Welcome back to Friends Talk Financial Planning! In today’s episode, Bridget and John discuss the strategic world of Roth conversions. Wondering when the best time is to convert your traditional IRA to a Roth IRA? Or maybe you're unsure when it’s better to hold off? We cover it all! Key topics discussed: Ideal times to consider a Roth conversion, especially during low-income years. The concept of "tax bracket arbitrage" and why it’s essential. Detailed explanation of Roth co

Inheriting an IRA can be overwhelming, especially with the recent changes in tax laws. In this episode, Bridget and John break down the four essential things you need to know about inheriting an IRA. From understanding the new 10-year rule to tax-saving strategies, we cover it all. Make sure to watch until the end for valuable insights and tips! Resources: - Alliance of Comprehensive Planners: https://www.acplanners.org Follow Us: - John Scheer’s Practice: https://www.trinf

Thinking about refinancing your mortgage? Bridget and John dive into the pros and cons of refinancing and help you determine if it's the right move for you. Join us as we discuss adjustable rate mortgages (ARMs), the benefits of a fixed 30-year mortgage, and key considerations when deciding whether to refinance. If you found this video helpful, please give it a thumbs up and hit that subscribe button. And be sure to check out the Alliance of Comprehensive Planners for more f

John thinks saving for college is stupid. That's going to be our topic today on Friends Talk Financial Planning. Join Bridget Sullivan Mermel and John Scherer as they dive deep into the controversial topic of college savings. Is it really necessary to save for your child's college education, or are there better ways to manage these costs? Watch this episode to find out! 📌 Links Mentioned: - USDA Study on Cost of Raising a Child: https://www.usda.gov/media/blog/archive/t

Are you considering retiring before age 65 and worried about covering healthcare costs before Medicare kicks in? You're not alone! In this episode of Friends Talk Financial Planning, Bridget Sullivan Mermau and John Scherer discuss various ways to bridge the healthcare coverage gap if you retire before age 65. From spousal plans to Marketplace health insurance, COBRA, and more, we've got you covered with practical tips and insights. If you found this video helpful, don't fo

Should you loan or give money to friends and family? It's a common dilemma, and today, Bridget and John dive into the best practices for making these financial decisions. We'll cover how to balance your own budgeting with helping others, setting up specific savings for lending, and determining when it's appropriate to give or loan money. Make financially sound choices while supporting your loved ones! 4 Tips for loaning money to friends & family: https://youtu.be/FaI7pcGkjdI

In this episode of Friends Talk Financial Planning, Bridget and John dive into a fascinating survey conducted by Northwestern Mutual, highlighting the top obstacles to financial security. From inflation and the economy to personal debt and savings, they offer insightful perspectives on how we can rethink these challenges and focus on actionable steps to achieve financial stability. Don’t miss their practical advice that can help you control your financial future! Link to the

In today's episode, Bridget and John explore the surprising reality of retirement age. Despite common perceptions, most people retire earlier than they plan to. Join them as they delve into why this happens, the financial implications, and how to plan effectively for an unpredictable future. Bridget Sullivan Mermel from Chicago, Illinois, and John Scherer from Middleton, Wisconsin, share their insights and experiences from their financial planning practices. They discuss stud

In this episode of Friends Talk Financial Planning, Bridget Sullivan Mermel and John Scherer discuss a recent survey by Northwestern Mutual that claims Americans think they need $1.46 million to retire. Bridget and John argue that people might be thinking about this all wrong. Instead of focusing on a specific savings number, the key question should be: How much do you want to spend in retirement? Tune in as they break down the survey results, discuss the anxiety around retir

In this episode of Friends Talk Financial Planning, John and Bridget delve into the topic of net worth by age. They discuss the importance of understanding what net worth entails and share data on the median and 90th percentile net worth figures across different age groups. Join them as they break down the numbers and explore what it takes to be in the top 10% and even the top 1% of net worth in the U.S. Read the source article for the net worth data: https://ofdollarsandda

In this informative episode, Bridget Sullivan Mermel and John Scherer discuss the foundational aspects of personal finance, known as the five fundamentals of financial fitness. They outline the critical steps you need to follow to stay financially healthy throughout your life, discussing saving habits, emergency funds, retirement planning, smart credit card use, house buying tips, and investing in yourself. Stay tuned as they provide expert advice to help you navigate your fi

In this video, Bridget and John discuss the process of finding the 1099-INT for selling I bonds in 2023. They walk through the steps of navigating the I Bond site to locate the necessary tax form. Whether you're a seasoned investor or new to the world of I Bonds, this guide will help you understand the process. John's firm website: https://www.trinfin.com The Alliance for Comprenhensive Planners: acplanners.org Don't forget to subscribe to Friends Talk Financial Planning

In this episode, Bridget and John share six important questions to ask when hiring a financial advisor or financial planner. They discuss the significance of credentials, fiduciary responsibilities, tax advice, comprehensive financial planning, advisor experience, and transparent fee structures. (1). "Are you a CFP or certified financial planner?" (2). "Are you a fiduciary?" (3). "Will you give specific tax advice or will it be, I need to talk to my tax person about those th

In this episode of Friends Talk Financial Planning, John Scherer and Bridget Sullivan Mermel dive into the intricate balance between making financially sound decisions and honoring our emotions and personal values. They discuss the scenario of paying off a mortgage early, the importance of liquidity and emergency funds, the emotional attachment to concentrated stock positions, and the significance of being intentional with financial choices. As they share their insights, they

In this episode, John and Bridget discuss all things Donor Advised Funds (DAFs) and Qualified Charitable Distributions (QCDs) and how to decide which strategy to use when making charitable contributions. They break down the highlights and mechanics of each option and provide insightful tips on making the best choice based on your specific situation. Check out our previous episodes on DAFs! Basics about Donor-Advised Funds: https://youtu.be/g7jbhnLcNDw How to maximize your

In this episode of Friends Talk Financial Planning, John and Bridget dive into the basics of Donor-Advised Funds. They discuss how these funds allow individuals to maximize tax deductions while retaining control over their donations. They explain the concept of a donor-advised fund, its benefits, and when it might be advantageous for someone to use. Additionally, they touch on the implications for individuals who do not itemize their taxes and the potential strategies for co

In this engaging episode of Friends Talk Financial Planning, hosts John and Bridget delve into the intricacies of selling I bonds, providing listeners with valuable insights and practical tips to navigate this financial terrain. With a dynamic and conversational approach, they make the complex world of I bonds accessible to both seasoned investors and those new to financial planning. The hosts kick off the episode by breaking down the current rates of I bonds, offering a co

In this episode of Friends Talk Financial Planning, John and Bridget discuss the new rates for I bonds that changed on November 1. They dive into the components of the I bond rates and explain how the fixed rate is currently at 1.3%. They also discuss the benefits of I bonds as part of your investment portfolio and how they can be used for emergency funds or retirement savings. John and Bridget also touch on the complexity of buying I bonds and how it requires engagement with