the reality of the program going bankrupt? With so many retirees relying heavily on Social Security for income, there’s plenty of reason to take notice and ask the question. In this episode, we’ll help you better understand the reasons money is projected to run out sometime in the 2030s by using a triangle and hourglass analogy. John will also tell you why he doesn’t thi...
Nov 02, 2023•13 min•Ep. 81
Today we’re going to answer a question that a lot of people are asking when it comes to retirement planning and that’s when should you do a 401k rollover? You’ve probably heard that it’s usually best to move money out of an old 401k account, but does the timing matter? In this episode, we’ll talk about the qualifying events that need to occur in order to give you the option for a 401k rollover. Then we’ll tell you about the four main options you have once you reach the point where you could roll...
Oct 19, 2023•13 min•Ep. 80
We’re finishing up our estate planning series with Tim Nordgren , an attorney at SchellBray in Chapel Hill, with a discussion today on what could go wrong if we don’t have the main planning documents in place. Then we’ll wrap up with some of his estate planning horror stories that he’s seen through the years. As you heard in our previous episodes with Tim, there are four main estate planning documents: the will, the durable general power of attorney, the healthcare power of attorney, and the liv...
Oct 05, 2023•15 min•Ep. 79
We’re back once again with Tim Nordgren , an attorney at SchellBray in Chapel Hill, to talk more about estate planning. Today we want to address one of the most common questions that comes up during our planning meetings and that’s whether or not someone needs a trust. It seems like many people have been conditioned to think they need a trust, but that’s not always the case. To help us better understand some of the scenarios where a trust makes more sense than a will, Tim will take us through th...
Sep 21, 2023•13 min•Ep. 78
Today we’re joined by Tim Nordgren , an attorney at SchellBray in Chapel Hill who focuses on trusts and estates. We send people to Tim all the time and appreciate the work he does, which is why we wanted to have him explain estate documents a little further for us. He’ll walk us through the documents needed for when doing testamentary planning or planning for incapacity and explain what each document covers. Here are some of the things you’ll learn in this episode: The documents that are needed ...
Sep 07, 2023•14 min•Ep. 77
The role of life insurance in retirement is something many people ask about. Do you still need to keep your policy now that your children are on their own and you’ve built a nice nest egg? While that’s true, life insurance might still be able to play a valuable role in your financial plan and we’ll tell you why in this episode. John will run through the most common reasons people say they need life insurance and we’ll tell you which ones are legitimate. Things like covering final expenses and pa...
Aug 24, 2023•18 min•Ep. 76
We’re in the middle of one of the largest wealth transfers in our country’s history as Baby Boomers pass on their estate to loved ones, and some of that money is coming in the form of an IRA. Rules regarding inherited IRAs have changed in the past few years so we want to bring you up to speed on what’s new. Plus, we'll walk you through some of the decisions you’ll need to make with an inherited IRA, how it impacts beneficiaries differently, and explain the differences for Roth IRAs. Here are som...
Aug 10, 2023•16 min•Ep. 75
In this episode, we’ll explore many of the expenses in your life that might drastically change (one way or another) in retirement. We’ll break those expenses down further to see which ones are the top priorities and analyze some of the other factors that impact your cash flow in retirement. Here are some of the things you’ll learn in this episode: Will your work-related expenses like gas and clothes really change as much as you think? (2:44) What we typically tell people to prepare for when it c...
Jul 20, 2023•18 min•Ep. 74
When you think about a family’s assets in retirement, few are more important than the home. Not only is it typically the most expensive thing a person owns, but it also carries a lot of emotional attachment with it. Once you reach retirement, you’re likely going to have a few things to consider with your home, and people often go in one of four different directions: stay in their home, move to a new home, become a renter, or buy a second home. Today we’ll talk through each option and what financ...
Jul 06, 2023•18 min•Ep. 73
Our three-part series on marriage and money wraps up today with a look at the financial decisions that often happen during the divorce process. This is going to be a highly emotional and difficult process for those involved, which makes the financial aspect of this process even more challenging. We’ll walk you through a few of the items that will need to be addressed like dividing assets, child support, and updating documents. Then we’ll talk about how your mindset has to change as you begin the...
Jun 22, 2023•15 min•Ep. 72
Money plays a significant role in the health of a relationship and life events like marriage and remarriage require us to have honest conversations about finances when we take these steps in life. In this episode, we’re going to spend time discussing the items that need attention when you get remarried. There are some common themes and considerations as your first marriage, but things like combining finances and joint accounts will inevitably be more difficult when it’s the second marriage becau...
Jun 08, 2023•15 min•Ep. 71
Some of life’s biggest events come with important financial decisions and marriage might be at the top of the list. Many of the arguments in a relationship start because of disagreements about money, which is why it’s so important to have a conversation about money and managing finances before your wedding day. In this episode, John will provide some financial guidance and useful tips for how to approach these topics with your spouse. Should you combine finances? How do you define certain spendi...
May 25, 2023•14 min•Ep. 70
Have you ever wondered why you handle money the way you do? It turns out your financial behaviors can be traced back to your formative memories. Key events throughout our lives shape the way we view money. In this episode, we explore how historic market crashes have left a lasting impact on our relationship with money. We’ll also contrast them with the way more recent crises have shaped our financial views and decisions in the short term. Best of all, we’ll start it all off with a biblical examp...
May 04, 2023•19 min•Ep. 69
Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you're eligible is the best decision for your financial future? In this episode, we'll be debunking common myths about Social Security and answering the questions you've been curious about. Social Security will be one of the biggest sources of retirement income for most Americans and you need to be aware of these myths before filing for your benefits. Most of the time,...
Apr 20, 2023•21 min•Ep. 68
Are you preparing for retirement but feeling confident that you have covered all the expenses? Well, think again… It turns out that many retirees overlook some crucial expenses that can leave them financially vulnerable. In this episode, we explore the retirement expenses that most people tend to forget, including skyrocketing medical bills, unexpected travel costs, taxes, and much more. We'll discuss practical tips and strategies to help you plan for these expenses and ensure a secure and comfo...
Apr 06, 2023•17 min•Ep. 67
Do you ever feel like your retirement planning goals are always moving? You're not alone. We’ve found that people often move the goalposts in their own retirement planning, often to their detriment. In this episode, we're diving deep into the psychology of retirement planning and the dangers of moving the goalposts. Keep in mind that we’re talking about the rules you make for yourself rather and not the changes you make to your financial plan. We want to have a financial plan that’s flexible eno...
Mar 16, 2023•16 min•Ep. 66
Retirement can come with a lot of tax questions and concerns. From understanding the tax implications of withdrawing from your retirement accounts to minimizing taxes on investment income, it can be overwhelming. On today’s episode, we’ll break down the top ten tax questions retirees are asking in 2023. Before you file your 2022 taxes and plan ahead for the rest of the year, make sure to listen to this episode as we’ll discuss some important tax questions that retirees should ask themselves to e...
Feb 23, 2023•18 min•Ep. 65
mistakes. No matter how experienced you might be, we’re all susceptible to a moment of weakness. On this episode, John will cover some of the top rookie mistakes we see people make and share examples of how he’s seen this play out. Plus, he’ll illustrate how to avoid these missteps or how to fix them if you’re already made some in your financial life. Here’s some of what you’ll learn in this episode: Do you have a purpose for the money you’re investing? (1:39) Why investors don’t always understa...
Feb 09, 2023•18 min•Ep. 64
The SECURE Act 2.0 was pushed through Congress late last year, and even though you won’t see too many exciting headlines about the legislation, there are actually some great planning opportunities inside. We spent a little time talking about the RMD age change that will impact people in or near retirement in our last episode. Now we want to highlight a few more positive changes that you need to know about, including catch-up contribution increases, a 529 to Roth option, and a benefit for people ...
Jan 26, 2023•12 min•Ep. 63
We’re only a few years removed from the SECURE Act being passed, which brought about significant retirement planning changes. Now three years late, Congress passed SECURE Act 2.0 in late December and we have another round of changes to process and adjust to. We’ll cover these provisions over the course of multiple episodes, but today we’ll focus primarily on another adjustment to the age you have to begin taking required minimum distributions. Starting this year, the age will move from 72 to 73,...
Jan 19, 2023•8 min•Ep. 62
The end of the year (or start of a new year) probably means you’re getting a lot of financial statements in your mailbox (or inbox if you’re paperless). Ever wonder what some of those terms mean as you look at your 401(k), IRA and other account balances? Let’s spend a little time looking over a financial statement and breaking down some of the terms you might come across. Here’s some of what you’ll learn on this episode: How accurate are retirement income projections you’ll see? (1:38) What do y...
Dec 21, 2022•15 min•Ep. 61
Even if she wasn’t directly talking about money, Grandma said a lot of smart things that we can apply to financial planning. We might not have known it then, but looking back on wisdom that was imparted to us can teach us lessons years later. On this episode, let’s take some classic Grandma sayings and see how they relate to our financial lives. Here’s some of what you’ll learn on this episode: How ‘when it rains it pours’ applies to the way the market behaves. (1:33) ‘You never know’ is used qu...
Dec 08, 2022•13 min•Ep. 60
Getting through retirement can be a lot like running a marathon. While we may not know that through first-hand experience, we can certainly lean on the lessons we’ve learned from family and friends who have succeeded in this endeavor. On this episode, let’s talk about some of the similarities of getting to the finish line in racing and retirement. Much like in retirement, runners might be able to finish a race without all the planning and prep, but they might not how they’re feeling during and a...
Nov 22, 2022•14 min•Ep. 59
