Tag: Early Retirement
What Your Parents’ Retirement Can Teach You About Planning Your Own (Ep. 38)

What Your Parents’ Retirement Can Teach You About Planning Your Own (Ep. 38)

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Your parents’ retirement experience can reveal lessons that are difficult to see while you’re still working. What has changed between their generation and yours, and which financial habits still hold up?

In this episode, Dan Reese, CFP®, explains how retirement planning has changed across generations and what you can learn by asking your parents thoughtful questions. He covers the shift from pensions to personal savings, the healthcare gap before Medicare, longer life expectancies, lifestyle creep, and the possibility of retiring earlier than planned. Dan also shares ways families can talk about money without making the discussion feel intrusive.

Key points:

  • Why testing your retirement plan against leaving work at 62 can help you prepare for an earlier-than-expected retirement
  • How the shift from pensions to 401(k)s places more responsibility on your personal retirement savings
  • Why Medicare premiums, supplemental coverage, and long-term care need separate consideration in retirement
  • How lifestyle creep can raise the amount of income you’ll eventually need to replace after leaving work
  • Questions you can ask your parents about retirement without starting with account balances or net worth
  • And more!

Resources:

Connect with Dan Reese CFP®:

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Roth Conversions for High Earners: Timing, Taxes, and Long-Term Control (Ep. 23)

Roth Conversions for High Earners: Timing, Taxes, and Long-Term Control (Ep. 23)

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Retirement tax decisions often feel simple on the surface, but the ripple effects can last decades. The real question is not whether taxes will be paid, but when, how, and by whom.

In this episode, Dan Reese, CFP®, walks through how Roth conversions, a taxable event, can fit into a broader retirement and estate plan for high-income earners. He explains when conversions may help manage future tax exposure, Medicare premiums, and inherited IRA issues. The conversation also covers market downturns, early retirement gap years, state tax differences, and why scenario planning is essential before acting.

Key takeaways:

  • How Roth conversions can affect heirs, estate plans, and long-term family tax outcomes over multiple generations
  • Why higher income does not automatically rule out conversions, and how added income can trigger hidden taxes
  • How market downturns may lower the taxable cost of converting retirement assets
  • Why early retirement gap years can create valuable planning windows before Social Security begins
  • How moving between low-tax and high-tax states can change the timing and value of conversions
  • And more!

Resources:

Connect with Dan Reese CFP®:

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Early Retirement Right for You? Key Considerations and Strategies (Ep. 12)

Early Retirement Right for You? Key Considerations and Strategies (Ep. 12)

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What are the highs and lows of early retirement? We’re exploring whether it’s everything it’s cracked up to be and the steps needed to make it work for you.

Join Dan Reese from Avery Wealth as he delves into the pros and cons of early retirement. They discuss the allure of having more control over your time and the potential pitfalls that can trip you up. From understanding longevity risks to healthcare gaps and tax implications, this episode aims to provide a balanced perspective on retiring ahead of the traditional timeline. Dan also shares real-life client stories, offering insights into the emotional and financial preparations necessary for this life stage.

Dan discusses:

  • Longevity Risks in Early Retirement (00:09:57)
  • Healthcare Coverage Before Medicare (00:11:47)
  • Sequence of Returns Risk (00:13:01)
  • Social Security Timing and Benefits (00:14:13)
  • Emotional and Purposeful Transition (00:22:06)

Resources:

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Avoiding Common Retirement Blunders (Ep. 5)

Avoiding Common Retirement Blunders (Ep. 5)

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What are the biggest financial blunders to dodge as you approach retirement?

In this episode, Dan Reese walks us through some key financial missteps that retirees often encounter and shares tips on how to steer clear of them. From budgeting and unexpected expenses to managing taxes and understanding the nuances of Social Security, Dan lays a foundation for avoiding these pitfalls. You’ll also learn about the importance of incorporating healthcare costs and planning for longevity into your retirement strategy.

Dan discusses: 

  • (02:29) Budgeting beyond the essentials to accommodate unexpected expenses
  • (05:31) Healthcare costs and planning for inflation in retirement
  • (09:57) Factoring in taxes into financial decisions and avoiding costly missteps
  • (13:48) The impact of early retirement – planned or unplanned
  • (20:05) Planning for longevity to ensure you don’t outlive your savings
  • (23:03) Utilizing Social Security and maximizing benefits
  • (26:21) Required Minimum Distributions (RMDs) and integrating tax planning

Tune in for actionable insights and practical advice that can help you steer clear of pitfalls and secure a smooth, stress-free retirement. Don’t miss out on this crucial episode that every prospective retiree should hear!

Resources:

Connect with Dan Reese CFP®:

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