Wise Money Retirement
We help hard working people just like you create a financial plan, to have enough so their retirement chapter can be exciting and rewarding.
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Why the 80% Rule for Retirement Income is Mostly Wrong.
02/17/2022
Why the 80% Rule for Retirement Income is Mostly Wrong.
One of the primary goals of retirement planning is to figure out how to use your retirement assets in the best way to generate the income you’ll need after you stop working. But to do this, it is important to have a pretty good idea as to the amount of income you’ll actually need. Estimating this is not a simple matter because there are so many things to consider. How much income will you need to pay your bills and essential living expenses? What amount do you want to spend for travel, pursuing hobbies and living your retirement dreams? How might your needs for income change over time as you age? What rate of inflation should you assume in your planning? These and other factors mean that the exact amount of income you’ll want to try to plan for is not static. Instead, it’s fluid and ever-changing. Therefore, establishing accurate future income targets is a complex, but necessary component to sound retirement income planning. A good financial advisor will typically spend hours, with the help of sophisticated computer programs to narrow all of this down to realistic lifetime income objectives. Once this is done, the planning job shifts to figuring out the best way to marshal all retirement assets so that they can produce this required income. But there are many so-called professionals out there who will tell you that it’s easy to cut through all this clutter and complexity by instead using a simple retirement rule of thumb. The advice is… “You’ll need of the income you made in your final years of employment in order to live a comfortable retirement.” Well, that’s easy enough. Or is it?
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Safe Ways to Balance Risk and Reward for more Retirement Income
02/03/2022
Safe Ways to Balance Risk and Reward for more Retirement Income
There is a very definite and unbreakable connection between risk and reward. Choose a financial instrument that helps provide greater potential returns, and you inevitably increase the degree that your money will be subject to investment loss. If instead you chose safety and protection over growth, expect the compromise of lower rates of return. Many retirees become frustrated as they search for the “perfect” investment that breaks this rigid risk and reward connection. Any time you hear of people getting taken advantage of and becoming the targets of fraud and financial abuse, it is typically because they wanted to believe there is some magical way to get high returns with no risk. Unfortunately, such excellence does not exist in the world of investing. And the more a person searches for this false perfection and refuses to recognize the unyielding relationship between risk and reward, the harder it will be to achieve retirement security.
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4 Steps to a Better Retirement Plan
01/27/2022
4 Steps to a Better Retirement Plan
4 Steps to a Better Retirement Plan Do you have your retirement date set, or have you already retired? And how about your financial plan…. Do you have things squared away? Or are you still working on putting all the pieces together? Creating a financial plan for retirement can be a tough job. There are a lot of moving parts and a ton of uncertainty that you’ll have to consider. We want to help you with some easy tips that you can follow to create a better retirement plan. These 4 areas of retirement planning are all areas that we see a certain level of misunderstanding. When we consult with clients and prospective clients each and every week, and in our daily discussions with retirees and pre-retirees, these are the areas that we see people simply get it wrong. So, today on the show we have identified 4 steps for you to take to make sure you create a better, more confident, financial plan! You still need a paycheck during retirement to live comfortably. Some people will have Social Security and/or a pension. But most people won’t have enough of a paycheck to keep the same standard of living. And that group of people will be forced to take the supplemental income they need from their retirement savings nest egg. To understand your budget and income needs make sure your money is aligned with your objectives, and what your monthly income “shortfall” may be. Once you understand your shortfall and how much income your retirement savings nest egg needs to generate. Then create an effective income withdrawal and investment strategy. This is the monthly paycheck that you need still after your Social Security check and/or pension check comes in. If you still don’t have enough monthly income after those income sources arrive because your budget calls for more, than you have a shortfall.
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Strategic Roth IRA Conversions
01/20/2022
Strategic Roth IRA Conversions
Converting to a Roth IRA might be a key to help your retirement dollars last longer.
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Don't Out Live Your Money With These Helpful Tips
01/13/2022
Don't Out Live Your Money With These Helpful Tips
Tips for Making Sure You Won’t Outlive Your Money.
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Social Security Millionaire
12/30/2021
Social Security Millionaire
Maximize your future Social Security benefits to enjoy a more confident retirement.
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How to have a "Tax Wise" Retirement
12/23/2021
How to have a "Tax Wise" Retirement
It’s not how much income you have, but how much is left to spend.
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3 Essential Elements to a Successful Retirement Plan
12/16/2021
3 Essential Elements to a Successful Retirement Plan
Make sure that you have a plan that addresses these three key areas of retirement planning.
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Could Your Financial Behaviors Wreck Your retirement?
11/24/2021
Could Your Financial Behaviors Wreck Your retirement?
Could Your Financial Behaviors Wreck Your retirement? In recent years, there has been a huge push in the field of “behavioral finance.” That is, what types of behaviors do people that can affect one’s portfolio. That’s what we are going to talk about on the today’s show. We're going to discuss if it's possible that your financial behaviors could affect your retirement. To dive in deeper we’ve outlined 4 biases people tend to run into! More specifically, the bad behaviors that could impact your financial life. Believe it or not, science has shown there are certain human emotions and behaviors, we all exhibit, that hurt our chances of financial success. A Closer Look: Odds are that you have probably never heard of its application until right now. These problems and emotions that investors face are very real, and they can be very impactful to your financial future if you ignore them. Most people do not process information solely on objectives and statistical numbers, so the financial planning process can be subjective. And therein lies the entire problem. Money is emotional, the entire idea of it. I mean think about it. You’ve worked a lifetime to accumulate what you have. You spent long, hard hours to save it. You made sacrifices. Went through some tough times. When it comes to positioning your money into investments and making the final decisions on that, it’s hard to set your emotional tie to your money aside and make a rational decision. Let’s go over a few examples of behavioral biases and behavioral finance issues that you may be able to avoid simply by having a slight understanding and awareness that they are indeed there! We want to avoid making some of these simple behavioral mistakes. We would be happy to help you develop a game plan to avoid these emotional and behavioral pitfalls.
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6 Common Retirement Misconceptions
11/24/2021
6 Common Retirement Misconceptions
6 Common Retirement Misconceptions Planning for major life events can be very exciting, but it can also be very stressful. These types of events should require some deep thought and a thorough planning process. Some people enjoy the planning process and take the time to do so, while others do not spend as much time preparing. It is important to plan properly in order to be successful. Today, we want to discuss the importance of retirement planning, and how to avoid the common misconceptions many people make while planning for retirement. Misconceptions are common in every area of life, and especially when it comes to retirement. Your golden years should be the best years of your life, so we want to clear the air and make sure you understand the next phase of your life. People tend to assume things when it comes to different areas of life. It’s a part of life, and it will always be a part of how people think. However, assumptions and misconceptions can be damaging if you make them towards important decisions in your life before fully understanding each position. Many individuals believe that all or most of their savings should be in qualified plans. What exactly is a qualified plan? Simply put, a qualified plan is one where your contributions are not taxed until you withdraw money from the plan. These can be very appealing because they allow your money to grow on a tax-deferred basis. Examples of qualified accounts include traditional IRAs, 401(k)s and other defined benefit plans. These are commonly the largest nest egg that pre-retirees build as they are working. This makes sense because most of the time, you are taking a portion out of each paycheck and putting it towards a retirement account and, hopefully, you are receiving a company match. So naturally, many people believe that all or most of their retirement savings should belong in a qualified plan. We are here to explain why this is not necessarily the case.
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What To Know About Inflation And Retirement
11/19/2021
What To Know About Inflation And Retirement
What To Know About Inflation And Retirement Today’s topic is one that has been in the headlines for quite some time now. It seems inflation is on everyone’s mind, and rightfully so. Since the pandemic hit and stimulus spending began stacking up, there have been discussions of how these bills could impact retirees and their retirement savings. But how do we cope? We know there is risk that comes with investing in the stock market. We also know there could be fees when money sits in the bank and other accounts. To combat this risk, some people have a “mattress fund” or a coffee can in the backyard to keep their money from going anywhere. But inflation affects every single dollar you save, no matter where it’s invested. So, what's the relationship between inflation and retirement? Well, inflation is when the value of a currency is falling, and consequently, the cost of goods and services is rising. We have no control over it. However, it has a big impact on our finances, yet people do not think much of it as they prepare for retirement. We are living in very uncertain times, and the government has promised to spend $6 trillion in COVID-19 relief. Whenever the government is spending that much, inflation is likely to rise, which means now is the time to make sure your retirement accounts for inflation. So, today we want to go over the relationship between inflation and retirement and a plan for the possible blow of inflation.
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Retirement Success Secrets You'll Want To Know!
11/04/2021
Retirement Success Secrets You'll Want To Know!
Retirement Success Secrets You'll Want To Know! Today is a big show because… we’re telling secrets! Retirement success secrets! For real though, we are going over some keys to retirement planning that you may not know about. And our goal with the show today is simple. If you are retiring soon, we want you to be as confident as you can be in your position. We don’t want you to be constantly worrying that you might not have enough money, or that the next market cycle might derail your plan, or that you can’t spend confidently. We want you to spend your retirement worrying less about your money and more about your life. And in order to do just that, you need to have the best plan that you can. If you are listening to this show then you are likely searching for an upper edge. What for exactly? Maybe with investments, or the market, or your own personal financial plan. Or maybe you are simply trying to learn some key information that you didn’t know before with hopes that said information will help you have a better chance at success when it comes to your retirement. Retirement is a pretty big deal after all, and it makes sense to double or even triple check your plan. So, what is it that you don’t already know that you should know? Are there any unknowns left out there that could impact your retirement life and your chances at success? Today’s show uncovers some financial planning topics and keys that might give you the upper hand.
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5 Ways to Avoid Running Out of Money In Retirement
10/28/2021
5 Ways to Avoid Running Out of Money In Retirement
5 Ways to Avoid Running Out of Money In Retirement Here’s the thing: We’re all living longer than any generation before us, and those numbers are only rising. With medical advancements and technological achievements, our life expectancy has increased over the years where some can expect to spend potentially three to four decades in retirement. That’s about as long as you’ve spent working to get to retirement. But it begs the question: How will I know if I’ve saved enough for retirement if I don’t even know how long may I live? What will I do if I just run out of money at the age of 87? It’s not like you can go back to work, nor should you! In today’s show, we’ll discuss five ways to avoid running out of money in retirement, and keep those mistakes from happening. Outliving your income is a real challenge for today’s retirees. You need to help protect your income while growing it to ensure you’ll always have enough to last throughout your retirement. Every decision you make along the road to retirement can impact the decisions that follow. That’s why it’s so important to make good and prudent decisions early, and to avoid making bad ones. So, let’s start shining a spotlight on five common ways retirees can run out of money in retirement and how to avoid each of them.
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Retirement Strategies vs Retirement Tools
10/21/2021
Retirement Strategies vs Retirement Tools
Retirement Strategies vs Retirement Tools There is a theory that has been going around the financial industry lately. And the theory is the idea of asking yourself a question: “When it comes to your money and your investments, are you focusing your decision-making process on the retirement tools, or are you focusing on a retirement strategy?” They may seem like the same thing to you. But they actually aren’t. Think about a contractor. He has a tool belt that is full of tools. But not every job he takes requires him to use every tool. And your retirement strategy is no different. So, today we’re going to help you understand the difference between retirement tools and retirement strategies. Hopefully how to go about developing the strategy that will help you and your family. Let's first, discuss ways to differentiate between retirement tools and retirement strategies. You can think of retirement tools as all the different investment products and financial products that you can choose to invest money in. And you can think of retirement strategies as the concepts and theories that you can devise that will help you figure out exactly which retirement tools might be the best tools to help you accomplish the goals and objectives that you have for your situation.
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Retirement Budget Your Can Create
09/30/2021
Retirement Budget Your Can Create
We get the same question from our prospective clients a lot. “Do I have enough to retire?” It’s a great question to be asking if you have aspirations to retire in the near future. The problem is that the media and the news can tend to lead you to believe that you need to focus primarily on how much you have saved for retirement, instead of what you actually need on a monthly basis to live comfortably. What is the best way to plan for your retirement budget? Let us help you determine just that!
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Income Sources You Can Diversify
09/23/2021
Income Sources You Can Diversify
By now you have probably figured out that we believe success in retirement is tied closely to your retirement income. Today, we want to talk about the importance of making sure you have a plan for how the income will continue to roll in during retirement.
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Threats to Retirement Finances - What's Cutting into Your Savings
09/16/2021
Threats to Retirement Finances - What's Cutting into Your Savings
When it comes to a well funded retirement, you need a strategy that build your assets while also protecting them against taxes, inflation, and the general costs of living. Roland goes over the different ways these can cut into your carefully accumulated savings.
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Risk Management - Key to Investing No One is Talking About
08/19/2021
Risk Management - Key to Investing No One is Talking About
You know, there is a key element of investing that NO ONE seems to be talking about, and how that element plays a BIG role in investing successfully. Roland and Lindsay discuss how identifying this element in your plan is crucial to helping invest successfully.
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Why Women Should Invest
08/12/2021
Why Women Should Invest
When trying to grow your overall wealth, investing is arguably one of the best ways to reach those goals. At Roland Financial we passionately believe that women should be investing, and this episode talks about why we believe that.
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Passive Income Through Dividend Paying Stocks
08/06/2021
Passive Income Through Dividend Paying Stocks
Sure, you’ve heard of dividend paying stocks and possibly that they can create passive income, but, how? Roland dives into this topic to help you understand how these can become another stream of income for you especially during retirement
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Retirement Savings Secret Killer: Inflation
06/18/2021
Retirement Savings Secret Killer: Inflation
There has been a lot of discussion recently about rising inflation, but even at low rates, can secretly eat away at your carefully accumulated retirement savings. Roland shares some way to help avoid inflation creeping up on your retirement nest egg.
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Retiring Early During a Global Pandemic
06/10/2021
Retiring Early During a Global Pandemic
If the current climate has you thinking about retiring early, this episode will help you answer three important questions related to early retirement.
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Roland Financial FAQ's
05/24/2021
Roland Financial FAQ's
There are a TON of questions you might have while trying to find the right financial professional. Leah and Roland go over the most common questions they hear from clients
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Bad Financial Habits You Should Break
05/13/2021
Bad Financial Habits You Should Break
Leah and Roland discuss some habits you should consider eliminating. Mindless spending, paying for subscriptions you don’t use or when was the last time you calculated all the money you spend on eating out? Find out how breaking these financial habits could set you ahead for your financial future.
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Don't Let Your Tax Bill Catch You Off Guard in Retirement (Part 2)
05/06/2021
Don't Let Your Tax Bill Catch You Off Guard in Retirement (Part 2)
Do you know how taxes could affect your retirement income, possibly including your Social Security and 401k & IRA withdrawals? Leah and Roland discuss how to calculate your tax rate and to be aware of your tax burden in retirement.
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Don't Let Your Tax Bill Catch You Off Guard in Retirement (Part 1)
04/29/2021
Don't Let Your Tax Bill Catch You Off Guard in Retirement (Part 1)
Do you know how taxes could affect your retirement income, possibly including your Social Security and 401k & IRA withdrawals? Leah and Roland discuss how to calculate your tax rate and to be aware of your tax burden in retirement.
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Retirement lies that we fool ourselves with - Part #2
04/08/2021
Retirement lies that we fool ourselves with - Part #2
Once I retire, I can stop investing…I’ll help my kids pay for college before I retire…No one really retires anymore…Roland and Leah cover how we tend to tell ourselves sweet little lies like these and how we can avoid falling for them, once we understand where they come from.
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Retirement lies that we fool ourselves with - Part #1
04/07/2021
Retirement lies that we fool ourselves with - Part #1
I’ll spend less when I retire…My taxes will be lower when I retire….What’s the point, I’ll never be able to retire… Roland and Leah cover how we tend to tell ourselves sweet little lies like these and how we can avoid falling for them, once we understand where they come from.
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Concerning Stats for Retirement
03/10/2021
Concerning Stats for Retirement
With the possibilities of too much debt, little savings, or stalled wages, Americans fall victim to retirement crises every day. The following statistics may scare you into jumpstarting your financial future.
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9 Options to Fund Your Retirement
02/05/2021
9 Options to Fund Your Retirement
There are plenty of good retirement options out there, but sticking to a single plan won’t help you achieve your goals. Here are 9 Options to help Fund Your Retirement
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