Welcome back to the 'Roadmap to Retirement' podcast, where we delve into financial tips, investment strategies, and smart money moves to supercharge your retirement savings. Today, I'm joined by Tom Harris, someone whose career and perspective on retirement resonate with many of our clients.

Tom shares his journey from a career in operations excellence and leadership development in Rochester to his current semi-retired status. He emphasizes the importance of understanding one's motivations and impact as a leader, reflecting on the generational shifts in workplace culture and expectations over the past few decades. From the command-and-control styles of his early career to the more flexible and balanced approaches of today, Tom provides a broad perspective on leadership and career development. He advocates for redefining retirement, seeing it more as financial freedom and a journey rather than a final destination.

He encourages young professionals to always be learning, to seek out mentors, and to build relationships. Tom's own experiences and insights offer valuable lessons for both those nearing retirement and those just starting their careers.

Thank you for listening and stay tuned for new episodes, guests and topics!

Welcome to another episode of the Roadmap to Retirement Podcast! I'm joined once again by Matthew Jarvis. In this episode, we dive into the complexities of retirement planning, with a particular emphasis on tax strategies. We shed light on recent changes in tax laws, such as the increase in the state and local tax (SALT) cap from $10,000 to $40,000, and new provisions for charitable contributions. We also discuss the importance of proactive tax planning to avoid unexpected tax bills in retirement. Additionally, we touch on intriguing topics like the financial impacts of gambling and the essential role of meaningful activities post-retirement. For younger listeners aiming for early retirement, we recommend exploring resources like Tim Ferris's 'Four-Hour Work Week' and the 'Mr. Money Mustache' blog. Whether you're close to retirement or just starting to plan, this episode is packed with valuable advice to help you build a secure and enjoyable future.

Insights from Bill Cates on Wealth Wisdom

In a recent episode of the Roadmap to Retirement podcast, I had a great conversation with Bill Cates, The Original Referral Coach, about financial decision-making and referrals. We delved into the importance of mindset, nurturing referable relationships, and his new book, "The Hidden Heist." Bill shared invaluable tips for advisors seeking quality client introductions, emphasizing the significance of value recognition and strategic referrals.

It was a rich discussion revealing how aligning beliefs and effective communication can shape a prosperous financial advisory practice. Reflecting on our chat left me inspired to enhance client relationships and redefine success in my financial journey.

To learn more about Bill, click his name above to find his LinkedIn and more about his new book, "The Hidden Heist."

In this episode of Roadmap to Retirement, we dive deep into real estate strategies, focusing on first-time home buyers and retirees looking to downsize. Julie Ohmann from Remax shares insights on the initial consultation process, emphasizing the importance of understanding terms and the home buying timeline. For first-time buyers, planning for a 5-10 year home is advised to avoid equity issues and contingent sales. Julie also highlights the benefits of flexible house options, such as duplexes, which can aid in savings and retirement planning.

For retirees, she addresses the challenges of downsizing after living in a home for decades. Key considerations include maintaining lifestyle needs, property management preferences, and accommodating potential mobility issues. Julie suggests starting the process early, viewing it as a transition to the next life chapter, and being open to solutions like intergenerational living arrangements.

We also discuss the financial aspects of buying and selling homes. Julie recommends consulting financial advisors and tax professionals, especially when considering mortgages or leveraging existing home equity. For retirees, maintaining liquidity and preparing for potential updates to new homes are essential. Interestingly, she offers insights into the benefits of renting before committing to a new area for those unsure about their next move.

Lastly, Julie provides a market outlook, indicating that a buyer's market in Monroe County is still a long way off. She stresses the financial and emotional costs of waiting for property prices to drop, recommending strategic planning and flexible thinking to make the most of current conditions.

Thank you for listening and stay tuned for new episodes!

In this episode of Roadmap to Retirement, I am joined by John Howe-Wemett, CFP®, MSFP for a fourth time to discuss various aspects of financial planning for retirement. We address common misconceptions about Social Security, "is it a Ponzi Scheme?" and the importance of understanding its broader benefits. We cover the clickbait concept of retiring with one million dollars and highlight how financial needs vary significantly based on individual circumstances.

A substantial part of this episode is dedicated to finding joy in retirement, whether through buying desired items without societal judgment, spending quality with family, or giving to others. We conclude by affirming the crucial role of aligning financial planning with personal values to ensure a joyful retirement.

Welcome back to the Roadmap Retirement Podcast! I was recently joined by Liam Hanlon, the Head of Insights at Jump, a leading AI meeting assistant in the financial advice sector. Liam explains how Jump leverages unique and powerful data to aid advisors and make their work more efficient. During our discussion, we delve into the adoption of AI in financial advisory, its impact on time management, and how advisors can use this technology to reclaim significant amounts of time—up to 250 hours per year. We also tackled common barriers to adopting new tech, including concerns about client reactions and the learning curve associated with new tools. Liam shared insights from studies, revealing shifts in AI utilization in the financial sector, from a mere 25% adoption rate to two-thirds of advisors now using AI tools. We discussed how AI not only saves time but can also optimize client interactions by predicting successful conversational patterns and keeping advisors ahead of trending topics. As we wrap up, we reflect on the future of financial advisory, particularly the role AI will play amid the ongoing great wealth transfer and increasing demand for financial advice.

The key takeaway? AI isn't just about saving time—it's about maximizing the efficiency and effectiveness of that saved time to better serve clients and grow advisory businesses. If you would like to contact Liam about Jump, click HERE for his LinkedIn.

In this episode of Roadmap to Retirement, I am joined by Jennifer Stott, a CPA, to discuss effective financial strategies for those nearing or already in retirement. We cover Roth conversions, explaining the process of converting pre-tax IRA funds to a Roth IRA, the tax implications, and when it might be beneficial. The conversation continues on to cover considerations such as the impact on Medicare premiums, the taxability of Social Security benefits, and the importance of planning for required minimum distributions (RMDs). Jennifer highlights the new tax bill's provisions, including the above-the-line charitable deductions and increased state and local tax (SALT) deductions, offering practical advice for retirees.

Did you know I love to talk about QCD's? Jennifer and I discussed the potential pitfalls of adding children to property deeds without considering tax implications. We want to encourage listeners to take a comprehensive approach to retirement planning, especially when considering when estate planning and the potential tax burden on heirs. As a reminder, there is a emphasis on the importance of consulting with financial advisors and tax professionals for personalized advice.

Thanks for listening, come back next week for another episode!

In this episode of 'Roadmap to Retirement', I am talking with health insurance professional R. Cole Craven. We delve into effective health and Medicare insurance planning for both aspiring entrepreneurs and those nearing retirement. Cole shares his journey and passion for health insurance, focusing on the complexity many people face in understanding their healthcare plans. The discussion touches on the challenges and options available for health coverage both pre and post-retirement, including Cobra, marketplace insurance, and utilizing advanced premium tax credits. His company, Move Health, assists clients, especially in transitional phases, ensuring healthcare needs don’t impede significant life decisions. The episode underscores the importance of planning and healthcare literacy, encouraging early retirees to use financial planning as a tool to access affordable health insurance, and highlights the nuances of Medicare for those over 65.

To connect with Cole, check out his Linkedin, Move Health Partners website or email him at cole@movehealth.io

On this episode of Roadmap to Retirement, I am talking with Chet R. Bennetts, PhD, CFP®, CLU®, ChFC®, RICP®,CLF® today, assistant Professor of Financial Planning and Program Director at the American College of Financial Services. We discuss the importance of earning professional designations for both credibility and confidence in the financial planning industry. Chet shares his journey from being a young professional seeking credibility to becoming an academic and veteran advocate. The conversations also highlights specific designations like the RICP and new Tax Planning Certified Professional Designations, as well as the impact of lifelong learning on financial advisors' ability to serve clients.

Additionally, Chet elaborates on his efforts to integrate financial counseling for veterans as a means to alleviate stress and enhance the effectiveness of other treatments, drawing from his personal military experience and PhD research. This episode shows the importance of addressing both financial and psychological well-being in comprehensive retirement planning.

To talk with Chet, click HERE for his LinkedIn.

In this episode of 'Roadmap to Retirement,' I am joined by Jason Grover, founder of Grover Financial Services. Jason shares his journey starting in the financial industry during the 2007-2008 Great Recession and emphasizes the importance of behavioral management in financial advising. We discuss investment strategies, the significance of setting financial goals, and managing market volatility. The conversation touches on topics such as asset allocation, the bucket approach to retirement planning, and the role of target date funds. Jason and I also explore when CDs might be appropriate and the importance of working with a financial advisor to avoid costly mistakes.

On this episode of Roadmap to Retirement, I am joined by CPA, Catherine Tindall to talk about the importance of tax planning and strategic outsourcing for business owners, specifically those in financial advisory firms. Catherine emphasizes that while basic tax returns can be managed by individuals with simple finances using software like TurboTax, complex financial situations, such as owning a business, require professional tax planning to identify opportunities and avoid costly mistakes. The conversations also highlights the inefficiency of handling all aspects of a business personally, advocating for a focus on one's unique strengths and outsourcing secondary tasks to specialists. We both discuss the evolution of our business practices, stressing the importance of structured systems, team collaboration, and effective communication to enhance client service and business growth. Catherine also suggests that business owners should monitor their business like an investment, ensuring continuous improvement and risk minimization to increase its value.

Find Catherine Tindall on LinkedIn HERE.

 

Time for a change! For this episode, I am the one being "interviewed". Take this as my announcement for my departure from Six Point Financial Partners after seven years to join a retiring advisor's practice. I am having this conversation with John Howe-Wemett to discuss the decision-making process, the importance of finding the right professional fit, and the value of independence in the financial advisory field. Key topics include the differences between independent financial advisors and those tied to larger firms, the significance of CFP credentials, and the value of a client-advisor personality fit. I also addresses the challenges and opportunities in building my own brand and how this transition aligns with my career goals.

Check out the new brand: Cultivate Financial Planning at https://cultivatefinancialplanning.com

During this very short episode of Roadmap to Retirement, I am joined for a third time by John Howe-Wemett, CFP®, MS to talk about the importance of staying the course with one’s investment strategy during market downturns. We emphasize the value financial advisors offer in preventing clients from making emotionally driven, poor financial decisions. The conversation covers key principles of investment management, including time horizon, liquidity needs, and risk tolerance. We also highlight the psychological aspects of investing, the importance of upfront risk tolerance discussions, and strategies to maintain discipline. John and I  agree that the primary value a financial advisor provides is in helping clients stay committed to their long-term investment plans.
Exciting new episode next week - stay tuned! 

On this episode of 'Roadmap to Retirement' I am joined by Hannah Cannon, an associate in the Trust and Estates department at Woods Oviatt Gilman. We discuss various aspects of estate planning with a specific focus on what to do if you don't have an obvious beneficiary. The conversation covers options like charitable donations, setting up scholarship funds, 529 accounts for educational purposes, and the intricacies of gift taxes. Hannah and I also delve into the complexities of long-term care planning and the importance of having a power of attorney. The episode aims to provide insights into effective estate planning and maximizing the benefits for both individuals and charitable organizations.

 

 

In this episode of 'Roadmap to Retirement,' we have another Q&A with Marshal! We start by answering questions on Roth IRA conversions, explaining the timing, tax implications, and strategies during market downturns. Then moving onto answering questions like evaluating the benefits of buying annuities, the strategy of tax-loss harvesting, and the timing for claiming Social Security benefits. We dive into the pros and cons of making investment portfolios more aggressive, particularly in the current fluctuating market, and touch on strategies for handling Health Savings Accounts (HSAs). Throughout, we want to emphasize the importance of personalized financial planning and being cautious about so-called 'guaranteed' financial products.

If you have financial questions that you would like answered, please send them in, we love the feedback. Come back next week for another new episode! Thanks for listening.

In this episode of Roadmap to Retirement, please welcome Colin Miller to discuss various aspects of Medicare. Colin shares his journey from life insurance sales to becoming a Medicare expert and founding Medicare Plan Partners. We delve into the nuances of Medicare versus Medicaid, explaining the significant differences between the two. Key topics include the benefits and drawbacks of Original Medicare and Medicare Advantage plans, the importance of making informed choices at the start, and the implications of income on Medicare premiums. Colin and I also discuss common questions about transitioning from employer-sponsored insurance to Medicare and the appeal process for high-income premiums due to significant life changes. The episode concludes with practical advice on seeking professional guidance to avoid costly mistakes.

Come back next week for a new episode.

On this episode of Roadmap to Retirement, I am joined for a third time by Nick Savas, a financial advisor with me at SixPoint Financial Partners. We discuss the impact of political and economic uncertainties on retirement planning. We address common concerns from clients, including market volatility, the effects of political administrations on investments, and fears regarding changes to Social Security. Nick and I both want to emphasize the importance of understanding historical market trends and maintaining a diversified portfolio. Additionally, we attempt to tackle specific issues such as student loans and provide strategies for managing payments amid ongoing legislative changes. The episode aims to reassure listeners by highlighting that market fluctuations are normal and planning should be based on long-term goals rather than short-term fears.

If you would like to reach out to myself or Nick, you can find us on LinkedIn at:

www.linkedin.com/in/nerifinancial AND https://www.linkedin.com/in/nicholassavasricp/

Thank you for listening, come back next week for a new episode.

On this episode of Roadmap to Retirement, I am joined by  Ashley Quamme, a certified financial therapist and behavior specialist, to discuss the intersection of mental health and financial management. Ashley details her transition from being a marriage and family therapist to specializing in financial therapy, emphasizing the importance of understanding money dynamics in relationships. We explore how financial attitudes and behaviors are influenced by upbringing and experiences, the significance of communication and transparency about finances within couples, and the role of 'money dates' in fostering financial harmony. Ashley and I also discuss the importance of teaching children about money and financial responsibility, offering insights into how parents can prepare their kids for financial independence.

Thank you for listening, as always, come back next week for a new episode!

In this episode of Roadmap to Retirement Podcast, I am joined by Lucas Wennersten CFA, CFP®(Canada), CFP®(U.S.A.) of 49th Parallel Wealth Management to discuss the complexities of cross-border financial planning between the US and Canada. Lucas shares his journey from the mortgage business to becoming a Certified Financial Planner (CFP) specializing in cross-border financial planning, highlighting the unique challenges and strategies involved. We delve into topics such as the deemed disposition rules for Canadians moving to the US, tax implications for retirement accounts, gifting money across borders, inheritance rules for IRAs, and the healthcare systems of both countries. The discussion also touches on the sociopolitical landscape affecting cross-border relations and the interplay between physical health and financial health.

In this episode of the 'Roadmap to Retirement' podcast, this week, I am joined by Broc Buckles, co-owner of BC Brokerage, to talk about his journey in the financial planning and insurance industry. Broc shares insights from his early career experiences at Northwestern and the evolution of his business, which now serves over a thousand advisors nationwide by handling their insurance needs. We discuss the shift in financial advisors moving away from life insurance, the potential conflicts of interest within the industry, and the importance of transparency. Broc also talks about how his firm assists advisors by offering detailed insurance policy analyses and efficient client management systems.

Come back next week for a new episode, thanks for listening.