Shows
The Retirement Show: Your Life, Your Money with Scott SierensBefore You Retire: Simplify These 3 AreasHeading into retirement should feel like freedom, but too many people carry financial clutter into this next phase of life, creating confusion, missed opportunities, and unnecessary stress. In this week’s show, Scott outlines three key areas to simplify before you retire: your bank accounts, your investment and retirement accounts, and your overall strategy. Here’s some of what we discuss in this episode: 🏦 Simplify your bank accounts for clearer budgeting 📂 Clean up old 401(k)s and scattered investment accounts 🧠 Stick to one clear investment strategy that works long-term 📉 Why having money...2025-05-1214 minThe Retirement Show: Your Life, Your Money with Scott Sierens3 Costly Retirement Tax Traps (And Ways to Avoid Them)Are you prepared for hidden tax traps in retirement? Many retirees assume their tax rates will go down, but for those with significant savings, unexpected tax burdens could cost them thousands of dollars each year. Today, Scott Sierens, CFP®, uncovers three major retirement tax traps that could push you into a higher tax bracket, increase your Medicare premiums, and reduce your Social Security benefits. We’ll also address trending news about the potential elimination of taxes on Social Security benefits and answer a listener's question about the timing of claiming Social Security. Here’s some of wh...2025-03-2419 minThe Retirement Show: Your Life, Your Money with Scott SierensRetirement Spending Secrets: A Smarter Strategy Than the 4% RuleHow much can you really spend in retirement without running out of money? In this debut episode of The Max Retirement Show, Scott breaks down the biggest retirement spending mistakes, why the 4% rule might not work for you, and how to create a dynamic spending plan that adapts to market conditions, taxes, and life changes. Plus, Scott answers a listener question about annuities vs. brokerage accounts for legacy planning and shares his Retirement Chart of the Week, helping you navigate market volatility. Here’s what we discuss in this episode: 0:00 – Big updates and intr...2025-03-1717 minThe Retirement Show: Your Life, Your Money with Scott Sierens5 Clear Signs It’s Time to RetireAre you starting to feel like you might be ready to retire but can’t quite pinpoint why? If so, today’s episode is perfect for you! We’ll explore five clear signs that it may be time to move on to the next chapter of your life. Join Scott as he breaks down these key indicators, including one crucial sign that should apply in every case- being financially prepared to take that next step. Don’t miss this insightful episode as Scott shares real-life stories to help you recognize these signs and determine if they apply to you!2024-12-2618 minThe Retirement Show: Your Life, Your Money with Scott SierensThe Reasons Your Retirement Transition Isn’t Easy (And How to Fix It)Scott recently met with a prospective client who asked, “Why isn’t the transition into retirement easy?” While there’s no “easy button” for retirement, it doesn’t have to feel overwhelming or confusing either. In today’s episode, Scott explores why retirement, or the transition into it, might feel difficult, and why many people find the process more challenging than expected. Here’s some of what we discuss in this episode: 0:00 – Intro 2:57 – The junk drawer of accounts 10:13 – Savers who have a hard time spending 15:58 – Putting together your retirement vision...2024-11-2925 minThe Retirement Show: Your Life, Your Money with Scott Sierens2 MAJOR Reasons to Overhaul Parts of Your Retirement PlanHow do you know when it’s time to make updates to your retirement plan? With a personal story as the backdrop, Scott explores two major categories of life changes that can (and should) influence your financial strategy. The first category revolves around changes in financial needs. Whether it's an unexpected job change, a decision to retire earlier than planned, or simply wanting to take on new travel adventures, these scenarios require careful consideration and potential updates to your investment and income plans. The second category focuses on family changes. Scott explains how family dynamics, whether it's a...2024-10-3118 minThe Retirement Show: Your Life, Your Money with Scott SierensYear-End Tax Reduction Strategies (Part 1)You've worked hard for your money, and naturally, you want to keep as much of it as possible instead of handing it over to Uncle Sam. Fortunately, there are smart strategies to help reduce your tax burden and keep more of your earnings where they belong- in your pocket. And, as the end of the year approaches, it's the perfect time to start thinking about these tax reduction strategies. In part one of this two-part conversation, Scott breaks down the difference between tax preparation and tax planning and provides a detailed walkthrough of a hypothetical couple's financial...2024-09-2638 minThe Retirement Show: Your Life, Your Money with Scott SierensElection 2024, The Stock Market & Your Retirement Savings: Separating Fact from FictionFeeling uneasy about your finances with election season approaching? You’re not alone. Political uncertainty often raises questions about market stability, and it’s easy for that anxiety to seep into concerns about your retirement savings. Join Scott as he breaks down market trends during election years, and explores how elections can affect retirement accounts like IRAs and 401(k)s. Don’t miss these actionable insights to help you stay focused on your long-term financial goals, even during election uncertainty. Here’s some of what we discuss in this episode: 0:00 - Intro...2024-09-1234 minThe Retirement Show: Your Life, Your Money with Scott Sierens401k FAQs Near RetirementWhen you’re nearing retirement, a lot of questions can arise when it comes to decisions around your 401k. In this episode, Scott answers 5 frequently asked 401k questions- specifically for those nearing retirement. Don’t miss out on this essential guide to managing your 401(k) as you approach or enter retirement! Here’s some of what we discuss in this episode: 0:00 - Intro 4:16 – Using target date funds 11:46 – Catch-up contributions 17:00 – Company offering 401k advising for a fee 22:00 – Company stock in 401k 25:54 – What should I do with my 401k?2024-08-2933 minThe Retirement Show: Your Life, Your Money with Scott Sierens5 Ways to Simplify Your Retirement PlanDid you know that the first week of August was National Simplify Your Life Week? Just as decluttering your home can ease the stress of cleaning and upkeep, decluttering your finances can reduce stress when it comes to planning for your retirement. Join Scott as he outlines five key strategies to simplify your retirement plan and reduce stress. Here’s some of what we discuss in this episode: 0:00 - Intro 3:40 – Paperwork to keep vs throw away 8:12 – Tax paperwork 11:09 – Automating your savings 14:32 – Simplifying investments 18:47 – Understanding...2024-08-1535 minThe Retirement Show: Your Life, Your Money with Scott SierensRetirement Half-Truths!We hear a lot of half-truths in the financial world. This isn’t necessarily because people try to make misleading statements, but because sometimes a simple statement just doesn’t quite tell the whole story. Listen in as Scott shares a few examples that show that, while common financial advice can be helpful, it's important to dig deeper and understand the full scope of your retirement needs during the planning process. Here are some of the half-truths we discuss in this episode: 0:00 – Intro 2:58 – “Diversification is key!” 8:15 – "Medicare will cover all your health...2024-06-1320 minThe Retirement Show: Your Life, Your Money with Scott SierensDo I Need Life Insurance in Retirement?Do you need life insurance once you’ve retired? We get this question all the time in our office. And, as with most things in financial planning, the necessity of it depends on your situation. So, in today’s video, Scott is here to share some examples of why one would or would not need life insurance in retirement. Here’s some of what we discuss in this episode: 0:00 – Intro 5:20 – Focusing on your investment strategy instead of the news 11:11 – The basics of life insurance and its purpose 15:49 – Do single individuals ne...2024-04-2535 minThe Retirement Show: Your Life, Your Money with Scott SierensSocial Security Fact or FictionNavigating Social Security can feel confusing. With a sea of information out there it’s hard to discern what’s fact and fiction. In this episode, Scott addresses five common statements about Social Security and breaks down whether they’re true or false. Here’s some of what we discuss in this episode: 0:00 – Intro 1:04 – Average retirement spending for 65-year-old 7:47 – Social Security taxes 13:39 – Taking Social Security when you retire 18:05 – Keeping all Social Security benefits when a spouse passes 20:30 – Penalties for working and taking Social Security 24:2...2024-04-1131 minThe Retirement Show: Your Life, Your Money with Scott SierensRetiree RegretsMany of us have experiences that we regret. How can we avoid these feelings in our retirement years? In today’s episode, Scott shares common retiree regrets and practical strategies to sidestep them. Here’s some of what we discuss in this episode: 0:00 – Intro 7:13 – Waiting too long to retire 9:01 – Not having goals and a purpose in retirement 13:06 – Losing touch with family 15:16 – Not enjoying more while you’re younger 21:20 – Not taking your health seriously earlier in life 23:39 – Not planning for long-term care 26:11 – Listen...2024-03-2831 minThe Retirement Show: Your Life, Your Money with Scott SierensMarket Risks, Generational Wealth & Happiness in RetirementIn this episode, Scott is going to share some of the wisdom he gained from AE Wealth Management’s Wealth Elite Symposium he recently attended in Nashville, Tennessee. This event featured esteemed speakers from Schwab, former writers for the Wall Street Journal, experts from Fidelity, and more. Listen in as Scott shares his takeaways on market risk, recessions, interest rates, generational wealth, and happiness in retirement. Here’s some of what we discuss in this episode: 0:00 - Intro 3:23 - Market risks, recessions, and the unpredictability of economic events 10:41 - Havin...2024-03-1437 minThe Retirement Show: Your Life, Your Money with Scott SierensThe Retirement Hazard ZoneIn today’s episode, we’re going to discuss the retirement hazard zone. This is the 10 years leading up to retirement and the first decade of retirement itself. Listen in Scott compares this period to driving through a construction zone, focusing on the need to slow down, think differently, and be prepared for the unexpected. Before we jump in, Scott will discuss the top 5 financial scams targeting retirees and pre-retirees and share some essential tips to help you avoid financial fraud. Here’s some of what we discuss in this episode: 0:00 – Intro...2024-02-0832 minThe Retirement Show: Your Life, Your Money with Scott SierensMax out your 401k for Retirement First? Or, Consider Other Investment Options First?Are you considering maxing out your 401(k) but unsure what to do next? We face this question all the time at the Sierens Financial Group so today we’ll explore if it’s wise to max out your 401(k) before investing anywhere else. Here’s some of what we discuss in this episode: 0:00 – Intro 2:44 – What’s on today’s show 4:33 – What’s in the news right now? Spot Bitcoin was just approved by the SEC. 8:40 – What should you know about Spot Bitcoin? 10:50 – An 85-year study from Harvard reveals th...2024-01-2533 minThe Retirement Show: Your Life, Your Money with Scott Sierens2024 Tax/Retirement Changes & StrategiesIn today’s show, we’re going to share some crucial changes and strategies that will help you navigate your financial landscape in 2024. Scott will break down the latest adjustments you need to be aware of, from increased standard deductions to updates in Social Security and Medicare. We’ll also share some strategic tips and tactics to position your tax and retirement plans for success in the coming year. Here’s some of what we discuss in this episode: 0:00 – Intro 3:52 – What’s new in 2024? 12:01 – Is your money in the right bucket?...2024-01-1128 minThe Retirement Show: Your Life, Your Money with Scott SierensTax Loss and Tax Gain Harvesting, Roth 401K Rules, Federal and State Tax Withholdings - MailbagWe’re sharing this month’s mailbag episode a bit early, but we have 3 great listener questions lined up for today’s show! Miyuki asks if Scott can explain more about tax harvesting and how to take advantage of a stock loss. Lauren asks about the tax consequences of withdrawing from the Roth side of her 401(k) after 2023. Click play to see what you can learn! Here are the questions we discuss in this episode: Can you explain more about tax harvesting? I sold two individual stocks last month. Both are a loss, but I don’t...2023-12-2132 minThe Retirement Show: Your Life, Your Money with Scott SierensOverlooked Retirement Planning TopicsThe retirement planning world is filled with plenty of advice and suggestions, but there are critical questions lurking in the shadows – the unasked, the overlooked. These are the questions that can help define the comfort and security of your retirement future. In this episode, we unearth and tackle these essential questions about retirement. Listen in as Scott sheds light on the potential coverage gaps and costs that might catch retirees off guard when it comes to Medicare. He also explores the impact of where you choose to live in retirement, delving into state taxes, cost of living, an...2023-11-1624 minThe Retirement Show: Your Life, Your Money with Scott SierensIRMAA & Roth Conversions, Filing Separately, Lump Sum Withdrawals, Unexpected Income – Tax Planning MailbagToday, we're diving into the listener mailbag once again, to answer your questions on tax planning and strategies for the year ahead. As we approach the end of the year, it's crucial to get your financial ducks in a row so that you can keep more of your hard-earned money. Scott offers valuable insights on whether to file taxes jointly or separately, how IRMAA can affect your Medicare premiums, tax surprises that can be caused by receiving unexpected income, and more. Here are the questions we’ll tackle in today’s show: Husband is 70, wife...2023-10-1933 min
The Retirement Show: Your Life, Your Money with Scott SierensPension Selection, Challenges of Age Gaps, The Forgotten Costs – Mailbag Episode In today’s show, we’re going to open up the listener mailbag and answer questions about pension selections, questions about the challenges you could face if there’s an age gap between you and your spouse, and then discuss the hidden costs you might not be seeing in your retirement income. Each of these questions we’ll tackle today cover pretty common scenarios so you might find wondering about these down the road. Scott will provide some great thoughts and insight, recommendations, and strategies that could potentially be used in these situations. We always enjoy tak...2023-09-2831 minThe Retirement Show: Your Life, Your Money with Scott SierensImportant Ages on the Retirement Journey Many say that age is just a number, but when it comes to retirement planning, age means much more than that. Join us in this insightful episode as we delve into the world of financial milestones that can significantly impact your retirement planning. From age 50 to 75, we uncover the strategies, opportunities, and pitfalls tied to these pivotal years. Learn why age isn't just a number when it comes to taxes, charitable giving, and required minimum distributions (RMDs), as Scott shares how you can strategically use these age milestones to optimize your retirement planning journey. From Social Security...2023-09-0726 minThe Retirement Show: Your Life, Your Money with Scott SierensMove to Cash, Retirement Travel Spending, Real Estate & Taxes, Mortgage Tax Deduction – Mailbag Episode We’re back with another mailbag episode today! Join us as we tackle a range of topics- from navigating investments during significant life changes to figuring out a retirement travel spending amount, this episode covers a lot of ground. Scott is here to answer your questions, so stick around to see what you can learn. Here are the questions we’ll answer on today’s show: I have a lot of major life changes occurring in the next six months that I think will affect how I should be invested. Should I just park my mone...2023-08-3135 minThe Retirement Show: Your Life, Your Money with Scott SierensInflation, Recession & Retirement Impacts Recent headlines are buzzing with talk of inflation, recession, and their potential impact on your retirement plans. Should you be concerned? In this episode, Scott takes you through a comprehensive breakdown of these headlines and what they truly mean for your financial future. By understanding how inflation, recession, and Social Security interplay, you can better navigate the complexities of retirement planning and enjoy financial confidence in your golden years. Join us to learn why Scott encourages listeners to focus on crafting a comprehensive retirement income strategy rather than getting caught up in sensational headlines. 2023-08-2434 minThe Retirement Show: Your Life, Your Money with Scott SierensWays the Richest Americans Avoid Taxes Scott recently came across an article that discussed 8 ways the richest Americans avoid paying taxes. While many might think that these strategies wouldn’t apply to their financial situation, we’re going to discuss how you can apply these tactics to potentially reduce your taxes. Stay tuned as Scott breaks down these 8 strategies! Here are the 8 strategies that we’ll discuss: 1. No Taxes on Unrealized Capital Gains: Both billionaires and regular investors with investment gains can utilize the strategy of not paying taxes on unrealized capital gains as long as they hold their assets without selling t...2023-08-1732 minThe Retirement Show: Your Life, Your Money with Scott Sierens3 Overlooked Issues that Could Sink Your Retirement In today’s episode, we’re diving into three often underestimated issues that could significantly impact your retirement plan. With valuable insight and practical strategies, Scott sheds light on how to overcome these challenges and secure a smoother financial future. Here are some key takeaways from this episode: Longevity's Wake-Up Call: Drawing from historical trends and technological advancements, Scott reveals how longer lifespans are reshaping retirement timelines. He explores the potential pitfalls of underestimating the years you'll need your nest egg to last and provides practical strategies to extend your financial security horizon. In...2023-08-1027 minThe Retirement Show: Your Life, Your Money with Scott SierensResolving Retirement Sources of Tension Between Couples Money can't buy love, but it can certainly start some spicy debates between you and your better half. In this episode, we explore five money minefields that can test even the most solid relationships in retirement. Listen in as Scott shares some tips on how to resolve some of these common financial sources of tension and emphasizes the importance of open communication and compromise. Here are some areas that could cause tension between couples: When is the best time for you and your spouse to retire? (3:40) Determining your retirement lifestyle. (7:24) How to handle inheritances. (12:15) Leav...2023-08-0325 minThe Retirement Show: Your Life, Your Money with Scott SierensRetire to Escape a Bad Job, Downsize Prior to Retirement, Gifting Now or Later, No Financial Worries – Mailbag Episode We’re back with another mailbag episode for today’s show! We’re here to answer financial questions from listeners just like you. Stick around and see what strategies you can learn from today’s show. Eddie is 62 and hates his job but is making a great income. He asks if it would be a mistake to walk away from this job before retirement. Catherine asks if she should give some money to her grandkids while she’s still alive or wait until after she passes. Stay tuned as Scott explores the concept of being rich versus wealthy, we...2023-07-2724 minThe Retirement Show: Your Life, Your Money with Scott SierensRetirement Fears, Contribute During Recession, Banking On An Inheritance – Mailbag Episode The journey to retirement can be turbulent, but with the right tools and knowledge, you can navigate this path with confidence. In today’s mailbag episode, we answer some listener questions about handling retirement contributions, fearing a recession, and banking on an inheritance for your retirement. Tune in as Scott discusses the importance of planning for the best and preparing for the worst in this episode and shares helpful strategies for navigating your retirement planning journey. Here's what we’ll discuss in this episode: “I fear a recession, so I might sto...2023-07-2025 minThe Retirement Show: Your Life, Your Money with Scott SierensHigh Fees, Taxes on Social Security, Roth Alternatives, Keep or Sell the Farmland – Mailbag Episode It’s the last week of the month, so we’re diving into the listener mailbag for today’s episode! Tune in as Scott answers some listener questions that have recently been sent into the show and see what knowledge you can gain from them. Stick around, because these strategies could be useful for your life or help you avoid financial mistakes in the future. Here's what we’ll discuss in this episode: Mailbag: Should I move my IRA away from a place that charges a 2.5% fee? (1:32) Mailbag: How does paying taxes on Social Security wo...2023-06-2923 minThe Retirement Show: Your Life, Your Money with Scott SierensHow Do I Get More Tax-Free Money? Who wouldn’t want extra cash in their pocket without having to pay taxes to the IRS? In today’s episode, Scott dives into the topic of getting more tax-free gains and shares valuable strategies for growing your wealth without paying hefty taxes. From contributing to a Roth 401(k) or SEP Roth to utilizing the backdoor Roth IRA process, Scott provides insights to help you make the most of tax-free gains. Here's what we’ll discuss in this episode: The current economy + Scott’s takeaways from the article “Why Should I Hold Stocks?” (1:52) A few ways to ge...2023-06-1523 minThe Retirement Show: Your Life, Your Money with Scott Sierens5 Big Money Mistakes In Retirement Planning No one enjoys making mistakes, as they can result in wasted time and money and cause significant stress and frustration. In the complex world of retirement planning, there are countless pitfalls one could fall into if you aren’t properly prepared. In this episode, we’re going talk about the top 5 money mistakes that Scott often sees in retirement planning and how to avoid making them. Here's what we’ll discuss in this episode: Start strategizing about your future taxes in retirement. (3:13) Utilize efficient investments in the right buckets. (7:40) Should you be considering Roth conversio...2023-06-0830 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 105: Paying Off the Mortgage, Convincing a Spouse to Retire, Taxes on Inheritance - Mailbag Episode In today’s episode, we continue discussing and answering listener questions we’ve received. Scott will answer questions on paying off your home mortgage, navigating retirement discussions with your partner, and leaving behind an inheritance for your children. Listen in as you may find yourself asking a similar question, in a similar scenario, or able to take the strategies discussed to help improve your financial picture! Here's what we’ll discuss in this episode: Mailbag- Should I just pay off the $45,000 left on my mortgage if I have the money? (2:40) Are you getting tax deduction...2023-05-2533 minThe Retirement Show: Your Life, Your Money with Scott SierensAre You Planning For THIS Retirement Cost? Effective retirement planning involves not only knowing your sources of income, such as Social Security but also having a clear understanding of the expenses that will be incurred from that income. It's very important to consider all potential costs to ensure a comfortable retirement. In Scott’s experience, there is one cost that many individuals tend to overlook or underestimate, and that's what we'll be discussing in today's episode. Here's what we’ll discuss in this episode: Are you planning for Medicare and healthcare costs? (0:43) Healthcare costs can make up a big part of retire...2023-05-1823 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 103: Eye-Opening Results of the 2023 Retirement Confidence Survey In today's episode, we are going to look at the results of the 2023 Retirement Confidence Survey. Join us as Scott unpacks these surprising statistics, shares his takeaways, and reveals the insights they provide when it comes to retirement planning. Whether you are nearing retirement or have already retired, this episode is packed with valuable information. Here's what we’ll discuss in this episode: Survey one’s results, which compares expected retirement expenses to the actual expense realities. (4:53) Scott’s takeaway from the first survey's results. (8:05) The next survey that compares income source expectations to income sou...2023-05-1135 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 99: Is A 401(k) The Right Savings Tool For Retirement? When it comes to saving for retirement, many people automatically turn to the 401(k) as their go-to account. But is it really the best option for everyone? While the 401(k) is certainly a powerful tool, it may not be the best choice for all your retirement savings. In this episode, we'll explore the pros and cons of 401(k) plans and introduce alternative retirement savings options that can help diversify your portfolio and provide flexibility for your retirement. Here’s some of what you’ll learn on this episode: 3:42 – Some of the pros of a 401(k). 6:4...2023-04-1326 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 91: 5 Beneficiary Mistakes – Are You Accidentally Spoiling Your Retirement Plan? You’ve worked hard for your savings and investments, and we’ve found that most people want to make sure that those funds pass on to someone that’s important to them when they pass. In this episode, Scott will address five, unfortunately, common beneficiary mistakes. These could cost you and your loved ones dearly, and end up spoiling an otherwise well done retirement plan. Here’s more of what you’ll learn on this episode: The troubles that could happen when naming minors as your beneficiaries. (3:53) Why you want to coordinat...2023-02-0922 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 90: The Three Retirement Questions You SHOULD Be AskingOn this episode the Your Life, Your Money Podcast, Scott Sierens delves into why he believes there are three key questions that everyone should be asking themselves in order to ensure that they are properly preparing for retirement. These questions cover some of the most critical elements of the retirement planning process and are essential for anyone looking to secure their financial future. By asking and answering these questions, you can gain a better understanding of your retirement goals and develop a plan to achieve them. Here’s more of what you’...2023-02-0225 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 61: Picking Sides In Important Financial DebatesOn this episode, we’ll pick sides of some important financial debates. From paying off your mortgage early to life insurance and more, we’ll share our opinions on these hot financial topics. What we discuss in this episode: 3:12 – Mortgage 6:18 – Life insurance 10:24 – Taxes 14:38 – Mutual funds 16:51 – Social Security 20:38 – Mailbag: Unused vacation and sick leave Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ 2022-07-0724 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 60: The Market and My Accounts Are Down. What Do I Do Now? If current conditions of the stock market being down and your retirement investment accounts falling in value have you concerned, worried or even scared about your future, you’re not alone. Today’s episode is just for you. What we discuss in this episode: 3:48 – Stock market down 4:58 – Emotions 5:58 – Perspective 10:00 – Bear market 12:50 – Different advice 17:30 – Rainy day fund 20:30 – Home equity line of credit 21:53 – Meet with a financial planner 26:11 – Opportunities in this market Read more and get additional financial...2022-06-3037 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 59: Can I Retire in a Down Stock Market?Can you still retire in a down market? With the stock market down and inflation up, that question is on a lot of minds. We’re going to talk about the factors involved in making this decision and how we help people like you determine the answer to this question. What we discuss in this episode: 3:10 – Business Insider article 6:00 – CNBC and USA Today articles 13:14 – Income gap 18:31 – Extra money 23:25 – Structuring withdrawals 26:24 – Delaying Social Security 29:14 – Recap Read more and get additional fina...2022-06-2334 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 58: Mailbag - Gifts to Kids, Long-Term Care, Retirement AgeToday we’re diving into the mailbag to answer questions from listeners just like you. We’re taking questions about retiring prior to the age of qualifying for Medicare, gifting to your kids and grandkids, having multiple IRAs and long-term care. What we discuss in this episode: 2:08 – Article: Planning to retire early 5:42 – Not old enough for Medicare 10:55 – Helping kids early 19:14 – Different IRAs 25:59 – Nursing home care Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: ht...2022-06-1636 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 57: 5 Things You Must Know About Decumulation To Retire SuccessfullyAre you nervous about shifting from saving money to spending it in retirement? If so, you’re not alone. Today we're sharing five things you need to know about decumulation, or the spending phase of your life. What we discuss in this episode: 1:58 – Good review on podcast 4:44 – Lack of support 9:18 – Fear of spending 13:45 – Risks become more numerous 17:26 – Taxes consequences 20:42 – Leverage lifetime income 23:06 – Mailbag: What to do with aunt’s house? Read more and get additional financial resources here: http://lifemone...2022-06-0929 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 56: Can You Keep Putting These Financial Matters Off?We’re all guilty of procrastinating from time to time. But today we’ll share some financial matters you want to be on top of and others you can take your time with. From taxes to debt, find out what you need to know about these money tasks. What we discuss in this episode: 5:28 – Deferring taxes 11:22 – Debt 14:59 – Estate planning 18:43 – Social Security 22:26 – Building a plan 26:17 – Mailbag: Mom’s house Read more and get additional financial resources here: http://lifemoneyshow.com Check o...2022-06-0231 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 55: How Should I Prepare for a Possible Recession?Are we headed into a recession? That’s the question that’s on a lot of minds. On today’s show we’re going to make sure a recession doesn’t ruin your finances or retirement plans. We’ll also welcome retiree and investor Jim Manning to the show so he can ask questions, which are probably the same questions you have. What we discuss in this episode: 1:21 – Meet Jim Manning 4:55 – Jim’s business experience 6:19 – Jim’s product was used in space 12:35 – What is a recession? 14:25 – How to prepare 21:25 – Ji...2022-05-2647 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 54: How We Handle Unreasonable RequestsIn the retirement planning business, we occasionally get some unreasonable requests. We’ll do our best to accommodate everyone’s needs, but sometimes they just aren’t realistic. On this show, we’ll share some of the requests and tell you how to set proper expectations around your retirement planning. What we discuss in this episode: 4:21 – Bigger returns, no risk 7:50 – Reducing fees 12:20 – Paying taxes 15:26 – Do it for me 18:50 – Mailbag: Reducing risk Read more and get additional financial resources here: http://lifemoneyshow.com ...2022-05-1923 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 53: Lessons We Can Learn From Warren BuffettWhat can we learn from billionaire Warren Buffet when it comes to our finances? He shares some key lessons and advice to keep our money on track for long-term financial success. What we discuss in this episode: 2:26 – Bankrate article 5:21 – Portfolio survival 10:20 – Value, not timing 13:45 – Productive assets 17:06 – Avoid speculation 21:41 – Inflation Resources: https://www.bankrate.com/investing/warren-buffett-top-tips-and-lessons-berkshire-hathaway-annual-meeting-2022/#:~:text=Here%20are%20the%20key%20lessons%20for%20investors%20from,Make%20sure%20your%20portfolio%20is%20built%20to%20survive Read more and get...2022-05-1227 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 52: The Most Important Birthdays for Retirement PlanningYou might not pay as close attention to your birthdays as you get older, but there are some ages that you need to be paying attention to. On this episode, we're sharing the most important birthdays in retirement planning. We'll take you through some of the key ages, why they are important and what you should be thinking about as you approach retirement. What we discuss in this episode: 6:47 – Age 50 12:39 – Age 55 17:31 – Age 59.5 20:49 – Age 62 23:52 – Age 65 29:04 – 70.5 30:29 – Age 72 34:30 – Mailbag: Life insurance 36:48 – Mailbag...2022-05-0541 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 51: Investment Terms You Should KnowThere's enough financial jargon being used that even experienced investors get tripped up now and again. Today we’re going to talk about the investment terms you should know, what they mean and why they’re important to you and your financial future. What we discuss in this episode: 1:37 – Financial literacy month 6:32 – Stocks 13:39 – Bonds 17:45 – Asset allocation and diversification 20:11 – Fruit stand analogy 27:05 – ETFs and mutual funds 32:50 – What does this mean to you? 36:45 – Fiduciary Read more and get additional financia...2022-04-2838 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 50: Why Values-Based Financial Planning is EssentialPutting together a solid retirement plan isn’t just about dollars and cents. We need to determine what really matters to you. Today’s show is all about why values-based planning is so important. What we discuss in this episode: 2:27 – Digging deeper 5:58 – Family 11:20 – Faith 14:39 – Career 19:15 – Education 23:06 – Charity 25:57 – Fun 30:13 – Question about moving 401k Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ 2022-04-2133 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 49: Forget Emotions, Stay InvestedVolatility isn’t fun. When the stock market is down, it really takes a toll on our emotions. Emotions lead people to do things that could ruin long-term investing results. Today, we’re sharing why you should stay invested. What we discuss in this episode: 3:15 – Market volatility 6:48 – Long-term investors 9:21 – Diversification 19:13 – Emotions 22:13 – Timing the market 25:08 – Always a worry 28:57 – Staying invested 34:47 – Behavior coach Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube c...2022-04-1437 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 48: Murky Issues That Make Retirement Planning HarderLow-interest rates, the cost of products going up, underfunded Social Security, and market volatility can really create some murky waters and make financial planning pretty difficult. We’ll share how to get clarity on your finances on today’s show. What we discuss in this episode: 1:23 – Pets 7:05 – USA Today article 10:56 – Income growth 18:45 – Social Security 26:37 – Withdrawal rates 30:05 – Other murky issues CNBC - https://www.cnbc.com/2022/03/23/petco-is-inflation-proof-ceo-says.html USA Today - https://www.usatoday.com/story/money/personalfinance/retirement/2022/02/28/retirement-3-issues-making-planning-harder/49859935/ Read mo...2022-04-0736 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 47: Listener Questions - Roth Conversions, IRAs and MoreShould you manage your own investments or work with an advisor? When should you do Roth conversions? Does having multiple IRAs make you diversified? These are all great questions we’ve received from listeners, and we’ll answer them on today’s show. What we discuss in this episode: 1:52 – Market Watch article 7:01 – Roth conversions 13:50 – Financial advisors 26:24 – Roth 401k 30:28 – Diversification Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/U...2022-03-3137 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 46: Corrections, Recessions and Bear Markets, Oh My!Between the war in Ukraine, gas prices, and inflation going up, the news has been pretty bleak lately. More people are talking about corrections, bear markets, and recessions. Today we’ll talk about those topics and what they mean to you and your money. What we discuss in this episode: 2:49 – Correction 9:34 – Bear market 15:43 – Recessions 19:53 – What does this mean for you? 24:02 – If your portfolio drops 27:34 – Opportunities 31:09 – Bull markets Read more and get additional financial resources here: http://lifemoneyshow.com 2022-03-2435 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 45: How Much is Your Money Bias Costing You?On this episode, we’ll breakdown a CNBC article that analyzes a recent Morningstar study. The study found that most of us have at least one money bias, some of us more than one, and that those biases are very possibly costing us money in our checking, savings, investing and retirement accounts. Listen to see if you might be impacted by a specific money bias and for strategies to get it back under control. What we discuss in this episode: 5:26 – Different attitudes about money 9:02 – Present bias 12:31 – Base rate neglect 17:35 – Overconfiden...2022-03-1738 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 44: Where Should I Keep My Cash?A common question we get is, “Where should I keep my cash? Where should I put my rainy day fund, my emergency fund?” Today we’ll share three places you can keep your cash to get a better rate of return. What we discuss in this episode: 2:11 – Fed raising rates 9:56 – Where to keep cash 10:16 – Inflation 11:17 – The right amount of cash 13:06 – Too much cash? 14:46 – Online savings account 19:10 – CDs 21:20 – Series I savings bonds Read more and get additional financial reso...2022-03-1028 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 43: Planning for Things You Can’t PredictThere are some things in life you can’t predict, but you can try to plan for them. For example, when is the next market crash going to happen? We don’t know, but here’s how you can prepare for this and other things in your financial life. What we discuss in this episode: 1:15 – Inflation articles 5:58 – Market crash 11:02 – Lifestyle 17:04 – Health care 23:56 – Taxes 28:46 – Life expectancy 31:34 – Mailbag: Too much money in bank? Read more and get additional financial resources here: http...2022-03-0335 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 42: Listener Questions - Income Plans, Social Security and StocksToday we’re answering some of your excellent financial questions. How much should you spend in retirement? When’s the best time to take Social Security? We’ll answer these questions and more on today’s show. What we discuss in this episode: 1:42 – IRS backlog article 5:32 – Retirement income 10:38 – One stock 15:35 – Social Security 20:18 – Life insurance Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ 2022-02-2426 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 41: Is Inflation the Biggest Threat to Your Retirement?Prices are on the rise and people are being impacted in their day-to-day lives, so let’s talk about how to beat retirement’s nemesis – inflation. Listen to this show to find out what you can do to secure your financial future. What we discuss in this episode: 1:08 – Going up in price 4:05 – How big of a threat? 6:53 – CNBC and NYTimes articles 10:54 – The number one concern 12:57 – How to plan for inflation 14:55 – How to beat inflation 20:08 – Social Security 21:38 – Understanding expenses 24:51 – Keep perspective Read more and g...2022-02-1729 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 40: How to Handle a Volatile Stock MarketToday we’re talking about why we see volatility in the stock market. We’ll also share what you should and should not focus on when this happens and how to plan and prepare no matter which direction the market goes. What we discuss in this episode: 1:28 – Stock market drops 2:37 – Why the market drops 5:02 – Inflation 7:20 – Covid 7:39 – Russia and Ukraine 8:36 – Statistics 11:52 – Importance of diversification 13:04 – JP Morgan guide to the markets 16:04 – Focus on what you can control 19:26 – Buy during a down market2022-02-1023 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 39: Don't Fumble Your Retirement in the Red ZoneJust like football players don’t want to fumble the ball in the red zone, you don’t want to fumble your finances as you get close to retirement. We’ll explain how to protect your finances during these crucial years on today's episode. What we discuss in this episode: 3:49 – What is the financial red zone? 5:50 – Planning in retirement 7:24 – Mistakes 12:45 – Work on your plan 15:13 – Don’t wait for the red zone 18:28 – Listener question: Am I stuck? Read more and get additional financial resources her...2022-02-0324 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 38: 7 Signs You’re in Good Financial HealthToday we're sharing seven signs that you're in good financial health. It's a good checklist to measure where you stand and whether or not you're in a good position for retirement. How do you measure up? What we discuss in this episode: 3:31 – No depreciating debt 5:03 – Spend less than you make 6:51 – Save and invest 9:15 – How much to save 10:55 – Understand tax implications 13:25 – Retirement income plan 16:07 – Know the plan 19:03 – Long-term care 21:37 – Estate planning Resources: https://www.marketwat...2022-01-2725 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 37: Social Security Changes You Need to Know AboutWhat changes should we expect to see with Social Security in 2022? Some of the changes could affect your check or your company paycheck. We’ll explain how the cost of living has been adjusted and answer a listener's question about when to collect Social Security. What we discuss in this episode: 3:12 – Cost-of-living 10:13 – Higher wage cap 12:05 – Higher earnings test limit 14:47 – Higher earnings threshold 17:45 – Mailbag: Work until 70? Resources: https://www.usatoday.com/story/money/personalfinance/retirement/2021/12/13/social-security-changes-2022/49482083/ Read more and get addition...2022-01-2024 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 36: What Factors are Shaping Retirement in the 2020s?So much has changed since your parents retired. Gone are the days of the pension, and technology is playing a larger part than ever in how we save money and invest in our future. Today we’re sharing what factors and forces are shaping retirement in the 2020s. Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ What we discuss in this episode: 1:00 – Automation 4:08 – Pensions 6:37 – Redefining retirement 10:03 –...2022-01-1328 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 35: Stock Market PredictionsWe’re kicking off the New Year with a talk about the stock market and some predictions. As you’ll see, the experts’ predictions are all over the board. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-35-stock-market-predictions/780/ More Resources: https://www.goldmansachs.com/insights/pages/outlook-2022-the-long-road-to-higher-rates.html https://www.morganstanley.com/ideas/investment-outlook-2022-hotter-business-cycle https://advisors.vanguard.com/insights/article/marketperspectivesdecember2021 https://www.ftportfolios.com/retail/blogs/marketcommentary/index.aspx What we discuss in...2022-01-0622 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 34: 10 Money Resolutions for 2022The New Year is just around the corner. Today’s show is all about money resolutions and focusing on what you can control. You can’t control the stock market, but there are some things you can do to improve your financial future. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-34-10-money-resolutions-for-2022/773/ What we discuss in this episode: 2:30 – Planning for 90 days 3:02 – New Year’s resolution statistics 7:25 – Pay down debt 8:19 – Rainy day fund 9:48 – Increase retirement contributions 12:31 – Roth...2021-12-3027 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 33: How Should You Compare Job Offers?If you’re thinking about leaving your job or you’re interviewing at different companies, today’s show is for you. We’ll help you learn how to compare different offers during your job search and what to look for. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-33-how-should-you-compare-job-offers/770/ What we discuss in this episode: 2:37 – Great Resignation 4:43 – Financial perspective 5:44 – Comparing apples to apples 8:38 – Bonuses 10:12 – Retirement plan 11:58 – Vesting period 13:11 – Stock options 14:49 – Employee stock ownership2021-12-2128 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 32: Is Your Financial Plan Out of Tune?Even if you have a solid financial plan in place, things can quickly get out of tune if you don’t make adjustments from time to time. Let’s talk about some of the areas where we often see people get out of tune with their financial plans. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-32-is-your-financial-plan-out-of-tune/765/ What we discuss in this episode: 6:57 - Taxes 12:19 - Life insurance 17:40 - Cash 22:19 – Risk 25:55 – Question about inheritance2021-12-1630 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 31: 5 401(k) Tips for the End of the YearAs the year winds down, we help our clients with a checklist of items to get them prepared for the new year. One very important area to take a close look at is your 401(k) contributions. What can you do to improve your retirement account next year? Today we’ll share five tips to help you get the most out of your 401(k). Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-31-5-401k-tips-for-the-end-of-the-year/752/ Read the article about DIY Estate Planning Mistakes: https://money.usnews.com/money...2021-12-0931 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 30: Planning for the Non-Financial Side of RetirementWhen planning for financial independence, you still need to plan for things other than finances, like what you will do with your free time. We’re talking about the life side of retirement today. What are you doing with your time and your energy? Grab a pen and paper and answer these questions for yourself. Read more and get additional information: https://lifemoneyshow.com/podcast/ep-30-planning-for-the-non-financial-side-of-retirement/744/ Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ What we discuss on this episode: 2:1...2021-12-0231 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 29: Mailbag - How Much Risk is OK, Which Roth is Better, and MoreWe are opening up the mailbag today. George wants to know how much risk he should take with his investments and Robert wonders which Roth – 401k or IRA – is better? We’ll also discuss the best way to help your parents with their investments and whether it's smart to take Social Security early. Read more and get additional information: https://lifemoneyshow.com/podcast/ep-29-mailbag-how-much-risk-is-ok-which-roth-is-better-and-more/738/ Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ What we discuss on this episode: 1:23 – CNBC article2021-11-2328 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 28: Quit Cutting Corners FinanciallyCutting corners - we all occasionally do it in life. Whether we do this with our finances, exercising, etc., we’re all guilty of this sometimes. When you do this financially, it can really hurt you in the long term. Read more and get additional information: https://lifemoneyshow.com/podcast/ep-28-quit-cutting-corners-financially/732/ Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ What we discuss on this episode: 6:50 – Getting organized 11:06 – Legal documents 15:04 – Risk in investing 17:37 – Details of inves...2021-11-1827 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 27: Ways of Giving Back - An Interview with Big Brothers Big SistersHave you thought about giving back to make a positive impact on the lives of others? Are you wanting to be involved in a charitable way? Maybe you have the ability to give some of your time. Maybe it's financial resources. In today’s episode with Leslie Blake, Executive Director at Big Brothers Big Sisters, we discuss different ways you can volunteer, be involved, or contribute to help support and make a positive impact on the lives of others. Read more and get additional information: https://lifemoneyshow.com/podcast/ep-27-ways-of-giving-back-an-interview-with-big-brothers-big-sisters/723/ Big Brothers Big Siste...2021-11-1153 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 26: Pros and Cons of Inflation and InvestingInflation has been in the news a lot lately, but what is inflation exactly and how might it affect your financial future? We’ll explain the ins and outs and pros and cons of this much talked about topic. Read more and get additional financial information: https://lifemoneyshow.com/podcast/ep-26-pros-and-cons-of-inflation-and-investing/717/ Cited Sources: Inflation Definition (investopedia.com) Inflation vs. Stock Market Returns (awealthofcommonsense.com) Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ What we...2021-11-0417 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 25: Financial Mistakes Couples MakeGetting spouses on the same page with their retirement plan can often be a challenge. We’ll share some of the common things couples mess up when it comes to their finances and what you can do to avoid these mistakes. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-25-financial-mistakes-couples-make/711/ Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ What we discuss on this episode: 3:57 – Conversations 6:21 – Pensions 10:48 – Social Security 13:16 – Retirement dream...2021-10-2828 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 24: Spotting Red Flags In Your FinancesIt’s best to spot red flags in your financial plan early on, that way we can address them before it’s too late. Can you name your investments? How often are you meeting with your advisor? Find out if your answers to these and other questions are problematic. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-24-spotting-red-flags-in-your-finances/702/ Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ What we discuss on this episode: 4:33 – Surplus 7:26 – Co...2021-10-2129 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 23: Tax Planning Tips to Maximize Your Retirement AccountsTime to act fast. We’re sharing some important tax strategies you might want to put in place before Dec. 31 to maximize your retirement accounts. We’ll share what they are and why you might want to make these changes now. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-23-tax-planning-tips-to-maximize-your-retirement-accounts/695/ Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ What we discuss on this episode: 2:06 – Types of accounts 6:04 – Maximizing accounts 9:09 – Self employed ...2021-10-1424 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 22: Year-End Tax Planning TipsWe’re not even to December yet, but it’s important to start talking about tax planning strategies early. Today, we’ll explain why now is the best time to start planning for your taxes and how you can start. Read more and get additional financial information: https://lifemoneyshow.com/podcast/ep-22-year-end-tax-planning-tips/690/ Key Points: 4:50 – What is tax planning 8:30 – Maximize retirement accounts 12:00 – Health savings account 14:30 – Roth conversions 17:40 – Tax gain harvesting 21:02 – Withholding 23:34 – Education planning 25:02 – Charity 27:32 – Legacy planning2021-10-0732 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 21: How the Democrats’ Tax Proposal Could Affect Your Financial FutureToday we’re talking about the recent proposals in the new American Families Tax Proposal. We’ll walk you through some of the proposed changes and how they could affect your financial future. Read more and get additional financial information: https://lifemoneyshow.com/podcast/ep-21-how-the-democrats-tax-proposal-could-affect-your-financial-future/678/ Key Points: 4:16 – Income taxes 6:51 – Capital gains 8:21 – S-Corp 9:57 – Ultra-high income earners 11:27 – Retirement planning changes 12:45 – Conversions 14:02 – Investment strategy change 15:05 – RMDs 18:19 – Miscellaneous proposals2021-09-3023 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 20: Listener Questions - Gifting Money, Running Out of Money, and RMDsToday we are going to focus on questions that we've heard from people recently. We will discuss gifting money to your children, the fear of running out of money, and required minimum distributions. No matter your financial question, we’re here to help guide you. Read more and get additional financial information: https://lifemoneyshow.com/podcast/ep-20-listener-questions-gifting-money-running-out-of-money-and-rmds/672/ Key Points: 5:21 – Gifts to children 12:07 – Running out of money 18:17 – Getting daughter started 22:25 – Required minimum distributions2021-09-2328 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 19: Learning Through Uncommon SenseCommon sense is actually quite uncommon, especially when it comes to financial planning. Here are some common sense money approaches you need to know. Read more and get additional financial information: https://lifemoneyshow.com/podcast/ep-19-learning-through-uncommon-sense/659/ Key Points: 3:56 – Buy low, sell high 9:30 – Don’t pay more in taxes than you have to 13:07 – Keep costs low 17:00 – Don’t put eggs in one basket 20:41 – Marketing timing 24:23 – Mailbag: Early retirement package2021-09-1628 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 18: Financial Fact or Fiction - Roths, Trusts and Life InsuranceSometimes the easiest way to learn about something is to make it really simple. There are a lot of assumptions out there about finances, so let’s take some time to clear those up. Like the true/false tests you might have taken back in grade school, let’s play a round of fact or fiction to test your financial planning acuity. Read more and get additional financial information: https://lifemoneyshow.com/podcast/ep-18-financial-fact-or-fiction-roths-trusts-and-life-insurance/650/ Market Watch: https://www.marketwatch.com/story/why-you-should-test-drive-your-retirement-11628801767?mod=retirement Key Poi...2021-09-0915 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 17: The Double-Edged Sword of RetirementRetirement comes with some double-edged swords – things that are both negative and positive. We’ll explain what they are and how to approach them. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-17-the-double-edged-sword-of-retirement/634/ What we discuss on this episode: 1:25 – Who taught Scott the most 6:01 – Stocks and investing 11:29 – Sudden wealth 14:15 – Roth IRA vs. traditional IRA 18:30 – Paying off your house 20:23 – Risk in your portfolio 24:10 – Question: Flipping houses as investment2021-09-0228 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 16: Test Your Knowledge - Financial Fact or FictionHow much of what you know or what you’ve heard is true when it comes to financial planning? Join us as we play a little game of fact or fiction when it comes to taxes, Social Security and investments. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-16-test-your-knowledge-financial-fact-or-fiction/629/ What we discuss on this episode: 2:16 – USA Today article 5:56 – Social Security is taxable? 10:36 – Taxes lower? 17:12 – Term vs. whole life insurance 20:26 – Medicare 23:02 – Stocks to bonds2021-08-2629 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 15: What Are Your Money and Retirement Savings For?What is your retirement savings for, and what are you working toward? We’ll focus on the non-financial side of retirement and talk about those questions today. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-15-what-are-your-money-and-retirement-savings-for/611/ What we discuss on this episode: 1:50 – Morning routines 5:00 – Non-financial side 8:47 – Spending more time with family 12:33 – Buying things 15:17 – Travel 18:19 – Supporting family 21:41 – Charities 25:52 – Question: Downsize our house?2021-08-1929 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 14: Social Security, Emergency Funds and Other QuestionsToday we’re answering questions about Social Security, emergency funds and more. Find out what advice we give people in these types of situations. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-14-social-security-emergency-funds-and-other-questions/600/ What we discuss on this episode: 1:23 – States with lowest and highest savings 3:10 – Social Security 10:07 – Emergency fund 15:43 – Husband’s 40k vs. pension2021-08-1223 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 13: Where Financial Crisis and Opportunity MeetOn today’s episode, we’re talking about the intersection of crisis and opportunity, two words you probably don’t think of together. But sometimes a financial crisis can create opportunities for people. Read more and get additional resources here: https://lifemoneyshow.com/podcast/ep-13-where-financial-crisis-and-opportunity-meet/571/ What we discuss on this episode: 7:44 – Empty nest 10:26 – Market crash 13:53 – Life insurance 16:21 – Laid off 19:53 – Should I take money from 401k? 23:38 – Can I leave 401k to children?2021-08-0528 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 12: Listener Questions 0 Combining 401(k)s, Paying For Weddings, A Stock Selling Catch-22Today we’re sharing more financial questions we have received and how they might help you. You might find yourself in a similar situation and need this guidance. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-12-listener-questions-combining-401ks-paying-for-weddings-a-stock-selling-catch-22/563/ What we discuss on this episode: 3:09 – Old 401(k)s 9:28 – Saving for weddings 14:15 – Apple stock 21:29 – No plans to retire2021-07-2926 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 11: Listener Questions - 401Ks, Social Security and Family FinancesToday we’re talking about financial questions we have received and how they might help you. You might find yourself in a similar situation so hopefully some of this guidance can benefit you or someone you know. Read more and get additional financial resources here: http://lifemoneyshow.com What we discuss on this episode: 5:54 – Max out 401k and Roth IRA? 15:59 – Social Security 22:16 – Family needs help 29:09 – Market crash2021-07-2237 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 10: 5 Areas to Have Covered to Retire Before Age 65On today’s episode, we’re sharing some things you need to have in place to retire before the age of 65. Here are five areas you need to have covered so you can transition to that next stage of your life. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-10-5-areas-to-have-covered-to-retire-by-age-65/540/ What we discuss on this episode: 4:11 – Want to retire before 65? 5:14 – Have enough money 14:53 – Have a plan for health insurance 19:20 – Have a plan for non-retirement accounts 22:40 – Have a plan for So...2021-07-1534 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 9: Can You Pass This Social Security Quiz?Did you know that nearly a third of near-retirees fail a basic quiz on Social Security? It’s such an important piece of your retirement, so we want to make sure you know the answers. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-9-can-you-pass-this-social-security-quiz/503/ What we discuss on this episode: 5:33 – About the quiz 11:35 – Benefits based on earnings 14:37 – Spouse’s death 16:16 – U.S. citizens 17:13 – Benefits not reduced 18:53 – Still working 23:23 – Dependent children 24:13 – Primary insurance 2021-07-0135 minThe Retirement Show: Your Life, Your Money with Scott SierensEp 8: Why It's Getting Harder to Save for RetirementSaving for retirement is not the same as what your parents and grandparents did. It has become harder in several ways, but we’ll explain what you can do to prepare. Read more and get additional financial resources here: http://lifemoneyshow.com What we discuss on this episode: 4:44 – Fox Business story 6:55 – Grandparents and parents 9:54 – Pensions 12:11 – Social Security 16:00 – Retirement savings 17:40 – Other reasons 21:07 – Solutions 25:42 – Investments 27:58 – Without a plan 29:19 – Long-term care plan2021-06-1733 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 7: How to Teach Your Kids About MoneyShould parents involve children in finances? Are there different rules for younger children versus older children? We’ll explain what considerations when it comes to sharing with your kids. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-7-how-to-teach-your-kids-about-money/464/ What we discuss on this episode here: 3:29 – Should kids be involved with money? 4:25 – Older kids 7:45 – Make children aware of your financial picture 11:50 – Transparency 13:01 – Scott’s parents 14:15 – Clients’ kids 15:24 – Opening lines of communication2021-06-0318 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 6: Three Traits of Money in Financial PlanningLet’s dive into financial literacy and the three traits of money you want inside your portfolio. Do you know what they are? On today’s episode, we’ll share the traits of money that and how they affect your portfolio. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-6-three-traits-of-money-in-financial-planning/450/ Check out our YouTube channel for more: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ What we discuss on this episode: 4:18 – Three traits of money 7:55 – Perfect portfolio 9:30 – Cas...2021-05-2019 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 5: Are You Flirting With Financial Disaster?Let’s talk about some of the areas of your financial life where you might be flirting with disaster and don’t even know it. Disaster and retirement are not two words you want associated with each other. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-5-are-you-flirting-with-financial-disaster/393/ Key points: 4:00 – Out-of-date legal documents 7:23 – Incorrect beneficiary designations 9:55 – Tax time bomb 12:40 – Long-term care expenses 16:44 – 60/40 portfolio2021-05-0621 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 4: Three Money Mindsets – Which One Are You?What kind of mindset do you have financially? Are you a borrower, a saver or an investor? We’ll talk about these three types of mindsets. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-4-three-money-mindsets-which-one-are-you/339/ What we discuss on this episode: 5:07 – Borrower mindset 11:06 – Saver mindset 15:40 – Investor mindset2021-04-2222 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 3: This is Why You Never Assume in RetirementWe often see people make certain assumptions about retirement that just aren’t correct. Let’s explore some of these and discuss why these common beliefs might get you in trouble. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-3-this-is-why-you-never-assume-in-retirement/311/ What we discuss on this episode: 1:40 – Bullish on America? 3:54 – Assumption: Medicare will cover my healthcare needs 7:30 – Assumption: I’ll spend less in retirement 9:45 – Assumption: Working in retirement 11:41 – Assumption: I need to be very conservative with investing in retirement. 2021-03-2621 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 2: The Importance of the Financial Danger ZoneAs you move into that final decade before retirement, planning becomes crucial for long-term success. We call this the Financial Danger Zone. Today we’ll identify the changes that need to happen as you approach retirement and what areas require the most attention as you transition into the next chapter of life. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-2-the-importance-of-the-financial-danger-zone/306/ What we discuss on this episode: 1:40 – What are the long-term effects of the third stimulus package? 5:18 – What is the retirement danger zone? 6:23...2021-03-2520 min
The Retirement Show: Your Life, Your Money with Scott SierensEp 1: Getting to Know Scott Sierens & The New PodcastAs we launch the new podcast, we wanted to kick it all off by providing a little background on Scott and the show. Find out how Sierens Financial began, what Scott does away from work, and what you’ll learn in future episodes. Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-1-getting-to-know-scott-sierens-the-new-podcast/57/ What we discuss on this episode: 1:50 – What does being a financial advisor mean to you? 3:33 – How do you get into this business? 6:42 – What does the process look like for our clie...2021-03-1115 min