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Financial Symmetry: Balancing Today with Retirement

When considering retirement, do you wonder what financial opportunities you may be missing? Busy lives take over and years pass without taking advantage. In this retirement podcast, the Financial Symmetry advisors unveil financial opportunities, to help you balance enjoying today so you are ready to retire later. By day, they are fiduciary fee-only financial advisors who answer questions about tax savings, investment decisions, and how to save more. If you’ve been putting off your financial to-do list or are just not sure what you’ve been missing, subscribe to the show and learn more at www.financialsymmetry.com. Financial Symmetry is a Raleigh Financial Advisor. Proudly serving clients in the Triangle of North Carolina for over 20 years.
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Financial Symmetry: Balancing Today with Retirement
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Now displaying: September, 2024
Sep 24, 2024

Retirement, a phase many of us anticipate for a long time, comes with its own set of financial intricacies. Specifically, how do you effectively withdraw funds from your savings to ensure a comfortable, sustainable, and tax-efficient lifestyle? 

A well-crafted retirement blueprint is essential. This plan should outline your long-term goals and the steps needed to achieve them. More importantly, your financial plan should be flexible enough to accommodate life's unexpected expenses, such as healthcare costs or home repairs. Revisiting and updating your blueprint annually—or when significant life changes occur—can help ensure you stay on track.

In this episode, we’re sharing the essential steps to develop a retirement withdrawal plan that caters to your needs. We dig into which accounts to draw from, how to minimize taxes, and how to manage unexpected expenses. You'll also learn about advanced strategies like Roth conversions, tax-loss harvesting, and the benefits of Qualified Charitable Distributions and Donor-Advised Funds.

Outline of This Episode

  • [5:06] Your options for retirement tax strategies
  • [8:32] Utilize early years to make strategic financial moves
  • [11:30] Plan your retirement for peace of mind
  • [17:12] Lower RMDs with Roth conversions and reduce the tax impact
  • [19:42] Consider tax loss harvesting, capital gains, heirs' basis
  • [21:30] Use a QCD to reduce taxable income
  • [26:12] Exploring blind spots in retirement withdrawal strategies 

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Sep 10, 2024

Retirement planning is a delicate process, and you need to carefully consider your various income streams, including Social Security benefits. For those of us who plan to continue working while claiming Social Security, it’s important to understand how this decision can impact the monthly benefits you receive. 

In this episode, we’re sharing how to avoid financial shocks in retirement. We discuss the essentials of earned income, the reduction in benefits due to excess earnings, and specific scenarios such as spousal and ex-spouse benefits. 

Outline of This Episode

  • [1:08] Social Security benefits may be impacted if you work while claiming
  • [04:27] How retirement financial planning strategies vary by individual circumstances
  • [07:17] Earnings affect Social Security benefits before retirement
  • [11:51] Your spouse's income doesn't affect your Social Security
  • [15:18] SSA withholds payments until excess income is accounted for
  • [18:44] Social Security timing advice
  • [20:04] Seek financial advisor help to make an educated decision about retirement 

Resources & People Mentioned

Connect With Chad and Mike

Subscribe To This Podcast


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