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Retirement Starts Today

Do you want to spend more money in retirement, while paying less taxes? Great news, you're in the right place! I'll also teach you the benefits of retiring TO something, while most retirees only solve half the equation by retiring FROM something. Tune in every Monday morning - hosted by Benjamin Brandt CFP, RICP. Join my "Every Day is Saturday" weekly newsletter for show notes, free book giveaways and other great retirement content: www.retirementstartstodayradio.com/newsletter
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Now displaying: 2023
Dec 25, 2023

Would a 0% tax rate help you live an even better retirement? In this week’s Retirement Headline, we’ll explore a WSJ article titled How You Can Grab a 0% Tax Rate. If that doesn’t pique your interest, I don’t know what will!

Listen in to hear how you can learn to plan so that you can take advantage of a 0% tax rate on capital gains income.

This episode originally aired in August 2023.

Dec 18, 2023

If you have diligently saved throughout your career, you may be ready to retire, yet still feel uncertain about spending your savings.

To truly live your best life in retirement you need to learn how to shift from a saving mindset to a spending mindset. In this episode of Retirement Starts Today, we’ll help you do just that.

This episode was first broadcast in July 2023.

Dec 11, 2023

One of the greatest financial assumptions is that it’s always better to own than to rent. However, in retirement, this may not be true. Once you are financially independent it is important to realize that not every dollar you spend needs to yield a return.

Join me for this episode of Retirement Starts Today to question traditional thinking and to see how you can improve your life, spend more money, and have more fun in retirement.

This episode was first broadcast in June 2023.

Dec 4, 2023

Do you have an HSA? If so, do you simply use it to pay for your medical expenses? Or do you use it as a way to build your wealth? Today we’ll look at an article from Financial Advisor Magazine that will help us identify opportunities for wealth creation.

Listen in to learn how to maximize the triple benefit of the humble HSA.

This episode was first broadcast in March 2023.

Nov 27, 2023

We are spending some extra time off from the podcast over this holiday season to spend time with family. I hope you're using this opportunity to spend some time with family as well.

I've gone through my favorite episodes of 2023 to bring you some fantastic rebroadcasts. So here's one and I hope you enjoy it!

The Puzzling Gap Between How Old You Are and How Old You Think You Are, first broadcast in May 2023.

Do you ever get together with your friends from high school and wonder why they all look so old? Are you surprised by the image that you see in the mirror each morning? If so, you’re not alone.

In today’s retirement headline segment, we’ll explore an article from Jennifer Senior at MSN.com that examines the abstract concept of feeling a different age in your head than you physically are in years.

Related to the retirement headline, today’s listener question is about how to understand when you are mentally ready to retire. Learn how important purpose is in your decision to retire.

Nov 20, 2023

Most people are worried about spending too much and running out of money in retirement. However, few people worry about spending too little. 

In this week’s episode of Retirement Starts Today, you’ll learn why you should spend your principal in retirement. Our retirement headline comes from Dr. Jim Dahle at the Whitecoat Investor and shows us why many people don’t spend enough of their money and how you can take a practical approach to spending more.

If you are like most people, one of your main worries about retirement is that you’ll end up running out of money. While this is a well-founded fear for many underfunded Americans, chances are, if you are listening to this show, you aren’t an underfunded retiree. 

While the current state of retirement savings is quite shocking, if you have a healthy retirement portfolio, you don’t have to lump yourself in with the majority of Americans. 

Outline of This Episode

  • [1:52] Many people have a fear of running out of money in retirement
  • [3:40] The state of retirement savings
  • [7:02] Why some people don’t spend their principal
  • [13:19] What should you do with excess RMD dollars?

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Nov 13, 2023

Would you like to have more confidence in your retirement plan? In the retirement headlines segment, you’ll learn one simple way to increase your certainty about what you can accomplish in retirement. 

In the listener questions segment, Bret helps answer what the essential aspects of an estate plan include. 

If you are ready to get serious about retirement planning press play to get started. 

Outline of This Episode

  • [2:26] A written retirement retirement plan boosts your confidence
  • [4:11] 4 areas to consider in your plan
  • [11:15] What do you need to create an estate plan?

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Nov 6, 2023

Do you wish you had more optionality when it comes to designing your retirement? In this episode of Retirement Starts Today, we’ll explore an article from Forbes that poses five alternatives to the 4% rule that you may want to explore for your retirement withdrawal strategy.

In our retirement headlines segment Bret and I team up to answer a question that both Google and ChatGPT got wrong. Find out what it is by listening until the end!

Outline of This Episode

  • [2:22] The types of spending strategies that can be used in retirement
  • [13:30] Is creating a donor-advised fund a good way to avoid IRMAA?

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Oct 30, 2023

What happens if you get to retirement age and realize that you saved too much? Believe it or not, this does happen and has its own set of problems. In this episode, we’ll explore those problems along with some potential solutions. 

Stick around until the end of the episode to hear our listener question about deciding whether to do Roth conversions or take ACA health insurance premium tax credits. 

Outline of This Episode

  • [2:32] Too much retirement savings does have its downsides
  • [4:54] What you can do to combat
  • [8:21] My thoughts on what you can do if you saved too much
  • [11:27] Choosing between Roth conversions and ACA

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Oct 23, 2023

Would you like to make $170,000? On this episode, you’ll learn what you can do to save yourself 17% in lower returns over a decade. On a million-dollar portfolio that comes to $170,000!

In the Retirement Headline segment, we’ll dive into an article from Financial Advisor Magazine which explores Morningstar’s annual Mind the Gap study analyzing the performance of mutual and ETFs and comparing them to the returns achieved by individual investors. Press play to hear what you can do to improve your investor performance.

Outline of This Episode

  • [3:12] Bad timing cost investors 17% in gains
  • [14:45] When does a person need a financial advisor?

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Oct 16, 2023

Have you thought about using your home’s equity to help you fund a portion of your retirement? 

In this episode of Retirement Starts Today, we’ll explore a Morningstar article that examines ways to use this supersized emergency fund. If you are ready to start thinking about retirement outside the box, listen to this episode to hear how you can supplement your retirement by using your home equity. 

Outline of This Episode

  • [1:22] Home equity is seen as a someday asset
  • [9:28] Reverse mortgages could be a valuable lifeline
  • [14:10] Clarifying the rules surrounding spousal Social Security

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Oct 9, 2023

Do you remember when you were a kid and were fascinated by the thought of living to be 100? It seemed like such a far-fetched idea, but now with advances in technology, nutrition, and medicine, this far-flung notion increasingly seems like a real possibility.

As you may have guessed, today’s retirement headline discusses planning to live until age 100. We’ll explore what that prospect means for your retirement income, goals, and health. Share this episode with a friend so you can discuss it together!

Outline of This Episode

  • [2:42] What if you live to 100?
  • [12:40] How to get beyond the accumulation mindset

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Oct 2, 2023

Medicare’s open enrollment is starting soon, so I’ve invited Danielle Roberts from Boomer Benefits to join me today. 

In this episode, we’re discussing what’s new with Medicare in 2024, the important dates to remember for open enrollment, when to reevaluate your health insurance options, and how to ensure you have health coverage when traveling abroad in retirement.

Press play to hear what’s new in Medicare.

Outline of This Episode

  • [2:26] What’s new with Medicare this year?
  • [8:44] How often do people reconsider advantage vs. supplement and drug plans?
  • [15:42] Bearing risk
  • [22:00] What can you expect from your Medicare when traveling abroad?

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Sep 25, 2023

As retirement super savers, you all know that slow and steady wins the race. According to this Wall Street Journal article, that race is paying off again for many Americans. In the retirement headlines segment, we’ll take a look at this article. Then in the Listener Questions segment, Bret and I will discuss the merits of having one firm handle investments, taxes, and retirement planning. 

Outline of This Episode

  • [1:42] Stock market rally
  • [12:27] When might having one firm handling all aspects of your financial matters might not be the best case

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Sep 18, 2023

Even if you aren’t familiar with Monte Carlo analyses, you’ve probably used it. Monte Carlo drives math behind the retirement planning software that you use. Monte Carlo software is truly amazing, however, the way people look at it is wrong. 

In this episode, you’ll hear the pros and cons of Monte Carlo analysis and how you can use a Monte Carlo calculator to maximize your full retirement potential. 

Outline of This Episode

  • [1:52] When Monte Carlo simulations work and when they don’t
  • [7:10] How to use Monte Carlo simulations effectively
  • [15:13] Should you annuitize to provide a safety net?

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Sep 11, 2023

Aretha Franklin can teach you more than a little R-E-S-P-E-C-T. 

On this episode of Retirement Starts Today, you’ll learn from her estate plan (or lack thereof). After hearing about this estate plan gone haywire Bret and I will team up to answer a listener’s question on how you can transition from a saving to a spending mindset. 

Listen in to ensure that your estate isn’t tied up for years while your heirs battle out the details in court. 

Outline of This Episode

  • [2:22] Why are the notes found in Aretha Franklin’s couch a valid will?
  • [5:35] My takeaways
  • [13:23] How to switch from a saving to a spending mindset in retirement

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Sep 4, 2023

Here at Retirement Starts Today, we are always looking for ways to teach you how to spend more money so that you can enjoy an even better retirement. However, many times our clients and listeners have trouble loosening their purse strings.

After years of being diligent savers, instead of enjoying the fruits of their labor, retirees reaching financial independence often find another reason to be frugal. Listen in to hear how you may be overdoing delayed gratification. 

Outline of This Episode

  • [1:32] Will gratification always lead to a more fulfilling life?
  • [2:55] How to find balance
  • [4:01] Habits are hard to make and hard to break
  • [10:12] How are expense ratio fees charged?

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Aug 28, 2023

I’ve always said that it’s important to retire to something rather than away from something. To do that means finding a sense of purpose. 

In this episode, we’ll explore an article from PhysicianOnFIRE.com that discusses how retirees can discover and maintain a sense of purpose in their lives after leaving the workforce.

Make sure to stick around for today’s listener question. This one was my favorite one this year so don’t miss it! 

Outline of This Episode

  • [2:12] How to maintain a sense of purpose as a retiree
  • [8:43] Why a purpose-filled life is important to retirement
  • [12:40] How to deal with guilt about retiring from a much-needed service profession

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Aug 21, 2023

Would a 0% tax rate help you live an even better retirement? In this week’s Retirement Headline, we’ll explore a WSJ article titled How You Can Grab a 0% Tax Rate. If that doesn’t pique your interest, I don’t know what will!

Listen in to hear how you can learn to plan so that you can take advantage of a 0% tax rate on capital gains income.

Outline of This Episode

  • [1:42] How to grab a 0% tax rate
  • [7:08] 4 ways to take action
  • [11:22] How will lowering my taxable income affect my future Social Security benefits?

Resources & People Mentioned

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Aug 14, 2023

Scammers are constantly changing their playbooks to try and stay ahead of the authorities. That is why the IRS annually updates its “Dirty Dozen Tax Scam” list. This week we’ll explore the latest article from the IRS on this year’s tax scams then we’ll check out an article from Financial Advisor Magazine that involve questionable tax practitioners and charitable remainder annuity trusts.

Don’t miss out on this week’s listener question because chances are, you have had this question as well.

Outline of This Episode

  • [2:22] What the IRS has to say about the dirty dozen in 2023
  • [9:54] Tax scams that target the wealthy
  • [14:02] On making larger withdrawals in your 60s and lesser withdrawals later on

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Aug 7, 2023

As a financial advisor that thinks a lot about the Medicare surcharge IRMAA, an article titled Stop Worrying About IRMAA written by a source I trust certainly caught my eye. 

In this episode, we’ll explore what IRMAA does, reflect on the article, and discuss whether the IRMAA surcharge is worth worrying about. If you have questions about IRMAA or are starting to approach Medicare age you won’t want to miss out on this episode.

Outline of This Episode

  • [1:22] How Medicare works
  • [5:33] How IRMAA works
  • [8:09] My thoughts
  • [9:18] Action items
  • [14:50] How to pay taxes on Roth conversions

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Jul 31, 2023

Who wants to live longer? I know I do! Before you start taking magic pills and seeking the fountain of youth in an effort to increase your life span, Alex Janin from the Wall Street Journal suggests you start exercising. 

In this episode of Retirement Starts Today, we’ll explore Alex’s article, What if the Most Powerful Way to Live Longer Is Just Exercise?

Make sure to stick around for the end of the show where Bret and I turn traditional retirement advice on its head as we answer one listener’s question about how to draw down their various retirement accounts. 

Outline of This Episode

  • [2:32] Just exercise more
  • [5:41] Biohackers have discovered exercise is best
  • [8:22] Exercise sooner rather than later
  • [11:16] What is the best way to draw down my accounts in retirement?

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Jul 24, 2023

If you have diligently saved throughout your career, you may be ready to retire, yet still feel uncertain about spending your savings.

To truly live your best life in retirement you need to learn how to shift from a saving mindset to a spending mindset. In this episode of Retirement Starts Today, we’ll help you do just that. 

This is the podcast where you can learn how to spend more money and pay less taxes on your way to an even better retirement. Listen in to learn how you can start spending more money so that you can enjoy your best retirement. 

Outline of This Episode

  • [2:52] 3 techniques retirees can use to spend more money confidently
  • [6:30] Techniques #2 and 3
  • [12:24] Can my wife receive a spousal benefit before I receive my Social Security benefit?

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Jul 17, 2023

If you are new to the show, welcome! This is a place where we talk about how to spend more money, pay less taxes, and have an even better retirement. Today we’re investigating that last part–the even better retirement. 

In the retirement headlines segment, we’ll take a look at a CNBC article that dives into an 85-year happiness study from Harvard University. Results from this study reveal the number one retirement challenge no one is talking about. Listen in to hear what this could be.

Outline of This Episode

  • [1:22] The number one retirement challenge that no one talks about
  • [3:38] Ask yourself a few questions
  • [8:17] How to go about bridging insurance before Medicare

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Jul 10, 2023

Do you long for a lost golden age when everything was better? If you do you’re not alone. Many people feel that society is experiencing a moral decline. But is that really true?  

On this episode of Retirement Starts Today, we’ll explore a New York Times article that challenges this way of thinking and attributes it to cognitive biases. Listen in to learn what you can do to improve your thinking about the present and the future so that you can experience an even better retirement.  

Make sure to listen until the end of the episode to hear how you can celebrate my 300th episode with me and save 40% on Retirement Income University.

 Outline of This Episode

  • [1:32] Your brain has tricked you into thinking everything is worse
  • [6:10] Maximize your full potential in retirement by eliminating stinkin’ thinkin’
  • [8:15] Should this listener continue aggressively investing in retirement?
  • [11:20] Consider how you handled market corrections in the past

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