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Retirement Coach's Corner
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Retirement Coach's Corner
Author: Alan Mercurio & Troy Bolton
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© Copyright Alan Mercurio 2023
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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.
64 Episodes
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Are you ready to take control of your financial future? In today’s podcast, Alan and Troy dive into listener questions about retirement planning, like what to do about your old 401(k) or how to handle a sudden influx of money. While each of these are “good” problems to have, you still want to be strategic about your next steps. Alan and Troy stress the importance of having a comprehensive financial plan tailored to your unique situation. Whether you're five to ten years away from retirement or just starting to think about your financial future, sitting down with a qualified professional can help you make informed decisions that align with your goals. Here’s some of what we discuss in this episode: Should I do a 401(k) rollover? What reasons do people do a rollover? How do you handle newfound wealth? Get additional financial resources here: https://mercurioadvisors.com/podcasts/
In retirement, your income source is different than it was during your working years. With inflation and market fluctuations to consider, how can you build an income plan that is strong and stable? Alan and Troy share what a comprehensive retirement income plan looks like and what kind of accounts you want to draw from first. Then, they talk through strategies around Roth conversions. Is it right for you? While there are limits to how much you can contribute to a Roth IRA each year, does that rule apply for Roth conversions? What kind of impact could it have on your taxes or Medicare? Bottom line: talk with a financial advisor to determine the right next steps for you and your unique situation. Here’s some of what we discuss in this episode: Mailbag: Starting Social Security at age 70? Mailbag: Can I do a Roth conversion for any amount of money? Past performance is not the same as future results. Why working with a financial advisor matters. Get additional financial resources here: https://mercurioadvisors.com/podcasts/
It’s easy to be taken in by half-truths in the financial world without understanding the whole truth. Troy breaks down some of these commonly held beliefs to provide clarity and advice for your financial future. He dives into misconceptions about market losses, portfolio fees, mortgage interest rates, and diversification strategies. Through real-life examples and expert analysis, you’ll learn valuable insights to help you navigate your retirement planning with confidence. One of the most memorable takeaways from the episode is the analogy used to describe diversification: "You don't want all your eggs in one basket, but you want all your baskets on the same table." This means diversifying your investments while keeping them within a manageable framework, making it easier for you and your loved ones to handle your affairs as needed. Here’s some of what we discuss in this episode: “The market always goes up in the long-run.” “The fees are less than one percent.” “It’s better to invest money than pay off your mortgage.” Get additional financial resources here: https://mercurioadvisors.com/podcasts/
Yogi Berra, hall of fame baseball player and legendary catcher for the New York Yankees, was known not only for his athletic abilities but also for his witty and often paradoxical sayings. These quotes provide a unique lens through which we can view and understand the complexities of financial planning. One of the standout quotes discussed in the episode is, "I never said most of the things I said." This quote reminds us to be cautious about the promises and information we receive, especially when it comes to financial products and services. Alan and Troy emphasize the importance of working with a knowledgeable advisor who can provide a clear and honest assessment of your retirement plan. One way to start is with Troy’s book, “Retirement 360 Game Plan.” Here’s some of what we discuss in this episode: A lot of retirement plans are lacking a little bit in actual plans. Everything is costing a lot more because of inflation. One of the biggest concerns most people have: taxes in retirement. The basic questions to ask about Social Security and pension options. What’s in the “Retirement 360 Game Plan” and how it could help you. Get Your Retirement Toolkit Today: https://financeinsights.net/QAZxC84drU0k6B Get additional financial resources here: https://mercurioadvisors.com/podcasts/
Understanding your insurance options is a critical component of a successful retirement plan. From health insurance to long-term care, life insurance, and even travel and umbrella policies, today’s podcast is packed with valuable insights from Alan and Troy to help you navigate these decisions with confidence. Be sure to take the time to explore your options and incorporate them into your retirement strategy with the help of a trusted financial professional. Do you have the right insurance in place to meet your needs should you face a worst-case scenario? Having this helpful financial tool can not only give you peace of mind, but also protect your financial future. Here’s some of what we discuss in this episode: Health insurance is always weighing on people's mind as they head into retirement. Long-term care insurance is becoming more important as people live longer. Life insurance can be used to cover income if somebody passes away, but has other uses, too. What do we think about burial insurance, travel insurance, and umbrella policies? Get additional financial resources here: https://mercurioadvisors.com/podcasts/
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/
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