Mr. Stillman's Opus-logo

Mr. Stillman's Opus

Business & Economics Podcasts

Financial and retirement guidance from John Stillman, founder of Rosewood Wealth Management. Serving Durham, Chapel Hill, and the rest of the Triangle. Make sure your finances are designed to deliver you a harmonious retirement.

Location:

United States

Description:

Financial and retirement guidance from John Stillman, founder of Rosewood Wealth Management. Serving Durham, Chapel Hill, and the rest of the Triangle. Make sure your finances are designed to deliver you a harmonious retirement.

Language:

English


Episodes

Retired Early But Still Feel the Need to Earn Money

3/14/2024
It’s not uncommon for someone to retire early but still not feel totally comfortable with the idea of not earning a consistent paycheck. It’s a complete shift in thinking and unless you’ve done solid planning, there might be a little doubt still lingering in your mind. So how do you know when you have enough to retire? Better yet, how do you get the confidence to spend the money you have in retirement without the fear of running out and returning to work. We have that exact scenario to work through on the show thanks to a question that we recently received. It comes from a police officer who was injured and given a medical retirement, which provides a monthly check. At age 53, they feel like they need to continue earning money because it feels too early to be retired. The issue now is finding work that pays as much as his job as an officer did so how should he approach this? Listen as we tackle this specific situation but also discuss retiring early and the general planning involved. Here’s some of what we discuss in this episode: 0:00 – Intro 1:32 – Questions to answer 4:58 – How much you need to make 6:14 – Client story 7:24 – How to plan for it Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:09:34

Should You Max Out Your 401k?

2/1/2024
Are you considering maxing out your 401(k) but unsure what to do next? We face this question all the time at Rosewood Wealth Management so today we want to explore if it’s wise to max out your 401(k) before investing anywhere else, and if it is, where to look if you want to save even more. It’s a good conversation to have early in the year as you make plans for your retirement contributions over the next 12 months. Having said that, we do understand that this is a fortunate position to be in, and not everyone will have the ability to max out their contributions this year, and that’s totally fine. We can work through strategies for different situations, but today we want to focus on those who can save at a high rate so that they’re getting the most from their investments. Here’s some of what we discuss in this episode: 0:00 – Intro 1:48 – Reasons to max out your 401k 5:59 – Reasons why you wouldn’t max it out 8:11 – Roth option 10:10 – Other investment options to consider Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446 Find us on YouTube: https://bit.ly/42qQ3jZ

Duration:00:15:24

Is Social Security Going Bankrupt?

11/2/2023
The future of Social Security continues to be a cause for concern if you read the headlines, but should you be concerned about the reality of the program going bankrupt? With so many retirees relying heavily on Social Security for income, there’s plenty of reason to take notice and ask the question. In this episode, we’ll help you better understand the reasons money is projected to run out sometime in the 2030s by using a triangle and hourglass analogy. John will also tell you why he doesn’t think it’ll ever run dry and list a few things that could change to maintain solvency. Here’s some of what we discuss in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:13:03

When Should I Do a 401k Rollover?

10/19/2023
Today we’re going to answer a question that a lot of people are asking when it comes to retirement planning and that’s when should you do a 401k rollover? You’ve probably heard that it’s usually best to move money out of an old 401k account, but does the timing matter? In this episode, we’ll talk about the qualifying events that need to occur in order to give you the option for a 401k rollover. Then we’ll tell you about the four main options you have once you reach the point where you could roll the money over. Finally, let’s discuss some reasons why you would choose one of these options over another. Here’s some of what we discuss in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:13:24

Estate Planning Disasters

10/5/2023
We’re finishing up our estate planning series with Tim Nordgren, an attorney at SchellBray in Chapel Hill, with a discussion today on what could go wrong if we don’t have the main planning documents in place. Then we’ll wrap up with some of his estate planning horror stories that he’s seen through the years. As you heard in our previous episodes with Tim, there are four main estate planning documents: the will, the durable general power of attorney, the healthcare power of attorney, and the living will. Join us as we find out what could go wrong for each of these and how he’s helped people navigate these messy situations. Here are some of the things you’ll learn in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:15:09

Do I Need a Trust?

9/21/2023
We’re back once again with Tim Nordgren, an attorney at SchellBray in Chapel Hill, to talk more about estate planning. Today we want to address one of the most common questions that comes up during our planning meetings and that’s whether or not someone needs a trust. It seems like many people have been conditioned to think they need a trust, but that’s not always the case. To help us better understand some of the scenarios where a trust makes more sense than a will, Tim will take us through the key differences, which assets need to be covered, and the main benefits a trust provides. Here are some of the things you’ll learn in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:13:09

The Must-Haves of Estate Planning

9/7/2023
Today we’re joined by Tim Nordgren, an attorney at SchellBray in Chapel Hill who focuses on trusts and estates. We send people to Tim all the time and appreciate the work he does, which is why we wanted to have him explain estate documents a little further for us. He’ll walk us through the documents needed for when doing testamentary planning or planning for incapacity and explain what each document covers. Here are some of the things you’ll learn in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:13:53

Do I need life insurance after I retire?

8/24/2023
The role of life insurance in retirement is something many people ask about. Do you still need to keep your policy now that your children are on their own and you’ve built a nice nest egg? While that’s true, life insurance might still be able to play a valuable role in your financial plan and we’ll tell you why in this episode. John will run through the most common reasons people say they need life insurance and we’ll tell you which ones are legitimate. Things like covering final expenses and paying off debt are often on the list but what about using it for tax-free income or covering long-term care? We’ll discuss those and more on the show today. Here are some of the things you’ll learn in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:17:32

What do I need to know about the IRA I just inherited?

8/10/2023
We’re in the middle of one of the largest wealth transfers in our country’s history as Baby Boomers pass on their estate to loved ones, and some of that money is coming in the form of an IRA. Rules regarding inherited IRAs have changed in the past few years so we want to bring you up to speed on what’s new. Plus, we'll walk you through some of the decisions you’ll need to make with an inherited IRA, how it impacts beneficiaries differently, and explain the differences for Roth IRAs. Here are some of the things you’ll learn in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:15:39

Preparing for Changing Expenses in Retirement

7/20/2023
In this episode, we’ll explore many of the expenses in your life that might drastically change (one way or another) in retirement. We’ll break those expenses down further to see which ones are the top priorities and analyze some of the other factors that impact your cash flow in retirement. Here are some of the things you’ll learn in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:18:22

Housing in Retirement – The 4 Most Common Options

7/6/2023
When you think about a family’s assets in retirement, few are more important than the home. Not only is it typically the most expensive thing a person owns, but it also carries a lot of emotional attachment with it. Once you reach retirement, you’re likely going to have a few things to consider with your home, and people often go in one of four different directions: stay in their home, move to a new home, become a renter, or buy a second home. Today we’ll talk through each option and what financial pros and cons you’ll need to consider before choosing where you plan to live. Here are some of the things you’ll learn in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:17:39

Marriage & Money: Part III – Dealing with Divorce

6/22/2023
Our three-part series on marriage and money wraps up today with a look at the financial decisions that often happen during the divorce process. This is going to be a highly emotional and difficult process for those involved, which makes the financial aspect of this process even more challenging. We’ll walk you through a few of the items that will need to be addressed like dividing assets, child support, and updating documents. Then we’ll talk about how your mindset has to change as you begin the next chapter of life independently and begin planning for retirement on your own. Here are some of the things you’ll learn in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:15:15

What Changes Financially When You Get Remarried?

6/8/2023
Money plays a significant role in the health of a relationship and life events like marriage and remarriage require us to have honest conversations about finances when we take these steps in life. In this episode, we’re going to spend time discussing the items that need attention when you get remarried. There are some common themes and considerations as your first marriage, but things like combining finances and joint accounts will inevitably be more difficult when it’s the second marriage because you’re further along in life and more established financially. Combining households can be a challenge when you get married again for the second time so we have to communicate quite a bit and make sure we find a process that works for both parties. Here are some of the things you’ll learn in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:14:59

Financial Decisions to Make Before Marriage

5/25/2023
Some of life’s biggest events come with important financial decisions and marriage might be at the top of the list. Many of the arguments in a relationship start because of disagreements about money, which is why it’s so important to have a conversation about money and managing finances before your wedding day. In this episode, John will provide some financial guidance and useful tips for how to approach these topics with your spouse. Should you combine finances? How do you define certain spending categories? We’ll try to answer those and more during this show. Plus, John will also share the way he and his wife manage their money and why it works for them. Here are some of the things you’ll learn in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:14:21

The Psychology of Investing in the Wake of Historic Market Crashes

5/4/2023
Have you ever wondered why you handle money the way you do? It turns out your financial behaviors can be traced back to your formative memories. Key events throughout our lives shape the way we view money. In this episode, we explore how historic market crashes have left a lasting impact on our relationship with money. We’ll also contrast them with the way more recent crises have shaped our financial views and decisions in the short term. Best of all, we’ll start it all off with a biblical example of how people have been financially scarred for hundreds of years. Here’s some of the myths we’ll address in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:19:01

Dismantling 5 Top Social Security Myths in 2023

4/20/2023
Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you're eligible is the best decision for your financial future? In this episode, we'll be debunking common myths about Social Security and answering the questions you've been curious about. Social Security will be one of the biggest sources of retirement income for most Americans and you need to be aware of these myths before filing for your benefits. Most of the time, once that decision is made, you can’t reverse it. So let’s make sure you’re getting the most out of your benefits. Here’s some of the myths we’ll address in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:20:31

Retirement Expenses For Which You Forgot To Plan

4/6/2023
Are you preparing for retirement but feeling confident that you have covered all the expenses? Well, think again… It turns out that many retirees overlook some crucial expenses that can leave them financially vulnerable. In this episode, we explore the retirement expenses that most people tend to forget, including skyrocketing medical bills, unexpected travel costs, taxes, and much more. We'll discuss practical tips and strategies to help you plan for these expenses and ensure a secure and comfortable retirement. Here's some of what you'll learn on this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:16:57

Moving Your Retirement Goalposts: Worth the Risk?

3/16/2023
Do you ever feel like your retirement planning goals are always moving? You're not alone. We’ve found that people often move the goalposts in their own retirement planning, often to their detriment. In this episode, we're diving deep into the psychology of retirement planning and the dangers of moving the goalposts. Keep in mind that we’re talking about the rules you make for yourself rather and not the changes you make to your financial plan. We want to have a financial plan that’s flexible enough to change as your life does so that’s a bit different than this conversation today. Here’s some of what we’ll discuss in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:16:01

5 Top Tax Questions For Retirees In 2023

2/23/2023
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. On today’s episode, we’ll break down the top ten tax questions retirees are asking in 2023. Before you file your 2022 taxes and plan ahead for the rest of the year, make sure to listen to this episode as we’ll discuss some important tax questions that retirees should ask themselves to ensure they're making the most of their retirement savings and minimizing their tax burden. Here’s some of what you’ll learn in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:17:32

Rookie Mistakes Even Experienced Investors Make

2/9/2023
mistakes. No matter how experienced you might be, we’re all susceptible to a moment of weakness. On this episode, John will cover some of the top rookie mistakes we see people make and share examples of how he’s seen this play out. Plus, he’ll illustrate how to avoid these missteps or how to fix them if you’re already made some in your financial life. Here’s some of what you’ll learn in this episode: Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Duration:00:18:09