Accessible Finance For Retirement

Unlocking Roth IRA Secrets: Fundamentals Explained | Accessible Finance Ep 83

Welcome to episode 83 of Accessible Finance for Retirement! Eric and Rachael Johns kick off a three-part miniseries on Roth accounts, starting with the fundamentals. They discuss the origins of Roth IRAs, basic differences between Roth and traditional IRAs, and key rules and contributions limits. Get to know the significance of Roth 401k options and the vi...

In episode 82 of Accessible Finance, hosts Eric and Rachael Johns delve into retirement regrets and how to avoid common pitfalls. They discuss personal stories from retirees who wish they had started saving earlier, misunderstood Medicare coverage, mismanaged investment strategies, failed to seek professional advice, and avoided important financial conversations with family. The episode emphasizes the importance of early saving, th...

In episode 81 of Accessible Finance, Eric and Rachael Johns discuss how to create and fund your retirement bucket list without breaking the bank. They share their own bucket list items and emphasize the importance of quantifying costs and setting realistic goals. The episode covers key strategies such as setting up dedicated savings accounts, budget reallocation, and considering side hustles. They also stress the importance of not ...

Welcome to episode 80 of Accessible Finance with Eric and Rachael Johns!

In this rapid-fire session, Eric answers your most pressing retirement questions without his famous 'It depends' caveat. From the biggest mistakes made before retirement to whether you should downsize your home, we cover it all. Also discussed are Roth IRAs vs. traditional IRAs, how to estimate healthcare costs in retirement, and the safest investments...

Welcome to episode 79 of Accessible Finance! Join Eric and Rachael Johns as they break down how to compare job offers beyond just the paycheck. Learn what benefits to look for, how to quantify those benefits, and why they matter more than you might think. From healthcare and retirement plans to paid time off and work flexibility, this episode covers everything you need to know to make an informed career decision.

🎙️ Have a financi...

In episode 78 of Accessible Finance, we tackle the challenge of managing tax risks in pre-tax accounts like 401(k)s and traditional IRAs. Eric and Rachel discuss the importance of considering future tax brackets and RMDs (Required Minimum Distributions) while planning your retirement. Learn about strategies like Roth conversion ladders to mitigate hefty tax bills, the significance of filling the lower tax brackets, and how delaying...

In Episode 77 of Accessible Finance, we tackle a pressing question: 'How do I reduce my tax bill before I retire?' Eric and Rachael discuss critical strategies for those nearing retirement, including deferring income, maximizing pre-tax contributions, leveraging donor-advised funds for charitable giving, and planning Roth conversions. They delve into the importance of preparing for retirement well in advance, ideally five years pri...

In episode 76 of Accessible Finance, we break down the three tax buckets: taxable, tax-deferred, and tax-free accounts. Discover how each impacts your taxes, flexibility, and financial planning. Learn the pros and cons of each account type and why having a balanced mix across all three buckets is essential for strategic withdrawals and minimizing tax liabilities. Join us as we dive into the details, share personal anecdotes, and pr...

In episode 75 of Accessible Finance, we address an emotional and critical listener question from someone who has recently lost a spouse and feels overwhelmed with financial decisions. The discussion covers key initial steps such as pausing big decisions, getting organized, securing income sources, and the importance of involving trusted financial professionals. We discuss the tax implications of going from married filing jointly to...

🎙️ Episode 74: Navigating Your Retirement in a Down Market Are you planning to retire but worried about the market downturn? Is it wise to push on or is waiting the better option? In this episode, Rachael and Eric tackle one of the toughest questions facing soon-to-be retirees: the market’s impact on your retirement timeline.

Key Highlights:Should you retire now or delay? Discover the decision-making frameworks that can help you we...

In episode 73 of Accessible Finance, hosts dive into a detailed listener question about retirees with pension plans. They discuss the implications of the Windfall Elimination Provision (WEP) ending, its impact on social security benefits, and the Government Pension Offset (GPO). The episode explores strategies for pension holders, including whether teachers should work summer jobs to earn social security credits. Key insights and a...

Financial Planning for Life's Unexpected Curveballs | Accessible Finance Ep. 72In Episode 72 of Accessible Finance, we tackle the topic of preparing your finances for life's unexpected events by sharing a very personal one of our own. Whether it's a sudden health diagnosis, an unexpected expense, or another unforeseen event that can shake your financial stability, we cover actionable steps to stay prepared. We discuss t...

In this episode, we answer the question: "I don't trust financial advisors because of bad past experiences. What questions should I ask to find the right one now?"

Unfortunately, you're not alone, and this is SUCH an important topic! Firstly, NOT ALL FINANCIAL ADVISORS ARE CREATED EQUAL. There are different certifications, pay structures, and philosophies.

What questions are most critical? How do you get paid? Are you a fiduciary? ...

In this episode, we answer the question: "I just retired, but my spouse is still working. How should we handle taxes now that our income brackets are so different?" Ultimately, Filing status matters, the impact of retirement income needs to be assessed, and withholding adjustments should be analyzed. For retirees not yet taking income (aka waiting to draw on SS and not required to take RMDs), there are planning opportunities in rot...

In this episode, we answer the question: "Our adult child is struggling financially and keeps asking us for money. How do we help without jeopardizing our own retirement? Short answer: Assess your own financial help, the nature of the struggle, and the terms of the help--communication is key! Be honest about your limits, offer non-financial support where possible, and set boundaries. 🎙️ Have a financial scenario you’d like us...

In this episode, we answer questions regarding Roth withdrawals, Roth conversions, and how to choose a fiduciary advisor--including a crucial discussion on what questions to ask and what could cause a lack of consensus among planners when comparing.🎙️ Have a financial scenario you’d like us to discuss (without giving personalized advice)? Send your questions to podcast@equilibriumfp.com—we’ll keep your information completely anony...

In this episode, we answer questions regarding whether you can contribute to a Roth if your income is a pension, where a full commission job should put retirement savings, and timing cashing in of iBonds. 🎙️ Have a financial scenario you’d like us to discuss (without giving personalized advice)? Send your questions to podcast@equilibriumfp.com—we’ll keep your information completely anonymous! 📢 Don’t forget to like, subscribe...

In this episode, we answer questions regarding whether it ever makes sense to have a portfolio with only equities if equities truly outpace other investment classes over the long run, and clarification on the tax code while making a decision on a Roth conversion versus taking more from an inherited IRA. 🎙️ Have a financial scenario you’d like us to discuss (without giving personalized advice)? Send your questions to podcast@equi...

In this episode, we answer questions regarding high yield savings versus CDs, inherited stock portfolios, whether there is a time one should leave the market altogether, and how to split bond/stock investment allocations as you age. 🎙️ Have a financial scenario you’d like us to discuss (without giving personalized advice)? Send your questions to podcast@equilibriumfp.com—we’ll keep your information completely anonymous! 📢 Don’t...