Wealthy Habits Podcast

Spouses plan as one. Retirement paths may blur. Clear the way, find peace… Yes, that’s a haiku. In today’s episode, we’re going to help couples get on the same page in their retirement plans with the serenity of poetry. Each haiku contains helpful bits of financial wisdom that will address some of the common ways couples mess up their retirement futures. Dave and Drue will decipher each haiku and explain the nuggets of wisdom that you can pull from each one. Here’s some of what we discuss in this episode: Contact Dave and Drue: Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

Sometimes it’s hard to make financial sacrifices when the reward might not be seen until several years in the future, but that’s a core principle in retirement planning. Many of the decisions you make during the planning process and the strategies you implement are done to put you in a better position when retirement rolls around. Today we'll talk about some of the situations shwere you might be inclined to take the immediate benefit, when you should really consider the delayed rewards. Here’s some of what we discuss in this episode: Contact Dave and Drue: Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

In this episode, we want to provide an overview of interest rates for those who aren’t quite sure why they move the way they do. It’s a question we get a lot from people, especially with inflation up and interest rates more than doubling over the course of a year. Dave and Drue will explain the Fed’s actions and help you better understand how investing strategies change in a high interest rate environment. Here’s some of what we discuss in this episode: Contact Dave and Drue: Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

“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. Stay tuned as Dave and Drue warn against retiring too early without a proper plan, overpaying for your children’s college tuition, overspending in your peak earning years, and more. Whether you're in your 20s or approaching retirement, this episode offers practical insights and strategies to help you make informed financial decisions and avoid common financial pitfalls. Here’s some of what we discuss in this episode: Taking premature IRA withdrawals“Lifestyle creep” in peak earning years + the danger of overspendingTuition costs and supporting adult childrenRetiring too early without a proper planRoth IRA advantages and the importance of financial education Contact Dave and Drue: Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

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. How much are your tax deferred savings going to cost you in taxes in retirement? How does where you live or plan to live impact your retirement situation? Listen in as Dave and Drue tackle these commonly overlooked questions so that you can gain the clarity you need to take on your retirement years with confidence! Here are the hidden questions that we discuss in this episode: How much are my tax deferred savings going to cost me in taxes in retirement?How much can I withdraw from my savings each year?Should I still have life insurance when I’m retired?Does where I live (or where I plan to live) greatly impact my retirement situation?How much am I really paying in fees and commissions? Contact Dave and Drue: Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

We’ve got a mailbag edition of the podcast for you today! We’ve received some excellent listener questions recently, and we’re going to dive into a few of them in this episode. We cover a wide variety of topics, ranging from 529 plans to advisor fee structures, so stick around to see what you can learn. Rosemary asks how much is too much to spend on a forever home. Valerie asks Dave and Drue for their thoughts on combining finances after getting remarried. Stay tuned as we explore potential pitfalls and offer practical advice on navigating the complexities of retirement. Here are some of the questions we answer in today’s show: I owe 21,000 on my truck, but that's my only debt. Should I make a withdrawal from my 401K to pay off the truck and be debt free?Should I set up a 529 plan for my grandkids or just invest on my own and give them the money when they go to school?How much is too much to spend on a forever home?I’ll likely be a widow for a significant portion of my retirement years. What sort of financial planning challenges does this create for me?I've talked to a few financial advisors about how they get paid and it sounds like they all have completely different models. Are there this many different fee structures or does everyone just explain it differently? Contact Dave and Drue: Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer. We explore actionable strategies to address these problems, such as the importance of life insurance and the ins and outs of spousal pension continuation. This is the episode for you if you’re concerned with ensuring the financial well-being of your remaining family members and safeguarding your financial future and legacy in the face of loss. Here’s some of what we discuss in this episode: How can an income gap be addressed after the loss of a spouse?What are the tax implications and changes to Social Security for surviving spouses?How can beneficiaries of retirement accounts avoid unexpected tax consequences?What is the role of trusts in estate planning? Contact Dave and Drue: Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

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? Dive deep in this episode, where we juxtapose the individuality of retirement plans with the foundational principles that remain consistent across the board. Listen in as Dave and Drue discuss some critical topics, such as the impact of trying to time the stock market, the importance of diversification for risk management, the emotional aspects of investing, and more. Whether you're approaching retirement or planning for the future, tune in as they uncover the universal truths that can guide you toward a financially secure and fulfilling retirement. Here’s some of what we discuss in this episode: Nobody can consistently time the stock market successfullyNobody knows how long they’re going to liveMoney sitting in cash isn’t keeping up with inflationDiversification is essential for risk anagementEmotions can be an investor's worst enemy Contact Dave and Drue: Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

Are you over 55 and pondering retirement? Join us as we delve into the realm of Required Minimum Distributions (RMDs). Unfortunately, RMDs can be a tad bit confusing, so in today’s episode, Dave and Drue are here to unravel the mystery and ensure you have a clear understanding of the process. Listen in as we break down the basics of RMDs and explain how they are calculated based on your age and account balance. We’ll also share strategies to potentially avoid them and share the risks of not preparing for them in advance. And for those fortunate to not rely on RMDs for income, we'll explore impactful ways to utilize those funds. Here’s some of what we discuss in this episode: What are RMDs and why do they exist?When should you start planning for RMDs, and what actions can you take to reduce their impact on your tax liabilities?What are the risks associated with not planning for RMDs in advance?RMDs can be redirected to charitable organizations Contact Dave and Drue: Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

Artificial intelligence is a revolutionary tool that is reshaping our world. You've probably heard about ChatGPT and its widespread use for various tasks like information retrieval, content creation, and even test-taking. But can you use AI for retirement planning advice? Stay tuned as we dive into an article where artificial intelligence is pitted against a real financial advisor. When asked the same questions, how does the financial advice differ? Listen in as we unpack these answers and chat about retirement planning in the digital world. Here’s some of what we discuss in this episode: AI can be a useful starting point to get general information and guidance on retirement planning topics and questions to ask advisorsAI does not have the ability to ask you the right questions, recognize emotional nuances, and adapt to individual situationsWhat role does emotional support and relationship-building play in retirement planning?Are there privacy and security concerns when sharing sensitive financial information with AI tools? Check out the Fortune Article here Contact Dave and Drue: Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

We’re back with another mailbag edition of the podcast today! Listen in as Dave and Drue answer some recent questions they’ve received from listeners like you. From power of attorneys to long-term care and lump sum pension buyouts, we’re covering a wide variety of topics on today’s show. Catherine asks what she can do to help set up her daughter and grandchild for success financially. Charlie asks what a reasonable amount of money is to spend on travel in retirement. Tune in to hear Dave and Drue’s responses to these questions and many more. Come see what you can learn from today’s show! Here are a few questions we tackle in today’s show: My mom is 85 and because of her dementia, I have power of attorney for her. She has substantial investments, but I have no idea what to do with them. How are you supposed to invest for an 85-year-old?I haven't been able to find a long-term care policy that I like. Are they all extremely expensive?I have some stock that is now worth more than 10 times what it was when I bought it. Is there any way to sell the stock without giving so much of it to Uncle Sam?How much is a reasonable amount to spend on travel and retirement?I have a lot of major life changes coming in the next six months that I think will affect how I should be invested. Is it best to just park my money in cash until life settles down and I know what my future will look like? Contact Dave and Drue: Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

There are some people who don’t care at all about leaving a financial legacy, but for those who do, it’s important to eliminate some of the common estate planning mistakes. In this episode, we cover topics ranging from poor expense planning to outdated beneficiary designations and family conflict triggers. We also shed light on some misconceptions about transferring real estate and explain the impact of tax implications on your estate. If you want to leave a legacy without regret or legal turmoil, this episode is a great starting point. Here’s some of what we discuss in this episode: How we help people prepare for expenses that are unforeseen.The problems we’ve seen when people fail to keep their beneficiaries updated.Why transferring real estate while you’re living can introduce risk.The tax implications you need to consider. Get in touch with Dave & Drue: Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

Real estate can be a great tool for building wealth, but how well does it fit into a retirement plan? In this episode, we construct a helpful conversation about the role of real estate in a retirement strategy, exploring everything from rental income to reverse mortgages. Whether you're a pre-retiree with a portfolio of properties or just curious about leveraging your home equity, this discussion offers thoughtful insights for anyone navigating the crossroads of real estate and retirement. Here's some of what we'll talk about on today's show: Can you be successful with large real estate holdings and a limited amount of traditional retirement savings? What problems can you run into if you rely heavily on real estate? Dave & Drue share their real estate investing stories and challenges. What role can HELOCs play in a retirement strategy? How you approach REITs is different than brick and mortal real estate. Tax considerations to keep in mind for real estate vs traditional savings. Contact Dave and Drue: Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

Are you nearing “retirement age”? If so, let’s explore that pivotal question you’ll soon face: Should you retire or continue working? We’ll unravel the intricacies of this decision, addressing both financial and emotional aspects, and help you find out if you’re truly ready to retire. This is always one of the first questions we receive so we talk through this quite a bit. We hope this episode will give you a better idea of how people typically feel about retirement and how we work with them to get them to a place where they’re confident about making that transition. Here's some of what we'll talk about on today's show: The fear of the unknown often prevents people from taking that step into retirement. There are emotional factors on top of the financial ones that weigh on people. Why financial education is so important for gaining confidence in your retirement. How we approach the conversation with someone who wants to retire but might not be ready financially. Contact Dave and Drue: Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

In this episode, we're digging into the financial face-offs that make Monopoly fights look like child's play and exploring some money minefields that can test even the most solid relationships. From risk to retirement age to charitable contributions, listen in as we explore how to resolve some of the most common financial sources of tension between couples. Here's some of what we'll talk about on today's show: One spouse may be more risk-averse than the other which can lead to disagreements over investment strategies. How to figure out when each spouse should retire. Figuring out where you want to live or whether you should downsize is an emotional decision. Different views on philanthropy can often lead to disagreements. Contact Dave and Drue: Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

In honor of Grandparents' Day, which is just around the corner on September 10th, we're here to delve into the profound and irreplaceable role that grandparents hold in our lives. They pass down their wisdom, share their life experiences, and instill strong work ethics, leaving an impact on us all. This episode serves as a tribute to grandparents while offering valuable insights into estate planning and financial support for future generations. Join us as we explore the significance of getting your financial affairs in order as a grandparent, discuss the distinctions between wills and trusts, and more. We will also talk about setting up 529 savings plans and custodial accounts for your grandchildren. Tune in as we celebrate the role grandparents play in imparting financial wisdom and values to the next generation. Here's some of what we'll talk about on today's show: Estate planning is a critical aspect of financial preparation for grandparents. It's essential to create wills, trusts, powers of attorney, and living wills to ensure that their assets are distributed according to their wishes and to avoid the complexities of probate. Grandparents can contribute to their grandchildren's financial future by setting up accounts like 529 plans or custodial accounts. Starting early can help accumulate more funds over time. Passing on financial knowledge to grandchildren is a valuable gift. Teaching financial literacy through games and discussions can help young generations make informed financial decisions. Grandparents can make a positive impact by paying off their grandchildren's student debt or helping with other financial needs while they are alive, rather than waiting until their passing to leave a legacy. Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

Today we’re opening up the mailbag once again to find out what financial questions you have for Dave and Drue. This episode could be very helpful if you’re looking to improve your financial situation and prepare for retirement. Some of the things we’ll discuss include investment strategies, what to do with a large amount of cash, taxes, and inheritances. If you ever have anything you’re curious about or a scenario you need help with, we’d love to hear from you! Here's some of what we'll talk about on today's show: How high is too high for a fee in an IRA? What is the next best investment account if you can’t put anymore into a Roth? What options do you have for funding a wedding if most of your money is tied up in retirement accounts? What can you do with a large savings account if you want it to start working for you? How taxes on Social Security benefits are determined. Contact Dave and Drue: Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

The word selfish carries a negative connotation but in the case of retirement, is it okay to be ‘selfish.’ We came across an article recently that put a different angle on the typical retirement planning conversation and we thought it was worth discussing on the podcast. So we’re going to talk about the idea of selfishness when it comes to protecting your retirement. With more and more retirees having to support their adult children and/or parents financially, this discussion is happening more and more in financial planning offices around the country. Here's what we'll talk about on today's show: How do you say no to your kids? Is the conversation any different if you need to support your aging parents? Calculating your retirement budget and why the math should guide you. Is it more of a societal issue or an economic one for today’s generation? Contact Dave and Drue: Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

Scams have never been more prevalent as we’ve all become more connected through technology, and many predators are targeting your financial accounts. It happens all the time and we all have our own first-hand accounts. In this episode, we’re going to share some of our experiences with scams, from email to phone calls to texts. Plus, we’ll talk about how we help clients protect their money and their assets. Here's what we'll talk about on today's show: The different types of scams that we’ve personally seen or heard. Scammers play on emotion to get a response. What you can do if you think something might be a scam. Experiences we’ve had with clients that have fallen victim to scams. Contact Dave and Drue: Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783

Welcome to part 2 of our series on mastering retirement cash flow. Last episode, we talked about expenses in your life that might drastically change in retirement. From housing and healthcare to insurance and taxes, we shared some of the expenses you need to keep an eye on. On today’s show, we’ll talk about income and how to maximize your money. We’ll also explain why you need an income plan. If you’re feeling lost, don’t worry. We’re here to help. Here's what we'll talk about on today's show: Is running out of money the biggest fear? (6:36) Where can your income come from? (8:57) How can you maximize your income? (15:51) Web: https://www.truefinancialpartners.com/ Email: info@truefp.biz Phone: 877-359-8783