Your Retirement Elevated Podcast with Scott Dougan

Scott Dougan

Financial and retirement planning guidance from Kansas City‘s Scott Dougan of Elevated Retirement Group. Scott Dougan founded Elevated Retirement Group in 2003 in order to fill a niche he felt was not being addressed properly in the retirement planning environment – helping retirees and pre-retirees in the Kansas City metro area find answers to issues that may affect the quality of life during their retirement. Scott is a Registered Financial Consultant (RFC) and holds a Series 65 Investment Adviser Representative license, which holds him to the fiduciary standard. He also holds insurance licenses in Kansas, Missouri and other states. read less

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Embracing the Unexpected: 9 Retirement Surprises Unveiled

Embracing the Unexpected: 9 Retirement Surprises Unveiled

Are you prepared for the unexpected turns your retirement might take? In this episode of Your Retirement Elevated Podcast with Scott Dougan, we explore the surprising findings from a study by the Transamerica Center for Retirement Studies. The study reveals a stark contrast between pre-retiree expectations and retiree realities, and we're here to explore the nine most common retirement surprises that await. One of the most comforting surprises is that many retirees worry less about money than they anticipated. It seems that once the retirement plan kicks into action, the stress over finances begins to wane. This is a heartening revelation for those lying awake at night fretting over their financial future. The takeaway from our episode is clear: retirement requires planning, flexibility, and an open mind. Whether it's adjusting travel plans or having those tough financial conversations, being prepared for the unexpected is key to a fulfilling retirement. Here are some of the questions we’ll tackle in this episode: - Why do retirees worry less about money and how does planning play a role? - What causes many to retire sooner than expected and how abrupt is the transition? - How does the reality of travel in retirement differ from the expectation? - Why is discussing finances still taboo and what impact does that have on legacy planning? - Do most retirees wish they had saved more, and what can you learn from their experiences? Resources for this episode: The Retirement Manifesto’s 9 Retirement Surprises https://www.theretirementmanifesto.com/9-retirement-surprises/ Transamerica Center for Retirement Studies https://www.transamericacenter.org/ Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

Episodes

Embracing the Unexpected: 9 Retirement Surprises Unveiled

Embracing the Unexpected: 9 Retirement Surprises Unveiled

Are you prepared for the unexpected turns your retirement might take? In this episode of Your Retirement Elevated Podcast with Scott Dougan, we explore the surprising findings from a study by the Transamerica Center for Retirement Studies. The study reveals a stark contrast between pre-retiree expectations and retiree realities, and we're here to explore the nine most common retirement surprises that await. One of the most comforting surprises is that many retirees worry less about money than they anticipated. It seems that once the retirement plan kicks into action, the stress over finances begins to wane. This is a heartening revelation for those lying awake at night fretting over their financial future. The takeaway from our episode is clear: retirement requires planning, flexibility, and an open mind. Whether it's adjusting travel plans or having those tough financial conversations, being prepared for the unexpected is key to a fulfilling retirement. Here are some of the questions we’ll tackle in this episode: - Why do retirees worry less about money and how does planning play a role? - What causes many to retire sooner than expected and how abrupt is the transition? - How does the reality of travel in retirement differ from the expectation? - Why is discussing finances still taboo and what impact does that have on legacy planning? - Do most retirees wish they had saved more, and what can you learn from their experiences? Resources for this episode: The Retirement Manifesto’s 9 Retirement Surprises https://www.theretirementmanifesto.com/9-retirement-surprises/ Transamerica Center for Retirement Studies https://www.transamericacenter.org/ Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

Conquer FOBO: Making Decisions with Confidence

Conquer FOBO: Making Decisions with Confidence

Ever found yourself endlessly scrolling through options, unable to make a choice? You might be falling into the trap of FOBO: Fear of Better Options. It’s a psychological phenomenon where someone avoids making a decision out of the fear that there may be a better option out there. How can we identify it and work with it and make better decisions and actually get to the decision point? That’s what we want to discuss with Scott today. Here are some of the questions we’ll tackle in this episode: What is FOBO and how long has this behavior been around?People can be divided into two groups when it comes to decision-making: maximizer or satisficers.Commitment is the key when making financial and lifestyle decisions. Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

The Shift from Saving to Spending Money

The Shift from Saving to Spending Money

Are you ready to flip the switch from saving to spending as you approach retirement? Many people struggle with the transition and mindset shift that happens in retirement. In this episode, we’ll explore the delicate balance between money, happiness, and the art of spending wisely in your golden years. It's packed with insights on the psychological shift required to enjoy the fruits of your labor, the impact of past experiences on spending habits, and how to use money as a tool for a better life rather than a measure of status Here are some of the questions we’ll tackle in this episode: Money is a tool to live a better life and we all view it differently.How influencers and marketers can play a huge role in our perception of money.’People set out to make a strategy to achieve a better life but that turns into an ideology they’re beholden to.How your childhood and early life can shape your view of money.We want to use the money we’ve saved to enhance our lives and experiences. Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

Practical Strategies for Protecting Retirees Against Scams & Fraud

Practical Strategies for Protecting Retirees Against Scams & Fraud

On today's episode, we're going talk about scams and how they are more prevalent than you might think. In fact, just in 2022, there were more than 88,000 complaints of fraud that resulted in more than $3 billion in losses from people age 60+. Here are some of the questions we’ll tackle in this episode: Why are people aged 60 and over common targets?The top five scams that constitute 65% of the complaints.The ‘Can You Hear Me’ scam that is easy to fall for.What steps can you take to protect yourself and increase your cybersecurity? Additional resources: https://www.ncoa.org/article/top-5-financial-scams-targeting-older-adults https://www.ncoa.org/article/how-older-adults-can-improve-their-personal-cyber-security Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

With Higher Interest Rates, Is “Lazy Money” Still A Concern In 2024?

With Higher Interest Rates, Is “Lazy Money” Still A Concern In 2024?

Is 'Lazy Money' still a concern in 2024's higher interest rate landscape? In this episode, we explore this question, examining how the recent rise in interest rates affects the money sitting in savings accounts, CDs, and conservative investments. Here's what we discuss in this episode: What are we talking about when we say, “lazy money?”The current interest rate landscape + why people end up with too much lazy money in their portfolioAddressing excess lazy money by calculating a "war chest,” understanding your income plan, and fine-tuning investmentsAchieving a “Goldilocks” allocation of assets that is just right for your financial goals Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

Peak 65: Preparing for the Largest Retirement Surge Ever

Peak 65: Preparing for the Largest Retirement Surge Ever

Today's magic number is 65. You know, unlike older retired Baby Boomers, the majority of peak 65ers don't have pensions, which used to help fill that gap left by Social Security. Well, our current retirement system is obsolete. It's time for a new retirement security framework. These were the words of Jason Fitchner, an executive director at the ALI Retirement Income Institute, and it highlights a great conversation that we're going to dive into today. Here are some of the questions we’ll tackle in this episode: One of the concerning trends emerging right now is the lack of sufficient guaranteed income.Why the reliable three-legged stool of retirement income isn’t as sturdy now.The biggest concerns among this Peak 65 group when it comes to retirement.Examples of planning discussions we have with clients to work through some of these issues. Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

Biggest Changes for Retirement in 2024

Biggest Changes for Retirement in 2024

With inflation adjustments and the phased implementation of the SECURE Act 2.0, there are some important retirement planning changes to pay attention to this year. From potential tax implications on Social Security benefits to alterations in retirement account rules, higher Medicare expenses, increased IRA contribution limits, and shifts in required minimum distributions (RMDs), this episode offers a comprehensive overview of what lies ahead for retirees in 2024. Here’s some of what we discuss in this episode: An increasing number of beneficiaries are expected to be liable for federal income taxes due to the 8.7% increase in the cost-of-living allowance in 2023Changes to retirement account rules, including 529 accounts, Roth 401(k)s and 403(b)s, and a 3.2% COLA for Social Security benefitsRising Medicare expenses, including increased Part B rates, higher Part D premiums, and additional costs for higher-income individualsThe new IRA and Roth IRA limits for 2024 + changes in income limits for Roth IRA contributions based on filing statusThe deadline to contribute to an IRA in 2023 and 2024Changes in Required Minimum Distributions (RMDs) for retirement accounts in 2024 under the SECURE Act 2.0 Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

Focus on Systems Instead of Resolutions in 2024

Focus on Systems Instead of Resolutions in 2024

Happy New Year! Today we’re tossing the old hat of resolutions out the window, opting for something with a little more staying power: systems. Say goodbye to the fleeting motivation of New Year's resolutions and embrace the profound impact of incremental habits for long-term success in health, wealth, and personal growth. This episode draws on the life-changing principles of Atomic Habits by James Clear and is filled with personal anecdotes, actionable advice, and a practical guide to cultivating a lifestyle of consistent progress. Here are some of the questions we’ll tackle in this episode: Progress over perfection will win out over time.Define the type of person you want to become.Create the right environment for success.The two-minute rule and why it can help you overcome the hurdle of getting started.Focus on daily wins. Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

The 5 Types of Wealth & Why People Chase Only One at the Cost of Others

The 5 Types of Wealth & Why People Chase Only One at the Cost of Others

What would you pay to have the freedom to do what you want, when you want, how you want? On today's episode, we're going to talk about the five types of wealth and why people chase only one at the cost of the others. Here are some of the questions we’ll tackle in this episode: Why being a time billionaire might be better than being a dollar billionaire.The importance of protecting your time and what Scott has done to protect his.Physical health and mental wealth go hand in hand.Relationship wealth helps guard against the poverty of loneliness.How to become wealthy in skills and how does that translate to money.Having wealth isn’t just about having money but being able to do what you want when you want. Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

The Ultimate Retirement Planning Mixtape

The Ultimate Retirement Planning Mixtape

Get ready to rock to the rhythms of retirement wisdom in this week’s episode! We've put together the ultimate retirement planning playlist, featuring timeless lyrics that reflect various stages of the planning journey. Here’s how we’ll craft the perfect mixtape in this episode: Songs for the early stages of retirement planning, where having a dream is a good place to start.In retirement planning, having a financial professional and your loved ones by your side is crucial.Songs to remind you that, in retirement planning, consistency and patience are key.Songs that provide reassurance during times of uncertainty in the retirement planning process.You've reached the finish line, but this is only the beginning. Here are some songs to help you navigate the momentous transition into retirement. Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

How To Successfully Climb The Retirement Mountain

How To Successfully Climb The Retirement Mountain

Ready for an adventure? Think of retirement planning as climbing a mountain. It's not just about the climb up; it's about preparing wisely, tackling the ups and downs, and even planning your way back down. Here’s some of what we’ll discuss in this episode: How to prepare for the climb with careful planning.The climb represents the accumulation phase where you’re actively saving and investing.The goals and milestones that you strive for before reaching the peak.Preparing for the volatility that comes with the climb.The descent or distribution phase requires just as much caution. Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

Latest Updates to Medicare with Cortney Dale

Latest Updates to Medicare with Cortney Dale

We’re bringing you a special edition of the podcast today as we welcome Cortney Dale, CEO of Sunflower Insurance Solutions, to lead us through the latest updates on Medicare! She’ll discuss what's crucial for you to know as we approach 2024 and answer common questions that will help you make informed decisions about your Medicare elections in the months and years ahead. Listen in as she breaks down its four parts (A,B,C,D) and how they work together, coverage, enrollment periods, and more! Here’s some of what we discuss in this episode: When can I sign up for Medicare, and what's the initial enrollment period?What Medicare covers and what it doesn’t + The coverage of Medicare Parts A and B and the costs associated with themWhat options are available to fill the 20% Medicare coverage gap?The big difference between Medicare Supplemental Plans and Medicare Advantage PlansWhat is Medicare Part D?Can dental, home health care, and cancer coverage be added to Medicare? Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

Money Mistakes You’ll Regret and How to Avoid Them

Money Mistakes You’ll Regret and How to Avoid Them

Do you ever wish you could foresee financial missteps before they happen? On today’s episode, we’re going to explore some real-life stories of regret and arm you with the do’s and don’ts to ensure that your money is working for you and not against you. Here’s some of what we’ll discuss in this episode: What it could cost you to pull money out of your IRAs early.People often fall into the trap of ‘lifestyle creep’ and will increase expenses as they make more money.What options do you have to cover rising tuition costs so you don’t ruin retirement?Getting out of the workforce too early can hurt you in a variety of ways.People will often wish they had utilized Roth accounts more. Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

Retirement Planning’s “Hidden” Questions

Retirement Planning’s “Hidden” Questions

In this episode, we’re going to unearth and tackle some of these hidden but essential questions about retirement. We all want to get good answers to our financial questions, but sometimes we have to know the right questions to ask. Here are some of the questions we’ll tackle in this episode: How much are my tax-deferred savings going to cost me in taxes come retirement?How much can I withdraw from my savings each year?Should I still have life insurance when I’m retired?What kind of medical coverage will I need over and above Medicare?How much am I really paying in fees and commissions? Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

Building An Estate Plan With No Regrets

Building An Estate Plan With No Regrets

There are some people who don’t care at all about leaving a financial legacy, but for those who do, it’s important to eliminate some of the common estate planning mistakes. In this episode, we cover topics ranging from poor expense planning to outdated beneficiary designations and family conflict triggers. We also shed light on some misconceptions about transferring real estate and explain the impact of tax implications on your estate. If you want to leave a legacy without regret or legal turmoil, this episode is a great starting point. Here's some of what we discuss in this episode: • For expenses that are significant but not frequent, we don’t know exactly when we’ll encounter them, but we know that they’ll happen eventually, so we need a plan for them. • Too many people make the mistake of failing to update beneficiary designations and it can cause some big problems. • Communication is key for everything we do and estate planning is no different. It’s best to make sure your loved ones know your wishes. • Why it’s usually best to transfer real estate at death rather than while you’re still living. • As always, we need to pay attention to the tax implications of the estate and we’ll share some of those. Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

Retirement: Ready Or Not, Here It Comes

Retirement: Ready Or Not, Here It Comes

Are you nearing “retirement age?” If so, let’s explore that pivotal question you’ll soon face: Should you retire or continue working? We’ll unravel the intricacies of this decision, addressing both financial and emotional aspects, and help you find out if you’re truly ready to retire. Here's some of what we discuss in this episode: The concept of retirement has evolved significantly over time, from a time when people worked until the end of their short lifespans to the modern idea of retirement with longer life expectancies.The three categories of people looking for retirement advice: those seeking confirmation, those who are confused and those who are concerned.Retirement planning involves identifying your retirement goals, understanding why those goals matter, and creating an action plan to achieve them.For those who may not be financially prepared for retirement, a thorough financial plan can help provide clarity on the current situation, realistic possibilities, and potential adjustments to improve retirement readiness. Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

The 2023 Halftime Report with Mike Sorrentino

The 2023 Halftime Report with Mike Sorrentino

Today we have a special edition of the show where Scott recently hosted a webinar for his clients and had Mike Sorrentino on to discuss some financial topics that are top of mind for many people right now. This conversation comes in the wake of the midpoint of 2023, sort of a mid-year or halftime report, if you will, and the topics that you're going to hear from this webinar include the housing market, inflation, stock market, and a few predictions for the rest of the year. Here's some of what we discuss in this episode: A look back on Mike’s predictions for early 2023 and how they’ve turned out.Thoughts on why we aren’t in a recession right now.Mike explains why the housing market data is positive by looking at supply and equity. Inflation is coming down but what does that mean for spending, interest rates, and wages?Opportunities in the market moving forward.Why he thinks there’s a lot to be excited about. Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

5 Key Areas of Your Financial Life

5 Key Areas of Your Financial Life

Our whole practice revolves around helping people develop ways to make sure they have everything in order when it comes to these five areas of financial planning. Today we’re going to dive into these and provide a little more detail so that you’ll have a better understanding of what types of conversations we’re having with clients. We’ve also put together this PDF for you that gives you a nice breakdown of all five: https://listentoscott.com/wp-content/uploads/2023/08/5-Key-Areas-PDF-for-Website.pdf Here's some of what we discuss in this episode: Income planning might be the most important because without a paycheck in retirement, it won’t be much of a retirement.Why we say investments are the servants of the plan.We want to develop a tax plan because the IRS will do it for us if we don’t.One of the first ways we help you protect what you’ve built is through healthcare planning.What we want to make sure you address in your estate and legacy plan. Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

Mastering Retirement Cash Flow: Understanding Changing Expenses

Mastering Retirement Cash Flow: Understanding Changing Expenses

In this episode, we’ll explore many of the expenses in your life that might drastically change (one way or another) in retirement. We’ll break those expenses down further to see which ones are the top priorities and analyze some of the other factors that impact your cash flow in retirement. Here's some of what we discuss in this episode: Breaking retirement down into three phases to better understand spending. (4:49)What are the expenses that change the most in retirement? (8:27)The essential expenses vs discretionary and how to account for those. (14:10)Taxes are often a big factor in cash flow problems in retirement. (14:10)How our planning process helps clients manage cash flow. (19:10) Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724

Retirement Rebels: Winning Your Financial Independence

Retirement Rebels: Winning Your Financial Independence

Celebrate the spirit of July 4th with our latest episode as we tackle the concept of Financial Independence. While the American colonists fought for freedom from British rule, we’re here to discuss what you’re striving to be independent from in your retirement. We’ll unveil the common foes you’ll face on the journey. And good news, no muskets are required for these battles. Here's some of what we discuss in this episode: How to get independence from the government. (4:09)How to optimize your Social Security benefit. (6:30)How to get independence from your family and needing their help. (8:47) Want to connect with us? https://listentoscott.com/ https://elevatemyretirement.com/our-team/scott-m-dougan/ 913-393-4724