Retire With Confidence
The Retire With Confidence podcast brings you actionable information for your retirement planning. Topics include financial planning, taxes, investments, social security, Medicare, personal health & wellness, and much more. Join Dave Zaegel, CPA, CFP as he covers various financial and lifestyle topics to help you Retire With Confidence.
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Ep 92: Stock Market Drops - Big & Small
04/23/2024
Ep 92: Stock Market Drops - Big & Small
In this episode, Dave Zaegel discusses the different types of stock market drops and emphasizes the importance of distinguishing between major economic events and smaller corrections. He highlights that major events like the Great Depression or the dot com crash are infrequent and require significant adjustments, while smaller drops are more frequent and can be seen as opportunities. Dave also explains how smaller drops can be utilized for tax planning, such as Roth IRA conversions. Overall, he encourages listeners to shift their mindset and view stock market drops as chances to improve their long-term financial position. Takeaways Not all stock market drops are the same; it is important to differentiate between major events and smaller corrections. Major economic events like the Great Depression or the dot com crash are infrequent and require significant adjustments. Smaller stock market drops are more frequent and can be seen as opportunities to reset and take advantage of. Utilize smaller drops for tax planning, such as Roth IRA conversions, to benefit from lower stock market prices. Chapters 00:00 Differentiating Stock Market Drops 03:01 Distinguishing Major Economic Events 05:52 Opportunities in Smaller Stock Market Drops 07:19 Taking Advantage of Stock Market Drops for Tax Planning 09:39 Viewing Stock Market Drops as Opportunities
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Ep 91: Monte Carlo at 100 Percent
04/16/2024
Ep 91: Monte Carlo at 100 Percent
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 not necessary or even desirable in retirement planning. Dynamic adjustments and other strategies can be more useful in ensuring a successful retirement. Focusing on guardrails, structuring investments, tax planning, and social security income can provide actionable items for retirement planning. Chapters: 00:00Introduction and Sponsor 00:55Monte Carlo Simulations 06:10The Goal of 100% Certainty 07:20The Problem with 100% Certainty 09:17Dynamic Adjustments for Retirement Planning 10:40Conclusion
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Ep 90: Advisors Do Different Things
04/09/2024
Ep 90: Advisors Do Different Things
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. Chapters 00:00 Different Financial Advisors Have Different Specialties 01:25 The Comparison to Doctors 03:18 Different Types of Planning Emphasis 04:15 Understanding Your Preferences 05:13 Researching and Identifying Your Needs 06:12 The Value of Specialties in Financial Planning
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Ep 89: Keep the Mortgage
04/02/2024
Ep 89: Keep the Mortgage
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 strategically and not let it overshadow other important financial considerations. Takeaways Don't rush to pay off the mortgage without considering other financial goals. Prioritize saving for retirement and building an emergency fund. Consider the interest rates and tax implications before paying off the mortgage. Evaluate the mortgage balance relative to retirement assets in retirement. Chapters 00:00 Introduction and Opening 00:28 The Rush to Pay Off the Mortgage 03:22 Considerations for Paying Off the Mortgage 05:19 Paying Off the Mortgage in Retirement 07:42 Debt Payoff as a Priority 08:40 Conclusion
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Ep 88: No Need to Play the Lottery
03/26/2024
Ep 88: No Need to Play the Lottery
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. Chapters: 00:00 Introduction and Background 00:58 The Lottery and Retirement Planning 03:24 The Downsides of Winning the Lottery 05:22 More Money Can Make Things Worse
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Ep 87: Importance of Proper Insurance Coverage with Tyler Arnold
03/19/2024
Ep 87: Importance of Proper Insurance Coverage with Tyler Arnold
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 insurance to protect assets and net worth. Add personal injury liability endorsement to home insurance for additional protection. Consider earthquake coverage depending on location and proximity to fault lines. Review policies regularly and make adjustments as needed. Chapters: 00:00 Introduction and Background 00:38 Importance of Protecting Assets 06:45 Home Insurance Coverage 11:39 Liability Coverage on Home 16:10 Umbrella Policies 25:32 Water Damage: Flood, Sewer Backup, and Hurricane 28:06 Reviewing Coverage and Making Adjustments 29:16 Contact Information
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Ep 86: IRA Types and Conversions
03/12/2024
Ep 86: IRA Types and Conversions
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 withdrawals are taxed in retirement. Roth IRAs do not provide a tax deduction for contributions, but withdrawals are tax-free in retirement. Backdoor Roth IRAs allow high-income earners to contribute to a Roth IRA by first contributing to a traditional IRA and then converting it to a Roth IRA. It is important to track and report all IRA transactions, including backdoor Roth IRAs and Roth IRA conversions, on Form 8606 of your tax return. Chapters: 00:00 Introduction and Sponsorship 00:57 Overview of Traditional IRAs and Roth IRAs 04:51 Benefits of Roth IRAs 05:51 Backdoor Roth IRAs 08:09 Tracking and Reporting for Backdoor Roth IRAs 09:07 Roth IRA Conversions 11:01 Conclusion and Importance of Tracking
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Ep 85: Life Insurance for Estate Planning
03/05/2024
Ep 85: Life Insurance for Estate Planning
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 (ILIT) is a common tool used in estate planning to minimize taxes. ILITs provide legal protection for beneficiaries and can be beneficial in special needs planning. Proper planning and understanding of tax laws are crucial when using life insurance for estate planning. Chapters: 00:00 Introduction and Sponsorship 00:59 Using Life Insurance for Estate Planning 03:24 Irrevocable Life Insurance Trust (ILIT) 07:15 Legal Protection and Benefits of ILIT 08:35 Special Needs Planning
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Ep 84: Life Insurance Planning for Retirement
02/27/2024
Ep 84: Life Insurance Planning for Retirement
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 insurance can still be beneficial in retirement, even if there is no income to protect. Health issues can be a reason to keep a life insurance policy in retirement. Life insurance can be used to enhance pension payouts by using the difference in payout amounts to purchase a policy. Evaluating different payout options and considering one's health is crucial when considering life insurance in retirement planning. Chapters 00:00 Introduction and Sponsor 00:29 Recap of Previous Episode 01:28 Life Insurance for Retirement 02:25 Reasons to Keep Life Insurance in Retirement 03:54 Using Life Insurance with Pension Payouts 06:23 Example of Using Life Insurance with Pension Payouts 09:29 Evaluating Life Insurance with Pension Payouts 10:27 Maximizing Payouts with Life Insurance
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Ep 83: Life Insurance Planning - Types of Plans
02/20/2024
Ep 83: Life Insurance Planning - Types of Plans
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 death benefit to replace lost income if the policyholder passes away. The need for life insurance in retirement depends on factors such as the amount of income that needs to be protected and the financial situation of the policyholder's dependents. Term insurance is a temporary life insurance policy that provides coverage for a set period of time, while whole life insurance is a permanent policy that builds cash value over time. Universal life insurance is a hybrid policy that combines elements of term and whole life insurance, but it can be complex and should be evaluated carefully. Chapters: 00:00 Introduction and Sponsor 00:31 Importance of Life Insurance in Retirement Planning 03:26 Determining the Need for Life Insurance in Retirement 04:40 Scenarios Where Life Insurance May Not Be Needed in Retirement 05:09 Scenarios Where Life Insurance is Needed in Retirement 05:39 Overview of Different Types of Life Insurance Policies 06:09 Term Insurance 09:02 Whole Life Insurance 13:51 Universal Life Insurance 18:40 Simplifying Life Insurance Options
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Ep 82: Risk Tolerance Questionnaires are (Mostly) Garbage
02/13/2024
Ep 82: Risk Tolerance Questionnaires are (Mostly) Garbage
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 tolerance questionnaires are commonly used in retirement planning but have limitations and may not accurately reflect an individual's true risk tolerance. Individualized retirement planning is crucial to ensure the plan aligns with the client's goals and needs. Risk tolerance questionnaires should be used as a supplement to the plan, providing small adjustments based on the client's comfort level. The plan should drive the investment strategy, and risk tolerance questionnaires should not be the sole determinant of investment decisions. Chapters: 00:00 Introduction and Sponsor Announcement 00:56 Closing Window for New Clients 01:24 The Problem with Risk Tolerance Questionnaires 03:18 Inaccuracies of Risk Tolerance Questionnaires 04:46 The Importance of Individualized Retirement Planning 06:12 Making Minor Adjustments to the Plan 07:42 The Role of Risk Tolerance Questionnaires 09:09 Conclusion and Final Thoughts
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Ep 81: Don't Get Hurt (Too Badly)
02/06/2024
Ep 81: Don't Get Hurt (Too Badly)
In this episode, Dave Zaegel discusses the importance of not getting hurt in retirement, both in terms of health and finance. The primary focus is on injury prevention and maintaining physical well-being as we age. Additionally, Dave explores the need for growth and investment strategy in retirement planning, while also emphasizing the importance of avoiding major financial setbacks. He highlights the significance of creating a safety net and balancing risk with long-term growth. Takeaways: Prioritize injury prevention and maintaining physical well-being in retirement. Invest in growth and develop a solid investment strategy for long-term financial success. Create a safety net by setting up income for at least five years to withstand market fluctuations. Balance risk and growth to ensure a secure and prosperous retirement. Chapters 00:00 - Introduction: Don't Get Hurt 01:27 - Health: Injury Prevention 03:22 - Finance: Investment Strategy 06:44 - Balancing Risk and Growth 07:14 - Creating a Safety Net 07:44 - Conclusion: Focus on Safety and Goals
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Ep 80: The 4% Rule - Suze Orman Article Review
01/30/2024
Ep 80: The 4% Rule - Suze Orman Article Review
In this episode, Dave Zaegel discusses an article that criticizes the 4% Retirement Rule. The article claims that withdrawing 3% is safer and suggests working until age 70 or longer. Dave disagrees with this viewpoint and explains that withdrawal rates can be higher depending on individual circumstances. He emphasizes the importance of structuring finances properly, setting up income buckets, and reducing taxes through tax planning. Dave encourages retirees to enjoy their money while they are still able to do so comfortably. Ultimately, he advises seeking professional advice to determine an appropriate withdrawal rate based on personal situations. Read the article from Suze: 3 Important Points: Conduct research on retirement income guardrails and retirement income withdrawal rules. Listen to episode 40 of the podcast featuring Matthew Jarvis to learn more about retirement income guardrails. Reach out to a financial advisor, either the podcast's firm or another, to get personalized advice on withdrawal rates and retirement planning.
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Ep 79: Best Way to Handle QCDs
01/23/2024
Ep 79: Best Way to Handle QCDs
In this episode, Dave Zaegel discusses Qualified Charitable Distributions (QCDs), explaining how they work and why it's beneficial to make them directly from a traditional IRA to the charity. He advises setting up a separate IRA account specifically for charitable distributions and explains how this can simplify the process and ensure proper reporting on tax returns. Dave concludes by reminding listeners that the podcast provides general information and should not be considered personalized advice.
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Ep 78: Do Hard Things In Retirement
01/16/2024
Ep 78: Do Hard Things In Retirement
In this episode, Dave Zaegel discusses the importance of doing hard things in retirement to prepare both mentally and physically. He shares his experience completing a challenging 75-day program and explains how it rewires the brain in a positive way. Dave encourages listeners to step outside their comfort zone, try something challenging, and continue doing so throughout retirement. *This episode is sponsored by * Takeaways Do hard things in retirement to have a long-term impact on their retirement. Step outside of your comfort zone and engage in activities that are challenging for you. Try doing something challenging for a month and see the positive effects. Book your call today:
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Ep 77: Take Action for 2024
01/09/2024
Ep 77: Take Action for 2024
In this episode, Dave Zaegel emphasizes the importance of taking action in 2024. He discusses how financial planning often involves motivating clients to take necessary steps, such as estate planning and tax projections. He specifically highlights the importance of taking action in retirement planning and announces an opening for new clients. *This episode is sponsored by * Takeaways Taking action is crucial in financial planning and can lead to positive outcomes. New Year's resolutions can be a great opportunity to take action and improve one's life. Taking action in retirement planning is essential for a secure future. CWOs for Hire is currently accepting new clients for a limited time Chapters 02:18 Taking Action for Retirement 03:58 Opening for New Clients 05:00 Take Action on Retirement Planning
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Ep 76: The World Is Not Ending
01/02/2024
Ep 76: The World Is Not Ending
In this episode, Dave Zaegel discusses the importance of maintaining a positive outlook and focusing on the good things in life, especially when it comes to planning and investing. He highlights the tendency to focus on negativity and fear, particularly in relation to the stock market. Dave emphasizes the need to recognize that things often go right more often than they go wrong. He encourages listeners to stay positive, plan for potential risks, and take advantage of buying opportunities in the stock market. Ultimately, he reminds us that the world is not ending and that a long-term perspective is crucial. This episode is sponsored by . Takeaways: Maintain a positive outlook and focus on the good things in life. Recognize that things often go right more often than they go wrong. Plan for potential risks and take advantage of buying opportunities in the stock market. Maintain a long-term perspective and stay constructive in planning and investing. Chapters: 01:14 Negativity and Positivity in the Stock Market 02:45 The Challenge of Focusing on What Could Go Wrong 03:42 Recognizing the Good Things in Life 06:30 Long-Term Perspective and Mitigating Risks
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Ep 75: Long Term Care Planning with Lily Vittayarukskul
12/26/2023
Ep 75: Long Term Care Planning with Lily Vittayarukskul
In this episode, Dave Zaegel interviews Lily Vitairuk School, the founder and CEO of Waterlily, about long-term care planning. Lily shares her personal experience of caring for a loved one and the challenges it brought to her family. She explains how Waterlily's software uses AI to help families and financial advisors plan for long-term care by providing personalized cost estimates and insights. The conversation highlights the importance of proactive planning, overcoming biases, and involving family members in the decision-making process. Lily also mentions the resources available on Waterlily's blog for further education on long-term care. Takeaways: Long-term care is a complex and challenging aspect of retirement planning, as the exact needs and costs are uncertain. Waterlily's software uses AI to provide personalized cost estimates and insights for long-term care planning. Proactive planning and involving family members are crucial for successful long-term care planning. Overcoming biases and assumptions about long-term care insurance and involving family in decision-making are important steps in the planning process. Chapters: 00:51 The Complexity of Long-Term Care Planning 04:13 The Development of Waterlily Software 09:03 The Importance of Planning and Family Involvement 12:03 Personalized Long-Term Care Planning 14:18 Overcoming Biases and Assumptions 17:03 Making Intentions Known and Family Involvement 19:28 Resources and Education on Long-Term Care
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Ep 74: It's Not All Your Money
12/19/2023
Ep 74: It's Not All Your Money
In this episode, Dave Zaegel discusses the benefits and considerations of Roth IRA conversions. He highlights the importance of understanding the tax implications of IRA balances and the fact that not all of the balance is available for use due to taxes. Dave also addresses the challenges of first-time conversions and the initial reaction to the tax burden. He emphasizes the long-term benefits of Roth IRA conversions, including reduced required distributions and potential tax savings. Additionally, he explains how Roth IRAs provide increased flexibility and stress-free access to funds. Dave concludes by discussing the importance of long-term planning and taking advantage of current low tax rates to maximize your money. Takeaways Not all of your IRA balance is available for use due to taxes. First-time Roth IRA conversions can be challenging due to the initial tax burden. Roth IRA conversions offer long-term tax benefits and reduced required distributions. Roth IRAs provide increased flexibility and stress-free access to funds. Consider long-term planning and take advantage of current low tax rates to maximize your money. Chapters 01:08 Understanding Tax Implications of IRA Balances 02:11 Challenges of First-time Roth IRA Conversions 03:01 Benefits of Roth IRA Conversions 04:13 Increased Flexibility and Tax Savings with Roth IRA 05:28 Considerations for Traditional vs. Roth IRA 06:19 Long-term Planning and Tax Rates
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Ep 73: Room at the Inn & Tax Credits with Bill Oesterle & Laurie Phillips
12/12/2023
Ep 73: Room at the Inn & Tax Credits with Bill Oesterle & Laurie Phillips
In this episode, Dave Zaegel interviews Bill Oesterle and Laurie Phillips from Room at the Inn, a homeless shelter for families in Bridgeton, Missouri. They discuss the background and history of the organization, the transition to a 24/7 shelter due to COVID-19, the referral process and intake, the facility and capacity, the structure and timeline of support, the staffing and volunteer opportunities, the funding and donations, the tax credits for donations, other ways to help and spread awareness, the community support and partnerships, the longevity and dedication of staff and volunteers, and the wish list and ways to donate. They express gratitude to the community for their support and encourage individuals to get involved. Room at the Inn: Missouri tax credits: Takeaways Room at the Inn is a homeless shelter for families in Bridgeton, Missouri, providing shelter, support services, and resources to help families regain permanent housing. Due to COVID-19, Room at the Inn transitioned from a night site shelter to a 24/7 shelter, providing continuous support and care for families in need. Referrals to Room at the Inn come from organizations like 211 and coordinated entry, and families can stay at the shelter for as long as they need until they find permanent housing. Room at the Inn relies on a mix of funding sources, including grants, individual donations, and congregational support, and offers tax credits for donations to support their work. Volunteers play a crucial role in supporting Room at the Inn, providing assistance with various activities and services, and the organization welcomes community members to get involved and spread awareness. Chapters 01:08 Background and History of Room at the Inn 03:11 Transition to a 24/7 Shelter due to COVID-19 05:09 Referral Process and Intake 06:12 Facility and Capacity 06:57 Structure and Timeline of Support 08:01 Staffing and Volunteer Opportunities 10:22 Funding and Donations 15:01 Tax Credits for Donations 19:52 Other Ways to Help and Spread Awareness 21:43 Community Support and Partnerships 25:40 Longevity and Dedication of Staff and Volunteers 28:15 Wish List and Ways to Donate
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Ep 72: Fraud Prevention with Kathy Stokes of AARP
12/05/2023
Ep 72: Fraud Prevention with Kathy Stokes of AARP
In this episode, Dave Zaegel interviews Kathy Stokes, the Director of Fraud Prevention Programs at AARP. They discuss the need for public policy change to address fraud as a crime and the importance of treating it as a public health crisis. They also highlight the role of education in preventing fraud and the need for increased awareness and training in law enforcement. Kathy shares insights into the demographics of fraud victims and the tactics used by scammers. She emphasizes the importance of disengaging from scammers and provides resources available through the AARP Fraud Watch Network. Helpline: 877-908-3360 website: Takeaways Fraud should be treated as a crime and a public health crisis, requiring a whole-of-society response. Education and awareness are crucial in preventing fraud, and knowing about specific scams can significantly reduce the likelihood of falling victim. Law enforcement needs better training and resources to effectively investigate and prosecute fraud cases. Victims of fraud should not be blamed, and support systems should be in place to help them recover and prevent further victimization. Public policy changes are necessary to address the evolving tactics of fraudsters and protect vulnerable individuals. Chapters 00:00 Introduction and Background 03:01 The Need for Public Policy Change 05:15 Treating Fraud as a Crime 07:26 The National Elder Fraud Coordination Center 09:25 Lack of Awareness and Training in Law Enforcement 11:00 Victims of Fraud 15:21 Underreporting of Elder Fraud 18:05 Educating the Public on Scams 20:15 Disengaging from Scammers 23:03 Stop, Drop, and Roll for Fraud 25:07 Gangs Involvement in Financial Crimes 26:43 Mail Theft and Check Fraud 28:01 The Role of Education and Technology 29:18 AARP Fraud Watch Network Resources
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Ep 71: Setting Goals in Retirement
11/28/2023
Ep 71: Setting Goals in Retirement
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 their own list of retirement goals and prioritize them in order to achieve them with confidence.
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Ep 70: Growth Mindset in Retirement
11/21/2023
Ep 70: Growth Mindset in Retirement
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 throughout retirement planning.
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Ep 69: Should I Invest Like Warren Buffett?
11/14/2023
Ep 69: Should I Invest Like Warren Buffett?
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 individuals are always profitable.
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Ep 68: Legacy IRA
11/07/2023
Ep 68: Legacy IRA
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 distributions or charitable remainder trusts based on individual circumstances and goals. Researching different charities' interest rates and payout percentages is necessary before making a decision regarding Legacy IRAs.
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Ep 67: Pass Through Entity Tax Payments
10/31/2023
Ep 67: Pass Through Entity Tax Payments
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 owners to consider making these payments strategically in order to optimize their deductions based on their income projections for different years. He emphasizes that this planning is important for most business owners unless they are located in states without income tax. Dave concludes by stating that this information should be shared with others who may benefit from it, as it is crucial for year-end planning as a business owner.
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Ep 66: Cash out the IRA
10/24/2023
Ep 66: Cash out the IRA
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 Roth IRAs. The goal is to reduce the tax burden in retirement, as taxes are typically the largest expense during this period.
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Ep 65: Investing is not for Entertainment
10/17/2023
Ep 65: Investing is not for Entertainment
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 having proper retirement income buckets to maintain level-headedness about stock investments and retire with confidence.
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Ep 64: Inflation Stinks
10/10/2023
Ep 64: Inflation Stinks
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
10/03/2023
Ep 63: No Evolutionary Programming for Retirement
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 that having a well-thought-out plan can give individuals the confidence they need to enter retirement successfully.
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