Carl Woolston - Podcast Details

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Thrive Retirement Planning Podcast8 Essential Steps to Preparing for the Retirement JumpIn this episode of the Retirement Transition Podcast, host and retirement planning specialist, Carl Woolston, discusses eight critical steps to help you prepare for the retirement jump. He emphasizes financial security, peace of mind, and ensuring you truly enjoy your retirement. This article summarizes much of the discussion. Listen to the audio for the complete show. 8 STEPS TO PREPARE FOR THE RETIREMENT JUMP 1. Have a Comprehensive Retirement Plan: Create a holistic plan covering finances, healthcare, and more. Ensure your plan offers you clarity and confidence. Work with a retirement transition specialist who u...2023-11-1726 min

Thrive Retirement Planning PodcastGive Every Asset A JobIn this episode of the Retirement Transition Podcast, host and retirement planning specialist, Carl Woolston, addresses the challenges and misconceptions faced by individuals preparing for retirement. This episode highlights the importance of giving every asset a specific job in retirement planning, moving beyond the single-minded goal of asset growth. Carl discusses a process called the Retirement Transition Blueprint, which aims to help retirees navigate the transition successfully. He discusses the seven crucial jobs for retirement assets, emphasizing that a well-thought-out approach can ensure financial security, a fulfilling lifestyle, and peace of mind during retirement. This article summarizes...2023-11-0323 min

Thrive Retirement Planning Podcast3 Common Pre-Retirement MistakesIn this episode of the Thrive Retirement Planning Podcast we explore three crucial pre-retirement mistakes that can significantly impact your financial future. The transition to retirement can be filled with uncertainty, worry, and complexity. Making mistakes in the process can lead to running out of money, excessive tax payments, and market losses. Discover how to minimize these risks and secure your retirement. This article summarizes much of the discussion. Listen to the audio for the complete show. MISTAKE #1 – NOT HAVING A PLAN Having assets like a 401(k) or real estate isn’t enough; you need a...2023-10-1114 min

Thrive Retirement Planning PodcastMedicare Q&A – with Andrea Dover, CPAWhat are your Medicare options? When should you sign up? Do you need to sign up? What’s the difference between Medicare Part A, B, C, and D? How much does Medicare cost, and how does it work? My guest Andrea Dover, CPA, lends her Medicare expertise to the podcast. This show breaks down common Medicare questions into three areas: How do you sign up for Medicare? What are the various components of Medicare? Frequent Medicare Questions This article summarizes much of the discussion with Andrea Dover. Listen to the audio for the complete show. ...2022-10-3143 min

Thrive Retirement Planning PodcastWhat is a Reverse Mortgage? -with Alan BloodReverse mortgages can be a financial tool to use during retirement in some situations. Technically, reverse mortgages are called Home Equity Conversion Mortgages or HECM by HUD, and have changed over the years, which has led to misinformation and some skepticism. My guest today is Alan Blood, a mortgage professional in Bountiful Utah, who has extensive experience with reverse mortgages, how today’s products work, and when they might be beneficial. This article summarizes much of the discussion with Alan Blood. See the audio the complete discussion. A LITTLE ABOUT ALAN BLOOD Alan Bl...2022-06-2930 min

Thrive Retirement Planning PodcastRetirement Planning for Volatile MarketsThe stock market in 2022 has been volatile due to rampant inflation, Russia’s invasion of Ukraine, and the Federal Reserve’s first interest rate increase since 2018. Knowing how to structure a retirement plan that works in volatile markets is key to your success. Creating a strategic plan that works in up and down markets can be life-changing. Timing the market or even overhauling investments every time the market and economy change isn’t a long-term solution. Taking all your money out of the stock market and creating a massive taxable event can be financially devastating. In this episode, I’ll share...2022-04-2119 min

Thrive Retirement Planning Podcast25 Ways to Make Retirement More FulfillingRetirement can be an opportunity for a new phase of life. In retirement, you’ll most likely have more freedom than you’ve ever experienced. You get to live life on your terms with no boss and no limit to vacation time. In addition, as you transition into retirement, you’ll literally get to redefine what retirement means to you. This can be both overwhelming and incredibly fun. Below you’ll find 25 ways to thrive during your retirement years (by no means is this list exhaustive). Don’t procrastinate – Today is the day. The past is history and...2022-04-2120 min

Thrive Retirement Planning Podcast25 Ways to Make Retirement More FulfillingRetirement can be an opportunity for a new phase of life. In retirement, you’ll most likely have more freedom than you’ve ever experienced. You get to live life on your terms with no boss and no limit to vacation time. In addition, as you transition into retirement, you’ll literally get to redefine what retirement means to you. This can be both overwhelming and incredibly fun. Below you’ll find 25 ways to thrive during your retirement years (by no means is this list exhaustive).Don’t procrastinate - Today is the day. The past is history and the future is...2021-09-0620 min

Thrive Retirement Planning PodcastSocial Security Q&AFor most Americans, Social Security will be a foundational piece of their retirement income. How does it work and when should you take it? When is the earliest you can start Social Security and why would you want to delay? In this episode, I’ll answer some of the top questions about Social Security. WHAT ARE THE THREE MAIN TYPES OF SOCIAL SECURITY BENEFITS FOR RETIREMENT? Retired Worker Benefit – This benefit is taken off your own working history. Spousal Benefit – This benefit provides the worker’s spouse with a benefit once the worker has claimed his (or her...2021-03-2626 min

Thrive Retirement Planning PodcastIs It Time to Retire?Eventually, almost every person asks the question, “Is it time to retire?” The real question is, “Are you prepared?” It’s quite common for people to save for retirement but as it gets closer they begin to wonder if they are ready. They also realize it’s a lot more complicated than they originally thought. In this episode we’ll discuss 5 steps to prepare yourself your retirement day and my methodology to determine if you’re ready. STEP #1: UNDERSTAND YOUR SOCIAL SECURITY BENEFIT Get your statement and know your three numbers Understand the spousal benefit Understand what happens if...2021-03-1230 min

Thrive Retirement Planning PodcastKnowing Your Retirement Tax BracketIf you don’t know your current tax bracket and the basics of how tax brackets work, you could make major tax mistakes during retirement. Tax brackets can impact which retirement accounts to withdraw from for income. Strategies that can potentially reduce taxes during retirement like a Roth IRA conversion also utilize knowledge of your current tax bracket. TAX BRACKET BASICS The fundamentals of tax brackets Brackets use a progressive tax How your 401(k) and IRAs will be taxed during retirement TAX RETURN BASICS Gross income Adjusted gross income, above the line deductions, and be...2021-03-0422 min

Thrive Retirement Planning Podcast5 Strategies to Avoid ProbateProbate can be expensive, time consuming, public, and frustrating for your heirs. Should you create a will? A trust? What is the difference? Is it worth the effort to avoid probate? In this episode I’m going to discuss 5 specific strategies to avoid probate. This is part of my ongoing commitment to assist you in getting educated about retirement and helping you making better decisions in all 8 areas of retirement planning. I am not here as an attorney but rather am here to educate you on high level aspects of estate planning. I recommend working with competent legal professionals that ca...2021-02-2622 min

Thrive Retirement Planning PodcastNavigating Social Security Spousal BenefitsMany married couples find navigating Social Security daunting, especially as it relates to understanding Social Security spousal benefits. Not only can you make Social Security claiming mistakes, but your decisions can potentially cost you large amounts of retirement income. Today, we’ll tackle how the spousal benefit works, how to maximize your benefit, and even discuss end of life survivor scenarios. We’ll even touch on benefits for a divorced spouse. THE BASICS OF SOCIAL SECURITY - 3 SPECIFIC TYPES OF BENEFITS There are three distinct Social Security benefits: Retired Worker Benefit - This is your benefit that can be claimed off o...2021-02-1826 min

Thrive Retirement Planning PodcastThe 3 Ways Retirement Assets are TaxedMany investors and retirees can be surprised and shocked by taxes in retirement. One of the foundational pieces for minimizing taxes during retirement is knowing the 3 different ways retirement assets and investments are taxed. When you understand how your retirement assets are taxed it can help you make vital decisions about retirement income, pay less to Uncle Sam, and reduce retirement anxiety. UNDERSTADING TAX BRACKETS Depending on how you file your taxes (i.e. single, married filing jointly, etc.) and the amount of income you have, you’ll find yourself paying a percentage of that income in taxes. In the Un...2021-02-1019 min

Thrive Retirement Planning PodcastUnderstanding Sequence of Returns RiskAs you draw closer to retirement, one of the greatest retirement dangers is sequence of return risk. Sequence of return risk is the hazard of withdrawing money from your investments when the balance is down due to market volatility. Sequence risk can increase the likelihood that you can run out of money and also reduce your investment performance. WHEN IS SEQUENCE OF RETURN RISK MOST IMPACTFUL? Sequence of return risk rears its head in three common situations: Income Needs - Drawing income from your retirement investments for living expenses Emergency or Unanticipated Needs - Life happens, as we all know. ...2021-02-0417 min

Thrive Retirement Planning PodcastHow to Reduce Retirement AnxietyDo you have retirement anxiety? If you worry about retirement you aren’t alone. It’s quite common to have anxiety about running out of money, what to do about health care expenses, when to take Social Security and retire, and even taxes. In this podcast episode we’ll address 8 reasons people worry about retirement and 5 strategies to reduce your anxiety. ARE YOU MISSING UNKNOWN PIECES OF YOUR RETIREMENT PLAN? Many have retirement anxiety because they are missing key pieces of a retirement plan. There are generally three questions I like to ask about retirement planning. Do you have a plan? ...2021-01-2926 min

Thrive Retirement Planning Podcast5 Reasons to Consider Moving from a 401(k) to an IRAWhen you leave an employer or transition into retirement, an important financial decision is whether to leave your money in your 401(k) or roll it over into an IRA. What is the difference between these types of accounts? Is an IRA a better option? The purpose of this podcast and article is to list 5 specific reasons you might consider moving from a 401(k) to an IRA. I’ll also mention some instances when it might not make sense. THE RISE OF THE 401(K) The percentage of Americans who have been covered by a defined benefit pension plan that is paid ou...2021-01-2133 min

Thrive Retirement Planning PodcastHow to Create Lasting Habits in 20201Do you feel stuck? Have you set goals and failed repeatedly? Do you feel like goal setting doesn’t work? It doesn’t have to be this way. You can break free and make 2021 one of the greatest years of your life! The key to your breakthrough is learning how to create lasting habits. Yes, habits can be the fuel for your rocket. Speaking more broadly of retirement, habits will be an integral part of succeeding in all four phases of retirement: the prepare-to-go, go-go, slow-go, and no-go years. It’s going to be a great year! HABITS VS GOALS As you...2021-01-1336 min

Thrive Retirement Planning PodcastShould You Take Social Security at 62?Should you take Social Security at 62? Or, should you wait until your Full Retirement Age or later? Taking Social Security early can be a mistake that costs some retirees $100,000 or more in retirement benefits. However, in some cases taking Social Security at 62 is just the right decision. In this episode we’ll dive into the pros and cons of taking Social Security at 62. KNOW YOUR FULL RETIREMENT AGE Before jumping into Social Security, it’s important to understand a couple of key terms. The first term is PIA or Primary Insurance Amount. This is the amount of your benefit when you...2021-01-0626 min

Thrive Retirement Planning PodcastHow to Reduce Taxes in RetirementMany Americans worry about how to reduce taxes in retirement and rightfully so. Taxes can eat away large amounts of your nest egg. Most Americans save a large portion of their nest egg in tax-deferred accounts such as 401(k)s, only to be surprised that the IRS will get a good portion. By understanding and avoiding the retirement tax gap, many families can save considerable tax during their retirement years. This savings can be applied toward vacations, travel, living expenses, and quality of life. THE RETIREMENT TAX GAP Each April Americans know it’s tax time and it generally isn’t an...2020-12-3029 min

Thrive Retirement Planning PodcastLeading Your Family During RetirementMany squander the chance to lead their families during retirement and lose massive opportunities for fulfillment and happiness. As you embrace your ability to lead your children and grandchildren during retirement, your family can have greater unity and your retirement years can take on much more significance. Relationships with children and grandchildren can be some of the most powerful and important relationships we experience but can also cause some of the deepest wounds. No matter where your relationships currently reside with your loved ones, your retirement years give you a new chapter to level up those relationships that matter most. ...2020-12-2331 min

Thrive Retirement Planning PodcastWhat Does Retirement Look Like?Putting your finger on exactly what retirement will look like can be difficult. Often, people get blindsided when unexpected events derail their plans. Understanding the four specific stages of retirement can help you thrive and flourish, even in the midst of life’s curveballs. Seeing retirement as a journey instead of a destination can be a powerful mental model. Here is the problem: Retirement isn’t an event but rather a new phase of life that has distinct stages that can be planned for. Each stage of retirement will bring new opportunities and challenges, both financially and emotionally. If you don’...2020-12-1624 min

Thrive Retirement Planning PodcastThe Formula for Thriving During RetirementThere are three keys to thriving during retirement. Young people are remarkably good at looking into the future. But, many who approach retirement fall into the trap of looking back instead of forward. Our greater future is created when we focus on the future more than the past. VPS (Vision + Planning + System) = Thriving Key #1 - Vision Understand where you are now (the current you) and look forward ten years into the future (the future you). What do you want life to be like? Who do you want to become? A key part of retirement planning is getting crystal clear on y...2020-12-0917 min

Entrepreneurs Living Wealthy | Motivation & Strategies for Small Business Owners!018 Writer and Entrepreneur Stephen PalmerStephen Palmer has been through many stages since he started his first entrepreneurial enterprise at age 15. He shares how he used the cash flow from real estate to parlay himself into a passionate writing career and even further into creating businesses that align with his core values. He shares his understanding of the abundance mindset and how he's used it to start several small businesses and take them from start up to living his dream. Stephen Palmer is the author of Manifest Destiny: Choosing a Life of Greatness and Uncommon Sense: A Common Citizen’s Guid...2015-02-0936 min