Episódios
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Ryan & Lawrence discuss their journeys to becoming financial advisors, sharing personal stories and insights into the importance of financial planning. Lawrence reflects on his background and motivation to help others, while Ryan shares his unexpected path from marine biology to finance. They emphasize the significance of choosing an independent and fiduciary advisor for personalized financial guidance.
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Ryan discusses the often-overlooked fees associated with 401k plans and provides actionable strategies for lowering these costs. He emphasizes the importance of understanding the fees you are paying, reviewing your investment options, and seeking independent financial advice to ensure you are not overpaying for your retirement savings.
The conversation highlights the need for financial literacy and proactive management of retirement funds to maximize savings and investment returns.
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Mike and Ryan discuss the fundamentals of 401(k) plans, emphasizing their importance in retirement planning. They explain how these employer-sponsored retirement accounts work, the significance of employer matching contributions, and the necessity of understanding fees and investment options.
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A recent study found that 1 in 5 Americans over 65 are still working, not because they want to, but because they have to. Mike and Ryan emphasize the importance of having a comprehensive retirement plan that provides the freedom to choose whether to continue working or not. They discuss the lack of proper advice and guidance that leads to people running out of money and being forced to go back to work.
Mike and Ryan also highlight the need for a plan that ensures a steady income stream in retirement and the option to transfer the risk of running out of money to insurance companies. They challenge listeners to find an investment vehicle that guarantees never running out of money without involving insurance.
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Mike and Ryan highlight the benefits of tax planning, such as minimizing tax liabilities and maximizing personal wealth. They also explain the difference between a tax preparer and a tax planner, with the latter providing proactive advice and strategies to optimize tax outcomes.
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Mike discusses tax planning and retirement savings rules that have recently changed, including the elimination of required minimum distributions (RMDs) from Roth 401(k) plans and the reduction of penalties for missed RMDs.
The discussion also touches on the importance of tax planning and maximizing the benefits of 401(k)s and IRAs. The conversation concludes with a mention of catch-up contributions for high earners and alternative solutions for tax-savvy individuals.
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Ryan discusses how to navigate market volatility and protect your retirement savings. He emphasizes the importance of having a solid financial plan that includes income streams and protection against market downturns.
Ryan also explains the role of emotions in investing and how having a plan can help minimize emotional reactions. The conversation touches on the use of annuities for income generation and the importance of tax planning in retirement.
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Ryan discusses the timing of doing a Roth conversion and explores the options of doing one during a market downturn. He highlights the potential tax savings that can be achieved through strategic Roth conversions.
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Saving for retirement is important, but it's crucial to consider the tax implications of required minimum distributions (RMDs). Many people are unaware that they must take money out of their retirement accounts at a certain age, regardless of whether they need it or not. This can result in a significant tax burden.
Mike and Ryan discuss how financial advisors often neglect to discuss taxes with their clients, as their focus is on accumulating assets. However, proper tax planning can lead to substantial savings and a more tax-efficient inheritance for future generations. Taking advantage of Roth conversions and other tax strategies before the 2026 sunset provision is crucial.
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Ryan discusses the parts of a financial plan that need to have a mid-year checkup leading into retirement, including retirement contributions, asset allocations, tax loss harvesting, and estate planning.
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Mike discusses the frustrations with RMDs and fees associated with retirement accounts, and why tax planning is important when building a retirement plan. Mike highlights why in-depth tax planning is necessary to potentially achieve a 0% tax bracket in retirement.
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Mike dives into how required minimum distributions work and how they can possibly lead to higher tax brackets in retirement. He emphasizes the need to minimize taxes and create tax-efficient income streams.
Mike also touches on the challenges of managing RMDs and the penalties for not taking out the correct amount.
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Mike and Ryan discuss the DOW Jones recently breaking the 40,000 mark and the impact of market fluctuations on retirement planning. They emphasize the importance of tax planning and taking control of tax bills during retirement.
Mike and Ryan also cover strategies for minimizing tax liabilities and optimizing income from the sale of a business.
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Mike and Ryan delve into the implications that government spending can have on your taxes, and the potential shock that may come when taxes increase after the Trump tax cuts expire.
They also discuss the need for tax efficiency and the potential savings that could come from strategic financial planning in retirement.
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Ryan Herbet discusses the potential impact of healthcare and long-term care expenses on retirement savings and the transfer of wealth to future generations. He highlights the need for tax planning and what the tax implications may be of passing wealth down to children.
Ryan also explores alternative options for funding long-term care and the challenges associated with it.
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Retirees are getting anxious about the unrest in the world, upcoming elections, and out-of-control government spending. Warren Buffett advises against making investment choices based on short-term headlines and instead focuses on predicting what will happen in the next 10 years. The stock market is unpredictable and reacts to various factors, making it difficult to determine its direction.
In this episode, Mike and Ryan explain how both Republicans and Democrats have been poor stewards of money. It is important for retirees to have a solid retirement plan that includes income streams that they will never outlive.
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What are the tax consequences of working longer in retirement to gain more income?
In this episode, Ryan discusses the impact of taxes on retirement income and the importance of tax planning. Also, Ryan explains how Roth conversions can be a valuable strategy to save on taxes in retirement.
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Having a 401k does not automatically mean you have a substantial retirement fund. While a 401k is a tool to save money for retirement, it doesn't guarantee a successful income plan.
In this episode, Mike and Ryan explain why people may lack the necessary knowledge and guidance to make informed decisions about their 401k, and discuss the important things to look out for when developing a retirement plan.
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Tax planning is a crucial aspect of financial planning, as taxes may significantly impact retirement savings.
In this episode, Ryan Herbert tells us where Maryland stands compared to other states regarding tax rates. Learn about how where you live can affect your overall retirement plan and the importance of properly preparing a tax strategy.
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Diversifying tax buckets is important when minimizing tax implications. A plan that considers the lowest tax bracket today and throughout retirement is essential to understand when aiming for tax efficiency.
In this episode, Mike and Ryan break down how different investments such as annuities have varying tax implications, and why preserving and protecting wealth in retirement should be a goal when building out a plan.
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