Retirement Elevated Podcast with Sean Lee

Do You Know What Fees and Commissions You’re Paying?

Have you ever wondered why some advisors get paid in fees while others take commissions from your investments? Today we’ll explain the difference, what you should consider, and why your portfolio expenses are probably higher than you realize.
 
Show notes and additional resources: https://retirementelevatedpodcast.com/podcast/do-you-know-what-fees-and-commissions-youre-paying/ 
 
Today's rundown: 
0:28 – So what are the differences between fees and commissions?
0:58 – There are two types of fees when working with a fiduciary.
2:20 – Outside of advisor fees, what are some of the other costs?
3:59 – Sean’s opinion on fees.
6:08 – A larger percentage of people than not are paying more in portfolio costs than they realize.

What You Need to Know About the SECURE Act

Americans will be getting the most significant retirement legislation in more than a decade after Congress passed the SECURE Act near the end of 2019. Let’s talk about the biggest changes you need to be aware of, how this can benefit you, and where there might be some concerns.
 
Show Notes and Additional Resources: https://retirementelevatedpodcast.com/podcast/what-you-need-to-know-about-the-secure-act/ 
 
Today's Rundown: 
0:12 – Let’s start with what the SECURE Act is.  
1:40 – Some big changes coming to the Required Minimum Distribution rules.  
3:29 – The Stretch IRA changes could be seen as a negative.  
6:38 – Is 2020 a lost year for RMDs?  
8:39 – What affect does this legislation have on small businesses?
11:22 – There will be increased annuity options within retirement plans. Is that good or bad?
14:20 – Removal of age limitations on IRA contributions.

Finding The Silver Linings In Forced Retirement Situations

Maybe you are experiencing some more unfortunate situations lately when it comes to retirement. Is there a positive spin you can put on it?
 
Show Notes: https://retirementelevatedpodcast.com/podcast/finding-the-silver-linings-in-forced-retirement-situations/ 
 
Today's Rundown: 
0:37 - You are being pushed into an early retirement.
1:34 - What to do with a severance package.
2:45 - A forced retirement may push you to find clarity.
3:24 - Sean shares a client example of someone who was able to map out an early retirement plan.
6:01 - What to do when you get the lump sum buyout instead of a pension plan.
7:32 - Two things to consider with a lump sum.

5 Ways We Sabotage Our Own Retirement

With all of the things in the financial world that you can’t control, why would you sabotage your own retirement by messing up the things you can control? Let’s discuss some ways that people sabotage their own financial health.
 
Show Notes: https://retirementelevatedpodcast.com/podcast/5-ways-we-sabotage-our-own-retirement/
 
Today's Rundown: 
0:28 – We’re talking about sabotaging our own retirement today.
0:58 – The market continues to be very volatile in 2019.
1:58 – The first way we sabotage ourselves is getting to obsessed with the ups and downs of the market.
3:24 – Sometimes people have a plan but aren’t too confident in it if they are obsessing.
4:35 – Another way we self-sabotage is Social Security.  
6:25 – The next way we sabotage is by pretending long-term care won’t affect us until much later in life.
8:40 – We can sabotage our retirement when we assume we’ll always like our job because we enjoy it now.
10:08 – One of our favorite parts of the job is developing a strategy that allows clients to retire a little earlier.
11:42 – The last way is by not identifying how we want to live in retirement so that we can figure out how to maintain our lifestyle.

Why a Portfolio is Not a Plan

How effective is a portfolio that isn’t working in conjunction with a plan? If you’re just looking at the numbers in your accounts but not considering how that’s complimenting the other pieces to your plan, it’s not much more than speculation. This week we discuss why having a collection of financial products isn’t the same as having a plan.
 
Show Notes: https://retirementelevatedpodcast.com/podcast/why-a-portfolio-is-not-a-plan/
 
Today's Rundown: 
0:28 – Who is Sean pulling for in the World Series?
1:27 – What do we mean by ‘portfolio is not a plan’?
3:00 – You need a gameplan going into and having someone to help you with that is crucial.
4:46 – An advisor add significant value to a portfolio or a plan in three ways.
7:30 – What about some of the things that an advisor CAN’T do?
9:44 – When looking at planning, look at it from a holistic perspective.  

Why the Final Decade of Work is So Important for Planning

The retirement planning process lasts many, many years but your final decade of work is the time where you need to hammer out all of the details and get everything in order. We’ve put together a checklist of items that need your full attention during that last years of working so that you can enjoy retirement to the fullest.
On this episode:
0:28 – What we’re talking about on the show. 
1:18 – First, have a conversation about what’s most important to you in retirement.
2:47 – How it’s like baseball. 
3:12 – Second, now you need to look at the numbers.  
4:59 – Third, where are you getting the money from in retirement. Let’s estimate the income streams.
6:25 - This final decade of work is great time to strategize with your advisor since you’ll have a little time to build the plan.
8:29 - The next piece in this checklist is getting a handle on healthcare.
10:41 - Final thing, understand this is going to change over time and through retirement.
For show notes and additional resources, click here: https://retirementelevatedpodcast.com/podcast/why-the-final-de…ant-for-planning/

Financial Lessons We Can Learn From Flying

Think about the last time you took a flight? You got from point a to point b as you planned, but did you stop to think about what it took to get you there? That’s the same with financial planning and reaching our final retirement destination. There are many lessons we can take away from flying and we’ll share those on this episode.
Today's rundown: 
0:22 – Baseball tryouts going on for Sean’s son.  
2:04 – Talking today about what flying teaches about retirement. First, you have to have a flight plan.
4:49 – Turbulence affects everyone differently much like volatility.
8:03 – The market continues to bounce back no matter how many times it gets knocked.
9:18 – Pilots can’t do it all alone. They need help from air traffic control.
Get the full show notes and additional resources by visiting our website here: https://retirementelevatedpodcast.com/podcast/financial-lessons-we-can-learn-from-flying/

Busting the Biggest Financial Myths

In the financial world, there are a lot of myths out there. Do you know what’s a myth (and what’s a bust) when it comes to these commonly held beliefs?
Today's show: 
2:48 - Myth or bust: Shifting from stocks to bonds removes the volatility from your portfolio.
4:55 - Myth or bust: Once you’ve retired, life insurance is no longer necessary.
7:14 - Myth or bust: You’re going to need less income when you retire than you need when you’re working.
8:40 - Myth or bust: You’ll be in a lower tax bracket when you retire.
10:17 - Myth or bust: Financial planning is easy to do without a professional thanks to the technology available.
Get the full show notes and additional resources here: https://retirementelevatedpodcast.com/podcast/busting-the-biggest-financial-myths/

Common Reasons People Stick the Wrong Financial Advisor

Picking the right financial advisor can be one of the most important decisions you make for your retirement, but many times we end up sticking with the wrong person. Many reasons cause can lead to this, but we often justify our decisions with a few common excuses. Let’s look at some of the common ones we hear from clients.
Check out the full show notes for this episode by clicking here. 

Developing the Right Financial Plan Takes These Steps

Financial planning can take on many forms and your interests might not always be the sole priority. When you work with an advisor, there are steps that every plan needs to include and we’ll discuss those in this episode.
Check out the full show notes by clicking here. 
Today's rundown:
1:46 – What happened to financial planning?
3:05 – Are expectations being set for you?
4:09 – Why pure planning is a more comprehensive and personal plan.  
5:38 – Every financial plan should have five components.
6:05 – Too many advisors are skipping over the most important part of planning.
6:33 – We’re always trying to come up with the proper tax strategy.
7:26 – Healthcare as part of the plan.
8:25 – True planning is as simple as a one-page plan.
9:33 – What clients have been prioritizing in their financial plan.