Shows
Candid Conversations: Retirement Talk with Ryan CravitzFinancial Mailbag: Annuities, Mortgage Debt, and Spousal Roth IRAsAs we close out the year, we wanted to take the chance to answer a bunch of financial questions that we’ve received. It’ll give us the opportunity to cover a wide range of topics that will hopefully address an area of planning you’ve also been curious about. Before we get into these great questions, we’ll share a cautionary tale about a retiree who fell victim to an investment scam, losing nearly three-quarters of a million dollars. Here’s what we discuss in this episode:0:00 – Intro 0:36 – Retirement scam story7:30...
2024-12-0522 minCandid Conversations: Retirement Talk with Ryan CravitzSocial Security Shakeup: What Changes Could Be Coming Down The Line?Social Security is the backbone of retirement for millions of Americans, but big changes could be coming pretty soon. In fact, one Congressman asked the Congressional Budget Office to put together a report detailing the impact of changing the full retirement age from 67 to 69. This change, if implemented, would have huge implications for anyone planning their retirement. Ryan will break down some of the key takeaways and discuss the implications if the government moves forward with this idea. Read the full report here: https://www.cbo.gov/publication/60516 Here’s what we di...
2024-11-0721 minCandid Conversations: Retirement Talk with Ryan CravitzFor Couples, Retirement Planning Is A Team SportAre you and your spouse on the same page when it comes to what you want in your retirement? If not, it’s time to talk. Retirement planning is a significant milestone that requires careful consideration and, more importantly, collaboration. Many couples don’t communicate enough when it comes to money, but preparing for retirement is best done with both parties understand the goals and how they’ll get there. That’s what we want to highlight in this video so we’ll break down the importance of being a team when it comes to your financial future....
2024-10-0320 minCandid Conversations: Retirement Talk with Ryan CravitzThe Key Questions to Answer in Retirement PlanningYou can never ask too many questions when you’re trying to understand your finances and prepare for retirement. It’s essential that you know what you’re invested in and what you’re working towards. In this video, Ryan Cravitz will tackle some of the most fundamental yet challenging questions about retirement planning. Here’s what we discuss in this episode:0:00 – Intro 1:16 – How much you need when you retire4:46 – How much in savings?7:22 – How much risk 11:06 – Annuities13:26 – Are you tax-efficient17:28 – When to take...
2024-09-0522 minCandid Conversations: Retirement Talk with Ryan Cravitz5 Things People Get Wrong About Social Security When Planning for RetirementSocial Security is a really important part of an overall retirement plan but there are five things people get wrong when planning for retirement. The things we’ll talk about in this video are misunderstandings we often hear from clients and other people. In fact, advisors don’t always get these things right. If you’re approaching retirement or already in retirement, you’ll want to make sure you get clarity on these five things before you make any Social Security decisions. Here’s what we discuss in this episode:0:00 – Intro 1:57 – Lon...
2024-08-0821 minCandid Conversations: Retirement Talk with Ryan Cravitz3 Reasons To Retire Now (Or As Soon As Possible)Today we’re going to give you three compelling reasons why you should consider retiring now or as soon as possible. If you are unsure about your retirement readiness, this episode will help you evaluate your financial security, address potential burnout and health considerations, and ensure you have a purposeful plan for your retirement days. If any of these reasons resonate with you, it’s worth having a conversation with a financial professional to see if you’re ready to retire. You might be closer to retirement than you think. Here’s what we di...
2024-07-2523 minCandid Conversations: Retirement Talk with Ryan Cravitz5 Things You Need to Know About Required Minimum Distributions (RMDs) When Planning for RetirementIn this video, Ryan outlines five crucial things you need to know about RMDs, including when you need to take them, how to calculate them, and strategies to reduce them for tax efficiency. These five things will help give you a better understanding of RMDs and the role they play in building an income plan, which will also help you be more efficient in retirement. Here’s what we discuss in this episode:0:00 – Intro 1:46 – When do you have to take your first RMD?5:00 – Calculating RMDs7:39 – Can RMDs be a...
2024-07-1820 minCandid Conversations: Retirement Talk with Ryan CravitzWhy Delay Social Security Benefits?One of the biggest questions that we get about Social Security is when should I take my benefits? A lot of people want to claim them as soon as they can for multiple reasons, but would you be better off delaying your benefits up to age 70?Join us as we explore five compelling reasons why you might want to consider postponing your Social Security claims, from maximizing survivor benefits to enhancing long-term financial stability. Here’s what we discuss in this episode:0:00 – Intro 1:25 – Survivor benefits 2:48 – Increase yo...
2024-07-1113 minCandid Conversations: Retirement Talk with Ryan CravitzHow Much Can I Spend in Retirement?As you approach retirement, one of the most pressing questions is how much you can withdraw from your savings without running out of money. The 4% rule, a popular guideline in retirement planning, suggests that you can withdraw 4% of your retirement portfolio in the first year and adjust that amount for inflation each subsequent year. This rule, developed by William Bengen in the 1990s, was designed to ensure that retirees wouldn't outlive their savings over a 30-year retirement. But how does this rule align with the actual spending patterns and lifestyle of retirees today?
2024-07-0323 minCandid Conversations: Retirement Talk with Ryan CravitzHow Much Do I Need to Retire?The crucial conversation when it comes to retirement is all about how much you need to have saved. The traditional $1 million benchmark doesn’t have as much staying power as it used to. In fact, a recent study found that Americans believe they need at least $1.5 million to retire comfortably. We’ve found that most people believe they’ll need a lot more saved before they can retire or they feel like they need to work a lot longer than they actually do.So what’s the true answer? Well, it’s different for every individual...
2024-06-2728 minCandid Conversations: Retirement Talk with Ryan CravitzBeware of Retirement Half-TruthsWe hear a lot of half-truths in the financial world, not necessarily because people try to make misleading statements, but because sometimes a simple statement just doesn’t quite tell the whole story. On this episode, we’ll discuss a few examples that seem straightforward but have nuances that can significantly impact your retirement strategy. Here are the half-truths we’ll explain in this episode: Don’t worry about those losses because the market always goes up in the long run.Diversification is the key in retirement planning.You should withdraw 4...
2024-06-2022 minCandid Conversations: Retirement Talk with Ryan CravitzRetiree Health Insurance: The Basics You Must KnowWhile you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. In this new season of life, your old policies may no longer suit your needs or may come to an end. So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? Here’s some of what we discuss in this episode:The surprise many people get when they see ho...
2024-06-0616 minCandid Conversations: Retirement Talk with Ryan CravitzDon’t Make These Income Planning MistakesAre you planning for your retirement with the confidence that you're making all the right moves? With so many moving pieces in retirement, it takes detailed planning to cover all your bases, but it begins with building an income plan. In today's episode, we'll unveil the crucial income planning mistakes that could jeopardize your retirement and show you how to craft a financial plan that's built to last decades, not just years. Tune in to ensure your retirement strategy is foolproof against common pitfalls and ready to secure your financial future. Here’s wh...
2024-05-0220 minCandid Conversations: Retirement Talk with Ryan CravitzPractical Strategies for Protecting Retirees Against Scams & FraudAs much as any other threat, recognizing and avoiding scams has become a necessary skill for today’s retirees to develop. In today’s episode, we’ll share a story of how a scam destroyed a woman’s entire retirement savings. Then, we’ll explore some crucial steps you can take to safeguard your financial well-being against the growing tide of scams and identity theft. Here’s some of what we discuss in this episode:Marjorie Blum’s scamming story + the threat of scams for Americans over 60Phishing, vishing, and smishing techniques that are used todaySome...
2024-04-1017 minCandid Conversations: Retirement Talk with Ryan CravitzFinancial Questions That We’ve Been Asked RecentlyWe work through all types of scenarios with clients each day and find tools that will help them reach their financial goals. To help you get a better idea of how we work through these different scenarios, we are going to run through a list of questions that we’ve been asked recently. Each of these topics cover common financial scenarios that you have probably dealt with already or might come across in the future. We’ll explain our process for answering them, some of the things you’ll want to consider, and how to determine your best pa...
2024-03-0720 minCandid Conversations: Retirement Talk with Ryan CravitzWhat’s New with Social Security in 2024?Whether you're nearing retirement, already retired, or just planning ahead, it's crucial to stay informed about Social Security and any changes that happen each year. Today we’re going to share some key things that you need to know and bring you up to speed on some updates that need to be aware of. Ryan will also tell you how this might impact you and the planning you’ll do this year.Here’s some of what we discuss in this episode:The Cost of Living Adjustment you can expect this year.The payroll tax li...
2024-02-0124 minCandid Conversations: Retirement Talk with Ryan CravitzImportant Retirement Updates & Changes for 2024It’s not always easy to keep up with rule changes and updates when they happen each year, but we like to stay on top of anything that might impact your retirement planning. In today’s episode, we will bring you up to date on what’s new for 2024. From tax brackets to Social Security to 529 plans, we’ll cover some key planning items that everyone will want to know about. Here’s some of what we discuss in this episode:You’ll get an increase to both your standard deduction on taxes and how much...
2024-01-1123 minCandid Conversations: Retirement Talk with Ryan CravitzLet’s Answer Some Common Financial QuestionsAs we close in on the end of the year, we want to finish up by answering questions that people have asked us recently. We’ll cover key financial planning topics like retirement withdrawal rates, investing in CDs, advisor fees, Social Security and more. Here’s some of what we discuss in this episode:Is it okay to take a short-term loan to get funds for a closing while you wait for your current home to sell?Is a 6% withdrawal rate too much in retirement and how do you figure out that numbe...
2023-12-1420 minCandid Conversations: Retirement Talk with Ryan CravitzThe Universal Truths of Retirement (PART 2)Today we’re going to finish up our two-part conversation that will juxtapose the individuality of retirement plans with the foundational principles that remain constant regardless of who you are. These 10 total truths need to be accounted for when you build a plan for retirement, and we’ll talk about how and why they could have an impact on your financial future. Here are the retirement truths we discuss in this episode:Diversification is Essential for Risk Management.Emotions Can Be an Investor's Worst Enemy.Tax Implications Matter.Retirement Doesn't Mean Complete Diseng...
2023-11-0923 minCandid Conversations: Retirement Talk with Ryan CravitzThe Universal Truths in RetirementRetirement is a unique journey for each of us. The thought that there's a one-size-fits-all solution is a myth, but what if we told you there are certain universal truths that can guide every retiree? We’ll explore the realities that all of us will face in this episode so join us as we juxtapose the individuality of retirement plans with the foundational principles that remain consistent across the board. Everyone might address each of these truths in their own way, but no one should ignore what the things we talk about today. This list of 1...
2023-10-0517 minCandid Conversations: Retirement Talk with Ryan CravitzIs Investing in a Roth a Bad Idea?We came across an article recently that would get anyone’s attention when they’re trying to save for retirement. The headline said this person lost $400k in a Roth 401(k) and warned others about the risk as well. While this headline could very easily be characterized as clickbait, we wanted to explore it a little further and see how much truth was in these numbers.Here's some of what we’ll discuss in this episode:Ryan’s favorite show growing up and which Olympic sport would he have the best chance at winning a medal...
2023-09-0719 minCandid Conversations: Retirement Talk with Ryan CravitzSpotting Problematic Personalities of Rogue AdvisorsFinding a trustworthy and competent financial advisor is essential for securing your financial future. After all, they play a vital role in helping you make informed decisions about your money, investments, and long-term financial goals. We’ll find out in today’s episode as we explore how to identify “The Ghost”, “The Jargon Juggler”, “The Chameleon”, and several more. And what should you do if you encounter them? Here's some of what we’ll discuss in this episode:What kind of communication should you expect from an advisor?Some of the things that an advisor migh...
2023-08-0317 minCandid Conversations: Retirement Talk with Ryan CravitzCounterintuitive Advice: Why You Should NOT Invest In A 401(k)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 some of what we’ll discuss in this episode:Building up your emergency fund before investing in your 401k. (2:45)If...
2023-07-0615 minCandid Conversations: Retirement Talk with Ryan Cravitz9 Big Mistakes People Make When Approaching RetirementIn this episode, we've distilled it down to what we believe are nine big mistakes to watch out for. Avoiding these crucial missteps can have a significant impact on the success of your retirement plan. So, join us as we delve into these key issues and learn how to navigate them effectively when it's your turn to plan for retirement. Here are some of the things you’ll learn in this episode:Starting Social Security as soon as possible might be the best solution, but you need to discuss this with a pro...
2023-06-0117 minCandid Conversations: Retirement Talk with Ryan CravitzEp 15: Retirement Savings Basics: What’s The Purpose Of All My Accounts?Not all retirement accounts are created equal. It's crucial to understand the purpose and advantages of each type of account to make the best choice for your future. In this episode, we'll delve into the different types of retirement accounts, including 401(k)s, IRAs, Roths, and several other examples. Here are some of the topics we’ll discuss in this show: What are the limits of Roths? (5:51)Are annuities, dividends, or stocks right for me? (9:26)How do you choose what’s best for you and your plan? (11:20)Get more educational videos on YouTube: https...
2023-05-0416 minCandid Conversations: Retirement Talk with Ryan CravitzEp 14: Retirement Expenses For Which You Forgot To PlanAre you preparing for retirement but feeling confident that you have covered all the expenses? Well, think again… It turns out that many retirees overlook some crucial expenses that can leave them financially vulnerable. Here are some of the topics we’ll discuss in this show: Would Ryan choose a personal chef or personal maid? (1:13)Medical expenses will likely be the most costly expense and Medicare doesn’t cover it all. (2:47)Examples of unexpected travel expenses that pop up. (4:53)There’s a good chance you might have to prov...
2023-04-0618 minCandid Conversations: Retirement Talk with Ryan CravitzEp 13: The Incomplete Financial PlanAre you confident that your financial plan is complete? Many people believe they have a solid plan in place, only to realize later that they've missed important areas. From not accounting for long-term care expenses to overlooking the impact of taxes on retirement income, there are many ways a financial plan can be incomplete. Here are some of the topics we’ll discuss in this show: The danger of a downturn in the market in the early years of your retirement. (1:31)Have you overlooked the effects of inflation over time? (3:25)Are...
2023-03-1613 minCandid Conversations: Retirement Talk with Ryan CravitzEp 12: Top 10 Tax Questions for 2023In today’s episode, we’ll break down the top ten tax questions retirees are asking in 2023. Before you file your 2022 taxes and plan ahead for the rest of the year, make sure to listen to this episode as we’ll discuss some important tax questions that retirees should ask themselves to ensure they're making the most of their retirement savings and minimizing their tax burden.Here are some of the tax topics we’ll discuss in this show: What are the tax implications of withdrawing money from your retirement accounts? (1:30)How will the SECURE Act 2.0 impact yo...
2023-03-0214 minCandid Conversations: Retirement Talk with Ryan CravitzEp 11: The Ins and Outs of Annuities: What You Need to Know to Plan for RetirementFor episode 11 of Candid Conversations: Retirement Talk with Ryan Cravitz, we’re tackling a topic that’s often a source of confusion for many people: annuities. There are different types of annuities, each with their own unique nuances, and it’s important to have a basic understanding of how they work and how they might fit into your financial plan. In this episode, we’ll break down each type of annuity and discuss how they can be used to meet your specific financial goals.We’ll discuss the following annuity types:- Immediate- Fixed
2023-02-1615 minCandid Conversations: Retirement Talk with Ryan CravitzEp 10: Mailbag Edition – Answering Listener Questions About IRAs, Long Term Care, Tax Brackets & Much MoreFor episode 10 of Candid Conversations: Retirement Talk with Ryan Cravitz, we’re peppering Ryan with, you guessed it, 10 listener questions about a wide range of financial planning and retirement topics. From IRAs to long term care, tax brackets, reverse mortgages and more, Ryan will share tips and guidance that will level up your financial knowledge in almost every corner of the retirement planning space. One listener is turning 72 and starting to worry about RMDs. Another is interested in working with multiple financial advisors. Is that a clever idea or a recipe for disaster? Another question leaves us thi...
2023-02-0221 minCandid Conversations: Retirement Talk with Ryan CravitzEp 9: The 3 Worlds of MoneyWhen you really boil it down, there are really only three places where you can invest money: the banking world, the insurance world, and the Wall Street world. Understanding how these three worlds of money are used is important, but so is knowing the pros can cons for each. Once you’ve done that, you’ll have a better grasp on how to structure your portfolio. Let’s talk about the role that each of those worlds plays in a good financial plan and how we help our clients balance each of these. Here’s...
2023-01-1919 minCandid Conversations: Retirement Talk with Ryan CravitzEp 8: Social Security, Annuities, and Life Insurance – Mailbag EditionOn today’s show, we’re going to open up the mailbag and find out what questions you have for Ryan. Over the course of this episode, we’ll tackle annuities, life insurance policies, Social Security strategy, and whether it’s time to be more aggressive with your investments. If you’ve been curious about any of these financial planning topics, we hope this episode might provide a little more clarity and help you understand how we work through each of these items with our clients. Here’s some of what you’ll lea...
2023-01-0515 minCandid Conversations: Retirement Talk with Ryan CravitzEp 7: Are You Ready to Retire?The question that gets asked most often when someone sits down with a financial advisor is ‘Am I ready to retire?’ We all want to reach the point where we’re financially independent but have you taken the necessary steps to reach that point? Today we’ll share some of the common discussions we have with clients when it comes to determining when you can step away from work and begin that next chapter of your life. Plus, we’ll share a few stories about how people know they’ve reached that point and ways we help them when the...
2022-12-1512 minCandid Conversations: Retirement Talk with Ryan CravitzEp 6: Traditional vs Roth IRAMost Americans will utilize a retirement account during their working career to put money aside for retirement, and the most common option is the IRA. However, things can get a little trickier when deciding whether a traditional IRA or a Roth IRA is the better fit for your investments. On this episode, we’ll provide you with the information you need to understand the differences between these two types of accounts and get a clearer picture of who might benefit from one over the other. Here’s some of what you’ll learn on...
2022-12-0112 minCandid Conversations: Retirement Talk with Ryan CravitzEp 5: The Financial Red ZoneMuch like the game of football, retirement planning has a similar period of time where it’s essential for your long-term success. We call this the Financial Red Zone, and it’s the 5-10 years prior to retirement and the first years in retirement. Planning and execution become critical during this time and we’ll tell you why on this episode. Here’s some of what you’ll learn on the podcast: · What is the Financial Red Zone? (2:01)· How you should manage your risk during this time. (4:47)· Ever...
2022-11-1715 minCandid Conversations: Retirement Talk with Ryan CravitzEp 4: Busting Social Security MythsOn this episode, we’re going to clear up some of the most common myths and misunderstandings surrounding this retirement program. From how to get the most out of your claim to taxes to whether it will eventually run out of money, Ryan will help you better understand Social Security and what goes into planning for it.Here’s some of what you’ll learn on the podcast: · The Social Security Administration won’t help you decide when it’s best to start your benefit. (3:18)· There are spousal benefits that many people can...
2022-11-0318 minCandid Conversations: Retirement Talk with Ryan CravitzEp 3: Long-Term Benefits of Tax PlanningTax planning is another core piece of a comprehensive retirement plan so let’s focus in on this area. People often confuse this topic with tax filing, but when we say tax planning we’re talking about what we can do in order to increase our after-tax, spendable income. Making the right decisions with your investments today can help you keep more of your money down the road in retirement. Here’s some of what you’ll learn on the podcast: · The difference between tax filing and tax planning. (1:19)· Why you shouldn’t a...
2022-10-2712 minCandid Conversations: Retirement Talk with Ryan CravitzEp 2: The Importance of Income PlanningOn this episode of the podcast, we’re going to discuss the importance of income planning and why so many people fail to put a proper one in place. Plus, we’ll tell you about the steps we take with clients to insure they have a plan for turning everything they’ve accumulated over their career into income in retirement. Here’s some of what you’ll learn on the podcast: · Why the income plan is critical to retirement. (2:51)· Why very few people have a true income plan when doing it on their ow...
2022-10-2013 minCandid Conversations: Retirement Talk with Ryan CravitzEp 1: Getting To Know Ryan CravitzWe’re kicking off the podcast with a little introduction to our show and host, Ryan Cravitz. Before we dive into the financial planning conversations we’ll have on future episodes, we wanted to lay the foundation for what’s to come on the show by giving you a little background on our business and how Cravitz Financial began. Here’s some of what you’ll learn on the podcast: · How Ryan stumbled into the financial planning industry during college. (1:39)· What financial planning looks like for our clients and a story that we’re p...
2022-10-1014 min