Maximizing HSAs Part 2: Devising Drawdowns, Badass Scenarios & Listener Questions | Jeff York | 99
Catching Up to FI: Financial Independence for Late Starters
Release Date: 10/01/2024
Weathering Financial Storms | Kristen Knapp | 114
Catching Up to FI: Financial Independence for Late Starters
After 28 years of playing the weather girl on TV, Kristen Knapp moved to part time work to follow her passion for travel planning for the financial independence (FI) community. She shares her fascinating backstory of growing up in poverty, dealing with childhood money trauma, becoming a successful broadcast meteorologist, and ultimately achieving FI. As someone who loves to travel, loves to plan travel, and loves spending time with the FI community, she thought why not combine those things? So, she launched a new venture called 'FI Friends Travel' which offers travel experiences that bring the...
info_outline
FINCON Jeopardy | Justin Peters, Joel Larsgaard & Justin Brown-Woods | 113
Catching Up to FI: Financial Independence for Late Starters
We love games so today we're bringing you a podcast takeover and having some fun with 'Money Jeopardy'! This was recorded live at FinCon 2024 (a conference for personal finance content creators) with 'The Struggle is Real' podcast, hosted by our friend Justin Peters. He’s joined by Jackie Cummings Koski (your co-host on 'Catching Up to FI'), Joel Larsgaard from 'How to Money' and Justin Brown-Woods from 'Price of Avocado Toast' to play! The contestants will be choosing questions from 4 categories: Binge or Cringe - are you in or out on this personal finance topic History of Money - a...
info_outline
Tactical Tips and Tripwires: The DIY Financial Planner's Guide | Cody Garrett | 112
Catching Up to FI: Financial Independence for Late Starters
Happy Holidays! Join us for this lighthearted chat with a longtime friend of the show, Cody Garrett, CFP. He shares his list of the 24 common DIY investment mistakes that might be hindering your path to financial independence and some tips on how to fix them. He steps us through the list which includes things like underutilizing employer benefits, misunderstanding how the 4% "rule" should be applied, and assuming health insurance coverage is expensive in early retirement. Cody is the founder of Measure Twice Money and Measure Twice Planners, and known for his unique advice-only planning...
info_outline
Mr 4% is now Mr 5% | Bill Bengen | 111
Catching Up to FI: Financial Independence for Late Starters
In this episode we welcome the legendary Bill Bengen! He is the creator of the infamous 4% rule that is referenced in any quality conversation about retirement and withdrawal rates. There's been spirited debates and lengthy discussions about Bengen's research but there is no one better than the man himself to weigh in on what he thinks about it 30 years later. We talk about the evolution of Bengen's research, his thoughts on market timing vs. managing risk, and he gives us a preview of his upcoming book geared toward consumers. 🔗 Thank you to our sponsor:...
info_outline
Say Cheese!: The Retirement Spending Smile | David Blanchett | 110
Catching Up to FI: Financial Independence for Late Starters
Today Bill and Jackie are joined by another genius in the world of retirement planning research, David Blanchett, PhD, CFA, CFP. In his role at PGIM, David is responsible for Target Date Funds and Retirement Spending Portfolios. In this episode he discusses redefined retirement concepts, the myths surrounding the 60/40 portfolio and some practical adjustments of the 4% rule. He also explains the 'retirement spending smile,' and retirement strategies for late starters. 🔗 Thank you to our sponsor: Resources mentioned on the show: 🌐 ...
info_outline
Childfree Wealth and Life Planning | Dr. Jay Zigmont | 109
Catching Up to FI: Financial Independence for Late Starters
In this episode we turn the tables as Bill joins Dr. Jay Zigmont, CFP on the Childfree Wealth podcast. Bill shares his journey as a late starter physician who lived largely a paycheck-to-paycheck existence until waking up at age 50. He now co-hosts the 'Catching Up to FI' podcast to help other late starters. Jay is the author of the upcoming book '' and the founder of Childfree Wealth, a financial planning firm that addresses the needs of childfree people in a way that traditional financial companies don’t. Jay and Bill cover topics like investing, long-term care, and preparing for...
info_outline
Year-End Financial Wrap-Up, Tips, and Resolutions | Eric Simonson | 108
Catching Up to FI: Financial Independence for Late Starters
Hard to believe that 2024 is almost over but before we close it out, we have some end-of-year financial tips with special guest Eric Simonson, CFP and CEO of Abundo Wealth (an advice-only financial planning firm). Eric shares insights on maximizing different types of contributions, FSAs, charitable donations, and other tax strategies. There are a few things you’ll want to check off your financial to-do list before December 31st; some have a true deadline, and others are smart things you should review every year. Eric also clues us in on a unique service the firm offers- 'travel...
info_outline
Finding the Sweet Spot: Financial Literacy Meets Psychology | Jack Howard From Ally at FinCon | 107
Catching Up to FI: Financial Independence for Late Starters
Our guest today is Jacqueline (Jack) Howard, head of Money Wellness at Ally Financial, a leading voice in financial health & wellness, and fierce change maker. We are thrilled to bring you this special episode recorded live from FinCon 2024 in Atlanta, GA! It's no secret that we love Ally and talk about them often on the podcast. From the high yield savings accounts to the cool buckets that are perfect for allocating your sinking funds, they're our favorite. But what really blew us away in this interview was Jack's money story and how it led to her incredible work as the face of financial...
info_outline
Sequence of Returns Risk: What Every Retiree Needs to Know | Karsten Jeske | 106
Catching Up to FI: Financial Independence for Late Starters
Karsten Jeske also known as “Big ERN” is the founder and genius behind . He writes on all topics related to personal finance but is best known for his comprehensive . In this episode he dives deep into the intricacies of safe withdrawal rates, sequence of return risk, the importance of market valuations for retirees and the 'one more year' syndrome often discussed in the Financial Independence community. Karsten also shares his personal journey from a modest upbringing in Germany to early retirement in the U.S. 🔗 Thank you to our sponsor: ...
info_outline
Space Telescopes, Sunflowers, and Financial Gardening | Jesse Cramer | 105
Catching Up to FI: Financial Independence for Late Starters
In this episode, Jesse Cramer discusses the essential considerations for pre and post-retirement planning and the major factors late starters should consider. Jesse is founder of the award winning 'The Best Interest' blog and podcast. He left a career as a mechanical and aerospace engineer to work with clients at a fiduciary, fee-only financial planning firm. Now, he uses those valuable engineering skills to simplify the most complex financial topics into fun explanations for his clients and his audience. 🔗 Thank you to our sponsors: ...
info_outlineIn the second episode of this special two-part series we continue with our deep dive conversation about Health Savings Accounts (HSAs) with Bill and Jackie, and guest co-host, Jeff York (also known as the Wealthy Custodian from episode 74 & 76). We break down in-depth scenarios, including unique contribution rules for domestic partners and adult children, investment strategies, drawdown plans and estate planning considerations. We answer listener questions and share our wish list for HSAs in the future.
For this episode we are providing a formal presentation here:
Thank you to our sponsors:
Abundo Wealth: Advice-Only Financial Planning for Everyone
DeleteMe: Your personal data is yours again
Personal Finance Club: Use code CUTOFI to get $30 OFF any course or PFC investing course only
Nectarine: Advice-Only Financial Advisors (Catching Up to FI will be compensated by Nectarine if you use our affiliate link, which creates an incentive and conflict of interest. We are not current clients or employees of Nectarine.)
Boston Institute of Finance Personal Growth Track: Enter code catchingup to get 5% off any “Personal Growth Track” course or package
Resources mentioned on the show: (As an Amazon Associate, I earn from qualifying purchases.)
HSA Rules and Regulations (IRS Pub#969)
Qualified Medical/Dental/Vision Expenses (IRS Pub#502)
Preventive Care and Chronic Conditions (IRS Notice)
Morningstar / Best HSA Providers
Kitces / HSA ‘Deathbed Drawdown’
Wex Health / HDHP with HSA vs. traditional health plan calculator
Consumer Friendly List of HSA-Eligible expenses
🕒 Time stamps:
00:00 Introduction to HSA Series Part Two
00:23 Maximizing HSA Contributions for Families
02:34 Drawdown Strategies for Health Savings Accounts
06:59 Planning for HSA Beneficiaries
14:55 Case Study: Domestic Partners and HSA Contributions
20:06 Q&A Session: HSA Myths, Tips, and Tricks
28:17 Evaluating HSA Options for Chronic Conditions
28:53 Financial Considerations for High Deductible Plans
29:54 Using Calculators to Compare Health Plans
31:25 HSA Contributions and Family Plans
33:18 Maximizing HSA Benefits and Investment Strategies
43:54 Legislative Changes and Future of HSAs
47:57 HSAs for Late Starters in Financial Independence
53:01 Conclusion and Final Thoughts
Disclaimer: Our content is for general education and information purposes only. We are not providing financial, legal, or tax advice. Always do your own research or consult a professional before making important decisions.