Michigan's Retirement Coach Podcast With Mike Douglas
Business & Economics Podcasts
Retire with confidence! Introducing "Michigan's Retirement Coach," podcast- one of Feedspot's "Top Retirement Podcasts You Must Follow!"
Join Mike Douglas and his engaging series as he draws upon insights from real clients and their stories to help you make the most of a fulfilling retirement.
Mike and the whole team at LifePlan Financial Design can help you navigate the complexities of retirement planning in Michigan. Click for your personalized Retirement Roadmap here!
Follow on Facebook, Instagram, LinkedIn, YouTube and X (formerly known as Twitter)
About Mike Douglas, President and Advisor at LifePlan Wealth Design:
Mike Douglas specializes in wealth management and retirement planning at LifePlan Financial Design. Previously, he spent many years in the service industry, focusing on account management and business-to-business relationships.
His CFP® professional and financial planner certification and MBA round out his unique insight. He combines those experiences with his life, health, and Series 65 securities licenses and training to help families pursue their financial goals.
Mike and his wife, Kimberly, live in Howell, Michigan, with their four young children: Gavin, Zachary, Kaleb, and Emmalyn, along with one Shorkie (Shih Tzu/Yorkie), Satchmo. He enjoys doing anything with his family – sports, gardening, cooking, fishing, and more. Mike plays the piano and several other instruments at church and also enjoys golf and running. A former college football and tennis athlete, he completed his first marathon in 2017 at Walt Disney World.
Location:
United States
Description:
Retire with confidence! Introducing "Michigan's Retirement Coach," podcast- one of Feedspot's "Top Retirement Podcasts You Must Follow!" Join Mike Douglas and his engaging series as he draws upon insights from real clients and their stories to help you make the most of a fulfilling retirement. Mike and the whole team at LifePlan Financial Design can help you navigate the complexities of retirement planning in Michigan. Click for your personalized Retirement Roadmap here! Follow on Facebook, Instagram, LinkedIn, YouTube and X (formerly known as Twitter) About Mike Douglas, President and Advisor at LifePlan Wealth Design: Mike Douglas specializes in wealth management and retirement planning at LifePlan Financial Design. Previously, he spent many years in the service industry, focusing on account management and business-to-business relationships. His CFP® professional and financial planner certification and MBA round out his unique insight. He combines those experiences with his life, health, and Series 65 securities licenses and training to help families pursue their financial goals. Mike and his wife, Kimberly, live in Howell, Michigan, with their four young children: Gavin, Zachary, Kaleb, and Emmalyn, along with one Shorkie (Shih Tzu/Yorkie), Satchmo. He enjoys doing anything with his family – sports, gardening, cooking, fishing, and more. Mike plays the piano and several other instruments at church and also enjoys golf and running. A former college football and tennis athlete, he completed his first marathon in 2017 at Walt Disney World.
Language:
English
Website:
http://mylifeplanfinancial.com
Episodes
Overcoming The Fear Of Financial Mistakes
5/7/2024
In this episode, Mike discusses having a personalized approach to income planning and the risks associated with different income sources in retirement. He also explains the impact of inflation on retirement income and why it needs to be factored into financial planning.
Visit LifePlanWealth.com to connect with Mike and start building your income plan today!
See omnystudio.com/listener for privacy information.
Duration:00:19:34
The Risks Of DIY Tax Planning In Retirement
4/30/2024
Tax planning in retirement is crucial and differs from tax planning during working years. Doing it yourself may result in some challenges.
In this episode, Mike discusses the tax rules and regulations retirees face and highlights the importance of aligning tax planning with goals and lifestyle choices.
Visit LifePlanWealth.com to connect with Mike and start building your tax plan today!
See omnystudio.com/listener for privacy information.
Duration:00:15:28
Exploring The Option Of Snowbirding In Retirement
4/23/2024
What are the benefits and challenges of having two properties in retirement?
In this episode, Mike discusses whether it's better to own or rent a property down south, balancing the expenses of having two homes, and why legacy planning is important to think about when determining if snowbirding is right for you.
Visit LifePlanWealth.com to connect with Mike and discuss your retirement plans today!
See omnystudio.com/listener for privacy information.
Duration:00:14:12
No More Pensions: The Changing Landscape Of Retirement Planning
4/16/2024
Companies are moving away from pensions due to the financial strain of supporting retirees with life expectancy rising and people working less years for one company in their careers.
In this episode, Mike discusses The Big 3 (Ford, Chrysler, and General Motors) and the pros and cons of the options employees have for retirement income: Taking a lump sum up front or taking a monthly pension for the rest of their life. Which is better?
Visit LifePlanWealth.com to connect with Mike and discuss your retirement income options today!
See omnystudio.com/listener for privacy information.
Duration:00:16:00
The Trade-Offs Of Waiting: Missed Benefits and Depleted Savings
4/9/2024
When deciding when to take Social Security benefits, it's important to consider the holistic picture of your retirement plan, including savings, income needs, and investment growth potential.
In this episode, Mike discusses how waiting to take Social Security may result in missed benefits and the potential of running out of savings if income needs are not met.
Visit LifePlanWealth.com to connect with Mike and discuss your options for taking Social Security today!
See omnystudio.com/listener for privacy information.
Duration:00:12:37
Fees In Retirement You May Not Be Aware Of
4/2/2024
Airlines brought in a whopping $33 Billion in baggage fees last year. These are fees we know that we pay when we travel. But what about the fees in your retirement portfolio? How much in hidden fees are you really paying?
In this episode, Mike explains why retirees could be mislead by how much they’re actually paying in fees due to the complexity of the prospectus they receive every year.
Visit LifePlanWealth.com to see what fees are coming out of your retirement portfolio today!
See omnystudio.com/listener for privacy information.
Duration:00:16:37
Finding The Right Withdrawal Rate In Retirement
3/26/2024
Running out of money is the biggest concern retirees have when they stop working. The 4% Rule has been regarded as the safest percentage to withdraw each year to never run out of money, but is that calculation outdated?
In this episode, Mike discusses what factors need to be considered when determining the right amount of income to live on during retirement.
Visit LifePlanWealth.com to begin building your own retirement plan!
See omnystudio.com/listener for privacy information.
Duration:00:19:28
Investing In Cryptocurrency For Retirement
3/19/2024
Bitcoin recently made a new all-time high, breaking through $70,000 for the first time. But does a highly volatile and speculative asset belong in a retirement plan?
In this episode, Mike explains why cryptocurrency has become more mainstream and how Bitcoin became a more legitimate asset this year. Recently, the SEC approved ETFs for Bitcoin causing a spike in interest and seeing billions of dollars inflow into the crypto sector. Many people are still choosing to avoid Bitcoin and cryptocurrency, but is a small allocation worth it for your retirement plan? Mike discusses the opportunities and warnings for retirees.
Visit LifePlanWealth.com to begin building your own retirement plan!
See omnystudio.com/listener for privacy information.
Duration:00:20:16
March Madness And Your Money: Building A Retirement Gameplan
3/12/2024
College basketballs’ NCAA tournament is right around the corner! For many it’s March Madness’s exciting unpredictability that they love, but when it comes to retirement “unpredictable” is not what most of us seek.
In this episode, Mike uses the tournament to illustrate these key principles of financial planning:
Visit LifePlanWealth.com to begin building your own retirement gameplan.
See omnystudio.com/listener for privacy information.
Duration:00:12:58
Don't Let Retirement Taxes Steal Your Golden Years
2/27/2024
We’re enjoying the lowest tax rates we may ever see in our lifetimes, mostly due to the Trump Tax Cuts. The bad news is that those cuts expire at the end of next year unless Congress acts. Tax expert Ed Slott says it’s an opportune time to make a Roth conversion, and Michigan’s Retirement Coach, Mike Douglas, agrees.
Many who are approaching retirement are worried about skyrocketing taxes eating away at their hard-earned savings. On this episode, Mike shares how at Life Plan Financial Design, they work to show their clients strategies to reduce those burdens.
Learn why you may want to consider a Roth conversion, why now is the time to proactively manage your retirement taxes, and how to avoid costly surprises due to tax pitfalls.
Start your retirement roadmap today: Visit LifePlanWealth.com and take control of your financial future with a personalized tax strategy.
See omnystudio.com/listener for privacy information.
Duration:00:18:54
How Emotions Could Wreck Your Retirement
2/13/2024
A Nobel Prize-winning psychologist found that we make financial decisions based on 90% emotion and only 10% logic. While emotions are temporary, their effects can wreak havoc on your financial livelihood.
On this episode, Certified Financial Planner, Mike Douglas shares the approach they take at Life Plan Financial Design to help their clients avoid making emotional decisions.
Learn ways to identify hidden emotional triggers impacting your financial choices, develop a personalized retirement plan aligned with your risk tolerance and goals, and make informed decisions even when the market gets bumpy.
Take control of your emotions. Visit LifePlanWealth.com to start your Retirement Roadmap today.
See omnystudio.com/listener for privacy information.
Duration:00:13:45
Exposing The Fees Stealing Your Retirement Savings
2/6/2024
Your retirement savings maybe mysteriously shrinking thanks to all the fees you’re paying!
Mike Douglas wants you to know the ugly truth about what may be going on in your accounts and how hidden charges in your investments can cost you thousands annually. But how do you identify them?
Mike talks about the work they do at Life Plan Financial Design to expose what their clients are really paying and offers tips on ways you can work to uncover fees in your own portfolio.
Don't let hidden fees jeopardize your financial future. Visit LifePlanWealth.com and begin your Retirement Roadmap today.
See omnystudio.com/listener for privacy information.
Duration:00:12:55
Retirement Mulligans: Do-Overs for Your Golden Years
1/30/2024
Unwinding on the golf course is a classic retirement dream, but what if life throws you a curveball? On this episode, Certified Financial Planner, Mike Douglas explores the "mulligan” opportunities you may have to course-correct your plan if needed.
Did you know you can "take back" your Social Security decision within a year?...
Missed a required minimum distribution? Mike shares what could save you from hefty penalties and get you back on track…
Worried about a bad investment in your DIY retirement plan? Hear strategies to navigating risk in your golden years.
Visit LifePlanWealth.com to learn what "mulligan opportunities" could help maximize your retirement journey.
See omnystudio.com/listener for privacy information.
Duration:00:19:18
The “Right” Time To Retire – Lessons From Nick Saban
1/23/2024
At age 72, and with 7 National Championships under his belt, Alabama’s legendary coach has announced he is retiring. On this episode, we hear from Nick Saban himself as he talks about the tipping point that made him realize it was time to pass the torch.
Drawing parallels to the decisions many individuals face when contemplating their retirement journey, Mike shares insights into the importance of proactive retirement planning, emphasizing the need to “refire” oneself and find purpose post-retirement.
Whether you are years away from retirement, or simply sensing a shift in your professional life, Mike can help guide you through the conversations you need when planning your financial future.
Visit LifePlanWealth.com to start your retirement today!
See omnystudio.com/listener for privacy information.
Duration:00:14:50
How Interest Rate Cuts Could Affect Your Retirement Planning
1/16/2024
Inflation is down from the 9.1% high of June 2022, which has Wall Street hoping for interest rates cuts in 2024. That’s good news for loan-seekers, but lower rates could also result in a decrease on some of the attractive rates we’ve seen in CDs, Money Markets, treasuries, and annuities.
On this episode, Michigan’s Retirement Coach Mike Douglas discusses how these moves could affect your retirement planning and the opportunities you may want to seize today.
Visit LifePlanWealth.com to start your retirement roadmap today.
See omnystudio.com/listener for privacy information.
Duration:00:15:21
What You Can Learn About Taxes from Shohei Ohtani's $700M Deal
1/9/2024
Join Mike as he dissects Shohei Ohtani's groundbreaking $700 million, ten-year contract with the LA Dodgers, the ways Ohtani may be able to leverage international options to minimize tax burdens, and the tactics that could be applied to your own financial playbook.
Learn how simple yet powerful offset strategies may help save you thousands in taxes in retirement. Understand the importance of collaboration between tax professionals and financial advisors for a holistic approach to wealth management.
Level up your financial future. Visit LifePlanWealth.com to begin the conversation about your retirement plan.
See omnystudio.com/listener for privacy information.
Duration:00:17:08
Strategizing Your Financial Future: Navigating Roths and Tax Planning for Retirement
1/2/2024
For many Americans taxes will be the greatest expense in retirement. Whether you're approaching or already retired, Certified Financial Planner Mike Douglas shares ideas on seizing Roth conversion opportunities and insight on tax planning for retirement, emphasizing the profound impact it could have on your income in the years ahead.
Without diving into politics, we discuss the increasing national debt, global conflicts, and their potential impact on your savings. Mike sheds light on historical tax trends, drawing attention to the importance of planning ahead, especially considering the looming changes that will likely come when the Tax Cuts and Jobs Act (aka – the Trump Tax Cuts) expires in 2026.
The future is uncertain, but with strategic planning, you can navigate it with added confidence! Visit LifePlanWealth.com to start the conversation with Mike and his team.
See omnystudio.com/listener for privacy information.
Duration:00:16:26
The “Moving Parts” of a Retirement Plan - Financial Insight Inspired by Charlie Munger
12/26/2023
In this episode Mike explores the wisdom of legendary investor Charlie Munger, Warren Buffett's right-hand man, who recently passed away at the age of 99. Munger's investment philosophy, known for its simplicity and humor, provides valuable lessons for planning a successful retirement.
Mike shares how the billionaire’s principles align with the goals they have for every plan they create in the LifePlan Financial offices, and their goal to make retirement “simpler, safer, and better.”
Mike explains the need for income and tax planning, while emphasizing the importance of understanding risk and creating a legacy plan to help preserve your hard-earned wealth for generations.
Visit LifePlanWealth.com to start taking actionable steps towards a plan tailored to your unique goals.
See omnystudio.com/listener for privacy information.
Duration:00:13:25
Navigating Retirement Finances: Debunking Dave Ramsey's 8% Rule
12/19/2023
On this episode, Mike addresses the recent controversial financial advice from renowned personal finance radio host, Dave Ramsey. In a bold statement, Ramsey suggests retirees remain 100% invested in stocks and withdraw 8% annually, without worry. Mike shares the potential pitfalls of this advice, covering the risks of sequence of returns and highlighting historical market downturns and upturns.
Stressing the need for a personalized approach, while cautioning against generic blanket advice for retirement finances, Mike emphasizes the significance of understanding tax implications, account types, and the potential impact on Social Security and Medicare.
Visit LifePlanWealth.com to start your retirement roadmap and a more tailored strategy for your unique financial goals.
See omnystudio.com/listener for privacy information.
Duration:00:13:36
Financial Evolution: Finding Confidence in Uncertain Times
12/12/2023
Join Mike Douglas as he discusses strategies to help you better prepare for retirement. Drawing parallels with the classic movie "Home Alone," he explores the fear and uncertainty many people feel in today's financial landscape.
From the evolution of financial rules to the impact of market fluctuations, Mike covers crucial insights to help empower retirees.
Don't face the challenges alone. Visit LifePlanWealth.com to discover how Mike and his team can help you build your financial roadmap.
See omnystudio.com/listener for privacy information.
Duration:00:14:45