Join us as we discuss what we think is everything you need to know about taxes in the new Trump era! There is a lot of uncertainty around the future of tax laws under the new Trump administration. Although there's a lot of speculation, no concrete changes have been made yet. It is important to be aware of what is happening, but don't act until there is something concrete to guide your decisions. John recalls how the Roth IRA and Qualified Business Income (QBI) tax law chang

Learn the 5 best ways to maximize savings in the new year! In this episode, Bridget and John discuss five important financial actions to take at the start of the year to maximize savings and improve financial health: 1. Maximize 401(k) Contributions: ensure you're contributing the maximum allowed to your 401(k). For those aged 60-63, there's a new catch-up contribution limit of $11,250, making it an ideal time to review and adjust contributions. 2. Contribute to Health Savi

Join us today for tips to maximize your spending in retirement when you saved more than you can possibly spend. I'm retired and I somehow have more money than I know what to do with. What do I do and how do I spend more? This is question we get from clients who have saved their whole life and now find themselves in retirement with more money than they can possibly spend. This week on Friends Talk Financial Planning, we discuss strategies for spending more effectively in r

Five signs you are not spending enough money in retirement. Typically we get the question - am I spending too much? However, it is just as important to consider the alternative - am I spending enough? This week on Friends Talk Financial Planning, we discuss the issue of underspending in retirement. While many people worry about running out of money in retirement, some retirees actually have the opposite problem: they aren’t spending enough. As clients enter their 70s or 80s

This week we discuss important changes to 401(k) contribution limits for 2025, particularly for individuals aged 60-63. In 2025, people in this age group will be able to make larger "catch-up" contributions, increasing the maximum amount they can contribute to their 401(k) or 403(b) accounts. The new catch-up limit for these individuals will rise to $11,250, bringing the total contribution limit (including regular deferrals) to $34,750, up from $30,000 in 2024. We will also

This week we discuss legacy letters, which are personal letters written to loved ones to express values, life lessons, regrets, and love, beyond financial matters. Legacy letters allow individuals to leave behind something deeply meaningful—sharing wisdom, advice, and affirmations, rather than just focusing on money or material assets. The idea was inspired by a podcast featuring Blake Brewer, who shared his personal story of receiving a legacy letter from his father after h

Retirement planning for inflation - Don't worry about inflation, be happy in retirement! Many people worry about how inflation will affect their retirement expenses. It may not affect retirement as much as you might think. This week on Friends Talk Financial Planning, John and Bridget discuss the challenges and concerns surrounding inflation in retirement planning. They offer practical insights on how to manage inflation so you don't need to worry in retirement. They will di

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