Retire Ready with Kyle Hammerschmidt

We’ll be debunking common myths about Social Security and answering the questions you might be curious about. Since we have a list of 10 to break down, we’ll divide it up into two episodes so make sure you check out both. In part two, we’ll focus on who is eligible for benefits, how they get calculated, and how working will affect your benefit. Here are the myths we’ll discuss today: (1:30) (4:35)(6:11)(7:36)(8:50)Check out part one here: https://mokanwealth.com/2023/05/11/dismantling-2023s-top-10-social-security-myths-part-1/ Helpful Info: Kyle's website: http://www.mokanwealth.com/ Phone: 913-257-3991

In this episode, we'll be debunking common myths about Social Security and answering the questions you've been curious about. Since we have a list of 10 to breakdown, we’ll divide it up into two episodes so make sure you check out both. Here are the myths we’ll discuss today: (2:17) (4:26)(6:09)(8:03)(10:56) Helpful Info: Kyle's website: http://www.mokanwealth.com/ Phone: 913-257-3991

Are you aware that not all retirement accounts are created equal? It's crucial to understand the purpose and advantages of each type of account to make the best choice for your future. In this episode, we'll delve into the different types of retirement accounts, including 401(k)s, IRAs, Roths, and several other examples. Here are a few examples of what we’ll discuss today: Helpful Info: Kyle's website: http://www.mokanwealth.com/ Phone: 913-257-3991

Retirement can come with a lot of tax questions and concerns. From understanding the tax implications of withdrawing from your retirement accounts to minimizing taxes on investment income, it can be overwhelming. In today’s episode, we’ll break down the top ten tax questions retirees are asking in 2023. Join us today as we discuss these things: Helpful Info: Kyle's website: http://www.mokanwealth.com/ Phone: 913-257-3991

Today, we're walking you through "The Smart Tax Roadmap" – six steps to building a tax-efficient retirement plan. Ultimately, we'll help show you how your different types of retirement income are taxed in different ways. Here's an overview of the steps: We hope you enjoy the show! Investment advisory services offered by duly registered individuals through CreativeOne Wealth, LLC a Registered Investment Advisor. CreativeOne Wealth, LLC and MOKAN Wealth Management are unaffiliated entities.

A Roth conversion is a process of moving funds from a traditional Individual Retirement Account (IRA) or a qualified retirement plan (like a 401k) to a Roth IRA. This conversion means that the account holder will owe income taxes on the converted amount, but once the conversion is complete, all future earnings and withdrawals from the Roth IRA will be tax-free. This can be a useful strategy for people who believe they may be in a higher tax bracket in the future or want to have tax-free retirement income. We discuss the 5 effects of Roth conversions and how they can play into a tax-efficient retirement plan.

We answer some listener questions on today's episode. We will talk about if using your commissions is a good retirement saving strategy, being tax efficient, and if you should pay off your mortgage before investing in rental properties. Helpful Info: Kyle's website: http://www.mokanwealth.com/ Phone: 913-257-3991 Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/

There are many things that we know we’ll have to deal with in retirement, we just don’t know how to predict when or to what degree. How do you construct a plan that deals with the unpredictability of these different factors? Helpful Info: Kyle's website: http://www.mokanwealth.com/ Phone: 913-257-3991 Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/

Let’s see if your tolerance for risk matches your financial plan. What should you do if that balance is out of whack? What if you’re a natural risk taker, but you really shouldn’t be when it comes to your finances? We’ll explore all of these angles as we break down the role of risk in your financial and retirement plan. Helpful Info: Kyle's website: http://www.mokanwealth.com/ Phone: 913-257-3991 Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/

Do you know what red flags, but also some good signs, to be on the lookout for when you’re searching for an advisor to work with as you prepare for retirement? On this episode, we’ll give you some red flags to be aware of, and teach you how to spot them. Helpful Info: Kyle's website: http://www.mokanwealth.com/ Phone: 913-257-3991 Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/

There are plenty of external factors that often negatively influence our chances of having a successful retirement. But often, failure comes from within. On this episode, we’ll talk about some of the common ways people get in their own way when it comes to financial planning. Helpful Info: Kyle's website: http://www.mokanwealth.com/ Phone: 913-257-3991 Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/

A recent Yahoo! Finance article explored the idea of retiring early at the age of 55 to see if it was feasible. We’ll break down some of the issues facing folks who want to retire early on this episode, but for some additional fun let’s look at the comment section to see what questions and advice the peanut gallery has for us to consider. Yahoo Article: https://yhoo.it/3sI6isr Helpful Info: Kyle's website: http://www.mokanwealth.com/ Phone: 913-257-3991 Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/

There are certain age milestones where you should really pay attention to your retirement planning progress. On this episode, we’ll look at the most important birthdays as you approach retirement and cover the exact things you should be checking off your to-do list at each age. Helpful Info: Kyle's website: http://www.mokanwealth.com/ Phone: 913-257-3991 Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/

There are some important terms you’re going to come across as you prepare for retirement. Having a basic understanding of these will help you achieve financial success, so we’ll cover what they mean and what you should know on today’s episode. And don’t worry. We won’t go quite so far down the rabbit hole where we expect you to be able to explain how a company’s P/E ratio meshes with its Alpha and Beta ratings to determine how much stock you should buy. Helpful Info: Kyle's website: http://www.mokanwealth.com/ Phone: 913-257-3991 Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/

Some people feel that they’ll save money by handling their investments themselves instead of working with an advisor. Others may like the challenge of doing it themselves. Still others just don’t know who to trust so they end up not working with anyone. Let’s talk about some reasons that you might need an advisor. Helpful Info: Kyle's website: http://www.mokanwealth.com/ Phone: 913-257-3991 Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/

There are certain things in life we just can’t predict. If we knew the answers to some of these questions, planning for retirement would sure be a lot easier. So let’s see how you go about constructing a plan that addresses the kinds of questions to which you can’t possibly know the answers. Helpful Info: Kyle's website: http://www.mokanwealth.com/ Phone: 913-257-3991 Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/

Time for a little fun on this episode. We’ll use some fill in the blank prompts to spark good discussion about relationships between advisors and their clients, the stock market, common planning mistakes, and much more! Helpful Info: Kyle's website: http://www.mokanwealth.com/ Phone: 913-257-3991 Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/

In football, teams are extra careful not to make a mistake when they get within about 20 yards of scoring points (known as the Red Zone). They’ve typically worked hard to get to that point and don’t want to cost themselves by throwing an interception or fumbling the ball and giving it to the other team. On this episode, we’ll explore the financial equivalent of the Red Zone and discuss how you can really mess things up if you’re not careful during this phase of your life. If you’re approaching retirement, this is a fundamental conversation you won’t want to miss. Helpful Info: Kyle's website: http://www.mokanwealth.com/ Phone: 913-257-3991 Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/

This is part 2 to our resolutions for 2022. See if you might be able to implement a couple of these to kick off the new year in good, financial health. Helpful Info: Kyle's website: http://www.mokanwealth.com/ Phone: 913-257-3991 Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/

You might not be able to follow through on all 22 of these resolutions, but implement even just a few of these and you’ll be well on your way to a more prosperous financial life in the coming year. We will go over the first 11 resolutions on today's show. Helpful Info: Kyle's website: http://www.mokanwealth.com/ Phone: 913-257-3991 Tax-Free Retirement Toolkit: http://www.mokanwealth.com/shock/