24 // Married & Retiring: Facing Common Challenges in a Transitional Season
Invest In Your Life
There are so many emotional and financial aspects to retirement. Navigating the transition to retirement can be extremely challenging. These challenges are compounded when planning for two within a marriage. This episode is about preparing for the transition to retirement when the retiree is married. Sam is joined by his brother, Nate Martinez who is a licensed family and marriage counselor. Nate is married and has three kids. Sam and Nate explore the complexities of transitioning to retirement within a marriage. Nate also shares three tips to navigate this transition. Episode...
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23 // Death and Taxes Recap (Taxes)
Invest In Your Life
According to Benjamin Franklin, death and taxes are guaranteed. Just because they're inevitable doesn't mean we can't plan for them. This week, Sam and Wealthquest Director of Tax Planning, Brandon Butcher, tackle the planning stage of estate taxes. They talk about how to maximize the benefits of tax planning, along with specific action steps. They also dive into some of the most common misconceptions around estate planning and estate tax. Brandon shares how estate taxes are computed, discusses exclusions, and explains what high-end estates need to be aware of. He also explains the basis...
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22 // Death and Taxes Event Recap (Death)
Invest In Your Life
Wealthquest's Director of Financial Planning, Megan Hammann, and Director of Tax Planning, Brandon Butcher, gave a webinar on death, taxes, and preparing for these inevitable events. In this episode, Sam and Megan give a recap of the event and focus on how to get through the transition of assets after a loss. We talk about assets, investments, property, and estate planning. Planning objectively for the legacy we want to leave is extremely important. It involves stepping back to consider how we're going to provide for our family. We talk about the importance of having beneficiaries and planning...
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21 // RMDs & QCDs
Invest In Your Life
Once you reach a certain age the government forces you to take withdrawals from your retirement account. These withdrawals affect your taxable income, medicare premiums, and even your ability to leave money to your heirs. I'm referring to required minimum distributions or RMDs. Most people are familiar with RMDs, but not as many people are aware of planning opportunities that they can use to help control the effects of making required withdrawals. Sam shares practical strategies that we can use to get the most out of our distributions. Episode Highlights: [02:48] Sam shares...
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20 // Social Security Considerations
Invest In Your Life
What options are available regarding Social Security, and how do we determine the best time to access these benefits? As we enter our 60s, we encounter irrevocable decisions about our future, including those related to Social Security. The goal for most of us is to maximize these benefits, considering both tax and estate planning. Sam, along with Wealthquest's Director of Financial Planning, Megan Hammann, delve into three practical aspects to consider when navigating your Social Security options. We talk about whether Social Security will be here in the future and possible ways to...
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019 // Generosity and Deductible Giving - Part 3
Invest In Your Life
Sam and Wealthquest President David Kern continue their insightful dialogue on giving and generosity in this episode. They delve into tax-deductible methods of giving, highlighting the benefits of donating appreciated shares to avoid capital gains taxes. The conversation also explores the types of shares that may not be ideal for donation. Furthermore, they discuss the advantages of donor-advised funds, combining charitable giving with effective tax strategies. This episode emphasizes the importance of integrating generosity with a comprehensive financial plan, ensuring flexibility and...
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018 // The Power of Strategic Giving to Individuals - Part 2
Invest In Your Life
This is the time of year when we think about giving and generosity. This episode is the second in a three-part series on the topic. Sam and David Kern, president of Wealthquest, discuss strategic giving to individuals in this episode. They will then explore ways to give offering tax benefits in the third part of the series, airing next week. We discuss the emotional and psychological benefits of being generous and the two key ingredients of generosity: action and attitude. We also talk about identifying 'circuit breakers' that prevent us from being generous. Additionally, we explore how...
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017 // US Retirement System Report Card
Invest In Your Life
Sam dives into a Wall Street Journal article that discusses the findings of a study conducted by the Mercer CFA Institute on global retirement systems. The study assigns the US a grade of C+, indicating that Social Security and 401(k) plans leave Americans less secure than retirees in other parts of the world. The study ranked 47 countries, with the US finishing in the middle at 22nd place. It considered factors such as benefits, government debt, demographics, and home ownership. Sam elaborates on how our retirement systems stack up against those of other nations and offers insights on major...
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016 // What Motivates Generosity? - Part 1
Invest In Your Life
This time of year, many people begin to reflect on the concepts of giving and generosity. In a conversation between Sam and Wealthquest President David Kern, they delve into the significance of generosity. They also explore the distinction between 'generosity' and 'giving back', emphasizing that generosity is characterized by intention and thoughtfulness. Additionally, they touch upon the idea of activating one's "generosity circuit breakers." These encompass the contrasts between being fortunate and self-made, feeling gratitude versus entitlement, and adopting an abundance versus scarcity...
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015 // Should I Buy a New Home Now, Or Wait It Out?
Invest In Your Life
Buying a home is a big decision. There's a lot of stress finding the right home, the right neighborhood, and having the right finances. You have to look at what you can afford and the future of the housing market. Will housing prices continue to climb? Will interest rates go down in the future? This episode will shine light on some of these issues. Sam is joined by Senior Wealth Advisor, Adam Day to talk about whether you should buy a home in 2023 or wait it out. We talk about historical interest rates to help shed light on current interest rates. We talk about home values and how the...
info_outlineMegan Hammann is the Director of Financial Planning here at Wealthquest. Megan has tremendous experience around financial planning. While completing her MBA she worked at a brokerage and fell in love with the industry. She also has experience in banking and at a CPA and advisory firm. She joined Wealthquest in 2022.
She has multiple certifications including Certified Financial Planner, Certified Exit Planning Advisor, and a Certified Mergers and Acquisitions Advisor. She is absolutely the best person to talk about financial planning on today's show. Megan loves helping people’s hopes and dreams come true with proper planning.
Episode Highlights:
[02:07] Megan's role encompasses core financial planning topics. This includes financial planning, retirement planning, cash flow, estate planning, and insurance planning.
[02:53] Megan loves that financial planning is people's hopes and dreams.
[04:05] At its core, financial planning is the bridge between the objective numbers and all of the clients' dreams and goals for their lives.
[04:52] Financial planning can take different forms from conversations to technical reports that really hone in on the clients needs. The planning is living and breathing. It's an integral part of life that ebbs and flows.
[06:52] Financial planning is pulling levers, because a decision in one area affects all the other areas.
[07:48] Having a plan to ground your decisions and get you where you want to be is important for everyone.
[09:08] Having the data from a financial plan is especially useful for couples to understand their situations and what they can and can't do.
[11:18] Megan breaks down the financial planning process. Information is pulled from all of the different accounts. It can also encompass estate and insurance planning. The planner will put all of the data into software and then come up with follow-up questions to create a complete plan.
[13:48] The plan needs to be reviewed or rebuilt whenever big life changes happen or at least a review every 3 to 5 years.
[14:25] Financial planning should always be happening whenever you meet with your advisor.
[14:57] Megan talks about pitfalls like budgeting.
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