My Smart Retirement

The first quarter of the year is always a time when people begin thinking about taxes just a bit more. That yearly filing will often stir up a few financial questions and get people asking about strategies to minimize taxes down the road.   In this episode, we’re following that theme as we open up the mailbag to take a few questions that all deal with some aspect of retirement and tax planning. From converting IRAs to Roth, withdrawing from and inherited IRA, and how to project taxes in retirement, Nancy will tackle each of these to give you a better idea of how to approach these planning items.      With it being the week of Valentine’s Day, we’ll also share a little nugget on the history of the holiday.     Here’s some of what you’ll learn in this episode:  ·      Is it a good idea to start converting as much as your IRA to a Roth if you’re retiring within 5-6 years?  (2:00) ·      Some Valentine’s Day trivia. (6:05) ·      Rules for inherited IRAs and withdrawing money.  (7:00) ·      Should you

One thing we’ve learned through the years of helping people prepare for retirement is that everyone has a different vision for how they want to spend that time. Retirements come in all shapes and sizes and having a good idea of what you want will help us build a portfolio that aligns with the life you want to live.   In this episode, Nancy and Sean will talk about the process for putting together a retirement life portfolio and why pre-retirees aren’t always prepared for the key transition points. They’ll also share a few different scenarios that they worked through with clients and give you a better idea of how the discussion goes.   If you’re at or near retirement, make sure you’ve taken the necessary time to think through your transition and what goals you have for the next chapter.   Here’s some of what you’ll learn in this episode:  ·      Investors will often come up with arbitrary numbers when building their portfolio. (0:38) ·      What type of retirement do you want to have? (2:33) ·     

Saving in your 401(k) can be an easy and painless way to build your retirement savings. But because it’s so easy and painless, it can also be easy to ignore for long periods of time, which often leads to mistakes. Since this retirement account is one of the most popular vehicles for saving, it’s important to make sure we’re doing all we can to get the most out of this money. In this episode, Nancy will cover at least five of the mistakes people make in their 401(k)s and explain what you can do to avoid this with your own investments. Here’s some of what you’ll learn in this episode: What options does someone have when they aren’t comfortable with risk but want to generate better returns? (3:38) What you should be doing with the money in an old 401(k) with a former employer? (9:46) People fail to rebalance their 401(k) enough. (12:28) Allocating too much money to a target date fund might not be giving you the customized solution you think. (13:35) Don’t just assume that fees and costs are minimal because they

Just like the lights on your dashboard can indicate if something is wrong with your car (like low tire pressure or leaking oil), there are indicators in your financial life that might point out that you have a problem that needs to be addressed. On this episode of My Smart Retirement, Nancy Fleming breaks down at least four warning signs that should give you a clue something isn’t quite right with your financial and retirement plan. Having no idea what it costs to fund your lifestyle, being overly focused on a specific dollar amount, or getting worked up over the financial impact of the day’s news stories are just some examples of the warning signs Nancy will explore. And stay tuned for the end of the show where Nancy peels back the curtain on a new industry buzzword/phrase called “Next Chapter Advisors.” Here’s some of what you’ll learn in this episode: • Warning Sign #1: You have no idea what it costs to fund your lifestyle (3:00) • Warning Sign #2: You’re focused on attaining a certain net worth or account

Another year is upon us and it’s a great time to assess how ready you are for retirement to kick off 2023. If you’re retiring this year, it’s essential to have some concrete answers to these questions. If you’re still a few years from the milestone, tune in so you can start thinking about these critical conversations. Running through this entire list of planning items will ensure that you’ve checked the most important boxes off your list so that you will be prepared to make the transition into retirement. If you aren’t sure how you’d answer any of these questions, make sure you get with a financial professional to have that discussion. Here’s some of what you’ll learn in this episode: How much income do you need every month? (2:52) Which account should you start withdrawing from first in retirement? (3:50) Do you have a plan to combat inflation? (7:45) Do you have any current investments or products you don’t understand? (12:34) The healthcare costs you need to be thinking about. (18:25)   Contact The Offic

Another round of retirement changes are on the way after President Biden signed a spending bill in December 2022 that included the SECURE Act 2.0. Retirees and pre-retirees need to understand what this legislation means, how it might impact you, and what planning opportunities this could open up. With a significant number of changes beginning this year and next, we’re going to break the discussion up into two parts. In this first episode, Nancy will lay out the details for RMDs and the new age requirements. The rules will impact both account holders and spouses, and we’ll lay that out for you. Plus, she’ll tell you about a big change to the 529 plan that will allow people to move money to a Roth. There are some specific rules you’ll need to follow to qualify, but it’s great to have that possibility down the road. It will be another busy year for retirement planning so make sure you check in with your advisor to see what adjustments you’ll need to make based on this new legislation. Here’s some of what you’ll

Many of us like to set New Year's Resolutions. Today we will be discussing goals, but not resolutions in particular. We want to help lay the foundation for goal setting so you will be able to achieve them whether they are financial or personal. For this episode, you’ll want to take a moment to write out your goals and plan along with us as we discuss ways to help you achieve them. Here’s some of what you’ll learn in this episode: What kind of person do you want to be? (3:48) Setting dates for your goals. (6:10) “Ring out the false, and ring in the true” (9:42) Prioritize your goals using this method. (12:00) Contact The Office 480-632-8770   Schedule A Visit https://bit.ly/3V4xihj   For more, visit us online https://www.flemingfinancialservices.com/

The New Year is approaching in a matter of days. This time of year, many of us enjoy getting our lives organized to some degree. The same can go for your financial life. In this episode, we will be sharing 10 financial steps you should take to start 2023 off on the right track. Here’s some of what you’ll learn in this episode: Are you financially organized? (1:28) Do you review your budget each year? (6:32) Have you been meeting your savings goals? Do you have an emergency fund? (9:10) Contact The Office 480-632-8770   Schedule A Visit https://bit.ly/3V4xihj   For more, visit us online https://www.flemingfinancialservices.com/

On TV we often see moments that are exaggerated versions of reality. For example, when someone dies in a show or movie there is usually a will reading with the family present. Is that reality? In this episode, we will be diving into some of the things that are shown one way, when reality may look very different. Here’s some of what you’ll learn in this episode: Picture it: A will is being read to the entire family, and your great aunt, thrice removed, gasps in outrage as she discovers she won’t be inheriting a slice of the family fortune. Is it reality? (0:24) You suddenly get a letter in the mail about an investment you didn’t realize you had. Is this something that actually happens? (5:29) Can some actually time the market successfully (and intentionally)? (12:22) Contact The Office 480-632-8770   Schedule A Visit https://bit.ly/3V4xihj   For more, visit us online https://www.flemingfinancialservices.com/

We came across this article that cites 35% of millionaires saying it’s “going to take a miracle” to be ready for retirement. Why are Americans feeling less confident? Is it realistic that millionaires can’t feel surer about their retirement futures? In this episode, we will discuss why some may be feeling uneasy about retirement. Here’s some of what you’ll learn in this episode: Even many millionaires feel unsure about retirement. (1:33) Many are increasing their retirement savings. (10:20) What to know about end-of-the-year planning this year. (13:38) Contact The Office 480-632-8770     Schedule A Visit https://bit.ly/3V4xihj     For more, visit us online https://www.flemingfinancialservices.com/

On today’s show, we are answering some of your questions. If you have any questions, please feel free to send us a message on our site so we can help answer you, too! For now, listen to learn what you should do when your advisor doesn’t seem to know how to answer your questions and what to think about when you and your spouse are no longer on the same page about retirement. Here’s some of what you’ll learn in this episode: When should you think about starting your social security? (2:13) What if your spouse wants to retire earlier than expected? (7:02) Should you buy term, universal, or whole life insurance? (12:06) Contact The Office 480-632-8770     Schedule A Visit https://bit.ly/3V4xihj     For more, visit us online https://www.flemingfinancialservices.com/

Today we are going to be talking about Medicare Insurance. We all need coverage, and unfortunately, insurance coverage can be a mystery to most because it can become so complicated. Let’s go over some of the basics of Medicare including some of your options, how they work, and some experiences that have been shared with me. Here’s some of what you’ll learn in this episode: The four parts of Medicare. (2:56) What are the pros and cons of the options available to you? (6:55) Here we help you understand something people are often confused by with Medicare. (14:55) Contact The Office 480-632-8770     Schedule A Visit https://bit.ly/3V4xihj     For more, visit us online https://www.flemingfinancialservices.com/

Happy Thanksgiving! In honor of Thanksgiving, this episode is dedicated to learning about the pilgrims that risked their lives to voyage to new lands. Listen to learn details about their lives that many do not know, and gain insight into their living conditions, lifestyle, and the journey they embarked on. Here’s some of what you’ll learn in this episode: Have you heard the story of Richard Warren? (10:51) Learn about Francis Cook, a gentleman who signed the Mayflower Compact. (13:12) The sad story of Edward Fuller and his wife. (15:16)   Contact The Office 480-632-8770   Schedule A Visit https://bit.ly/3V4xihj   For more, visit us online https://www.flemingfinancialservices.com/

Talking to our children about money can be difficult. Especially discussing our own net worth and what will be left to them. Many people fear their children will only care about their money, they might lose the drive to work, or they simply feel it’s none of their business. Well, the flip side of this is that your children could end up with a large sum of money and no knowledge as to how to manage it. In this episode, we will discuss a happy medium between these two scenarios so you can help your children leave their own legacy one day. Here’s some of what you’ll learn in this episode: How to navigate telling your children about your money. (1:44) This is what can happen when you wait too long to talk to your children. (4:54) Parents who teach their children about healthy financial habits. (8:27)   Contact The Office 480-632-8770   Schedule A Visit https://bit.ly/3V4xihj   For more, visit us online https://www.flemingfinancialservices.com/

Today we will be discussing personal finances. People tend to dread this conversation, even if they have a large amount of money saved. All of your financial decisions and activities have an effect on your financial future There are some financial “rules” that can help keep you on track to achieve your specific goals. Of course, every situation is different, but these are guidelines that have stood the test of time and could be a good starting point for many of you. Here’s some of what you’ll learn in this episode: Why you should calculate your net worth and how to do it. (4:46) How we track your progression throughout retirement. (6:44) What you should know about managing “lifestyle inflation”. (9:03) For more information: https://www.flemingfinancialservices.com/podcast

Spoiler Alert: In The Sixth Sense, many of us know the famous plot line where a boy shares that he can see dead people, and the character played by Bruce Willis tries to help him, but we find out later that he was dead all along. In the beginning of the movie, we see Bruce Willis get shot and we never see him recover, but somehow we still don’t understand that he is a ghost until the “secret” is revealed. Just like the movie, there are secrets in life, specifically the financial industry, that are out in the open for the world to see but are often missed. In this episode, we will discuss how people respond to information that they are convinced matters, but might not actually be what they think. Here’s some of what you’ll learn in this episode: A lot of times people don’t truly understand the history of the market. (3:01) Most of the things we argue about, really aren’t that important. (5:10) Here we share the story of a client that ended up with ‘paralysis by analysis’. (10:33) For more information: https:

Navigating retirement planning can be overwhelming for some. We like to open our door to questions from our listeners so we can offer you educational answers that could help you on your journey to retirement. Today, we will discuss the different types of investors: Aggressive and conservative. We will also touch base on different investment options you may have, as well as when to retire. Here’s some of what you’ll learn in this episode: At what age should an aggressive investor start to become more conservative? (3:34) Here you can learn about what to do when your company starts to offer a Roth option. (9:20) If I can retire at 60, but most people retire around 65, should I wait? (12:35) For more information: https://www.flemingfinancialservices.com/podcast

Why do people fall into financial traps or hardships? We don’t have all the answers, but we do have some guidance that might help you to avoid them yourself. There are a ton of gimmicks that entrap investors into paying large amounts of money for courses or information. These may have worked for a few, but they often hurt more than they help if you don’t have the aptitude for investing. In this episode, we will touch base on the different scenarios that often end up hurting people’s retirement portfolios Here’s some of what you’ll learn in this episode: Here we discuss different income replacement strategies. (4:10) Financial planning is a collaborative effort, just be sure you’re getting help from the right places. (6:48) Have you considered long-term care in your retirement plan? (13:01) For more information: https://www.flemingfinancialservices.com/podcast

People have many reasons for procrastinating when it comes to putting a retirement plan together. Let’s explore some of those excuses, why they can be dangerous, and talk about how to overcome them. Knowledge is power when it comes to financial planning, just like gardening. You’ll want to know everything you should, before putting seeds in the ground, so you’re set up for success when you are ready to harvest. We are here to guide you through each step of the process so your harvest will be plentiful when retirement comes. Here’s some of what you’ll learn in this episode: How some could benefit from deferring taxes now. (2:23) Should you pay off your house early? (6:33) Should you claim Social Security early? (7:57) Could you live without a budget in retirement? (14:10) For more information: https://www.flemingfinancialservices.com/podcast

While some people are eagerly waiting for retirement, or are already blissfully enjoying their newfound leisure, others can’t imagine leaving their careers. We have heard people say they fear they would be bored if they retire. Can you relate? The other concern some pre-retirees have is insufficient funds. If you don’t have at least one million dollars saved/invested, will you still be able to retire? Well, it’s definitely possible! In this episode, we will dig deeper into the scenarios that might be getting in your way to retirement. Here’s some of what you’ll learn in this episode: It’s becoming more common for our clients to retire sooner than they expected. (0:23) What if you love what you do, and aren’t ready to give it up? (2:16) Are you worried that retirement will be boring? (5:30) Some people feel they don’t have enough money to retire because they think they need more than they really do. (9:26) For more information: https://www.flemingfinancialservices.com/podcast