Ready For Retirement is the podcast dedicated to helping you learn the tips and strategies that will help you achieve your retirement goals. When it comes to re...
This is the Biggeset Way People Waste Money in Retirement
Meet Sarah—a retiree with a multi-million-dollar portfolio, no mortgage, and all her income needs covered by Social Security. Yet, she hesitates to furnish her newly expanded home, fearing it would “waste” money. In this episode, James unpacks Sarah’s story to explore why so many of us struggle to spend, even when we're financially secure.James explores concepts like:- The Purpose of Money: Money is a tool, not an end goal—it’s meant to be exchanged for experiences and joy.- Diminishing Marginal Utility of Wealth: More money doesn’t always bring more happiness, especially as wealth grows.- Time vs. Money: Time becomes more valuable as we age, making it critical to use wealth meaningfully.- Mindset Shifts: Frugality that builds wealth can hold you back from spending in alignment with your values.- Future Self Perspective: Align today’s decisions with the life you want in retirement to avoid future regrets.This episode challenges traditional views on retirement spending, encouraging listeners to shift their mindset, embrace their financial freedom, and focus on living a fulfilling life.Questions answered:Why do we sometimes struggle to spend our money, even when we have more than enough to meet our needs?How can you reframe your mindset to align your spending with the life you truly want to live?Submit your request to join James:On the Ready For Retirement podcast: Apply HereOn a Retirement Makeover episode: Apply Here Timestamps:0:00 - Wasting $ on furniture?1:59 - What money is3:26 - A different view of "waste"5:30 - Diminishing marginal utility8:49 - Consider what serves you11:45 - An example from Charlie Munger14:58 - Audit your decisions17:04 - Consider your future self18:55 - ConclusionCreate Your Custom Strategy ⬇️ Get Started Here.
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21:02
The Downside of Working "Just One More Year"
Are you delaying retirement, working for "just one more year" to feel ready? In this episode, Ari and James dive into goalpost planning—the tendency to postpone retirement over financial or emotional uncertainties. Learn how to prioritize life goals over arbitrary benchmarks, like saving $1M or following a generic 60/40 portfolio strategy.🎙️ Highlights from the conversation:The emotional challenges of leaving work and finding purpose in retirementWhy cash flow matters more than hitting a specific savings numberReal-life example: a mid-50s teacher couple weighing part-time work, pensions, and travelThe truth about 60/40 portfolios and inflation-proof investingSubmit your request to join James:On the Ready For Retirement podcast: Apply HereOn a Retirement Makeover episode: Apply Here Timestamps:0:00 - Goalpost planning3:09 - Procrastinating finding meaning4:42 - Tradeoffs6:43 - An example9:20 - Initial analysis 12:48 - Roleplaying15:09 - Use your PTO 18:01 - Allocation20:39 - No cookie-cutter formulaCreate Your Custom Strategy ⬇️ Get Started Here.
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24:42
How Soon Before Retirement Should You Adjust Your Portfolio?
In today’s episode of Ready for Retirement episode James covers when to adjust your portfolio as retirement nears—a crucial step for balancing growth and security. If adjustments happen too late, market downturns could delay your plans; if too early, you might miss out on potential growth.The focus is on reallocating stocks to more stable investments like bonds as you approach the time you’ll need to start drawing from your portfolio. Historical data shows that while the stock market grows over the long term, short-term volatility can be risky close to retirement. Timing this transition, often starting about 10 years before needing funds, provides a smoother adjustment and reduces risk.Besides financial factors, psychological comfort with market swings also matters. Striking the right balance helps ensure your retirement funds last while maintaining your peace of mind.Questions answered:1. When should I start adjusting my investment portfolio as I approach retirement?2. How can I balance growth potential with stability in my retirement portfolio to minimize risks and ensure financial security?Submit your request to join James:On the Ready For Retirement podcast: Apply HereOn a Retirement Makeover episode: Apply Here Timestamps:0:00 - Protect against stock market decline2:22 - Investment fundamentals and market trends6:12 - When will you need the funds?8:06 - Risk capacity10:55 - Consider dividends and interest from bonds14:20 - Use bonds for a specific purpose17:07 - Risk tolerance20:59 - 5-10 years before retirement24:36 - Goal: minimize risk and regretCreate Your Custom Strategy ⬇️ Get Started Here.
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Here's How To Discuss Money Effectively With Your Parents
Meet Ari Taublieb 👋 If you didn’t already know, Ari and I work together at Root Financial, and we thought it was finally time to launch a podcast series together.In our very first episode, we dive into a topic that many people shy away from: talking to your parents about money. Whether it’s discussing their estate plans, long-term care, or the tough conversations around wealth, these talks can feel awkward—but they’re absolutely essential.In this episode, we break down:▪️ Our personal stories and insights on how to approach these conversations▪️ Tips for handling these talks with grace and understanding▪️ Strategies to ensure peace of mind for everyone involvedIf you’ve ever felt uncertain about talking money or navigating estate planning with your parents, this episode is for you.Subscribe to Ari’s YouTube channel Submit your request to join James:On the Ready For Retirement podcast: Apply HereOn a Retirement Makeover episode: Apply Here Timestamps:0:00 - Ari and James2:03 - A listener's question5:54 - Approaching parents9:26 - Focus on the parent's needs/desires11:13 - Start with long-term care14:33 - Initiating conversations18:03 - Have questions? Ask!Create Your Custom Strategy ⬇️ Get Started Here.
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20:11
7 Things You Need to Know About Roth IRAs to Maximize Tax-Free Income
Roth IRAs offer great tax-free income benefits, but to make the most of them in retirement, here are seven things you need to know:Contribution Limits: In 2024, you can contribute up to $7,000 annually ($8,000 if 50+), across both Roth and traditional IRAs.Access to Contributions: You can withdraw your contributions at any time, tax-free and penalty-free. Only earnings are subject to penalties if withdrawn early.The Five-Year Rule: To withdraw earnings tax-free, the Roth IRA must be held for at least five years.Income Limits & Backdoor Roths: High earners may not be able to contribute directly, but a backdoor Roth strategy can help. Consult a financial advisor for guidance.No RMDs: Roth IRAs don’t require minimum distributions, allowing your funds to grow as long as you want.No Impact on Social Security: Roth IRA withdrawals won’t count toward your provisional income, potentially lowering your Social Security tax.No Medicare Surcharge: Roth withdrawals don’t affect your adjusted gross income, helping you avoid higher Medicare premiums.By understanding the points above, you can use a Roth IRA to manage taxes and increase flexibility in your retirement.Submit your request to join James:On the Ready For Retirement podcast: Apply HereOn a Retirement Makeover episode: Apply Here Timestamps:0:00 - What is a Roth IRA?1:38 - Free withdrawals3:15 - The 5-year rule4:49 - Income thresholds6:01 - Backdoor Roth contribution8:18 - No RMDs9:26 - Not provisional income12:10 - Not part of IRMA calculations13:06 - Income requirement nuances 14:49 - Wrap-upCreate Your Custom Strategy ⬇️ Get Started Here.
Ready For Retirement is the podcast dedicated to helping you learn the tips and strategies that will help you achieve your retirement goals. When it comes to retirement planning, it can quickly become overwhelming and easy to not take action. I designed this podcast because I want you to have the knowledge and confidence to create your secure retirement. My ultimate goal for all of my clients (and listeners) is to create peace of mind and that starts with having a strategy. I want you to spend more time thinking about what matters most to you in retirement. I post weekly episodes to keep you up-to-date on all the best tips and strategies to create a retirement that excites you. Everything from investing tips, tax planning, withdrawal strategies, insurance planning, Social Security, and that's just the start! Let's help you maximize your return on life. We use your money and the strategies I share in this podcast to do just that!
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