Candid Conversations: Retirement Talk with Ryan Cravitz

As we close out the year, we wanted to take the chance to answer a bunch of financial questions that we’ve received. It’ll give us the opportunity to cover a wide range of topics that will hopefully address an area of planning you’ve also been curious about. Before we get into these great questions, we’ll share a cautionary tale about a retiree who fell victim to an investment scam, losing nearly three-quarters of a million dollars. Here’s what we discuss in this episode: 0:00 – Intro 0:36 – Retirement scam story 7:30 – Annuity withdrawal 11:07 – Paying off a mortgage 13:54 – Spousal Roth IRA 17:02 – Mortgage tax deduction 18:13 – Income planning Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

Social Security is the backbone of retirement for millions of Americans, but big changes could be coming pretty soon. In fact, one Congressman asked the Congressional Budget Office to put together a report detailing the impact of changing the full retirement age from 67 to 69. This change, if implemented, would have huge implications for anyone planning their retirement. Ryan will break down some of the key takeaways and discuss the implications if the government moves forward with this idea. Read the full report here: https://www.cbo.gov/publication/60516 Here’s what we discuss in this episode: 0:00 – Intro 1:19 – Full retirement age 3:04 – Key takeaways from the report 9:13 – How should you view Social Security changes at different ages? 13:28 – Final thoughts on Social Security 14:17 – Mailbag Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

Are you and your spouse on the same page when it comes to what you want in your retirement? If not, it’s time to talk. Retirement planning is a significant milestone that requires careful consideration and, more importantly, collaboration. Many couples don’t communicate enough when it comes to money, but preparing for retirement is best done with both parties understand the goals and how they’ll get there. That’s what we want to highlight in this video so we’ll break down the importance of being a team when it comes to your financial future. Here’s what we discuss in this episode: 0:00 – Intro 1:28 – Mailbag 3:54 – Couples with uncertainty 9:50 - How we help couples get on the same page for retirement 12:00 – Do both spouses need to be involved financially? 14:22 – Why couples benefit from an advisor 16:51 – Closing thoughts Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

You can never ask too many questions when you’re trying to understand your finances and prepare for retirement. It’s essential that you know what you’re invested in and what you’re working towards. In this video, Ryan Cravitz will tackle some of the most fundamental yet challenging questions about retirement planning. Here’s what we discuss in this episode: 0:00 – Intro 1:16 – How much you need when you retire 4:46 – How much in savings? 7:22 – How much risk 11:06 – Annuities 13:26 – Are you tax-efficient 17:28 – When to take Social Security Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

Social Security is a really important part of an overall retirement plan but there are five things people get wrong when planning for retirement. The things we’ll talk about in this video are misunderstandings we often hear from clients and other people. In fact, advisors don’t always get these things right. If you’re approaching retirement or already in retirement, you’ll want to make sure you get clarity on these five things before you make any Social Security decisions. Here’s what we discuss in this episode: 0:00 – Intro 1:57 – Long-term solvency of Social Security 6:17 – Spousal benefits 8:51 – Maximizing survivor benefits 12:04 – Confusing taxes with the earnings test 14:51 – Taxes you’ll owe Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

Today we’re going to give you three compelling reasons why you should consider retiring now or as soon as possible. If you are unsure about your retirement readiness, this episode will help you evaluate your financial security, address potential burnout and health considerations, and ensure you have a purposeful plan for your retirement days. If any of these reasons resonate with you, it’s worth having a conversation with a financial professional to see if you’re ready to retire. You might be closer to retirement than you think. Here’s what we discuss in this episode: 0:00 – Intro 1:38 – Financial security 8:41 – Burnout or health considerations 13:26 – What will you do Monday morning? 20:10 – Final thoughts Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

In this video, Ryan outlines five crucial things you need to know about RMDs, including when you need to take them, how to calculate them, and strategies to reduce them for tax efficiency. These five things will help give you a better understanding of RMDs and the role they play in building an income plan, which will also help you be more efficient in retirement. Here’s what we discuss in this episode: 0:00 – Intro 1:46 – When do you have to take your first RMD? 5:00 – Calculating RMDs 7:39 – Can RMDs be aggregated? 11:16 – Why reduce RMDs? 15:06 – Strategies to reduce your RMDs Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

One of the biggest questions that we get about Social Security is when should I take my benefits? A lot of people want to claim them as soon as they can for multiple reasons, but would you be better off delaying your benefits up to age 70? Join us as we explore five compelling reasons why you might want to consider postponing your Social Security claims, from maximizing survivor benefits to enhancing long-term financial stability. Here’s what we discuss in this episode: 0:00 – Intro 1:25 – Survivor benefits 2:48 – Increase your monthly benefit 4:49 – Long-term stability 6:18 – Tax advantages 7:56 – Spousal benefits 10:05 – How far out should you plan? Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

As you approach retirement, one of the most pressing questions is how much you can withdraw from your savings without running out of money. The 4% rule, a popular guideline in retirement planning, suggests that you can withdraw 4% of your retirement portfolio in the first year and adjust that amount for inflation each subsequent year. This rule, developed by William Bengen in the 1990s, was designed to ensure that retirees wouldn't outlive their savings over a 30-year retirement. But how does this rule align with the actual spending patterns and lifestyle of retirees today? Here’s what we discuss in this episode: 0:00 – Intro 1:01 – Looking at the 4% rule 4:15 – Comparing 4%, 5%, and 6% withdrawal rates 8:42 – Stress testing each withdrawal strategy 13:47 – Incorporating annuities into your plan 20:43 – Conversation takeaways Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

The crucial conversation when it comes to retirement is all about how much you need to have saved. The traditional $1 million benchmark doesn’t have as much staying power as it used to. In fact, a recent study found that Americans believe they need at least $1.5 million to retire comfortably. We’ve found that most people believe they’ll need a lot more saved before they can retire or they feel like they need to work a lot longer than they actually do. So what’s the true answer? Well, it’s different for every individual but today we’ll look at the data and break down the numbers to help you get an idea of how much you’re going to need to retire. Here’s what we discuss in this episode: 0:00 – Intro 2:26 – Why people think they need more than they do 3:40 – Results from a study 5:15 – Average annual income 6:35 – Single withdrawal amounts 12:21 – Married withdrawal amounts 16:12 – How much saved for single people 22:15 – How much saved for married people Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

We hear a lot of half-truths in the financial world, not necessarily because people try to make misleading statements, but because sometimes a simple statement just doesn’t quite tell the whole story. On this episode, we’ll discuss a few examples that seem straightforward but have nuances that can significantly impact your retirement strategy. Here are the half-truths we’ll explain in this episode: Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

While you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. In this new season of life, your old policies may no longer suit your needs or may come to an end. So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? Here’s some of what we discuss in this episode: Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

Are you planning for your retirement with the confidence that you're making all the right moves? With so many moving pieces in retirement, it takes detailed planning to cover all your bases, but it begins with building an income plan. In today's episode, we'll unveil the crucial income planning mistakes that could jeopardize your retirement and show you how to craft a financial plan that's built to last decades, not just years. Tune in to ensure your retirement strategy is foolproof against common pitfalls and ready to secure your financial future. Here’s what we discuss in this episode: Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

As much as any other threat, recognizing and avoiding scams has become a necessary skill for today’s retirees to develop. In today’s episode, we’ll share a story of how a scam destroyed a woman’s entire retirement savings. Then, we’ll explore some crucial steps you can take to safeguard your financial well-being against the growing tide of scams and identity theft. Here’s some of what we discuss in this episode: Resources for this episode: How this 77-year-old widow lost $661,000 in a common tech scam: ‘I realized I had been defrauded of everything’ - https://www.cnbc.com/2023/10/08/how-one-retired-woman-lost-her-life-savings-in-a-common-elder-fraud-scheme.html Fraudsters targeting senior citizens with multiple financial scams – https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/senior-citizens-financial-scams/ Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

We work through all types of scenarios with clients each day and find tools that will help them reach their financial goals. To help you get a better idea of how we work through these different scenarios, we are going to run through a list of questions that we’ve been asked recently. Each of these topics cover common financial scenarios that you have probably dealt with already or might come across in the future. We’ll explain our process for answering them, some of the things you’ll want to consider, and how to determine your best path forward. Here’s some of what we discuss in this episode: Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

Whether you're nearing retirement, already retired, or just planning ahead, it's crucial to stay informed about Social Security and any changes that happen each year. Today we’re going to share some key things that you need to know and bring you up to speed on some updates that need to be aware of. Ryan will also tell you how this might impact you and the planning you’ll do this year. Here’s some of what we discuss in this episode: Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

It’s not always easy to keep up with rule changes and updates when they happen each year, but we like to stay on top of anything that might impact your retirement planning. In today’s episode, we will bring you up to date on what’s new for 2024. From tax brackets to Social Security to 529 plans, we’ll cover some key planning items that everyone will want to know about. Here’s some of what we discuss in this episode: Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

As we close in on the end of the year, we want to finish up by answering questions that people have asked us recently. We’ll cover key financial planning topics like retirement withdrawal rates, investing in CDs, advisor fees, Social Security and more. Here’s some of what we discuss in this episode: Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

Today we’re going to finish up our two-part conversation that will juxtapose the individuality of retirement plans with the foundational principles that remain constant regardless of who you are. These 10 total truths need to be accounted for when you build a plan for retirement, and we’ll talk about how and why they could have an impact on your financial future. Here are the retirement truths we discuss in this episode: Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

Retirement is a unique journey for each of us. The thought that there's a one-size-fits-all solution is a myth, but what if we told you there are certain universal truths that can guide every retiree? We’ll explore the realities that all of us will face in this episode so join us as we juxtapose the individuality of retirement plans with the foundational principles that remain consistent across the board. Everyone might address each of these truths in their own way, but no one should ignore what the things we talk about today. This list of 10 truths will be broken up into two parts so make sure you stay tuned for the next episode. Here’s are the truths Ryan will break down: Get more educational videos on YouTube: https://bit.ly/4b80CuY CONNECT: If you have any questions, you can contact us online here: https://cravitzfinancial.com/ Email: ryan@cravitzfinancial.com Call: 714-462-9155 Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.