Sometimes we assume the worst or make a guess so we don’t have to find out the truth when it comes to our finances. What guesses have you been making? On today’s podcast, we’ll talk about the common financial areas people tend to guess instead of prepare and how to plan for them.   Read more and get additional financial resources here: https://wp.me/paeqsR-bH    What we discuss on this episode:  0:57 - Are you guessing at your retirement plans? 1:33 - Why guess on monthly retirement income? 5:29 - Why ignore the major purchases or emergency fund?  9:05 - How do you predict inflation? 13:04 - How can you plan for rising healthcare costs?

Retirement Elevated Podcast with Sean Lee

The Financial Plan Guessing Game

Is it time to put your lazy money to work? On today’s show, we talk about what lazy money is and why you shouldn’t keep too much of it lying around.   Read and get additional financial information: https://retirementelevatedpodcast.com/podcast/ep-75-lazy-money/   What we discuss:  1:00 - What is lazy money? 3:09 - Why do people have it? 4:29 - Why is having lazy money dangerous?   6:43 - How does Sean help?

Lazy Money

What kind of decisions do you need to make when it comes to your home in retirement? Sean talks through several scenarios people tend to consider when it comes to their house.   Read and get additional financial information: https://retirementelevatedpodcast.com/podcast/this-ones-on-the-house/   What we discuss:  0:39 - How’s everything been? 1:28 - Feeling ready to downsize? 4:23 - Should you pay off the house? 6:22 - Thinking about a vacation home? 8:22 - Wondering about moving out of state? 10:20 - What are the perks of a retirement community?  

This One’s On The House

What are the questionable kinds of financial advisors you should look out for? On today’s podcast we have a bit of fun as we categorize a few different types of advisors you may want to steer clear of.   Read more and get additional financial resources here: https://wp.me/paeqsR-dc    What we discuss on this episode:  0:40 - What are Sean’s Labor Day plans? 2:40 - The guy with a hammer. 3:49 - The oxygen hog. 5:40 - The car trunk operator. 9:29 - The non-answerer.

Questionable Financial Advisors

From the next few years and into retirement, what’s scaring you? And what do people wish they had done sooner? We ask Sean several questions to help ease your fears by making a plan.   Read more and get additional financial resources here: https://wp.me/paeqsR-d6    What we discuss on this episode:  1:49 - What scares people about retirement? 3:38 - Which is scarier: inflation, rising taxes, or market volatility? 5:51 - What tax bracket do people find themselves in during retirement? 6:03 - Which tax situation best describes people in retirement? 8:17 - How much money does the average person need saved for retirement?   9:52 - What do people wish they had more of?  

Multiple Choice Retirement Quiz

Let’s go through the retirement checklist to cover all the key issues you should think about before retirement. How prepared are you?   Read more and get additional financial resources here: https://wp.me/paeqsR-cY    What we discuss on this episode:  0:50 - What should we consider before we retire? 2:52 - Are you retiring early? 4:24 - What is the Social Security elimination windfall?  5:38 - What do you need to know if you’re divorced or widowed? 8:13 - What health insurance issues do you need to cover?  9:48 - What about dental or vision insurance? 11:03 - What happens to your HSA? 11:32 - What about Medicare? 12:41 - If you’re disabled, what do you need to know? 13:16 - Are you concerned about funding long-term care?  

What Issues Should I Consider Before I Retire?

Ever wonder what you should keep or what you can toss? Let’s discuss your important financial documents and how long you need them.   Read more and get additional financial resources here: https://wp.me/paeqsR-cS    What we discuss on this episode:  0:26 - Sean’s enjoying summer time.  1:11 - What tax documents should you keep on file? 2:59 - What healthcare documents do you need? 5:20 - What other legal documents do you need to keep? 7:34 - What asset or debt related documents do you have? 9:25 - What do business owners need to keep? 11:13 - What about your mortgage?  

Ep 70: What Important Documents Should You Keep?

For whatever reason, forced and early retirements do happen. What should you do? Sean talks through some strategies to make sure the transition is as smooth as possible.   Read more and get additional financial resources here: https://wp.me/paeqsR-cG    What we discuss on this episode:  0:24 - How does Sean celebrate the 4th of July?  1:40 - Forced retirement unfortunately happens.    4:11 - What ways can we cope with forced retirement? 5:47 - What kind of emotional and planning response could be triggered? 7:10 - When should you do more Roth conversions? 8:23 - What should you do first?

What to Do When Facing a Forced Retirement

Are you prepared for these possible unexpected expenses in retirement? Find out what you need to include in your plan to be prepared. Read more and get additional financial resources here: https://retirementelevatedpodcast.com/podcast/unexpected-retirement-expenses/ What we discuss on this episode:  1:05 - What retirement expenses get overlooked? 1:34 - What medical expenses are typical? 4:01 - Travel is typical in retirement. But what’s unexpected?  7:54 - Family care can be costly. 9:36 - Taxes should be planned for.

Unexpected Retirement Expenses

Taxes in retirement require a lot of strategy and planning to get it right. What can you be doing now to prepare for taxes later on?   Read more and get additional financial resources here: https://wp.me/paeqsR-cs    What we discuss on this episode:  1:02 - The economy is made up of several components. 4:32 - Fund your Roth 401(k). 6:02 - Is cash value life insurance worth considering? 9:09 - Have you considered a Roth conversion?

Diffusing the Tax Time Bomb

A great way to save for and build toward retirement in through your 401(k) at work. That said, some of these common mistakes can cause real issues. On today’s podcast, we discuss possible pitfalls with your 401(k) and how to avoid them.    Read more and get additional financial resources here: https://wp.me/paeqsR-cl    What we discuss on this episode:  0:30 - Spring is Sean’s favorite time of year. 0:58 - Left the job and leave the 401(k) behind? 3:00 - Are you rebalancing? 4:23 - How does rebalancing work within a target date fund? 7:04 - Does the 401(k) planner have our best interest in mind? 9:08 - Are you assuming fees are minimal?

Common 401K Mistakes

When you study people who retire wealthy and comfortable, there are some key things they usually do. We’ll explain how you can achieve satisfaction with your retirement.   Read more and get additional financial resources here: https://wp.me/paeqsR-cc    What we discuss on this episode: 2:45 – Peace of mind 5:59 – Diversity of assets 7:15 – Confidence 9:15 – Working with an advisor

The Key to Achieving Retirement Satisfaction

What’s the latest news about the SECURE Act and inherited IRAs? The SECURE Act was the death of the stretch IRA. Previously, inheritors were allowed to stretch out the withdrawals of the inherited IRA over their life expectancy. The SECURE Act that was enacted at the beginning of 2020 changed things to the 10-year rule. But is it what we thought it was?   Read more and get additional financial resources here: https://wp.me/paeqsR-c7    What we discuss on this episode:  0:20 - Sean is living the spring dream. 1:20 - The RMD rule in the SECURE Act is not what you think. 2:36 - What is the new rule? 5:04 - What happens if someone leaves you money in your prime income years? 7:05 - Are you tax planning? 8:45 - What questions should you ask your advisor?

The SECURE Act - RMD & Inherited IRA Surprises

Have you stopped to think about what you want retirement to look like? Past your financials, retirement planning has a lot to do with your goals and wants when it comes to how you plan to spend your time. Today, Sean talks with Daniel Allgaier, CFP®, about the mindset and the end goal when it comes to retirement.   Read more and get additional financial resources here: https://wp.me/paeqsR-bU    What we discuss on this episode:  2:07 - When you build your financial plan, what’s the math problem?  3:38 - What will you do in retirement? 5:30 - Retirement is a big change. 7:59 - Have a mapped out plan about your time in retirement. 10:13 - Act as if you’re retired already. 13:28 - Are you prepared for what retirement is?

Getting The Right Mindset For Retirement

Where and how should you allocate? What’s typical among other affluent households when it comes to investing? We talk with a member of our team to help you understand our approach a little better.   Read more and get additional financial resources here: https://wp.me/paeqsR-bQ    What we discuss on this episode:  1:57 - What does it mean to “begin with the end in mind”? 5:05 - What is systematic risk? 8:35 - What is your capacity for risk? 10:30 - Where do you put your money? 13:15 - How does America invest? 14:56 - Most affluent households stayed the course in 2020. 17:59 - Should you use a target date fund?

Asset Allocation and Investment Trends with Trent Colledge, Afc® Cfp®

Financial and retirement planning guidance from Sean Lee of Elevated Retirement Group in Salt Lake City, Utah.