Mr. Stillman's Opus

Retirement Expenses For Which You Forgot To Plan

Are you preparing for retirement but feeling confident that you have covered all the expenses? Well, think again… It turns out that many retirees overlook some crucial expenses that can leave them financially vulnerable.
In this episode, we explore the retirement expenses that most people tend to forget, including skyrocketing medical bills, unexpected travel costs, taxes, and much more. We'll discuss practical tips and strategies to help you plan for these expenses and ensure a secure and comfortable retirement.
Here's some of what you'll learn on this episode: 
Are you prepared for everything Medicare doesn’t cover in retirement? (1:35)
Many families have to provide financial support for parents and children. (6:38)
What often gets overlooked when it comes to tax planning. (9:21)
How to prepare to tackle those maintenance and repair expenses that pop up. (12:13)
Why you have to increase income streams to incorporate inflation into your plan. (13:40)
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

Moving Your Retirement Goalposts: Worth the Risk?

Do you ever feel like your retirement planning goals are always moving? You're not alone. We’ve found that people often move the goalposts in their own retirement planning, often to their detriment. In this episode, we're diving deep into the psychology of retirement planning and the dangers of moving the goalposts.
Keep in mind that we’re talking about the rules you make for yourself rather and not the changes you make to your financial plan. We want to have a financial plan that’s flexible enough to change as your life does so that’s a bit different than this conversation today.
Here’s some of what we’ll discuss in this episode:
What’s the risk for changing how much cash you feel you need to have saved? (1:48)
The people that put off getting serious about savings until next year… (6:41)
We often change the amount of risk we’re willing to take on. (8:20)
Why changing your retirement date is a missed opportunity. (12:07)
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

5 Top Tax Questions For Retirees In 2023

Retirement can come with a lot of tax questions and concerns. From understanding the tax implications of withdrawing from your retirement accounts to minimizing taxes on investment income, it can be overwhelming.
On today’s episode, we’ll break down the top ten tax questions retirees are asking in 2023. Before you file your 2022 taxes and plan ahead for the rest of the year, make sure to listen to this episode as we’ll discuss some important tax questions that retirees should ask themselves to ensure they're making the most of their retirement savings and minimizing their tax burden.
 
Here’s some of what you’ll learn in this episode:
What are the tax implications of withdrawing money from my retirement accounts? (1:47)
Will my Social Security benefits be taxed? (3:17)
Does the taxation of my pension income differ from other forms of income? (6:38)
How will my taxes change if I decide to move to another state in retirement? (9:12)
What are the tax considerations for gifting money to my children or grandchildren during retirement? (11:46)
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

Rookie Mistakes Even Experienced Investors Make

mistakes. No matter how experienced you might be, we’re all susceptible to a moment of weakness.
On this episode, John will cover some of the top rookie mistakes we see people make and share examples of how he’s seen this play out. Plus, he’ll illustrate how to avoid these missteps or how to fix them if you’re already made some in your financial life.
Here’s some of what you’ll learn in this episode:
Do you have a purpose for the money you’re investing? (1:39)
Why investors don’t always understand the amount of risk they have. (6:43)
How emotions play a role in the decisions you make. (9:15)
Why we all fall into the trap of a ‘hot tip’ (13:32)
The role your advisor should play in helping you avoid these mistakes. (16:46)
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

SECURE Act 2.0 – Important Retirement Planning Changes to Know

The SECURE Act 2.0 was pushed through Congress late last year, and even though you won’t see too many exciting headlines about the legislation, there are actually some great planning opportunities inside.
We spent a little time talking about the RMD age change that will impact people in or near retirement in our last episode. Now we want to highlight a few more positive changes that you need to know about, including catch-up contribution increases, a 529 to Roth option, and a benefit for people for some people still paying off student loans.
 
Here’s some of what you’ll learn in this episode:
Catch-up contributions for increase for people aged 60-63. (1:15)
You’ll have the ability to move 529 money to a Roth with restrictions. (3:36)
Student loan payments could qualify you for a company 401(k) match. (8:06)
 
Connect with us: 
https://rosewoodwealthmanagement.com/
919-391-3446

SECURE Act 2.0 – RMD Age Changing Again

We’re only a few years removed from the SECURE Act being passed, which brought about significant retirement planning changes. Now three years late, Congress passed SECURE Act 2.0 in late December and we have another round of changes to process and adjust to.
We’ll cover these provisions over the course of multiple episodes, but today we’ll focus primarily on another adjustment to the age you have to begin taking required minimum distributions. Starting this year, the age will move from 72 to 73, which is pretty big news for people that are in their mid-to-late 60s.  
 
Here’s some of what you’ll learn in this episode:
The RMD age pushed back from 72 to 73 beginning this year. (2:14)
A specific example of why this change matters to planning. (4:44)
 
Connect with us: 
https://rosewoodwealthmanagement.com/
919-391-3446
 

Better Understand Your Financial Statements

The end of the year (or start of a new year) probably means you’re getting a lot of financial statements in your mailbox (or inbox if you’re paperless). Ever wonder what some of those terms mean as you look at your 401(k), IRA and other account balances?
Let’s spend a little time looking over a financial statement and breaking down some of the terms you might come across.
Here’s some of what you’ll learn on this episode:
How accurate are retirement income projections you’ll see? (1:38)
What do you need to know about that asset allocation pie chart they include for your investments? (4:34)
Are all the fees listed on the account statement? (7:43)
Will you miss anything if you don’t read through the disclosures and fine print? (9:49)
Other balances you might find on your statement. (11:15)
 
Connect with us: 
https://rosewoodwealthmanagement.com/
919-391-3446

Learning From Grandma’s Financial Wisdom

Even if she wasn’t directly talking about money, Grandma said a lot of smart things that we can apply to financial planning. We might not have known it then, but looking back on wisdom that was imparted to us can teach us lessons years later.
On this episode, let’s take some classic Grandma sayings and see how they relate to our financial lives.
 
Here’s some of what you’ll learn on this episode:
How ‘when it rains it pours’ applies to the way the market behaves. (1:33)
‘You never know’ is used quite a bit in financial planning. (4:19)
‘A bad apple spoils the whole barrel.’ (6:43)
Why it’s important to get information ‘straight from the horse’s mouth.’ (8:49)
Yes, ‘if your friend jumps off a bridge, would you do it too?’ applies to finances. (10:00)
 
Connect with us: 
https://rosewoodwealthmanagement.com/
919-391-3446

The Retirement Marathon: Finishing the Race

Getting through retirement can be a lot like running a marathon. While we may not know that through first-hand experience, we can certainly lean on the lessons we’ve learned from family and friends who have succeeded in this endeavor.
On this episode, let’s talk about some of the similarities of getting to the finish line in racing and retirement. Much like in retirement, runners might be able to finish a race without all the planning and prep, but they might not how they’re feeling during and after.
Here’s some of what you’ll learn on this episode:
What planning and preparation goes into retirement? (2:12)
The proper diet is just as important as planning. (5:24)
Why you shouldn’t start too fast in retirement. (8:28)
 
Connect with us: 
https://rosewoodwealthmanagement.com/
919-391-3446

Making Smart Decisions During Major Life Events

Whenever we’re faced with a major life event, certain people will have an impact on us and the decisions we make. But when you work with a financial advisor who you’ve built a strong relationship with, they end up being there for all of these key events because of the financial impact they have.
Let’s explore some of the things you should be thinking about to make smart financial decisions when you encounter some of the most significant events in your life.
Here’s some of what you’ll learn on this episode:
What do you need to consider when you change jobs? (2:35)
The tax considerations that come with an inheritance. (5:45)
How becoming an empty nester changes your income and savings. (10:03)
How we help someone that goes through the death of a spouse. (11:45)
 
Connect with us: 
https://rosewoodwealthmanagement.com/
919-391-3446