Retire Ready with Kyle Hammerschmidt Kyle Hammerschmidt

Summary
In this episode of the Retire Ready Podcast, Kolin and Kyle discuss the importance of tax planning in retirement. They highlight the underappreciation of tax planning by pre-retirees and their financial advisors, and emphasize that the lack of tax planning can result in paying more taxes than necessary. The hosts provide six steps to building a tax-efficient retirement plan, including mastering provisional income, categorizing money by tax impact, strategizing the order of withdrawals, measuring tax bracket capacity, deciding between paying taxes now or later, and engaging in ongoing tax planning. They also discuss common mistakes to avoid in retirement tax planning.
Takeaways


Tax planning is a critical part of retirement that is often underappreciated by pre-retirees and their financial advisors.The lack of tax planning can result in paying more taxes than necessary.Building a tax-efficient retirement plan involves mastering provisional income, categorizing money by tax impact, strategizing the order of withdrawals, measuring tax bracket capacity, deciding between paying taxes now or later, and engaging in ongoing tax planning.Common mistakes to avoid in retirement tax planning include assuming that taxes will be lower in retirement, ignoring how Social Security is taxed, neglecting Roth IRAs and Roth 401(k)s, disregarding taxes altogether, and taking money from accounts in the wrong order.Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website

Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.

Summary
In this conversation, Kyle and Kolin discuss the mistakes people make when hiring a financial advisor. They highlight 6 key mistakes and provide advice on how to avoid them. The mistakes include ignoring the importance of tax planning, not having a strategic investment plan, confusing fee-based and fee-only advisors, focusing on investments before comprehensive planning, relying on big financial firms for guidance, and not seeking a customized retirement plan. The conversation emphasizes the need for a clear understanding that not all financial advisors are created equal and encourages listeners to make informed decisions when deciding to partner with a financial advisor.

Takeaways
Not all financial advisors are created equal, so it's important to do thorough research and make informed decisions when hiring one.Tax planning is a crucial aspect of retirement planning that should not be ignored. It's important to have strategies in place to minimize tax bills and protect social security benefits.Having a strategic investment plan that focuses on income and cashflow is essential for a successful retirement.Understanding the difference between fee-based and fee-only advisors is important. Fee-only advisors are typically more transparent and have fewer conflicts of interest.Focusing on comprehensive planning before diving into investments is crucial. A customized retirement plan that considers taxes, income, healthcare, estate planning, and other factors is essential.Choosing a financial advisor solely based on name recognition or the size of the firm may not be the best approach. Consider working with independent firms that prioritize personalized service.Avoiding these common mistakes can lead to a more successful and fulfilling retirement journey.Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website

Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.

This week on the show, we’re diving into the mailbag to answer some recent listener questions that have landed in Kyle’s inbox. He will share his thoughts on these inquiries and share helpful tips for those of you who might’ve found yourself in a similar situation. Stay tuned to see what you can learn!

Here are the questions we tackle in today’s show:
I’m 67 and have reached full retirement age for Social Security, but I don’t plan on retiring soon. Should I go ahead and take it now because I’m eligible?A majority of my 401 K is invested in company stock. I understand that I'm not diversified, but I feel like it's okay because I am invested in the company and what they're working towards.I've enjoyed the growth in my 401(k) over the years despite volatility. But how do I know when it's time to step away from the roulette wheel?My brother mentioned a law requiring my kids to withdraw a significant amount from my IRA within the first 10 years after my death. What’s the deal here?I’ve spent 40 years saving and investing and now that I'm about to retire, I can't even comprehend going the other direction and pulling the money out. Is this a normal thing people struggle with?
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website

Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.

“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.

Here’s some of what we discuss in this episode:
 Avoiding premature IRA withdrawals Spending too much in your peak earning years + being aware of “lifestyle creep” Being mindful of overspending on your child's education The risks that come with retiring early without a proper plan The importance of your diversifying retirement savings across various tax buckets
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website

Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.

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.

Here’s some of what we discuss in this episode:
The implications of tax-deferred accounts and how they affect your retirementHow much can you safely withdraw from your retirement savings each year?Do you really need life insurance in retirement?The hidden costs and gaps in Medicare coverageUnderstanding the true costs and fees associated with your investmentsWe hope you enjoy the show!


Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website

Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.

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?

We’ve split this list of 10 truths into two episodes, and part one focused on income planning, long-term care, investing, longevity and inflation. Today we close out the final five retirement truths by covering investing guidance, taxes, working in retirement, and estate planning.

Here are the truths we’ll discuss in this episode:
Diversifying your investments across a mix of asset classes is essential for risk management.Emotions can be an investor’s worst enemy.Understanding the tax consequences of your investments is essential.Retirement doesn’t mean complete disengagement from work.Estate planning isn’t just for the wealthy.We hope you enjoy the show!

Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991
Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website

Disclosure: MOKAN Wealth Management is a registered investment adviser with the state of Kansas and Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.