The Retirement Show: Your Life, Your Money with Scott Sierens

Navigating Social Security can feel confusing. With a sea of information out there it’s hard to discern what’s fact and fiction. In this episode, Scott addresses five common statements about Social Security and breaks down whether they’re true or false. Here’s some of what we discuss in this episode: 0:00 – Intro 1:04 – Average retirement spending for 65-year-old 7:47 – Social Security taxes 13:39 – Taking Social Security when you retire 18:05 – Keeping all Social Security benefits when a spouse passes 20:30 – Penalties for working and taking Social Security 24:29– Collecting Social Security at 70 vs 62 Article – Retirement Planning: How Much the Average 65-year-old Retiree Spends Monthly https://www.nasdaq.com/articles/retirement-planning%3A-how-much-the-average-65-year-old-retiree-spends-monthly Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

Many of us have experiences that we regret. How can we avoid these feelings in our retirement years? In today’s episode, Scott shares common retiree regrets and practical strategies to sidestep them. Here’s some of what we discuss in this episode: 0:00 – Intro 7:13 – Waiting too long to retire 9:01 – Not having goals and a purpose in retirement 13:06 – Losing touch with family 15:16 – Not enjoying more while you’re younger 21:20 – Not taking your health seriously earlier in life 23:39 – Not planning for long-term care 26:11 – Listener question about spending in retirement 7 Biggest Regrets of Retirees https://finance.yahoo.com/news/7-biggest-regrets-people-retirement-120010632.html 10 Retirees Share Their Biggest Regrets US News Article: https://money.usnews.com/money/retirement/baby-boomers/slideshows/10-retirees-share-their-biggest-regrets Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

In this episode, Scott is going to share some of the wisdom he gained from AE Wealth Management’s Wealth Elite Symposium he recently attended in Nashville, Tennessee. This event featured esteemed speakers from Schwab, former writers for the Wall Street Journal, experts from Fidelity, and more. Listen in as Scott shares his takeaways on market risk, recessions, interest rates, generational wealth, and happiness in retirement. Here’s some of what we discuss in this episode: 0:00 - Intro 3:23 - Market risks, recessions, and the unpredictability of economic events 10:41 - Having an investment strategy that aligns with your timeline, tolerance, and income plan 12:48 - The impact of Fed interest rates on the market + accounting for inflation in your retirement plan 17:56 - How the potential decline in interest rates affects online savings accounts 20:48 - Items to keep in mind during this election year 23:30 - Normalizing conversations around wealth + being transparent with your beneficiaries 31:31 - Bringing happiness into your morning routine Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

In today’s financial landscape, the market has been hitting new highs and interest rates remain at elevated levels. You might have even heard some of the buzz surrounding the Federal Reserve and interest rate adjustments. We’re here to bring some clarity to the question on many investors’ minds: What does all of this mean for my investments and retirement plans? Is all of this exciting or cause for concern? Here’s some of what we discuss in this episode: 0:00 – Intro 3:20 – Understanding S&P 500 + Recent Market Highs 7:36 – Impact of Economic Indicators on Market Performance 9:56 – Analyzing Historical Returns + Being Cautious of Market Noise 15:12 – Market Performance Impact on Your Retirement 19:40 – Understanding the Federal Funds Rate 25:18 – Interest Rates Impact on Your Retirement 32:06 – Listener Question: Financial Indecision Resources for this episode: JP Morgan Chart – Investing during all time highs https://www.jpmorgan.com/content/dam/jpm/securities/documents/cwm-documents/Is-it-worth-considering-investing-at-all-time-highs.pdf Additional Information https://awealthofcommonsense.com/2024/01/new-all-time-highs-after-a-bear-market/ https://ofdollarsanddata.com/should-you-invest-in-stocks-at-all-time-highs/ Interest Rates USA Today Article - https://www.usatoday.com/story/money/2024/01/31/january-federal-reserve-meeting-live-updates/72409059007/ Nasdaq.com article - https://www.nasdaq.com/articles/wall-street-banks-readjusts-2024-interest-rate-predictions-after-feds-dovish-turn Bankrate – Biggest Winners & Losers - https://www.bankrate.com/banking/federal-reserve/fed-interest-rate-decision-biggest-winners/ https://www.investopedia.com/terms/f/federalfundsrate.asp Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

In today’s episode, we’re going to discuss the retirement hazard zone. This is the 10 years leading up to retirement and the first decade of retirement itself. Listen in Scott compares this period to driving through a construction zone, focusing on the need to slow down, think differently, and be prepared for the unexpected. Before we jump in, Scott will discuss the top 5 financial scams targeting retirees and pre-retirees and share some essential tips to help you avoid financial fraud. Here’s some of what we discuss in this episode: 0:00 – Intro 0:58 – Scams targeting older adults + prevention 14:50 – Thinking differently in retirement 19:00 – Preparing for the unexpected 21:56 – Slowing down 25:39 – Listener question on Social Security NCOA Article on Scams https://www.ncoa.org/article/top-5-financial-scams-targeting-older-adults Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

Are you considering maxing out your 401(k) but unsure what to do next? We face this question all the time at the Sierens Financial Group so today we’ll explore if it’s wise to max out your 401(k) before investing anywhere else. Here’s some of what we discuss in this episode: 0:00 – Intro 2:44 – What’s on today’s show 4:33 – What’s in the news right now? Spot Bitcoin was just approved by the SEC. 8:40 – What should you know about Spot Bitcoin? 10:50 – An 85-year study from Harvard reveals the one simple element that is the key to happiness. 14:26 – Should you max out your 401(k) first, or consider other options before contributing the max? 16:13 – Reasons you might want to max out your 401(k). 19:23 – Reasons you might NOT want to max out your 401(k). 23:08 – Exploring your options and how taxes play a role. 27:00 – Jacob’s question: Should you start Social Security at 67 if you’re still working? References for this episode: https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023https://scoop.upworthy.com/harvards-85-year-study-reveals-the-number-one-key-to-happiness?utm_source=flipboard&utm_content=topic/personalfinance Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

In today’s show, we’re going to share some crucial changes and strategies that will help you navigate your financial landscape in 2024. Scott will break down the latest adjustments you need to be aware of, from increased standard deductions to updates in Social Security and Medicare. We’ll also share some strategic tips and tactics to position your tax and retirement plans for success in the coming year. Here’s some of what we discuss in this episode: 0:00 – Intro 3:52 – What’s new in 2024? 12:01 – Is your money in the right bucket? 16:30 - Starting HSA contributions 17:34 – Reviewing your investments 19:45 - Considering QCDs 20:35 - Reevaluating tax withholdings 22:32 - Automation 24:31 - Get a plan in place Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

We’re sharing this month’s mailbag episode a bit early, but we have 3 great listener questions lined up for today’s show! Miyuki asks if Scott can explain more about tax harvesting and how to take advantage of a stock loss. Lauren asks about the tax consequences of withdrawing from the Roth side of her 401(k) after 2023. Click play to see what you can learn! Here are the questions we discuss in this episode: Can you explain more about tax harvesting? I sold two individual stocks last month. Both are a loss, but I don’t know how I can take advantage of this loss.I was just laid off. I am past full retirement age and the Roth side of my 401k hits 5 years on the 1 of 2024. Can I withdrawal from the Roth 401K side without tax consequences after 2023?The 401k plan has pre-tax and post-tax (Roth). Is withholding required on post-tax Roth 401k money? Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

From 24/7 TV channels dedicated to economic news to artificial intelligence, have the advancements in technology made you a financial guru or just more confused? Today, we’ll explore how technology is reshaping financial planning, for better and for worse. Here’s some of what we discuss in this episode: Google is a powerful tool for immediate information, but it’s important to use it with cautionOnline financial calculators are handy when used properly, but what if your inputs are wrong?Understanding the biases and goals of the media you’re consuming is importantPreparing your retirement portfolio for longer lifespans as technology continues to advance Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

In a world where technology has placed instant gratification at our fingertips, it can be hard to make financial sacrifices when the reward might not be seen until several years in the future. Today we’ll talk about some of the situations where you might be inclined to take the immediate benefit, when you should really consider the delayed rewards… Here’s some of what we discuss in this episode: Passing up a 401K matchSaving only in tax-deferred accountsClaiming Social Security at age 62Skipping out on regular health check-ups and preventative care Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

It’s the last week of the month, so you know what that means! We’re back with a new mailbag episode. We’ve got some great listener questions lined up for you today, so stick around to see what responses and strategies might apply to your situation and help improve your financial picture. Here are the questions we answer in this episode: I retired last month and started my state pension and Social Security. I’d like to do some part-time work, but I’ve heard that this can mess up my Social Security. Should I avoid getting a job?I just started a new job, and my base salary is low enough that it would be hard to contribute to a 401k and still pay my bills. Is it okay to just use my commissions for retirement savings?My company makes contributions to my 401k, but they’ll only do it in the form of company stock. I’ve just been selling it immediately and then investing in something else. Any reason I shouldn’t be doing that? Check out episode 124 here! Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

Are we on the brink of a retirement renaissance or stormy seas ahead? In this episode, we jump into the pressing issues of Social Security, taxes, and the stock market. Whether you're an eternal optimist or cautious pessimist, this episode will equip you with perspectives to plan your retirement years with confidence as we ask the longstanding question, “is the glass half full or half empty.” Here’s some of what we discuss in this episode: The future stability of the Social Security system + what this means for youNavigating tax code changes and implementing strategic tax planningRecognizing short-term volatility as normal, focusing on long-term positive trends, and developing an emotion-free investment strategy Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

The retirement planning world is filled with plenty of advice and suggestions, but there are critical questions lurking in the shadows – the unasked, the overlooked. These are the questions that can help define the comfort and security of your retirement future. In this episode, we unearth and tackle these essential questions about retirement. Listen in as Scott sheds light on the potential coverage gaps and costs that might catch retirees off guard when it comes to Medicare. He also explores the impact of where you choose to live in retirement, delving into state taxes, cost of living, and other financial considerations, and talks about planning for the care of elderly parents. Stick around to make sure that these 3 overlooked planning topics aren’t costing you time, energy and money in your golden years! Here’s some of what we discuss in this episode: The medical coverage you might need over and above MedicareWhere you choose to live during retirement can significantly impact your financial situation- considering state taxes, cost of living, and other regional factorsWhat considerations should be made when planning for the time and financial commitments of caring for elderly parents during retirement? Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

Ever thought that minor tweaks in your financial plan could lead to major wins? In this episode, we're exploring the surprisingly powerful world of simple financial adjustments. This episode is filled with straightforward changes that you can put into action now to generate positive effects on your financial life. Here’s some of what we discuss in this episode: Building up your rainy-day fund + Keeping the right amount of cashEnsuring your beneficiary designations are up-to-date and accurateThe benefits of automating your savings for retirementConsolidating old 401k accounts when you change jobsReviewing and updating your life insurance policies Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

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? Dive deep in this episode, where we juxtapose the individuality of retirement plans with the foundational principles that remain consistent across the board. Here are the universal truths we discuss in this episode: Everyone needs an income planNo one can consistently time the stock market successfullyEstate planning is not just for the wealthy- it’s for everyone! Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

We’re back for our third and final week of answering listener questions about year-end tax planning. These episodes are a unique opportunity for you to gain insights from real-world scenarios and inquiries shared by our listeners. In this installment, we're delving into the crucial concept of tax diversification, exploring methods to optimize your tax deductions for charitable contributions, and more. Here’s some of what we discuss in this episode: I’m 56 years old and plan to retire at 70. My wife and I have almost all our money in our 401ks- should we start saving somewhere else because of RMDs?I’m retiring toward the end of the year and have about 16 weeks of PTO I can use. I’m told that I can take this all in my final paycheck or continue being paid on my normal schedule every two weeks for a few months after I retire. Does it matter which way I do it?My husband and I give around $10,000 / year to different charitable organizations. Our tax preparer said we are no longer able to deduct these donations. Is that true? Is there any way to get a deduction again on our taxes? Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

Today, we're diving into the listener mailbag once again, to answer your questions on tax planning and strategies for the year ahead. As we approach the end of the year, it's crucial to get your financial ducks in a row so that you can keep more of your hard-earned money. Scott offers valuable insights on whether to file taxes jointly or separately, how IRMAA can affect your Medicare premiums, tax surprises that can be caused by receiving unexpected income, and more. Here are the questions we’ll tackle in today’s show: Husband is 70, wife is 65- Is it okay to file separately so each one can do Roth Conversions before RMDs kick in?How do you feel about taking a lump sum out of a 457B account? Is there any drawback to this besides taking a big sum of money? Will we owe any more taxes?I received a big bonus this year. My company withholds for tax. I assume there is nothing else I need to do from a tax perspective? Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

As we move into the fourth quarter of the year, let’s take a little time to focus on year-end tax planning. We’re opening up the listener mailbag and pulling out questions asking specifically about taxes and tax planning. We’ll be taking strategies and opportunities discussed last episode and apply them to certain real-life situations. No matter where you are today, use these questions today to see if you can take these strategies and utilize them in a similar situation to what we discuss. We’ll cover different types of Roth accounts, the benefits of a Health Savings Account, and tax planning for large IRA and 401k savings. Here are the three questions we’ll tackle in this episode: How are the Roth IRA and Roth 403b different? Which is better: to max out your Roth 401(k) or Roth 403b? I’m 59 years old and plan to retire around Age 65 or 66. I make over $150,000 / year. My company offers a high deductible health plan and Health Savings Account. Should I consider switching over to this health plan? Are there any benefits since it will only be fore 6 or 7 years? I’m in my early 60s. I’ve got $2 million saved. $1.7 million in IRAs and 401ks and the rest in a brokerage account. How do I keep from giving a huge portion of it to Uncle Sam? Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

As we move into the fourth quarter of the year, now is the time to be looking ahead and determining what year-end tax planning and retirement planning opportunities and strategies might be available to you. Evaluating where you are today and making the necessary changes can have a very positive impact on your financial position moving forward. Regardless of your situation, this episode will help you identify some areas that you should be discussing with your financial advisor before the year ends. Key discussion points in this episode: The difference in tax planning and the tax preparation you do each year. How we produce tax projections and why that’s a key part of tax planning. The six different ways you can maximize your retirement planning accounts. Should you consider a Roth conversion this year? The other items like charitable donations, tax withholdings, medical expenses, tax loss harvesting and more. Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

In today’s show, we’re going to open up the listener mailbag and answer questions about pension selections, questions about the challenges you could face if there’s an age gap between you and your spouse, and then discuss the hidden costs you might not be seeing in your retirement income. Each of these questions we’ll tackle today cover pretty common scenarios so you might find wondering about these down the road. Scott will provide some great thoughts and insight, recommendations, and strategies that could potentially be used in these situations. We always enjoy taking the strategies and tactics discussed on the podcast and apply them to some real life scenarios and that’s exactly what we’ll do today. Key discussion points in this episode: Should I even bother taking the spousal continuation option for my wife to keep getting the monthly payment if she outlives me? My husband is 11 years old than me, and I probably have better genes than he does too, so it seems likely that I’ll be a widow for a significant portion of my retirement years. What sort of financial planning challenges does this create for me? I need about $5,000 to live on each month in retirement, and my Social Security and pension will total about $5,300. Does this mean I’ll be able to leave my entire 401k behind to my son? Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ