Join hosts John Bever and Jim Uren in episode 17 of The Year You Retire podcast as they tackle the crucial question: "Do I have to pay taxes on my Social Security income?" This episode dives deep into the intricacies of how the IRS handles Social Security in retirement, offering valuable insights on how to minimize or even eliminate these taxes. The duo also sheds light on the infamous "Social Security tax torpedo," explaining how it can significantly impact your tax bill and what you can do to avoid it.Listen in for practical advice, historical trivia, and key strategies to navigate Social Security taxation and help get the most out of your Social Security income. Don’t miss the final episode of season one as John and Jim prepare for an exciting season two with more relevant and helpful information for your retirement planning journey.In this episode, you will…·       Learn to Maximize Your Retirement Income by Understanding Social Security Taxation.·       Discover How to Navigate the Social Security Tax Torpedo and Keep More Money in Your Pocket.·       Learn Effective Strategies to Help Minimize Taxes and Get More Out of Your Retirement Nest Egg.·       Understand How Provisional Income Impacts Your Social Security Tax Bill in Retirement.·       Discover the Potential Benefits of Delaying Social Security Benefits to Help Manage Your Taxes.The key moments in this episode are:00:00:05 - Introduction to the Year You Retire Podcast00:00:52 - Taxation of Social Security Income00:01:09 - Understanding the Social Security Tax Torpedo00:06:11 - Provisional Income and Tax Thresholds00:12:10 - Observations and Planning Opportunities00:15:35 - Understanding the Tax Code00:16:54 - Tax Brackets and Marginal Tax Rate00:18:07 – More on the Tax Torpedo00:21:05 - Strategies to Minimize Taxes00:27:43 - Gratitude Segment00:30:39 - Accessing Show Notes and Transcripts00:30:53 - Conclusion and DisclaimerDisclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information,

Are you feeling lost with the new required minimum distribution (RMD) rules for IRAs and qualified retirement plans? Do you know when you have to start taking your RMDs and how much you need to withdrawal? Do you want to discover strategies to reduce your taxes on these distributions? Tune in to this episode for clear explanations and actionable advice! We'll cover the essentials of RMD regulations, how to navigate your lifetime income tax brackets, the impact of the Social Security tax torpedo, and smart ways to minimize your lifetime income taxes. Plus, we’ll reveal our top recommendation for reducing taxes on your RMDs. Join CERTIFIED FINANCIAL PLANNER™ professionals, John Bever and Jim Uren, as they unpack these critical topics and share their best tips for maximizing your retirement savings. Don’t miss out on learning how to disinherit Uncle Sam and keep more of your hard-earned money!In this episode you will:·       Master the basics of the new RMD requirements so you don’t get hit with costly penalties from the IRS.·       Maximize your retirement income by learning effective strategies to help reduce the taxes on your annual RMDs.·       Discover how to manage different tax brackets over your lifetime to help reduce your lifetime income tax costs. ·       Explore the potential benefits of Roth IRA conversions and how they may be able to optimize your retirement income while minimizing taxes.·       Uncover the impact of Social Security on RMD taxation and how to navigate this aspect of retirement planning.·       Gain insights on planning for inherited IRAs and taxes to ensure a smooth transition for your beneficiaries.The key moments in this episode are:00:00:42 – Updates on the latest RMD Rules 00:03:10 - Understanding RMD Calculation Methods 00:08:02 - Optimizing RMDs for Tax Planning 00:14:01 - Strategies to Reduce Lifetime Taxes on RMDs 00:17:00 - Utilizing QCDs for Charitable Giving 00:18:51 - Delaying RMDs with QLACs 00:20:06 - Power of Roth Conversions 00:25:15 - Strategies for Inherited IRAs 00:27:57 - RMD Pitfalls to Avoid 00:29:27 - Planning for RMDs 00:30:41 - Optimizing Lifetime Tax Brackets 00:31:44 - Topic for the Next Podcast Episode 00:32:45 - Gratitude and AppreciationDisclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth.  Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice.  Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor. Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com. 

Did you know that paying off your mortgage before you retire might not always be your best move? In this episode of The Year You Retire, Jim Uren and John Bever delve into the hot topic of whether to pay off your mortgage before retiring. They discuss the advantages of being mortgage-free, such as potential interest savings and improved cash flow, but also emphasize the liquidity risk and misunderstood historical fears associated with mortgages. They discuss the importance of considering individual financial goals, risk tolerance, and overall liquidity when making this decision. They also touch on the tax advantage of having a mortgage and strategies for paying off mortgages early. If you want to be better prepared for the year you retire, this episode provides valuable insights into the considerations individuals should weigh when deciding whether to pay off their mortgage. Remember, there's no one-size-fits-all answer and your own circumstances should be carefully evaluated. If you're nearing retirement and own a home, this episode offers valuable insight into the decisions that lie ahead. In this episode, you will:* Learn the unusual perks of mortgage in the U.S. compared to other countries.* Discover the pros and cons of an early mortgage payoff.* Learn the potential tax advantages of keeping your mortgage in place.* Explore effective strategies if you choose to pay off your mortgage early.* Learn the personality type that might be best suited to a 15-year mortgage.The key moments in this episode are:00:00:42 – Topic Introduction 00:04:37 - Pros and Cons of Paying Off Your Mortgage Early 00:07:41 - Impact on Portfolio and Sequence of Return Risk 00:10:55 - Historical Fear of Mortgages and Current Market Conditions 00:15:19 - Importance of Liquidity and Unexpected Expenses 00:19:32 - Tax Implications of Paying Off Mortgage 00:21:09 - Factors to Consider in Paying Off Mortgage 00:23:48 - Ways to Pay Off Mortgage Early 00:25:55 - Final Tips and Considerations 00:27:50 – Coming Up on Our Next Episode Disclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth.

Did you know that your retirement years are often accompanied by large capital gains tax bills? Do you know if you have the proper strategies in place to help reduce the damage that capital gains taxes can have on your portfolio? If you’re not sure you’re doing all you can to save big on your capital gains tax bill, then this episode is for you.In this eye-opening episode of The Year You Retire podcast, hosts John Bever and Jim Uren delve into the intricacies of capital gains taxes and the strategies you can use to help to minimize their impact. They discuss the definition of capital gains, the difference between long and short term gains, how capital gains are taxed, and the steps you can take to help reduce your annual tax bill. John and Jim’s actionable insights and friendly demeanor will give you a deeper understanding of how to manage taxes in retirement and allow you to make better informed financial decisions along the way.In this episode, you will be able to:* Uncover the workings of capital gains in the U.S. tax system and how to determine the potential size of your tax bill. * Discover smart strategies to help minimize capital gains tax and keep more of your investment profits.* Understand how the type of investment account and the type of investment asset can change the amount of your tax bill.* Learn about the benefits of tax loss harvesting and how it can optimize your retirement portfolio.* Discover how charitable giving may be able to eliminate the capital gains tax on certain assets.* Understand income tax brackets and how to leverage them to help minimize your retirement tax liabilities.The key moments in this episode are: 00:00:42 – Introduction to Capital Gains Taxes 00:02:29 - History of Income Tax in the US 00:08:17 – Realized vs. Unrealized Gains and Losses 00:11:54 - Long Term Capital Gains Tax Rates 00:15:19 - Understanding MAGI (Modified Adjusted Gross Income) 00:17:02 - Strategies to Avoid Capital Gains Tax 00:21:18 - Special Rules for Different Assets 00:25:08 - Key Strategies for Reducing Long-Term Capital Gain Taxes 00:29:43 – Episode Conclusion and Hosts’ Gratitudes 00:31:16 – Disclosure and Disclaimer Information Disclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.Osaic Wealth is separately owned and other entities and or marketing names,

Are you married, widowed, or divorced? If so, then you may be eligible to receive Social Security Benefits based on your spouse's or former spouse's work history even if you have also earned your own Social Security benefits. But unfortunately, unde...

Are you looking for a tax strategy that may help reduce the amount of taxes you pay during retirement? How about a strategy that may help increase the lifespan of your retirement portfolio? If so, then a Roth conversion may be the right move for you.In this episode of The Year You Retire, hosts John Bever and Jim Uren delve deep into the world of Roth conversions. They reveal the potential tax savings that a well-timed Roth conversion can provide during the retirement years. Through their insightful conversation you’ll gain valuable knowledge and practical strategies to help you determine if and when a Roth conversion may be right for you.In this episode you will:* Discover how a Roth conversion may help you maximize your retirement savings.* Understand the rules you must know before completing a Roth conversion.* Find out the eight considerations to keep in mind when deciding on a Roth conversion.* Learn about the Social Security tax torpedo and how to avoid it.* Gain a better understanding of our tiered tax brackets and how to use this knowledge to make an informed Roth conversion decision.* And much more.The key moments in this episode are: 01:00 - The Power of Roth Conversions Jim and John discuss the benefits of Roth conversions, including reducing lifetime income taxes and disinheriting Uncle Sam. They highlight the potential for stretching portfolio lifespan and paying less taxes over one's lifetime. 04:10 - Overview of Roth IRAs John provides an overview of Roth IRAs and explains the difference between pre-tax traditional funding and Roth funding. He also mentions the potential for tax-free gains in a Roth IRA after age 59 ½. 07:01 - Understanding Roth Conversions John explains that a Roth conversion involves moving money from the pre-tax side to the Roth side, providing control over when to pay taxes. He also discusses the options for paying taxes on the conversion. 10:20 - Factors to Consider for Roth Conversions John delves into the complexities of determining if a Roth conversion is right for an individual, highlighting considerations such as federal tax brackets, IRMAA brackets, state tax brackets, the Social Security tax torpedo, the five-year rule, and more. 16:19 - Exploring the Impact of IRMAA on Medicare Premiums John explains how income-related monthly adjustment amounts (IRMAA) can lead to increased Medicare premiums as income rises, and how this should be considered when planning Roth conversions. 18:40 - State Income Tax Considerations for Roth Conversions John and Jim discuss how state income tax laws can impact Roth conversions, with specific emphasis on the benefits for Illinois residents who can avoid state taxes on Roth conversions. 20:14 - Navigating the Social Security Tax Torpedo John delves into the complexities of the Social Security tax torpedo, emphasizing the regressive nature of the tax and the importance of strategic Roth conversions to mitigate its impact. 23:46 - Understanding the Five-Year Rule for Roth Conversions John highlights the five-year rule for Roth conversions and its impact on accessing converted amounts, especially for those under 59 ½, providing insight into the considerations for tapping into Roth funds. 29:30 - Qualified Charitable Distributions (QCDs) from IRAs Learn about the benefits of giving money directly from your IRA to a charity through QCDs and how your intent to use QCDs should inform your Roth conversion decision. 31:34 – A Summary of the Considerations for Roth Conversions Gain insights into the eight key considerations for Roth conversions, including tax brackets, legacy planning, and charitable intent.

Have you thought about working with a financial planner, but you’re just not sure what to expect? Have you thought you might benefit from creating a financial plan, but you just don’t know what the process might be like or if it would even be helpful? Wonder no more. In this episode you’ll be given a guided tour through the financial planning process at Phase 3 Advisory Services.Join hosts John Bever and Jim Uren as they reveal each step of the financial planning process that they follow with every client. From your initial phone call to the creation of your written action plan, you’ll discover what to expect at every step along the way. You’ll learn how we conduct our first meeting, the questions we tend to ask and the information we gather to help create your personalized financial plan. You’ll also learn the enormous benefits of having a personalized financial plan, the importance of working with a CERTIFIED FINANCIAL PLANNER™ professional, and the importance of plan implementation and review.After listening to this episode, you will be able to:·      Determine how the financial planning process might help you work toward your financial goals.·      Schedule your initial conversation with a financial planner without fear of the unknown.·      Understand what to expect at every step of the financial planning process.·      Identify the benefits of working with a CERTIFIED FINANCIAL PLANNER™ professional.·      Boost your motivation to help you work toward a strong financial future.The key moments in this episode are: 00:00:05 - Introduction to Retirement Planning 00:01:19 - Importance of Working with a Financial Planner 00:05:44 - Health Benefits of Financial Planning 00:07:39 - What to Expect in a Discovery Meeting 00:13:01 - Sample Questions in a Discovery Meeting 00:13:45 - Financial Considerations in Retirement 00:15:10 - Financial Planning Process 00:19:18 - Importance of Data Gathering 00:24:41 - Financial Plan Presentation 00:26:19 - Importance of Review 00:26:42 - Reviewing Financial Data 00:27:58 - Client-Centric Approach 00:28:51 - Tools for Financial Planning 00:29:34 - Tax Optimization in Retirement 00:30:00 - Gratitude Segment Disclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.Osaic Wealth is separately owned and other entities and or marketing names,

In this episode of The Year You Retire, hosts John Bever and Jim Uren reveal their list of the seven primary retirement predators. These retirement predators are the biggest threats to your financial lifestyle in retirement and it is critical that you prepare yourself against the potential damage they can cause. So listen along as John and Jim discuss each of the seven predators and provide practical steps you can take to help protect yourself. With a friendly and relatable approach, they share real-life examples and their professional insight, making this episode an essential resource for individuals approaching retirement. In this episode, you will be able to:·        Learn to identify the seven retirement predators and what you can do help protect yourself.·        Discover the concept of “sequence of return risk” and potential threat to your retirement lifestyle.·        Gain professional insight on potential tax reduction strategies.·        Understand the importance of early retirement planning.·        Test your knowledge with some retirement trivia questions.·        Prepare for a successful retirement with clear financial planning session expectations.The key moments in this episode are: 00:02:09 - Trivia Questions 00:03:58 - Procrastination 00:06:14 - Longevity Risk 00:11:01 - Lower than Expected Returns 00:15:05 - Impact of Market Downturns and Withdrawals 00:16:42 - Sequence of Return Risk 00:19:25 - Protecting Against Sequence of Return Risk 00:21:01 - Spending Shocks and Retirement 00:26:46 - Managing Taxes in Retirement 00:29:19 - Roth Conversions and Tax Strategies 00:30:01 - Procrastination in Retirement Planning 00:30:48 – On Our Next Episode 00:31:22 - Gratitude Segment Disclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth.  Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results.No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.

The buzz about Mint exiting the market has sent shockwaves through its user base, leaving many in search of a worthy alternative. Whether you've been a dedicated Mint user or are just diving into the world of budgeting apps, we've got you covered in...

In this episode, Jim Uren and John Bever discuss the decision of using a financial advisor versus managing retirement planning on your own. They cover the advantages and disadvantages of both approaches, highlighting the cost-saving potential and personal enjoyment of the DIY method, but also cautioning about the time and potential for costly mistakes. On the other hand, they emphasize the expertise and knowledge that financial advisors bring to the table, along with the potential for costly mistakes. However, they also address the drawbacks, including the cost and the possibility of working with the wrong advisor. Jim and John present a balanced view, emphasizing the importance of considering one's preferences, skills, and resources when making the decision. If you're nearing retirement age, this episode can help you make more informed decisions about your retirement planning, whether you're considering going it alone or seeking professional financial advice.In this episode, you will:* Learn the pros and cons of a DIY approach to financial planning and investment management* Uncover the drawbacks and potential benefits of working with a financial advisor as you work toward your financial goals* Discover what research reveals about the potential financial and non-financial benefits of working with a financial advisor* Understand how an advisor can use both asset allocation and asset location to help you manage your investment portfolio. * Learn what to look for in a potential financial advisor and why the fiduciary standard is helpful, but not enoughThe key moments in this episode are00:00:41 – Episode Introduction 00:02:47 - Advantages and Disadvantages of DIY Approach 00:06:46 - Advantages and Disadvantages of Working with an Advisor 00:11:27 – Research on Confidence Levels When Working with an Advisor 00:13:22 - Holistic Benefits of Working with a Financial Advisor 00:16:54 - Portfolio Specific Benefits of Working with an Advisor 00:18:25 – The Value of Asset Selection and Allocation Services 00:20:26 – The Value of Advisor Guided Withdrawal Strategies in Retirement 00:24:12 – The Value of Behavioral Coaching 00:28:39 – The Value of Advisor Guided Asset Location 00:32:53 - The Potential Total Value of a Financial Advisor 00:36:55 – Advice on Finding a Good Fit Financial Advisor 00:42:08 - Next Episode Preview 00:42:57 – John and Jim Share Their Thankfulness   Disclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth.

Join John Bever and Jim Uren in this episode of "The Year You Retire" podcast as they tackle the topic of Getting the Most Out of Your Charitable Giving. Enjoy their friendly and approachable style, as you discover strategies like bunching charitable contributions and using donor advised funds, with real-life examples.  Get inspired, informed, and uplifted with valuable insights on optimizing your charitable contributions for maximum tax benefits. In this episode, you will be able to:* Learn why claiming the standard deduction may eliminate the tax advantage of your charitable giving.* Uncover the potential advantages of bunching charitable giving to increase your itemized deductions.* Discover how donor advised funds work and how they may help you reduce your tax bill.* Explore how donor advised funds may help eliminate capital gains taxes on appreciated assets.The key moments in this episode are:00:00:42 - Introduction to Charitable Giving and Tax Benefits00:01:14 - Understanding Donor Advised Funds00:03:36 - Benefits of Giving and Tax Considerations00:05:18 - Financial Strategies for Charitable Giving00:10:47 - Bunching Deductions for Tax Optimization00:13:29 - Bunching Charitable Giving00:15:55 - Donor Advised Fund00:17:41 - Maximizing Tax Benefits00:21:28 - Using Donor Advised Fund for Large Gains00:25:48 - Legacy and Succession Planning00:26:51 - Charitable Giving and Passing on Traditions00:27:14 - Gratitudes00:28:42 - Important DisclosuresDisclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.

In this episode of The Year You Retire podcast, hosts John Bever and Jim Uren delve into the topic of retirement happiness, drawing from extensive research and insights to provide valuable takeaways for retirees. Listen along as they discuss the positive trend of happiness during retirement and emphasizes the importance of finding meaning and purpose beyond your financial circumstances. Explore the transformative aspect of aging, the complex relationship between money and happiness, the role of relationships in retirement happiness, and the potential benefits of religious involvement. Furthermore, discover the positive impact that volunteering and practicing gratitude can have in retirement to boost happiness. This episode offers practical advice and actionable steps and is a must-listen if you want to maximize your happiness and fulfillment in the year you retire.In this episode, you will:* ·       Discover 7 scientific principles to help boost happiness in retirement.* ·       Understand why the simple act of getting older can help boost your retirement happiness* ·       Learn what some researchers say is the optimal level of income for happiness.* ·       Explore the latest research on relationships and happiness and discover which types of relationships are most likely to increase your happiness in retirement.* ·       Uncover the transformative power of volunteering and gratitude in bringing joy and fulfillment to your retirement.The key moments in this episode are: 00:00:18 - Introduction to Retirement Happiness 00:05:11 – Benefits of Growing Old 00:08:08 – Relationship Between Happiness and Income 00:15:01 - The Easterland Paradox and Wealthiest 20% 00:17:38 - Nurturing Meaningful Relationships 00:21:28 - Key Takeaways on Relationship Research 00:22:36 - Strengthening Faith in Retirement 00:24:38 - Buying Memories Over Materials 00:30:34 - The Benefits of Volunteering 00:31:44 - Practicing Gratitude 00:33:58 - Importance of Gratitude 00:36:42 - Thankfulness Disclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.

Planning for retirement involves navigating the complexities of Medicare sign-up, a process that can be confusing and lead to regrettable mistakes. Join hosts John Bever and Jim Uren as they break down key decisions, such as choosing between traditional Medicare and Medicare Advantage, understanding when to sign up, and avoiding enrollment penalties. They'll also address the need for separate prescription drug coverage and provide valuable insights to help you make informed choices. Tune in to gain essential knowledge, recognize pitfalls, and successfully navigate the Medicare maze with confidence.In this episode, you will be able to:* Understand the differences between Medicare Parts A, B, C & D* Explore the pros and cons of Medicare Advantage plans* Discover your Medicare eligibility requirements* Avoid common Medicare enrollment mistakes and penalties* Learn where to get free resources to help you make better informed Medicare decisionsThe key moments in this episode are:00:00:05 - Introduction to Retirement Planning and Medicare 00:00:45 - Understanding Medicare Coverage 00:03:27 - Options for Senior Health Insurance 00:10:41 - When to Sign Up for Medicare 00:14:16 - Steps for Signing Up for Medicare 00:15:29 - Choosing Medicare Coverage 00:19:08 - Pitfalls and Traps of Medicare 00:22:17 - Part D Coverage and Open Enrollment 00:24:27 - Long-Term Care Costs and Coverage 00:26:34 - Navigating Medicare Enrollment 00:30:38 - Thankfulness Shared by Hosts 00:31:18 – Podcast Disclaimer Disclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.

Deciding when to start claiming your Social Security retirement benefits is one of the biggest decisions you need to make in the year you retire. In this episode of The Year You Retire, hosts John Bever and Jim Uren will help you discover how you can get the most out of your individual Social Security benefits. With a laid-back and personable tone, they delve into key considerations such as the irrevocable nature of Social Security decisions, the earnings limit, timing of benefit payments, and the advantages of delaying benefits. Offering practical insights, the hosts stress the importance of individual factors like health and life expectancy, while also outlining how delaying benefits can lead to higher retirement income. This episode serves as a valuable resource for individuals nearing retirement age, whether they are just beginning to consider Social Security planning or seeking to optimize their retirement income. Listeners are encouraged to tune in and gain essential knowledge on making the most of their Social Security benefits.In this episode, you will:* Learn how to maximize your lifetime Social Security retirement income.* Discover the benefits of delaying Social Security for a higher payout.* Understand the key factors to consider when delaying Social Security.* Explore alternative income sources to support delayed Social Security.* Understand the importance of Social Security in your overall retirement income plan. The key moments in this episode are: 00:00:05 - Introduction 00:01:10 - Basics of Social Security 00:01:30 - Working While Receiving Benefits 00:03:09 - Importance of Making the Right Decision 00:04:25 - Factors to Consider for Timing 00:14:30 - Earnings Limit and Reduction 00:15:11 - Earnings Limit based on Retirement Age 00:15:50 - No Reduction After Full Retirement Age 00:16:28 - Timing of Social Security Claims 00:17:44 - Financial Impact of Early Claiming 00:29:21 - Importance of Delaying Social Security Benefits 00:30:52 - Alternate Sources of Income Before Social Security 00:32:45 - The Goal of Never Running Out of Money in Retirement 00:33:41 - Reasons to Not Delay Benefits 00:36:16 - When to Start Planning for Social Security Disclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.

In the year you retire, you need to make sure that you are well versed in the world of short-term investments. So in this episode, we’ll explore the short-term investment options that you should consider adding to your retirement planning arsenal. We’ll guide you through the financial thrill ride of different bond types and the potential benefits that may help boost your earnings. We’ll also discuss FDIC insurance and the pros and cons of brokered CDs. And we discuss the tax implications and various levels of investment security. In this episode, you will be able to:* Learn essential retirement planning strategies for financial security.* Discover lucrative short-term cash investment options for your retirement.* Understand the importance of FDIC insurance for safeguarding your savings.* Explore various types of bonds and their tax implications for smart investing.* Master the art of building a bond ladder to maximize your investment returns.The key moments in this episode are:00:00:42 - Introduction00:01:00 - Importance of Short Term Savings00:03:41 - Options for Short Term Cash00:05:03 - Bank Options and FDIC Insurance00:07:36 - Credit Unions and FDIC Insurance00:14:20 - What is a bond?00:15:46 - Maturity and Duration00:16:54 - Zero Coupon Bonds00:18:29 - US Government Bonds00:21:02 - Mutual Funds and ETFs00:28:28 - Closures and Federal Reserve Intervention00:29:47 - FDIC Insurance Limit00:31:01 - Selecting Short-Term Investment Options00:34:02 - Emergency Money and Guidelines00:35:32 - Retirement Income and Expenses00:42:37 - Building a Bond ladder00:43:35 - Shifting Bond Ladder00:44:13 - Gratitude in Retirement00:44:45 - Technology and Family00:45:38 - Appreciating the SeasonsDisclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.

One of the key decisions you need to make in the year you retire is what to do with the money in your 401(k). In this episode hosts John Bever and Jim Uren bring you the epic battle of the IRA versus the 401k. Do you leave all of your hard earned money in the 401(k)? Or do you move it into an IRA? Hold on to your seats as we unveil the thrilling pros and cons of each option. And be sure to listen until the end to discover the special circumstances that, if they apply to you, will help you avoid potentially costly mistakes. In this episode, you’ll be able to:·      Discover all of the options you can make with your 401(k) in the year you retire·      Uncover the potential advantages of rolling over your 401(k) into an IRA and discover why so many people make this choice.·      Learn the situations in which you should not do an IRA rollover·      Understand the benefits of pre-tax and after-tax contributions for optimizing your retirement funds.·       Explore in-service rollovers for flexibility in managing your retirement investments.·       Learn about the potential tax benefits of net unrealized appreciation and how it can impact your retirement funds.The key moments in this episode are:00:00:05 - Introduction to Retirement Planning00:01:24 - Special Circumstances for IRA Rollover00:03:23 - History and Significance of IRAs and 401Ks00:06:18 - Options for Handling 401K in Retirement00:08:03 - Pros and Cons of Transferring 401K to Another Employer Plan00:15:16 - Retirement Account Withdrawal Rules00:16:50 - Advantages of an IRA00:19:36 - Roth Conversion00:21:34 - Roth Conversion Timing00:22:43 - Consolidating Accounts and Beneficiary Considerations00:29:15 - Restrictions on 401(k) Withdrawals00:29:50 - Rolling After-Tax Contributions to a Roth IRA00:31:11 - Taxation of After-Tax Contributions00:32:24 - In-Service Rollovers00:34:06 - Net Unrealized AppreciationDisclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.

If you're feeling overwhelmed by the uncertainty of retirement expenses and struggling to find an accurate estimation, then you are not alone! Many individuals nearing retirement are taking generic approaches, relying on rough estimates or outdated advice, which often leads to financial unpreparedness and anxiety about the future. Instead of achieving the desired result of a clear understanding of retirement expenses, they find themselves stuck in a cycle of guesswork and worry. But fear not, there are proven methods available to help you accurately calculate your retirement expenses and achieve better financial preparedness.In this episode, you will be able to:·       Discover effective methods to calculate your retirement expenses, allowing you to create a realistic budget that aligns with your goals and aspirations.·       Learn how to handle infrequent retirement expenses, such as medical emergencies or home repairs, without derailing your financial plan.·       Understand the impact of inflation on your retirement finances and learn strategies to safeguard your savings against rising costs.·       Explore smart ways to plan for unexpected retirement expenses so you can better handle any financial curveballs that may come your way.The key moments in this episode are:00:00:05 - Introduction00:04:12 - Importance of Knowing Retirement Expenses00:07:33 - Trivia Question and Confidence in Retirement Savings00:08:32 – Problems with Underestimating Expenses00:08:42 - Client Example00:13:51 - The Sniff Test00:15:22 - Tracking Expenses for Accuracy00:18:53 - Planning for Infrequent Expenses00:21:25 - Inflation as a Retirement Robber00:27:39 - Understanding the Decline in Consumption during Retirement00:28:51 - Customizing Your Retirement Plan00:29:40 - Estimating Expenses and Accounting for Inflation00:30:02 - Spending Shocks in Retirement00:34:57 - Importance of Getting Your Spending Number RightDisclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.

Learn the purpose behind The Year You Retire podcast and discover the topics to be covered in future episodes.