Retirement Starts Today

Our retirement headline is from a ThinkAdvisor article titled "Ed Slott: Roth Conversions Are Trickier Under New Tax Law" by Melanie Waddell. “With the extended tax cuts under President Trump’s recently passed tax and spending law, ‘Roth conversions should be accelerated to take advantage of more years of low tax rates,’ according to Ed Slott of Ed Slott & Co. ‘You never want to leave a low tax bracket unfilled,’ he said. ‘Low tax brackets need to be maximized each year, but how much to convert each year can be trickier now since many of the new tax breaks have income caps.’” That’s the crux of it — Roth conversions still make sense, but now they’re bumping up against some new income cliffs. I take the first few minutes to share a few key numbers. Then our listener question is actually one I asked myself after seeing a post about company financials being reported less frequently than quarterly. I go through the pros and cons of making this change. Resources: Article by Melanie Waddell, courtesy of ThinkAdvisor.com: Ed Slott: Roth Conversions Are Trickier Under New Tax Law Article on Reuters by Johann M Cherian, Lewis Krauskopf and Douglas Gillison: Trump renews calls for ending quarterly reports for companies Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Follow Retirement Starts Today in: Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

Should I collect Social Security early & invest the proceeds into the stock market? This is the age-old question I see on a nearly daily basis in retirement forums. An article from Morningstar - written by Christine Benz and features a conversation with Social Security expert Mary Beth Franklin - gives me the basis for sharing six obstacles for claiming instead of waiting. Also, we share a listener question about whether retirees should stick with the traditional 60/40 stock-and-bond portfolio or branch out into alternatives like gold, REITs, or managed futures to help with risk management and withdrawal rate. Resource: Article by Christine Benz featuring Mary Beth Franklin on Morningstar: Does It Make Sense to File Early for Social Security and Invest in the Market? Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Follow Retirement Starts Today in: Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

Inflammatory headlines are "Clickbait", and I am not immune to falling for them. "Social Security recipients set to face an $18,000 benefit cut in just seven years" is the most recent culprit in my Google feed - with an image of a Social Security check with a wrecking ball smashing straight through it. The good news is the headline is pretty far from reality for most people, and I explain why. Listen in to understand who might actually be impacted, and why most people actually won't. Source: Article by Emily Peck on Axios: "Social Security recipients set to face an $18,000 benefit cut in just seven years" Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Follow Retirement Starts Today in: Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

"Only 5% of retirees say they’re living the dream and 19% are living the nightmare." says Deb Boyden in an article from Yahoo Finance. Deb provides three lessons to protect your future, which we dig into to see how it applies to your retirement: Lesson 1: You’re Probably Not Saving Enough Lesson 2: Expect the Unexpected Lesson 3: Winging It Won’t Get You There In our Listener Question segment, we talk about the pro rata rule and Roth conversions. It’s one of those areas that seems simple on the surface but trips a lot of people up once you start digging in, so we unpack what the pro rata rule really means and why, in most cases, an extra step at the point of retirement, and a bit of double-checking will keep things as clean and simple as possible. Resource: Article on Yahoo Finance from Deb Boyden: "Only 5% of retirees say they’re ‘living the dream’ and 19% are ‘living the nightmare.’ Here are 3 lessons to protect your future" Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Follow Retirement Starts Today in: Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

If you’ve saved more than a million dollars, that puts you ahead of 90% of your peers. Statistically, that makes you a super saver. But one of the biggest challenges super savers face is this: it’s hard to spend your own money. In this episode, I share one exercise that can help break some of those old habits and open the door to a more fulfilling retirement. A Practical Exercise Think back over the last year or two and pick a trip that you really enjoyed. Itemize all the spending decisions you can remember: Take each line item and triple it. Then think of two or three ways you could possibly spend that new tripled amount. Listen to the rest of the episode and learn how we can rewire our brains from saving mode to spending mode. Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Follow Retirement Starts Today in: Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

We’re taking another look at one of retirement planning’s sneakiest pitfalls — underestimating your own life expectancy. We explore why smart people make short-sighted Social Security decisions, how psychological biases can distort your thinking, and why planning to live a long time isn’t pessimistic. Then, our listener question covers the nuts and bolts of how to apply for Social Security (online, phone or in-person), a critical heads-up for widows who want to claim survivor benefits without accidentally locking in reduced retirement benefits, and what happens when spousal benefits enter the mix after one spouse files before the other. Resources: Episode 412Underestimating Your Life Expectancy: Don’t Let Your Brain Shrink Your Retirement Benefitsssa.gov Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Follow Retirement Starts Today in: Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

We’re going inside the new tax rules for retirees. From a brand-new $6,000 deduction for seniors to major changes in how charitable giving is handled, the One Big Beautiful Bill Act has reshaped key parts of the retirement tax landscape. We’ll break down what’s changed, what’s just political spin, and what you can do right now to take advantage of these new rules. After that, we answer a listener question: Have you ever wondered what the letters behind a Financial Advisor’s name mean? Resources: How the New $6,000 Tax Deduction for Seniors Really WorksOne Big Beautiful Bill (OBBB): Impact on charitable giving Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Follow Retirement Starts Today in: Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

Nick Maggiulli’s latest article in Of Dollars & Data challenges one of the core ideas that drives personal finance blogs, podcasts, and even some of our own thinking — the belief that financial independence should be the ultimate goal. We explore the surprising downsides of chasing early retirement, the difference between financial independence and financial freedom, and why something called “Coast FIRE” might be the real goal worth aiming for. I also answer a listener question: What can retirees do to fight back against inflation? One listener asks how to protect their buying power as costs keep rising. We go over several practical, actionable ways to stretch your dollars and build an inflation-resistant retirement. Resource: Article by Nick Maggiulli in Of Dollars & Data: Why Financial Independence is Overrated Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Follow Retirement Starts Today in: Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

The (f)law of averages challenges a dangerous assumption we see far too often in retirement planning: The use of average life expectancy as a reliable planning target. The question is: If you make it to retirement - are you already above average - and if that’s true, how do we use that in our planning? I share six key takeaways from the article: After that, I answer a listener question: Can you really self-insure for long-term care and use the tax code to make your dollars go further? One listener heard about using the medical expense deduction to offset the cost of care — and wants to know which types of care actually qualify. So, what does qualify? Resource: Article by Jeffrey Dellinger in Advisor Perspectives: Life Expectancy: The (F)Law of Averages Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Follow Retirement Starts Today in: Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

Could heaven be an RV in a state park? It is for Marian Barry, who became a traveling nurse after working in hospitals during the pandemic. We share this story from a Business Insider article, pointing out that she lives on $2,972 a month in Social Security and is lovig life. "I literally live in heaven." Key takeaways: Then I share some of my thoughts from our Spring client meetings. I found some common threads from some our clients that seemed the most at peace - even during the reported "market turmoil". Resource: Article by Eliza Relman from Business Insider Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Follow Retirement Starts Today in: Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

New research from David Blanchett, head of retirement research at PGIM, challenges one of the biggest assumptions in retirement planning: that happiness in retirement depends on maintaining a constant—or even increasing—level of spending. ⬇️ Upon entering retirement, households experience a median consumption decline of about 20%. This drop is often viewed as a red flag in traditional financial planning models. However, Blanchett argues that this decline is not necessarily problematic, especially when you look at how financial well-being changes over time. ☎️ Then on our listener question, we hear from a 34-year-old investor who’s been all-in on stocks since taking Dave Ramsey’s advice early in their career. Now, they’re wondering how and when to start easing into a more balanced portfolio with bonds. We’ll talk strategy, psychology, and sprinkle in some data on market highs that might surprise you. Resource: Article by John Manganaro from ThinkAdvisor: Spending Drops in Retirement, but Satisfaction Doesn't: Blanchett Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Follow Retirement Starts Today in: Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

There is a lot to cover in this episode, including new legislation that could impact your retirement. Plus, 6 More Retirement Financial Myths to Avoid, and a listener with substantial assets who wants to know how to pay for a new car. The OBBB The One Big Beautiful Bill became public law on July 4, 2025. Included are: If you’re a client of ours - we’ll go into these changes in detail during our year-end appointments. If you really like the numbers, we’ll do a before & after to calculate your specific tax savings impacted by these changes. Article: 6 More Retirement Financial Myths to Avoid This article by Sheryl Rowling from Morningstar addresses these six myths: Resource: 6 More Retirement Financial Myths to Avoid by Sheryl Rowling Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Follow Retirement Starts Today in: Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

This week’s headline reads like a financial horror story — and unfortunately, it’s a true one. 😱 33-year-old Mr. Handy changed jobs and did what millions of Americans do every year: he requested a rollover of his 401(k). Paychex, the provider managing his old employer's plan mailed him two paper checks: one for his traditional 401(k), and one for his Roth 401(k). They were intercepted in the mail, and over $114,000 vanished. Gone. Just like that. This situation raises some serious questions. According to a recent report from Capitalize, 43% of people doing rollovers are still being sent paper checks. Why are we still using paper checks to transfer life savings? We'll cover that through an article written by Ron Lieber of the New York Times. 📬 Then we will answer a listener question, "I invested in Vanguards 2035 Target fund a long time ago. Not a bad move. BUT, I did so in a brokerage account and not an IRA. Now I have over $100k in it. Oops. Should I leave it there or try to shift to a more flexible fund before a I retire in 5 year or so?" Resource: Article by Ron Lieber: His Life Savings Were Mailed to Him by Paper Check. Now, It’s Gone. Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Follow Retirement Starts Today in: Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

According to BankRate, 23% of Americans 60-78 have a side-hustle. Maurie Backman says in an article by Kiplinger that this would help with two key areas in retirement planning: It provides us with something fulfilling to do after our primary career and provide a little extra cash in retirement. The benefits of a side hustle: The Pitfalls of a side hustle: Also in this episode, we discuss a listener's question about global stock allocations - and asks if I think it's better to own a global fund or to own US & international equity separately. How can one balance simplicity and effectiveness in their plan? Resource: Article by Maurie Backman: Monetizing a Hobby in Retirement: The Benefits and Pitfalls Article by Bankrate: https://www.bankrate.com/credit-cards/news/side-hustles-survey/ Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Follow Retirement Starts Today in: Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

If you've been anywhere close to a retirement podcast over the last 10-20 years, you've heard of the 4% rule. And like many people, you might have questions about it. We're going to hear about it directly from the horse's mouth as we talk to Bill Bengen, who first articulated the 4% withdrawal rate as a rule of thumb for withdrawal rates from retirement accounts. The 4% rule is not a rigid rule but a guideline. Its application requires careful consideration of individual factors, including health, life expectancy, and specific financial circumstances. Bengen encourages retirees to tailor their withdrawal strategies based on their unique situations. Our discussion also explored required minimum distributions (RMDs), which may necessitate higher withdrawals in later years of retirement. However, Bengen suggests that for most people, RMDs would not exceed the calculated withdrawal rates until a very advanced age, making the two compatible. Core Points: Resource: Pre-order Bill Bengen’s new book, "A Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More" https://www.bengenfs.com/order-my-book Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart

Only 3% of Americans have saved $1 million for retirement. according to 24/7 Wall St. & AOL. I’ll break down what that means—and why your personal number might be more important than any national average. After that, I answer a listener question where we tackle how to cover healthcare costs in early retirement—specifically for a 58-year-old retiree with a non-working spouse and three adult kids under 26 still on the family plan. We’ll explore ACA strategies, income planning, and a clever way to help the kids get their own coverage at a big discount. Resource: AOL article by David Beren: A Look at U.S. Workers Who’ve Accumulated $1M in Retirement Funds Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart

What do you do with RMDs you don’t actually need? If you’re retired and over age 73 — or 75 if you were born in 1960 or later — you know the IRS requires you to start taking Required Minimum Distributions (RMDs) from your traditional IRAs and workplace retirement accounts. Even if you don’t need that money for living expenses, you still have to take it - which means more taxable income, higher Medicare premiums, and a bigger chunk of your Social Security benefits becoming taxable in some cases. Today I share "6 Strategic Ways to Make the Most of Distributions You Don’t Need", an article by Greg Hammons from TheStreet.com. So what’s the best move for you? That depends on your goals—whether it’s growing your money, reducing taxes, helping your family, or supporting a cause. But the key message is this: RMDs don’t have to be a tax burden. With some intentional planning, they can be an opportunity. Before making a move, talk to your financial planner or tax pro. These strategies can have long-term effects on your retirement plan, your taxes, and your legacy. I also tackle a listener question: "What is your recommendation to cover the gap in sustainable income from pre-retirement (e.g., 60) to Social Security claiming age (e.g., 70)?" Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart

What happens when your emergency cash runs dry—and life keeps happening? A recent article lays out a ranked list of ten ways to access emergency cash, starting with the best options and ending with the ones you’ll want to avoid unless it’s truly a last resort: The takeaway? Know your emergency funding hierarchy before a crisis hits. With a plan in place, you’ll be better equipped to make calm, informed decisions when life throws you a curveball. Resource: 10 Sources of Emergency Cash, Ranked From Best to Worsthttps://a.co/d/3rZ3JgF Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart

“By the time your child turns 18, you’ve spent 95% of the time you’ll ever spend with them in your lifetime.” This comes from research by the American Time Use Survey, highlighted by Our World in Data. And let’s be honest, when you first hear that, it stings a little. Especially as a parent. You can’t help but wonder, “Have I been a good steward of that precious time?” But here’s the twist: this isn’t about guilt. It’s about awareness. It’s a gentle, data-backed nudge to savor the moments that feel small now—but that become the biggest memories later. So how do we maximize the return on the time—and the money—we spend on experiences? Research tells us something powerful: experiences give us more lasting happiness than stuff. That’s not just my opinion, that’s from a 2020 study by Kumar, Killingsworth, and Gilovich. Experiences beat material goods both in prospect and in retrospect. In other words, we enjoy them more before and after they happen. Step 1: Listen & Learn Step 2: Create Curiosity Step 3: Build Together Step 4: Build Up—and Look Back What does this have to do with retirement? EVERYTHING! Listen in to understand why. I also answer a question from Wendell, a retiree who’s considering swapping out some of his stock-heavy portfolio for the safety of short-term government bonds — a strategy known as “T-Bills and Chill.” He’s wondering: with guaranteed income already in place, is it time to say goodbye to the stock market for good? Resource: Forbes article by Tim Maurer: A Method For Maximizing Memories With Money Connect with Benjamin Brandt http://retirementstartstodayradio.comhttps://retirementstartstodayradio.com/newsletterhttps://retirementstartstoday.com/start Get the book! Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart