The Retirement Show: Your Life, Your Money with Scott Sierens

Scott Sierens

A top retirement podcast dedicated to helping you: Reduce Taxes | Make Work Optional | Maximize Retirement Income | Invest Confidently | Optimize Stock Compensation | Help Future Generations Scott Sierens, financial advisor at Sierens Financial Group, will provide thoughts, strategies, and ideas on each episode to help you thrive in life, wealth and retirement. The goal is to take complex financial subjects and make them simple and easy to understand so you can feel confident to take action, enjoy life, and eliminate financial stress and anxiety. Scott, along with guests from across various industries, will cover topics such as tax savings strategies, investments and wealth management, IRAs, 401(k)s, retirement planning, retirement income strategies, pensions, estate planning, social security, healthcare, and much more. Retirement isn't an age or number. It's finding the balance between living life today and feeling financially confident about YOUR tomorrow. Ask Scott your questions by calling 847-235-6989 or check out our podcast website at https://lifemoneyshow.com for more resources. read less
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Episodes

Market Highs, Elevated Interest Rates & Your Retirement
Feb 22 2024
Market Highs, Elevated Interest Rates & Your Retirement
In today’s financial landscape, the market has been hitting new highs and interest rates remain at elevated levels. You might have even heard some of the buzz surrounding the Federal Reserve and interest rate adjustments. We’re here to bring some clarity to the question on many investors’ minds: What does all of this mean for my investments and retirement plans? Is all of this exciting or cause for concern?   Here’s some of what we discuss in this episode: 0:00 – Intro 3:20 – Understanding S&P 500 + Recent Market Highs 7:36 – Impact of Economic Indicators on Market Performance 9:56 – Analyzing Historical Returns + Being Cautious of Market Noise 15:12 – Market Performance Impact on Your Retirement 19:40 – Understanding the Federal Funds Rate 25:18 – Interest Rates Impact on Your Retirement 32:06 – Listener Question: Financial Indecision     Resources for this episode: JP Morgan Chart – Investing during all time highs https://www.jpmorgan.com/content/dam/jpm/securities/documents/cwm-documents/Is-it-worth-considering-investing-at-all-time-highs.pdf Additional Information https://awealthofcommonsense.com/2024/01/new-all-time-highs-after-a-bear-market/ https://ofdollarsanddata.com/should-you-invest-in-stocks-at-all-time-highs/   Interest Rates USA Today Article - https://www.usatoday.com/story/money/2024/01/31/january-federal-reserve-meeting-live-updates/72409059007/ Nasdaq.com article - https://www.nasdaq.com/articles/wall-street-banks-readjusts-2024-interest-rate-predictions-after-feds-dovish-turn Bankrate – Biggest Winners & Losers - https://www.bankrate.com/banking/federal-reserve/fed-interest-rate-decision-biggest-winners/ https://www.investopedia.com/terms/f/federalfundsrate.asp   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Max out your 401k for Retirement First?  Or, Consider Other Investment Options First?
Jan 25 2024
Max out your 401k for Retirement First? Or, Consider Other Investment Options First?
Are you considering maxing out your 401(k) but unsure what to do next? We face this question all the time at the Sierens Financial Group so today we’ll explore if it’s wise to max out your 401(k) before investing anywhere else.   Here’s some of what we discuss in this episode: 0:00 – Intro 2:44 – What’s on today’s show 4:33 – What’s in the news right now? Spot Bitcoin was just approved by the SEC. 8:40 – What should you know about Spot Bitcoin? 10:50 – An 85-year study from Harvard reveals the one simple element that is the key to happiness. 14:26 – Should you max out your 401(k) first, or consider other options before contributing the max? 16:13 – Reasons you might want to max out your 401(k). 19:23 – Reasons you might NOT want to max out your 401(k). 23:08 – Exploring your options and how taxes play a role. 27:00 – Jacob’s question: Should you start Social Security at 67 if you’re still working?   References for this episode: https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023https://scoop.upworthy.com/harvards-85-year-study-reveals-the-number-one-key-to-happiness?utm_source=flipboard&utm_content=topic/personalfinance   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Overlooked Retirement Planning Topics
Nov 16 2023
Overlooked Retirement Planning Topics
The retirement planning world is filled with plenty of advice and suggestions, but there are critical questions lurking in the shadows – the unasked, the overlooked. These are the questions that can help define the comfort and security of your retirement future. In this episode, we unearth and tackle these essential questions about retirement. Listen in as Scott sheds light on the potential coverage gaps and costs that might catch retirees off guard when it comes to Medicare. He also explores the impact of where you choose to live in retirement, delving into state taxes, cost of living, and other financial considerations, and talks about planning for the care of elderly parents. Stick around to make sure that these 3 overlooked planning topics aren’t costing you time, energy and money in your golden years!   Here’s some of what we discuss in this episode: The medical coverage you might need over and above MedicareWhere you choose to live during retirement can significantly impact your financial situation- considering state taxes, cost of living, and other regional factorsWhat considerations should be made when planning for the time and financial commitments of caring for elderly parents during retirement?   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Use 401k or Alternative, Lump Sum or Stretch Out, Deductions for Charitable Gifts – Tax Mailbag Episode
Oct 26 2023
Use 401k or Alternative, Lump Sum or Stretch Out, Deductions for Charitable Gifts – Tax Mailbag Episode
We’re back for our third and final week of answering listener questions about year-end tax planning. These episodes are a unique opportunity for you to gain insights from real-world scenarios and inquiries shared by our listeners. In this installment, we're delving into the crucial concept of tax diversification, exploring methods to optimize your tax deductions for charitable contributions, and more.   Here’s some of what we discuss in this episode: I’m 56 years old and plan to retire at 70. My wife and I have almost all our money in our 401ks- should we start saving somewhere else because of RMDs?I’m retiring toward the end of the year and have about 16 weeks of PTO I can use. I’m told that I can take this all in my final paycheck or continue being paid on my normal schedule every two weeks for a few months after I retire. Does it matter which way I do it?My husband and I give around $10,000 / year to different charitable organizations. Our tax preparer said we are no longer able to deduct these donations.  Is that true?  Is there any way to get a deduction again on our taxes?   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Roth IRA vs. Roth 403B, Is HSA a Fit, Reduce Tax on $1million + IRA – Tax Planning Mailbag
Oct 12 2023
Roth IRA vs. Roth 403B, Is HSA a Fit, Reduce Tax on $1million + IRA – Tax Planning Mailbag
As we move into the fourth quarter of the year, let’s take a little time to focus on year-end tax planning. We’re opening up the listener mailbag and pulling out questions asking specifically about taxes and tax planning. We’ll be taking strategies and opportunities discussed last episode and apply them to certain real-life situations.  No matter where you are today, use these questions today to see if you can take these strategies and utilize them in a similar situation to what we discuss. We’ll cover different types of Roth accounts, the benefits of a Health Savings Account, and tax planning for large IRA and 401k savings.   Here are the three questions we’ll tackle in this episode: How are the Roth IRA and Roth 403b different? Which is better: to max out your Roth 401(k) or Roth 403b?  I’m 59 years old and plan to retire around Age 65 or 66. I make over $150,000 / year.  My company offers a high deductible health plan and Health Savings Account.  Should I consider switching over to this health plan? Are there any benefits since it will only be fore 6 or 7 years?  I’m in my early 60s. I’ve got $2 million saved.  $1.7 million in IRAs and 401ks and the rest in a brokerage account. How do I keep from giving a huge portion of it to Uncle Sam?   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Pension Selection, Challenges of Age Gaps, The Forgotten Costs – Mailbag Episode
Sep 28 2023
Pension Selection, Challenges of Age Gaps, The Forgotten Costs – Mailbag Episode
In today’s show, we’re going to open up the listener mailbag and answer questions about pension selections, questions about the challenges you could face if there’s an age gap between you and your spouse, and then discuss the hidden costs you might not be seeing in your retirement income.   Each of these questions we’ll tackle today cover pretty common scenarios so you might find wondering about these down the road. Scott will provide some great thoughts and insight, recommendations, and strategies that could potentially be used in these situations. We always enjoy taking the strategies and tactics discussed on the podcast and apply them to some real life scenarios and that’s exactly what we’ll do today.   Key discussion points in this episode: Should I even bother taking the spousal continuation option for my wife to keep getting the monthly payment if she outlives me? My husband is 11 years old than me, and I probably have better genes than he does too, so it seems likely that I’ll be a widow for a significant portion of my retirement years. What sort of financial planning challenges does this create for me? I need about $5,000 to live on each month in retirement, and my Social Security and pension will total about $5,300. Does this mean I’ll be able to leave my entire 401k behind to my son?   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
Understanding RMDs:  A Guide for Retirees & Pre-Retirees
Sep 21 2023
Understanding RMDs: A Guide for Retirees & Pre-Retirees
In today's episode, we delve into a critical aspect of retirement planning that can significantly impact your financial future – Required Minimum Distributions (RMDs). Whether you've stashed your savings in a 401(k), 403(b), 457, IRA, SEP IRA, or simple IRA, understanding RMDs is crucial, especially if you're approaching your seventies.   Join us as we discuss the "why" and "how much" of RMDs, ensuring you're well-prepared for this financial milestone. If you're not yet retired, we've got you covered too! In the latter part of the episode, we'll share valuable steps and strategies to help you proactively reduce the long-term effects of RMDs on your financial well-being.   Key discussion points in this episode: If you have savings in tax-deferred accounts such as 401(k), 403(b), 457, IRA, SEP IRA, or simple IRA, you are required to take RMDs once you reach your seventies RMDs exist because when you contributed to tax-deferred accounts, you received tax deductions. The IRS wants to collect the taxes you deferred, so they require you to start withdrawing from these accounts in your retirement years The age at which you must start taking RMDs depends on your date of birth RMDs are calculated based on your account balances and life expectancy tables published by the IRS. The amount you need to withdraw increases as you get older There are strategies to reduce the impact of RMDs, such as switching contributions to Roth accounts, performing Roth conversions, and managing asset allocation   Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com  Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ