Podcast
RETIREMENT MADE EASY
Hosted by Gregg Gonzalez · EN
Finally, a retirement podcast in a language YOU can understand. Your host, Gregg Gonzalez, Certified Financial Fiduciary®, CFP® is a Dave Ramsey Smartvestor Pro with the heart of a teacher.
Listen as Gregg shares financial & retirement tips that are sure to keep you tuned in every episode. Check out our podcast website http://RetirestrongFA.com for FREE resources and to see how the RetireStrong team can help you plan for a successful retirement.
24episodes
Episodes
Newest firstAll episodes
Retiring Soon? What 2026's Economic Landscape Means for Your Plans, Ep #210
3w ago00:39:06Tap to summarizeWhat does it mean to retire in 2026, and how does today's retirement landscape differ from 10 or 20 years ago? With more retirees facing challenges such as rising healthcare costs, higher cost of living, concerns about Social Security, shifting demographics, and the impacts of national debt, this episode digs into the current risks and opportunities for those planning their golden years. I share insights from a recent Goldman Sachs retirement study and answer listener questions on retirement planning software, investment strategy before retirement, handling 401(k) and IRA loans, and Social Security rules for working retirees. You will want to hear this episode if you are interested in... [00:00] Retirement planning in 2026 [06:28] Current market conditions and challenges [10:31] Rising health insurance costs [14:24] Financial strain on parents supporting kids [18:48] Concerns about retirement taxes [23:21] Preparing for financial downturns [28:20] Understanding 401 (k) and IRA loans [32:35] Social Security benefits and retirement planning [37:23] Understanding annuities and IRA conversions Inflation and the Cost of Living One of the biggest concerns voiced by pre-retirees is how much more expensive life has become. The past decade, especially following COVID-19, has seen inflation spike well above its historical average. Not only are day-to-day essentials like groceries and gas more costly, but so too are the experiences retirees often look forward to—such as travel and dining out. With airline tickets and fuel prices high, the cost of enjoying retirement can quickly outpace what many planned for just a few years ago. Healthcare: An Ever-Increasing Expense Another major pain point is the skyrocketing cost of healthcare. Medicare premiums have jumped (with Medicare Part B premiums alone increasing by over 9% in one year recently), and pre-Medicare retirees face especially steep coverage costs. Whether paying directly, dealing with COBRA, or navigating the healthcare exchange, retirees must factor in the rising cost of both routine and unpredictable medical needs, which eat into savings at a faster rate. Social Security and Family Support With millions of Baby Boomers now collecting benefits and the youngest Boomers becoming eligible, there is increased pressure on the system. There are some very real concerns about funding gaps and the likelihood that Congress will have to make difficult decisions soon to ensure benefits remain viable for future generations. Retirement planning is now more deeply intertwined with broader demographic changes. People are waiting longer to marry, buy homes, and start families—all of which impact when and how retirees are called upon to support children and grandchildren. Whether contributing to down payments, funding weddings, or assisting with fertility treatments and adoptions, modern retirees often find their savings supporting family milestones happening later in life. National Debt and Tax Policy Government debt is at record highs, surpassing $39 trillion, and this raises serious questions about future tax rates. Retirees must plan for the possibility that taxes will increase, which could impact how much of their savings they'll have available for spending. Retirement in 2026 and beyond is both promising (with record numbers of millionaires) and uniquely challenging. By understanding these new realities, today's retirees can build a plan that provides peace of mind and the freedom to enjoy life's next chapter. Resources & People Mentioned 3 Steps to Retirement Planning Goldman Sachs Retirement and Insights Survey Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetireStrongFA.com/Podcast Website: https://RetireStrongFA.com/ Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts
Transcribe →Clearing Up Roth IRA Confusion, Ep #209
Apr 3000:42:27Tap to summarizeWhen it comes to retirement planning, understanding tax-advantaged accounts like Roth IRAs, knowing how to select a trusted advisor, and making optimal income choices are key building blocks for long-term financial confidence. On this episode of the Retirement Made Easy podcast, I'm digging into the details of Roth IRAs, Roth conversions, navigating advisor relationships, and the complex art of Social Security timing. With tax rules, income strategies, and advisor choices constantly evolving, continuous education and proactive planning are essential. If you're part of the 80% of Americans approaching retirement without a written plan, start the conversation, get informed, and take charge of your financial future—because retirement should be made easy for everyone. You will want to hear this episode if you are interested in... 00:00 Understanding Roth IRAs and 401ks 05:38 Managing Roth IRA contributions 07:04 Understanding Roth IRA withdrawal rules 14:48 Managing inherited Roth IRA accounts 22:33 Choosing the right financial specialist 26:45 Advisory fee compensation explained 30:29 Deciding when to claim Social Security 40:44 Annuities and IRA considerations What You Should Know about Roth IRAs & The Five-Year Rule Roth IRAs allow you to grow investments tax-free and for the flexibility they offer when it comes to estate planning. However, many misunderstand the pivotal "five-year rule," which could lead to unexpected taxes or penalties at withdrawal time. The five-year rule requires that your Roth IRA be funded for at least five tax years before you can begin withdrawing earnings without paying taxes. The clock doesn't start just when you open the account, but rather on January 1st of the year in which you make your first contribution. For anyone thinking of using a Roth in retirement, the guidance is clear: open and fund your account as soon as possible—even a modest amount can start that clock for future flexibility. Timing and Tax Impacts of Roth Conversions Roth conversions—moving money from a traditional IRA to a Roth and paying taxes now in exchange for future tax-free growth—are a powerful tool, but their intricacies often surprise investors. If you perform a Roth conversion before age 59½, each conversion has its own five-year rule: you must wait five years—or until 59½, whichever comes later—before withdrawing converted amounts penalty-free. This prevents people from using conversions to skirt early-withdrawal rules. Additionally, taxes are due the year you convert, and if you withhold part of the conversion for taxes, you could face an early withdrawal penalty on the amount withheld. Ideally, pay conversion taxes from non-retirement funds to maximize your Roth's growth potential. Choosing the Right Advisor Selecting a retirement or financial planner can feel like a minefield but here are my tips for finding the right advisor for you: Research credentials (e.g., Certified Financial Planner or fiduciary licensure). Understand their compensation: whether it's hourly, commission-based (often tied to products), or a transparent advisory fee (25:02). Use resources like BrokerCheck and Google reviews to vet their background and client satisfaction. It's not just finding "an advisor"—it's finding the right fit for your needs and values. Social Security Timing: No One-Size-Fits-All Answer Determining when to claim Social Security is arguably one of retirement's trickiest decisions. There are lots of variables: health, life expectancy, marital status, income needs, and projected investment returns. There are a couple of general rules though, delaying Social Security increases your lifetime benefit if you live beyond average life expectancy. And claiming early (as soon as 62) may make sense for those with shorter life expectancies or immediate income needs. You should also consider spousal benefits and survivor implications and analyze the impact of other taxable income on Social Security when you're planning when to claim. Running "what if" scenarios with a qualified planner can help you assess trade-offs and achieve peace of mind. Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetireStrongFA.com/Podcast Website: https://RetireStrongFA.com/ Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts
Transcribe →Protect Your Retirement and Make Smarter Decisions in Uncertain Times, Ep #208
Apr 1600:50:57Tap to summarizeWhen markets feel unsettled, it can be hard not to worry. Headlines about war, inflation, falling retirement balances and political uncertainty can make even experienced investors feel uneasy. But as this episode of Retirement Made Easy highlights, volatility is not unusual — it is part of investing. The key is not to avoid every downturn. It is to respond in a way that supports your long-term retirement goals. From managing market dips to understanding survivor benefits, long-term care, and retirement income decisions, this episode covers some of the most important issues retirees and pre-retirees face. You will want to hear this episode if you are interested in... [02:30] Market volatility explained [05:50 Why panic selling hurts your retirement. Real examples of investors cashing out at the wrong time [07:50] Understanding risk tolerance and behavior [12:50] The "bucket strategy" for retirement investing [24:45] Long-term care insurance decisions [35:20] The Obamacare subsidy cliff (2026 changes) [39:00] Biggest decisions in retirement planning: Listener questions [44:00] The biggest risk: overspending in retirement Market Volatility Is Normal, But Panic Can Do Lasting Damage Market setbacks are inevitable. Whether they are caused by war, inflation, tariffs or wider economic uncertainty, dips in the market will happen again and again over the course of a retirement. That is why emotional decision-making can be so damaging. Selling investments in a panic after a sharp drop may feel safer in the moment, but it can lock in losses and make it harder to recover when markets rebound. Retirement planning is not about trying to predict every twist and turn in the market. It is about building a strategy you can stick with during both the good years and the difficult ones. The more confidence you have in your investment plan, the less likely you are to abandon it during temporary periods of uncertainty. Not All Retirement Money Should Be Invested The Same Way Retirement savings should not always be treated as one big pot of money. Different accounts serve different purposes, and that means they may need different investment strategies. I discuss the idea of dividing retirement assets into "buckets", with each bucket assigned a specific role. For example, an emergency fund should be safe, liquid and available when needed. An income bucket should be structured to support spending in retirement. A longer-term growth bucket may carry more risk because that money is not needed straight away. This kind of approach can help retirees feel more confident during periods of market volatility. If your short-term income needs are covered by lower-risk assets, it may be easier to leave longer-term investments alone when markets fall. It also encourages a more thoughtful way of managing risk, rather than taking the same level of risk across every account regardless of purpose. Your Spending Habits May Shape Your Retirement More Than Anything Else Even the best retirement plan can be undone by overspending. Once regular work stops, every day can start to feel a bit like a weekend. For some retirees, that freedom is exciting, but it can also lead to lifestyle drift. Small spending habits can build over time, and without a clear plan, retirees may find themselves withdrawing more than they expected and paying more tax than necessary. This is one of the most pivotal parts of retirement planning. You may have a solid withdrawal strategy, a well-diversified portfolio, and a careful tax plan, but if your spending repeatedly exceeds what your plan can support, the risk of running out of money increases. A sustainable retirement is not just about how much you save. It is also about how you manage those savings once retirement begins. Having a realistic budget, reviewing your spending regularly and adjusting when needed can make a significant difference over a retirement Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetireStrongFA.com/Podcast Website: https://RetireStrongFA.com/ Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts
Transcribe →Demystifying HSAs, FSAs, and Social Security Benefits, Ep #207
Mar 3100:52:36Tap to summarizeRetirement planning can feel overwhelming, but understanding key benefits and strategies can help you make the most of your financial future. On the show this week, I tackle listener questions on Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Social Security. If you're considering an HSA, are curious about contribution limits, or want to know how HSAs can work alongside FSAs, I break it down in simple, clear language. I also answer a wide range of Social Security questions, and discuss how your benefits are calculated, timing your claim, navigating survivor benefits, and how to avoid costly mistakes during retirement. You will want to hear this episode if you are interested in... 03:44 HSA vs. FSA & social security 09:12 HSA and the triple tax advantage 16:38 "HSA vs. FSA explained 21:02 Early retirement social security adjustments 26:45 IRMAA Surcharges and Roth Conversions 30:00 Social security claim rules 37:09 Social security benefits strategy 38:36 Social security survivor benefits 44:45 Understanding social security earnings & inflation The Power of Health Savings Accounts HSAs stand out because contributions are tax-deductible, invested money grows tax-free, and withdrawals for qualified medical expenses are also tax-free. Unlike IRAs or 401(k)s, there are no required minimum distributions (RMDs), making them an appealing vehicle for long-term savings. Contributions via payroll deductions also avoid Social Security and Medicare taxes, enhancing their tax efficiency. HSAs are often misunderstood or underused, but they offer some of the most attractive tax benefits for medical expenses in retirement. To qualify, you must be enrolled in a high-deductible health plan. The latest contribution limits for 2026 are $4,400 for individuals and $8,750 for families, with a $1,000 catch-up for those 55 and older. Interestingly, the catch-up for HSAs starts at 55, unlike the 401(k) catch-up, which begins at 50. HSAs vs. FSAs: What's the Difference? Flexible Spending Accounts (FSAs) often get confused with HSAs, but they are fundamentally different. FSAs are a "use it or lose it" account, meaning funds must be spent within the plan year or risk forfeiture. HSAs roll over year to year and can accumulate significant balances for future health expenses and even long-term care. HSAs also have more flexible investment options and ownership, making them superior for many long-term planners. Navigating Social Security Statements, Timing, and Benefits Social Security's rules and estimates can be confusing. Your Social Security statement provides estimates based on the assumption you'll continue working at your current salary until retirement. If you retire early, these estimates adjust, but they don't include cost-of-living increases or Medicare Part B premiums, which will come directly out of your benefit. Many retirees are surprised to find their actual monthly check is lower than expected due to these deductions. One major factor is IRMAA (Income-Related Monthly Adjustment Amount), which increases Medicare premiums for higher-income retirees, based on income from two years prior. However, you can request an exception if your income drops due to retirement, using the SSA-44 form. Timing your claim is important. Social Security is typically a month or two behind when benefits start, so plan accordingly. Earned income before claiming does not count toward the annual limits; only income earned after starting benefits does. Spousal income also doesn't affect your individual Social Security benefit. Strategy Matters Retirement planning goes beyond just saving—it's about making strategic decisions for your health, income, and legacy. HSAs, Social Security, and FSAs all have unique rules that affect how you can maximize their benefits. Take time to understand how these accounts work, and don't be afraid to seek expert advice for your unique situation. Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetireStrongFA.com/Podcast Website: https://RetireStrongFA.com/ Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts
Transcribe →Avoiding Retirement Regrets: What Retirees Say They'd Do Differently Ep #206
Mar 1500:36:04Tap to summarizeOn the show this week, I draw on real-world experiences from current retirees to uncover the surprises, challenges, and valuable lessons they wish they'd known before stepping into retirement. If you're curious about the realities of social interaction after leaving the workforce, managing rising healthcare costs, or navigating company-specific 401(k) features, this episode is for you. You will want to hear this episode if you are interested in... [00:00] Retirement lessons from retirees [08:23] Prioritizing tax planning in retirement [15:06] Retirement accounts & investment insights [20:20] Surprises, joys, and challenges of retirement [25:40] Retirement costs and income trends [29:33] Feeling free and contented as a retiree Real-World Wisdom for a Confident Retirement We imagine endless free time, new adventures, and freedom from work stress—but what is retirement really like? In my years guiding clients through retirement, I often ask retirees, "What surprised you most?" What do you wish you'd known? What would you warn others about? These questions have uncovered truths that go beyond finances and touch on the emotional, social, and practical realities of retirement. Social Connections: The One Thing You Can't Save for in an Account One of the biggest things retirees miss from their working years is the daily social interaction. While the freedom from commutes, meetings, and workplace stress is lauded, losing those daily connections can leave a gap that's hard to fill. For those who draw much of their sense of identity and purpose from their careers, this can be especially jarring. Structuring your weeks, finding new sources of community, and keeping your mind engaged become just as important as managing your income streams. Health, Taxes, and the True Cost of Living Even with careful planning, some expenses in retirement can catch people off guard. Health insurance costs (including deductibles, vision, and dental plans) often rise higher than expected. The end of workplace group insurance makes the cost and complexity of health coverage feel much more real. Inflation and utility bills also bite into budgets—sometimes spiking enough that even conservative projections fall short. For example, one of my clients saw their trash bill go up by 35% and their homeowners' insurance by 25% in a single year. Taxes are another recurring theme. Many are surprised to learn that not only do taxes not disappear in retirement, but they can be significant, particularly with Social Security benefits subject to federal (and, in some states, local) taxation. Time, Freedom, and Flexibility It's not all challenges, of course. Many retirees I know say they actually enjoy retirement more than expected. The ability to control your schedule, indulge in more travel (with strategic timing to save money), and enjoy less stress are rewards that many say "you can't put a price on." When every day is a Saturday, the power to choose makes all the difference. Preparation Outweighs Guesswork If there's one recurring thread, it's this: those who enjoy retirement most are the ones who entered it with a clear, written plan. Whether forced into it early by layoffs or health issues, or able to choose the optimal time, being prepared gives you confidence and flexibility. My advice is don't wait, start planning well before your retirement date, and remember to factor in the emotional side of retirement, not just the dollars and cents. Then review your plan with professionals who can help you adapt as things change. Retirement isn't just about the numbers, it's about building a life with meaning, joy, and resilience. Listen to those who've been there, adapt to life's surprises, and give yourself the best chance to retire strong, happy, and worry-free. Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetireStrongFA.com/Podcast Website: https://RetireStrongFA.com/ Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts
Transcribe →Tax Planning Tactics and Life Insurance Questions, Ep #205
Mar 100:41:26Tap to summarizeIn today's show, I tackle two hot topics listeners have been asking about: tax planning in retirement and the role of life insurance in your golden years. Drawing from real questions and common scenarios. But that's not all: I also dig into the nuances of life insurance in retirement, explaining when it makes sense to keep or reconsider a policy, and how it can be a powerful tool for risk management, legacy planning, or supplementing income. You will want to hear this episode if you are interested in... 06:03 Tax planning vs. preparation 11:17 Optimizing Roth conversions in retirement 16:05 Capital gains and tax strategies 18:37 Retirement income planning strategies 24:50 Survivor benefits explained 26:41 Life insurance for younger spouses 28:57 Whole life policy loan insights 32:41 Retirement life insurance benefits 39:35 Annuities, IRAs, and tax considerations Tax Planning in Retirement: Looking Beyond This Year Too often, tax strategies are left for CPAs or accounting firms during busy tax season, which is not the ideal time for personalized planning. Many people believe their taxes will drop in retirement and ignore future implications such as Required Minimum Distributions (RMDs), possible tax rate changes, or status changes like moving from joint to single filing after a spouse's death. I recommend a proactive, multi-year approach, planning not just for today but for years ahead. Mapping out your future retirement income and tax liabilities allows you to make strategic decisions that optimize withdrawals, conversions, and gifting options. Key strategies include: Roth Conversions: Moving funds from pre-tax accounts (like IRAs or 401(k)s) to Roth IRAs can create future tax-free income. Timing is crucial; for example, the years before Social Security starts can be optimal for conversions without bumping up your taxable income. Roth Contributions: Don't forget about spousal Roth IRAs and annual contribution limits. In 2026, for couples over 50, you can contribute up to $17,200 combined to Roth IRAs (subject to income eligibility). Capital Gains Harvesting: Understanding the rules for primary residence sales and brokerage accounts means you can maximize capital gain exclusions and possibly pay 0% on gains when your income is lower. Charitable Giving: Proper planning can help you meet your philanthropic goals while minimizing taxable income. Gifting: Gifting appreciated assets helps save on future tax dollars, especially when gifting to individuals or charities. Who Needs Life Insurance and Why? Life insurance typically protects against the financial risk of premature death in your working years, especially if you have dependents, debt, and income that others rely on. But its purpose shifts in retirement. Life insurance is not an investment; it's a tool to transfer risk. As you approach or enter retirement, your financial picture often changes, the mortgage may be paid off, children are independent, and asset balances may be at their peak. At this stage, you should revisit whether life insurance still fits your needs or whether your money could be better utilized elsewhere. Life insurance can serve several purposes in retirement: For pension holders who opt for the "single life" payout, life insurance can provide financial security to surviving spouses or dependents if their pension stops at death. It also acts as bridge funding, where if an age gap exists between spouses, a policy can bridge the gap until Social Security survivor benefits begin (especially since these benefits only start at age 60 for most spouses). Some retirees use life insurance to ensure a tax-free inheritance for loved ones or to supplement other tax-free assets like homes (due to step-up in basis) and Roth IRAs. Hybrid life insurance policies can include riders for long-term care, providing benefits if care is needed and a tax-free payout at death. However, not all old policies continue to make sense. Whole life policies bought decades ago may have modest death benefits that no longer provide impactful coverage, and their cash values may be underperforming. It's worth reviewing these policies and considering whether surrender, exchange, or repurpose is wiser. Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetireStrongFA.com/Podcast Website: https://RetireStrongFA.com/ Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts
Transcribe →The 'What If' Scenarios of Retirement Planning, Ep 204
Feb 1600:32:23Tap to summarizeRetirement planning isn't just about crunching numbers and sticking to a tight budget—it's about envisioning what's truly possible for your future. These hypothetical scenarios, often overlooked by retirees, can do more than just safeguard your financial well-being; they can enhance your happiness and help you discover opportunities you never thought attainable. You will want to hear this episode if you are interested in... 05:16 Encouraging Big Thinking in Retirement 10:15 Planning for Early or Delayed Retirement 11:50 Philanthropy and Charitable Giving in Retirement 13:37 Identifying Risks in Retirement 15:05 Evaluating Large Purchases and Lifestyle Choices 16:04 Roth IRA Conversions and Pension Risks 19:59 Inflation and Cost-of-Living Concerns 26:54 Listener questions The Real Magic Behind "What-If" Many clients believe their retirement dreams are out of reach. People often compare themselves to others with larger pensions or savings, assuming they must settle for less. Yet, the crucial question isn't just "Do I have enough?" but "What would I do if I had more? What would bring me joy or meaning?" Posing these open-ended scenarios begins to reveal the true potential hidden in one's retirement plan. Seeing is believing. The process of actually mapping out these possibilities with a professional often surprises clients, making them realize some dreams are within reach. This mindset shift can allow people to start dreaming bigger. Longevity, Health, and Unexpected Events Retirement's uncertainties should never be ignored. It's important to stress-test a plan for premature death, forced early retirement, market downturns, or rising taxes. External factors—like Social Security reductions, inflation, or pension cuts—can also threaten retirement security. Running "what-if" simulations for these scenarios helps retirees build resilience and confidence. For example, what if Social Security benefits drop by 25% or unexpected inflation spikes? Understanding the impact empowers retirees to prepare rather than panic. Value-Driven Decisions Retirement is more than financial survival; it's about purpose and fulfillment. Many clients we work with aspire to "be a blessing" through charitable giving, family support, or simply living generously. Rather than focusing solely on accumulating wealth, retirees can explore scenarios to increase their positive impact in the world. "What if we wanted to be outrageously generous?" That question can reshape not just a financial plan but a legacy. Ultimately, retirement planning isn't about settling—it's about exploring, asking, and dreaming. Anyone can achieve a successful and meaningful retirement by strategically considering "what-if" scenarios and seeking guidance from professionals. By embracing possibility, you can pave the way for a retirement filled not only with security but with joy, purpose, and big dreams. Take control of your retirement vision today—because the magic happens when you ask "what if?" Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetireStrongFA.com/Podcast Website: https://RetireStrongFA.com/ Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts
Transcribe →The Top Retirement Questions You Should Be Asking (But Might Be Missing), Ep #203
Jan 3100:38:45Tap to summarizeIn this episode, I decided to do something a little different. Over the last two weeks, my team and I compiled a list of questions submitted by listeners and clients, some common, some obscure, and some that people simply don't know how to ask. I've got a legal pad in front of me with over 30 questions, ranging from "Am I saving too much?" to "Do I really need a trust?". We cover a lot of ground today, including the nuances of Roth conversions, the often-overlooked power of HSAs, and the "gas guzzler" analogy I use to explain tax-inefficient investing. I also address the fear of economic meltdowns for those suffering from "2008 PTSD" and why we've decided to keep this podcast 100% ad-free and sponsor-free to maintain our integrity. Whether you are five years out from retirement or already there, this Q&A session is designed to help you stress-test your own plan against the questions you should be asking. You will want to hear this episode if you are interested in... (05:26) Can You Save "Too Much" for Retirement? (09:06) Social Security and Spousal Benefits. (12:41) Maximizing HSAs for the Long Term. (15:27) Handling the Long-Term Care Question. (16:47) The Best Withdrawal Strategies. (20:17) The Truth About Roth Conversions. (24:40) The Retire Strong Bucket Strategy. (27:19) Protecting Against Economic Meltdowns. (32:16) Do I Need a Trust? The Balance Between Saving and Living One of the first questions I tackled was, "Am I saving too much?". It sounds counterintuitive, but I believe the answer can be yes. If saving for retirement is impacting your current lifestyle to the point where you are putting off vacations or postponing joy, you might be overdoing it. While retirement is a priority, you have to live today, too. On the flip side, we discussed the "when can I retire?" question. I argue that a better question is "when do I want to retire?" because for many, work provides identity and purpose that shouldn't be discarded just because you hit a financial number. The "Gas Guzzler" Portfolio: A Lesson in Tax Efficiency We also dove into investment strategies that minimize tax burdens. I use the analogy of a vehicle: you might have a hybrid getting 50 miles to the gallon, or a massive truck getting 11 miles to the gallon. When your account is small, you might not notice the "fuel inefficiency" of high taxes, but as your portfolio grows, those inefficiencies magnify. This ties directly into withdrawal strategies. I shared a story about someone who planned to drain their 401(k), then their brokerage, then their Roth, completely missing the boat on tax planning. You need a coordinated strategy to lower your lifetime tax bill, not just pay it as you go. Planning for the "What Ifs" Finally, we addressed the question, "Are we missing anything?". It's easy to plan for the monthly bills, but people often forget to factor in massive one-time expenses like weddings for their children or the fact that healthcare inflation historically outpaces standard inflation. We also touched on the fear of another 2008-style crash. If you are losing sleep over a potential economic meltdown, it's a sign to re-evaluate your risk exposure. You might be willing to trade some potential high returns for the peace of mind that comes with a more conservative approach. Resources & People Mentioned 3 Steps to Retirement Planning Retirement Budgeting Tool Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts
Transcribe →2026 Changes You Can't Ignore: Social Security, Tax Rules, and Withdrawal Realities, Ep #202
Jan 1500:40:01Tap to summarizeWelcome to 2026! A new year brings a fresh set of rules for your retirement savings, and not all of them are straightforward. With the turning of the calendar comes changes to contribution limits, Social Security adjustments, and new tax mandates that could catch you off guard if you aren't paying attention. In this first episode of the year, I break down exactly what is changing for 2026, from the "good news" of higher contribution limits to the "bad news" of Medicare premium hikes that might eat up your entire Social Security cost-of-living adjustment. I also dive into a controversial new rule from the Secure Act 2.0 that forces high earners to change how they save in their 401(k)s, removing the choice of pre-tax savings for many. We also tackle some fantastic listener questions, including a look at why Target Date Funds had a "lucky" year in 2025 (and why I still don't recommend them), and I dismantle a dangerous misconception about retirement withdrawals, the "Mayonnaise Jar" math that convinces retirees their money will last 20 years when, in reality, inflation and life have other plans. You will want to hear this episode if you are interested in... (00:23) Intro to 2026 Changes. (04:36) Social Security COLA vs. Medicare Premiums. (06:40) New IRA and 401(k) Contribution Limits. (10:24) The New "Roth Catch-Up" Mandate for High Earners. (18:57) New Charitable Deduction Rules. (20:03) Listener Q: Target Date Funds Explained. (29:12) Listener Q: The "Mayonnaise Jar" Withdrawal Mistake. The "Fake" Raise: Social Security vs. Medicare in 2026 We start the year with what sounds like a win: a 2.8% Cost of Living Adjustment (COLA) for Social Security recipients. However, before you start budgeting that extra cash, you need to look at the other side of the ledger. Medicare Part B premiums have jumped by nearly 9.67%, rising to $202.90 a month. For many retirees, this increase will come directly out of their Social Security check, effectively wiping out the "raise" they thought they were getting. It is a reminder that healthcare inflation often outpaces general inflation, and your plan needs to account for that reality, not just the headline numbers. The $150k Trap: New Mandatory Roth Rules One of the biggest changes for 2026 comes from the Secure Act 2.0, and it impacts high earners. If you earned $150,000 or more in FICA wages in 2025, you no longer have a choice on how you make your "catch-up" contributions. Uncle Sam now mandates that your catch-up contribution (the extra $8,000 you can save if you are over 50) must go into a Roth 401(k). This means you lose the immediate tax deduction on those dollars. It is a way for the government to grab more tax revenue now rather than later, and for many savers, it removes the flexibility to design a tax strategy that fits their specific needs. If your employer doesn't offer a Roth option, you might be out of luck entirely. Why "Cookie Cutter" Investing Still Fails (Even When It Wins) A listener asked why their Target Date Fund performed so well in 2025. The answer lies in a rare alignment of international markets and bond performance that boosted these funds last year. But one good year doesn't change my fundamental problem with these funds: they are "cookie-cutter." They treat every 65-year-old exactly the same, ignoring your personal goals, your risk tolerance, and your income needs. It's like walking into a car dealership and being told you have to buy a minivan just because everyone else your age is buying one. You deserve a plan customized to your life, not a default setting based on your birth year. The "Mayonnaise Jar" Math Mistake Finally, I address a listener who believed he was set for 20 years because he could withdraw $50,000 a year from his $1 million nest egg until it hit zero. I call this "Mayonnaise Jar" math, assuming you can just pull cash out of a stagnant jar until it's empty. This logic fails because it ignores inflation. As we saw in 2025 with beef prices jumping 20%, the cost of living does not stay flat. $50,000 today will not buy $50,000 worth of goods in ten years. If you don't have your money invested to grow and outpace inflation, you aren't planning for a 20-year retirement; you're planning to run out of purchasing power long before you run out of money. Resources & People Mentioned 3 Steps to Retirement Planning Retirement Budgeting Tool Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts
Transcribe →Making Your Money Last: A Smarter Approach to Retirement Income, Ep #201
Dec 3100:34:24Tap to summarizeHow do you take the savings you've built over a lifetime and turn it into reliable income you can count on year after year? That's a question I've been hearing more and more, and it makes sense, without a clear withdrawal strategy, retirees can unintentionally drain their accounts too quickly, trigger unnecessary taxes, or simply feel unsure about whether they're doing things the right way. Making the shift from accumulating money to actually using it can feel uncomfortable, and my goal is to help people approach that transition with clarity and confidence. In this episode, I break the process down into a straightforward framework that organizes your retirement savings into distinct buckets, each with its own purpose and timeline. I also reveal the too common situation where someone has paid far more in taxes than they needed to, all because of the order in which they pulled money from their accounts. With a little structure and thoughtful planning, you can create an income stream that supports your lifestyle, protects your long-term security, and still leaves room to enjoy the retirement you've worked so hard for. You will want to hear this episode if you are interested in... (0:00) Intro. (0:20) Sources of Income in Retirement. (4:22) Costly Withdrawal Mistakes. (10:10) The Spending Mindset Shift. (13:23) The Three-Bucket Method. (28:00) Adjusting Over Time. A Smarter Approach to Using Your Retirement Income Understanding how you'll draw income in retirement is every bit as important as building the savings itself. Social Security, pensions, part‑time earnings, and withdrawals from your investments all contribute to the picture, but the sequence and timing of those withdrawals can dramatically impact your long‑term results. Pulling too much from tax‑deferred accounts early on can trigger avoidable taxes, while leaning too heavily on a single source can limit your options later. I've met plenty of people who ended up paying far more in taxes than they needed to simply because they didn't have a coordinated withdrawal strategy. With a thoughtful plan, retirees can design their income in a way that reduces taxes, stretches their savings, and helps ensure their money lasts as long as they do. Retirement isn't just about accumulating enough, it's about managing it intentionally once you get there. Learning to Use Your Retirement A Shift from Saving to Spending For years, often decades, we're taught to save diligently, invest consistently, and grow our retirement nest egg. But when the moment finally arrives to start using that money, flipping from saver to spender isn't always as simple as it sounds. I've worked with plenty of retirees who hesitate to touch their accounts, even when they're in a strong financial position. Watching balances decline can feel unsettling, even though that's the very purpose of those savings. Some people even take Social Security earlier than ideal just to avoid withdrawing from their investments, a choice that can cost them significantly over time. Recognizing that spending down your savings is a normal, healthy part of retirement can make a world of difference. When people understand this shift, they're better equipped to make confident decisions, and to actually enjoy the retirement they spent a lifetime preparing for. Structure Retirement Withdrawals to create a Predictable Paycheck When it comes to turning savings into reliable income, I've found that simplicity is often the key. The three‑bucket approach helps retirees organize their money into short‑term cash, steady income‑producing investments, and long‑term growth assets. With this structure, you always know which bucket your income is coming from and when you'll need it. A dedicated income bucket makes withdrawals feel more like a predictable paycheck, while the growth bucket keeps your future needs covered. This setup helps prevent selling investments at the wrong time, keeps taxes in check, and gives retirees the confidence that their financial plan can support them for the long haul. Resources & People Mentioned 3 Steps to Retirement Planning Retirement Budgeting Tool 2025 Market Outlook from LPL Financial Episode 72: The Bucket Strategy BEST Withdrawal Strategy | Where Should You Pull Funds from First? I'm 60 Years Old with $1.8million saved. How long will my money last? Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts
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