Simplify Your Retirement

In today’s episode, the last of Season 4, Stephen Stricklin, along with Paul Brock, answer FAQ’s surrounding retirement planning. In addition to their answers in this episode, we encourage you to look back through the seasons to gain more clarity! One listener asks, “Do you see value in splitting accounts over a few different advisors?” Stephen says with multiple advisors working with the same client, you can end up with similar portfolios, and that may not be as diversified as you’d think. In addition, different advisors have different financial philosophies, Stephen believes in simplicity and consolidation, getting all assets under the same roof.  A common question Stephen and Paul face is, “Should I have an alternative to bonds?” In this current environment where the interest rates are rising, and the value of bonds go down, ultimately it depends what your plan is. Their suggestion is a fixed indexed annuity, a fixed annuity, or CD’s. In exchange for the liquidity that bonds offer, you get guaranteed principal protection and no downside risk.   When it comes to retirement planning, someone asks, “How can I build a retirement plan when I don’t know when I will retire?” Stephen suggests picking a date and going from there. It doesn’t have to be set in stone, but it’s best to start putting together a plan sooner than later, to have peace of mind.  Stephen and Paul Discuss:  Overview of all four seasons thus far.  Addressing questions sent in from listeners  Question 1- “Do you see value in splitting my account over a few different advisors?”  Question 2- “Should I use an alternative to bonds, in this environment with interest rates rising?”  Question 3- “How can I build a retirement plan when I don’t know when I will retire?”  Podcast show taking a break in between season four and season five. Exciting new improvements to the podcast when we resume! Resources: [email protected] http://www.simplifyyourretirement.com/book https://wisewealth.com Season 1 The Three Bucket Approach Part 1 The Three Bucket Approach Part 2 The Three Bucket Approach Part 3 Season 2 Season 3 Season 4 Wise Wealth YouTube Channel Connect With Stephen Stricklin: [email protected] WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC

Have you ever considered the views of the companies you’ve invested in? Do they align with yours? Join Stephen Stricklin and Paul Brock, along with guests Ben Malick and David Sandhu, as they discuss Biblically Responsible Investing. Ben and David have years of financial experience with Wise Wealth, and in this episode, offer clarity on how we can make good decisions when it comes to thinking biblically about our investments.  As an investor, you must screen for companies that take into account the acronym, ESG, Environment, Social and Governance. Do they care for the environment? How do they treat their customers and employees? How well is their board structured? Look for companies that are not harming others for the sake of profit.  As a christian, being aware of what you invest your money in is of highest importance. Focus on companies that give back to their employees and their community and support christian values. In the long run, businesses that care for people will flourish.  Bright Portfolios is Wise Wealth’s solution. Bright Portfolios is an asset allocation where they manage the portfolios for individual clients. They screen for companies exhibiting good values, and build a fully diversified portfolio. You can feel good about the companies you own and feel good about the returns. You get positive returns and know the money you’re investing is actually doing good in the world.  Ben and David Discuss:  The philosophy of Biblically Responsible Investing  ESG (Environmental, Social, Governance); what investors will screen companies for.  Types of companies to avoid. “Sin stocks”; any company that supports tobacco, alcohol, gambling, manufacturing abortion drugs, creating or distributing pornography, companies that harm others for the sake of profit.  Types of companies to invest in. “Shining light” or “Beacon of hope” companies are focused on giving back to their employees, giving to the community, and honoring God.  Does narrowing down the amount of stocks I invest in because of misaligned values make me lose a little bit of return?  Bright Portfolios is an asset allocation where they manage the portfolios for individual clients. They screen for companies exhibiting good values, and build a fully diversified portfolio.  Resources: Do you have a question to ask for an upcoming podcast episode, or want a FREE copy of our book, Simplify Your Retirement? If so, email: [email protected] http://www.simplifyyourretirement.com/book Season 2 Episode 10 with Ben Malick Wise Wealth Phone Number: 816-246-WISE (9473) https://wisewealth.com https://brightportfolios.com Connect With Ben and David: [email protected] https://wisewealth.com https://brightportfolios.com  Connect With Stephen Stricklin: [email protected] WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC About Our Guests: Ben Malick is the Chief Investment Officer of Wise Wealth, Portfolio Manager for Bright Portfolios, Chartered Financial Analyst and Certified Kingdom Advisor. David Sandhu is a Wise Wealth Financial Advisor, Certified Kingdom Advisor and Chartered Retirement Planning Counselor. 

You may have heard the terms “fee” and “cost” used as synonyms, but there is a distinction that could make all the difference in the world of investing. In this episode, Stephen Stricklin and Paul Brock discuss three major misconceptions many people have about fees and costs.  A fee is something you can “see,” usually in plain sight, and made known up front, sometimes deterring an individual from taking the plunge. A cost is something you can “feel,” usually not laid out clearly in a statement, but you’ll feel the hidden costs in your returns.  The three most popular money saving misconceptions are: investing on your own, that your 401(k) has no fees, and investing online with a robo-advisor, all of which lead people to believe that they are cutting losses associated with various service fees. Stephen and Paul expose these myths with facts and statistics, showing the fees of working with an advisor actually yields greater return than the costs associated with the three methods above.  All investments have a cost, and value determines worthiness. The value of having a financial advisor when investing is highly beneficial, and the stats show it is worth it.  Stephen and Paul Discuss:  The difference between fees and costs. A fee is something that you see, a cost is something that you feel. The myths and misconceptions of fees and costs when it comes to investing. Misconception #1 “I can save money by investing on my own, and pay no fees” Vanguard study  Misconception #2 “I can save money by keeping money in the 401K, where there are ‘no fees’”  Misconception #3 “I can save money by investing online through a robo-advisor, because there are ‘no fees’” Dalbar study  Resources: Don’t forget to email [email protected] if you have any retirement questions you’d like Stephen and Paul to answer in an upcoming episode OR to get a free Copy of Stephen’s book, Simplify Your Retirement! [email protected] http://www.simplifyyourretirement.com/book https://www.investopedia.com/ Connect With Stephen Stricklin: [email protected] WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC

Are there better uses for your home equity? In today’s episode special guest Gabrielle Welter, along with host Stephen Stricklin, discuss everything reverse mortgages. Gabrielle is a reverse mortgage specialist in the Chicago area, and with 11 years experience in the financial industry, she has a lot to share.  Gabrielle debunks the negative connotation that a reverse mortgage is the “loan of last resort.” She gives an in depth look into how a reverse mortgage can enhance your retirement portfolio overall.  She answers questions like; How does a reverse mortgage work if you still have a mortgage payment? What is the cost/value? What happens when you sell your house but there’s still equity in the home?  Gabrielle Discusses:  Uses for a reverse mortgage, and how it can benefit the retiree- a way to pay for long term care.   Different scenarios for a reverse mortgage and how it would work- even if you still owe money on your mortgage, you can still qualify.  HECM- home equity conversion mortgage Why a reverse mortgage is valuable- Closing costs are high because it is FHA insured, and it is a non-recourse loan, they cannot pass any debt to any errors. Benefits of being FHA insured Explains the scenario of selling the house, still having equity in the home- leaving remaining equity to beneficiaries, “passing money”.  The scenario of not taking equity out of the home, but instead buying a new home, “HECM for purchase” or “H4P”.  Resources: Do you have a question to ask for an upcoming podcast episode, or want a FREE copy of our book, Simplify Your Retirement? If so, email: [email protected] http://www.simplifyyourretirement.com/book Myhousecounts.com Connect With Gabrielle Welter: Myhousecounts.com LinkedIn: Gabrielle Welter  Connect With Stephen Stricklin: [email protected] WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC About Our Guest: Gabrielle Welter is a reverse mortgage specialist in the Chicago area. She has 11 years of experience in the financial industry, and has even owned her own Allstate agency for 5 years. She is passionate about her work, going beyond just a customer-relationship, to a client-relationship, educating her clients and countless others on her social media platforms. Gabrielle is also married, and the mother of three boys and one golden retriever.

Host Stephen Stricklin and Co-Host Paul Brock take on the topic of taxes in retirement in today’s episode, appropriately released on the tax filing deadline date of 2021. An exciting day for some, and dreaded for others, it’s a reality of our financial life we cannot avoid, and certainly a factor to consider when planning for retirement.  Stephen and Paul take a deep dive into some tax lingo. They bring listeners through five topics pertaining to taxes and retirement: Tax Planning, Effective vs. Marginal Tax Rate, Capital Gains, Social Security benefits and Medicare. They give clarity to these terms, and give examples of scenarios from the point of view of a married couple filing jointly.  Financial peace comes from having a plan, and having a base understanding of these commonly talked about concepts will help set you up for a successful and peaceful retirement.  Stephen and Paul Discuss:  Tax Planning; making sure you have a plan to deal with increasing taxes in retirement Effective Tax Rate vs. Marginal Tax Rate Capital Gains; short term vs. long term Taxation on Social Security benefits Medicare; IRMAA  Future FAQ episodes to come  Resources: Do you have a question to ask for an upcoming podcast episode, or want a FREE copy of our book, Simplify Your Retirement? If so, email: [email protected] http://www.simplifyyourretirement.com/book US Debt Clock Link Connect With Stephen Stricklin: [email protected] WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC  

Retirement is not a cliff to jump off of, but an opportunity to build bridges grounded with your values and strengths. In this episode, Stephen Stricklin is joined by guest Samantha Lane, an Associate Certified Coach who most often works with men and women making the huge transition to retirement. Samantha is passionate about helping individuals through major life changes, and being a guiding light for clients to find balance and satisfaction in their life as retirees.  Samantha walks us through six non-financial mistakes people make going into retirement, identifying them and giving tips on how to combat them. She brings up some misconceptions many people have about retirement, and encourages listeners to be proactive about their expectations, so that they can have a fulfilling life in retirement.  Samantha alleviates the heaviness that the new chapter of retirement can bring. The question of “what do I do next?” can be daunting. You don’t need to have all twenty years of retirement planned out, what you need to know is just the next right step forward.  Samantha discusses: The longevity of life for the average retiree. How she found a life coach, in Minnesota and found clarity to do what she’s doing now. Moving back to Kansas City and starting her own coaching business in 2016. The longevity of your life being tied to your social wellness Six non-financial mistakes people make going into retirement  Resources: https://simplifyyourretirement.com https://www.lumina-coaching.com/ Season 3 Episode 1 Season 3 Episode 2 Season 1 Season 3 Episode 9 https://simplifyyourretirement.com/book/ [email protected] Connect With Samantha Lane: https://www.lumina-coaching.com/ LinkedIn: Samantha Lane AAC, ICF Connect With Stephen Stricklin: [email protected] WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC About Our Guest: Samantha Lane is an Associate Certified Coach with the ICF. She launched Lumina Coaching in May 2016 and has since served dozens of people in support of their best life. She’s a Life Coach passionate about helping people get “unstuck” and gain awareness on developing their personal sense of balance, wellness, and success in life. She most often works with men and women making the huge transition to retirement; understanding that this life change is not a cliff to jump off of, but an opportunity to build bridges grounded with your values and strengths. When she’s not on a coaching call, you can find her walking her Chocolate Lab, Leo, hanging out with her nieces or nephews, or on a yoga mat. 

Joining host Stephen Stricklin is guest Mark Willis, financial advisor and owner of Late Growth Financial Services in Chicago IL, and Co-Host of his podcast Not Your Average Financial Podcast, on the topic of banking on yourself.  Graduating college with an immense amount of debt, and starting a new job at a CPA firm during the 2008 stock market collapse, Mark wondered “Is there something better than just climbing out of this hole?” Knowing debt is important to move past, but not wanting to throw away crucial years, where money is more valuable due to compound growth and opportunity cost, Mark thought, “Is there a way to turn my debt liability into an asset?” The Bank on Yourself concept uses a whole life insurance policy tool to build an asset called cash value. Using the “snowbank method” Mark talks about how to continue to pay off debt with minimum payments, and dump the leftover money into the whole life policy that has a non-direct recognition loan. You can borrow against your life insurance cash value and it will continue to grow as if you hadn’t touched a dime of the money!  Though it took Mark an extra year to finish paying off his student loan debt, he wasn’t back at net zero. He had created a massive asset on his balance sheet.   Mark discusses: Not Your Average Financial Podcast  His story; how he accumulated student loan debt, and how he overcame it.  “Banking on Yourself” concept  The “snowbank method”  Whole life policy with a non-direct recognition loan What would an easy financial life look like? Being aware that a whole life policy is a long term commitment  Having different assets to pull from in retirement  Resources: https://simplifyyourretirement.com https://nyafinancialpodcast.com  Connect With Mark Willis: https://nyafinancialpodcast.com LinkedIn: Mark Willis Connect With Stephen Stricklin: [email protected] WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC About Our Guest: Mark Willis is a certified financial advisor in Chicago, IL, owner of Late Growth Financial Services in Chicago, he specializes in building custom tailored financial strategies. He is the Co-Host of Not Your Average Financial Podcast.

Joining Stephen Stricklin for another podcast episode is our guest, David Rosell, financial planner, president and founder of Rosell Wealth Management, author of Failure Is Not an Option, and avid traveler. They discuss common risks that you should consider when planning for retirement.  Risks that occur in the distribution phase of retirement are inevitable. It’s up to us to be prepared with a plan when we meet these risks. The most common risks that people run into are inflation risk, interest rate risk, and longevity risk. With these uncertainties in mind, we can find peace by having a plan.  When it comes to distribution planning and how people withdraw their money during these years to handle longevity, there’s a hierarchy of needs, similar to the outline of “Maslow’s Hierarchy of Needs.” First on the list is core expenses, your necessities, and these must be guaranteed for life. Then comes joy expenses, like traveling, hobbies, and grandchildren. Last are goals: education for grandchildren, a vacation home, and leaving a legacy.  Stephen and David want you to go into retirement with confidence and peace when navigating the inevitable risks. A quote from David’s book says it all, “Hit the ball over the fence, and you can take your time going around the bases. -John Roper.”   David Discusses: David Rosell’s new book, Failure Is Not an Option Inflation Risk: being aware that the cost of living will double every 20 years, at the rate of 3.5% Interest Rate Risk: considering the uncertainty of the fluctuating value of bonds, making a plan to take all the moving risks into motion.   Longevity Risk: it’s becoming more common to live decades past what people plan for, and this fact makes all other risks more dangerous.  Setting a financial plan based off of “Maslow’s Hierarchy of Needs.” Core expenses, joy expenses, and goals.  David Rosell’s book, Keep Climbing, A Millennial's Guide to Financial PLanning, and looking forward to book #3 in the making.  Resources: https://simplifyyourretirement.com https://wisewealth.com https://www.davidrosell.com Season 1 Season 4 Episode 3 Inflation Season 4 Episode 4 (Part 1) Connect With David Rosell: https://www.davidrosell.com LinkedIn: David Rosell Connect With Stephen Stricklin: [email protected] WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC About Our Guest: David Rosell is the author of Failure Is Not an Option, Creating Certainty in the Uncertainty of Retirement. He is the president and founder of Rosell Wealth Management in Bend, Oregon. He is an extreme traveler, having been to more than 75 countries on 6 different continents, including hitchhiking in Nairobi to Cape Town Africa, climbing the Nepalese Himalayas, and even tearing down the Berlin Wall. 

Stephen Stricklin is joined by guest David Rosell, financial planner, president and founder of Rosell Wealth Management, author of Failure Is Not an Option, and world-wide traveler, as they discuss the reality of planning for retirement.  In his book, David combines his two passions, travel stories, and financial survival tips. He ties in his mountain climbing and travel adventures, with impactful advice about retirement. David says FEAR, False Evidence Appearing Real, is our worst enemy. Fear discourages people from making a solid plan. In climbing, the end goal may be for someone to reach the summit, when in reality the end goal needs to be how to get back down the mountain after reaching the summit.  People tend to make their decisions based on emotions. David suggests shutting off the TV. From the panic in the reports on the News, to watching the stock market’s fluctuations, it can cause anxiety, and lead to making poor financial decisions.  The goal is to ultimately enjoy your life, have a plan and make sure your money is invested properly.  David Discusses: David Rosell’s new book, Failure Is Not an Option His least favorite word: FEAR, which stands for False Evidence Appearing Real Tips on how to not make financial decisions based on an emotional response Preparing for retirement with a solid plan in place Stories about his 1956 Morris Minor, “Peaches,” as a picture of how we should treat our investment accounts Resources: https://simplifyyourretirement.com https://wisewealth.com https://www.davidrosell.com  Connect With David Rosell: https://www.davidrosell.com  Connect With Stephen Stricklin: [email protected] WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC About Our Guest: David Rosell is the author of Failure Is Not an Option, Creating Certainty in the Uncertainty of Retirement. He is the president and founder of Rosell Wealth Management in Bend, Oregon. He is an extreme traveler, having been to more than 75 countries on 6 different continents, including hitchhiking in Nairobi to Cape Town Africa, climbing the Nepalese Himalayas, and even tearing down the Berlin Wall.

Should inflation cause panic? Are spikes in inflation a new phenomenon? How will it impact my retirement? Join our hosts Stephen Stricklin and Paul Brock for Season 4, Episode 3 as they answer these questions and more! They talk about the importance of considering inflation when relating to retirement, in this timeless episode designed to share with friends and family. Inflation, as defined by Investopedia, is the decline of purchasing power of a given currency over time. Retiree’s feel the impact of inflation more than most. With an average inflation rate of 3% per year, they need to be prepared for a change in the power of their dollar years down the line.  Discussed in seasons 1 and 2, there are three phases of investing when it comes to retirement; accumulation phase, preservation phase, and distribution phase, and no matter what phase you are in, there are different goals set in regards to inflation. For a practical way to meet the goals of each phase, incorporate the three bucket approach, separating your money into a “liquid bucket,” an “income bucket” and a “growth bucket.”  Stephen and Paul discuss: What inflation is Misconceptions about inflation Being proactive when it comes to inflation impacting your retirement.  Three phases of investing; accumulation, preservation and distribution, what they are and what each specifically needs to focus on regarding inflation.  The three bucket approach; liquid bucket, income bucket, and growth bucket, and the purpose for each.  Resources:  https://simplifyyourretirement.com https://wisewealth.com https://www.investopedia.com Season 1 Season 2 Season 1 Episode 4 Season 1 Episode 8 Season 1 Episode 9 Season 1 Episode 10 Connect With Stephen Stricklin: [email protected] WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC