Financial Symmetry: Balancing Today with Retirement

Chad Smith, CFP® and Mike Eklund, CFP®
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Financial Symmetry: Balancing Today with Retirement

When considering retirement, do you wonder what financial opportunities you may be missing? Busy lives take over and years pass without taking advantage. In this retirement podcast, Chad Smith and Mike Eklund unveil financial opportunities, to help you balance enjoying today so you are ready to retire later. By day, they are fiduciary fee-only financial advisors who answer questions about tax savings, investment decisions, and how to save more. If you’ve been putting off your financial to-do list or are just not sure what you’ve been missing, subscribe to the show and learn more at www.financialsymmetry.com. Financial Symmetry is a Raleigh Financial Advisor, proudly serving clients in the Triangle of North Carolina for over 20 years.

  1. 6 DAYS AGO

    Navigating the Updated Inherited IRA Rules with Grayson Blaszek and Matthew Schulman, Ep #228

    An inherited IRA is essentially an IRA received by a beneficiary after the original owner passes away. Whether it's a spouse, child, or another loved one, the key characteristic of an inherited IRA is that it transitions ownership upon death.  As Grayson Blaszek explains, the funds are transferred intact, but the way you handle and withdraw these funds comes with specific rules and timelines. Grayson and Matthew dig into the new rules in this episode.  *********** 📬 Download your Free Retire On Purpose Guide here.  📰 See the full show notes here 🌐 Sign up here to receive Retirement Weekly to get one email every week on all things retirement *********** Outline of This Episode [4:50] Differences between eligible and non-eligible designated beneficiaries [6:16] Why it’s important to list IRA beneficiaries to avoid tax inefficiency [8:19] The year that you inherit an IRA impacts that distribution requirement [10:18] Discussing inheritance can lead to meaningful conversations that make financial planning easier [14:17] You need to continue taking the required minimum distribution (RMD) if the decedent began them already [16:00] How to handle a 10-year account withdrawal strategy [22:07] Key takeaways about your withdrawal options with the new rules as a non-eligible designated beneficiary

    24 min

  2. OCT 29

    Are You Living This Retirement Horror Story? Ep #227

    Investing can feel like a battle between two polar opposites within us, the rational and the emotional, just like the classic story of Dr. Jekyll and Mr. Hyde. This week, Dr. Jekyll and Mr. Hyde are our model investors, and we’re talking you through the spooky story of the risks, emotions, and rational strategies involved in long-term investing.  **** 📬 Download your Free Retire On Purpose Guide here.  📰 See the full show notes here 🌐 Sign up here to receive Retirement Weekly to get one email every week on all things retirement **** Outline of This Episode [03:06] Dr. Jekyll and Mr Hyde's wildly different investment strategies  [06:00]Strategies that help mitigate emotional reactions during elections and global crises  [07:38] Balancing short-term market volatility with a long-term investment perspective [10:37] How to stay aligned with long-term goals in the face of market downturns [13:28] Diversification to manage risk in an investment portfolio [14:17] Psychological factors that cause investors to feel more confident during market upswings [15:35] Automating your investment and savings strategy to prevent emotional decision-making

    18 min

  3. OCT 8

    The Evolution of your Emergency Fund, Ep #226

    Reaching your financial goals builds confidence and peace of mind, which are essential for making informed decisions that benefit your entire family. In this episode, we’re following a fictional pop culture couple from newlywed to pre-retirement, to demonstrate how their thought process around an emergency fund could evolve with their changing circumstances. Join us as we lay out a case study of planning that helps them balance their accessible wealth with a healthy emergency fund. **** 📬 Download your Free Retire On Purpose Guide here.  📰 See the full show notes here 🌐 Sign up here to receive Retirement Weekly to get one email every week on all things retirement

    22 min

  4. SEP 24

    How to Avoid Common Pitfalls in Your Retirement Withdrawal Strategy, Ep #225

    Retirement, a phase many of us anticipate for a long time, comes with its own set of financial intricacies. Specifically, how do you effectively withdraw funds from your savings to ensure a comfortable, sustainable, and tax-efficient lifestyle?  A well-crafted retirement blueprint is essential. This plan should outline your long-term goals and the steps needed to achieve them. More importantly, your financial plan should be flexible enough to accommodate life's unexpected expenses, such as healthcare costs or home repairs. Revisiting and updating your blueprint annually—or when significant life changes occur—can help ensure you stay on track. In this episode, we’re sharing the essential steps to develop a retirement withdrawal plan that caters to your needs. We dig into which accounts to draw from, how to minimize taxes, and how to manage unexpected expenses. You'll also learn about advanced strategies like Roth conversions, tax-loss harvesting, and the benefits of Qualified Charitable Distributions and Donor-Advised Funds. *********** 📬 Download your Free Retire On Purpose Guide here.  📰 See the full show notes here 🌐 Sign up here to receive Retirement Weekly to get one email every week on all things retirement *********** Outline of This Episode [5:06] Your options for retirement tax strategies [8:32] Utilize early years to make strategic financial moves [11:30] Plan your retirement for peace of mind [17:12] Lower RMDs with Roth conversions and reduce the tax impact [19:42] Consider tax loss harvesting, capital gains, heirs' basis [21:30] Use a QCD to reduce taxable income [26:12] Exploring blind spots in retirement withdrawal strategies

    29 min

  5. SEP 10

    The Financial Benefits and Drawbacks of Working During Retirement, Ep #224

    Retirement planning is a delicate process, and you need to carefully consider your various income streams, including Social Security benefits. For those of us who plan to continue working while claiming Social Security, it’s important to understand how this decision can impact the monthly benefits you receive.  In this episode, we’re sharing how to avoid financial shocks in retirement. We discuss the essentials of earned income, the reduction in benefits due to excess earnings, and specific scenarios such as spousal and ex-spouse benefits.  **** 📬 Download your Free Retire On Purpose Guide here.  📰 See the full show notes here 🌐 Sign up here to receive Retirement Weekly to get one email every week on all things retirement Outline of This Episode [1:08] Social Security benefits may be impacted if you work while claiming [04:27] How retirement financial planning strategies vary by individual circumstances [07:17] Earnings affect Social Security benefits before retirement [11:51] Your spouse's income doesn't affect your Social Security [15:18] SSA withholds payments until excess income is accounted for [18:44] Social Security timing advice [20:04] Seek financial advisor help to make an educated decision about retirement

    21 min

  6. AUG 27

    Risks to Your Ideal Retirement

    We all have visions of our ideal retirement. However, our financial plans can quickly veer off course if we haven't appropriately managed our risks.  On this episode of Financial Symmetry, Greg Suggs from Greg Suggs Insurance joins me to discuss how to manage common risks that could negatively affect your wealth. You won’t want to miss out on these easy-to-implement pieces to your insurance puzzle that could save your assets. **** 📬 Download your Free Retire On Purpose Guide here.  📰 See the full show notes here 🌐 Sign up here to receive Retirement Weekly to get one email every week on all things retirement Outline of This Episode [1:23] A bit about Greg [2:09] Biggest changes in insurance over the past 30 years [5:12] The biggest risks for homeowners [11:11] Common mistakes homeowners make [14:33] What to think about if you are considering a second home [17:21] What to consider if you own a rental property [19:00] Automobile insurance for young drivers [23:22] What about insurance for gig work? [25:37] How to lower your insurance needs

    30 min

  7. AUG 14

    How to Pay for College in 3 Phases, Ep #222

    How do you begin to save for your children to go to college? With the rising costs of college education, is it worth the monetary commitment?  Including tuition & fees, room & board, books & supplies, etc. the average cost of college is anywhere from $27,000 for an in-state public school up to $80,000–$90,000 a year for an Ivy League School. How you pay for your student’s college is one of the most important financial decisions you’ll ever make. In this episode, we cover the three phases of saving for college and what you need to pay attention to in each phase.  **** 📬 Download your Free Retire On Purpose Guide here.  📰 See the full show notes here 🌐 Sign up here to receive Retirement Weekly to get one email every week on all things retirement Outline of This Episode [1:53] Why college? Is it necessary?  [2:41] Average cost of college [4:42] Phase #1: The Saving Phase  [10:02] Phase #2: Preparing for college [20:44] Phase #3: In-college strategies  [22:57] Summarizing the big points

    26 min

  8. JUL 30

    Wild Retirement Problems

    Some problems are easily solved with a bit of reasoning, logic, or by using a bit of math. Other problems go beyond quantitative thinking.  The most thought-provoking issues aren’t numbers-based. Many decisions surrounding retirement require much deeper consideration and often cause you to reevaluate your thinking of what you had originally imagined retirement to be. In this episode, you’ll learn how to identify “wild problems” people face when retiring and develop a framework for working through them.  Resources & People Mentioned Show Notes  The Retirement Podcast Network BOOK - Wild Problems by Russ Roberts BOOK - The New Retirementality by Mitch Anthony BOOK - Thinking Fast and Slow by Daniel Kahneman

    30 min
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4.6
out of 5
46 Ratings

About

When considering retirement, do you wonder what financial opportunities you may be missing? Busy lives take over and years pass without taking advantage. In this retirement podcast, Chad Smith and Mike Eklund unveil financial opportunities, to help you balance enjoying today so you are ready to retire later. By day, they are fiduciary fee-only financial advisors who answer questions about tax savings, investment decisions, and how to save more. If you’ve been putting off your financial to-do list or are just not sure what you’ve been missing, subscribe to the show and learn more at www.financialsymmetry.com. Financial Symmetry is a Raleigh Financial Advisor, proudly serving clients in the Triangle of North Carolina for over 20 years.

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