Welcome to episode 80 of Accessible Finance with Eric and Rachael Johns!

In this rapid-fire session, Eric answers your most pressing retirement questions without his famous 'It depends' caveat. From the biggest mistakes made before retirement to whether you should downsize your home, we cover it all. Also discussed are Roth IRAs vs. traditional IRAs, how to estimate healthcare costs in retirement, and the safest investments for retirees. Don't miss out on practical, concise advice on these essential topics. Remember, this is for educational purposes only and not financial advice. Tune in now for all the insights!

00:00 Introduction and Favorite Phrases

00:45 Rapid Fire Questions Begin

01:48 Biggest Mistakes Before Retirement

03:09 Mortgage and Retirement

04:31 Roth IRA vs Traditional IRA

04:53 Savings by Age 60

05:58 Starting Late for Retirement

06:16 Social Security Timing

07:21 Reducing Taxes in Retirement

12:44 Healthcare Costs in Retirement

14:39 Understanding Medicare Supplement Plans

15:47 Exploring the 4% Rule for Retirement

19:07 Working Part-Time and Social Security

23:57 Avoiding Financial Scams

26:06 Leaving Money to Heirs

27:13 Reviewing Your Retirement Plan

28:57 Conclusion and Disclaimers

Welcome to episode 79 of Accessible Finance! Join Eric and Rachael Johns as they break down how to compare job offers beyond just the paycheck. Learn what benefits to look for, how to quantify those benefits, and why they matter more than you might think. From healthcare and retirement plans to paid time off and work flexibility, this episode covers everything you need to know to make an informed career decision.

🎙️ Have a financial question? Email us at podcast@equilibriumfp.com. Don't forget to like, subscribe, and share!

00:00 Introduction and Episode Overview

00:15 Evaluating Job Offers Beyond Salary

01:05 Understanding Healthcare Benefits

05:58 The Importance of Retirement Plans

12:08 Investment Options and Fees in 401k Plans

13:40 Finding the Summary Plan Description

14:04 Understanding Plan Fees and Expenses

14:26 Evaluating Investment Options

15:06 Advisor Fees and Plan Charges

17:26 Importance of Quantifying Benefits

19:31 Red Flags in Compensation Packages

20:13 Vesting Periods and Retention Tools

21:53 Transparency in Job Offers

23:30 Final Takeaways on Compensation Evaluation

In episode 78 of Accessible Finance, we tackle the challenge of managing tax risks in pre-tax accounts like 401(k)s and traditional IRAs. Eric and Rachel discuss the importance of considering future tax brackets and RMDs (Required Minimum Distributions) while planning your retirement. Learn about strategies like Roth conversion ladders to mitigate hefty tax bills, the significance of filling the lower tax brackets, and how delaying certain income streams like Social Security can be beneficial. If you're sitting on a mountain of pre-tax savings or want a personalized tax strategy, this episode will guide you through optimizing your tax planning for a comfortable retirement.

🎙️ Have a financial scenario you’d like us to discuss (without giving personalized advice)? Send your questions to podcast@equilibriumfp.com—we’ll keep your information completely anonymous!

📢 Don’t forget to like, subscribe, and share with friends who could benefit from smarter retirement planning tips!

00:00 Introduction to Episode 78

00:12 Concerns About Retirement Taxes

01:23 Understanding Roth Conversion Ladder

02:26 Tax Planning Strategies

03:28 The Impact of RMDs

06:36 Qualified Charitable Distributions (QCDs)

08:02 Workplace 401k and Financial Planning

09:41 Reducing Future Taxes

10:29 Understanding RMD Percentages

11:34 Tax Implications of Withdrawals

12:01 Planning for Higher Tax Brackets

12:59 Roth Conversion Strategies

14:41 The Importance of Diversification

16:22 Long-Term Financial Planning

17:14 Working with Advisors and Planners

18:51 Avoiding Common Financial Pitfalls

21:06 Final Takeaways and Contact Information

In Episode 77 of Accessible Finance, we tackle a pressing question: 'How do I reduce my tax bill before I retire?' Eric and Rachael discuss critical strategies for those nearing retirement, including deferring income, maximizing pre-tax contributions, leveraging donor-advised funds for charitable giving, and planning Roth conversions. They delve into the importance of preparing for retirement well in advance, ideally five years prior, and touch upon key concepts like marginal effective tax rates, RMDs, and more. Tune in to learn how to set yourself up for a secure and tax-efficient retirement.

00:00 Introduction to Episode 77

00:38 Deferring Income Before Retirement

02:41 Maximizing Charitable Contributions

07:03 Planning for Roth Conversions

09:14 Understanding Marginal and Effective Tax Rates

11:28 Avoiding Tax Cliffs and Hidden Landmines

14:33 Required Minimum Distributions (RMDs) Explained

17:17 The Importance of Early Financial Planning

19:28 Conclusion and Contact Information

In episode 76 of Accessible Finance, we break down the three tax buckets: taxable, tax-deferred, and tax-free accounts. Discover how each impacts your taxes, flexibility, and financial planning. Learn the pros and cons of each account type and why having a balanced mix across all three buckets is essential for strategic withdrawals and minimizing tax liabilities. Join us as we dive into the details, share personal anecdotes, and provide actionable advice for optimizing your finances.

Have questions? Email us at podcast@equilibriumfp.com.

00:00 Introduction and Listener Request

00:19 Understanding the Three Tax Buckets

03:34 Deep Dive into Taxable Accounts

07:02 Exploring Tax Deferred Accounts

09:20 The Benefits of Tax Free Accounts

10:59 Qualified Distributions and Roth Benefits

11:29 Tax Arbitrage and Visual Explanation

12:35 Impact of Tax Brackets on Retirement

13:00 Roth Conversions and Tax Strategies

16:45 Importance of Diversifying Retirement Accounts

20:11 Strategic Withdrawal Strategies

21:51 Conclusion and Viewer Engagement

In episode 75 of Accessible Finance, we address an emotional and critical listener question from someone who has recently lost a spouse and feels overwhelmed with financial decisions. The discussion covers key initial steps such as pausing big decisions, getting organized, securing income sources, and the importance of involving trusted financial professionals. We discuss the tax implications of going from married filing jointly to single, handling RMDs, updating beneficiaries, and social spending's impact on well-being. Tune in for expert advice and insights aimed at helping those navigating this challenging time.

00:00 Introduction and Listener Question

00:56 Initial Steps After Losing a Spouse

01:55 Organizing Financial Documents

02:37 Dealing with Scammers and Predatory Behavior

05:47 Tax Implications and Financial Planning

07:02 Meeting with a Financial Professional

14:23 Adjusting Beneficiaries and Budget

16:11 Social Spending and Emotional Well-being

18:19 Key Takeaways and Final Advice

🎙️ Episode 74: Navigating Your Retirement in a Down Market Are you planning to retire but worried about the market downturn? Is it wise to push on or is waiting the better option? In this episode, Rachael and Eric tackle one of the toughest questions facing soon-to-be retirees: the market’s impact on your retirement timeline.

Key Highlights:Should you retire now or delay? Discover the decision-making frameworks that can help you weigh the risks and benefits of retiring in a bear market.

What does your shortfall look like? Eric dives into understanding the gap between your fixed income and your retirement spending needs.

How flexible is your spending? Rachael shares strategies on variable spending levels to make your retirement plan resilient to market fluctuations.

Interested in retirement strategies during volatile times? Listen to get invaluable insights that could help you navigate these uncertain times with confidence.

Got questions or stories about retiring during a market downturn? Email us at podcast@equilibriumfp.com. We are here to help!

👉 Listen now to arm yourself with the knowledge to make a sound retirement decision.

In episode 73 of Accessible Finance, hosts dive into a detailed listener question about retirees with pension plans. They discuss the implications of the Windfall Elimination Provision (WEP) ending, its impact on social security benefits, and the Government Pension Offset (GPO). The episode explores strategies for pension holders, including whether teachers should work summer jobs to earn social security credits. Key insights and advice are provided for optimizing retirement benefits and understanding the importance of social security contributions in light of these policy changes.

00:00 Introduction and Listener Question Overview

01:39 Understanding the Windfall Elimination Provision (WEP)

03:53 Explaining the Government Pension Offset (GPO)

07:46 Impact of WEP and GPO Elimination on Benefits

08:45 Advice for Teachers with Pension Plans

12:12 Social Security Credits and Optimal Strategies

13:58 Understanding Social Security Credits for Teachers

14:45 Evaluating Summer Jobs for Social Security Benefits

16:10 The Importance of Social Security Contributions

17:40 Checking Your Social Security Credits

18:37 Deciding Between Higher Pay or Social Security Benefits

20:38 Maximizing Your Social Security Benefits

21:49 Final Thoughts and Viewer Questions