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Retirement Coach's Corner

Retirement Coach's Corner

Author: Alan Mercurio & Troy Bolton

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Financial and retirement planning guidance from the team at Mercurio Wealth Advisors in Louisville, Kentucky. Join Chief Financial Advisor Alan Mercurio and Senior Wealth Advisor Troy Bolton each show for helpful conversations about money, life, and retirement. Step into the Retirement Coach's Corner to learn about 401(k)s, IRAs, income planning, investing, and so much more. If you have any questions, call 502-253-9366, email info@mercurioadvisors.com or visit www.mercurioadvisors.com online for more information.
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When it comes to retirement, having the right advisor can make all the difference. But with so many financial advisors out there, how do you choose the right one? In today’s episode, we’ll highlight the key areas to consider, whether you’re evaluating your current advisor or starting the search for one. Listen in as Alan and Troy uncover some of the critical mistakes many make when choosing a financial advisor. They’ll cut through the noise to highlight what often goes wrong- from misplaced trust in big names to overlooking an advisor’s fiduciary status. This conversation is your essential guide to avoiding those pitfalls and making informed decisions that align with your financial goals.   Here’s some of what we discuss in this episode: Not understanding how your advisor gets paid and the services you’re getting for that fee Putting too much trust in a recognizable national brand name Ignoring your advisor’s fiduciary status Forgetting to ask about the advisor’s network and resources   Get additional financial resources here: https://mercurioadvisors.com/podcasts/
When you live in Louisville, you know all about Derby Day! But do you know how it relates to your retirement planning? On today’s show, Troy and Alan discuss what you can learn from the rigorous training required for the main event to understanding the best investments needed to win the race. Learn how a well-bred plan, a dedicated support team, and the right amount of risk can set you up for a victorious retirement run.   Here’s some of what we discuss in this episode: Just like horse racing, you have to train and prepare for your retirement.  Understand the investment needed to win the race. The right team makes all the difference. Know what your ultimate goal is with your retirement planning.   Get additional financial resources here: https://mercurioadvisors.com/podcasts/  
Some things aren’t as good as they seem. And other things might just surprise you! We talk today about some areas financially where expectations and reality don’t always align. Have you thought through what your retirement will actually look like? It’s easy to imagine relaxing on a beach, but is that the reality for you? Is that what you want? How have you prepared to have the retirement lifestyle you want? Your retirement plan involves a lot of things, including room for change! It’s not something to set and forget. Instead of being too proud to ask for help, reach out to a financial advisor to have experienced professionals guide you through the decisions and strategies.   Here’s some of what we discuss in this episode: What do you believe retirement will look like? Will your expenses go up or down in retirement? Does the financial plan just take care of itself?  Don’t be too proud to ask for help.   Get additional financial resources here: https://mercurioadvisors.com/podcasts/  
Everyone has their own habits and routines when it comes to handling their finances and investing. For instance, having a good budget and being disciplined can help you achieve the financial goals you have for the future. You also want to think about what life experiences you want to have, now and in the future. It seems wise to stay informed and pay attention to what you are investing in. But which of these habits may seem helpful but can actually cause problems? So many of these financial habits are all about having the right balance and an understanding of your financial plan. Working with retirement coaches, like Alan and Troy, can help you see which of these habits can be a double-edged sword and how to handle it. Don’t wait for a review to come up—if you have questions, reach out now and avoid the stress of the unknown.    Here’s some of what we discuss in this episode: Ignoring account statements. Keeping a strict budget. Investing in stocks you’re familiar with. Staying informed by watching and reading financial news.   Get additional financial resources here: https://mercurioadvisors.com/podcasts/
We’ve all heard the apocalyptic predictions about Social Security, the national debt, and other major issues that are supposed to sink the economy. Do any of these predictions have merit in the years ahead? In this episode, we’ll try to separate sensationalism from reality. In a world constantly buzzing with economic uncertainties and sensational headlines, Alan and Troy step in as your reliable guides to navigate the noise. Join us as we cut through sensationalism to uncover the truth behind these predictions and ensure your financial playbook is ready for whatever the future may bring.   Here are the predictions we discuss in this episode: “Social Security is going broke and they’re going to have to cut everyone’s benefit.” “The national debt is out of control and tax rates are going to go through the roof at some point.” “Climate change is a serious problem, and our economy needs to be overhauled in order to deal with it.” “Runaway inflation will rock the economy for years to come.”   Get additional financial resources here: https://mercurioadvisors.com/podcasts/  
Some financial questions are obvious and popular, while others are more hidden. Today, we dig through some of the more overlooked yet equally important questions to ask when going over your retirement plan. From savings that later turn into your largest expense, are you watching these financial elements closely? Do you know how much you can safely withdraw from your retirement savings? Alan and Troy share what indicators they track and how to calculate both your expenses and needs-based income in retirement. You may be surprised by what you look at differently over time as your financial needs and goals change.   Here’s some of what we discuss in this episode: How much are my tax-deferred savings going to cost me? How much can I withdraw from my savings safely? Do I need life insurance once I’m retired?   Episode Resources Tax liability calculator: https://retirementtaxbill.com/?u=MFZxWUQvT0pkUmdLay85eUlIU2tkZz09 Get additional financial resources here: https://mercurioadvisors.com/podcasts/  
Continuing care retirement communities (CCRC) are on the rise as Baby Boomers enter into retirement. These communities have become a great place to live. The housing, social life, and long-term care plan all in one place carry a lot of appeal for some, but not all. We chat about what to look for in this type of community and what considerations people face when making the transition. This can be a big financial commitment, so it’s important to understand the financial structure. Does it require a large down payment or have a buy-back feature? What happens when your care needs change? Ultimately, you want your decision to coincide with your financial plan.   Here’s some of what we discuss in this episode: Why are CCRCs so popular? What should you consider when picking a CCRC? What are the social benefits? How does a retirement community fit with your financial plan?   Episode Resources Youtube video:  https://www.youtube.com/watch?v=-l_hgYZftVg Attend an event: https://mercurioadvisors.com/attend-an-event/ Get additional financial resources here: https://mercurioadvisors.com/podcasts/  
No one likes to think about it, but most likely, one spouse will outlive the other one. Today, we talk about some of the financial implications that come up after one spouse passes and how to be prepared ahead of time.    Did you know your income, expenses, and tax bracket will all change after one spouse dies? This could make a big difference on how you approach your retirement savings. Having a plan in place will make it much easier on the remaining spouse when the time comes.   Here’s what we discuss on today’s show: What problems have Troy and Alan seen following the loss of a spouse? What can you do to plan ahead? What mistakes do people make due to poor planning?   Get additional financial resources here: https://mercurioadvisors.com/podcasts/  
 A lot of financial decisions depend on you, your goals, and your needs for your financial future. But there are certain universal truths that everyone faces when it comes to retirement. We discuss a list of key truths and why you need to plan accordingly. From having an income plan to saving enough to live until you’re 95 years old, you’ll want to hope for the best, but plan for the worst. That way, you can be sure you’re covered no matter what the outcome is.   Here are the universal retirement truths we talk through today:   Everybody needs an income plan. Everybody needs a plan to address long-term care issues. Nobody can consistently time the stock market. Nobody knows how long they are going to live.   Get additional financial resources here: https://mercurioadvisors.com/podcasts/
Let’s talk the pros and cons of real estate investing. Is this a part of your retirement plan? Should it be? Some people love the idea of rental properties as opposed to funding a retirement account, but for others, this might sound like a headache.     Troy and Alan share what successes and downfalls they’ve seen among clients. It’s often worth asking the question, “Why are you doing this?” If you’ve got a solid retirement income plan, maybe you don’t need a real estate investment. Or, if you have a lot of real estate holdings, determine what your exit strategy is and your plan for the future.   Here’s what you’ll learn on today’s show: Are rental properties good for your retirement plan? How to you manage liquid assets vs. real estate holdings. What your options are when it’s time to exit real estate?   Get additional financial resources here: https://mercurioadvisors.com/podcasts/  
Retirement comes whether you are ready for it or not. When you hit “retirement age” you might wonder if and when you really should retire. Working with an advisor will help you determine if you’ve saved and planned enough.   Retirement plans go beyond just the financial decisions —they consider how you want to spend your time in retirement. Some people struggle to walk away from the office, while others can’t wait to make the leap but aren’t prepared financially. Join us as we talk through how to put yourself in the right position to be ready to retire on your terms.   Here’s what we discuss on today’s show:   Should you retire or should you keep working? Why do some people lack the confidence to retire? What happens when people are ready to retire mentally but not financially?    Get additional financial resources here: https://mercurioadvisors.com/podcasts/  
Today we continue our two-part series on the expenses you’ll have in retirement and how they might look different from your expenses when you’re working. It’s a mental shift you’ll have to make as you adjust your plan, your savings, and your spending. Getting ready can be a challenge, so it helps to have a financial advisor to coach you through.   When you’re no longer working, you may want to spend your time in retirement doing all the things you couldn’t do in your working years. For some, that’s travel and for others, that’s enjoying life at home. Figure out what’s most important to you in order to make sure your retirement goals align with your plan.   Here’s what we discuss on today’s show:    You have more control over taxes, but does that make them lower? (1:14) Once you retire, you no longer have to save for retirement. (6:06) Travel starts strong, then changes over time. (11:44)     Get additional financial resources here: https://mercurioadvisors.com/podcasts/  
When you get into retirement, you might be surprised to find that your expenses change. Not only do they change as soon as you retire, but they can change later on as well. In today’s show, we talk about the different areas where your cash flow and expenses may change and how to plan accordingly.    For example, whether you are paying off your mortgage or buying that lake house you’ve been dreaming of, housing expenses may impact your cash flow. If you aren’t working, some of your usual work-related expenses are no longer a factor. Healthcare expenses also change, especially as you get older. Is your advisor asking about these things and accounting for them in your financial plan?   Here’s what we talk about in part one of this series on retirement expenses:    Housing expenses may change as you enter retirement. (2:14) Work-related expenses go away. (5:07) Healthcare expenses can be a challenge to plan for. (8:17)   Get additional financial resources here: https://mercurioadvisors.com/podcasts/  
There are many mistakes that you don’t want to make when it comes to retirement planning. We’re back to continue talking through common money mistakes to avoid in part two of this episode series. One of these mistakes can cost you thousands, if not hundreds of thousands, over your lifetime.    You only get one chance at retirement, and you’ve got to make sure that you make the right choices. Stay tuned as we dive into these topics and provide valuable insights that can help you get the most out of your money. And remember… everybody’s situation is different, so make sure you work with an advisor who can create the right financial plan for you.     Here are the mistakes we discuss on today’s show:     Taking advice from family and friends on how to invest. (1:00) Thinking you’re diversified when you actually aren’t. (5:30) Procrastinating saving for retirement. (9:02)   Get additional financial resources here: https://mercurioadvisors.com/podcasts/  
Unfortunately, we all make mistakes from time to time. After years of working as financial advisors, Alan and Troy outline five of the most common mistakes people make with money. Building a strategy ahead of time can help you avoid these mistakes and get the most out of your money.    What strategy is in your best interest when it comes to your Social Security or retirement savings? Are you focusing on the right things with your investments? Have you assessed the amount of risk you are willing to take on? These are critical financial questions that demand careful consideration to ensure a secure financial future. Stay tuned as we dive into these topics and provide valuable insights that can help you achieve your financial goals.   Here’s what you’ll learn on today’s show:    Ignoring the future tax implications of your retirement savings. (1:17) Starting Social Security without a plan. (4:30) Focusing too much on returns instead of income. (8:13) Being too aggressive or too conservative with your investments. (11:37)   Get additional financial resources here: https://mercurioadvisors.com/podcasts/  
People like to change their goals sometimes, whether they realize it or not. Today we talk about common ways people move the goalposts in their financial lives. Should your goals move and what happens when they do?    Troy and Alan talk through the techniques you can implement to stick to your goals in a healthy way. From getting serious about saving what you need to protecting yourself from too much risk, it’s important to understand your plan. What does it take to have that successful plan?   Here are the areas people often move the goalposts:  Figuring out how much cash you need. (1:00) Putting off saving aggressively. (5:35) Recognizing you have too much risk but waiting for a little more. (8:04)   Deciding when to retire. (11:17)   Get additional financial resources here: https://mercurioadvisors.com/podcasts/  
What happens when a bank fails? If you’ve been watching the news lately, you may have noticed a lot happening around the Silicon Valley Bank and then Signature Bank. These are specific banks that cater to a specific client. How might these recent collapses impact your money or financial plan? Troy and Alan talk about the common situations that lead people to have large sums of cash in the bank and how to protect your money.    Instead of reacting out of fear from the recent headlines, listen to Alan and Troy explain what you need to know about the money you put in the bank and how to approach your strategy around safe money.   What we discuss in this episode:  Is this something I need to be worried about? (0:50) How does a person get to having so much cash in the bank? (3:20) When is it appropriate to have large sums of cash? (6:03)     How safe is your money in life insurance or an annuity? (8:32)   Get additional financial resources here: https://mercurioadvisors.com/podcasts/  
 It’s time to open up the mailbag and find out what’s on your mind when it comes to financial planning. In this episode, we’ll cover five different topics that impact both pre-retirees and retirees and we’ll coach you through each of these planning items today. Alan and Troy will discuss Roth conversions, why inherited IRA withdrawals have different rules, how to find a trustworthy advisor, rental properties, and tax planning. There’s a wide range of topics so we hope this episode touches on something you’ve been curious about. If you have anything you’d like to ask us, get in touch and we’ll set up a time to meet.   Here are some of the things we’ll discuss in this episode: If you’re retiring soon, does it make sense to convert as much money from IRA to Roth as possible? (1:07) What are the rules for withdrawing from inherited IRAs?  (5:01) How do you really know if a financial advisor is trustworthy or not?  (7:11) What’s the best option for buying a rental property: cash out investments and pay cash, take-out a home equity loan, or just have a mortgage? (9:28) How do you project your taxes in retirement so you can start preparing for what you’ll owe? (12:31)   Contact Mercurio Wealth Advisors: https://mercurioadvisors.com/ 
After being discussed in Congress for nearly a year and a half, the SECURE Act 2.0 passed in January. You may or may not have seen the news, but it’s important to be aware of the changes enacted by the new legislation.    The list of provisions in SECURE Act 2.0 is lengthy and it would take much more than one podcast to sort through them, but we took the time to find a handful of the ones that are most likely to impact you. Listen to today’s episode to see what you need to know and learn four ways the new changes might impact you.    Here are some of the things we’ll discuss in this episode: ·      The RMD age is being pushed back again. (1:00) ·      The special catch-up contribution provision. (4:41) ·      You can now move money from a 529 to a Roth IRA. (6:47) ·      Changes in the way a company can match as it relates to student loans. (9:43)   Get additional financial resources here: https://mercurioadvisors.com/podcasts/  
To continue our retirement preparedness list, we pick up where we left off from last time and add five more important things to the list. Are you prepared for retirement? Make sure to review these questions with your financial advisor to ensure your retirement is as successful and stress-free as possible. Here are the questions you’ll want to ask yourself in regards to retirement: Do I have a plan to combat inflation? (2:07) Am I prepared for the likelihood of future tax increases? (5:55) Do I have a plan to address healthcare costs? (8:23) What is my legacy plan? (10:24) Are there investment products I have that I don’t understand? (12:20)   Get additional financial resources here: https://mercurioadvisors.com/podcasts/
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