Wealthy Habits Podcast

Spouses plan as one. Retirement paths may blur. Clear the way, find peace… Yes, that’s a haiku. In today’s episode, we’re going to help couples get on the same page in their retirement plans with the serenity of poetry.

Each haiku contains helpful bits of financial wisdom that will address some of the common ways couples mess up their retirement futures. Dave and Drue will decipher each haiku and explain the nuggets of wisdom that you can pull from each one.

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

• The decisions that need to be made around your pension and why you need to be on the same page as your spouse.
• Each person's claiming age, work history, and other factors can affect the couple's total benefits, and different strategies may be more advantageous depending on the couple's specific circumstances.
• When couples fail to talk about what they want to do in retirement, they may find that their expectations and desires for this period of their lives are not aligned.
• When couples don’t manage risk collaboratively, one spouse might be overly anxious about their financial future while the other could feel too restrained if a conservative approach is taken.

Contact Dave and Drue:

Web: https://www.truefinancialpartners.com/

Email: [email protected]

Phone: 877-359-8783

Sometimes it’s hard to make financial sacrifices when the reward might not be seen until several years in the future, but that’s a core principle in retirement planning. Many of the decisions you make during the planning process and the strategies you implement are done to put you in a better position when retirement rolls around. Today we'll talk about some of the situations shwere you might be inclined to take the immediate benefit, when you should really consider the delayed rewards.

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

• Contributing to your 401k every month is one of the easiest ways to save for retirement.
• Why paying taxes now might benefit you much more than paying them when you pull money out of your 401k in retirement.
• Pulling money out of your emergency fund for another purpose can cause problems when unforeseen expenses pop up.
• Regular health check-ups and preventative care could help you avoid severe issues and high medical costs.

Contact Dave and Drue:

Web: https://www.truefinancialpartners.com/

Email: [email protected]

Phone: 877-359-8783

In this episode, we want to provide an overview of interest rates for those who aren’t quite sure why they move the way they do. It’s a question we get a lot from people, especially with inflation up and interest rates more than doubling over the course of a year. Dave and Drue will explain the Fed’s actions and help you better understand how investing strategies change in a high interest rate environment.

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

• Why the Fed has adjusted the rates so significantly in the last two years?
• How do they determine when to lower rates again?
• How does inflation fit into this conversation?
• What does it mean for individuals if rates start dropping again?
• The connection between interest rates and stocks and bonds.
• How do we work with clients on investment strategies as interest rates change?

Contact Dave and Drue:

Web: https://www.truefinancialpartners.com/

Email: [email protected]

Phone: 877-359-8783

“Learn from the mistakes of others. You can’t live long enough to make them all yourself.” – Eleanor Roosevelt… Ever wish you could foresee financial missteps before they happen? In today’s episode explore some real-life stories of regret and arm yourself with the essential dos and don'ts to ensure your money works for you, not against you.

Stay tuned as Dave and Drue warn against retiring too early without a proper plan, overpaying for your children’s college tuition, overspending in your peak earning years, and more. Whether you're in your 20s or approaching retirement, this episode offers practical insights and strategies to help you make informed financial decisions and avoid common financial pitfalls.

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

• Taking premature IRA withdrawals
• “Lifestyle creep” in peak earning years + the danger of overspending
• Tuition costs and supporting adult children
• Retiring too early without a proper plan
• Roth IRA advantages and the importance of financial education

Contact Dave and Drue:

Web: https://www.truefinancialpartners.com/

Email: [email protected]

Phone: 877-359-8783

The retirement planning world is filled with plenty of advice and suggestions, but there are critical questions lurking in the shadows – the unasked, the overlooked. These are the questions that can help define the comfort and security of your retirement future. In this episode, we unearth and tackle these hidden, but essential questions about retirement.

How much are your tax deferred savings going to cost you in taxes in retirement? How does where you live or plan to live impact your retirement situation? Listen in as Dave and Drue tackle these commonly overlooked questions so that you can gain the clarity you need to take on your retirement years with confidence!

Here are the hidden questions that we discuss in this episode:

• How much are my tax deferred savings going to cost me in taxes in retirement?
• How much can I withdraw from my savings each year?
• Should I still have life insurance when I’m retired?
• Does where I live (or where I plan to live) greatly impact my retirement situation?
• How much am I really paying in fees and commissions?

Contact Dave and Drue:

Web: https://www.truefinancialpartners.com/

Email: [email protected]

Phone: 877-359-8783

We’ve got a mailbag edition of the podcast for you today! We’ve received some excellent listener questions recently, and we’re going to dive into a few of them in this episode. We cover a wide variety of topics, ranging from 529 plans to advisor fee structures, so stick around to see what you can learn.

Rosemary asks how much is too much to spend on a forever home. Valerie asks Dave and Drue for their thoughts on combining finances after getting remarried. Stay tuned as we explore potential pitfalls and offer practical advice on navigating the complexities of retirement.

Here are some of the questions we answer in today’s show:

• I owe 21,000 on my truck, but that's my only debt. Should I make a withdrawal from my 401K to pay off the truck and be debt free?
• Should I set up a 529 plan for my grandkids or just invest on my own and give them the money when they go to school?
• How much is too much to spend on a forever home?
• I’ll likely be a widow for a significant portion of my retirement years. What sort of financial planning challenges does this create for me?
• I've talked to a few financial advisors about how they get paid and it sounds like they all have completely different models. Are there this many different fee structures or does everyone just explain it differently?

Contact Dave and Drue:

Web: https://www.truefinancialpartners.com/

Email: [email protected]

Phone: 877-359-8783

Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer.

We explore actionable strategies to address these problems, such as the importance of life insurance and the ins and outs of spousal pension continuation. This is the episode for you if you’re concerned with ensuring the financial well-being of your remaining family members and safeguarding your financial future and legacy in the face of loss.

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

• How can an income gap be addressed after the loss of a spouse?
• What are the tax implications and changes to Social Security for surviving spouses?
• How can beneficiaries of retirement accounts avoid unexpected tax consequences?
• What is the role of trusts in estate planning?

Contact Dave and Drue:

Web: https://www.truefinancialpartners.com/

Email: [email protected]

Phone: 877-359-8783

Retirement is a unique journey for each of us. The thought that there's a one-size-fits-all solution is a myth, but what if we told you there are certain universal truths that can guide every retiree? Dive deep in this episode, where we juxtapose the individuality of retirement plans with the foundational principles that remain consistent across the board.

Listen in as Dave and Drue discuss some critical topics, such as the impact of trying to time the stock market, the importance of diversification for risk management, the emotional aspects of investing, and more. Whether you're approaching retirement or planning for the future, tune in as they uncover the universal truths that can guide you toward a financially secure and fulfilling retirement.

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

• Nobody can consistently time the stock market successfully
• Nobody knows how long they’re going to live
• Money sitting in cash isn’t keeping up with inflation
• Diversification is essential for risk anagement
• Emotions can be an investor's worst enemy

Contact Dave and Drue:

Web: https://www.truefinancialpartners.com/

Email: [email protected]

Phone: 877-359-8783

Are you over 55 and pondering retirement? Join us as we delve into the realm of Required Minimum Distributions (RMDs). Unfortunately, RMDs can be a tad bit confusing, so in today’s episode, Dave and Drue are here to unravel the mystery and ensure you have a clear understanding of the process.

Listen in as we break down the basics of RMDs and explain how they are calculated based on your age and account balance. We’ll also share strategies to potentially avoid them and share the risks of not preparing for them in advance. And for those fortunate to not rely on RMDs for income, we'll explore impactful ways to utilize those funds.

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

• What are RMDs and why do they exist?
• When should you start planning for RMDs, and what actions can you take to reduce their impact on your tax liabilities?
• What are the risks associated with not planning for RMDs in advance?
• RMDs can be redirected to charitable organizations

Contact Dave and Drue:

Web: https://www.truefinancialpartners.com/

Email: [email protected]

Phone: 877-359-8783

Artificial intelligence is a revolutionary tool that is reshaping our world. You've probably heard about ChatGPT and its widespread use for various tasks like information retrieval, content creation, and even test-taking. But can you use AI for retirement planning advice?

Stay tuned as we dive into an article where artificial intelligence is pitted against a real financial advisor. When asked the same questions, how does the financial advice differ? Listen in as we unpack these answers and chat about retirement planning in the digital world.

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

• AI can be a useful starting point to get general information and guidance on retirement planning topics and questions to ask advisors
• AI does not have the ability to ask you the right questions, recognize emotional nuances, and adapt to individual situations
• What role does emotional support and relationship-building play in retirement planning?
• Are there privacy and security concerns when sharing sensitive financial information with AI tools?

Check out the Fortune Article here

Contact Dave and Drue:

Web: https://www.truefinancialpartners.com/

Email: [email protected]

Phone: 877-359-8783