Ep 71: Setting Goals in Retirement
Retire With Confidence
In this episode of the Retire with Confidence Podcast, Dave Zaegel discusses the importance of goal setting in retirement. He shares a method that he and his wife have used to set goals, which involves brainstorming a list of goals together, ranking them individually, and then coming together to review and discuss them. By going through this process, individuals can gain clarity on their top priorities and accomplish more efficiently. Dave emphasizes that goal setting is not limited to financial goals but can also include personal health or lifestyle goals. He encourages listeners to make...
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Ep 70: Growth Mindset in Retirement
Retire With Confidence
Dave Zaegle discusses the concept of a growth mindset and how it applies to retirement planning. He shares an anecdote about his daughters discussing having a growth mindset and relates it to the concerns people have about transitioning into retirement. Dave emphasizes the importance of framing worries in a positive way and taking advantage of potential challenges, such as recessions or political changes. He encourages listeners to focus on what they can control and be prepared for uncertainties through strategies like Roth IRA conversions. Overall, he promotes maintaining a growth mindset...
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Ep 69: Should I Invest Like Warren Buffett?
Retire With Confidence
In this podcast episode, Dave Zaegel discusses whether or not one should invest like Warren Buffett. He explains that while Buffett is a highly regarded investor, it may not be necessary to try and replicate his investment strategy. Instead, he suggests simply buying Berkshire Hathaway stock if you want to invest like Buffett. Zaegel emphasizes that investing should be tailored to individual goals and needs, as what works for Buffett may not align with your own objectives. He also highlights the importance of time in investing success and dispels the myth that all investments by successful...
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Ep 68: Legacy IRA
Retire With Confidence
Dave Zaegel discusses legacy IRAs in relation to the Secure Act 2.0 tax law. Legacy IRAs allow individuals to donate money from their IRA accounts to charities and receive an income stream in return. This is a one-time contribution with a limit of $50,000 and cannot be spread out over multiple years. The donated funds are kept by the charity upon death, providing benefits for both parties involved. Legacy IRAs offer an alternative option for charitable donations when individuals have limited funds outside of their IRA accounts. It is important to consider various options such as qualified...
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Ep 67: Pass Through Entity Tax Payments
Retire With Confidence
Dave Zaegel welcomes business owners to the Retire With Confidence Podcast and discusses the importance of addressing their retirement needs. He focuses on a specific topic called pass through entity tax payments, which allow businesses to pay state-level taxes and receive a federal tax deduction. He explains that most businesses do not pay taxes directly but instead report their income on personal tax returns. Due to a cap on deductions for state and local taxes, many states have enacted pass through entity tax payment laws to help business owners maximize deductions. Dave advises business...
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Ep 66: Cash out the IRA
Retire With Confidence
In this episode of the Podcast, Dave Zaegel discusses the drawbacks of cashing out an IRA and investing it in a brokerage account. He explains that cashing out an IRA would result in high tax rates and subject all investments to capital gains taxes. He emphasizes the importance of minimizing taxes over the long term by considering strategies such as Roth IRA conversions. Dave advises against cashing out IRAs for most people, except for specific circumstances. He recommends listening to previous podcast episodes for more information on topics like Roth IRA conversions and traditional versus...
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Ep 65: Investing is not for Entertainment
Retire With Confidence
In this Epsiode, Dave Zaegel discusses the importance of not investing for entertainment purposes in the Retire with Confidence Podcast. He emphasizes that investments should be focused on long-term growth and retirement planning rather than short-term trends or emotions. Dave advises against falling in love with specific stocks or investments and instead recommends diversification and objective analysis. He also mentions the challenges of valuing precious metals and cryptocurrencies compared to traditional company-based investments. The podcast concludes by highlighting the significance of...
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Ep 64: Inflation Stinks
Retire With Confidence
In this episode of the Retire with Confidence podcast, host Dave Zaegel discusses the impact of inflation on retirement planning. He explains how inflation can reduce purchasing power and why it's important to have investments that can offset inflationary effects. Zaegel also introduces the concept of income buckets and explains how they can provide stability during market fluctuations. He emphasizes the need for a structured approach to investment and retirement planning to ensure long-term financial security in the face of inflation.
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Ep 63: No Evolutionary Programming for Retirement
Retire With Confidence
In this episode of the Retire with Confidence Podcast, Dave Zaegel discusses the importance of planning for retirement. He mentions that retirement is a relatively new concept in human history and we don't have any evolutionary programming for it. However, he highlights the benefits of 401K accounts in helping us save for retirement by automating investments and bypassing our natural inclination towards immediate gratification. He emphasizes the need for planning to ensure a smooth transition into retirement and confidently managing our finances during this phase. Dave concludes by stating...
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Ep 62: Online and Self Planning Tools
Retire With Confidence
In this episode of the Retire with Confidence podcast, host Dave Zaegel discusses the importance of including taxes and inflation in retirement planning calculations. He explains that many online planning tools often overlook these factors, which can have a significant impact on retirement finances.
info_outlineIn Episode 3, we discussed back-door Roth IRA contributions. Please be sure to listen to that episode first for details on what a back-door Roth IRA contribution is.
In this episode, we discuss some follow-up questions on how to make sure it is recorded properly on the tax return via Form 8606. The Form 1099-R that you receive from the custodian does not provide all the information you need, and it is critical to report this transaction properly on the tax return.