Is Lazy Money A Concern Today? Retire On Your Best Path With Liz Whitteberry podcast

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We’re in the middle of tax season, and you may have heard that annuities can provide tax benefits. Who is that true for, and are there any side effects? Today, we’re going to clear up some of the confusion around the advantages and disadvantages of annuities. Liz will also provide some tips on what you need to know before considering an annuity. Here’s some of what we discuss in today’s show: What is an annuity? The different “flavors” of annuities available The advantages and disadvantages of annuities When might an annuity be a good fit? If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact Check out Liz's YouTube Channel: Best Path Advisors - YouTube…

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Key 2025 Tax Breaks & Adjustment Opportunities 17:26

19 giorni fa17:26

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Tax season is here, but filing your 2024 return is just one piece of the puzzle. Now is also the perfect time to take advantage of new tax rules for 2025- before the year gets away from you. With higher standard deductions, increased retirement contribution limits, and updated HSA rules, there are plenty of opportunities to lower your tax bill and boost your savings. In this episode, we’ll break down the key changes and how you can start planning now to make the most of them. Here’s some of what we discuss in today’s show: The annual inflation-based adjustments to the 7 income tax brackets Maximizing 401K contributions and the increased limit for 2025 IRA contribution limits and strategies The 2025 HSA contribution limit Liz’s insights on making smart tax moves today for a more efficient retirement If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact Check out Liz's YouTube Channel: Best Path Advisors - YouTube…

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Warning Signs: How To Spot Problems In Your Financial Life 18:37

5 weeks fa18:37

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Just like the lights on your dashboard can indicate if something is wrong with your car (like low tire pressure or leaking oil), there are indicators in your financial life that might point out that you have a problem that needs to be addressed. In today’s episode, Liz is going to cover 5 areas that you should review. Here are the warning signs we discuss in today’s show: You have no idea what it costs to fund your lifestyle You’re focused on attaining a certain net worth or account balance Your mental image of retirement is based on what your parents had You get worked up about current events because of the impact you feel they might have on your portfolio You think nursing home expenses will take care of themselves If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact Check out Liz's YouTube Channel: Best Path Advisors - YouTube…

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If You’re a Smart Investor, Do You Really Need a Financial Advisor? 18:21

7 weeks fa18:21

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If you’ve spent years successfully managing your own investments, do you really need a financial advisor? That’s the question Bob, one of our listeners, sent in. He’s got an MBA, knows the markets well, and has always handled his portfolio solo. So, is working with an advisor just an extra expense, or could it actually add real value? In this episode, we break down when and why even experienced investors might benefit from professional guidance and when they’re probably fine on their own. Here’s some of what we discuss in today’s show: Where financial advisors provide value that DIY investors might not consider Some common blind spots or mistakes that smart DIY investors tend to overlook How experienced investors should plan for a future where they don’t want to (or can’t) actively manage their portfolios What Liz would say to investors who doubt that an advisor can help improve their finances If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact Check out Liz's YouTube Channel: Best Path Advisors - YouTube…

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4 Risks Unique To Retirees 20:12

10 weeks fa20:12

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You face risks every day and in every stage of life. But retirees face some unique challenges that are important to talk about and plan for. In today’s episode, Liz and Marc explore the 4 risks unique to retirees, their potential impact on your financial future, and what steps you can take to prepare. Here’s some of what we discuss in today’s show: Accumulation vs. decumulation Why the timing of market returns can impact your nest egg in retirement The risk of outliving your savings How tax strategies can help minimize what you owe and maximize what you keep Having a plan for unexpected expenses, like healthcare costs, natural disasters, and more The article that inspired today’s episode: https://www.advisorperspectives.com/articles/2023/01/03/the-four-unique-risks-in-decumulation If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact Check out Liz's YouTube Channel: Best Path Advisors - YouTube…

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What Financial Advisors Wish Every Investor Knew 21:49

12 weeks fa21:49

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Imagine you could read your financial advisor’s mind before you even walked through the door for the first time. What would they want you to know? In this episode, we bring you the game-changing insights financial pros wish every saver and investor understood. Here’s some of what we discuss in today’s show: What you’re truly paying for your investments The motivations behind the information you hear on TV The importance of setting realistic financial goals and checking in on them That “one-size-fits-all” advice doesn’t work Financial decisions are emotional, and that’s okay The importance of reviewing and updating your plans regularly If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact Check out Liz's YouTube Channel: Best Path Advisors - YouTube…

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The Art of Rebalancing 14:56

16 weeks fa14:56

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We all know that rebalancing our portfolio is important, but when should we do it? Is it a December tradition- a January jumpstart? Or should it be triggered by your life changes or a change in the economy? In this episode, Liz dives into the art of rebalancing. From calendar-based strategies to threshold triggers, life events, and market shifts, Liz breaks down the when, why, and how of keeping your portfolio aligned with your goals. Tune in to learn how rebalancing can optimize your investments and keep you on track for a confident retirement. Here’s some of what we discuss in today’s show: What is rebalancing and why is it important? What is calendar-based rebalancing? What is threshold-based rebalancing? How do life events impact rebalancing? Should market conditions drive rebalancing? If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact Check out Liz's YouTube Channel: Best Path Advisors - YouTube…

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Money Conversations To Have At The Holidays 16:33

19 weeks fa16:33

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Studies show that 70% of families lose their wealth in two generations, and 90% lose it in three. The reasons behind this are varied, but one thing that can help keep a family’s legacy intact is open communication and solid planning. And what better time to start those important conversations than during the holidays? In today’s episode, Liz and Marc will share some key questions to help you have deeper money discussions with your loved ones. Here’s some of what we discuss in today’s show: What is the most important money lesson you learned from your parents, grandparents, or other role models? What is the one thing you would want your children or grandchildren to remember about money? If you reach a point where you’re physically or mentally unable to care for yourself, what do you want your kids to do? If money were no object, what would you love to do the most? If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact Check out Liz's YouTube Channel: Best Path Advisors - YouTube…

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7 Important Retirement Questions Many Forget To Ask 18:29

21 weeks fa18:29

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Retirement planning raises a lot of important questions. Have you saved enough? When should you begin collecting Social Security? Is long-term care insurance a wise choice? While these are all essential considerations, it’s not uncommon for other important questions to go unasked. Liz recently came across a blog post that addresses seven crucial questions frequently missed in retirement planning. Join us for today’s discussion as we explore these questions and their potential impact on your retirement plan. Have you considered these factors? Here are a few of the unasked questions we’ll discuss today: When will our life be downsized? What will happen to our taxes when the first spouse dies? What if we can’t drive? Are the kids on board with providing care- or are we just assuming they are? Unasked Questions Blog Post https://humbledollar.com/2024/08/unasked-questions/ If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact Check out Liz's YouTube Channel: Best Path Advisors - YouTube…

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Your Financial Wellness Check-Up 20:01

23 weeks fa20:01

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Did you know this week is National Retirement Security Week? This is a great time to have a conversation about financial wellness. Just like an annual checkup is important for maintaining good health, performing regular financial checkups is an essential part of planning for a healthy and successful retirement. In today’s episode, we’re going to talk about areas you should pay attention to at every stage, whether you’re far away from retirement, approaching retirement soon, or already retired. Liz shares her expertise on setting clear retirement goals, managing cash flow, developing effective investment strategies, and more. Don’t miss these valuable insights to help keep you on track! Here’s some of what we discuss in today’s show: Setting clear financial goals + keeping track of your budgeting and spending Maintaining an emergency fund to handle unexpected expenses and emergencies Having the right investment strategy based on your time horizon and cash flow needs Successfully managing and reducing your debt levels Proactively preparing for healthcare costs and taxes What Liz’s follow-up process looks like If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact Check out Liz's YouTube Channel: Best Path Advisors - YouTube…

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Social Security Shake-Up: How Raising the Retirement Age Could Impact You 18:56

25 weeks fa18:56

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Social Security is the backbone of retirement for millions of Americans, but big changes may be coming. In this episode, we dive into the recently released proposal to raise the full retirement age to 69 and what it means for your benefits, future, and financial security. Stay tuned as Liz breaks down the history of Social Security, the reasons behind these proposal changes, and the potential long-term effects on individuals born after 1965. Discover how these changes might reshape your retirement planning and what steps you can take to prepare. Tune in now and ensure your financial future is on the right path! Here’s some of what we discuss in today’s show: The proposal to raise the Social Security age to 69 The potential impact on benefits and early retirement The potential increase in the delayed retirement credit age to 72 Social Security’s financial stability + this proposal's long-term impact The pros and cons of raising the FRA to 69 If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact Check out Liz's YouTube Channel: Best Path Advisors - YouTube…

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Is Maxing Out Your 401k The Wrong Choice? 18:51

27 weeks fa18:51

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There’s an old saying that goes, “Nothing in life is certain except death and taxes.” Yet the only thing certain about taxes is that we’re going to have them and not how much they’re going to be. In today’s episode, we’ll explore a thought-provoking blog post that discusses where to save your money if you’re concerned about future tax rates. Many people believe that deferring taxes now and paying them later- by maxing out your 401(k)- is the best strategy. But is that really the optimal choice given the unpredictability of future tax rates? Join us as Liz unpacks this question and shares her insights on historical tax rates, government spending, and the likelihood of future tax increases. Here’s some of what we discuss in today’s show: 0:00 – Intro 2:08 – The debate over maxing out 401k 4:30 – Marginal tax vs effective tax 9:29 – Why maxing out could be wrong 13:26 – Liz’s takeaways Nothing Is Certain Except Debt and Taxes Blog Post: https://ofdollarsanddata.com/nothing-is-certain-except-debt-and-taxes/ If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact Check out Liz's YouTube Channel: Best Path Advisors - YouTube…

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Retirees In Their 70s Regret These 5 Things 20:09

29 weeks fa20:09

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A retired YouTuber recently created a video that went viral, sharing the top 5 regrets from retirees in their 70s. The video has garnered nearly half a million views, and for good reason. In it, retirees express regrets such as not retiring earlier or missing out on travel opportunities while they were still able. In this video, Liz will talk about these common regrets and discuss how having a comprehensive retirement plan can help you avoid making the same mistakes. Tune in to learn proactive steps you can take to ensure you have a fulfilling and regret-free retirement! Here are the regrets we discuss in today’s show: They wish they had retired earlier They wish they had spent more when they first retired They wish they took better care of their health They wish they had taken up a hobby They wish they had traveled more Check out the video: https://www.youtube.com/watch?v=mNUSJ3juAbA If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact Check out Liz's YouTube Channel: Best Path Advisors - YouTube…

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Financial Planning with Yogi Berra 17:40

31 weeks fa17:40

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In today's episode, we're going to dive into some famous words by the one and only Yogi Berra, inspired by Liz’s recent trip to Fenway Park. You might know him for his legendary baseball career, but Yogi was also a gold mine of wisdom. When we look at some of his quotes through the right prism, they can teach us some lessons about financial planning. Take Yogi’s quote, “If you don’t know where you’re going, you might wind up someplace else.” It serves as a great reminder that a comprehensive financial plan is important. Retirement planning is not just about accumulating wealth, after all, it’s about having a clear vision of what you want your golden years to look like. We’re excited to share a bit of humor and a whole lot of wisdom with you today! Here are the quotes we discuss in today’s show: “I never said most of the things I said.” “A nickel ain’t worth a dime anymore.” “If you don’t know where you’re going, you might wind up someplace else.” “When you come to a fork in the road, take it.” “The future ain’t what it used to be.” “It’s like déjà vu all over again.” “It ain’t over till it’s over.” If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact Check out Liz's YouTube Channel: Best Path Advisors - YouTube…

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Final RMD Regulations: What You Need to Know 19:51

34 weeks fa19:51