58 episodes

In the Simplify Your Retirement podcast, Stephen Stricklin, CFP®, president and founder of Wise Wealth shares wisdom to help individuals and couples plan for a peaceful and enjoyable retirement. Stephen, with his years of experience and expertise in retirement income planning along with guest experts, will help you achieve “First Wisdom, Then Wealth!” For more information about Wise Wealth visit www.WiseWealth.com or email our team of professionals at info@wisewealth.com.

Simplify Your Retirement Stephen Stricklin, CFP®

    • Business

In the Simplify Your Retirement podcast, Stephen Stricklin, CFP®, president and founder of Wise Wealth shares wisdom to help individuals and couples plan for a peaceful and enjoyable retirement. Stephen, with his years of experience and expertise in retirement income planning along with guest experts, will help you achieve “First Wisdom, Then Wealth!” For more information about Wise Wealth visit www.WiseWealth.com or email our team of professionals at info@wisewealth.com.

    Season 5 Episode 10 The Retirement Freedom Plan: Freedom from Fear and Frustration in Retirement

    Season 5 Episode 10 The Retirement Freedom Plan: Freedom from Fear and Frustration in Retirement

    It's often said that people spend more time planning vacations than they do for retirement. But just as you wouldn't wing a vacation, retirement planning requires careful consideration.

    With potential decades ahead, the time invested in planning is relatively short. Therefore, it's crucial to approach retirement seriously, laying out all your desires to ensure they align with your vision.

    A common mistake is solely focusing on the day you can stop working. While reaching this milestone is significant, the ultimate goal is not just retirement but retirement freedom.

    Our goal is to guide individuals towards this state of financial freedom, not just reaching retirement but thriving through it. We aim to alleviate the fears and frustrations that often accompany retirement, enabling people to enjoy their golden years with peace of mind. And at the core of achieving this peace is having a well-thought-out plan.

    Whether it’s the cost of healthcare, rising taxes, stock market volatility, or inflation, our personalized Retirement Freedom Plan™ covers all potential risks eliminating those fears and what-ifs.

    In retirement, you want the freedom to pursue your desires without worrying about uncertainties or risks. Working with someone who understands this is crucial. Going it alone might work, but you could still face fear and frustration along the way.

    Robo-advisors lack the human touch needed to address your unique concerns. While they can provide numbers and estimates, they can't offer the empathy and experience of a human advisor. Trusting solely in automated assessments, like those from 401k providers, may not give you the full picture. What you really need is a financial planner who can guide you not just to retirement but through it, providing both expertise and empathy tailored to your needs.



    Let's create your Retirement Freedom Plan™, starting with the “Clarity Conversation”. Reach out to us at 816-246-WISE or email info@wisewealth.com to start the journey toward freedom.

    www.wisewealth.com

    • 33 min
    Season 5 Episode 9 Legacy Planning: Protect Your Assets and Leave a Legacy

    Season 5 Episode 9 Legacy Planning: Protect Your Assets and Leave a Legacy

    In the pursuit of financial freedom, retirement planning often revolves around achieving a specific nest egg or net worth target. However, true fulfillment in retirement extends beyond mere financial security. It encompasses a holistic approach that addresses uncertainties, unforeseen circumstances, and the desire to leave a lasting legacy.



    In this episode, we discuss the multifaceted aspects of retirement planning, highlighting the importance of proactive decision-making, essential documents, and specialized expertise to ensure a fulfilling and secure retirement journey. While many financial advisors often focus on reaching a specific nest egg or net worth target to support this goal, experience shows there's a further peak to strive for beyond mere financial security. The reality is a lot of people plan for about 30 to 35 years preparing for the day they retire, but you need to have a plan for the 30 to 35 years after you retire.



    When you get to retirement, now there are unknowns. How long are you going to live? How much is inflation going to impact you? Am I going to need long-term care?



    As you get closer to retirement, the risk increase, and the stakes are higher. Mistakes have to be avoided and you need to work with an advisor who specializes in the retirement phase of life. Specific investments are tailored for generating income, while others are geared towards growth.



    The choice of investment aligns with the intended financial plan. Beginning with an income plan, one progresses to an impact plan which encompasses legacy, insurance, and tax planning. Unforeseen circumstances such as incapacitation or illness can suddenly shift control away from one's intended decisions.



    This uncertainty can detract from the enjoyment of retirement, raising concerns about the distribution and management of assets, as well as the designation of decision-makers in times of need. The goal of retirement planning is to minimize fear, frustration, and risks to fully enjoy retirement. Essential documents such as powers of attorney, encompassing healthcare and financial matters, are crucial. A living will specifies directives for medical care in certain situations, relieving loved ones of difficult decisions. A traditional will dictates asset distribution, preferably through contractual arrangements. It's essential to document specific wishes and have them legally endorsed to ensure desired outcomes, particularly for personal items with sentimental value, to avoid potential conflicts among beneficiaries after one's passing. It's crucial to ensure that beneficiaries listed on policies accurately reflect your wishes, as these designations override the instructions in your will.



    Naming beneficiaries expedites the transfer of assets without the need for probate, streamlining the process. Trusts can be simple or complex, but legal expertise is often necessary for complex situations. While we offer assistance, we recommend consulting qualified attorneys to ensure validity and effectiveness.



    We stress to clients the importance of leaving more than just money behind—a legacy of values, beliefs, and memories. Encourage sharing messages, beliefs, and family stories through videos or other means, ensuring that the true essence of their legacy endures beyond financial assets.



    📅 SCHEDULE A CONSULTATION: 816.246.WISE (9473), info@wisewealth.com, www.wisewealth.com

    • 42 min
    Season 5 Episode 8 Tax Planning: A Lifetime Approach to Minimize Your Taxes

    Season 5 Episode 8 Tax Planning: A Lifetime Approach to Minimize Your Taxes

    Tax Planning: A Lifetime Approach to Minimize Your Taxes

    In today's episode, we dive into the topic of taxes, drawing inspiration from Benjamin Franklin's famous quote: "There are only two things certain in life, death and taxes."

    Considering the uncertainty surrounding taxes and the fear it can evoke, we emphasize the importance of having a plan in case of tax increases. While your current tax rate forms the basis of our strategy, we also incorporate a contingency for potential future tax rate hikes, stressing the need for preparation regardless of your decision to convert to a Roth or not.

    Now, let me introduce Becca Ollar, whose unique background as a CPA with experience in financial planning sets her apart. Unlike CPAs in accounting firms primarily dealing with business and corporate returns, Becca's focus within a financial planning firm revolves around individual planning.

    In CPA firms or accounting firms, the work often happens behind closed doors with minimal interaction. Unlike the typical accounting firm setup where clients drop off tax documents in February and only reconnect in March or the following year, working with Becca involves more engagement and conversation throughout the year.

    It's rare to find a CPA focused on building meaningful relationships and actively helping clients achieve their goals, rather than just offering tax preparation services. This approach involves proactive communication, strategic planning before deadlines, and a partnership mentality, ensuring clients are well-informed and minimizing surprises come tax time.

    The advantage of combining CPA and financial advisor services lies in seamless access to comprehensive records and consistent advice. The proactive approach, often lacking in traditional tax preparation services, is crucial for a positive client experience.

    Interested in Tax Preparation? Call our office at 816.246.WISE (9473), or visit our website, www.wisewealth.com.

    Watch or listen to the full episode to hear Stephen’s perspective on paying taxes upfront on the seed, rather than navigating the uncertainties of future tax rates and amounts during the harvest. Also learn other tax strategies such as:





    Maximize conversion amount within the current tax bracket.

    Evaluate the Impact of Moving to Higher Tax Brackets: g., 12% to 22% versus 22% to 24%.



    By incorporating these insights into your tax planning, you can make informed decisions that align with your financial goals.

    • 40 min
    Season 5 Episode 7 Insurance Planning: When and Why to Transfer Risk

    Season 5 Episode 7 Insurance Planning: When and Why to Transfer Risk

    In this insightful conversation, Stephen Stricklin discusses the complexities of financial planning, focusing on the contrasting viewpoints regarding investments in the stock market and insurance planning.



    Leveraging his extensive industry experience, Stricklin underscores the significance of crafting a comprehensive plan that seamlessly integrates both aspects.



    There is an imperative need for objective advice, especially from a firm like Wise Wealth which can objectively navigate the intricacies of both insurance and investments. Many biased financial advisors may favor one approach due to licensing, affiliations, or personal preferences.



    Wise Wealth's approach involves tailoring recommendations based on a thorough understanding of clients' needs, initiated through a "Clarity Conversation," followed by the “Possibilities Meeting” - exploring diverse avenues for achieving financial goals.



    It’s important to understand that by investing in insurance you are transferring the risk to the insurance company which can lead to financial peace of mind.



    Stephen and his co-host, Paul Brock talk about the significant financial risk associated with long-term care, the complexities of Medicare, and the role of life insurance.



    In conclusion, it is crucial and imperative to adopt an objective and fiduciary approach when making decisions related to insurance.



    Key Topics Discussed:



    Understanding Insurance as Risk Transfer

    Long-Term Care as the Largest Financial Risk in Retirement

    Medicare Complexities and the Need for Expert Guidance

    Overview of Life Insurance: Death Benefits and Living Benefits

    Integral Role of Life Insurance in All Seven Areas of Planning

    The Importance of Comprehensive Financial Planning



    CONTACT US:



    www.wisewealth.com



    Email us at info@wisewealth.com, or give us a call at 816.246.WISE (9473).



    To request your copy of our book, Simplify Your Retirement, email us at info@wisewealth.com, or visit our website www.wisewealth.com/contact-us.

    • 37 min
    Season 5 Episode 6 Investment Planning: The 2 Key Ingredients to Success

    Season 5 Episode 6 Investment Planning: The 2 Key Ingredients to Success

    Investment Planning: The 2 Key Ingredients to Success



    Ever wondered what it takes to be a successful stock market investor? In this episode, Stephen Stricklin from Wise Wealth breaks down the two essential ingredients for success: time and discipline.



    🔍 Key Takeaways:



    • Time & Discipline: The foundation of successful stock market investing.



    • The Three-Bucket Approach: Learn how to allocate your assets strategically.



    • #GSEL Mission: Discover Wise Wealth's mission—Give, Serve, Enjoy Life.



    • Seven Areas of Financial Planning: Gain insights into comprehensive retirement planning.



    Stephen explains the significance of the three-bucket approach – liquid, income, and growth – and why the growth bucket is a key component for long-term success in stock market investing.



    The episode provides insights into the five-year rule, a fundamental principle that dictates only taking diversified risks with money not needed for at least five years. Stephen emphasizes the role of the growth bucket in beating inflation, addressing healthcare costs, and managing taxes. He explains why having as much money as possible in the growth bucket provides financial flexibility and serves as "fun money" for retirees.



    Throughout the conversation, Stephen emphasizes the importance of staying disciplined and not making impulsive investment decisions based on short-term market fluctuations.



    Tune in to gain valuable insights into the growth bucket strategy and learn how it contributes to financial peace, confidence, and the freedom to enjoy life in retirement.



    CONTACT US:



    To request your copy of our book, Simplify Your Retirement, email us at info@wisewealth.com, or visit our website www.wisewealth.com/contact-us.



     

    • 29 min
    Season 5 Episode 5 Income Planning: Smart Investment Allocations for Maximum Peace of Mind

    Season 5 Episode 5 Income Planning: Smart Investment Allocations for Maximum Peace of Mind

    Income Planning: Smart Investment Allocations for Maximum Peace of Mind

    We understand that when retirees have a well-thought-out plan, they are more likely to experience true freedom. The ultimate goal of our retirement planning efforts is to achieve this freedom, enabling individuals to give, serve, and enjoy life without constraints.

    Once a plan is established for each of these six areas: liquidity, income, growth, tax, legacy, and insurance, true freedom becomes attainable.

    Our concept of freedom planning perfectly aligns with the mission of Wise Wealth, encapsulated by the hashtag #GSEL (give, serve, and enjoy life). To realize this vision, meticulous planning is necessary.

    One of the most pivotal questions to ask in financial planning is, "What does retirement look like to you?" This question is crucial as the answer varies for each individual. Retirement, for some, entails serene moments in a rocking chair or spending time with grandchildren, while for others, it means constant travel and never staying at home. There's no right or wrong answer, but an answer is essential.

    The response to the question "What does retirement look like to you?" not only carries an emotional aspect but also a numerical component. When we discuss income planning, we are essentially determining that number.

    At Wise Wealth, one of our guiding principles is that the plan determines the products. Using our easy-to-understand “3-Bucket Approach” we identify the purpose of the money—whether it's for liquidity, income, or growth. and we firmly believe that a single portfolio cannot effectively serve all three purposes.

    We believe a single portfolio cannot effectively serve all three purposes. Aligning investments with their intended purposes simplifies decision-making and enhances peace of mind.

    Today, our focus shifts to the income bucket. We'll discuss the rules governing how much should be allocated to this bucket and the investment options it offers.

    Many individuals approaching retirement, particularly those who have managed their finances independently or worked with advisors focused on asset growth, may find this transition challenging. They are accustomed to growing their assets, often through 401(k) investments.

    However, in retirement income planning, the dynamics change, requiring consideration of liquidity, safety, income, and growth.

    Many people mistakenly believe they only have these two extreme options, either taking no risk and accepting minimal returns (barely keeping up with inflation) or risking everything with potential losses as the market fluctuates. The downside is that this type of strategy doesn't lead to freedom or peace of mind. Individuals find themselves in constant fear, tied to market fluctuations, questioning every financial decision.

    There are alternative options in the middle ground, that are less risky and more cost-effective, giving a more balanced approach.

    Upon reaching retirement age, individuals should protect the portion of their money needed for an income stream. The rules for the liquid bucket involve determining your income number, solving for the gap by subtracting guaranteed income sources, and figuring out the least amount of assets needed to guarantee the required level of income.

    Almost everybody has an income gap, and the income gap formula is straightforward. Take your income need in retirement, subtract any guaranteed income sources, and start with a clear budget. To determine your income need, write it down—request our complimentary retirement worksheet at info@wisewealth.com.

    Our goal as planners is not to sell annuities or CDs but to have as much money as possible growing for our clients while protecting their income needs. We advise individuals, even up to the first 5 to 10 years in retirement, to start allocating assets today to solve for that gap 10 years from now.

    • 40 min

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