My Retirement Clarity with Lee Perkins

Each generation is currently navigating a unique part of the retirement planning experience. With many baby boomers preparing for the transition into retirement and Generation X starting to think more about their retirement savings, these major life events come with a handful of financial planning questions. In today’s episode, we’ll focus on some of the common questions that these age groups are asking. While there’s no universal solution to these questions, this episode will provide some important considerations to keep in mind. By seeking personalized guidance, you can better prepare for your unique situation and set yourself up for a successful retirement. Tune in to see what you can learn from Lee! Here are some of the questions we answer in today’s show: Baby boomers: "How do I manage the risks of market volatility as I approach retirement?” Baby Boomers: “What are the best ways to maximize my Social Security benefits?” Generation X: “How much do I need saved to actually retire?” Generation X: “What should I do with my 401(k) from previous employers?” Want to set up a meeting with us? Visit us here: http://talkwithjp.com Get more financial education at http://myretirementclarity.com

As much as any other threat, recognizing and avoiding scams has become an essential skill, particularly for retirees. Join us as we explore crucial steps you can take to safeguard your financial well-being against the growing tide of scams and identity theft. Learn from real-life stories and gain practical advice to keep your finances secure in this digital era, all from the perspective of a seasoned financial professional. From government imposters to sweepstakes, robocalls, and romance scams, we’ll share valuable insights into the tactics used by scammers. We’ll share how to spot red flags and protect yourself against phishing emails, vishing phone calls, and smishing texts before it’s too late. And, in the event that you do fall victim to a scam, we’ll provide actionable steps to mitigate the damage. As technology advances and scams evolve, this conversation is more important than ever. Don't miss out on this opportunity to arm yourself with knowledge and protect your financial future! Here are the questions we answer in today’s show: How common these scam threats are + phishing, vishing, and smishing techniques The various types of scams out there + some of Lee’s clients who have been targeted by fraudulent schemes Some ways to spot some of these scams and protect your personal information What should you do if you fall victim to a scam? Links for this episode: https://www.cnbc.com/2023/10/08/how-one-retired-woman-lost-her-life-savings-in-a-common-elder-fraud-scheme.html https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/senior-citizens-financial-scams/ Want to set up a meeting with us? Visit us here: http://talkwithjp.com Get more financial education at http://myretirementclarity.com

We’ve got a mailbag edition of the show today! We’ve gathered some great questions over the last several weeks that we’re excited to share with you. From the tax implications of financial gifts to navigating retirement spending and overcoming indecision, Lee is here to shed light on a range of real-world topics. Dorothy asks for advice on how to financially support her daughter, who wants to take time off work to be with her newborn baby in the hospital, and what the tax implications might look like. Rose asks how to break the cycle of indecision and make confident financial decisions. We love hearing from you, our listeners! No question is too basic, so if there’s something on your mind that you’d like Lee to answer, be sure to send it our way for your chance to be featured on the show. Here are the questions we answer in today’s show: “I’m a police officer and have been given medical retirement at 53, but I feel like I need to still be earning money at my age. Any thoughts on how to approach this?” “My daughter wants to take time off work to be with her new baby who is in the hospital. We want to help financially but are unsure about the tax implications and how this might impact our retirement.” “Every time I need to make a financial decision, I end up talking myself in circles. How do I stop this?” “I’m 79 and don’t worry about us running out of money anymore. We don’t have kids and I have regrets about not traveling much in the last decade. Should I start spending to make up for previous years of pinching pennies?” “At 60, I've been offered two work options: stay on for 5-6 years for a pension or retire now with a severance package and pension buyout. How should I decide?” “I'm retiring soon with 18 weeks of vacation and sick leave payout. If I retire in December, it'll be taxed this year. Should I wait until January for a different tax year?” Want to set up a meeting with us? Visit us here: http://talkwithjp.com Get more financial education at http://myretirementclarity.com

This episode might be a bit counterintuitive. We’re going to question the real impact of common financial habits. Are the strategies you consider beneficial actually working in your favor? We explore the pros and cons of practices like ignoring account statements and strict budgeting. Join us for a practical discussion, as we uncover the unexpected effects of everyday money decisions. Are your good money habits holding you back? Here’s some of what we discuss in this episode: Ignoring account statements keeps you from overreacting but what are you missing by doing that too much? Staying on a strict budget will help you achieve financial goals but it can become overly restrictive. Investing in what you know is a good strategy, but it might lead a lack of diversification. Automation makes investing and saving simple but it could lead to disengagement. Is there a downside to paying off all your debt? Want to set up a meeting with us? Visit us here: http://talkwithjp.com Get more financial education at http://myretirementclarity.com

Every generation likes to talk about how much harder things used to be when they were kids. Like all of the people who used to have to walk five miles to school, in the snow, uphill both ways. But they had at least one thing that was EASIER…and that was retirement planning. In this episode, we’re diving into the changing landscape of retirement planning. From the complexity of investment options to the future of Social Security, we’ll discuss the obstacles faced by today’s retirees. Tune in as we explore why retirement planning is now more challenging than ever before and offer insights to help you navigate your retirement journey with confidence. Here’s some of what we discuss in this episode: The shift away from long-term company loyalty and the decline in company pensions The unpredictability of the housing market + high costs and interest rates The increased complexity and risks in today's investment landscape The growing challenges of the “sandwich generation” The strain on Social Security due to fewer contributors and an aging population drawing benefits Want to set up a meeting with us? Visit us here: http://talkwithjp.com Get more financial education at http://myretirementclarity.com

In this episode, Lee reflects on the journey of JL Perkins Wealth Management over the past decade. From its humble beginnings with just Lee and his sister Francesca, the firm has evolved through unexpected transitions, including office expansions and team changes. As JL Perkins Wealth Management celebrates its 10th anniversary, Lee shares insights into the strategic decisions that have shaped the firm’s growth, and how he’s working to adapt to the needs of its growing clientele. Throughout the conversation, Lee emphasizes the importance of planning for the next phase of life, whether it's retirement or another significant transition. He also introduces his new book, Next Phase: How to Retire in a Year or Less Without Regrets, designed to help individuals navigate the complexities of retirement planning with confidence. Tune in for a great conversation! Here’s some of what we discuss in this episode: The strategic growth of JL Perkins Wealth Management over the past decade Expanding the firm’s team to ensure continuity for clients and provide more resources Lee’s new book Next Phase: How To Retire In A Year Or Less Without Regrets For your complementary copy of Lee’s new book, Next Phase, text “Next Phase” to 478 – 254-3550 Want to set up a meeting with us? Visit us here: http://talkwithjp.com Get more financial education at http://myretirementclarity.com

Have you ever wondered what questions to ask your financial advisor, or why those questions are crucial? In today’s episode, we’re tackling exactly that. We're discussing the vital questions that bring transparency and depth to your financial advisory relationship. Here’s some of what we discuss in this episode: The different types of fee structures that advisors will typically have Why your advisor’s investment philosophy is an important thing to know up front Why you want to know what specialty an advisor has Communication is key so you want to know what to expect in terms of frequency Will you be working with a team or a specific advisor? Want to set up a meeting with us? Visit us here: http://talkwithjp.com Get more financial education at http://myretirementclarity.com

2023 is coming to an end, and, if we had to guess, there are probably some financial tasks you wish you’d taken care of this year. Not to worry, because in this week’s episode, Lee is going to share six planning tips that you can address during the first quarter of 2024. Let’s kick off the new year the right way! Here’s some of what we discuss in this episode: Keeping the right amount of money in cash Cleaning up old life insurance policies Consolidating old 401ks when you change jobs Reconsidering your managed account that has limited management Updating beneficiary designations as life changes Automating your savings Want to set up a meeting with us? Visit us here: http://talkwithjp.com Get more financial education at http://myretirementclarity.com

Have you ever stopped to ask yourself about the purpose of the money you’ve worked to save throughout your life? In financial planning, it can be easy to fall into the trap of simply viewing your wealth as a numerical scorecard, measured by monthly statements and investment returns. But as we often remind our clients, retirement planning is not just about the numbers on a page; it's about the life experiences and memories those numbers can create. Here’s some of what we discuss in this episode: Reevaluating your relationship with money and time, inspired by a book called "Die with Zero" by Bill Perkins What is the purpose of the money you’ve saved? Spending your money with purpose and making the most of your “go go” years in retirement What is the “perfect day” exercise and how can it enhance your retirement planning journey? Want to set up a meeting with us? Visit us here: http://talkwithjlp.com/ Get more financial education at http://myretirementclarity.com

The retirement planning world is filled with plenty of advice and suggestions, but there are critical questions lurking in the shadows – the unasked, the overlooked. These are the questions that can help define the comfort and security of your retirement future. In this episode, we unearth and tackle these hidden, but essential questions about retirement. Here are some of the items we discuss in today's show: Pulling money out of your IRA early could mean penalties and taxes you weren’t prepared for. The importance of increasing your savings when your income increases. It’s easy to fall victim to lifestyle creep. How to avoid the regret of paying too much for tuition. Retiring early is a goal for many people but leaving the work force too early can be costly. Why many people wish they would have looked into Roth IRAs sooner. Want to set up a meeting with us? Visit us here: http://talkwithjlp.com/ Get more financial education at http://myretirementclarity.com

The retirement planning world is filled with plenty of advice and suggestions, but there are critical questions lurking in the shadows – the unasked, the overlooked. These are the questions that can help define the comfort and security of your retirement future. In this episode, we unearth and tackle these hidden, but essential questions about retirement. Here are the questions we are going to dive into in this episode: How much are my tax-deferred savings going to cost me in taxes? How much can I withdraw from my savings each year? Should I still have life insurance when I’m retired? How much am I really paying in fees and commissions? Check out Episode 96 here Want to set up a meeting with us? Visit us here: http://talkwithjp.com Get more financial education at http://myretirementclarity.com

Welcome back to My Retirement Clarity! This week, we’re diving into the listener mailbag to answer your questions. We’re covering a variety of topics today, many of which get asked in the office quite often. From investing in your grandkid’s college fund to how much to spend on a forever home, this episode is sure to have a takeaway for everyone. Here are a few of the questions we answer in this episode: I’d like to start investing for my grandchildren. Should I set up a 529 plan for them or invest on my own and give them the money when they go to school? How much is too much to spend on our forever home in retirement? My husband died 15 years ago and I’m thinking about moving in with my boyfriend, but it makes me nervous to think about selling my house and combining finances. How do you advise people in a situation like this? I’ve talked with a few different advisors about how they get paid, and it sounds like they all have completely different models. Are there this many different fee structures or does everyone just explain it differently? Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Are we on the brink of a retirement renaissance or stormy seas ahead? On this episode, we jump into the pressing issues of Social Security, healthcare, taxes, stock market trends, and long-term care. Whether you're an eternal optimist or cautious pessimist, this episode will equip you with perspectives to plan your retirement years with confidence as we ask the longstanding question, “Is the glass half full or half empty?” Here’s some of what we discuss in this episode: Politicians are unlikely to make drastic changes to Social Security due to voter concerns, however, there could be potential benefit cuts for younger generations Lee expects healthcare costs to continue rising, despite technological advancements It’s almost certain the tax rates will increase in the future. Lee encourages proactive tax planning to mitigate future tax burdens, especially given the current trend of rising taxes Long-term care is expensive, and long-term care insurance options have become limited Despite short-term market fluctuations, Lee is optimistic about the stock market’s long-term performance Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Are you nearing “retirement age”? If so, let’s explore that pivotal question you’ll soon face: Should you retire or continue working? We’ll unravel the intricacies of this decision, addressing both financial and emotional aspects, and help you find out if you’re truly ready to retire. Here are some key takeaways from this episode: Usually people have enough money saved to retire but need to run the numbers to discover that. Couples need to talk about the adjustment to retirement and how they’ll handle that extra time. People will get hung up on ‘retirement age’ but you might be able to retire earlier. The importance of financial education when it comes to feeling confident in retirement. How we have the conversation with someone who is ready to retire but aren’t in a position to financially. Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Welcome back to the My Retirement Clarity podcast! Today, Lee and Ben dive into a Yahoo Finance that claims someone lost over $400,000 of their retirement savings in a Roth IRA. Is the Roth IRA really to blame, or is there more to the story? Here’s an overview of what we discuss in this episode: Tax planning and tax diversification are essential aspects of retirement planning. Understanding the potential impact of rising taxes in the future is crucial for making informed decisions. Roth IRAs can be a valuable retirement tool, especially for those in lower tax brackets or those willing to engage in strategic Roth conversions. Lee cautions against taking financial advice solely from sensationalized headlines or anonymous online comments. Instead, seek guidance from qualified financial professionals. Yahoo Finance Article: https://finance.yahoo.com/news/lost-400k-retirement-savings-roth-174006044.html Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

This week, we’re switching things up to talk about a very important topic: health and wellness! Join us as we sit down with the inspiring health and wellness expert, Lizzie Gossett, who has played a vital role in helping Lee lose an incredible 34 pounds in 3 months. We’re excited to have her on the podcast today to share her insights on prioritizing and maintaining your health. Here are some key takeaways from this episode: The importance of shifting from short-term diets to a long-term lifestyle change. Developing a strong "why" and viewing health as a continuous journey fosters lasting success. Small, sustainable changes in eating habits led to significant results. Finding an exercise routine that suits your preferences and incorporating accountability measures can help develop consistency. The importance of ongoing support and adapting to different life stages. Maintaining health requires flexibility and dedication, whether through coaching, accountability, or adjusting habits during special occasions. Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Ever been on the receiving end of ‘the look’ from your spouse? In this episode, Lee recounts the dreaded look he got from his wife a few weeks ago after a meticulously planned family trip to the Bahamas was almost derailed due to a passport oversight- discovered a mere 21 hours before departure. In this episode, Lee shares his crazy adventure of acquiring passports for his two kids in just 7 hours. Here are some key takeaways from this episode: Lee talks about his horrifying realization that his family had some expired passports, less than 24 hours before his family was supposed to depart for the Bahamas Don't rely solely on travel agencies or other parties to ensure your documents are valid. Take personal responsibility for checking and maintaining your travel-related documents When faced with unexpected challenges, don't hesitate to seek help and utilize available resources. In this case, Lee’s connection to a state representative's office played a pivotal role in securing an expedited passport appointment. Connecting with knowledgeable individuals can lead to solutions! Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

We’re back with a bonus episode on resolving financial tension between couples! After popular demand, we’re exploring five more common areas of financial tension: retirement housing, emergency funds, handling inheritances, insurance, and spending habits. Stay tuned to learn how advisors like Lee work to resolve conflicts in these areas as they arise. Here’s what we’ll discuss in this episode: Couples may face tension when deciding where they want to live in retirement. Financial considerations, such as the cost of moving and downsizing, can influence this decision. Couples may have different risk tolerances and views on how much to keep in an emergency fund. Inheritances can cause tension if there are disagreements about how to use the money. Some may want to pay off debt, while others may want to enhance retirement savings or lifestyle. Couples may have differing views on insurance needs, such as life insurance and long-term care insurance. Finding a balance between adequate coverage and cost can be a point of contention. Establishing a budget and allocating individual spending money can help avoid conflicts. Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Money can't buy love, but it can certainly start some spicy debates between you and your better half. In this episode, we're digging into the financial face-offs that make Monopoly fights look like child's play and exploring some money minefields that can test even the most solid relationships. Listen in as we explore how to resolve some of the most common financial sources of tension between couples in retirement. Here’s what we’ll discuss in this episode: Disagreeing on risk tolerance in your portfolio. (4:10) Figuring out what age to retire. (6:43) Being on the same page about legacy planning in second marriages. (11:01) Determining your retirement lifestyle as a couple. (13:24) How are you going to handle financial management in retirement? (16:19) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Celebrate the spirit of the month with our latest episode as we tackle the concept of financial independence. While the American colonists fought for freedom from British rule, Lee is here to discuss what you’re striving to be independent from in your retirement. We’ll unveil the common foes you’ll face on the journey. And good news, no muskets required for these battles! Here’s what we’ll discuss in this episode: Avoiding being too dependent on the government in retirement. (2:38) Not having to rely on financial support from your children in retirement. (5:40) Independence from creditors- going into retirement with little or no debt. (8:40) Get Dave Ramsey's The Total Money Makeover here Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Everybody wants to make money, but nobody wants to lose it. In today's episode, Lee discusses a specific investment strategy that aims to limit downside risk while offering attractive upside potential. This strategy, known as a Defined Outcome ETF or Buffered ETF strategy, provides a unique approach to investing, especially in uncertain times like the current economic environment. While this strategy may not be suitable for everyone, it offers an appealing balance between security and growth. Join us as we take a closer look at how ETFs work and discuss who they could potentially benefit. Here’s what we’ll discuss in this episode: What is an ETF and how does it work? (4:46) The tradeoff with this strategy. (6:40) Who might this strategy benefit? (8:59) This investment is 100% liquid. (11:44) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Don’t get us wrong. In many cases, your 401(k) can be your best investment vehicle, offering numerous benefits and tax advantages and many times a 100% return on some of your contributions (also known as an employer match). However, it's important to recognize that it might not always be the optimal choice for everyone. Join us in this thought-provoking episode as we dissect some reasons why someone should NOT invest in a 401(k). Here’s what we’ll discuss in this episode: Having an emergency fund in place before you contribute to your 401k. (3:55) If your employer doesn’t match contributions to your 401k. (6:21) Tackling debt before you start investing. (8:16) Moving your money out of old 401ks if you no longer work for the company. (13:07) Limited investment options and hidden fees. (16:09) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

In today’s episode, Lee will talk about one of the most important discussions you should have with your family once you enter the fourth quarter of your life. Although talking about what will happen to your money and possessions once you pass away can be uncomfortable, this conversation is critical. Doing so has the potential to preserve and safeguard the bonds within your family and avoid unnecessary heartache and confusion. Stay tuned as Lee unpacks the moving parts involved in this conversation and shares some tips to help you navigate this emotional terrain. Here’s what we’ll discuss in this episode: One of the most important conversations that can take place during your lifetime + why people avoid this conversation (1:31) Communicating your burial wishes. (4:26) Letting your kids know that they will receive a portion of your retirement savings after you pass. (5:39) What about non-retirement accounts and personal property? (9:27) The importance of having inheritance conversations before you pass. (12:56) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Picture this: You're at your retirement party, finally ready to enjoy your golden years, but worries caused by some bad money habits have robbed you of fully enjoying the sweetness of the day. It happens to more people than you think, which is unfortunate because with just a little bit of modification, you can rid some of the worst money habits from your life and set yourself up for retirement success. Here’s what we’ll discuss in this episode: The danger of ignoring your account statements. (3:01) Taking action instead of putting off financial decisions. (5:50) Investing emotionally instead of strategically. (11:28) Pulling money out of an emergency fund for non-emergencies. (14:50) Inadequately diversifying your financial portfolio. (17:48) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Recently, the media has been flooded with information about the debt ceiling issues, fueling fears and speculation. However, it's important to recognize this as political theater, with each side playing their role and blaming the other. In this episode, Lee dives into the reality behind the scenes, reminding you that this is not a unique event and that the debt ceiling has been raised numerous times in the past. In the midst of the noise, it's crucial to focus on what truly matters- the performance of your investments and your long-term strategy. Join us as we talk about navigating these turbulent times and securing the retirement you deserve. Here’s what we’ll discuss in this episode: The debt ceiling is nothing but political theater. (2:53) Since 1960, the debt ceiling has been raised or extended 78 separate times. (5:22) The next few weeks will be even more predictable. (8:11) Is the news making you question your financial strategy? (12:34) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Are you ready to take control of your finances during life's most pivotal moments? In this episode, we dive into the complex world of financial decision-making during key life events. From the excitement of marriage and the joy of welcoming a new child to the challenges of divorce and the loss of a loved one, Lee will provide practical tips and guidance to help you make informed decisions and maintain financial stability. Here’s what we’ll discuss in this episode: Combining your finances after marriage + prenuptial agreements. (3:16) Planning for what-if scenarios, such as job changes. (9:02) Financial changes that occur after having or adopting children. (12:00) Making financial decisions after the death of a spouse. (16:09) Financial decisions leading up to retirement. (22:02) Mailbag: What do early retirement offers usually include and how can I be prepared? (25:36) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Is the TSP, also known as the Thrift Savings Plan, truly the greatest investment platform of all time? There are a lot of people that would answer yes to this question, so in today’s episode, we’ll explore any potential shortcomings it may have. Specifically, we will dive into a recent conversation between Lee and a client who had their funds in a TSP. Here’s what we’ll discuss in this episode: A recent phone call with a federal employee that led to today’s show topic + a brief breakdown of TSPs. (1:01) Why would you move money from a TSP to an IRA? (5:36) The value of an RIA and fee transparency. (8:18) The benefit of having personalized planning advice. (12:06) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

From time to time, we like to look at issues faced by people in other professions outside of the financial world and see what kind of retirement planning lessons we can learn from them. In today’s episode, we’re seeing what we can learn from teachers and the issues they face. Let’s look at how homework, standardized testing, and customized learning approaches relate to financial planning. Here’s what we’ll discuss in this episode: Everybody hates homework, but an advisor can help. (1:56) Like standardized testing, cookie-cutter planning isn’t ideal. (4:36) Age-appropriate advice is critical in financial planning. (12:04) Lifelong learning is a great habit to develop. (15:04) Mailbag: Should I pay off my mortgage before I retire? (17:33) Mailbag: Gifting vs. lending money. (18:49) Use the code “knowyournumber” to access the Know Your Number course for FREE! Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Artificial intelligence has made massive improvements lately, impacting almost every industry. There has been a lot of chatter about this taking over the financial sector as well. So, is artificial intelligence good or bad for the advisor world? We’ll talk about this and more on today’s show. Here’s what we’ll discuss in this episode: Technology has advanced tremendously. (1:48) Lee’s recent experience at Mcdonald's. (4:37) The impact of human interaction in a world of artificial intelligence. (7:41) Is artificial intelligence good or bad in the advising world? (10:46) The impact of friendly, consistent service. (13:33) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

How do you measure success in retirement? While having enough money saved for retirement is important, it shouldn’t be the only measuring stick for success. In this episode, we explore three other areas to consider when measuring retirement success: time, self-worth, and ideal days. Here’s what we’ll discuss in this episode: Lee shares about his weekend in St. Simons, Georgia (1:39) Measuring retirement success by money. (4:37) Measuring retirement success by time. (6:29) Measuring retirement success by self-worth. (10:04) How many ideal days did you have throughout the year? (11:41) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

We’re back with another mailbag episode! We’ve received some excellent listener questions recently, and we’re going to dive into a few of them on today’s show. Stay tuned to gain valuable insights and practical solutions to real-life financial challenges and questions. In today’s episode, we’ll discuss protecting your savings and investments from current economic uncertainties, what to do once you’ve maxed out your 401(k) savings, and retiring early. We’ll also clarify the critical distinctions between two often-confused terms, Roth contributions, and Roth conversions. Here’s what we’ll discuss in this episode: What steps can I take to protect my savings and investments from losing value with the current inflationary pressures? (3:23) What should I do once I’ve maxed out my 401(k)? (10:27) I have plenty of money in my 401(k) but I’m only 57. Is it foolish to retire now? (14:30) The critical difference between a Roth contribution and a Roth conversion. (18:12) Listen to Episode 70: https://myretirementclarity.com/2022/07/ep-70-bucket-strategy-101/ Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

As most of us know, navigating Social Security can be a challenge, and unfortunately, there is a lot of misinformation about there about this important benefit. With so much confusion surrounding this topic, we’re here today to set the record straight. In this episode, we’re debunking the most common myths about Social Security and answering the questions you've been curious about. Here are the myths we’ll discuss in this episode: Myth: The Social Security Administration will help you make the best decision about when you should start your benefit. (4:40) Myth: You won’t have to pay taxes on Social Security. (7:50) Myth: There won’t be any Social Security benefits left by the time you retire. (13:05) Myth: You can’t work and receive Social Security benefits at the same time. (17:25) Myth: You should claim your Social Security benefits as soon as you’re eligible. (20:24) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Lee has been working in the financial industry for over 16 years, and during that time, has encountered a wide variety of financial planning questions. However, there is one question that seems to come up more frequently than any other: "How much do I need to retire?" Is one million enough for everyone? Although it appears to be a straightforward question, we’re going to dive into the complexities of this topic today. Here's what we'll discuss in this episode: Why the question “How much do I need to retire?” is difficult to answer. (2:03) Why a million dollars may not be enough to retire on for everyone. (3:11) The importance of keeping track of your expenses. (5:34) Lee’s challenge for those looking to retire in the relative future. (9:29) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

As you prepare for retirement, you want to make sure you’re doing everything you can to secure your financial future. We’ve talked a lot on this podcast about strategies to help you grow your wealth for retirement, but it’s just as important to consider the risks that could wipe out your savings entirely. On today’s episode, we’re covering the two big ways that you could lose every dime you have, and how to avoid these critical mistakes. Here are some of the topics we will cover in this episode: Investing your life’s savings in a business idea of a friend, relative, or child. (3:48) The consequences of investing all of your money in one company. (8:29) Why Lee does not recommend that his clients buy individual stocks. (12:23) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Are you tired of one-size-fits-all financial advice that doesn't quite fit your unique needs and goals? There are many types of personalities out there when it comes to financial matters, and we’ve found that most of our clients fall into one of the categories we’ll discuss today. In this episode, we’ll explore how understanding your financial personality can help you make more informed financial decisions. Here are some of the topics we will cover in this episode: The ‘victim’ who has been burned by something in their financial past. (2:50) The ‘over-analyzer’ who has a tough time making financial decisions. (5:16) The potential risks ‘do-it-yourselfers’ face by not seeking professional financial advice. (7:36) “There are risks associated with being too conservative.” How ‘silo stockers’ can benefit from having some money in the market. (14:02) Working with couples that are not on the same page regarding finances. (16:23) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Do you ever feel like your retirement planning goals are always moving? You're not alone. We’ve found that people often move the goalposts in their own retirement planning, often to their detriment. In this episode, we're diving deep into the psychology of retirement planning and the dangers of moving the goalposts. Here are some of the topics we will cover in this episode: Holding onto excess cash and not investing it could mean giving up on potential earnings. 2:15 Procrastinating with investing is an easy trap: “There’s always going to be a reason to keep you from saving money.” 5:40 The danger of waiting to reach a specific number in your investment account before reducing risks. 10:06 How procrastinating retirement planning could have you working longer than you originally planned. 13:19 Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

In this episode, we’ll highlight the most common financial fears and discuss how to address them in your retirement plan. Whether you are worried about running out of money during retirement or aren’t sure how to find the best financial advisor for your situation, this episode will help you face these fears head on. Here are some of the topics we will cover in this episode: The fear of running out of money during retirement and preparing for the expense of end-of-life care 2:13 The fear of overpaying for taxes and why it’s important to plan as taxes increase over time. 7:39 Finding the balance between leaving behind a legacy and enjoying your retirement lifestyle. 10:23 The fear of having to reduce the quality of your life in retirement because of the economy. 13:22 How to find an advisor you trust with your financial situation. 16:01 Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

We work with some tremendous savers who worked hard and sacrificed to build a nest egg, and that mindset isn’t easy to move away from. Many of those same savers are afraid to spend their own money once they’ve reached retirement. So what can you do to embrace that mindset shift? We’ll share a recent conversation we had about this and discuss some ways you can address the problem. Here’s some of what you’ll learn in this episode: Why is this struggle to spend money a little more prevalent in recent years? 1:03 What happens to your mindset when you retire? 3:40 Why remaining disciplined with your investment strategy will help you do better over the long-term. 7:14 How we perceive value when it’s our money versus when the money comes from someone else. 10:35 What can you do to give yourself confidence to spend money in retirement? 13:45 Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

After being discussed in Congress for nearly a year and a half, the SECURE Act 2.0 passed in January. This follows the original piece of legislation that took effect at the beginning of 2020. With a list of nearly 100 provisions, there’s too much to sort out in one show. Instead, we want to highlight a few of the planning opportunities that could affect most retirees. Here’s some of what you’ll learn in this episode: The RMD age is moving back again in 2023. 2:52 Catch-up contributions have received an adjustment that people approaching retirement need to know about. 6:51 You will soon have the option to roll money over from a 529 plan to a Roth. 9:24 Now people will have the chance to earn their company match to a 401(k) while making qualifying student loan payments. 12:23 How can you forecast the tax amount you’ll owe in retirement? 16:45 Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

If you’ve been a good saver for most of your life, you might find yourself in a position at retirement where you want to try to live off the interest the money can make you rather than tapping into your nest egg. It’s a great idea and would go a long way toward protecting your money, but is it a realistic goal? In today’s episode, Lee is going to tell you why living off the interest in retirement probably won’t work. Here’s some of what you’ll learn in this episode: When did people start having the idea that you could live off interest in retirement? 2:24 Why this goal might have seemed realistic in the 70s and 80s. 3:42 What has changed since that time? 4:47 Here’s how we break down the math. 7:43 This is why income planning needs to be more of a focus for retirees. 10:40 Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

In this episode, we want to set some well-thought-out goals that we can plan for and work hard to achieve. We’ll do that in the area of business, finance, and personal goals with the help of Lee today to give you some things to strive for in every area of life. Here’s some of what you’ll learn in this episode: What personal goals has Lee set for the year? (2:33) Relationship goals for 2023. (6:10) The goals that business owners can aim for. (8:37) How Lee prioritizes financial goals. (12:01) Should tax planning be included in your goals? (15:39) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Nobody enjoys taxes, especially while they’re working because they eat into so much of our paycheck. But what about retirement? How should we be planning for taxes when we’re no longer working? That’s the topic for this episode of the podcast and we’ll dive into it by addressing four of the most common questions we get from pre-retirees or those that just recently retired. Here’s some of what you’ll learn in this episode: Will you have as many deductions in retirement as you do while you’re working? (1:27) Are all of your retirement accounts taxed the same. (4:41) Should you move to an income tax free state? (7:15) Is there a way to get tax-free income in retirement? (10:47) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

In this episode, we’ll cover some of the top rookie mistakes we see people make, and illustrate how to avoid them or how to fix them if you’ve already made some mistakes in your financial life. Plus, we’ll tell you about a recent trip we made to the golf course that included a hole-in-one. Here’s some of what you’ll learn in this episode: How investing without a purpose becomes a problem. (3:26) Why we often find that people don’t know how much risk they have in their portfolio. (6:45) Emotions are one of the major causes for investment failure. (11:48) Are people being transparent with their ‘hot tips’? (15:39) There are fees associated with investing and you need to be aware of this. (18:40) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Most folks enjoy spending money, and it’s pretty easy to do when you’re working because that paycheck gives you a safety net. But how do you spend money in retirement in a way that gives you the best chance of not running out of money? Today we’re going to give you four retirement spending strategies that you might want to consider. Here’s some of what you’ll learn in this episode: We break retirement expenses up into two categories. (1:30) The inflation-adjusted spending strategy. (4:46) The spending smile method. (9:11) The floor and ceiling method. (13:02) The retirement guardrails strategy. (14:30) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

The final two weeks of this 2022 football season have been incredible for Georgia fans, but every college football fan had to enjoy the semifinals of the College Football Playoff. As we were watching all this football during the holidays, we started to realize that there are some really great lessons we can take from the sport so many of us love. So we started compiling them over the past couple of weeks and pulled together five we wanted to share on the podcast. Here’s some of what you’ll learn in this episode: You are responsible for you. (2:01) Never give up no matter the circumstance. (5:54) Be gracious in defeat. (9:11) Be with others. (10:48) Life is precious. (12:55) Want to set up a meeting with us? Visit us here: http://talkwithlee.com Get more financial education at http://myretirementclarity.com

Have you ever opened the mailbox to see you have gotten a financial statement, just to toss it in the ‘shred’ pile? Most people have. In this episode, we will cover important parts of your financial statements so you understand what you are looking at amidst all of the fine print. Here’s some of what you’ll learn in this episode: How reliable are income projections on financial statements? (3:26) Understanding your asset allocation summary. (6:10) Are all of your fees disclosed on your statements? (8:27) What you could be missing in the fine print… (11:15) Want to set up a meeting with us? Visit us here: Talk With Lee

This is the time of year when everybody puts together various lists, whatever the list may be. A lot of times these lists are interesting and helpful, but others are really just marketing tactics. Last year we did an episode “22 Resolutions for 2022”. This year’s list will consist of 7 financial resolutions that apply to everyone. If you do these seven things, you should notice a difference in your financial situation in 2023. Here’s some of what you’ll learn in this episode: Do you have text alerts set up for your credit cards? (4:10) Do you know what you spend monthly? (7:13) Do you have an income plan for after death? (15:26) Want to set up a meeting with us? Visit us here: Talk With Lee

Saving in your 401(k) can be an easy and painless way to build your retirement savings. But because it’s so easy and painless, it can also be easy to ignore for long periods of time, which often leads to mistakes. We’ll cover at least the top 5 mistakes people make in their 401(k)s. Here’s some of what you’ll learn in this episode: If you have changed jobs, listen here. (3:02) Are you rebalancing your 401(k)? (5:57) Are target date funds a no-brainer, or should you pass on them? (9:52) Want to set up a meeting with us? Visit us here: Talk With Lee

We all have likes and dislikes. As we get older, many of us find more and more things we tend to not be a big fan of, and it can be easy to fall into a negativity trap. With that in mind, I decided to spend some time thinking about the things I am a big fan of. In this episode, I will be sharing some of my favorite things with you, some financial, and some not. As you listen, try to make a list of your own! Here is some of what you’ll learn on this show: Plan ahead of time so you retire while you can enjoy it. (2:13) Let’s talk trucks. (4:20) Why you shouldn’t check your retirement accounts daily. (10:29) Three of my favorite Christmas movies. (12:44) Want to set up a meeting with us? Visit us here: Talk With Lee

Everyone makes poor decisions at some point in their life. Big life changes can make the chances of a mistake higher- specifically a financial mistake. Let’s explore some of the things you should be thinking about to make smart financial decisions when you encounter some of the most significant events in your life. Here is some of what you’ll learn on this show: What to do if you find yourself in a new job or career. (3:40) Here are some things you should consider when going through a divorce. (7:27) An inheritance can be a blessing or a curse and here’s why. (10:22) Want to set up a meeting with us? Visit us here: Talk With Lee