Welcome! Bridget Sullivan Mermel and John Scherer talk introduce themselves and talk about why they started the channel, Friends Talk Financial Planning.

In this episode of "Friends Talk Financial Planning," hosts John and Bridget dive into an important aspect of retirement planning: understanding and estimating future spending. They discuss how current spending habits can serve as a reliable baseline for retirement expenses, challenging the conventional advice to look at retirement spending as a percentage of pre-retirement income. John and Bridget explore the concept of the "retirement smile," which describes how spending o

Take advantage of tax planning as we approach the end of 2024! Join us this week as we continue last week's conversion discussing effective tax planning strategies for retirees, focusing on how to manage tax liabilities in retirement. Key points include: Tax Planning Before Social Security & RMDs: There is flexibility in managing taxes before Social Security benefits and Required Minimum Distributions (RMDs) begin. In these years, retirees can take advantage of low tax brac

Year end tax tips can be helpful when tax planning to help you save BIG this tax season. Bridget and John offer various tips that can help you plan, particularly as the year end approaches. Income Flexibility: Before retirement, individuals typically have limited control over their income, especially if they are W-2 employees. However, once retired, there is more flexibility in drawing income from various sources, which can be strategically managed for tax purposes. Deducti

Catch up on retirement savings - it's not too late to start saving today! Do you struggle with saving money? Take responsibility for your finances by starting to save for retirement today! We understand this can be a daunting task, but let go of perceptions, let go of fear, and begin where you are! In this episode of Friends Talk Financial Planning, Bridget and John address concerns for those who are 50 and haven’t saved for retirement. They begin by acknowledging the fear a

Tax changes post election - what can you expect and how can you prepare for these changes? Join us this week as Bridget and John discuss the potential impact of the recent election on personal finances, particularly taxes. Tax Changes: What to expect under the new political landscape. The Trump-era tax cuts, which were set to expire in 2025, could lead to tax adjustments or possibly nothing at all. Republicans might push for certain tax cuts, but the tax laws could remain un

Separating politics from your portfolio: what to know about the stock market and economy post-election. In this episode of Friends Talk Financial Planning, join John and Bridget as they discuss how the stock market and economy are impacted by the outcome of the recent presidential election. While political changes can create short-term market fluctuations, over the long haul, the stock market operates largely based on broader economic factors, not just who holds political of

I just turned 50. I have $100,000 saved. Do I have enough saved to retire? In this episode of Friends Talk Financial Planning, hosts John and Bridget address a viewer's concerns about feeling behind in retirement savings. They discuss whether it's too late to start saving for retirement at age 50, highlighting that having $100,000 saved is a significant accomplishment. The hosts encourage adopting a positive mindset, emphasizing the importance of celebrating financial mile

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

In this insightful episode of Friends Talk Financial Planning (FTFP), we dive deep into the intersection of values, money, and freedom with none other than George Kinder, a registered life planner and a pioneer in the life planning movement. Join hosts Bridget and John as they explore how understanding and embracing your core values can lead to a happy, meaningful life and effective financial planning. George Kinder, author of the seminal book "Seven Stages of Money Maturity

Join hosts Bridget and John in this thought-provoking episode of FTFP as they sit down with George Kinder, a pioneer in financial and life planning. Bridget and John, both experienced fee-only financial planners, delve into the profound theme of legacy with their esteemed guest. 📚 Episode Highlights: - Bridget's Evolution of Legacy Perception: From seeing legacy as self-interested to understanding its broader contributions to the world. - George Kinder’s New Book: Discover

Welcome to another insightful episode of Friends Talk Financial Planning! In today's special episode, we are joined by industry pioneer George Kinder to delve into the world of fiduciaries and financial life planning. Learn what it means to be a fiduciary, how to find the right financial advisor for you, and the importance of holistic financial planning. George Kinder's new book The Three Domains of Freedom is available on Amazon. Discover how financial planning, mindfulness

Welcome to FTFP! In this episode, hosts Bridget Sullivan Mermel and John Scherer dive into a critical topic: retiring with credit card debt. Is it advisable? What are the implications? While John offers a straightforward "no," Bridget unpacks the complexities behind this issue, shedding light on the emotional and financial dimensions of carrying credit card debt into retirement. Key Takeaways: - The financial downsides of retiring with credit card debt. - Emotional implica

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

In this episode of Friends Talk Finanical Planning, Bridget Sullivan Mermel and John Scherer discuss smart strategies for parking your idle cash to ensure it's safe and earns a decent return. Whether you're dealing with an unexpected windfall, an emergency fund, or just trying to be smarter about your finances, we've got you covered! Key Topics Covered: - The pitfalls of keeping money in checking or low-yield savings accounts. - The benefits of online savings accounts and

When someone loses a spouse, there are numerous financial changes that occur. One major change is in their tax situation. In this episode of Friends Talk Financial Planning, John and Bridget delve into specific tax considerations you need to be aware of after losing a spouse. From understanding your filing status to utilizing deductions effectively, get practical insights to help during this challenging time. 🔔 Don’t forget to subscribe! It helps others find our valuable in

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

Join John and Bridget in this episode of Friends Talk Financial Planning as they delve into the upcoming tax rate changes scheduled for 2026. Learn about the potential implications and discover actionable strategies to best prepare for these changes. Whether you're currently in the 12% tax bracket or higher, this episode offers valuable insights to help you navigate the impending shifts in tax law. 🔗 Resources: - Alliance of Comprehensive Planners: https://www.acplanners.o

Can you use I Bonds to pay for your grandchildren's college education tax-free? In this episode of Friends Talk Financial Planning, John Scherer and Bridget Sullivan Mermel discuss a strategy to do just that. While I Bonds can be cashed out tax-free for your own or your dependent's college expenses, using them for grandchildren's education isn't as straightforward. However, there is a path to make it work: 1. Cash out the I Bonds and contribute the funds to a 529 plan in

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

Are you considering long-term care insurance but feeling overwhelmed with all the options and details? Look no further! Join us, Bridget and John, as we delve into the nitty-gritty of long-term care insurance, the importance of evaluating its relevance to your unique financial situation, and the factors that impact the decision to get insured. In this episode of Friends Talk Financial Planning (FTFP), we are armed with insights from the Alliance of Comprehensive Planners and

In this episode of Friends Talk Financial Planning, Bridget and John dive into one of the most debated topics in personal finance: When is the best time to claim Social Security benefits? Bridget believes in waiting until 70 to maximize the payout, while John advocates for claiming as early as 62. They discuss: - The processes both John and Bridget follow with their clients - The importance of using a third-party consultant for Social Security decisions - How health and l

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