My Smart Retirement

My Smart Retirement

Whether you are planning to retire someday, or find yourself already there, you know there’s lots of advice swirling around - some dangerous, some making outrageous claims. Where do you go? Who can you trust? How do you avoid the danger zone? Nancy Fleming with Fleming Financial Services features a weekly show that offers sound, practical solutions to these concerns and more. New episodes offered every Saturday.

Episodes

July 22, 2021 13 min

The last thing anyone wants to do in retirement is worry. This time in your life should be stress-free and spent however you’d like, but that can be disrupted if your financial plan hasn’t been thoroughly constructed.

So how do you do that? Well, it starts with a good advisor who can help you take the steps to build a comprehensive plan, and that’s what we’re going to talk about on this episode of My Smart Retirement. The goal toda...

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To understand how retirement planning has changed in recent years, you have to look no further than the demographics of today’s retirees.

It’s a topic that you’ve probably read about or discussed in some form, but how much have you noticed it impacting your retirement plan? On this episode of the podcast, we want to share some statistics with you to provide a clearer picture of what this means for planning.

Let’s start with the ide...

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July 8, 2021 18 min

The idea of retirement planning is one that comes to fruition over the course of many, many years, and it’s always a wonderful thing to see.

That’s why we wanted to share the story of someone we know, who we’ll call Beth on this episode. She’s someone that we spoke to recently about the life her and her husband built through planning and thoughtful execution, but it all began when she created a vision for retirement at a very young...

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July 1, 2021 23 min

We’d all love to be able to go back in time and apply the lessons we’ve learned through experience, but of course that’s not possible. What we can do, however, is use the information we’ve gained and apply that to our decision-making moving forward. This is very true of financial planning as well.

The reason we bring this up today is because a recent question came into the office about how much a person needs in savings. The genera...

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Today, we’re sharing some financial proverbs that you’ve probably heard before. We’ll explain how they can help your financial situation.

A bird in the hand is worth two in the bush

It’s better to have the thing you know you have, versus the potential of what you might get. People often think about this in terms of investing and being more conservative.

We know of a couple that was forced to retire sooner than they wanted. They too...

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June 17, 2021 15 min

As we head into this Father’s Day weekend, we wanted to first stop and appreciate all of the dads out there. It takes a lot of work to play that important role in a child’s life and Nancy has a story she’ll share about her wonderful dad.

Now, let’s talk about financial planning. This conversation takes on an important question that we all have to evaluate in different aspects of life: Is the risk worth the reward?

We have to go bac...

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Today we’re answering your questions about all things retirement and financial planning. Let’s jump into it.

Jim retired last month and wants to do part-time work, but he heard this can mess up his Social Security. Is that true?

This is a common question we get. If you retire prior to your full retirement age and you get earned income, then for every $2 you earn above the income limit, $1 is withheld from your Social Security benef...

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Today, we’re focusing on financial decisions people made in the past that they regret. One of the biggest mistakes people regret is that they start living up to the amount of money that they made. It’s known as lifestyle creep. As your income increases, you spend more instead of saving more.

 

You need to ask yourself, “Can I afford it?” Don’t ask, “Can I afford the payment?” You can’t afford it if you can’t buy it outright. Save u...

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If you’re a grandparent, have you ever tried talking to your grandchildren about money? It’s a great topic to share your knowledge and see what they know. Today, I’m interviewing two of my grandchildren to see what they think about money and what they’ve learned.

Calvin, just finished 5th grade

Calvin knows the difference between a want and a need. He says needs are food and water and toys are a want. 

“Instead of getting a toy, yo...

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If you’re 10 years away from retiring, there are some critical things you should do to prepare for retirement.

First, you need to decide what’s important to you. Some people want to retire early. Maybe they want to spend more time with their children or grandchildren. Some want to pursue their hobbies or spend time on philanthropy. Some people live very simply and say they don’t need much money.

Others want to continue working. The...

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Have you ever stopped and taken the time to think about what you want life to look like after your career is over? Many of us get too busy with life to think that far ahead and truly envision what we want tour futures to look like, but it’s an important thing to do.

The reason this came up now is because we saw a recent survey that asked people how they’d describe retirement. They surveyed multiple age groups and genders and the re...

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With thousands of Baby Boomers retiring every year, we’ve worked with this generation quite a bit and have seen the concerns and worries that they have about retirement.

Baby Boomers are looking at a retirement landscape that is quite different than their parents were facing. Many things have changed over the past decade or two and there are far more uncertainties than before.

On this episode of My Smart Retirement, we’re going to ...

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It’s never too early to begin planning for your retirement, but that doesn’t mean there’s a long list of items to worry about early in your career. Even without the complexities that come closer to retirement, there are some things you can be reviewing and key decisions to be made.

On this episode of My Smart Retirement, Nancy Fleming will share some stories of past clients that we’ve worked with who were early in the planning proc...

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April 22, 2021 22 min

The 1970s was a great decade for a lot of things but, financial speaking, there’s a lot that we want to leave in the past.

We seem to be coming to a crossroads in the country as spending continues to rise while taxes remain at low levels. It seems like the pandemic exacerbated the problem even further, and we’ve heard a number of proposals for generating revenue at a Federal level.

On this episode of My Smart Retirement, we’ll look...

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On this episode of My Smart Retirement, Nancy Fleming explains what a Roth IRA conversion is and whether it may be right for you.

Some employers are offering Roth options as part of their 401k options, so some people already have a Roth. One thing to keep in mind is taxes. You need to think strategically about the possibility of higher taxes and their affect on your retirement assets going forward. Higher taxes could begin in 2022,...

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Have you ever regretted something you’ve done in your life? We’re all human, and that means we’ve likely wished things would have been done differently at one time or another.

Today, we thought we’d talk about financial statements people would regret. Thankfully, these are things you won’t hear around our office and Nancy Fleming will explain why on this episode of My Smart Retirement.

The first one deals with putting money into a ...

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We’re right in the heart of tax season and since it’s top of mind, let’s talk about some of the most common tax obligations you’ll have from investing.

There are many different ways that the IRS will take a cut of your income, but that doesn’t mean investing shouldn’t be a key piece of your planning. The key is knowing what might come with an added tax obligation and how you can take steps to minimize that.

First up are the ones mo...

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Where should you invest your money? That’s question is usually near the top of any person’s list when they sit down with an advisor.

 

The answer, as you might imagine, isn’t straight-forward. At least it shouldn’t be if you’re building a plan that’s tailored to your retirement goals. Every investment vehicle can serve multiple different objectives, and it’s our goal as planners to make sure the investment and the objective line up...

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If you talk to anyone working in the financial planning business, they’ll tell you that healthcare costs are one of the most significant you’ll face in retirement. Not only are these costs rising every year, but many people just are doing the proper planning for what could be a major expense down the road.

Once it comes time to decide on health insurance coverage after working, most people will turn to Medicare. The problem, howeve...

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Next time you’re cleaning out the house, what do you think you’ll find in the junk drawer? You know the one we’re talking about. We all have one where things go to be forgotten.

The same thing happens in financial planning. There are certain products that don’t need your frequent attention on those items always end up becoming an afterthought. But what if you took the time to dig through those files and determined whether each inve...

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