In this week's episode of Beer and Money, Ryan Burklo explains the concept of mortgage recasting — a lesser-known alternative to refinancing. He walks listeners through a scenario in how this process works. While not available through all lenders (especially federal loans), mortgage recasting can be a valuable strategy for those looking to improve cash flow or prepare for retirement without refinancing at a higher interest rate.

Check out our website: beerandmoney.net

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

Takeaways

• Definition of mortgage recasting
• Recasting provides an alternative to refinancing
• Recasting keeps your interest rate intact
• There are restrictions depending on your individual situation

Chapters

• 0:00 Understanding Mortgage Recasting
• 2:49 Practical Applications and Benefits of Recasting

In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the valuable lessons learned from their experiences with clients over the years. They explore the importance of maintaining emotional balance, planning for both success and worst-case scenarios, and the significance of taking time for family and personal health. The conversation emphasizes the need for flexibility in financial planning and the evolving nature of personal goals.

Check out our website: beerandmoney.net

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

Takeaways

Never get too high or too low in life.
Plan for success but also prepare for the worst.
Take opportunities to spend time with family.
Health should be a priority in financial planning.
Understand that goals can change over time.
It's important to know what you truly want.
Flexibility in finances allows for spontaneous experiences.
Emotional intelligence is key in financial advising.
Living today while saving for tomorrow is possible.
Learning from clients' experiences enriches personal growth.

Chapters

00:00 Introduction to the Conversation
01:10 Lessons Learned from Clients
05:33 Planning for Success and Flexibility
09:12 Personal Insights on Health and Values
14:27 Emotional Intelligence in Financial Planning

In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the role of buffered ETFs in financial planning. They explore the mechanics of buffered products, including their potential for equity exposure and downside protection. The conversation delves into how these products can be integrated into financial strategies, particularly for individuals nearing retirement or already retired. The hosts emphasize the importance of understanding the risks and returns associated with buffered ETFs and how they can provide flexibility in investment decisions.

Check out our website: beerandmoney.net

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

Takeaways

Buffered ETFs provide equity exposure with downside protection.
Understanding caps and downside risks is crucial for investors.
Buffered products can be beneficial for those nearing retirement.
It's important to diversify investment strategies with buffered ETFs.
Buffered ETFs can offer flexibility in retirement income planning.
Investors should be aware of the fees associated with buffered products.
The structure of buffered ETFs can vary significantly.
Market volatility can impact the effectiveness of buffered ETFs.
Buffered ETFs are not a one-size-fits-all solution.
Financial advisors play a key role in guiding clients on buffered products.

Chapters

00:00 Introduction to Buffered ETFs
02:48 Understanding Buffered Products
05:50 Exploring Financial Planning with Buffered ETFs
11:59 Utilizing Buffered ETFs in Retirement
15:01 The Role of Risk and Return in Financial Strategy

In this episode, Ryan Burklo and Alex Collins discuss effective retirement planning strategies that ensure individuals are not solely dependent on market performance for their retirement income. They emphasize the importance of liquidity, market risks, and the need for a diversified approach to asset allocation. The conversation highlights various withdrawal strategies and the impact of market volatility on retirement savings, ultimately advocating for a balanced approach that mitigates risks while maximizing financial security.

Check out our website: beerandmoney.net

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

TAKEAWAYS

• Rate of return should not dictate retirement timing.
• Market performance becomes salient when it hits you.
• Understanding liquidity is crucial for retirement planning.
• Market volatility can significantly impact retirement income.
• Having a liquid fund can protect against market downturns.
• Diversifying asset allocation is key to financial security.
• It's important to have a strategy for withdrawals during retirement.
• Clients often prefer less risk for more certainty in retirement.
• Comparative analysis of different retirement scenarios is essential.
• Effective planning can lead to increased cash flow and reduced taxation.

Chapters

00:00 Introduction to Retirement Planning Strategies
02:52 Understanding Market Risks and Retirement Withdrawals
06:08 The Importance of Liquidity in Retirement
09:00 Strategies for Managing Market Volatility
12:03 Comparative Analysis of Retirement Scenarios
14:57 Trade-offs in Risk and Return
18:01 Conclusion and Call to Action

In this episode of Beer and Money, Alex Collins discusses the intricacies of converting traditional IRAs to Roth IRAs, including the types of conversions, strategies for implementation, and the tax implications involved. He emphasizes the importance of consulting with tax advisors and financial planners to navigate these decisions effectively. The conversation also covers the timing of conversions, potential costs, and unintended consequences as individuals approach retirement.

Check out our website: beerandmoney.net

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

Check out your tax rate (the site Alex mentioned): https://data.qz.com/2012/yourtaxrate/

Takeaways

• Conversions can be from traditional IRA to Roth IRA.
• Non-deductible contributions can be converted tax-free.
• Pre-tax conversions will incur tax liabilities.
• Timing conversions during low-income years is beneficial.
• Understanding historical income levels aids in planning.
• Most people remain in the same or higher tax bracket in retirement.
• Calculating the cost of conversions is crucial.
• Medicare costs can be affected by conversions.
• Consulting with professionals is essential for tax strategies.
• Unintended consequences can arise from poor planning.

Chapters

00:00 Introduction to Conversions
01:24 Types of Conversions Explained
03:25 Strategies for Converting to Roth
04:40 When to Consider Conversions
07:12 Understanding Tax Implications
09:29 Calculating Costs of Conversion
11:43 Unintended Consequences Near Retirement

In this episode of Beer and Money, Alex Collins discusses various strategies for contributing to Roth accounts, including Roth IRAs, Roth 401ks, backdoor Roths, municipal bonds, and permanent life insurance. He emphasizes the importance of consulting with tax professionals and understanding individual circumstances when choosing the best strategy for tax-free growth and withdrawals.

Check out our website: beerandmoney.net

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

Takeaways

• Roth accounts use after-tax dollars for contributions.
• Roth IRA contribution limits are $7,000 per person per year.
• Income limits apply for Roth IRA contributions.
• Roth 401k options are increasingly common in employer plans.
• Conversions from traditional to Roth accounts incur taxes.
• Municipal bonds offer tax-exempt income but vary by state.
• Permanent life insurance can provide tax-free access to cash value.
• Consulting a tax advisor is crucial for these strategies.
• Understanding individual financial situations is key to choosing strategies.
• A combination of strategies may be the best approach.

Chapters

00:00 Introduction to Roth Strategies
02:25 Exploring Roth IRA Contributions
04:14 Understanding Roth 401k Options
06:54 Utilizing Municipal Bonds for Tax Benefits
08:15 Permanent Life Insurance as a Roth Strategy

In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the nuances of Roth accounts, focusing on when to contribute to them and the importance of understanding tax brackets. They explore the differences between marginal and effective tax rates, the significance of tax diversification, and strategies for funding Roth accounts. The conversation emphasizes the need for personalized financial planning and the impact of future income on tax strategies.

Check out our website: beerandmoney.net

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

Takeaways

Roth accounts can provide tax-free growth and withdrawals.
Understanding your tax bracket is crucial for Roth contributions.
Marginal tax rates affect how additional income is taxed.
Effective tax rates give a clearer picture of overall tax burden.
Tax diversification can help manage future tax liabilities.
Future income predictions are essential for retirement planning.
Consulting with a tax advisor is important for personalized strategies.
Roth accounts can be beneficial for unexpected expenses in retirement.
Funding Roth accounts requires strategic planning and foresight.
Financial planning should consider the entire balance sheet, not just individual accounts.

Chapters

00:00 Introduction to Roth Accounts
02:47 Understanding Tax Brackets and Rates
05:47 When to Consider Roth Contributions
08:59 The Importance of Tax Diversification
11:56 Funding Roth Accounts and Future Planning

In this episode of Beer and Money, Ryan Burklo discusses essential aspects of retirement planning, focusing on cash flow, taxation, and the risks associated with relying solely on market returns. He emphasizes the importance of setting up a flexible balance sheet to ensure financial security in retirement, while also addressing legacy objectives and minimizing tax liabilities.

Check out our website: beerandmoney.net

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

Takeaways

• We care about the highest cash flow to live the life we want.
• We want to pay the lowest rate of tax on that cash flow.
• We never want to outlive or outrun our money.
• We want to hit legacy objectives for our family.
• We want to do these with minimal dependence on rate of return.
• Understanding tax distribution status is crucial for retirement planning.
• Relying solely on market returns can be risky.
• Setting up a flexible balance sheet is essential for financial security.
• Life insurance can provide both protection and cash value.
• It's important to consider how to turn on income streams in retirement.

Chapters

00:00 Introduction to Retirement Planning
01:24 Understanding Cash Flow and Taxation
04:51 The Risks of Relying on Rate of Return
09:12 Setting Up a Flexible Balance Sheet