Shows
Retire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®How You Should Be Using Roth Accounts: Before and After RetirementGet your customized planning started by scheduling a no-cost discovery call: http://bit.ly/calltruewealth
Roth IRAs and Roth 401(k)s are powerful tools — but most people use them without a clear strategy. In this episode, Tyler Emrick, CFA®, CFP®, breaks down how to think about Roth accounts before retirement, after retirement, and even how they impact your spouse and your legacy.
We’ll explore how to decide between pre-tax and Roth contributions while you’re still working, why your tax bracket today may not be your tax bracket in the future, and how early retirees...
2025-12-1136 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®How Long Will Your Money Last? The Real Math Behind Retirement SuccessGet your customized planning started by scheduling a no-cost discovery call: http://bit.ly/calltruewealth
Most retirees worry about whether their money will last—but few understand the real variables that determine success. In this episode, we go beyond the usual “spend less, earn more” advice and unpack the math that truly drives a sustainable retirement: the rate of return you actually need, how to stress-test your portfolio against bear markets, and why flexible withdrawals can extend the life of your nest egg.
Tyler Emrick, CFA®, CFP®, walks through how a real financial plan uses Monte Ca...
2025-11-2635 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®How to Get A $25,262 Healthcare Tax Credit Even If You Are AffluentGet your customized planning started by scheduling a no-cost discovery call: http://bit.ly/calltruewealth
For many retirees, healthcare costs before Medicare can be one of the biggest financial shocks — often exceeding $25,000 a year. But with the right planning, that same $25,000 can turn into a tax credit instead of an expense.
In this episode, Tyler Emrick, CFA®, CFP® dives into how the Affordable Care Act’s (ACA) Premium Tax Credits work, what is and what isn't expiring after 2025, and how affluent retirees can still qualify through smart income control. From understanding Modified Adjusted Gross Income (MAGI...
2025-11-1341 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Gift Smarter: Tax-Wise Giving to Family and CharityGet your customized planning started by scheduling a no-cost discovery call: http://bit.ly/calltruewealth
In this episode of Retire Smarter, Tyler Emrick, CFA®, CFP®, breaks down how to gift smarter — whether your goal is to support family or give back to charity.
With the One Big Beautiful Bill Act (OBBBA) reshaping charitable deductions starting in 2026, now is the time to rethink your strategy. Tyler explains why cash may not be the best asset to give, how Donor-Advised Funds (DAFs) and Qualified Charitable Distributions (QCDs) can maximize your tax efficiency, and what to know about new...
2025-10-2331 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Structure Matters for Tax Efficiency: From Mutual Funds, ETFs, SMAs to Tax-Aware Long-ShortGet your customized planning started by scheduling a no-cost discovery call: http://bit.ly/calltruewealth
Most don't realize how important structure and strategy impacts an investment's tax efficiency.
Tyler Emrick, CFA®, CFP®, breaks down how investment vehicles — from mutual funds to ETFs, Direct Indexing, and Tax-Aware Long/Short (TALS™) strategies — impact your after-tax returns.
Learn why mutual funds can surprise you with taxable distributions, how ETFs use in-kind redemptions to avoid them, what SMAs are and how they may help, and how modern innovations like long-short overlays unlock new levels of tax efficiency.
He...
2025-10-0932 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Year-End Tax Planning & Tax-Smart Retirement Withdrawal StrategiesGet your customized planning started by scheduling a no-cost discovery call: http://bit.ly/calltruewealth
It will soon be that time of year again … the fourth quarter. Before you get swept up in the holiday season, it’s the perfect time to take stock. Have you accomplished the financial goals you set for yourself this year? If not, there’s still time to act.
In this episode, Tyler Emrick, CFA®, CFP®, walks you through True Wealth Design’s year-end tax and investment review process — our end of the year tax focused meeting to help families stay on trac...
2025-09-2528 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®$1M Saved for Retirement – Can I Retire?Get your customized planning started by scheduling a no-cost discovery call: http://bit.ly/calltruewealth
In today’s episode, we’re tackling the big question: Can you really retire with $1 million?
We’ll look at what the data says about how much people actually have saved
How other assets like Social Security and pensions fit in, why your spending patterns matter more than you think
Then we will finish up with the key planning opportunities — that can make all the difference.
If you’ve ever asked yourself, “Do I really have enough to retire?” this episode will he...
2025-09-1141 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Lessons from the Ultra-Wealthy: Smarter Planning for Real LifeGet your customized planning started by scheduling a no-cost discovery call: http://bit.ly/calltruewealth
What do ultra-wealthy families prioritize when it comes to their money — and how is that relevant to your own retirement plan?
In this episode, Tyler Emrick, CFA®, CFP®, breaks down the top three concerns that shape how the wealthiest families plan — and why those same issues are just as important for families with $1–$5 million of wealth.
You’ll learn:
Why inflation, elections, and market volatility are changing how people think about risk
How to protect your wealth from threa...
2025-08-2836 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Deferred Compensation in 2025: What’s Changed, What to Watch For & New Planning OpportunitiesGet your customized planning started by scheduling a no-cost discovery call: http://bit.ly/calltruewealth
Deferred compensation plans can be a powerful retirement tool — but they’re often misunderstood and carry unique risks. In this episode, Tyler Emrick, CFA®, CFP®, breaks down how these plans work in 2025, from 409A rules to 457(b) and 457(f) plans that are especially common in the healthcare industry. We’ll cover why so many executives and physicians use them, how payout rules can trigger unexpected tax bills, and what happens when your employer is acquired — including timely insights for those in Northeast Ohio as Su...
2025-08-1426 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®The Big Beautiful Bill Act Could Change Your Retirement Plan — Here’s HowGet your customized planning started by scheduling a no-cost discovery call: http://bit.ly/calltruewealth
Congress passed the One Big Beautiful Bill Act — the biggest tax overhaul since the 2017 Tax Cuts and Jobs Act — and it could change the way you plan for retirement. From a brand‑new $6,000 senior deduction to new rules for charitable giving and major shifts in healthcare subsidies before Medicare, the law creates both new opportunities and new pitfalls for retirees and pre‑retirees.
In this episode, Tyler Emrick, CFA®, CFP®, unpacks what the changes really mean for you. We’ll explore how...
2025-07-3136 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Over 800 Pages of Taxes: Don’t Worry, We Read It So You Don’t Have ToGet your customized planning started by scheduling a no-cost discovery call: http://bit.ly/calltruewealth
The One Big Beautiful Bill Act is over 800 pages long and packed with tax changes that impact retirees, individuals, and small business owners. From expanded standard deductions and new senior tax breaks to permanent small business deductions and the end of many green energy credits, this bill reshapes key parts of the tax code — at least for the next few years.
In this episode, Tyler Emrick, CFA®, CFP®, breaks down what’s actually in the bill and what it means for yo...
2025-07-1033 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Cybersecurity and Your Retirement: Protecting What You’ve BuiltGet your customized planning started by scheduling a no-cost discovery call: http://bit.ly/calltruewealth
Retirees are increasingly targeted by cybercriminals — and the scams are getting more sophisticated. From fake emails and stolen phones to account takeovers and SIM card fraud, even cautious investors can be at risk.
In this episode, Tyler Emrick, CFA®, CFP®, shares a real story of an attempted security breach involving a True Wealth Design client — and what made the firm catch it before damage was done. You’ll learn the most common cybersecurity threats facing retirees, how to secure your financia...
2025-06-2636 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Costly Retirement Mistakes To Avoid Before It’s Too LateSome retirement mistakes are obvious. Others are silent — slowly eroding your plan year after year without setting off alarms. From investing the same old way to ignoring tax planning and claiming Social Security without a strategy, these missteps can cost you more than you think.
In this episode, Tyler Emrick, CFA®, CFP®, walks through five of the most common — and avoidable — financial mistakes people make in and near retirement. You’ll walk away with practical strategies to strengthen your plan, avoid missteps, and make more confident decisions as you approach — and live in — retirement.
Whether you're five ye...
2025-06-1242 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Warren Buffett’s Final Chapter: Purposeful Wealth and Practical PlanningWarren Buffett announced his retirement as CEO of Berkshire Hathaway at the company’s 2025 annual meeting — marking the end of one of the most legendary investing careers in history. But his lessons aren’t just for billionaires or portfolio managers. They’re surprisingly relevant for anyone approaching retirement or looking to live more intentionally with their wealth.
In this episode, Tyler Emrick, CFA®, CFP®, explores the timeless wisdom behind Buffett’s philosophy—from staying invested through downturns to making confident decisions when fear is high. We also discuss how a strong financial plan helps you make purposeful choices: knowing when to spend, when...
2025-05-2931 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®One Year from Retirement: A Critical Window for Planning and PerspectiveWhen you're 12 months away from retirement, everything starts to feel real. From hard deadlines like pension elections and Medicare sign-ups to emotional shifts around identity and purpose, this final year before retirement can feel like a perfect storm.
In this episode, Tyler Emrick, CFA®, CFP®, explores the unique challenges clients face in this transition — and how the financial planning process needs to evolve accordingly. You'll hear how True Wealth Design helps clients navigate not just the dollars and cents, but also their lifestyle risk, time horizons, and the often-overlooked emotional aspects of leaving a long career behind.
Here’s some of...
2025-05-1539 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Should You Roth? Making the Right Call at the Right TimeNot all Roth dollars are created equal—especially during times of market volatility.
In this episode, Tyler Emrick, CFA®, CFP®, unpacks when Roth contributions, conversions, or pretax savings make the most sense, and how recent market declines may present timely Roth conversion opportunities.
You'll learn how to be strategic with what assets you convert, when conversions might come with risks, and how tools like the mega backdoor Roth can help high earners build tax-free wealth. Whether you're retiring early or just looking for more tax-efficient growth, this episode offers practical guidance for getting Roth right.
2025-04-2431 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Tariffs, Turbulence, and How To Stay On TrackMarkets have been shaken by a sharp selloff, with the S&P 500 down around 15% and the Nasdaq nearly 20% year-to-date. Much of the recent volatility is being driven by escalating trade tensions and a new round of tariffs that took effect on April 9.
In this episode, Kevin Kroskey, CFP®, and Tyler Emrick, CFA®, CFP®, unpack what’s driving the recent market moves — from global supply chain disruptions to shifting investor sentiment and international dynamics.
Here’s some of what we discuss in this episode:
📉 Why the market hates uncertainty—and how that’s showing up now
⚖️...
2025-04-1051 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Don’t Panic: Navigating Market Downturns and Boosting After-Tax ReturnsIf the recent market drop has you feeling uneasy, you’re not alone — but sharp swings are regularities you need to navigate. The S&P 500 and Nasdaq have both taken hits this year, but history shows that intra-year declines like these are common and something long-term investors have weathered time and again.
In this episode, Tyler Emrick, CFA®, CFP®, breaks down recent market moves, highlights where diversification is working, and shares how tax strategies and disciplined rebalancing can help keep your investment strategy running smoothing and financial plan on track.
Here’s some of what we discu...
2025-03-2730 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®The Next Big Tax Shake-Up: How a New Tax Bill Could Impact YouBig tax changes could be coming soon!
On February 25, the House passed a budget resolution setting a $4.5 trillion cap for a new tax bill that could replace the Tax Cuts and Jobs Act (TCJA) before it expires at the end of 2025. But what will the new law look like, and how will it impact your financial plan?
In this episode, Tyler Emrick, CFA®, CFP®, breaks down the key debates in Congress, what changes might be coming, and how you can prepare now to optimize your tax strategy.
Here’s some of what we disc...
2025-03-1327 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®The Advisor Premium: More Than Just Investment ManagementAre you leaving money on the table?
For families weighing their options when choosing a financial advisor, Vanguard’s Advisor Alpha study has long been the go-to guide—and now, fresh research from SmartAsset echoes the sentiment that the right advisor could boost your net returns by over 2% annually.
In this episode, Tyler Emrick, CFA®, CFP®, reveals why many advisors miss that extra edge and how True Wealth Design’s holistic approach—integrating smart investments, proactive tax strategies, and comprehensive financial planning—ensures you capture every opportunity.
Here’s some of what we discuss in thi...
2025-02-2736 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Home Sweet Retirement: A Guide to Your Perfect Retirement StateRetirement isn’t just about your savings—it’s also about where you choose to live.
In this episode, Tyler Emrick, CFA®, CFP®, explores WalletHub’s 46-factor framework for ranking states for retirees, examining everything from tax rates and cost of living to leisure opportunities and healthcare access. We also unpack the key financial and personal considerations, such as state taxes on Social Security and the importance of staying close to loved ones.
Tune in for practical insights to help you pick the retirement destination that fits your lifestyle and financial goals.
Here’s so...
2025-02-1329 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Money, Memory, and Longevity: Navigating Retirement ChallengesCan money really buy a longer, healthier life?
In this episode, Tyler Emrick, CFA®, CFP®, dives into the surprising connection between wealth and longevity, uncovering how financial freedom can unlock better health, reduced stress, and more fulfilling retirement years.
We also tackle the challenges of cognitive decline, exploring its impact on financial decision-making and how a trusted financial advisor can help safeguard your investments and create a solid aging plan to spend smarter, plan better, and protect your legacy as you age.
Here’s some of what we discuss in thi...
2025-01-2325 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Big Changes to Social SecurityThe Social Security Fairness Act is shaking up the retirement landscape, eliminating the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) for millions of retirees. These long-standing provisions have impacted Social Security benefits for public sector workers like teachers, firefighters, and police officers—until now.
In this episode, hear Tyler Emrick, CFA®, CFP® dive into what the changes mean, how retirees can expect retroactive payments, and the broader impact on the Social Security system.
Here’s some of what we discuss in this episode:
Background on the Social Security Fairness Act that was signed...
2025-01-0922 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®The Case for Patience: Why Waiting for Social Security Pays OffIn this episode, Tyler Emrick, CFA®, CFP®, explores the key financial and psychological factors driving early Social Security claims. Discover how a well-optimized strategy could boost your lifetime spending by more than 10%.
Your Social Security decision isn’t just about dollars and cents—it’s a critical piece of your retirement puzzle. Join us to learn how to sidestep common pitfalls, maximize your benefits, and secure a more confident, fulfilling retirement.
Here’s some of what we discuss in this episode:
What research and stats tell us about the benefits that get left on the table...
2024-12-1931 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Part 3: The Long and Short on Tax-Aware, Long-Short (TALS) InvestingRemember in 2022 when both stocks and bonds fell in lockstep? Did you think diversification failed? Want to build a more diversified, resilient portfolio to better grow and protect your hard-earned dollars?
Hear Kevin Kroskey, CFP®, MBA discuss how the TALS strategy adds unique sources of returns to your portfolio outside of traditional stocks and bonds.
Here’s some of what we discuss in this episode:
How this strategy helps with asset allocation and tax efficiency.
The strategy involves long and short positions in a basket of stocks.
Who are the clients that would benefit the...
2024-12-0537 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Part 2: The Long and Short on Tax-Aware, Long-Short (TALS) InvestingHave a sizable brokerage account? Have unrealized capital gains? Pay income taxes at the highest rates? Want to pay your fair share but no more? If so, this is an episode not to miss.
In part 1 of this series, Kevin Kroskey, CFP®, MBA explored why adding the TALS strategy may yield significant investing and tax benefits. He described how TALS can help you defer, avoid, and potentially eliminate your capital gains.
For the most successful investors that meet the definition of an SEC Qualified Purchaser, generally one with $5m+ of investments, there is another leg t...
2024-11-2148 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Part 1: The Long and Short on Tax-Aware, Long-Short (TALS) InvestingFor successful investors and high-income earners, this is an episode not to miss...
Sure, you can own an S&P 500 ETF or mutual fund.
You could also own the 500 stocks individually, a strategy nowadays called direct indexing. Direct indexing aims to capitalize on individual stock volatility and add tax benefits by harvesting losses.
Or you may choose to go a step farther up the complexity ladder to own the 500 stocks individually with a tax-aware, long-short overlay. Let's call that TALS for short. Here you expect to obtain the return of the S&P 500...
2024-11-0845 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®S&P 500 or Die? A Case For DiversificationIs diversification dead? Over the last decade, putting all your eggs in the S&P 500 basket has outperformed diversified strategies.
In this episode, hear Tyler Emrick, CFA®, CFP®, explore why the U.S. market has been on an unprecedented run, why the global market portfolio hasn't kept up, and whether diversification is really the best move for long-term investors. We dive into the rise of ETFs, global market trends, and why the "SPY or die" mentality might not hold up in the future. Learn why diversification should still be a priority despite the recent performance gap.
...
2024-10-3130 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Upcoming Tax Changes and How You Should Plan for ThemThe clock is ticking on the 2017 Tax Cuts, and big changes are looming.
In this episode, Tyler Emrick, CFA®, CFP®, breaks down the complexities of the 2017 Tax Cuts and Jobs Act and its upcoming expiration in 2025.
We dive into the original intent behind these cuts, what changes were made, and the impact on your bottom line. Learn how the expiration could lead to a significant tax hike unless new legislation is passed. We highlight key strategies—like maximizing retirement accounts under lower rates and leveraging deductions—so you can prepare for the changes on the horizon...
2024-10-1634 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Is the Fear of Running Out of Money in Retirement Overblown?This episode explores the disconnect between retirement expectations and reality, referencing a recent Gallup report that shows most retirees live comfortably despite fears about running out of money.
Hear Tyler Emrick, CFA®, CFP®, discuss why non-retirees may be more fearful than needed, the role of Social Security, and how age-based spending patterns contribute to the relative success of sustaining a retirement lifestyle. And be sure to pay attention to how working with the right financial advisor can help you achieve financial independence earlier (data suggests up to three years earlier) by measuring and modeling your current spending an...
2024-09-2628 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Untangling The New Required Minimum Distribution (RMD) RulesOver the last few years, significant changes have been made to how retirement accounts are managed after death, especially with new RMD rules. In July, the IRS issued its new Final Regulations regarding the SECURE Act’s provisions.
In this episode, hear Tyler Emrick, CFA®, CFP®, break down the key provisions, including the 10-Year Rule for beneficiaries and updates to RMD timelines, and how these changes impact your retirement and estate planning.
Here’s some of what we discuss in this episode:
What the SECURE Act changed when it passed in 2019 and what’s...
2024-09-1228 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®What Really Matters In Retirement? Six Lessons from One RetireeIn this episode, Tyler Emrick, CFA®, CFP®, reviews the rich insights from Fritz Gilbert's blog post, "Six Lessons From Six Years of Retirement." Exploring the complexities of retirement that go beyond financial concerns, highlighting how true fulfillment often lies in navigating the non-financial aspects of this life stage.
Join us as we unravel the lessons that can guide you to a more satisfying retirement.
Here’s some of what we discuss in this episode:
Background on The Retirement Manifesto Blog and the blog post we’re discussing.
The complexity of non-financial issues and why these lead to our tr...
2024-08-2928 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Buffered ETFs: Market Downside Protection? Are They Right for You?There is no such thing as a free lunch – or is there?
Discover the world of buffered ETFs, a fast-growing segment in financial markets designed to offer investors defined outcomes with built-in downside protection.
In this episode, hear Tyler Emrick, CFA®, CFP®, dive into the mechanics, benefits, and potential drawbacks of these complex financial instruments. And be sure to listen to the comparisons of buffered ETFs against traditional investment options and how each may fit (or not) in your diversified investment strategy.
Here’s some of what we discuss in this episode:
The rapid growth we’ve seen in Bu...
2024-08-1535 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®No Budget NeededIn this episode, hear Tyler Emrick, CFA®, CFP®, discuss why meticulous budgeting isn’t necessary for most people approaching retirement. Discover how understanding your lifestyle spending and anticipating future changes can lead to more effective financial planning.
Learn about the "Retirement Spending Smile" concept and why focusing on your lifestyle expenses is more beneficial than a line-by-line budget. Plus, we’ll explore how your financial advisor should be helping you monitor spending against your goals.
Here’s some of what we discuss in this episode:
The common perception of budgeting and why a detaile...
2024-07-2528 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®How To Navigate Markets In An Election YearIt's almost Election Day in the US, and opinions are flying. But should elections sway your long-term investment strategy?
Find out in this episode as Tyler Emrick, CFA®, CFP®, cuts through the political noise exploring historical market performance in past election years and Presidential terms. Sharing how you can use this data to set your emotions aside and make more informed investment decisions.
Here’s some of what we discuss in this episode:
Elections provide a great degree of uncertainty, which can cause emotional and usually illogical behavior.
What market returns have looke...
2024-07-1129 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Social Security Timing: Reframing Your Thinking For Better Decision-MakingOur brain uses mental shortcuts to help us solve problems. While they can be quite helpful, in some areas they may harm our decision-making. Social Security claiming is often one of these negatively impacted areas.
In this episode, hear Tyler Emrick, CFA®, CFP®, discuss the mental shortcuts (aka cognitive biases) at play when deciding to take your Social Security benefits. Being cognizant and acting with a more prudent decision-making process will likely help you realize a better outcome and improved retirement.
Here’s some of what we discuss in this episode:
Optimism and p...
2024-06-2730 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Effective Estate Planning: Tips to Make Sure The Process Goes Smoothly And Money Goes Where You IntendEstate planning is about more than just wealth distribution—it’s about peace of mind.
In this episode, Hear Tyler Emrick, CFA®, CFP®, cover the fundamentals to start or update your estate planning journey. We’ll discuss how your financial advisor is best to guide the process while your attorney ensures legal alignment. Working together makes the journey better for you and more likely at your intended destination while reducing risks of unnecessary taxes, legal costs, and family conflicts.
Here’s some of what we discuss in this episode:
A story about how a lack o...
2024-06-1328 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®The Disappearing Act of Retiree Health Benefits – What Options Do You Have?Employer-provided retiree health benefits are quickly becoming obsolete. KFF’s latest survey reveals a sharp decline in large employers offering these benefits, leaving individuals to seek other solutions.
Hear Tyler Emrick, CFA®, CFP®, explore your options. Whether you are worried about age 65—either retiring before or after—or have a business, we have you covered. Plus, we'll highlight potential trouble spots and important deadlines you need to know.
Don’t navigate this shift alone—tune in for expert guidance.
Here’s some of what we discuss in this episode:
What the trends tell...
2024-05-3039 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Retirement "Magic Numbers" Make Little SenseIn this episode, Tyler Emrick, CFA®, CFP®, explores why targeting a "magic number" of retirement savings falls well short of good retirement planning. Yet, why do people often focus on this? Is it because this survey data is regularly done and widely in the media – with the magic number now at a record high of $1.46 million – or something more?
Here’s some of what we discuss in this episode:
The amount of money investors believe they need to retire has increased dramatically and is exceeding the current pace of inflation.
What has been the driving f...
2024-05-1639 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Real Estate, Taxes, & College Oh My!We welcome Kevin Kroskey, CFP®, MBA, back in action, joining Tyler Emrick, CFA, CFP®, on this potpourri-type episode.
Hear Kevin's perspective on the last episode, coming changes in the residential real estate market, and why they will be good for consumers. He'll also share some lessons learned from this tax season and differences between tax-only clients and clients who receive coordinated tax and wealth management services.
Hear Tyler share recent client stories from new clients about the issues and ramifications of not coordinating financial, legal, and tax matters properly.
2024-04-2559 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Historic Changes To The Residential Real Estate Industry Will Be Good For You (And Are Similar To Changes Occur-ring In Financial Advice)Gone are the days of 6% commissions when selling a home!? Well, sort of. In this episode, we unpack the $418 million proposed settlement that will likely reshape the real estate industry. While change creates winners and losers, consumers will generally be winners as the industry wheat will further separate from the chaff.
Hear Tyler Emrick, CFA®, CFP®, reflect on similarities to the financial planning industry's evolution from stock traders to advisors, from selling products to providing advice. The changes have been positive for consumers, and there's still plenty of chaff to remove. To help you better identify the ch...
2024-04-1130 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®How to Avoid A Surprise Bill at Tax TimeWhen it comes to finances, paying a big bill at tax time is the worst. Worse yet, is if that bill comes as a surprise because your CPA, Investment Professional, and Financial Planner were not on the same page.
In this episode, Tyler Emrick, CFA®, CFP®, sheds light on traditional culprits that cause nasty surprises at tax time. Whether it is capital gain distributions, higher interest rates, or under-withholding on your income we cover it all on today’s episode of Retire Smarter.
Here’s some of what we discuss in this episode:
Inte...
2024-03-2829 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Smarter Ways To Financially Help Your Children & GrandchildrenSo, what are smarter ways to save or gift to your family? In this episode listen to Tyler Emrick, CFA®, CFP® discuss how to gift wisely, be supportive of and not inhibit responsible financial behaviors, utilize intra-family loans, and optimize benefits for your family today and into the future.
Here’s some of what we discuss in this episode:
What the statistics tell us about how closely tied parents and young adult children are emotionally and financially these days.
Some smart ways to gift to your children and grandchildren.
Best practices for opening and savin...
2024-03-1432 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®How Risky of An Investor Are You?In this episode, Tyler Emrick, CFA®, CFP®, takes a deep dive into the world of risk. Is filling out a simple questionnaire sufficient? How about telling your advisor, "I'm moderately conservative?" Don't these seem fuzzy at best?
Hear how your perceived risk and diversification may differ – sometimes substantially – from mathematical reality. And be sure to listen in to how Tyler and the team at True Wealth can help you more appropriately find the right risk level, which probably should change over time, to best align your money to achieve your goals.
Here’s some of wha...
2024-02-2936 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®What Do Clients Value Most in A Financial Advisor?In this episode, we investigate the pivotal points that clients continually express genuinely matter when seeking financial guidance.
Hear Tyler Emrick, CFA®, CFP®, explore the deeper aspects of working with a Financial Advisor and how they hold significance when choosing and continuing to work with a financial professional.
Here’s some of what we discuss in this episode:
How a conversation with his wife sparked the idea for this show for Tyler.
How we get feedback from our clients to help us evaluate our service.
Where does an ad...
2024-02-0831 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®How to Plan for RMDs (Required Minimum Distributions)In this podcast, hear Tyler Emrick, CFA®, CFP®, delve into the often misunderstood world of Required Minimum Distributions (RMDs). Join us as we uncover the essential strategies and tips to help you navigate RMDs and make informed decisions for a secure and fulfilling retirement. Whether you’re new to RMDs or seeking to optimize your distribution strategy, this podcast is your go-to resource for mastering the art of income and distribution planning.
Here’s some of what we discuss in this episode:
An explanation of SECURE Act 2.0 and the legislation that was passed.
A high-lev...
2024-01-2528 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®New Year’s Resolutions – Better Yet Goals for Financial Success In 2024Each year, about two-thirds of Americans plan on making a financial-related New Year’s resolution for the year ahead, with just over 80% of them bailing on that resolution before January ends. Don’t bail on your financial resolution!
Join us on this episode of Retire Smarter as Tyler Emrick, CFA®, CFP®, gives easy and actionable suggestions for what financial goals should be a part of your financial New Year’s resolution to overcome the odds and put yourself in a better financial situation in 2024.
Here’s some of what we discuss in this episode:
...
2024-01-1128 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®When Taking Social Security Early Makes SenseJoin us on this eye-opening episode of Retire Smarter as Tyler Emrick, CFA®, CFP® delves into the intriguing world of Social Security benefits. While delaying your benefit is often the obvious choice, we challenge conventional wisdom and explore scenarios where taking Social Security early can actually be a smart financial move.
Here’s some of what we discuss in this episode:
We’ll explore an article listing reasons why you should claim early.
The typical considerations that come into play when picking a strategy for Social Security.
People often retire earlier than they planned because...
2023-12-2825 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Constructing a Portfolio in RetirementPick your favorite financial publication. One minute, they tout a financial collapse and pending recession, and then seemingly on a dime, headlines change to - "cash yields are attractive" and "the stock market finishes at its highest level in twelve months." Making portfolio decisions through all the noise can be a challenge. What is the right investment strategy? How much should you put in stocks? Do you need bonds? CDs? What type of stocks or bonds? What about other or "alternative" investments. All are good questions and just touch the tip of the iceberg.
On this episode...
2023-12-1441 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®8% Safe Withdrawal Rate In Retirement? What!!Recently, famous radio show host and personal finance guru Dave Ramsey made headlines by saying he’s perfectly comfortable with an 8% withdrawal rate in retirement. Critics were quick to respond, calling his advice scary, dangerous, and just plain wrong. So, who’s right?
On this episode, hear Tyler Emrick, CFA®, CFP®, break down Ramsey’s comments and how you should be thinking about income and spending in retirement.
Here’s some of what we discuss in this episode:
How Dave Ramsey explains his position on the 8% withdrawal rate.
Why the math might seem simple b...
2023-11-3028 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®The Early Years of Retirement: Navigating Healthcare, Finances, and Tax StrategiesOn this episode, we dive into real-life scenarios to gain insight into crafting a successful and early retirement plan. Hear Tyler Emrick, CFA®, CFP®, dissect a client's journey of retiring in their late 50s. Exploring the intricacies of their tax-smart distribution plan to fund their retirement lifestyle and obtained significant tax credits to offset their pre-Medicare healthcare costs.
Here’s some of what we discuss in this episode:
Background on a real-life scenario with a family we met a few years ago.
What we learned about the challenges to their retirement, including healthcare.
The differ...
2023-11-1631 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Yearend Financial Check-up & Tax MovesIt's that time of year again … the fourth quarter. Before you get enthralled with the holiday season, it's time to look back over this year and towards the next. Have you completed all the financial goals you set this year? Reviewed your medical coverage? Executed your tax planning for the year? Set your preliminary tax strategy and retirement distribution plan for next year? If not, there is still time!
Listen to Tyler Emrick, CFA®, CFP®, discuss how True Wealth Design ensures your important financial tasks get handled so you stay on track and pay no more than your...
2023-10-2625 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Retirement Nest Egg: Having Enough & Making Sure It LastsThe emotions and questions seem to come from everywhere and out of nowhere as you inevitability approach retirement. Even the most prepared will ask, second guess, and then ask again: Do I have enough to retire? How do I ensure it lasts?
Leading retirement researcher Moshe Milevsky addressed this in a paper "How Long Will a Nest Egg Last." In this episode, Tyler Emrick, CFA®, CFP®, takes a different approach to try and answer that critical question. Hear Tyler give actionable steps in plain English that you can help build confidence and clarity around your ret...
2023-10-1233 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Avoid Losing $17K Yearly From Bad Investment DecisionsSurprise! Another robust study showed investors are still underperforming and making bad investment decisions. Morningstar released its yearly "Mind the Gap" study last month, showing investors have lost on average 1.7% yearly -- that's $17,000 on a $1,000,000 portfolio -- over the last decade. Why so and how can we stop the madness?!
In this episode hear Tyler Emrick, CFA®, CFP® break down the study's results and describe how True Wealth helps families not make the same mistakes as the average investor.
Click to read Morningstar's Mind the Gap study: https://www.morningstar.com/lp/mind-the-gap
...
2023-09-2825 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Should Retirees Change Their Portfolio Strategy Based On Predictions of the US Dollar’s Demise?Here it comes again… F. E. A. R. This time manifest from headlines of the U.S. dollar’s demise as a reserve currency, spiraling inflation, low growth and an expressway to investment-return hell.
Listen to Kevin Kroskey, CFP®, MBA cut through the B.S. to understand what the economic risks are or are not and how they do or do not translate to your investment strategy.
Here are some of the things we will discuss in this episode:
The questions we’ve been getting from clients about the headlines on the US...
2023-09-1421 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®How Tax-Smart Income Targeting Can Allow You To Retire Earlier While Saving TaxesHear Tyler Emrick, CFA®, CFP®, peel back the onion on income targeting – a critical part of a successful retiree’s overall Tax-Smart Distribution Planning. Learn how this type of planning, coupled with careful “Asset Location” decisions, can save a lot in tax over a multitude of years, allowing you to potentially retire earlier, spend more, or give more.
And be sure to pay attention to how True Wealth uses these strategies to benefit clients no matter what, whether they are still working or already in retirement.
Here are some of the things we will discuss...
2023-08-3134 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Income Targeting - Should We Even Care About IRMAA?It's often beneficial to target income for tax planning purposes while working and even more so during your retirement years when you have more control over how you generate your income. Realizing income in lower brackets while avoiding higher brackets is the essence of this strategy which can quickly get complex.
In this episode, Tyler Emrick, CFA®, CFP®, reviews a recent article from Dr. James M. Dahle of the popular "The White Coat Investor" blog and podcast that suggests planning for the Medicare IRMAA surcharge doesn't matter. Hear Tyler discuss IRMAA and its impact on your tax-smart re...
2023-08-1026 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Do You Have Unrealistic Portfolio Return Expectations?In this episode, Tyler Emrick CFA®, CFP® explores the disconnect between some investors' return expectations. Learn common mistakes people make and traps they may then fall into.
And be sure to pay attention to what historical performance tells us, and how, if the forecasts of the big institutional investors are reasonably accurate, these investors could be setting themselves up for severe disappointment.
Here are some of the things we will discuss in this episode:
Why expectations are almost always higher than what reality provides. (5:30)
We use a historical perspective to help clients underst...
2023-07-2727 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®What’s The Big Deal With Roth Conversions And Why Should You Care?In this episode, Tyler Emrick CFA®, CFP® talks through the financial impacts of implementing a well-thought-out Roth conversion strategy. Hear how his clients overcame the emotional struggle of paying a large upfront tax bill to build wealth and provide better outcomes for themselves and their families.
Have questions?
Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.
http://bit.ly/calltruewealth
Here are some of the things we will discuss in this...
2023-07-1319 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®No More TINA - An Investment UpdateThere Is No Alternative or TINA has been used throughout history and is mostly strongly associated with the UK's Marget Thatcher. The phrase is used to signify Thatcher's claim that "the market economy is the best, right and only system that works, and that debate about this is over."
More recently, TINA was popularly used to describe the stock market in light of low interest rates and correspondingly low yield-based returns. There is no alternative to stocks. Hear Kevin Kroskey, CFP, MBA discuss why now that rates have had an unprecedented rise, it is time to say...
2023-06-2934 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Your Wealth, Your Retirement – How Can You Do It Better?In this episode, hear Tyler Emrick, CFA®, CFP®, talk through what it means to be wealthy and how your own perception of personal wealth can be a powerful force that leads you astray or opens your eyes to better outcomes and, ultimately, a happier retirement.
Have questions?
Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.
http://bit.ly/calltruewealth
Here are some of the assumptions we will discuss in this epi...
2023-06-1534 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Portfolio Moves in Light of Recession FearsIs the U.S. economy heading toward a recession? This question is seemingly perennial but has undoubtedly been a hot topic in the last year. Listen as Tyler Emrick, CFP®, CFA® talks you through what the data shows on how investment markets have performed in past recessions and whether being able to time recessions is likely to help your portfolio.
Have questions?
Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals.
http://bit.ly/callt...
2023-05-2526 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Social Security’s Uncertain Future & Impacts On Your RetirementWe've all heard about Social Security's funding troubles. Is this why some decide to start benefits early? If Social Security were reduced, can it make sense to defer claiming? Hear Tyler Emrick, CFA, CFP, discuss a recent Wall Street Journal article on these topics as well as other recent proposals from Congress and academics that may impact the system. You paid in. Let's learn how you can get your fair share out.
Here are some of the things you’ll learn in this episode:
Why so many people claim their benefits as early as pos...
2023-05-1120 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Widowed in Retirement - How to Plan for the Financial ChangesLosing a spouse is difficult. Losing a spouse that handles your household finances is devastating. Hear Tyler Emrick, CFA®, CFP®, discuss what you need to know to ensure your household is in good financial shape after you pass and how True Wealth Design helps families when they need it the most – after a loss of a loved one.
Here are some of what we discuss in this episode:
Experience working with families in this situation. (1:26)
The problems that arise when just one spouse handles everything. (3:33)
Getting a person comfortable to make decisions and take over t...
2023-04-2726 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Faulty Retirement AssumptionsA solid retirement plan starts with making reasonable assumptions on myriad items -- your retirement lifestyle and its associated spending and what you can reasonably expect from your investments to just name a few. Poor assumptions will get you off on the wrong foot and may force you to make severe and undesirable lifestyle reductions to get back on track.
Hear Tyer Emrick, CFA®, CFP® discuss common assumptions and where they go wrong. We've all heard the saying about when you 'ass-u-me' things. Don't be a donkey. Rather, listen and learn, as you take a step on the righ...
2023-04-1328 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Bank Busts & Safeguards for Your Investment FundsThere has been a lot of misinformation regarding and uncertainty caused by the recent bank failures. You may have concerns about whether your money is at risk whether at a bank or at custodians such as Charles Schwab, Fidelity, Pershing, or TD Ameritrade.
Hear Kevin Kroskey, CFP®, MBA give a summary of what happened at Silicon Valley Bank and explain why your bank account should be thought of as a loan to the bank (because it is!). Conversely, he'll detail key investor protections you benefit from by not having your account a general liability of a bank but a segregated acc...
2023-03-1743 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Top 5 To-Do’s Before You RetireGetting to the point where you finally decide to retire is one thing, but trying to ride off into the sunset can be an exceptionally tall task. Hear Tyler Emrick, CFA®, CFP®, talk through his five must-do items to help you feel confident about cutting the paycheck cord.
Here are the five things we'll discuss on this episode:
Have a non-financial retirement plan. (3:27)
Visualize and project. (8:44)
Start measuring. (11:23)
Create your distribution plan (18:27)
Find an expert to help (23:09)
RELATED CONTENT:
Your Hierarchy of Retirement Needs - https://www.truewealthdesign.com/ep-76-your-hierarchy-of-retirement-needs/
Have quest...
2023-03-0928 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®How Much Is the Right Amount Of Cash?
Coming off a year with unprecedented interest rate hikes, everywhere you turn there is an advertisement for yields on CDs or other types of savings accounts. Clients are asking whether they should consider using these products, and if so, to what extent.
Hear Tyler Emrick, CFA®, CFP® discuss pros, cons, and alternative solutions and, more importantly, how you should think about the role cash has in your broader financial, retirement, and investment planning.
Here's some of what you'll learn in this episode:
What economic trends are we seeing in recent months? (1:52)
What are some alternative investments to consider? (6:58)
A story about som...
2023-02-2320 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Nearing Retirement But Facing Potential Layoff?Unemployment numbers are near historic lows, but for some white-collar professionals, that does not tell the whole story. Many are rightfully concerned their job is at risk, potentially harming a retirement plan that would otherwise be on track.
Listen as Tyler Emrick, CFA®, CFP®, talks through what industries are getting hit the hardest and what you can do now to help protect your retirement in the face of job insecurity.
Here's some of what you'll learn in this episode:
What we're seeing in the workforce right now. (0:52)
Studies show that people often don't work as long as they had planned. (4:17)
What are...
2023-02-0919 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®What are Retirees Doing After Poor Market Returns in 20222022 was a tough year for stock and bond market returns. How are retirees adapting to the falling market? What decisions are they making now to set themselves up for success in the future?
Listen as Tyler Emrick, CFP, CFA, shares his clients' stories to uncover their questions and how they plan to navigate the challenges posed by the current market and economic landscape.
Here's some of what you'll learn in this episode:
Some of the numbers that show just how bad 2022 was for investors. (2:54)
A lot of families are using the flexibility built into their retirement plan. (5:47)
Considering taking advantage of a R...
2023-01-2626 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Secure Act 2.0 - Key Impacts on Your Retirement PlanningThe much anticipated Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0 recently passed Congress as part of the Consolidated Appropriations Act of 2023. While no single change made in this act will have the same level of effect on your retirement planning as some changes made in the original SECURE Act, passed in December 2019, there are far more provisions in this act that may impact your planning.
Hear Tyler Emrick, CFP, CFA discuss some of the more impactful changes and how they will affect your planning and retirement.
Here's some of what you'll learn in this episode:
What is the SECUR...
2023-01-1226 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Social Security - Planning Strategies, COLA, and UpdateWhether you are trying to understand better how Social Security works or looking to optimize your filing strategy, this episode is for you.
Hear Tyler discuss some of the less talked about factors impacting your Social Security claiming strategy. Listen as he talks through his clients' most common questions and concerns. All to help you better understand and maximize your benefits.
Here's some of what you'll learn on this episode:
How Social Security as part of income planning has changed through the years. (3:13)
How we help clients identify Social Security opportunities they have. (7:29)
The Cost Of Living Adjustment (COLA) coming in 20...
2022-12-2137 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 113: Enhancing Your Charitable GivingMost Americans donate to charity yearly, and many have distinct goals in their retirement plan to meet annual charitable donations. Most also give cash … the tax-efficient way to give.
Hear Kevin and Tyler discuss ways to tax-optimize your charitable giving. Whether through bunching your deductions or using donations of appreciated stock, each coupled with a donor-advised fund can help you gain a bigger tax break and meet your charitable goals in the Retire Smarter way.
Here's some of what you'll learn in this episode:
Why we want to be more thoughtful of the...
2022-12-0825 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Overcoming Financial Missteps & Inaction to Get the Help You NeedIt's usually a life event -- retirement, Social Security age, business sale, death or inheritance -- that tends to drive people to seek financial advice. Those that tend to benefit the most from advice are those whose time is valuable and where the cost of a mistake is high (and potentially irrevocable.)
Hear Kevin and Tyler talk about recent meetings they've had with people seeking help. Learn why the problem that brought them in often isn't the real problem. Rather, it's the "unknown unknowns" or the "things they think they know but just ain't so" that are more so the p...
2022-11-2233 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Q4 Check-up & Tax MovesIt's that time of year again ... the fourth quarter. Before you get enthralled with the holiday season, it's time to look back over this year and towards the next. Does your lifestyle spending match the goals you have in your plan or do your goals need to be modified to reflect reality?
Are your investments well aligned to meet your spending goals or are you exposing yourself to unnecessary lifestyle risk?
What tax moves should you make before the end of the year? And what moves should you plan for next year?
Listen to Kevin and Tyler describe the pro...
2022-11-1026 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Smartly Using Retirement Accounts to Optimize Your Retirement & Tax SavingsAre you looking for ways to accelerate your savings right before retirement? How do you determine whether to save Roth or Pretax? What type of retirement account should you be using? In short, how can you use the myriad tax-advantaged accounts to optimize your retirement savings and tax advantages?
All these questions and more are answered as Tyler walks you through how IRA, Roth, and 401K plans work and how you can best use them to maximize your retirement savings. Hear him tell a client story to illustrate some of the lesser-known retirement account options available. Small business owners and se...
2022-10-2731 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Mailbag - Bear Market Investment QuestionsThe bear is roaring and eating away at stock and bond returns. What's an investor to do?
Hear Kevin Kroskey, CFP®, MBA and Tyler Emrick , CFA®, CFP® discuss common investment questions clients are prospective clients are asking: Should I decrease risk? Should I increase cash? Is cash better to own than bonds? Should I consider a CD or fixed annuity? Is it okay to make a strategy change or hire an advisor when markets are down?
Key points on this episode:
1:45 - Should we sell out at this point?
5:39 - Preparati...
2022-07-1430 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 100: Not So Smart Things Even Smart Investors DoMarket downturns elicit emotion. Emotional investors are more apt to make poor investment decisions. Time and again this is proven. Lather. Rinse. Repeat. Or get educated and break the cycle...
Listen to Tyler Emrick, CFA, CFP stand in for Kevin and describe some common behavioral issues even smart investors often must overcome. Got a case of 'get-even-itis' (loss aversion)? Or perhaps a case of 'no-decision-itis (regret aversion)?' Look at an inheritance differently than money you worked for?
Listen to these and more to be informed and help overcome behavioral hurdles that can harm your wealth.
What we discuss in this...
2022-05-2631 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 86: Cash Flow - Measuring & Monitoring the Heartbeat of Your Financial Planning
Do you know what it costs to live your lifestyle? Many successful people don't. They haven't had to worry about money, live below their means, and save diligently.
Yet, when it comes to retirement planning, you need to know these costs. On one hand, you need to make sure you have enough and don't run out of money. On the other, you need these costs for proper investment and tax planning.
Hear Kevin and special guest Tyler Emrick, CFP, CFA discuss the importance of cash flow and several client stories where it made a huge...
2021-12-0235 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 68: My Journey As A Financial PlannerFish mislabeling was once rampant in the US. Thought you were getting Red Snapper? Surprise! You get porgy or tile fish. Deceptive marketing for profits at best and exposing consumers to serious health risks, including food allergens and heavy metals in pregnant women at worst.
Sadly, many 'financial advisors' are similarly mislabeled and may cause financial harm. After all, you just need a 70% on a multiple-choice test and a high school diploma to become registered (and the high school diploma is optional.)
So how do you ensure you're hiring a true professional: one who is...
2021-03-1139 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 56: Should The Election Influence Your Investing Strategy?Biden or Trump? Republicans or Democrats? Who will be better for the economy and your investments? These are questions many are asking with the election quickly approaching.
Many let their political beliefs influence their investment strategy, but should they? Hear Kevin discuss what the evidence shows and how our political beliefs may influence our perceptions of reality. Get ready to check your alternative facts at the door and get real.
Timestamps:
6:24 - Keep Politics Separate From Investing
10:47 - Pew Research Poll
14:33 - Perception Becomes Reality
19:49...
2020-09-0336 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 55: Roth Conversion: Why 2020 Could Be The Best YearPaying a lower tax rate today vs. what you would otherwise pay in the future on pre-tax IRA/401k dollars is a good move. They way you can do so is by converting money to a Roth IRA and paying tax in the year of the conversion.
The 2017 Tax Cuts and Jobs Act (TCJA) lowered tax rates and significantly widened tax brackets on individuals. Current law has the tax rates under the TCJA in effect through the 2025 tax year and increasing to pre-TCJA rates and brackets in 2026.
Yet, tax rates may go higher sooner. Many...
2020-08-2033 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 54: Should You Delay Retiring?Some 24% of those 56 and older say the pandemic has caused them to push back their planned retirement date, according to a survey conducted by The Harris Poll on behalf of The Nationwide Retirement Institute. Hear Kevin discuss key variables you should consider as you plan through the COVID-induced uncertainty, including items that may nudge you to retire now and others that result in waiting.
Timestamps:
6:45 - Kevin's First Impressions On Postponing Retirement Due To Pandemic
10:35 - Case Study (Mark And Linda Consider Pros And Cons Of Retiring)
16:28 - It A...
2020-08-1328 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 53: Investing Vs. Speculating Part 265% of Institutional Investors surveyed in late June believe the market is factoring in the long-term impact of the coronavirus "too little" while only 5% said "too much," implying the market is overvalued. Yet, the market has continued to go up. Has it come too far too fast?
Hear Kevin discuss the topic in detail and explain why our brain function predisposes us to make investing mistakes, including blindly chasing investment returns and firmly entering the world of speculation (while abandoning principled and process-based investing). He even attempts to work in stories about Homer Simpson, Halloween, Thanksgiving, and pre-modern...
2020-07-2335 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 52: Investing Vs. Speculating Part 1Investing should be scientific and process-based. Speculating is more akin to gambling and lacking fundamental support. At extremes, it is easier to discern the two but can be shades of grey in between.
Hear Kevin discuss the forward-looking nature of the stock market and times why it can make investing sense (not speculating) to look through bad economic news.
And be sure to listen to the end where Kevin discuss process-based portfolio changes made in March, as a result of changing inputs, and why Vanguard's DIY investors' portfolio inaction was the wrong thing to do.
2020-07-0929 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 51: Case Study: Retiring Before Age 60 & Before You Ever Thought You WouldLike your work but hate your job? Bad boss. Terrible commute. Whatever the reason.
Hear Kevin share a story of a client who retired in her late 50s. She loved her work and taking care of her customers but hated other aspects of her job. She worked long hours and had a long commute. Taking care of her household on the weekend and trying to have a bit of fun left little space and time to seriously consider her retirement and life after work.
Perhaps this is why she was in a state of disbelief...
2020-06-1833 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 50: What To Do When Your Spending Goals Change After You RetireYou cut the paycheck cord and enter retirement. Then a spending goal unexpectedly increases...significantly. You can't simply continue to work longer, so what do you do?
Hear Kevin discuss real-life cases where clients had to provide financial support to their daughter going through a messy divorce and another situation where a client desired to buy a 2nd home. Though the situations were starkly different, the process to rework the retirement plan and evaluate tradeoffs was similar.
Life throws curveballs. Best to have a plan and process in place in advance on how to deal...
2020-06-1127 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 49: Potential Inheritance: Include In Your Retirement Plan Or Not?You live below your means and invest for your future ... similar to your parents. Now your parents are getting older, and it seems fairly clear they'll be leaving you an inheritance at some point. Meanwhile you're still working. Should you include the potential inheritance in your retirement plan?
Banking on an expected inheritance for your retirement plan involves risk. Hear Kevin discuss real-life cases where it was appropriate and another where it was too risky.
Timestamps:
6:25 - Market Update: We Are Not Out Of The Woods Yet
17:57 - Lean T...
2020-05-2847 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 48: Why Big Tech Stocks Must UnderperformThe five biggest tech stocks -- Amazon, Apple, Facebook, Google, and Microsoft -- are great businesses. They've been so successful over the last decade that they comprise about 20% of the total S&P 500 market capitalization -- a level of concentration not seen since the late 1990s. They also command higher prices (valuation) than the market as a whole.
While these companies have provided outsized growth rates and returns to investors over the last decade, there is no logical reason you should expect similar outsized growth rates and returns over the coming decade. Whether it is due to...
2020-05-1437 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 47: Risks & Uncertainties in Pandemics & Retirement PlanningInteresting parallels can be seen in modeling retirement projections and the Coronavirus pandemic. Small changes to inputs -- such as the rate of return or infection spread rates -- can have magnified effects on outputs -- such as ending wealth or total infections (and ultimately deaths), given similar exponential growth traits.
What is important to understand in both are the concepts of risk and uncertainty. Risk can be modeled. Uncertainty cannot yet must be planned for. Misunderstand either and things can quickly go wrong.
Hear Kevin discuss these two critical concepts. He also gives his...
2020-04-3043 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 46: Rebalancing Your Portfolio: Why, How & Complexities to OvercomeControl risk? Buy low and sell high? Higher returns? Who doesn't all of these in their portfolio! And that's what portfolio rebalancing can do.
While rebalancing sounds simple in theory it quickly gets complex in practice. Hear Kevin describe rebalancing from the simple to complex and the emotional hurdles to overcome as well. Be sure you or your advisor is taking advantage of the high-probability benefits rebalancing is expected to add to your net investment returns when done right.
Have questions? Need help making sure your investments and retirement plan are on track?
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2020-04-2332 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 45: Retire Smarter Solution™Suppose you have to have surgery. Does exploratory surgery sound like something you would volunteer to undergo? Or, does a pre-determined surgical plan sound better? If you're like me, having a plan and a repeatable process sounds less risky and what I would prefer.
The same goes for retirement. Retirement spending. Health Insurance. Social Security. Investing. Taxes. These are all key and complex areas where you need to make smart decisions for retirement. So how do you thoughtfully consider and carefully integrate them into a well-crafted retirement plan?
Listen to Kevin describe True Wealth's Retire S...
2020-04-1618 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 44: Am I Going To Be Okay? Looking Back On A Client's Retirement Plan Execution In Light Of The CoronavirusRetirement planning (done right) has always been a continuous process. With the turmoil caused by the Coronavirus, prudent planning is having to be done and redone in short order. Things are changing quickly and you need to take a dynamic approach to your planning and investing to avoid dangers and capitalize on opportunities.
Hear Kevin dissect a ten-year client's dynamic retirement story. Learn why their withdrawal rate was more than twice the 4% rule of thumb and how their portfolio allocation has changed over time. And be sure to pay attention to the end to discover why their...
2020-04-0932 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 43: Financial Planning To-do's During Market DeclinesHear Kevin give an update on the current state of the markets and financial planning to-do's that need to be done through the Coronavirus turmoil. Proper execution of your financial and investment plans is required in large amounts to make sure you stay on track.
It's not all bad news out there. Many opportunities are being created that you can capitalize on.
And be sure to listen to why you may want to reconsider your Roth Conversion strategy and Social Security claiming decision in light of current circumstances.
Get show notes a...
2020-03-3132 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 42: This Is Not 2008We're in a crisis ... different from 2008. The pandemic and prudent, social-distancing response is causing fear, uncertainty, and now panic in financial markets.
Listen to Kevin explain the current state of the markets and how this crisis is currently materially different from 2008. Be sure to pay attention to why -- from a financial perspective -- our country is better positioned to navigate through these troubled times by dusting off 2008's playbook, and what you need to do to keep your plan on track.
Have questions? Need help making sure your investments and retirement plan are on...
2020-03-2440 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 41: Coronavirus & Your Investment Strategy Part 2Timing the market sounds great, especially during times of market distress like that caused by Cornovirus (COVID-19) concerns. Who wouldn't want to participate only in the ups while avoiding the downs!? Sadly, the only way market timing will work is for you to get lucky, which is no way to invest your life savings.
Listen to Kevin describe the theoretical reasoning about why market timing does work and investigate both the academic research as well as the actual record of mutual funds that follow timing strategies. It's interesting to see how the research has been verified in...
2020-03-1935 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 40: Coronavirus & Your Investment Strategy Part 1Shocks like the Coronavirus (COVID-19) or Russia's assault on oil prices can't be predicted. Yet, your financial life plan must be able to weather shocks and your investment strategy respond appropriately.
Investors are not only concerned about their health but are questioning what to do about their money. Listen to Kevin describe the current situation and prudent, processed-based response to help you tune out the noise and stay on track.
Timestamps:
2:45 - Kevin looks to put the past week of volatility into perspective.
8:54 - A lot of people have been reaching...
2020-03-1131 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 39: IRA Owners: 3 Key Changes By The SECURE ActCongress has agreed on something! Your retirement accounts are not estate planning vehicles. (Sigh.) Provisions in the SECURE Act are now law as of 2020 and impact all IRA owners.
Listen to Kevin simplify the laws and unpack the 3 key changes. The good news is that if you're doing proper planning, you are likely less at risk than conventional media headlines and other financial advisors are reporting.
And be sure to pay listen at the end, when Kevin describes what premortem and postmortem strategies could help you and your family keep more of your hard-earned money.
2020-03-0547 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 38: Pension Lump Sum or Monthly Payment?Pension lump sums are higher in 2020 than 2019. But which should you prefer? Listen to Kevin discuss how to financially evaluate the decision as well as what research shows retirees prefer.
Whether you have a pension from your company or not, you'll benefit from this episode. Why? Anyone can invest money with an insurance company and receive a lifetime income in the form of annuity payments. So these considerations are universal in crafting your retirement plan.
Company pension plans specifically discussed include Akron Children's Hospital, FirstEnergy, Goodyear, Mercy Health, and Rockwell Automation.
Useful Info:
2020-02-2033 minRetire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®Ep 37: The Story of SueSue is a recent widow and has gone through significant life and money transitions. Listen to Sue's unique story and learn why her financial concerns are likely the same as yours. And be sure to listen to why Sue refused to shake hands at the end of our initial meeting and what she did instead.
Useful Info:
True Wealth Design Website: http://www.truewealthdesign.com/
Call: 855-TWD-PLAN or 855-893-7526
2020-02-0621 min