Thrive Retirement Planning Podcast
22 episodes - English - Latest episode: 5 months ago -Create a retirement and life you love. Reduce your anxiety about retirement, get answers on Social Security, and design a plan to replace your income. Take steps to protect and grow your investments and ethically reduce your retirement taxes.
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Episodes
8 Essential Steps to Preparing for the Retirement Jump
November 17, 2023 20:30 - 26 minutes - 23.9 MBCarl Woolston discusses eight critical steps to help you prepare for the retirement jump. He emphasizes financial security, peace of mind, and ensuring you retire to something, not just from something.
Give Every Asset A Job
November 03, 2023 18:31 - 23 minutes - 21.1 MBHighlights the importance of giving every asset a specific job in retirement planning, moving beyond the single-minded goal of asset growth. Discusses the seven crucial jobs for retirement assets, emphasizing that a well-thought-out approach can ensure financial security, a fulfilling lifestyle, and peace of mind during retirement.
3 Common Pre-Retirement Mistakes
October 11, 2023 20:34 - 14 minutes - 13.1 MBExplore three common pre-retirement mistakes that can significantly impact your financial future. The transition to retirement can be filled with uncertainty, worry, and complexity. Making mistakes in the process can lead to running out of money, excessive tax payments, and market losses.
Medicare Q&A – with Andrea Dover, CPA
October 13, 2022 21:42 - 43 minutes - 35.2 MBWhat are your Medicare options? When should you sign up? Do you need to sign up? What's the difference between Medicare Part A, B, C, and D? How much does Medicare cost, and how does it work? My guest Andrea Dover, CPA, lends her Medicare expertise to the podcast.
What is a Reverse Mortgage? -with Alan Blood
June 29, 2022 18:31 - 30 minutes - 24.1 MBReverse mortgages can be a financial tool to use during retirement in some situations. Technically, reverse mortgages are called Home Equity Conversion Mortgages or HECM by HUD, and have changed over the years, which has led to misinformation and some skepticism. My guest today is Alan Blood, a mortgage professional in Bountiful Utah, who has extensive experience with reverse mortgages, how today’s products work, and when they might be beneficial. This article summarizes much of the discussi...
Retirement Planning for Volatile Markets
April 21, 2022 19:42 - 19 minutes - 15.8 MBThe stock market in 2022 has been volatile due to rampant inflation, Russia’s invasion of Ukraine, and the Federal Reserve’s first interest rate increase since 2018. Knowing how to structure a retirement plan that works in volatile markets is key to your success. Creating a strategic plan that works in up and down markets can be life-changing. Timing the market or even overhauling investments every time the market and economy change isn’t a long-term solution. Taking all your money out of the...
25 Ways to Make Retirement More Fulfilling
April 21, 2022 19:34 - 20 minutes - 16.3 MBRetirement can be an opportunity for a new phase of life. In retirement, you’ll most likely have more freedom than you’ve ever experienced. You get to live life on your terms with no boss and no limit to vacation time. In addition, as you transition into retirement, you’ll literally get to redefine what retirement means to you. This can be both overwhelming and incredibly fun. Below you’ll find 25 ways to thrive during your retirement years (by no means is this list exhaustive). Don’t procras...
Social Security Q&A
March 26, 2021 19:24 - 26 minutes - 21.4 MBFor most Americans, Social Security will be a foundational piece of their retirement income. How does it work and when should you take it? When is the earliest you can start Social Security and why would you want to delay? In this episode, I’ll answer some of the top questions about Social Security. WHAT ARE THE THREE MAIN TYPES OF SOCIAL SECURITY BENEFITS FOR RETIREMENT? Retired Worker Benefit - This benefit is taken off your own working history.Spousal Benefit - This benefit provid...
Is It Time to Retire?
March 12, 2021 22:48 - 30 minutes - 24.5 MBEventually, almost every person asks the question, “Is it time to retire?” The real question is, “Are you prepared?” It’s quite common for people to save for retirement but as it gets closer they begin to wonder if they are ready. They also realize it’s a lot more complicated than they originally thought. In this episode we’ll discuss 5 steps to prepare yourself your retirement day and my methodology to determine if you’re ready. STEP #1: UNDERSTAND YOUR SOCIAL SECURITY BENEFIT Get y...
Knowing Your Retirement Tax Bracket
March 04, 2021 13:47 - 22 minutes - 17.8 MBIf you don’t know your current tax bracket and the basics of how tax brackets work, you could make major tax mistakes during retirement. Tax brackets can impact which retirement accounts to withdraw from for income. Strategies that can potentially reduce taxes during retirement like a Roth IRA conversion also utilize knowledge of your current tax bracket. TAX BRACKET BASICS The fundamentals of tax brackets Brackets use a progressive tax How your 401(k) and IRAs will be taxed during ret...
5 Strategies to Avoid Probate
February 26, 2021 20:01 - 22 minutes - 31.3 MBProbate can be expensive, time consuming, public, and frustrating for your heirs. Should you create a will? A trust? What is the difference? Is it worth the effort to avoid probate? In this episode I’m going to discuss 5 specific strategies to avoid probate. This is part of my ongoing commitment to assist you in getting educated about retirement and helping you making better decisions in all 8 areas of retirement planning. I am not here as an attorney but rather am here to educate you on hig...
Social Security Spousal Benefits
February 18, 2021 18:32 - 26 minutes - 21 MBMany married couples find navigating Social Security daunting, especially as it relates to understanding Social Security spousal benefits. Not only can you make Social Security claiming mistakes, but your decisions can potentially cost you large amounts of retirement income. Today, we’ll tackle how the spousal benefit works, how to maximize your benefit, and even discuss end of life survivor scenarios. We’ll even touch on benefits for a divorced spouse. THE BASICS OF SOCIAL SECURITY - 3 SPECI...
The 3 Ways Retirement Assets are Taxed
February 10, 2021 19:54 - 19 minutes - 16 MBMany investors and retirees can be surprised and shocked by taxes in retirement. One of the foundational pieces for minimizing taxes during retirement is knowing the 3 different ways retirement assets and investments are taxed. When you understand how your retirement assets are taxed it can help you make vital decisions about retirement income, pay less to Uncle Sam, and reduce retirement anxiety. UNDERSTADING TAX BRACKETS Depending on how you file your taxes (i.e. single, married filing join...
Understanding Sequence of Return Risk
February 04, 2021 17:19 - 17 minutes - 13.9 MBAs you draw closer to retirement, one of the greatest retirement dangers is sequence of return risk. Sequence of return risk is the hazard of withdrawing money from your investments when the balance is down due to market volatility. Sequence risk can increase the likelihood that you can run out of money and also reduce your investment performance. WHEN IS SEQUENCE OF RETURN RISK MOST IMPACTFUL? Sequence of return risk rears its head in three common situations: Income Needs - Drawing income...
How to Reduce Retirement Anxiety
January 29, 2021 19:35 - 26 minutes - 20.8 MBDo you have retirement anxiety? If you worry about retirement you aren’t alone. It’s quite common to have anxiety about running out of money, what to do about health care expenses, when to take Social Security and retire, and even taxes. In this podcast episode we’ll address 8 reasons people worry about retirement and 5 strategies to reduce your anxiety. ARE YOU MISSING UNKNOWN PIECES OF YOUR RETIREMENT PLAN? Many have retirement anxiety because they are missing key pieces of a retirement pla...
Moving from a 401(k) to an IRA
January 21, 2021 19:24 - 33 minutes - 27.2 MBWhen you leave an employer or transition into retirement, an important financial decision is whether to leave your money in your 401(k) or roll it over into an IRA. What is the difference between these types of accounts? Is an IRA a better option? The purpose of this podcast and article is to list 5 specific reasons you might consider moving from a 401(k) to an IRA. I’ll also mention some instances when it might not make sense. THE RISE OF THE 401(K) The percentage of Americans who have been ...
How to Create Lasting Habits in 2021
January 13, 2021 17:28 - 36 minutes - 29.1 MBDo you feel stuck? Have you set goals and failed repeatedly? Do you feel like goal setting doesn’t work? It doesn’t have to be this way. You can break free and make 2021 one of the greatest years of your life! The key to your breakthrough is learning how to create lasting habits. Yes, habits can be the fuel for your rocket. Speaking more broadly of retirement, habits will be an integral part of succeeding in all four phases of retirement: the prepare-to-go, go-go, slow-go, and no-go years. It...
Should You Take Social Security at 62?
January 06, 2021 14:54 - 26 minutes - 21.1 MBShould you take Social Security at 62? Or, should you wait until your Full Retirement Age or later? Taking Social Security early can be a mistake that costs some retirees $100,000 or more in retirement benefits. However, in some cases taking Social Security at 62 is just the right decision. In this episode we’ll dive into the pros and cons of taking Social Security at 62. KNOW YOUR FULL RETIREMENT AGE Before jumping into Social Security, it’s important to understand a couple of key terms. The...
How to Reduce Taxes in Retirement
December 30, 2020 06:26 - 29 minutes - 40.1 MBMany Americans worry about how to reduce taxes in retirement and rightfully so. Taxes can eat away large amounts of your nest egg. Most Americans save a large portion of their nest egg in tax-deferred accounts such as 401(k)s, only to be surprised that the IRS will get a good portion. By understanding and avoiding the retirement tax gap, many families can save considerable tax during their retirement years. This savings can be applied toward vacations, travel, living expenses, and quality of ...
Leading Your Family During Retirement
December 23, 2020 07:56 - 31 minutes - 25 MBMany squander the chance to lead their families during retirement and lose massive opportunities for fulfillment and happiness. As you embrace your ability to lead your children and grandchildren during retirement, your family can have greater unity and your retirement years can take on much more significance. Relationships with children and grandchildren can be some of the most powerful and important relationships we experience but can also cause some of the deepest wounds. No matter where ...
What Does Retirement Look Like?
December 16, 2020 06:00 - 24 minutes - 19.9 MBPutting your finger on exactly what retirement will look like can be difficult. Often, people get blindsided when unexpected events derail their plans. Understanding the four specific stages of retirement can help you thrive and flourish, even in the midst of life’s curveballs. Seeing retirement as a journey instead of a destination can be a powerful mental model. Here is the problem: Retirement isn’t an event but rather a new phase of life that has distinct stages that can be planned for. E...
The Formula for Thriving During Retirement
December 09, 2020 00:45 - 17 minutes - 21 MBThere are three keys to thriving during retirement. Young people are remarkably good at looking into the future. But, many who approach retirement fall into the trap of looking back instead of forward. Our greater future is created when we focus on the future more than the past. VPS (Vision + Planning + System) = Thriving Key #1 - Vision Understand where you are now (the current you) and look forward ten years into the future (the future you). What do you want life to be like? Who do you wa...