Retire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®

Employer-provided retiree health benefits are quickly becoming obsolete. KFF’s latest survey reveals a sharp decline in large employers offering these benefits, leaving individuals to seek other solutions. Hear Tyler Emrick, CFA®, CFP®, explore your options. Whether you are worried about age 65—either retiring before or after—or have a business, we have you covered. Plus, we'll highlight potential trouble spots and important deadlines you need to know. Don’t navigate this shift alone—tune in for expert guidance.   Here’s some of what we discuss in this episode: What the trends tell us about employer-sponsored coverage, including retiree health benefits. Understanding the different healthcare options you might have along with the pros and cons: COBRA, Market Place, MEWA Plan, Health share plans, Private health insurance, and Medicare. The trouble spots for retirees planning for health care.   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

In this episode, Tyler Emrick, CFA®, CFP®, explores why targeting a "magic number" of retirement savings falls well short of good retirement planning. Yet, why do people often focus on this? Is it because this survey data is regularly done and widely in the media – with the magic number now at a record high of $1.46 million – or something more?   Here’s some of what we discuss in this episode: The amount of money investors believe they need to retire has increased dramatically and is exceeding the current pace of inflation. What has been the driving force behind the increase? Why you should be careful when using a magic number. The financial items you should be focusing your attention on instead.   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

We welcome Kevin Kroskey, CFP®, MBA, back in action, joining Tyler Emrick, CFA, CFP®, on this potpourri-type episode.   Hear Kevin's perspective on the last episode, coming changes in the residential real estate market, and why they will be good for consumers. He'll also share some lessons learned from this tax season and differences between tax-only clients and clients who receive coordinated tax and wealth management services.   Hear Tyler share recent client stories from new clients about the issues and ramifications of not coordinating financial, legal, and tax matters properly.   And be sure to listen at the end when they discuss the recently released college ranking, called "A First Try at ROI". This study and the resulting calculator look at the cost outlays for 4,500 colleges and the ROI – return on investment – in earnings over time. Is the Ivy league worth the cost (if your child can get in)? What about a pricey private school vs. a public in-state one? And who had a wiser decision-making process for their college selection – Kevin or Tyler.   That and more on this episode of Retire Smarter.   See the rankings here: https://cew.georgetown.edu/cew-reports/collegeroi/   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

Gone are the days of 6% commissions when selling a home!? Well, sort of. In this episode, we unpack the $418 million proposed settlement that will likely reshape the real estate industry. While change creates winners and losers, consumers will generally be winners as the industry wheat will further separate from the chaff. Hear Tyler Emrick, CFA®, CFP®, reflect on similarities to the financial planning industry's evolution from stock traders to advisors, from selling products to providing advice. The changes have been positive for consumers, and there's still plenty of chaff to remove. To help you better identify the chaff, Tyler discusses advisory services that stand out and deliver more value to you for the dollars you pay.   Here’s some of what we discuss in this episode: Background on the lawsuit and subsequent agreement for the National Association of Realtors (NAR). The argument being made against real estate agents. How this compares to past legislation in the financial planning industry. The details of the agreement and how it might change fees and services. The similarities to the financial planning industry and why there’s been a move towards a holistic approach.   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

When it comes to finances, paying a big bill at tax time is the worst. Worse yet, is if that bill comes as a surprise because your CPA, Investment Professional, and Financial Planner were not on the same page. In this episode, Tyler Emrick, CFA®, CFP®, sheds light on traditional culprits that cause nasty surprises at tax time. Whether it is capital gain distributions, higher interest rates, or under-withholding on your income we cover it all on today’s episode of Retire Smarter.   Here’s some of what we discuss in this episode: Interest rates have increased ordinary income and what most Americans are used to being taxed on. Investment considerations to factor in that will impact taxes. Stats on capital gain distributions and better investment options for tax purposes. Sometimes you are under-withholding taxes on your income so what should you change?   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

So, what are smarter ways to save or gift to your family? In this episode listen to Tyler Emrick, CFA®, CFP® discuss how to gift wisely, be supportive of and not inhibit responsible financial behaviors, utilize intra-family loans, and optimize benefits for your family today and into the future.   Here’s some of what we discuss in this episode: What the statistics tell us about how closely tied parents and young adult children are emotionally and financially these days. Some smart ways to gift to your children and grandchildren. Best practices for opening and saving into a 529 account and the mistakes you need to avoid. Why you might choose to use a custodial account or Roth account instead of a 529 plan.   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

In this episode, Tyler Emrick, CFA®, CFP®, takes a deep dive into the world of risk. Is filling out a simple questionnaire sufficient? How about telling your advisor, "I'm moderately conservative?"  Don't these seem fuzzy at best? Hear how your perceived risk and diversification may differ – sometimes substantially – from mathematical reality. And be sure to listen in to how Tyler and the team at True Wealth can help you more appropriately find the right risk level, which probably should change over time, to best align your money to achieve your goals.    Here’s some of what we discuss in this episode: Risk applies to everyone we work with so there are no exceptions when it comes to this topic. What are the general rules for risk that the industry follows? The True Wealth Design process for building a plan and determining risk. How diversification and market conditions are used to construct a portfolio. What ongoing portfolio management should you be doing to manage risk as you move through life?   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

In this episode, we investigate the pivotal points that clients continually express genuinely matter when seeking financial guidance. Hear Tyler Emrick, CFA®, CFP®, explore the deeper aspects of working with a Financial Advisor and how they hold significance when choosing and continuing to work with a financial professional.   Here’s some of what we discuss in this episode: How a conversation with his wife sparked the idea for this show for Tyler. How we get feedback from our clients to help us evaluate our service. Where does an advisor add specific value to a client? Tyler will share a few specific things that people want from their advisor. The many different designations advisors have and a breakdown of which ones you should pay attention to. How important are returns?   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

In this podcast, hear Tyler Emrick, CFA®, CFP®, delve into the often misunderstood world of Required Minimum Distributions (RMDs). Join us as we uncover the essential strategies and tips to help you navigate RMDs and make informed decisions for a secure and fulfilling retirement. Whether you’re new to RMDs or seeking to optimize your distribution strategy, this podcast is your go-to resource for mastering the art of income and distribution planning.    Here’s some of what we discuss in this episode: An explanation of SECURE Act 2.0 and the legislation that was passed. A high-level overview of Required Minimum Distributions and how to calculate them. Highlighting the key changes brought about by the SECURE Act. What planning opportunities does this present?   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

Each year, about two-thirds of Americans plan on making a financial-related New Year’s resolution for the year ahead, with just over 80% of them bailing on that resolution before January ends.  Don’t bail on your financial resolution!  Join us on this episode of Retire Smarter as Tyler Emrick, CFA®, CFP®, gives easy and actionable suggestions for what financial goals should be a part of your financial New Year’s resolution to overcome the odds and put yourself in a better financial situation in 2024.   Here’s some of what we discuss in this episode: Personal finances can be overwhelming, which is why so many people make it a priority to start the year. Start with getting a handle on where your money is going. Why it’s important to revisit your investment strategy. Don’t overlook the housekeeping items that sometimes get forgotten. Identify where you want to go and then build goals that help you achieve that.   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

Join us on this eye-opening episode of Retire Smarter as Tyler Emrick, CFA®, CFP® delves into the intriguing world of Social Security benefits. While delaying your benefit is often the obvious choice, we challenge conventional wisdom and explore scenarios where taking Social Security early can actually be a smart financial move.    Here’s some of what we discuss in this episode: We’ll explore an article listing reasons why you should claim early. The typical considerations that come into play when picking a strategy for Social Security. People often retire earlier than they planned because of health issues. Delaying Social Security can lead to you relying too heavily on your investment portfolio. The situational circumstances that we often see.   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

Pick your favorite financial publication. One minute, they tout a financial collapse and pending recession, and then seemingly on a dime, headlines change to - "cash yields are attractive" and "the stock market finishes at its highest level in twelve months." Making portfolio decisions through all the noise can be a challenge. What is the right investment strategy? How much should you put in stocks? Do you need bonds? CDs? What type of stocks or bonds? What about other or "alternative" investments. All are good questions and just touch the tip of the iceberg. On this episode, hear Tyler Emrick, CFA®, CFP®, dive into these questions and, more broadly, how you should think about asset allocation -- aka your "investment recipe". Pay special attention to how aligning your financial life planning and your goals to your investment decisions is a critical step many misunderstand or overlook.    Here’s some of what we discuss in this episode: Determining how much you can afford to withdraw in retirement each month. Should you be favoring cash and bonds over stocks and what are the benefits of each? How to design the proper portfolio that aligns with your goals. Having a more dynamic retirement plan and a more dynamic investment plan.   Learn more about the Retire Smarter Solution ™: https://www.truewealthdesign.com/ep-45-retire-smarter-solution/   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

Recently, famous radio show host and personal finance guru Dave Ramsey made headlines by saying he’s perfectly comfortable with an 8% withdrawal rate in retirement. Critics were quick to respond, calling his advice scary, dangerous, and just plain wrong. So, who’s right?  On this episode, hear Tyler Emrick, CFA®, CFP®, break down Ramsey’s comments and how you should be thinking about income and spending in retirement.    Here’s some of what we discuss in this episode: How Dave Ramsey explains his position on the 8% withdrawal rate. Why the math might seem simple but is actually wrong. What you need to know about Geometric and Arithmetic returns. You can’t ignore the sequence of return risk with a 100% stock portfolio. Is the 4% rule too depressing?   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

On this episode, we dive into real-life scenarios to gain insight into crafting a successful and early retirement plan.  Hear Tyler Emrick, CFA®, CFP®, dissect a client's journey of retiring in their late 50s. Exploring the intricacies of their tax-smart distribution plan to fund their retirement lifestyle and obtained significant tax credits to offset their pre-Medicare healthcare costs.   Here’s some of what we discuss in this episode: Background on a real-life scenario with a family we met a few years ago. What we learned about the challenges to their retirement, including healthcare. The different healthcare decisions to choose from and the costs most aren’t prepared for. Places you can trip up with healthcare. How we approach the distribution planning.   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

It's that time of year again … the fourth quarter. Before you get enthralled with the holiday season, it's time to look back over this year and towards the next. Have you completed all the financial goals you set this year? Reviewed your medical coverage? Executed your tax planning for the year? Set your preliminary tax strategy and retirement distribution plan for next year? If not, there is still time! Listen to Tyler Emrick, CFA®, CFP®, discuss how True Wealth Design ensures your important financial tasks get handled so you stay on track and pay no more than your fair share in tax.   Here’s some of what we discuss in this episode: Prioritizing tax planning and determining what items need attention before December 31. What we discuss during our Yearend Tax and Investment Review meetings. Looking back on your financial goals at the beginning of the year and comparing that to where you are now. Why you should be taking a closer look at your benefits for the next year. Looking at spending for the next year and setting income targets.   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

The emotions and questions seem to come from everywhere and out of nowhere as you inevitability approach retirement. Even the most prepared will ask, second guess, and then ask again: Do I have enough to retire? How do I ensure it lasts?   Leading retirement researcher Moshe Milevsky addressed this in a paper "How Long Will a Nest Egg Last." In this episode, Tyler Emrick, CFA®, CFP®, takes a different approach to try and answer that critical question. Hear Tyler give actionable steps in plain English that you can help build confidence and clarity around your retirement nest egg.    Here’s some of what we discuss in this episode: Breaking down the equation and identifying areas we agree and disagree.   How many years can you make withdrawals before running out of money? What are the variables you know and don’t know and how do you account for both? The importance of a diversified portfolio when trying to generate a rate of return each year. Rarely is there a single product or investment that meets your needs for all of retirement.   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth 

Surprise! Another robust study showed investors are still underperforming and making bad investment decisions. Morningstar released its yearly "Mind the Gap" study last month, showing investors have lost on average 1.7% yearly -- that's $17,000 on a $1,000,000 portfolio -- over the last decade. Why so and how can we stop the madness?! In this episode hear Tyler Emrick, CFA®, CFP® break down the study's results and describe how True Wealth helps families not make the same mistakes as the average investor. Click to read Morningstar's Mind the Gap study: https://www.morningstar.com/lp/mind-the-gap   Here are some of the things we will discuss in this episode: Background on the ‘Mind the Gap’ study from Morningstar. The study found a 1.7% gap from average investor to the average fund return. Timing the market costs investors regular and the data from the last four years shows that. There’s always a new reason to give us the belief that we can time the market. The illusion of control bias can lead people to believe they have more control over the outcome than they actually do.   Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.   Or use this link: http://bit.ly/calltruewealth   Learn more about the Retire Smarter Solution™: https://www.truewealthdesign.com/ep-45-retire-smarter-solution/

Here it comes again… F. E. A. R. This time manifest from headlines of the U.S. dollar’s demise as a reserve currency, spiraling inflation, low growth and an expressway to investment-return hell.   Listen to Kevin Kroskey, CFP®, MBA cut through the B.S. to understand what the economic risks are or are not and how they do or do not translate to your investment strategy.    Here are some of the things we will discuss in this episode: The questions we’ve been getting from clients about the headlines on the US dollar’s demise. What are the biggest concerns and risks that exist currently? We’ll sort through the historical evidence on the dollar. Which investments would respond favorably in this environment? We’ll explain why we think this is largely a non-issue for well-diversified investors.   Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.   Or use this link: http://bit.ly/calltruewealth   Learn more about the Retire Smarter Solution™: https://www.truewealthdesign.com/ep-45-retire-smarter-solution/

Hear Tyler Emrick, CFA®, CFP®, peel back the onion on income targeting – a critical part of a successful retiree’s overall Tax-Smart Distribution Planning. Learn how this type of planning, coupled with careful “Asset Location” decisions, can save a lot in tax over a multitude of years, allowing you to potentially retire earlier, spend more, or give more. And be sure to pay attention to how True Wealth uses these strategies to benefit clients no matter what, whether they are still working or already in retirement.     Here are some of the things we will discuss in this episode: Why we want to get into this idea of income-targeting in this show. What exactly do we mean when we say income-targeting and how does that help us build a savings strategy. Looking at the scenario where a family put most of their assets in pre-tax accounts. The tax benefits that you could gain by going through all of this. The complexities that comes with a family that has more of their assets outside of retirement accounts. What kind of income are we going to target when we do this?   Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth Learn more about the Retire Smarter Solution™: https://www.truewealthdesign.com/ep-45-retire-smarter-solution/

It's often beneficial to target income for tax planning purposes while working and even more so during your retirement years when you have more control over how you generate your income. Realizing income in lower brackets while avoiding higher brackets is the essence of this strategy which can quickly get complex. In this episode, Tyler Emrick, CFA®, CFP®, reviews a recent article from Dr. James M. Dahle of the popular "The White Coat Investor" blog and podcast that suggests planning for the Medicare IRMAA surcharge doesn't matter. Hear Tyler discuss IRMAA and its impact on your tax-smart retirement income planning. And be sure to pay attention to the broader framework of how to think about income targeting, which we'll dive into in more detail in an upcoming episode. See the reference article from Dr. James M. Dahle of the White Coat Investor here: https://www.whitecoatinvestor.com/irmaa   Here are some of the things we will discuss in this episode: What is IRMAA and how does it work? What parts of Medicare does this impact? Details on the different thresholds. The different planning discussions we have with people as we look at specific scenarios.   Check out our previous discussions on Medicare:  Retiree Health Insurance Part 1: Medicare - https://www.truewealthdesign.com/ep-58-retiree-health-insurance-part-1-medicare/ Retiree Health Insurance Part 2: Pre-Medicare - https://www.truewealthdesign.com/ep-59-retiree-health-insurance-part-2-pre-medicare/   Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth