Ep 40: Retirement Income Guardrails - with Matthew Jarvis
Release Date: 04/25/2023
Ep 91: Monte Carlo at 100 Percent
Retire With Confidence
In this episode, Dave Zaegel discusses the use of Monte Carlo simulations in retirement planning. He explains that while Monte Carlo simulations are mathematically useful, they may not be practically helpful when it comes to retirement planning. Dave emphasizes that achieving 100% certainty is not necessary or even desirable in retirement planning. He suggests focusing on dynamic adjustments and other strategies to ensure a successful retirement. Takeaways: Monte Carlo simulations are overused and may not be practically helpful in retirement planning. Achieving 100% certainty is...
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Ep 90: Advisors Do Different Things
Retire With Confidence
In this episode, Dave Zaegel discusses the importance of finding the right financial planner for your needs. He highlights the fact that different financial advisors have different specialties and areas of expertise. He compares this to the medical field, where doctors have different specialties and refer patients to specialists as needed. Dave emphasizes the importance of understanding your preferences and researching different planners to find the right fit for your retirement planning needs. By finding a planner who aligns with your goals and preferences, you can retire with confidence....
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Ep 89: Keep the Mortgage
Retire With Confidence
In this episode, Dave Zaegel discusses the rush to pay off the mortgage and emphasizes the importance of prioritizing financial planning. He advises against rushing to pay off the mortgage without considering other financial goals, such as saving for retirement and building an emergency fund. Dave also highlights the need to consider the interest rates and tax implications before paying off the mortgage. In retirement, he suggests evaluating the mortgage balance relative to retirement assets and considering the impact on taxes and investment growth. The key takeaway is to pay off debt...
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Ep 88: No Need to Play the Lottery
Retire With Confidence
In this episode, Dave Zaegel discusses the topic of playing the lottery and its implications for retirement planning. He shares an experience he had in a grocery store and highlights two key points to consider when playing the lottery. Dave cautions against viewing the lottery as a solution to retirement problems and emphasizes the importance of understanding the financial implications. He also explores the downsides of winning the lottery and how it can negatively impact one's life. Ultimately, Dave advises listeners to be mindful of the potential consequences before engaging in lottery play....
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Ep 87: Importance of Proper Insurance Coverage with Tyler Arnold
Retire With Confidence
In this episode, Tyler Arnold of the Arnold Insurance Group joins Dave Zaegel to discuss the importance of protecting assets through insurance coverage. They cover topics such as auto insurance coverage, home insurance coverage, liability coverage, umbrella policies, and water damage coverage. They emphasize the need to review coverage regularly and make adjustments as necessary. Listeners are encouraged to reach out to Tyler Arnold for further assistance. Takeaways: Ensure that auto liability coverage meets or exceeds total assets at risk. Consider increasing liability coverage on home...
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Ep 86: IRA Types and Conversions
Retire With Confidence
In this episode, Dave Zaegel discusses traditional IRAs, Roth IRAs, backdoor Roth IRAs, and Roth IRA conversions. He explains the tax implications of each type of account and highlights the benefits of Roth IRAs, which allow for tax-free withdrawals in retirement. Dave also explains the concept of backdoor Roth IRAs, which provide a way to contribute to a Roth IRA even if your income exceeds the limits. He emphasizes the importance of tracking and reporting these transactions on Form 8606 of your tax return. Takeaways: Traditional IRAs provide a tax deduction for contributions, but...
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Ep 85: Life Insurance for Estate Planning
Retire With Confidence
In this episode, Dave Zaegel discusses the use of life insurance for estate planning. He explains how life insurance can help avoid estate taxes and the importance of planning for potential changes in tax laws. Dave also introduces the concept of an irrevocable life insurance trust (ILIT) and how it can be used to protect assets and provide tax benefits. Additionally, he touches on special needs planning and how life insurance can be beneficial in that context. Takeaways: Life insurance can be used to avoid estate taxes and protect assets for beneficiaries. An irrevocable life insurance trust...
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Ep 84: Life Insurance Planning for Retirement
Retire With Confidence
In this episode, Dave Zaegel discusses the use of life insurance in retirement planning, specifically in relation to pension payouts. He explains the reasons why someone might want to keep a life insurance policy in retirement, such as health issues or the desire to leave a financial legacy. Dave then explores how life insurance can be used to enhance pension payouts, providing an example to illustrate the concept. He emphasizes the importance of evaluating different payout options and considering one's health when considering life insurance in retirement planning. Takeaways Life...
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Ep 83: Life Insurance Planning - Types of Plans
Retire With Confidence
In this episode, Dave discusses the importance of life insurance in retirement planning. He explains that while life insurance is commonly associated with younger individuals, there are situations where it can be beneficial for retirees. He then provides an overview of different types of life insurance policies, including term insurance, whole life insurance, and universal life insurance. He emphasizes the need to keep life insurance planning simple and evaluate options based on individual needs and goals. Takeaways Life insurance can play a role in retirement planning by providing a...
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Ep 82: Risk Tolerance Questionnaires are (Mostly) Garbage
Retire With Confidence
In this episode, Dave Zaegel discusses the limitations and problems with risk tolerance questionnaires commonly used in retirement planning. He emphasizes the importance of individualized retirement planning and the need for a comprehensive plan that aligns with the client's goals and needs. Risk tolerance questionnaires should only be used as a supplement to the plan, providing small adjustments based on the client's comfort level. Dave cautions against relying solely on these questionnaires and highlights the role of proper investment structure in supporting the plan. Takeaways: Risk...
info_outlineHow do you know for sure what amount you can take out of your retirement accounts? And how do you know when an adjustment is needed or allowed? Listen to this episode with Matthew Jarvis to learn about retirement income guardrails and dynamic distributions from your invesment accounts in retirement. That way, you know how much income you can take without running out of money in retirement.