Money Wisdom

Financial planning for retirement is a crucial process that requires a strategic approach to ensure long-term security. All too often, however, people will get in their own way and make mistakes that were completely avoidable. In this week’s podcast, we’re going to talk about the most common examples of this with the guidance of Eric Hogarth, CFP®.

Here’s some of what we discuss in this episode:

• Getting caught up in the greed and fear cycle of the stock market and chasing more money than you need to.
• Why people make bad investment choices just to save money in taxes in the short-term.
• People will leave too much money in cash because they put off making a decision on what to do with it.
• Are you overthinking your financial plan to the point that you fail to make decisions at all?
• Don’t blindly trust financial advice from people that aren’t financial professionals.

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We’re in the middle of tax season and many people are still getting their paperwork together and wondering about ways to save money on last year’s taxes. The good news is there are ways to potentially save on your taxes even though we’re in a new year, and today we’re going to talk about how with Matt Pastor, RICP® on our latest podcast. This conversation is particularly beneficial for individuals who have just realized their oversight in contributing to their Individual Retirement Account (IRA).

Here’s some of what we discuss in this episode:

• Why it’s common for people to not be aware of this IRA option and what you need to know about contribution amounts.
• Should you put money into those retirement accounts or is it better to use elsewhere?
• How significant could the tax savings be over time?
• Where do you find the balance between liquidity and adding to retirement accounts?

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/

When you find yourself amidst a career transition, be it by choice or circumstance, the path forward can seem fraught with financial uncertainty and healthcare coverage concerns. It's a time when the right advice can make a world of difference, which is why we brought Jake Dozer, CFP® onto the podcast to help navigate this stressful time.

Whether you're considering a shift to a new industry, pondering semi-retirement, or stepping into the realm of self-employment, it's essential to have a strategy that supports both wealth and health, and we’ll cover that in this episode.

Here’s some of what we discuss in this episode:

• The workforce changes we’ve seen in Connecticut over the past 18 months.
• The trends we’ve seen from our clients as it relates to work in retirement.
• Weighing the option to become self-employed.
• What health insurance options do you have when you’re in between jobs.
• Is this a good time to do a 401k rollover?

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/

There were a lot of things that were different back then, for maybe past generations, than they are for people retiring today. So we're going to talk about how things are different now than they used to be.

Gone are the days when retirees could rely solely on pensions and Social Security. Today, proactive planning is crucial for a sustainable financial future. The episode with Eric Hogarth, CFP®, highlights that Social Security was never meant to be the only source of income in retirement. With life expectancies increasing, the need for a robust strategy that accounts for a longer retirement phase is more important than ever.

Here’s some of what we discuss in this episode:

• How planning has changed with pensions becoming rarer every year.
• As longevity increases, how does that impact Social Security and other aspects of planning?
• Lower interest rates on savings and fixed-income investments complicate income generation.
• Estate planning considerations you need to think through.
• Financial literacy is even more difficult as the investment landscape gets more complicated.

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/

We have a very timely conversation today as tax season is upon us once again and getting organized is top of mind. Either you're really happy with yourself because you already got your tax return done and filed and don't have to worry about it anymore, or you're still collecting documents and just worrying about it in general. Even if you’re getting a tax refund, you might still worry about doing taxes. It's just not a fun process for most people. So we wanted to talk with Heath Grossman, CFP®, about what you can be doing to make this tax season as smooth as possible for yourself.

Here’s some of what we discuss in this episode:

• What’s the easiest way to start getting last year’s tax return together?
• Start thinking about what has changed from last year to this year.
• How does tax planning differ from tax preparation?
• What kind of things are you doing during the tax planning process?

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/

As market uncertainty looms, the question that plagues every investor's mind is when to overhaul their investment portfolio. The upcoming year looks like it could be filled with volatility once again, so how should your investments be positioned?

In our latest podcast, we featured Matt Pastor, RICP to discuss investment strategies and unpack the critical decision-making that comes with adjusting your assets in response to market shifts. With the focus on avoiding the classic blunders of buying high and selling low, Matt shed light on the importance of a proactive approach over a reactive one, especially as you sail towards the golden years of retirement.

Here’s some of what we discuss in this episode:

• The goal in planning is to be proactive and not react to what’s happening in the market.
• What are some times where we felt the need to overhaul a portfolio?
• An example of a time someone thought they needed to overhaul their portfolio but we explained why they didn’t.
• The planning strategies we discuss with clients when constructing an investment plan.

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/

Planning for a fulfilling retirement is a significant life milestone, representing the culmination of years of hard work and the dawn of a new, exciting chapter. But retirement planning goes beyond just financial security. It is a holistic process that also involves emotional well-being, nurturing social connections, and the pursuit of purpose.

In our latest podcast, Eric Hogarth, CFP® joined the show to discuss the approach to retirement when people are prepared and have a vision for what they want it to look like versus those that don’t have any idea. The vast majority of people we work with fall into that latter category, which is why we wanted to spend some time outlining the importance of knowing what you want the next chapter of life to look like.

Here’s some of what we discuss in this episode:

• How we take a retirement vision and build a plan to help make that happen.
• Fewer than 10% of people have a clear vision of what they want retirement to look like.
• An example of someone who is ready to retire but don’t what they want to do in retirement.
• Having the financial piece of retirement figured out frees people up to set goals and dreams for retirement.

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/

We’ve all opened up a statement and seen the retirement income that’s projected from that account. Not every account has it but most do. The question is how much can you trust that number and can you base a retirement plan on what you see?

Retirement planning can be a daunting task, with numerous variables and uncertainties that can make or break your financial future. Understanding the intricacies of income projections and tailored strategies is essential to secure a comfortable retirement, and we brought Jake Doser, CFP® onto the podcast to help explain these projections a bit more.

Here’s some of what we discuss in this episode:

• How reliable are these projections?
• The income analysis we do with each client to help provide a more realistic projection.
• The variables that these projections aren’t able to factor in.
• How we approach conversations with people who aren’t in good shape for retirement.

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/

As women approach retirement age, it's crucial to understand the nuances of Social Security and its impact on long-term financial health. On our latest podcast featuring Heather Adkins, CFP®, we will shed some light on this topic, focusing on why women tend to claim Social Security benefits at 62 and the implications of such decisions.

Here’s some of what we discuss in this episode:

• Why are so many women starting their Social Security at the earliest age?
• What’s wrong with taking the benefit at 62?
• How does the earnings test work and how does it apply to your benefits?
• An example of when waiting until 70 might be the wrong decision.

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/

When it comes to retirement, understanding Required Minimum Distributions (RMDs) and staying ahead of them is important for financial success in retirement. In our latest podcast, Matt Pastor, RICP explains the intricacies of RMDs and sheds light on why early planning is essential.

Here’s some of what we discuss in this episode:

• How RMDs have changed in the last couple of years.
• What should you be thinking about if you’re turning 73 this year?
• The four primary options for how to use your RMD withdrawals.
• If you’re still a decade out, there are some tax planning conversations you should be having.

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/