ABC 10
YOUR CALIFORNIA LIFEFebruary 3rd 2025 Segment:
Welcome to “Understanding Your Retirement Milestones”
Planning for retirement involves understanding key age milestones that can significantly impact your financial future. Below, we’ve outlined the crucial birthday checkpoints we discussed in today’s show, helping you navigate when and how to access your retirement benefits most effectively.
- Age 59½: A pivotal milestone that allows penalty-free withdrawals from your IRA or old 401(k)s, giving you more control over your retirement funds. Some employer plans may even offer in-service distributions while you’re still working.
- Age 62: Marks your first eligibility for Social Security benefits, though starting this early can reduce your benefits by up to 30%. This decision should carefully consider factors like health, financial needs, and spousal benefits.
Take Control of Your Retirement Timeline
Ready to create a personalized plan that maximizes these retirement milestones? Schedule your complimentary consultation today, and let’s build a comprehensive strategy that aligns with your retirement goals. Click here to secure your appointment.
January 27th 2025 Segment:
Thank you for joining us on your retirement planning journey. After watching our segment on the three critical financial moves for your 50s, you’re taking an important step toward securing your financial future. Below, you’ll find a detailed breakdown of the key strategies we discussed to help you maximize your retirement savings, optimize your investments, and prepare for future healthcare costs. Let’s make your path to retirement clear and confident.
Planning Your Retirement in Your 50s
For those in their 50s, preparing for retirement requires focusing on three essential financial strategies that can significantly impact your future financial security. These key moves help maximize your savings potential while protecting your accumulated wealth and preparing for future healthcare needs.
- Maximize Retirement Savings: Take advantage of catch-up contributions in your 401(k)s and IRAs to boost your retirement savings through compound interest
- Balance Your Investment Strategy: Shift toward a mix of growth and stability through dividend-paying stocks and bonds to protect your wealth while maintaining growth
- Prepare for Healthcare Costs: Start planning for medical expenses through Health Savings Accounts (HSAs) and explore long-term care insurance options to cover future healthcare needs
Take the Next Step Toward a Secure Retirement
Ready to put these strategies into action? Schedule your complimentary retirement strategy session where we’ll help create a personalized plan tailored to your goals and timeline. Click here to secure your consultation today.
January 6th 2025 Segment:
Overview
In this weeks discussion key topics centered around enhancing financial health and mindfulness. Participants discussed the importance of viewing financial fitness similarly to physical fitness and highlighted that a readiness to improve finances often stems from a catalyzing event. Essential steps for gaining financial control were outlined, including creating a cash flow statement and tracking income, expenses, and net worth. The meeting also emphasized the significance of understanding retirement contributions’ tax implications and suggested hiring a trusted investment advisor for personalized guidance. Additionally, the conversation touched on the principles of financial contentment, advocating for mindful spending over income levels, and underscored the necessity of preparing for unforeseen opportunities through emergency accounts and liquidity management. Action items included creating personal financial statements, calculating tax rates, considering professional advice, and establishing emergency funds.
Notes
Financial Fitness and Mindset (00:00 – 01:05)
- Money and wealth-building don’t have to be intimidating
- Financial fitness is similar to physical fitness
- People need to be ready to take finances seriously
- A catalyst often triggers the desire to improve financial health
Key Steps for Financial Control (01:06 – 02:00)
- Take an assessment of financial health
- Create a cash flow statement and personal financial statement
- Track income, expenses, and lifestyle costs
- Know your net worth by tracking assets and liabilities
Retirement Contributions and Tax Considerations (02:01 – 02:37)
- Understand the difference between pre-tax and post-tax retirement contributions
- Find your effective tax rate on your tax return
- Use the effective tax rate to determine whether to do pre-tax or post-tax investing
Seeking Professional Help (02:38 – 03:13)
- Consider hiring an investment advisor
- Choose someone you like and trust to serve your best interests
- Pay a reasonable fee for financial organization
- Spending money on financial advice is an investment
Financial Contentment and Principles (03:14 – 03:54)
- Joseph is writing a book on experiencing financial contentment
- Focus on what you do with your money, not how much you make
- Principles of wealth accumulation are the same regardless of income
- Key principle: Make more than you spend
Preparing for the Unpredictable (03:55 – 04:45)
- Be prepared for unexpected opportunities
- Maintain an emergency account
- Understand your liquidity and quick access to money
- Being prepared allows you to take advantage of investment opportunities
Action items
- Create a cash flow statement and personal financial statement (01:23)
- Calculate your effective tax rate from your tax return (02:13)
- Consider hiring an investment advisor (02:57)
- Establish an emergency account (04:17)
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