100 episodes

Whether you are planning to retire someday, or find yourself already there, you know there’s lots of advice swirling around - some dangerous, some making outrageous claims. Where do you go? Who can you trust? How do you avoid the danger zone? Nancy Fleming with Fleming Financial Services features a weekly show that offers sound, practical solutions to these concerns and more. New episodes offered every Saturday.

My Smart Retirement Nancy Fleming

    • Business
    • 4.2 • 6 Ratings

Whether you are planning to retire someday, or find yourself already there, you know there’s lots of advice swirling around - some dangerous, some making outrageous claims. Where do you go? Who can you trust? How do you avoid the danger zone? Nancy Fleming with Fleming Financial Services features a weekly show that offers sound, practical solutions to these concerns and more. New episodes offered every Saturday.

    Ep 338: What Can We Expect Looking Forward?

    Ep 338: What Can We Expect Looking Forward?

    A lot has changed since last year. On today’s episode, we’ll be discussing the current state of the economy and how we can protect our plan as we look forward into 2022. 
    Taxes
    Taxes are the big elephant in the room. We see politicians changing tax rules quite a bit. The advantage we have this year comes with the midterm elections. We probably won’t see tax hikes before the election. 
    Spending 
    If we look at the economy, a large percentage comes from spending. As a way to stimulate the economy last year, stimulus checks went out to Americans. Going forward, it doesn’t look like spending will slow down. Consumer net worth has actually increased. Power has also shifted back to employees through the Great Resignation. However, inflation is still going to have a big impact, especially when compared to wage growth. 
    Inflation 
    Inflation has hit historic highs of over 7%. Inflation may be peaking soon, but we have to remember that doesn’t necessarily mean we’ll see prices go back down. They could stay where they are. No one is predicting those prices are going to go backward. We have to be flexible when it comes to our plans and protect our future purchasing power. 
    Realistic Expectations
    As we go forward into the new year it’s important to set realistic expectations. Stocks normally don’t rise as much as they did last year. Inflation can be a silent killer to your retirement plan. Bull markets can last a long time. The media doesn’t report good things. All of these are important to keep in mind. 
     
    TIMESTAMPS: 
    1:38 – Last year  
    3:10 – Tax changes
    5:15 – Spending
    8:16 – Inflation
    10:31 – Economy growth
    12:56 – Stock market
    13:48 – Going to Maui
    17:38 – Back on our own
    19:31 – Realistic expectations
     
    MORE INFORMATION:  https://www.flemingfinancialservices.com/podcast

    • 23 min
    Ep 333: Statements We Come to Regret

    Ep 333: Statements We Come to Regret

    Have you ever said something you’ve come to regret? There are a lot of statements about retirement we may make and look back on with second thoughts. Let’s take a look at some of these statements today and discuss some better ways to think about these topics. 
    “I said I would get out of the market if I recovered my losses. But now that I have, I think I will continue doing what I’m doing.”
    A lot of people probably told themselves they’d get out of the market if they ever recovered what they lost in 2008. Now that the money they’ve lost has been recovered they may have second thoughts on this approach. 
    When it comes to the market, people tend to have short memories. In 2000, a lot of people took this approach. They regained their lost money, but then 2008 hit. We don’t know when the market will dip again. We must act in a disciplined manner. 
    “Pigs get fed and hogs get slaughtered.”
    When it comes to our decision to pull out of the market. Look at your accounts and ask yourself whether the money you have will be efficient for you to live on. If yes, you might want to reduce risk or exposure. Or if the volatility of the market has become too much for you to handle think about whether you can cut back on how much you are putting into the market. 
    “I like the security of cash, at least I know I won’t lose it.”
    Having a comfortable reserve of cash is great, but if you are too conservative you could find yourself falling behind when it comes to inflation. It can impact the quality of your life, a lot. 
    There is security in not losing your cash in the market, but you are losing money on taxes and in your purchasing power. The cost of living is going to go up regardless. There are ways to protect yourself and still keep up with inflation. 
    “Nobody in my family has lived past 75, so I won’t either.”
    Maybe it’s not common for your family members to live past 75. But this doesn’t mean you won’t. You may think you’ll only live 10 or 15 years into retirement, but we can’t predict the future. It’s better to over-plan than under plan. Don’t put an arbitrary date on your life! 
    “I won’t ever go into a nursing home.”
    You can probably imagine how often this is said. The reality is many of us don’t want to face this situation. There are some things out of our control. We hope for the best, but let’s prepare for the worst. 
    If you do end up in an assisted living facility it will cost you financially. So, it’s better to prepare. There’s a lot of options out there to pay for long-term care and we can help you find something that will fit your situation. 
     
    What we discuss in this episode: 
    0:20 – “I’ll keep doing what I’m doing in the market”
    3:40 – “Pigs get fed and hogs get slaughtered”
    5:27 – “I like the security of cash, at least I know I won’t lose it”
    9:57 – “Nobody in my family has lived past 75, so I won’t either”
    13:44 – “I won’t ever go into a nursing home”
     
    For more, visit us online at http://flemingfinancialservices.com

    • 17 min
    Ep 336: “The Great Resignation” and How it Could Impact You

    Ep 336: “The Great Resignation” and How it Could Impact You

    With the new year comes fresh starts. Maybe you are thinking of changing careers or retiring early. A recent Forbes article names the rise in people quitting their jobs the “The Great Resignation.”  On today’s episode, we’ll explain this term and what it can mean for your retirement. 
    4.2 million people quit their jobs in October of 2021 alone. A lot of workers were able to re-evaluate their working lives these past few years. Many don’t want to commute back to the office. People are starting to value new priorities when it comes to working. If they are forced with the choice, many are choosing to retire early rather than return to the office. 
    Social Security Impacts 
    Whether you are changing jobs or retiring early you should think about how it will impact your Social Security.
    If you spend time unemployed that’s money you are not putting into Social Security. This can impact how they calculate your payments later on. Develop a plan to cover this income loss if you need to. 
    401(k) Impacts
    A significant amount of people took money out of their retirement accounts in 2020. Most of them did it to cover living expenses. If you are doing this as a respite from work, know this may harm your long-term retirement plan. 
    If you do have the opportunity to change jobs, should you leave your 401(k)? We generally recommend rolling it over to an IRA. With an old employer, it’s harder to manage and you can be subject to new fees. Oftentimes people even forget where their 401(k)s are. 
    You’ll also want to consider employer matching programs too. Is your current employer due to match your contributions? How long will it take for your new employer-sponsored plans to take place? 
    When you are making these big changes, you want to ask the right questions. Asking your advisor about retiring early is a great place to start. 
    Forbes Article: https://www.forbes.com/advisor/retirement/great-resignation/
     
    What we discuss in this episode:
    1:17 – Forbes article on “The Great Resignation”
    3:20 – 4.2 million people quit in October
    5:45 – Everything has a ramification
    7:12 – Social Security impacts
    10:32 – 401(k) impacts
    11:53 – Procrastination quote
    13:23 – Rolling over your 401(k)
    16:15 – Will your old employer be matching?
    19:22 – Medicare and health insurance
     
    For more, visit us online at http://flemingfinancialservices.com 

    • 22 min
    Ep 335: Money Resolutions for 2022

    Ep 335: Money Resolutions for 2022

    Do you have your 2022 goals and resolutions ready? Even if you can’t keep up with all of these throughout the year, try revisiting them and see how you can implement them within your life and financial plan.  
    Reduce Your Debt – This one is different for everyone. Whether you have student loan debt, consumer debt, or another type of debt it’s always a good idea to pay down debt. 
    Increase Your Savings – Once debt is out of the way this is much easier and can be done in a variety of ways. You’ll need both emergency and long-term savings. You can also save more in your retirement accounts. 
    Prepare for the Unexpected – If 2020 and 2021 taught us anything, prepare for the unexpected. Do you have a strong emergency savings? 
    Establish a Spending Program – Not everyone likes the word budget. So, let’s call it a spending program instead. What are your spending goals for different parts of your life? 
    Check Your Spending – Try to do this once or twice a year. Assess where your money is going and whether it aligns with your values. 
    Check Your Beneficiary designations – People will set their beneficiary designations and forget to update them later in life. Don’t do this! This often isn’t time-consuming at all. 
    Have Tough Conversations – Have you discussed long-term care with your spouse? Have you explained to your family your health care wishes? Even if you are perfectly healthy, these are tough conversations to have but they are necessary to protect yourself and your family. 
    Review Your Insurance – Do you have too much coverage or too little? Now’s a great time to look at your policies and how they match your needs. Car insurance, house insurance, health insurance, life insurance, etc. 
    Think About Refinancing – Interest rates are going to go up. Have you thought about refinancing? It won’t be a good fit for everyone, but it’s something to consider. 
    Organize Your Financial Life – Whether you like to organize with a binder, file cabinet, or in another fashion, get your important information organized. Make sure a trusted person knows where your account information and passwords are as well. 
    Check Your Credit – If you haven’t checked it in a while, do so! You get free reports every year. Make sure everything is in good standing.  
    Check Your Fees – What are the fees on your investments? Anything you own? Subscription services? If you are concerned about your investment fees ask yourself if they are worth it and discuss them with your advisor. 
    Review Your Tax Bracket – We’ll do this one in a few months again, but if you review your tax bracket now it can save you from being surprised later. 
    Plan Your Retirement Transition – You may have some time off during this time of the year. Do you like being off? What will your transition into retirement look like? Some people prefer retiring slowly and getting a part-time job. Others have plans to travel. 
    Consolidate Your Accounts – If you have multiple accounts, now may be the time to consolidate them. Having everything in one place helps with visualizing your finances. 
     
    What we discuss in this episode:
    1:20 – Revisiting and reassessing our goals 
    2:57 – Reduce your debt 
    4:00 – Increase your savings goals
    5:09 – Prepare for the unexpected
    5:51 – Establish a budget or spending program
    8:00 – Check your spending 
    8:51 – Time flies 
    10:09 – Check your beneficiary designations 
    11:17 – Have difficult conversations 
    12:04 – Review your insurance
    12:34 – Think about refinancing 
    13:04 – Organizing your financial life 
    14:04 – Check your credit 
    14:17 - You can always begin again 
    14:31 – Check your fees
    15:10 – Review your tax bracket 
    15:37 – Plan out your retirement transition 
    16:31 – Get excited about the future 
    17:39 – Consolidate your accounts 
     
    For more, visit us online at http://flemingfinancialservices.com 

    • 19 min
    Ep 334: Christmas Gifts to Yourself

    Ep 334: Christmas Gifts to Yourself

    Christmas is just around the corner! On today’s episode, we’ll be discussing some of the things we can do as a gift to ourselves when it comes to retirement planning and our finances. 
    Don’t Overreact to the Headlines 
    Headlines come in a variety of forms. Make sure you aren’t overreacting to what you hear or read on the news. Particularly if it’s political or financial. Stay calm within yourself and make sure you are looking at things from a clear perspective. A lot of financial news is designed to get an emotional response from you. 
    Look for More Donation Opportunities 
    If you are charitably inclined, donating can be a tax-efficient opportunity. There are a lot of chances to help the poor, to help foster care, and more. No one is ever hurt by giving to a qualified charity. If you have a giving heart this is a great way to give back to the world. 
    Share Your Knowledge and Listen to More Episodes
    If you are working with a financial advisor or if you’ve learned some helpful tips about planning for retirement this year, make sure you share your knowledge! This isn’t about stock advice but about sharing good resources. You probably know a lot of people that are facing big financial decisions, help them become a little more financially literate. It’s also a great time to go back and listen to more episodes of this podcast to refresh your own financial literacy. 
    Think About Legacy Planning 
    As we gather with our families this year think about your legacy plan. Is your will in place? Will you need a trust? Have you put in your power of attorney? Think about this for your own financial well-being and for your family. Sometimes people forget legacy planning is an ongoing process. You need to keep your plan updated.
    We appreciate the year you have spent with us. Thank you for listening and sending in your questions. We wish you a Merry Christmas! 
     
    Resources for Giving:
    https://azdor.gov/tax-credits/contributions-qcos-and-qfcos
    https://azdor.gov/tax-credits
     
    What we discuss in this episode:
    1:28 – Trip to California during Christmas
    6:29 – Don’t overreact to the headlines
    8:42 – Look for more donation opportunities
    11:10 – Share your knowledge
    14:01 – Listen to more episodes
    14:28 – Think about legacy planning
     
    For more, visit us online at http://flemingfinancialservices.com 

    • 18 min
    Ep 333: Social Security and Income Taxes

    Ep 333: Social Security and Income Taxes

    After paying into the system throughout your working career, many people believe that their Social Security benefits will be tax-free income in retirement. But the truth is you could end up owing quite a bit more depending on what other income you are generating.
    We recently received a question from a couple that was trying to decide when to claim their Social Security if the other spouse wants to continue working. It’s a great question and one that needs time and attention so we’re glad this came into the show.
    So the question is essentially this: will a spouse’s income impact the Social Security benefits for the other partner? Throughout this episode, we will dive into the different considerations and help you understand how the taxes are calculated. There are many different factors and it can get pretty complex.
    One thing we want to make sure you know about is provisional income. It’s a word you’ll be using quite often once you start receiving Social Security so you’ll become more familiar with this. Nancy will explain it all in the show so listen through it, but once you determine provisional income, then you can determine how much of a person’s Social Security will be subject to tax.
    One thing to remember is that 15% of your Social Security will always be tax-free and the rest of the benefit will be subject to tax based on the other income you have coming in. The key is having someone that can do the calculations and help you make the best decisions with income planning.
    There’s a lot to this conversation so you’ll want to listen to the show but if you have any additional questions about what we discuss, please let us know.  
    What we discuss in this episode:
    1:41 – Garden update
    4:27 – Email question about Social Security
    6:45 – Provisional income and what it means for taxes
    10:11 – Another Social Security question  
    13:05 – Income scenarios and tax brackets
    16:29 – Question about working into retirement
    18:55 – Christmas memories
     
    For more, visit us online at http://flemingfinancialservices.com 

    • 21 min

Customer Reviews

4.2 out of 5
6 Ratings

6 Ratings

Sabey Baby ,

Great Insight- Smart

The insight of these professionals is very helpful. I am taking notes the whole time! Sean is amazing and Nancy has insights that help me to feel on top of the crazy financial world.

Top Podcasts In Business

Ramsey Network
BiggerPockets
Jocko DEFCOR Network
Andy Frisella #100to0
NPR
The Black Effect and iHeartPodcasts

You Might Also Like

Casey Weade
Kathe Kline and her guests discuss Retirement Lifestyle, not money.
Jason Parker
Benjamin Brandt CFP®, RICP®
Taylor Schulte