John Scherer and Bridget Sullivan Mermel discuss the impact of inflation on retirement in this episode of Friends Talk Financial Planning. They explore different approaches to factoring in inflation, with John including it in his projections and Bridget taking a more conservative approach. They also discuss the individualized nature of retirement spending and the flexibility retirees have in controlling their expenses. The key takeaway is to consider inflation in retirement p

`Welcome to another episode of Friends Talk Financial Planning! In this installment, we delve into the world of the Fiduciary Standard—a noble code of conduct that draws parallels to the chivalrous oaths of knighthood. Join us as we introduce our guest, Ken Robinson, who shares his insights on the significance of this standard and its impact on our clients. From the very beginning, we dispel the misconception surrounding the term "fiduciary," reminding our viewers that it i

I was recently quoted in a Wall Street Journal article: "The 'You-Make-a-Lot-of-Money Tax' Hits More Americans" by Laura Saunders. Here's...

Join us as we welcome a very special guest, Ken Robinson, the author of Don't Make a Budget: Why it's So Hard to Save Money and What to Do About it . Ken Robinson has revolutionized the concept of budgeting with his groundbreaking system that prioritizes paying yourself first. Through his book, he provides invaluable insights and actionable steps to help you regain control over your financial well-being. We all know that using cash allows us to witness the tangible nature

Many people of heard about Donor Advised Funds (D.A.F.) but not everyone knows how powerful they can be to leverage charitable giving. In today's episode we talk about situations where Donor Advised Fund makes sense, the of the tax savings that a DAF can bring, and how it can help facilitate happiness through giving. John's firm website: https://www.trinfin.com For advisors around the US: https://www.acplanners.org/home Thanks for watching and please subscribe! TRAN

Giving money away can come with happiness or regret. Bridget Sullivan Mermel and John Scherer discuss how to avoid three flavors of donation regret. Stay tuned for our tips on how to feel more of the warm glow of giving, too! John uses his own stories to illustrate how donating can make you feel bad or good. He talks about how he thinks about being scammed by a charity and what he learned from the experience. We talk about public radio station changing formats, and fee

I Bonds New Fixed Rate is about double what it was before--up to .9% of your investment. In this video we talk through the strategies that are in play now because of this new, higher fixed rate. Just a couple of years ago, the 10 year Treasury was only paying about 1% interest. Today, if you buy a new I bond between May 1 & Oct 31, 2023 you’ll get a guaranteed minimum rate of 0.9% for the life of the bond (up to 30 years) PLUS you’ll get an inflation component as well. T

Your 200 Year Legacy is something that can be difficult to wrap your head around. Thinking about your legacy can enrich your life and help you find meaning. John Scherer details how he thinks through this legacy, then he and Bridget Sullivan Mermel discuss how this can help reframe your thinking so that you get beyond the day-in-day out troubles. Bridget's grandma passed along values to her, while John experienced a 200 year legacy moment with his family at the Hoover Dam

Money Buys Happiness But: Researchers have been trying to nail down how much money contributes to happiness for years. Daniel Kahneman published a landmark study that showed that happiness increased with more money, but up to the point of making about 75K per year for a household. Another researcher, Matthew Killingsworth, took on the same question and found that happiness and income kept going up. So which one is right? They went through a collaborative mediation proc

The debt limit ceiling is worrying a lot of people. By the end of this episode, you'll know: What is causing the debt ceiling crisis; What are the consequences of the US defaulting; The likelihood that we won't pass debt ceiling relief; What you can do about it. Bridget Sullivan Mermel and John Scherer are joined in this episode by Ken Robinson, JD, CFP(R). We discuss what we're telling clients about the debt ceiling, and what we suggest clients do about it. #debtcri

When you've reached a point in your life when you know you've got more than enough, you may think about passing along your financial wealth to your kids, grandkids, and charity. Tax-efficiency means youYou want to give money and pay less tax! Bridget Sullivan Mermel and John Scherer explain how to give money and pay the least in taxes for everyone involved. #acpmemberwisdom #estate Here's another video we shot about estate planning mistakes: https://youtu.be/VSvzddIDN

Reasons to Sell I Bonds: The new rate announced with Series I Bonds is 4.30%, which includes a .9% fixed rate. With the new interest rate announced that is lower than the interest rate has been recently on I Bonds, you may be asking yourself--when is it time to sell your I bond? Bridget Sullivan Mermel and John Scherer talk through how to approach the decision. There are more factors to consider than you may think! Savings Bond Series I Bonds have been great investments fo

Paying zero tax in retirement is possible, but it doesn't generally happen by accident. In this episode we discuss major sources of tax free income that you might not have considered. We'll talk about what to focus on when thinking about paying zero tax. If you want to pay zero tax, you're not going to do it unless you focus on it! This episode was inspired by @Jazzwealth Youtube video: https://youtu.be/B05OtAHXuJI John's firm website: https://www.trinfin.com For

Hi, this is Bridget Sullivan Mermel. Why financial planning? Why fee-only? What's important to John Scherer and I? The first time John Scherer and I were able to connect when COVID restrictions were lifted, I drove up from Chicago and we filmed this video in his office in Middleton, a suburb of Madison, Wisconsin. John talks about his reaction to selling insurance, while I talk about Dad's stock club. Why is financial planning meaningful to us? Tune in to find out!

Athlete Investment Advice | Sloan Stevens and Blake Griffith are two athletes who were profiled in a recent article. Both detailed their investment philosophy. In this episode Bridget Sullivan Mermel and John Scherer dissect the athlete's advice. Is it worth taking? We talk about being influenced by people, investing in the stocks of your favorite products, and fear of going broke. Here's a video we made about Socially Responsible Investing: https://youtu.be/bcZlJQm

Will Schwab fail? Is @CharlesSchwab next to go down? With recent uncertainty at banks, Schwab is in the news for all the wrong reasons. Schwab's stock, SCHW, is down, and they issued a special statement. Bridget Sullivan Mermel and John Scherer talk through the different issues at play when we talk about recent bank failure. How does Silicon Valley Bank compare to Schwab? Why does the amount of FDIC insured assets matter? What does the term "custody" really mean? Why

Buying Series I Bonds before the rates drops make sense for many people. The rate changes on May 1 for new purchases, but in 2023, you need to get the I Bonds bought before April 27 to get the existing 6.46% annualized rate. Bridget Sullivan Mermel and John Scherer talk about why the interest rate on I bonds is expected to drop, and why there might be a silver lining. The variable rate is tied to inflation, which is not as high as it has been. But the fixed rate is importa

It seems like every day we hear about new scams and new scandals with people stealing our identity. On this episode, we’ll talk about actions you can take to protect your identity. Part of our work is helping people pay attention to what they should pay attention to and ignore the rest. We talk about email, passwords, sending codes to your cell phone, as well as how to handle calls from the IRS, Social Security or other government agencies. Feel safe, don't fall prey to

If you're worried about what the Silicon Valley Bank and Signature Bank's recent closings, you'll want to understand exactly what money that you have that might be at risk. In this episode, we cover why you might be worried, and if you are worried what you can do about it. The FDIC insures bank deposits. When banks collapse, the FDIC insurance kicks in. It's important to know when a bank fails how much you are insured for. Also, it's important to understand basic strategi

Kids benefit from Roth, just like grownups do. Children benefit from Roth can be great places to save money and it can be especially useful to start at early ages. In today’s episode learn how you can fund a Roth IRA for your children who are under age 18, what the rules and requirements are for kids to have Roth IRAs and what kind of access they will have to that money. We'll also compare Roth IRAs for kids to 529s and I Bonds. We'll also discuss how to use Roth IRAs to he

The number one financial skill for retirement means what you need to have mastered before you give up your job. It's not about investments. It's not about when to take social security. It doesn't have to do with IRA distributions. All of these can be important. But on today's episode we'll talk about the one thing you must know and be able to do before giving up your job. And you can practice this before you retire! What is it? Financial planners can't tell you what you s

Annuity vs Bond Ladder. Since bonds and CDs are making money again, people are interested in bonds and CD ladders. We wanted to get more in depth on what the difference are between bond ladders and annuities. Bridget Sullivan Mermel CFP(R) CPA and John Scherer CFP(R) talk about our definition of bond ladders and CD ladders--safe, guaranteed, reliable income by the US Government. The cash flow will show up for a period of time. Then we talk about what you do when you buy

Recession-Proof Your Finances: Which gives better advice on recession-proofing your finances? Experts or ChatGPT? That's what we decided to figure out in this episode. We agree on several recession-proofing ideas. However, our most important tips are different than Chat GPT (whew!) John's firm website: https://www.trinfin.com For advisors around the US: https://www.acplanners.org/home Thanks for watching and please subscribe! TRANSCRIPT: Bridget: Hey, John, th

Mutual Fund vs Exchange Traded Fund? There are basic differences you should know. We talk about why the two forms of investment have developed over time, when ETFs are better than mutual funds, when you must use mutual funds, and finally some new developments that you should know about exchange traded funds, especially if you're interested in socially responsible investing (SRI) or Environmental Social and Governance investing (ESG) John's firm website: https://www.trinfi