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Retirement Talk Podcast with Laura Stover

Business & Economics Podcasts

Retirement talk - Redefining Wealth and Your Money with Laura Stover is a podcast that educates, entertains, and helps prepare our listeners for retirement. It's a show designed for those looking to maximize their financial efficiency and fulfill their lifestyle. It is also geared toward those needing to transition from accumulation to preservation and the necessary shift in how money is managed. Based on Laura’s two decades of experience with financial coaching and consultation to hundreds of individuals across the US, this podcast could make a difference in your retirement income, cutting your taxes, or both! Laura shares thoughts and ideas from today’s premier experts in the field of retirement, as well as the latest in retirement trends to help you make better financial decisions regarding YOUR retirement. In each episode, Laura will share financial news and provide insight and resources on topics such as retirement, retirement income planning, reducing unnecessary taxes, protection from market risk, wealth transfer, estate planning strategies, long-term healthcare, social security and much more. Your host is wealth advisor Laura Stover. Laura is the CEO of LS Wealth Management. She is also the founding partner of LS Tax, a consulting and tax planning firm. Laura is a registered financial consultant and investment advisor. She attended Huntington University, as well as the prestigious Wharton School with a certification in executive leadership, and focus on entrepreneurism. She has been a co-author with Renowned Businessman Steve Forbes as well as a multiple time contributing columnist to many national publications such as the Wall Street journal, CNBC online and USA today. A sought-after speaker and entrepreneur, Laura has close to twenty years of experience as an investment advisor. She has become a well-known financial resource and a go-to advisor for national media outlets and clients across the country. The focus starts with why you plan to retire in the first place, how you will fulfill your dreams and most efficiently organize your assets. You'll plan how to manage the growth necessary to sustain your lifestyle needs throughout your retirement journey. We want to redefine your wealth and money.

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United States

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Retirement talk - Redefining Wealth and Your Money with Laura Stover is a podcast that educates, entertains, and helps prepare our listeners for retirement. It's a show designed for those looking to maximize their financial efficiency and fulfill their lifestyle. It is also geared toward those needing to transition from accumulation to preservation and the necessary shift in how money is managed. Based on Laura’s two decades of experience with financial coaching and consultation to hundreds of individuals across the US, this podcast could make a difference in your retirement income, cutting your taxes, or both! Laura shares thoughts and ideas from today’s premier experts in the field of retirement, as well as the latest in retirement trends to help you make better financial decisions regarding YOUR retirement. In each episode, Laura will share financial news and provide insight and resources on topics such as retirement, retirement income planning, reducing unnecessary taxes, protection from market risk, wealth transfer, estate planning strategies, long-term healthcare, social security and much more. Your host is wealth advisor Laura Stover. Laura is the CEO of LS Wealth Management. She is also the founding partner of LS Tax, a consulting and tax planning firm. Laura is a registered financial consultant and investment advisor. She attended Huntington University, as well as the prestigious Wharton School with a certification in executive leadership, and focus on entrepreneurism. She has been a co-author with Renowned Businessman Steve Forbes as well as a multiple time contributing columnist to many national publications such as the Wall Street journal, CNBC online and USA today. A sought-after speaker and entrepreneur, Laura has close to twenty years of experience as an investment advisor. She has become a well-known financial resource and a go-to advisor for national media outlets and clients across the country. The focus starts with why you plan to retire in the first place, how you will fulfill your dreams and most efficiently organize your assets. You'll plan how to manage the growth necessary to sustain your lifestyle needs throughout your retirement journey. We want to redefine your wealth and money.

Language:

English

Episodes

A Path to $10 Million

5/31/2023
We all have our own savings goals and dreams of retirement, but difficult markets and high inflation can be quite discouraging. Sometimes it feels like you’ll never achieve what you’ve hoped for. So what’s the secret to building wealth and reaching those goals? In this episode, Laura Stover, RFC® is joined by Darlene Tucker, CFP® and Kyle Davis who will break down an article about a path to $10 million and what it takes to reach a milestone like that. For many people, that might seem completely unattainable, but there are steps you can take now to maximize growth and get the best returns on your money. The key to building long term wealth is consistency, having a plan, and identifying a destination you want to achieve. The numbers show that over time if you have an average rate of return that you’re comfortable with and a consistency in investments, the total returns emphatically produce favorable results. There will always be bumps in the road and issues to navigate, but with a good plan, you can overcome those things. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 6:13 – Inflation is top of mind right now 7:51 – Consistency and planning is key 11:06 – Start with process rather than product 14:09 – The magic of compounding interest 18:51 – Steps to take to reach that $10 million goal 22:17 – The value of having a quality team on your side 29:45 – Shifting your mindset as your approach retirement 33:04 – True planning gets into so much more than retirement accounts

Duration:00:38:57

A Framework for Assessing Variable Spending Strategies

5/24/2023
Being flexible with spending absolutely matters in financial planning and it often gets overlooked when people step into retirement. Most people look at their budget and the assets that they’ve accumulated and that’s where they stop. In this episode, Laura Stover, RFC® and Michael Wallin, CFP® will examine an article by Dr. Wade Pfau that discusses variable spending strategies. Whether it’s inflation-adjusted fixed percentage rule, floor and ceiling rule, the ratchet effect, or others, we’ll provide a thorough explanation of most of the spending strategies included in the article, but we’ll keep it high level to help you take away the important aspects from what we want to convey. This show might be a little more academic and in-depth than normal, but don’t tune out because this conversation is critical for investing and distribution. As inflation continues at a high rate and the debt ceiling issues continue to linger, you want to make sure you retirement foundation is on solid ground with the proper income plan. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 5:18 – ROI becomes reliability of income in retirement 7:25 – Constant inflation-adjusted spending 11:41 – Keeping your spending constant can increase risk 15:46 – Why you might shift more distribution into the early years of retirement 17:24 – The fixed percentage rule 21:50 – Why can’t the government come up with a proper spending sstrategy? 28:29 – Income planning is the foundation of a purpose-based allocation

Duration:00:35:44

Why Do We Keep Making the Same Investment Mistakes?

5/17/2023
Our relationship with money is much like the other emotional relationships we have in other parts of our lives. We tell ourselves we’re done making the same types of mistakes but end up repeating those same behaviors the next time the situation arises. The same thing happens in terms of how we invest our dollars and how we act when the market isn’t going up. In this episode, Laura Stover, RFC® and Michael Wallin, CFP® will dive into a recent article that discusses the behavioral side of investing and share what they’ve seen from people as they navigate the rough economic waters we find ourselves in. They’ll also talk about what’s being done from the Fed to improve market conditions and whether a digitalization of money is coming soon. It’s important to have a financial professional on your side to help you through the good times and the bad. Understanding how our behaviors play a role in our decisions will hopefully help you avoid repeating those same mistakes both now and in the future. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 4:43 – What this week’s article says about decisions 7:57 – Understanding portfolio losses 13:02 – Why we feel like ‘this time is different’ 18:32 – The investing questions you need to ask yourself 19:27 – The steps the Fed is taking to ease inflation 24:48 – How soon will the digitalization of money happen? 29:45 – The role perception plays in our behavior

Duration:00:37:47

How Long is Long Term?

5/10/2023
We work with people that have investing questions all the time but there are two that investors often boil it down to. They want to know how long they need to be invested to be sure they don’t lose money and how long they need to stay invested to make sure they do better than an alternative investment. In this episode, Laura Stover, RFC® and Michael Wallin, CFP® will explain how a successful investment plan has to get measured over the long term to truly evaluate how well it has done. As they discuss, you need to have a long enough duration to let the performance of the solutions you put in place, give you the outcomes you’re looking for. So how do you do that? Let’s take a look at the historical data and see what some of the bright financial minds have said. Then we’ll talk through the key considerations when building an investment strategy that are aimed at success over the long term. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 5:36 – How a random walk applies to long term investing 8:54 – Using a football analogy to show how this works 10:20 – What the data shows us 12:58 – Our view on long term investing and the bucket approach 16:07 – The other scenarios you have to consider 19:09 – Why 20 year periods are so important 27:28 – How important are fees? 29:16 – Finding your risk capacity

Duration:00:36:31

Profiting from Losses

5/3/2023
The market has shown some signs that it might be turning around, but we’ve seen quite a bit of up-and-down over the past few years. These fluctuations have created some nice gains at times for investors, but a lack of tax planning can keep you from maximizing your financial gains. In this episode, Laura Stover, RFC® and Michael Wallin, CFP® will delve into the power of tax harvesting and the role it plays in creating a comprehensive tax plan. Throughout the show, they will explain how ex-dividend date, the wash rule, and tax thresholds work and why these things are important for making investment decisions. If you don’t have a professional helping you with this, there are a number of potential pitfalls that we’ll discuss today. Join us and discover how utilizing tax harvesting can be a powerful tool in your financial planning arsenal, allowing you to make the most of your income and helping you secure a comfortable retirement. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 2:09 – Is the market turning around? 6:24 – Repositioning assets for tax harvesting 10:37 – How does ex-dividend date fit into this? 13:30 – Understanding the wash rule 18:16 – Tips for avoiding tax thresholds. 25:42 – Expertise needed to execute tax harvesting effectively

Duration:00:31:55

If Not a 60-40 Portfolio, Then What?

4/26/2023
A year like 2022 doesn’t come around too often but those significant market corrections we saw in both equities and bonds made many people begin to wonder about the effectiveness of the traditional 60/40 investment mix. Some people are even saying that there is no longer a use for this portfolio structure. To truly evaluate whether that’s accurate, you have to first understand how to build a proper investment strategy. In this episode, Laura Stover, RFC® and Michael Wallin, CFP® weigh in on this topic and share their insight on building investment plans. They discuss the limitations of the traditional 60/40 portfolio and how a more dynamic bucket approach can help you better navigate the constantly changing economy. There are many different tools to help you build the right portfolio, and we’ll explain how the LifeArcPlan puts a process in place to help you determine what rate of return you need and how best to achieve that over time by blending tactical management with strategic management. Hopefully this show will give you a clearer picture of how and why a plan is constructed. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 4:46 – Why the conservative investor was down so much in 2022, 8:19 – People need purpose-based allocations 11:25 – Diversifying into different buckets of money 16:29 – Why was the 60/40 strategy created? 20:11 – Blending tactical management with strategic management 25:37 – Is the US Dollar getting devalued?

Duration:00:35:06

When It Comes to Risk, It’s Dangerous to Trust Your Instincts

4/19/2023
The famous boxer Mike Tyson once said, “Everyone has a plan until they get punched in the mouth.” He meant it about his opponents, but we can apply that same idea to financial planning in the middle of a volatile market. How will you react when things first get difficult? Should you trust your instincts or stick to a well-defined process that you already put in place? In this episode, Laura Stover, RFC® and Michael Wallin, CFP® will delve into the critical distinctions between risk tolerance and risk perception as it relates to investment strategies. They explore the role of emotions, information consumption, and self-awareness in making investment decisions, and offer valuable insights on creating a comprehensive retirement plan while avoiding common mistakes. Managing your portfolio through a volatile market all begins the process, and we’ll give you insight into how our Redefining Wealth® process helps you build a plan that avoids these mistakes and helps to secure a stable future for you and your family. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 5:28 – How do you react when the turbulence first begins? 11:13 – What is the difference between risk tolerance and risk perception? 20:47 – What’s the best way to process all the information and how it applies to you? 25:33 – Putting a process in play and sticking to it.

Duration:00:31:03

Don’t Let Sequence of Returns Risk Cook Your Goose

4/12/2023
Reaching retirement doesn’t mean you can put your plan in cruise control because plenty of risks remain. One that all recent retirees are dealing with is the sequence of returns risk. This is an overlooked risk when someone is stepping into retirement that doesn’t get nearly enough attention, in our opinion. The five years before and the first five years in retirement are the most critical because of the risk that comes from the order (or sequence) from which your investment returns occur. If the market declines a lot in the early years of retirement, your withdrawals could significantly reduce the longevity of the portfolio. In this episode, Laura Stover, RFC® and Darlene Tucker, CFP® will tackle this risk head-on and explain the impact it can have over the course of your retirement. Plus, they’ll take you through some of the safeguards that can be put in place to protect you from the inevitable downturns in the market to ensure savings can last you throughout retirement. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 4:06 – What is sequence of return risk and why is it important? 8:52 – What are some of the safeguards you can put in place? 14:57 – You can’t just eliminate market risk altogether 22:11 – Average rate of return vs dollars in the portfolio 28:52 – Segregation of asset types is key

Duration:00:34:06

3 Ways to Know if Your Advisor Gets It

4/5/2023
For many people, the goal in life is to have enough wealth that you can pass it on to people or organizations you care most about, and your advisor should be a key partner in helping you with that estate planning. However, not every financial professional is equipped to help you secure your legacy and give you that peace of mind. In this episode, Laura Stover, RFC® and Michael Wallin, CFP® will discuss the importance of estate planning and how to ensure your financial advisor is qualified to guide you through the process. Listen to their insights on the consequences of neglecting non-probate assets, the advantages of using a revocable living trust for your IRA, and how to determine the right trust structure for your unique situation. There’s a lot of great information online to help guide you through this process but if you truly want protection for your estate, you need to make sure you have correct verbiage about how assets go in and when/if they can come out in the future and that’s the role professionals play. Our goal is to help you build a plan that’s effective and efficient, and we’ll share how the LifeArcPlan is designed to help us do that. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 4:37 – Why the structure of an inheritance is so important. 8:28 – If you receive an inheritance, how do you approach that extra income from a tax standpoint? 12:19 – The benefits of putting a trust in place. 17:54 – Understanding the importance of beneficiaries. 22:32 – The different type of trusts and how they’re structured.

Duration:00:28:57

The Four Unique Risks in Decumulation

3/29/2023
We spend most of our life saving and investing to accumulate as much wealth as possible before retirement, but there’s not nearly as much thought and research given to how you take that money out once you’re in retirement. Decumulation, in our mind, is one of the most important planning challenges because the fundamental nature of decumulation is much different from accumulating assets. In this episode, Laura Stover, RFC® and Michael Wallin, CFP® will identify the four unique risks that decumulation presents in retirement: sequence of returns, longevity, taxes and spiking expenses. We’ll take you through each of these individually and explain the potential problems that arise if you haven’t planned for them. That’s why we make sure our Redefining Wealth® process puts an income plan in place before you step into the decumulation stage. It’s essential to do that before you transition because of these risks and the huge issues they pose. You also want to have the right balance between the different types of investment buckets and the right amount of liquidity in order as you build that plan, and you’ll learn more about that in this show. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 3:28 – Why decumulation and accumulation are so different 7:24 – Sequence of return risk 12:14 – Longevity risk 14:47 – Tax risk 21:51 – Spiking expense risk

Duration:00:30:27

It Is The Perfect Time for Pre-Retirees to Consider FIAs

3/22/2023
When things are down, everyone’s risk profile gets much more conservative. Emotions shift as the market does, and we spend a lot of time consulting clients to help them keep balance. One of the products that we discuss more in this type of environment is the fixed index annuity, which people often love or hate. FIAs are designed as competition to banking products, and they’re built to help make sure individuals are not in a position of losing value based upon market conditions. Right now, most people would love to see that hedge of protection around their principle. That’s why we’re focusing our attention on FIAs for this episode. Laura Stover, RFC® and Michael Wallin, CFP® will help you better understand the role these annuities play in a plan, how they help balance out a portfolio, and the impact market volatility has on this investment. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 4:24 – Is now the time with interest rates increasing? 8:40 – How bonds and FIAs fit in the same portfolio 13:33 – How volatility factors in to the FIA 18:05 – Floating rate funds 22:25 – Is this the year to add an FIA?

Duration:00:29:03

The Best Retirement Plans of 2023

3/15/2023
Americans have been falling behind on retirement planning for some time now, and the past two years have only increased the difficulty to save money and grow a nest egg. This recent trend emphasizes the importance of proper planning, and we want to share some of the best retirement strategies to consider in 2023. Much of what Laura Stover, RFC® and Michael Wallin, CFP® will discuss in this episode involves tax planning along with income and investment planning. Some of the planning items we’ll cover are spousal IRAs, Roth IRAs, IULs, and strategies for small business owners, and all of these aim to benefit you over the long-term. As we’ll explain throughout our discussion today, tax diversification is every bit as important as investment diversification. Understanding how to best utilize taxable, tax-deferred, and tax-free accounts to build that investment strategy likely will prove to be very beneficial in the years ahead. That’s why take the team approach and rely on the strengths of multiple people to build the best plan for you. If you want to learn more, get in touch and start that conversation. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 3:36 – Taking advantage of the spousal IRA 5:55 – Weighing the tax benefits of a Roth IRA 12:39 – Consider funding an Indexed Universal Life (IUL) 16:04 – Tax diversification is so important 19:35 – Strategies for small business owners and those who are self-employed 21:45 – The Thrift Savings Plan for federal employees

Duration:00:28:00

Are Bonds a Good Investment During a Recession?

3/8/2023
If you go back to October of 2022, you’ll find the worst 12-month period ever for bonds. With the pressure on the economy, bonds struggled right alongside many other investments. The last year showed us many investors move to bonds during periods of volatility, and many of those same people couldn’t understand why bonds deteriorated and values declined. Just three years earlier in 2019, the bond market was king and returns were substantial. So these investments are typically thought of as safer, but as we’ve seen, that’s not always true. In this episode, Laura Stover, RFC® and Michael Wallin, CFP® will look at the recent history of bonds and help you better understand how they work and how they are utilized in a well-balanced financial portfolio. Plus, they’ll share alternative investments that people might choose to reduce risk. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 3:54 – Bond returns over the past few years 6:02 – How to determine if bonds are a proper investment 11:16 – How bonds actually work 15:21 – Are we in a recession? 23:05 – Bonds as part of a well-balanced portfolio 27:47 – Investments that might be better for you

Duration:00:34:56

Planning Your First Required Minimum Distribution

3/1/2023
For the vast majority of retirees, there will come a time when the IRS comes calling and you’re required to start taking money out of qualified retirement accounts. These required minimum distributions (RMDs) are a great planning opportunity and a chance to have some control over taxation, but you need to be prepared ahead of time. In this episode, Laura Stover, RFC® and Michael Wallin, CFP® will get back to the basics and provide a great overview on how to plan for your first RMD. With SECURE 2.0 Act moving the age back to 73 this year, there’s even more time to make planning decisions, like moving dollars into a Roth account. When it comes time to start taking these RMDs, you’ll need to consider the amount that’s required for the year, which accounts you’ll pull that from, and where you’ll distribute the money to. Our Redefining Wealth® process is strategic in how you approach each of these steps to help you get the most out of the money you’ve saved for retirement while limiting the taxes you’re going to owe the IRS. Whether you’re about to take your first RMD or have already started, understanding these strategies will help put you on the best path for retirement. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 7:17 – Strategies to consider ahead of RMDs. 11:32 – Determining which accounts to pull your RMDs from first. 13:43 – How do you actually take the distribution? 15:18 – Failing to take the RMD results in a costly penalty 19:54 – How this fits into your income plan.

Duration:00:29:33

What is Taxable Income and How Does it Work?

2/22/2023
It’s that time of the year where taxes become top of mind as people look through income over the past year to get their filing in order, but taxes need to be at the forefront of your financial planning throughout the year. The problem is tax planning isn’t simple. It takes years of experience and education to have a thorough grasp on what you owe, especially as your income sources expand. We want to spend some time discussing taxable income on this episode to help you get a better understanding of what you’ll be responsible for in retirement. Taxes come in many different forms in retirement and it takes more than just a yearly check-up to stay on top of what you owe. Laura Stover, RFC® and Michael Wallin, CFP® will take you through the different types of income sources and talk through some of the tools and strategies we utilize with our clients. Planning is a key pillar of Redefining Wealth® and something we should be mindful of on an ongoing basis. That’s why we have a CPA on the team that helps with discussions around tax harvesting, life insurance, capital gains, Roth conversions and more. By prioritizing tax planning throughout the year, you’ll be in a much stronger position financially in retirement and avoid a huge surprise each April. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 5:48 – What is taxable income? 11:57 – How do you get more money in the tax-free bucket? 17:31 – Is it too late to make meaningful tax changes if you’ve already retired? 20:24 – How does the death of a spouse impact income and taxes? 24:37 – The tools we use for tax planning

Duration:00:31:30

What’s a Safe Withdrawal Rate Today?

2/15/2023
A declining market will make any retiree uncomfortable, and it could put your future in jeopardy if you haven’t thought through your withdrawal strategy. Many retirees struggle to shift their mindset from accumulation to distribution so let’s talk about how to determine how much you should be taking out of your accounts each year in retirement. In this episode, Laura Stover, RFC® and Michael Wallin, CFP® will tell you what the data says and explain the considerations you need to make when structuring a retirement income plan. Maybe the biggest factor you’ll face is sequence risk, which is the risk of encountering different market conditions early in retirement which puts a portfolio in jeopardy of not lasting a lifetime. Once you get into retirement, that sequence of return becomes very important because all that you built could go away just as fast depending on the timing of these withdrawals. Traditional financial strategies say a 4% withdrawal each year is safe, but how accurate is that? Last year’s suggest rate had reduced to 3.3% but that has crept back up to 3.8% this year. These numbers might apply to you, but you won’t know until you build a proper plan. It all starts with a framework and our LifeArcPlan works with clients to input their data to determine a safe withdrawal rate based on a number of factors. We’ll take you through it all on this show to help you protect everything you’ve worked so hard to build. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 3:19 – Why this topic is so important right now 6:45 – The silver lining for people about to retire 13:36 – How inflation is gobbling up returns 21:03 – Changing your mindset in retirement away from accumulation 25:33 – What you need to consider when building your plan

Duration:00:30:06

Advisors Should Rethink the ‘M’ in RMD

2/8/2023
The recent passing of SECURE Act 2.0 brought about a long list of planning opportunities, but the change in age for required minimum distributions will give advisors a chance to think outside the box on RMD strategies. Now that the age has increased to 73, retirees and pre-retirees have even more time to evaluate options to start reducing retirement accounts in the most tax efficient way possible. Here’s what you should be asking: what strategies can I put in place that allows my money to be working for me and eliminates my future taxation? In this episode, Laura Stover, RFC® and Michael Wallin, CFP® will share a few of the creative solutions that could be on the table for you. Taking a tax-proactive approach is one of the pillars of our Redefining Wealth® process and RMDs provide a great chance to accomplish that. Our tax team can provide a wonderful walk-through and help our clients evaluate ways to reduce these accounts down based on your goals and what you’re trying to achieve. Let’s use these SECURE Act 2.0 changes to jumpstart the discussion and help save you the most money possible over time. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 4:44 – Why the tax rates today might give you more reason to take out more. 6:56 – Taking control of your future taxation by pulling money out ahead of 73. 9:06 – Are pre-RMDs a good strategy? 15:36 – When should you consider a Roth conversion? 21:38 – Using Qualified charitable distributions to lower tax rates

Duration:00:29:45

SECURE Act 2.0 – How It Will Affect Retirees

2/1/2023
The start of 2023 brought us another round of retirement changes with SECURE Act 2.0 officially taking effect and there are a number of important provisions that retirees need to be aware of. In this episode, Laura Stover, RFC® and Michael Wallin, CFP® will take you through the changes they’ve identified as being most impactful for retirees and make sure you have a good understanding of what this means moving forward. SECURE Act 2.0 creates additional planning opportunities that you might want and they’ll explain why. If you haven’t had the chance to look through this new legislation, make sure to listen in to find out more about what’s changing for required minimum distributions, qualified charitable distributions, catch-up contributions, and more. We can’t cover everything in this episode, but this should give you a great starting point for the next conversation with your advisor. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 3:12 – The required minimum distribution age is moving back again. 7:54 – Catch-up provisions and inflation adjustments 11:04 – An extended RMD credit for qualified accounts 15:45 – Changes to qualified charitable distributions 21:22 – A new exception to the penalty for tax on qualified plan distribution 25:17 – Qualifying for a hardship distribution in retirement accounts

Duration:00:32:48

What’s the Difference Between Average and Actual Rate of Return

1/25/2023
Investors use rate of return to make decisions and evaluate performance all the time, but they often get misled by the average return. With the market showing some positive signs to start the new year, this is a timely topic to discuss on the podcast and we’ll do that by exploring a Kiplinger article about rate of return that we featured in our Weekend Brief. Laura Stover, RFC® and Michael Wallin, CFP® will sort out the differences between the average and actual rate of return to make sure investors know which to use when building a properly diversified portfolio for retirement. It’s not what happens in a short duration, short period of time that you need to focus on. Instead, you want to look at your average rate of return for an extended period. That way you can evaluate solutions during a down market that will help you get back on track for the rate of return necessary to make your plan successful. So we’ll walk you through how we integrate rate of return into the Redefining Wealth® process and show you why the bucket strategy and time horizons also play a key role in determining your investment strategy. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 5:32 – How is average rate of return calculated? 7:47 – Why average rate of return can be misleading for investing. 10:57 – Calculating actual rate of return 14:32 – Sequence of return risk 19:18 – Millenials have a different perspective 21:36 – Measuring your capacity for risk

Duration:00:28:58

A Bear Market Checklist

1/18/2023
Despite seeing a few positive days to begin the new year, investors are still in the midst of the longest bear market in nearly 15 years and plenty of economic doubt and uncertainty remains in 2023. This sustained bear market has made investors weary and wondering what they need to do to not only survive, but thrive in these difficult conditions. Laura Stover, RFC® and Michael Wallin, CFP® will lay out a clearly defined checklist that any investor can follow to position their investments in the best way possible regardless of the current market movement. This structure and framework is core to the Redefining Wealth® planning system and we’ll explain how it all fits into the bear market checklist. Knowing your time horizons and focusing on the returns that you need to be successful is just a piece of the investment strategy you’ll need to weather whatever this year brings, but knowing exactly how to structure your portfolio will help give you confidence in good times and bad. Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/ Rate, Review and Subscribe to the Podcast: https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188 How to Connect: redefiningwealth.info lswealthmanagement.com Schedule a Review: https://redefiningwealth.info/schedule/ Timestamps (show notes): 6:58 – Reflecting back on 2022 12:06 – The segmentation of assets 16:32 – Make sure you’re truly diversified 22:05 – Focus on the returns YOU need 25:32 – Investing for the long run.

Duration:00:33:04

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