Retirement Starts Today

Is there an ideal level of wealth? Our Retirement Headline comes from Nick Maggiulli, who starts by rejecting the usual vague answers—"it depends," "on your own terms," or "whatever makes you happy." Instead, he tries to give a practical, math-based answer that works for most people, even if it's not perfect for everyone.  Then our listener question is "How should we think about future income sources—like Social Security and pensions—in terms of our net worth? Should we include the present value of that income?" Finally, in our "Retire to Something" segment, we're learning from an anonymous HR manager that is deploying their skillset in a totally new way in retirement.  Resource: Article by Nick Maggiulli in Of Dollars & Data: The Ideal Level of Wealth Connect with Benjamin Brandt: Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart

Andrew Rosen, CFP®, CEP, writes in a Kiplinger article how to walk through several common reasons people keep working — even as retirement comes into view. Rather than looking at money first, the author looks at motivation and breaks it into five broad categories: Category 1: I must keep working Category 2: I probably should keep working Category 3: I want to keep working Category 4: I'm afraid to retire Category 5: I don't know why I'm still working The author suggests borrowing from a concept by Artiste called "First Principles Thinking". Listen in for the answer. Also, our listener Maria asks about the timing of your first RMD (Required Minimum Distribution): "If we want to skip our 1st RMD and take two the following year, how does that work?" Resource: Article by Andrew Rosen, CFP® in Kiplinger's "Why Are You Still Working?" Connect with Benjamin Brandt Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement  

Can you relate to this statement: "They've done everything right financially… but still can't bring themselves to spend the money they've saved." In today's Retirement Headline, Meghaan Lurtz explains why underspending in retirement is usually rooted in psychology, not math. Lurtz shares several common barriers: Fear of future dependence Doom forecasting And an Identity tied to being a saver Resource: Article by Meghaan Lurtz: "Helping Underspenders And "Savers" Understand They CAN Spend More With 4 Stages Of "Experiments"    Listener question:  "If I plan to retire at 65 1/2 or 66 and sign up for Medicare before 65 - but not for Parts B and D (because of my employer provided insurance) - will I have to pay a penalty to get Parts B and D (and Supplements) at a later date when I actually retire?" Listen in to learn about creditable coverage and how penalties can stack up on themselves.   Connect with Benjamin Brandt Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement  

"Just 10% plan to wait until age 70" to claim Social Security in retirement — and it's not because of a knowledge problem.  We discuss this from a new survey that suggests most Americans may be claiming Social Security earlier than is financially optimal because fear is driving the decision. They understand the math—but they're still claiming early. We also answer a listener 2-part question about where to park short-term cash in inflationary times and to actually buy Treasuries. And we wrap up the segment to bring you our newest segment from you, the audience: "Retire to Something". If you'd like to share your story about what you are retiring "to", simply look for the link in the new "This Week in Retirement Newsletter" and fill out the super-quick form.  Connect with Benjamin Brandt Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement  

Paul Morrison details how Medicare premiums, including the IRMAA surcharge, are inflating at a rate higher than Social Security COLAs. This disparity is causing concern, as premiums can potentially consume a retiree's entire Social Security benefit over time, especially for those in higher IRMAA brackets for an extended period. Paul provides concrete examples of how extended periods in higher IRMAA brackets could lead to Medicare premiums exceeding Social Security benefits, forcing retirees to pay out-of-pocket. Resources: Contact Paul Morrison: paul@irmaacertifiedplanner.com Website: irmaacertifiedplanner.com Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement  

A special recording from Andy Panko for his Retirement Planning Education Podcast: We discuss how the financial industry is evolving, the common struggles of "super savers" in retirement, and the importance of aligning financial decisions with life goals, not just spreadsheets.  We talk about the role of Monte Carlo simulations, the importance of flexibility in financial plans, and the evolving role of advisors in a changing world. It's a conversation that encourages you to find joy and flexibility in your retirement journey. Resources: Andy's podcast: Retirement Planning Education Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement  

Nick Maggiulli's latest article in Of Dollars & Data challenges one of the core ideas that drives personal finance blogs, podcasts, and even some of our own thinking — the belief that financial independence should be the ultimate goal. We explore the surprising downsides of chasing early retirement, the difference between financial independence and financial freedom, and why something called "Coast FIRE" might be the real goal worth aiming for. I also answer a listener question: What can retirees do to fight back against inflation? One listener asks how to protect their buying power as costs keep rising. We go over several practical, actionable ways to stretch your dollars and build an inflation-resistant retirement. Resource: Article by Nick Maggiulli in Of Dollars & Data: Why Financial Independence is Overrated Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement  

New research from David Blanchett, head of retirement research at PGIM, challenges one of the biggest assumptions in retirement planning: that happiness in retirement depends on maintaining a constant—or even increasing—level of spending. ⬇️ Upon entering retirement, households experience a median consumption decline of about 20%. This drop is often viewed as a red flag in traditional financial planning models. However, Blanchett argues that this decline is not necessarily problematic, especially when you look at how financial well-being changes over time. ☎️ Then on our listener question, we hear from a 34-year-old investor who's been all-in on stocks since taking Dave Ramsey's advice early in their career. Now, they're wondering how and when to start easing into a more balanced portfolio with bonds.  We'll talk strategy, psychology, and sprinkle in some data on market highs that might surprise you. Resource: Article by John Manganaro from ThinkAdvisor: Spending Drops in Retirement, but Satisfaction Doesn't: Blanchett Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement  

Only 3% of Americans have saved $1 million for retirement. according to 24/7 Wall St. & AOL. I'll break down what that means—and why your personal number might be more important than any national average. After that, I answer a listener question where we tackle how to cover healthcare costs in early retirement—specifically for a 58-year-old retiree with a non-working spouse and three adult kids under 26 still on the family plan. We'll explore ACA strategies, income planning, and a clever way to help the kids get their own coverage at a big discount. Resource:  AOL article by David Beren: A Look at U.S. Workers Who've Accumulated $1M in Retirement Funds Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement  

Most people focus on saving for retirement, but what happens when you actually get there? Retirement isn't just about having enough money—it's about managing risks that can threaten your financial security and lifestyle.  In this episode, we explore Five Key Retirement Challenges (and Solutions), inspired by a Kiplinger's Personal Finance article by Walt West. From unexpected market downturns to rising healthcare costs, these challenges can catch retirees off guard if they're not prepared. We break down each challenge—financial instability, healthcare expenses, taxes, inflation, and estate planning oversights—and discuss practical strategies to navigate them. Learn how to structure a flexible withdrawal plan, prepare for long-term care costs, use tax-efficient strategies like Roth conversions, and ensure your estate plan protects your loved ones.  Plus, we tackle a listener question about using a MIGA ladder strategy to bridge the gap until Social Security—offering insights into the pros and cons of annuities in a retirement portfolio. If you want to retire with confidence and avoid costly missteps, this episode is a must-listen. Whether you're years away from retirement or already in it, understanding these key challenges and their solutions can help you make smarter financial decisions for the road ahead. Resources & People Mentioned The Retirement Podcast Network Kiplinger's Personal Finance "Five Key Retirement Challenges" by Walt West Fidelity's Healthcare in Retirement Report Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement  

Click here to work with us! Many retirees enter their golden years with the goal of financial security, but what if the biggest risk isn't running out of money—it's not spending enough of it? A surprising new study reveals that retirees are withdrawing just 2% a year from their savings—barely half of what's traditionally considered safe. This cautious approach might seem responsible, but it often leads to unnecessary frugality, missed experiences, and larger-than-expected tax burdens later in life. The hesitation to tap into personal savings, even when there's plenty available, raises an important question: What's stopping retirees from spending with confidence? Research shows that retirees feel much more comfortable spending guaranteed income from sources like Social Security and pensions while being reluctant to withdraw from their own investments. This behavioral tendency can leave money unspent for decades, only to be forced out later through required minimum distributions (RMDs) that create tax inefficiencies. Meanwhile, large inheritances often arrive too late to make a meaningful impact on the next generation. Rethinking the 2% mindset means understanding what keeps retirees locked into ultra-conservative spending habits and finding ways to turn savings into income that feels reliable. A simple shift—such as automating monthly withdrawals or adjusting expectations around financial security—can open the door to a more fulfilling retirement. The money was saved to be spent, and spending it well can be just as important as saving it wisely. Spending too little can be just as costly as spending too much. With the right approach, retirees can enjoy their wealth now while keeping future financial security intact. Resources & People Mentioned The Retirement Podcast Network David Blanchett – Head of Retirement Research at PGIM DC Solutions Michael Finke – The American College of Financial Services Die With Zero by Bill Perkins – Book on intentional retirement spending Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement  

Click here to work with us! Are you spending too little in retirement, worried you might outlive your savings? Many retirees struggle to strike the right balance, often holding back on enjoying the wealth they've worked a lifetime to build. I'll show you how to overcome those fears and spend with confidence while still planning for the future. What about real estate? Whether you're thinking about renting instead of owning, leveraging home equity for long-term care, or even investing in rental properties, the right approach can make all the difference. I'll share practical insights to help you figure out what works best for your lifestyle and financial independence. Retirement is your chance to live on your terms, free of unnecessary stress and worry. By understanding the psychology of spending and making thoughtful decisions about your biggest assets, you can enjoy the freedom and security you've earned. Let's get started.  Outline of This Episode [0:00] The Start of 2025 [1:50] Spending Struggles in Retirement [4:40] Connecting with Your Future Self [6:12] Underspending Biases and Longevity Risk [12:01] Real Estate in Retirement [14:10] Renting vs. Owning [16:10] Home Equity for Long-Term Care Resources & People Mentioned The Retirement Podcast Network Morningstar Article: Tips to spend less or more in retirement by Samantha Lamas. Benjamin Brandt's Book: Retirement Starts Today. Capital City Wealth Management: Benjamin Brandt's financial planning firm. Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

Major charitable-giving changes are set to take effect next year under the One Big Beautiful Bill Act. As a result, 2025 may be the best—and possibly last—great year to make a big charitable gift and get the full tax benefit in the same year.  Listen in to hear the changes that take place in 2026 that could make 2025 the best year to use donor advised funds. In our listener question segment, Christie inquires about buying a home in retirement: "Should we withdraw from investments, or use a mortgage?" Resource: Article by Ben Mattlin in Financial Advisor Magazine: "Why Some Advisors Are Daffy For Donor-Advised Funds" Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement  

A new report says retirees who use a so-called "bridge strategy" can actually spend more and need fewer assets to retire securely. That's right. By delaying Social Security and using other savings to "bridge the gap," you could improve your lifetime income, reduce longevity risk, and build more peace of mind into your plan.  We will break down the research and find ways to make Social Security work harder for you. After that, I'll answer a listener question: What's the difference between a 5 year MYGA and a 5 year SPIA?  Resource: Article by John Manganaro on ThinkAdvisor: This Social Security Strategy Gives Retirees More to Spend Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement  

If something promises higher returns, it comes with higher risk — even if that risk isn't easy to see. And if something promises to protect your downside, it's usually charging you for it through fees, limited upside, or long-term lockups. Today's headline from Ben Henry-Moreland fits that idea perfectly. "Why 'Downside Protection' ETFs Don't Protect Portfolios As Well As A Stock-Bond Mix (In The Long Term)".  After that, I'll answer a listener question about taxes & avoiding underpayment penalties from a surprise inheritance. Should they make an extra quarterly payment to the IRS to avoid penalties, or is there a smarter way to handle it? I'll explain how the safe-harbor rules work, and why a simple IRA-withholding trick can sometimes do the same job even better.  Resource: Article by Ben Henry-Moreland on Kitces.com: Why "Downside Protection" ETFs Don't Protect Portfolios As Well As A Stock-Bond Mix (In The Long Term) Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement  

A few episodes ago, we covered Derek Tharp's research suggesting that not everyone should delay until 70 — especially those with shorter life expectancies or limited assets. This week's headline brings the opposite perspective: Michael Finke argues that for higher-income retirees who expect to live longer, claiming early is almost always a mistake — and that fear-based decisions about Social Security's solvency can cost retirees hundreds of thousands in lifetime income.  Plus, a listener asks about giving with warm hands vs cold hands - which is a euphemism for giving during life vs giving after death. How much can they give without fear of running out of money? Resource: Michael Finke article on ThinkAdvisor: Why Advisors Should Never Recommend Social Security Claiming at 62   Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement  

Do lower-cost funds tend to outperform pricier ones over time? Jeffrey Ptak analyzed fifteen years of performance data covering virtually every U.S. mutual fund and ETF. He divided them into five "cost buckets," from the cheapest 10% all the way up to the most expensive 10%. He then compared each group's average monthly return against its peers within the same category. The result? A clean, almost perfect staircase of performance.  The cheapest funds outperformed the second-cheapest, which outperformed the middle, which beat the expensive ones — and so on — all the way up the ladder. The longer the time horizon, the wider the gap became. That's from Jeffrey's Peak Substack piece "It's So Simple: Fees Predict Performance", which we go through in this episode. We also answer a listener question from Ray about a 5-year SPIA, continuing the listener question from the previous episode. Resource:Jeffrey Ptak article from Substack: It's So Simple: Fees Predict Performance   Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com *Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement  

Vanguard Research put out a paper called "The Emotional and Time Value of Advice" (June 2025).  It claims that there are "emotional benefits and time-saving value that paid professional financial advice provides to clients."  In other words: The benefit isn't the portfolio or financial advice, but the emotional and time-saving value getting paid professional advice can provide.  Then for our listener question: Gary wants to know how his Health Savings Account (HSA) interacts with Medicare. Can you pay Medicare premiums from an HSA at a later date like you can with qualified medical expenses paid out of pocket? Great question! Resource: Vanguard Study: "The Emotional and Time Value of Advice" paper   Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart  Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement  

Only about 4% of retirees actually wait until age 70 to claim Social Security, despite the financial benefits of delaying them. This comes from an article by Derek Tharp at Kitces.com titled "The Flaws In Using A 0% Discount Rate To Justify Delaying Social Security". It takes a hard look at why the common advice to "wait until 70" might not always hold up in the real world.  Tharp argues that the assumptions baked into much of the research—especially the idea that a future Social Security dollar is worth the same as a dollar today—can tilt the math toward delay, while ignoring very real risks like mortality, sequence of returns, policy changes, and even health-span. I'll share the points and give my commentary on the topic. Thanks for hitting the Play button! Then in our listener question segment: We'll talk about whether it ever makes sense to use a SPIA to bridge the gap until Social Security. What are the pros and cons, and would I ever recommend one? Resource: Article from Derek Tharp on Kitces.com: Why Delaying Social Security Benefits Isn't Always The Best Decision Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart  Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement  

Our retirement headline is from a ThinkAdvisor article titled "Ed Slott: Roth Conversions Are Trickier Under New Tax Law" by Melanie Waddell. "With the extended tax cuts under President Trump's recently passed tax and spending law, 'Roth conversions should be accelerated to take advantage of more years of low tax rates,' according to Ed Slott of Ed Slott & Co.  'You never want to leave a low tax bracket unfilled,' he said. 'Low tax brackets need to be maximized each year, but how much to convert each year can be trickier now since many of the new tax breaks have income caps.'"  That's the crux of it — Roth conversions still make sense, but now they're bumping up against some new income cliffs. I take the first few minutes to share a few key numbers. Then our listener question is actually one I asked myself after seeing a post about company financials being reported less frequently than quarterly. I go through the pros and cons of making this change.   Resources: Article by Melanie Waddell, courtesy of ThinkAdvisor.com: Ed Slott: Roth Conversions Are Trickier Under New Tax Law Article on Reuters by Johann M Cherian, Lewis Krauskopf and Douglas Gillison: Trump renews calls for ending quarterly reports for companies Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart  Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement