oday’s guest learned the real cost of retirement long before most people even ask the first question. As a young soldier-turned-advisor, he saw how life can change on a dime—and how a lack of planning and communication turns money into chaos for families.A single realization shaped his career: retirement isn’t won on a spreadsheet—it’s built through purpose, honest conversations, and proactive choices about health, Medicare, Social Security, and long-term care. By blending practical tactics with human realities, he helps people retire on their own terms—not their neighbor’s.He’s not just here to talk numbers—he’s here to show you how money can support the life you actually want.Michelle interviews Jeff Panik, founder of Balanced Wealth Partners, a 25-year financial advisor and U.S. Army veteran. The conversation centers on designing a life-first retirement: testing purpose and hobbies before you retire, avoiding reactive decisions, aligning as a couple, and navigating Medicare/IRMAA, Social Security timing, and long-term care. Jeff shares a “Financial Life Inventory” framework and why communication may be the most valuable asset in your plan.Episode Guide00:00 – Why purpose comes before the portfolio

05:22 – Proactive vs. reactive retirement (and the “try it before you buy it” approach)
14:18 – Couples, roles, and the communication gap
24:40 – Medicare surprises, IRMAA basics, and Social Security timing
33:05 – Long-term care planning that actually fits your life
41:12 – Legacy talks, family meetings, and preventing rifts
47:30 – The Financial Life Inventory: putting the puzzle togetherKey Takeaways

• Design the life, then fund it. Test hobbies, volunteering, travel, or part-time work before you retire.
• Communicate like it’s a job. Don’t let one partner “own” the finances—share info, budgets, and decisions.
• Medicare ≠ free. Learn plan trade-offs and IRMAA (two-year income lookback) to avoid premium shocks.
• Time Social Security intentionally. The higher earner often benefits from delaying to boost inflation-adjusted lifetime income.
• Plan for care. Consider long-term care before retirement; confirm home-care coverage and inflation features.
• Hold a family meeting. Clarify wishes, roles, and the “why” behind bequests to prevent conflict later.
• Inventory everything. Use a Financial Life Inventory to align assets, debts, insurance, goals, and health realities.

Connect with JeffBalanced Wealth Partners: balancedwealthpartners.com
Jeff’s site: jeffreypanik.com (Panik with a K)For more tools and conversations about money mindset, practical tips, confidence, and financial empowerment…Subscribe to the Money & You Podcast:
Apple Podcasts, spotify, iheart radio and morePlease rate & review and share the show with friends and family who want to feel more confident and in control of their financial lives—it really helps us!Join the Limit Free Life Community & Blog: https://limitfreelife.com/newsletter

Learn more about Michelle Perkins: https://limitfreelife.com

LinkedIn: Michelle M. Perkins MBA on LinkedIn
Instagram: @livealimitfreelife
YouTube: https://www.youtube.com/@michelleperkins-limitfreel2446For more tools and conversations about money mindset, practical tips, confidence, and financial empowerment…