My Smart Retirement

Nancy Fleming

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. read less
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Episodes

Ep 406: How Age & Wisdom Impact Financial Planning
May 18 2023
Ep 406: How Age & Wisdom Impact Financial Planning
Today, we're diving into a topic that affects everyone, regardless of age or financial status: how age and wisdom impact financial planning. No matter where you are in life, your financial goals and priorities will change over time, and it's important to have a plan that reflects your unique needs. In this episode, we'll explore the ways in which age and wisdom impact financial planning strategies and provide practical tips and insights to help you make informed decisions about your finances. Join us for a thought-provoking discussion with Nancy as she explores how our financial goals evolve over time and emphasizes the value of integrating personal experiences into financial planning. She’ll discuss the impact of working with a seasoned financial advisor who has extensive experience working with a diverse set of clients and can help navigate whatever changes life throws your way. Tune in as we dive into the significance of maintaining emotional awareness and decision-making mindfulness throughout your financial planning journey and more.   Here’s some of what we’ll discuss in this episode:    Nancy reflects on her latest trip to California. (1:25) Why does age matter in financial planning? (4:46) Studies show that as we age, more decisions are made on feelings and intuition. (7:21) The importance of incorporating life experiences and lessons into financial planning. (10:09) How the aging process changes people’s perceptions about money. (12:35)   Contact The Office 480-632-8770   Schedule A Visit https://bit.ly/3V4xihj   For more, visit us online https://www.flemingfinancialservices.com/
Ep 404: When Should I Claim Social Security?
May 4 2023
Ep 404: When Should I Claim Social Security?
If you were given an inheritance, would you go ahead and spend it or find the best way to preserve it and make it last over a larger duration? We’ve found that there are two main types of money managers: those who choose to hold onto the money they have and others that are eager to spend it. These same principles apply to decisions about when to start taking Social Security.   Although the government incentivizes people to wait longer before claiming their benefits, many Americans still tap into Social Security as soon as they’re eligible. In fact, a recent study showed that most Americans are claiming Social Security at the wrong time, potentially losing out of tens of thousands of dollars.   So, when should you take Social Security? What are some best practices for doing so? This is a loaded question with many factors to consider. Join us as we discuss this topic and why it’s important to think about your life expectancy, health, and overall income picture before making the decision to take Social Security.    Here’s some of what we’ll discuss in this episode:    Most Americans are claiming their Social Security benefits at the wrong time. (1:39) Health is a big factor to consider when it comes to taking Social Security. (5:37) Only 4% of retirees wait until 70 to claim Social Security. (9:39) What are some best practices for claiming Social Security? (10:39)   Contact The Office 480-632-8770   Schedule A Visit https://bit.ly/3V4xihj   For more, visit us online https://www.flemingfinancialservices.com/
Ep 402: Financial Stress in America: Why Retirement Planning Is More Important Than Ever
Apr 20 2023
Ep 402: Financial Stress in America: Why Retirement Planning Is More Important Than Ever
Recent surveys have shown that Americans are feeling more financially stressed due to inflation, economic instability, and lack of savings. People are unsure about creating a budget, where to invest their money, and how to save for retirement. Some worry that their savings won't last and that they will have to rely on credit cards and debt. In today’s episode, we’re going to discuss some of these prominent stressors and the importance of taking action with your retirement plan in the midst of uncertainty.   Over the course of this episode, we'll explore a wide range of topics. We'll analyze the latest inflation rates, dissect some subcategories in the CPI report, review recent studies on financial stress in America, and address the concerns about the U.S. potentially losing its reserve currency status to China. Ultimately, Nancy will discuss why it’s more important than ever to pay attention to your financial decisions in today’s economy.   Here’s some of what we’ll discuss in this episode:    What surveys are showing about financial stress in America. (1:45) Inflation rates slowed down in March. (3:19) Reviewing some subcategories in the CPI report. (6:03) The importance of sticking to your retirement plan even with these current pressures.  (9:59) The fear that the U.S. will lose its reserve currency status to China. (12:13)   Contact The Office 480-632-8770 Schedule A Visit https://bit.ly/3V4xihj  For more, visit us online https://www.flemingfinancialservices.com/
Ep 401: Crash Course: The Psychology of Investing in the Wake of Historic Market Crashes
Apr 13 2023
Ep 401: Crash Course: The Psychology of Investing in the Wake of Historic Market Crashes
Have you ever wondered why you handle money the way you do? It turns out your financial behaviors can be traced back to your formative memories. In this episode, we explore how historic market crashes have left a lasting impact on our relationship with money. From the Great Depression to the sudden COVID-19 market crash in 2020, we’re taking a journey through time to examine some of America’s most notable financial crises. By contrasting earlier events with more recent downturns, we gain a deeper understanding of how they may have influenced our financial perspectives and decision-making. Join us for a fascinating exploration of financial psychology, as we reflect on the lessons of history and their relevance to today's economic landscape. Don't miss out on this thought-provoking episode!   Here’s some of what we’ll discuss in this episode:   The lasting impact of the Great Depression. (3:00) The banking world took the forefront in the late 70s and early 80s because of high-interest rates. (6:12) How the Dot-Com crash of 2000 changed the way people thought about investing in the stock market. (9:03) The impact of the sudden COVID-19 market crash in 2020. (11:19) These historical market crashes have impacted generations differently.  (15:19)   Contact The Office 480-632-8770   Schedule A Visit https://bit.ly/3V4xihj   For more, visit us online https://www.flemingfinancialservices.com/
Ep 399: Tax Pitfalls: What You Need To Know Before Filing This Season
Mar 30 2023
Ep 399: Tax Pitfalls: What You Need To Know Before Filing This Season
With Tax Day right around the corner, we wanted to record a timely episode to answer your tax questions for 2023. In fact, tax filing season might look a little different this year than it has in years past. In today’s episode, we’re going to cover some common tax pitfalls and how to avoid them.   We’ll dive into some interesting statistics on tax filing in the U.S. and talk about some recent bills and rule changes that you need to be aware of before filing this year. Should you hire a professional accountant to file your taxes? What happens if you push off filing your return? We’ll answer all these questions and more. Join Nancy for this informative episode so you can make the most of filing your taxes this season.   Here’s some of what you’ll learn in this episode:    We might see smaller refunds and jolting capital gains tax this year.  (0:57) Some interesting statistics on tax cheating. (3:38) The tax change bill in 2018 that made it more difficult to itemize charitable donations. (5:32) Should you hire a professional accountant to file your taxes? What statistics are showing about filing taxes through software programs. (8:33) The consequence of putting off filing your return. (12:15) The new rules for taking money out of inherited IRAs. (18:00)   Contact The Office 480-632-8770 Schedule A Visit https://bit.ly/3V4xihj For more, visit us online https://www.flemingfinancialservices.com/
Ep 398: Moving Your Retirement Goalpost- Is It Worth The Risk?
Mar 23 2023
Ep 398: Moving Your Retirement Goalpost- Is It Worth The Risk?
Do you ever feel like your retirement planning goals are always moving? You're not alone. We’ve found that people often move the goalposts in their own retirement planning, often to their detriment. In this episode, we're diving deep into the psychology of retirement planning and the dangers of moving the goalposts. As life throws its ups and downs, it can be tempting to put off investing in our retirement while we deal with immediate needs. It might also be tempting to delay investing until you have accumulated a certain amount of money in your savings account. No matter what reason you might have for moving your goalpost, sticking to a financial plan is important so that you can retire when you’re ready. In today’s episode, we’ll tackle questions such as “Should I push my retirement date back if I don’t have the details figure out?” and “How conservative do I need to be five years from retirement?” Join us as we dive into the complexities of retirement planning and offer insight to help you stay on track with your financial goals.     Here’s some of what we'll dicuss in this episode: Should I push my retirement date back if I don’t have the details figured out? (2:40) While having an emergency fund is important, it can be tempting to hold onto excess cash as a safety net instead of utilizing it to your advantage. (6:46) Prioritizing retirement savings so that you are prepared for unexpected circumstances and can maintain a flexible retirement timeline. (9:42) How conservative do I need to be five years from retirement? (11:29) It is important to have a contingent, flexible retirement plan that prepares you for unexpected circumstances. (16:57)   Contact The Office 480-632-8770   Schedule A Visit https://bit.ly/3V4xihj   For more, visit us online https://www.flemingfinancialservices.com/
Ep 394: Details on the Arizona Investor Alert for Self-Directed IRAs
Feb 23 2023
Ep 394: Details on the Arizona Investor Alert for Self-Directed IRAs
The Arizona Corporation Commission’s Securities Division released a warning to investors this month about self-directed IRAs, and it’s something that we immediately read through and processed.   In this episode, we’re going to give you the details in the alert and help you better understand what you need to be aware of. If this is an account you have or are thinking about opening, then you want to have all the information available to help you make the best decisions possible.   The self-directed IRA isn’t like a regular IRA. This product allows you to store other types of assets like real estate, promissory notes, precious metals, and other investments. When you’re dealing with this type of IRA, you increase the possibility of something not being legitimate and you incur additional risk beyond normal IRA investing.   The alert, which you can read here, makes points out a handful of risks you need to be aware of:   You are solely responsible for evaluating and understanding the investments. There will be a lack of information and liquidity in these IRAs. These are considered high-risk investment options. This might be a fertile ground for fraud. There are complex tax rules that you need to know about.   Join us as we break down this alert for Arizonans and provide an update on the latest inflation and monetary policies.   Here’s some of what you’ll learn in this episode:  Nancy’s feeling about all the monetary spending and inflation policies happening in Arizona. (3:21) What concerns Nancy most with the recent inflation reports. (7:23) Details on the five points in the self-directed IRA alert.   (10:19) How can you avoid these risks if you have or want to have a self-directed IRA?  (20:30)   Contact The Office: 480-632-8770 Schedule A Visit: https://bit.ly/3V4xihj For more, visit us online: https://www.flemingfinancialservices.com/
Ep 392: Building a Retirement Life Portfolio
Feb 9 2023
Ep 392: Building a Retirement Life Portfolio
One thing we’ve learned through the years of helping people prepare for retirement is that everyone has a different vision for how they want to spend that time. Retirements come in all shapes and sizes and having a good idea of what you want will help us build a portfolio that aligns with the life you want to live.   In this episode, Nancy and Sean will talk about the process for putting together a retirement life portfolio and why pre-retirees aren’t always prepared for the key transition points. They’ll also share a few different scenarios that they worked through with clients and give you a better idea of how the discussion goes.   If you’re at or near retirement, make sure you’ve taken the necessary time to think through your transition and what goals you have for the next chapter.   Here’s some of what you’ll learn in this episode:  ·      Investors will often come up with arbitrary numbers when building their portfolio. (0:38) ·      What type of retirement do you want to have? (2:33) ·      The important transition points leading up to retirement. (3:32) ·      There are certain times a financial analysis might not help an individual.  (4:59) ·      Some different goals we hear from clients and how we plan for them. (7:25)   Contact The Office 480-632-8770   Schedule A Visit https://bit.ly/3V4xihj   For more, visit us online https://www.flemingfinancialservices.com/
Ep 390: Warning Signs – Spotting Problems In Your Financial Life
Jan 26 2023
Ep 390: Warning Signs – Spotting Problems In Your Financial Life
Just like the lights on your dashboard can indicate if something is wrong with your car (like low tire pressure or leaking oil), there are indicators in your financial life that might point out that you have a problem that needs to be addressed. On this episode of My Smart Retirement, Nancy Fleming breaks down at least four warning signs that should give you a clue something isn’t quite right with your financial and retirement plan. Having no idea what it costs to fund your lifestyle, being overly focused on a specific dollar amount, or getting worked up over the financial impact of the day’s news stories are just some examples of the warning signs Nancy will explore. And stay tuned for the end of the show where Nancy peels back the curtain on a new industry buzzword/phrase called “Next Chapter Advisors.” Here’s some of what you’ll learn in this episode: • Warning Sign #1: You have no idea what it costs to fund your lifestyle (3:00) • Warning Sign #2: You’re focused on attaining a certain net worth or account balance (5:37) • Warning Sign #3: Your mental image of retirement is based on what your parents had (7:23) • Warning Sign #4: You get worked up about current events because of the impact you feel that they have on your portfolio (11:07) • Nancy shares an analogy about comprehensive planning and balancing short and long-term goals and plans (12:57) • What are “Next Chapter Advisors”? (18:05) When the warning light pops up on your dashboard, sometimes you know what needs to be fixed. Other times, you have to consult a professional to know what the problem is and how to fix it. It’s the same thing in your financial life. Sometimes you’ll know the major areas where you need to improve, but a lot of times you’ll want a pro to help guide you and show you the way. If that’s the case, we’re always here to help, so don’t hesitate to reach out if you have any questions. Contact The Office 480-632-8770   Schedule A Visit https://bit.ly/3V4xihj   For more, visit us online https://www.flemingfinancialservices.com/
Ep 388: Retirement Law Changes for 2023 (Part 1)
Jan 12 2023
Ep 388: Retirement Law Changes for 2023 (Part 1)
Another round of retirement changes are on the way after President Biden signed a spending bill in December 2022 that included the SECURE Act 2.0. Retirees and pre-retirees need to understand what this legislation means, how it might impact you, and what planning opportunities this could open up. With a significant number of changes beginning this year and next, we’re going to break the discussion up into two parts. In this first episode, Nancy will lay out the details for RMDs and the new age requirements. The rules will impact both account holders and spouses, and we’ll lay that out for you. Plus, she’ll tell you about a big change to the 529 plan that will allow people to move money to a Roth. There are some specific rules you’ll need to follow to qualify, but it’s great to have that possibility down the road. It will be another busy year for retirement planning so make sure you check in with your advisor to see what adjustments you’ll need to make based on this new legislation. Here’s some of what you’ll learn on this episode: The rules have changed for what age you have to take out Required Minimum Distributions. (2:32)How these new rules will impact spouses. (8:23)Changes to 529 plans will allow people to move that money to a Roth…with some qualifications. (12:31)Catch-up contributions increase for the upcoming year. (19:37)   Contact The Office 480-632-8770   Schedule A Visit https://bit.ly/3V4xihj   For more, visit us online https://www.flemingfinancialservices.com/