Mr. Stillman's Opus

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)
 
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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)
 
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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)
 
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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)
 
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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)
 
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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)
 
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919-391-3446

The Psychology of Retirement Planning

We always talk about the money side of financial and retirement planning. But what about the mental aspect of that big life change?
Today we’ll break down an article written by a Licensed Professional Counselor (Kate Schroeder) for Psychology Today, titled The Psychological Investment In Retirement. You might be surprised to find out that many financial advisors actually spend significant time on this side of the planning process, and we’ll take you through that on this show.
Here’s some of what you’ll learn on this episode:
Few people consider the consequences of leaving your everyday routine behind. (1:53)
Why we struggle to find genuine meaning in retirement. (4:20)
This is the time to try things you’ve always wanted. (6:24)
What can you do invest in personal growth and development? (8:28)
What have our clients done to get mentally prepared for retirement? (10:54)
 
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Getting it Right: Irreversible Financial Decisions

There are plenty of decisions that you’ll make in the retirement planning process that can’t be undone, so you want to make sure that you make the right call. On this episode, we’ll explain why these decisions are so important and can’t be undone.
Here’s some of what you’ll learn on this episode:
Why claiming Social Security at 62 isn’t always the right decision. (1:58)
What’s important to know about spousal benefits on a pension. (4:50)
Reasons for getting life insurance and why you should decide soon. (8:46)
Choosing the appropriate retirement date can keep you from having to go back to work. (12:15)
 
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919-391-3446

How Procrastination Dooms Your Financial Future

People have many reasons for procrastinating when it comes to putting a retirement plan together. Let’s explore some of those excuses and why they can be dangerous, and talk about how to overcome them.
 
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919-391-3446

Retirement Rules of Thumb

You’ve most likely heard plenty of “rules” you’re supposed to follow to retire successfully. Some of these rules are stated so confidently, you’d be crazy not to immediately accept them as fact. But we don’t mind the threat of being called crazy, so let’s dive into some of the most popular retirement “rules of thumb” to see if they truly lead us down the path of good financial guidance or run a chance of leading us astray.
 
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https://rosewoodwealthmanagement.com/
919-391-3446