Tag: Retirement Planning
Navigating RMDs and Adapting to Legislative Changes with Andy Ives (Ep. 2)

Navigating RMDs and Adapting to Legislative Changes with Andy Ives (Ep. 2)

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How well do you understand required minimum distributions (RMDs) and their impact on retirement planning? Are your plans up to date between the evolving regulations and your own changes in life?

Explore the nitty-gritty of required minimum distributions(RMDs) with Tim Whisler and his guest Andy Ives, IRA analyst with Ed Slott and Company. They discuss how recent legislative shifts could shake up your retirement planning strategies, from the CARES Act to the Secure Act’s new ten-year rule.

Andy touches on:

  • What are Required Minimum Distributions (RMDs)
  • What are the rules surrounding inherited IRAs
  • What changes in RMD rules were brought about by the Secure Act and Secure Act 2.0
  • Why is it important to understand beneficiary designations
  • And more

Connect with Tim: 

 Book a Call with Tim:

Connect with Andy Ives:

About our Guest: 

Andy Ives, CFP®, AIF®, IRA Analyst at Ed Slott and Company, has over 20 years of experience in the financial services industry where he has engaged in a wide range of duties. Andy was a relationship manager at a mutual fund company and sold short duration investment products to institutional clients. Ives wholesaled 401(k) record keeping solutions to financial advisors and direct to business owners. 

Investment advisory and financial planning services are offered through Foundations Investment Advisors, LLC, an SEC Registered Investment Advisor. Insurance, Consulting, and Education services are offered through The Whisler Agency. The Whisler Agency is a separate and unaffiliated entity from Simplicity Wealth and Simplicity Solutions.

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License To Spend: Budgeting for Retirement Fulfillment (Ep. 1)

License To Spend: Budgeting for Retirement Fulfillment (Ep. 1)

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You don’t want to be worrying about money during retirement. How can budgeting today help your financial plan last into retirement? Will your money be safe against potential challenges leading up to retirement?

Tim Whisler dives into the idea of a “License To Spend” during one’s golden years, with a focus on the criticality of retirees grasping their incoming funds, outgoings, and the various risks that could arise. Tim shares his wisdom on the financial hurdles that often trip up professional sportspeople and those who strike it lucky with lottery wins, pointing out the significance of managing finances with a firm hand.

Tim discusses:

  • Where does the concept of “license to spend” fit into retirement planning
  • How budgeting breaks down income and spending to create a clear idea of financial standing
  • What role does guaranteed income play in mitigating retirement risks
  • Why is proactive financial management important for a secure retirement

Connect with Tim: 

Book a Call with Tim:

Investment advisory and financial planning services are offered through Foundations Investment Advisors, LLC, an SEC Registered Investment Advisor. Insurance, Consulting, and Education services are offered through The Whisler Agency. The Whisler Agency is a separate and unaffiliated entity from Simplicity Wealth and Simplicity Solutions.

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The First Step in Working with a Retirement Income Planner (Ep. 45)

The First Step in Working with a Retirement Income Planner (Ep. 45)

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Are you nearing retirement and want a set of professional eyes to take a look at your plan? Uncertain about part of your current plan? Working with a retirement income planner could provide resources and information you never thought about.

In this episode, Tim Whisler shares his process of working with a client from the beginning. He discusses the paperwork involved, the timeline for moving funds, and how they track the progress of pending business, emphasizing the importance of communication and providing various ways for clients to reach him.

Tim discusses:

  • How he starts the retirement planning process
  • An example of what the retirement planning process looks like from the first meeting
  • The importance of consistent communication with clients
  • Why documentation of the retirement planning process is essential for both the advisor and the client
  • And more

Connect with Tim: 

 Book a Call with Tim:

Investment advisory and financial planning services offered through Simplicity Wealth, LLC, a SEC Registered Investment Advisor. Sub-advisory services are provided by Simplicity Solutions, LLC, an SEC Registered Investment Advisor. Insurance, Consulting, and Education services offered through The Whisler Agency. The Whisler Agency is a separate and unaffiliated entity from Simplicity Wealth and Simplicity Solutions.

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Deep Diving Into Roth IRAs (Ep.41)

Deep Diving Into Roth IRAs (Ep.41)

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It is no secret that Roth IRAs are popular. How much have you heard? How deep into the information have you considered when thinking about including Roth IRA accounts in your retirement plan?

In this episode, Tim Whisler focuses on Roth IRAs, explaining the different aspects of Roth accounts, how they fit within retirement planning and the considerations to consider when choosing to include them within retirement plans. He shares stories about clients who have benefited both from including and excluding the account and how the IRS connects to  IRA accounts.

Tim discusses:

  • What is a Roth IRA
  • The stipulations of withdrawing money from a Roth conversion
  • How the secure act changed the way Roth IRAs are inherited
  • When do to a Roth conversion 

Connect with Tim: 

 Book a Call with Tim:

Investment advisory and financial planning services offered through Simplicity Wealth, LLC, a SEC Registered Investment Advisor. Sub-advisory services are provided by Simplicity Solutions, LLC, a SEC Registered Investment Advisor. Insurance, Consulting, and Education services offered through The Whisler Agency. The Whisler Agency is a separate and unaffiliated entity from Simplicity Wealth and Simplicity Solutions.

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Planning For Taxes And Retirement (Ep.38)

Planning For Taxes And Retirement (Ep.38)

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Retirement planning is ever changing, from government planning to your neighbours opinions. What are the considerations of retirement planning from a financial advisor’s perspective?

In this episode, Tim Whisler shares insight gained from a recent IRA workshop and how it changed his thinking towards basic retirement planning accounts, distribution and taxes.

Tim discusses:

  • The role of the IRS in retirement income planning
  • How government spending could impact retirement accounts
  • Why and how do specific age groups impact retirement planning and distribution phase
  • What order should you withdraw from different retirement accounts
  • And more

Resources:

Connect with Tim: 

Book a Call with Tim:

Investment advisory and financial planning services offered through Simplicity Wealth, LLC, a SEC Registered Investment Advisor. Sub-advisory services are provided by Simplicity Solutions, LLC, a SEC Registered Investment Advisor. Insurance, Consulting, and Education services offered through The Whisler Agency. The Whisler Agency is a separate and unaffiliated entity from Simplicity Wealth and Simplicity Solutions.

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How To Confidently Hire A Financial Advisor (Ep.36)

How To Confidently Hire A Financial Advisor (Ep.36)

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Before hiring a financial advisor and handing over control of years worth of savings, questions should be asked by both involved parties. 

In this episode, Tim Whisler dives into how he helps potential clients avoid unpleasant surprises before they sign on the dotted line. He shares some questions people should ask potential advisors to protect their funds and create confidence in their retirement plan.

Tim discusses:

  • What fiduciary responsibilities an advisor has to their clients
  • Why financial advisors should be open about their compensation with their clients
  • Why it’s important for advisors to tell their clients where their money is going
  • How to mitigate and address risks when developing a retirement income plan
  • And more!

Connect with Tim: 

Book a Call with Tim:

Investment advisory and financial planning services offered through Simplicity Wealth, LLC, a SEC Registered Investment Advisor. Sub-advisory services are provided by Simplicity Solutions, LLC, a SEC Registered Investment Advisor. Insurance, Consulting, and Education services offered through The Whisler Agency. The Whisler Agency is a separate and unaffiliated entity from Simplicity Wealth and Simplicity Solutions.

 

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Balancing The See-Saw Of Investment Planning (Ep.35)

Balancing The See-Saw Of Investment Planning (Ep.35)

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Traditionally portfolios balance aggressive investments with bonds after retirement. The reality has both investment options on one side of the investment see-saw.

In this episode, Tim Whisler dives into financial planning when faced with market bumps. He reveals market trends throughout history, discussing the importance of looking beyond the numbers when planning your portfolio and the struggle to balance the see-saw of investment planning.

Tim discusses:

  • How longevity impacts the risks of financial planning
  • The illusion of diversification
  • Why retirement investment focuses on conservative investments over yields
  • Planning for increased health costs during retirement
  • And more!

Resources:

Connect with Tim: 

Book a Call with Tim:

Investment advisory and financial planning services offered through Simplicity Wealth, LLC, a SEC Registered Investment Advisor. Sub-advisory services are provided by Simplicity Solutions, LLC, a SEC Registered Investment Advisor. Insurance, Consulting, and Education services offered through The Whisler Agency. The Whisler Agency is a separate and unaffiliated entity from Simplicity Wealth and Simplicity Solutions.



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It’s All About Who You Know with Jeremy Houser (Ep. 33)

It’s All About Who You Know with Jeremy Houser (Ep. 33)

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In any industry, it’s not just about what you know. It’s about who you know.

In this episode, Tim Whisler is joined by Jeremy Houser, vice president and senior advisor development consultant at InsurMark and host of the Advisor Mentorship Podcast. Jeremy shares his knowledge as an outside mentorship source, revealing the benefits of leveraging industry experts when evolving your business.

Jeremy discusses:

  • What retirees and soon to be retirees should look for from their advisors
  • How financial advisors help clients understand investment alternatives
  • Some of the most common considerations for potential clients
  • The importance of adaptation to the current market
  • And more!

Connect with Tim: 

Book a Call with Tim:

Connect with Jeremy Houser:

About our Guest: 

As a trusted consultant and partner to the advisors, Jeremy Houser serves in retirement planning, he helps provide practice management through our process to help unlock an advisor’s full potential. Through his proven successful process, he works to help advisors professionalize all phases of their business and focus on growth that is achievable year after year.

 

Investment advisory and financial planning services offered through Simplicity Wealth, LLC, an SEC Registered Investment Advisor. Sub advisory services are provided by Advisory Alpha, LLC, an SEC Registered Investment Advisor. Insurance, consulting, and education services are offered through The Whisler Agency. The Whisler Agency is a separate and unaffiliated entity from Simplicity Wealth, LLC, and Advisory Alpha, LLC.

 

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32. Retirement Planning in 2022

32. Retirement Planning in 2022

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The U.S. Federal Reserve continues to remain uncertain in the early months of 2022. 

Because of this, for those in or entering retirement, planning for the future is more important than ever.

In this episode, Tim Whisler dives into retirement planning preparations for 2022, focusing on retirees and how inflation, market volatility, and taxes impact those entering retirement. He also reveals how supply and demand increase the cost of products and services, the impact of uncertainty on the financial market, and his advice for clients on what to budget for during retirement.

Tim discusses:

  • The dangers of market volatility on portfolios
  • How inflation impacts the amount required for retirement
  • Why including a budget for fun is necessary for retirement
  • The impact of taxes on retirement planning in 2022
  • And more!

Resources:

Connect with Tim: 

Investment advisory and financial planning services offered through Simplicity Wealth, LLC, an SEC Registered Investment Advisor. Sub advisory services are provided by Advisory Alpha, LLC, an SEC Registered Investment Advisor. Insurance, consulting, and education services are offered through The Whisler Agency. The Whisler Agency is a separate and unaffiliated entity from Simplicity Wealth, LLC, and Advisory Alpha, LLC.

 

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31. What’s Covered And What’s Not With Medicare

31. What’s Covered And What’s Not With Medicare

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Medicare can seem like a foreign language to those who don’t look into it on a regular basis.

In this episode, Tim Whisler discusses what you need to know about Medicare when planning for retirement. He reveals the different parts of Medicare plans, the role of each and the coverage they provide. Tim discusses the importance of understanding what your expenses are and how much items such as your prescriptions will cost after Medicare coverage.

Tim discusses:

  • What Medicare is and what it covers
  • The different pieces of your Medicare plan
  • The importance of understanding your costs when choosing a plan
  • And more

Connect with Tim: 

Investment advisory and financial planning services offered through Simplicity Wealth, LLC, an SEC Registered Investment Advisor. Sub advisory services are provided by Advisory Alpha, LLC, an SEC Registered Investment Advisor. Insurance, consulting, and education services are offered through The Whisler Agency. The Whisler Agency is a separate and unaffiliated entity from Simplicity Wealth, LLC, and Advisory Alpha, LLC.

 

 

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30. Navigating The RMDs Of Retirement Planning

30. Navigating The RMDs Of Retirement Planning

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You may hear about RMDs from your retirement planner. But how do required minimum distributions impact your personal retirement plan?

In this episode, Tim Whisler shares his knowledge of RMDs, discussing how pensions evolved to retirement accounts with RMDs and the differences between the withdrawal rules of different accounts. He reveals the importance of including the RMDs within your retirement plan and how they can impact your beneficiaries after you are gone.

Tim discusses:

  • What RMDs are
  • How different types of retirement accounts are impacted by RMDs
  • The benefits of gifting your RMD
  • How your beneficiaries could move up a tax bracket from their inheritance
  • And more

Resources:

Connect with Tim: 

Investment advisory and financial planning services offered through Simplicity Wealth, LLC, an SEC Registered Investment Advisor. Sub advisory services are provided by Advisory Alpha, LLC, an SEC Registered Investment Advisor. Insurance, consulting, and education services are offered through The Whisler Agency. The Whisler Agency is a separate and unaffiliated entity from Simplicity Wealth, LLC, and Advisory Alpha, LLC.

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27. Prepare for the Future Without a Crystal Ball

27. Prepare for the Future Without a Crystal Ball

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There is always a risk when entering the stock market. What will that risk be in 20, 30, 40 years when you retire?

In this episode, Tim Whisler takes a deep dive into sequence of return risk, detailing what it is and how he helps clients prepare for the future without a crystal ball. Tim discusses how he turns potential losses into zeroes and the benefits of such transformations within your retirement plan.

Tim discusses:

  • The two main phases of life in your financial plan
  • The uncertainty of the future when planning for retirement
  • The benefits of zeroes over losses within your investments
  • And more!

Resources:

  • Watch the video HERE!

Connect with Tim: 

Investment advisory and financial planning services offered through Simplicity Wealth, LLC, an SEC Registered Investment Advisor. Sub advisory services are provided by Advisory Alpha, LLC, an SEC Registered Investment Advisor. Insurance, consulting, and education services are offered through The Whisler Agency. The Whisler Agency is a separate and unaffiliated entity from Simplicity Wealth, LLC, and Advisory Alpha, LLC.

 

 

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25. Trust the Experts with Your Retirement Planning

25. Trust the Experts with Your Retirement Planning

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When you have a water leak, you call a plumber. When you need to create or manage a retirement plan, you call a retirement income specialist.

In this episode, Tim Whisler discusses the role that a retirement expert plays within retirement planning. Tim shares the difficulties of self-managing a retirement plan and the different elements of a holistic financial plan.

Tim discusses:

  • Why you should hire a retirement expert
  • The difficulties of taking financial advice from friends and family
  • The importance of understanding the different stages of life and how your spending will change
  • The role of liaising gains and relieving pains in your retirement plan
  • And more!

Connect with Tim: 

Investment advisory and financial planning services offered through Simplicity Wealth, LLC, an SEC Registered Investment Advisor. Sub advisory services are provided by Advisory Alpha, LLC, an SEC Registered Investment Advisor. Insurance, consulting, and education services are offered through The Whisler Agency. The Whisler Agency is a separate and unaffiliated entity from Simplicity Wealth, LLC, and Advisory Alpha, LLC.

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24. What is the Ideal Age of Retirement?

24. What is the Ideal Age of Retirement?

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Your retirement age can impact the cost and benefits gained during your retirement.

In this episode, Tim Whisler reveals the flow of retirement as you age, from high to low spending. Tim discusses the risks you should consider when planning retirement and how a delay in retirement could grant you huge financial benefits.

Tim discusses:

  • The retirement spending smile
  • The importance of risk management when it comes to your retirement spending
  • How delaying your RMDs to a certain age could increase your benefits
  • And more!

Connect with Tim: 

Investment advisory and financial planning services offered through Simplicity Wealth, LLC, an SEC Registered Investment Advisor. Sub advisory services are provided by Advisory Alpha, LLC, an SEC Registered Investment Advisor. Insurance, consulting, and education services are offered through The Whisler Agency. The Whisler Agency is a separate and unaffiliated entity from Simplicity Wealth, LLC, and Advisory Alpha, LLC.

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22. The Gift Of Giving with Phil Newton

22. The Gift Of Giving with Phil Newton

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When you hear the word legacy, what comes to mind? What do you want your legacy to be? The legacy you leave behind can begin with a simple donation.

In this episode, Tim Whisler is joined by Phil Newton, founder and partner of Perennial Partners. Phil shares how charitable gifting can be beneficial for your retirement planning and your financial legacy.

Phil and Tim discuss:

  • The benefit of donating your IRA distribution to charity
  • How to donate a life insurance policy
  • The importance of donating, not matter the amount
  • And more!

Connect with Tim:

Connect with Phil:

About Our Guest:

From 1993 to 2014, Phil Newton has worked in administration at four Peoria and Bloomington IL charities, including 12 years as Executive Director at South Side Mission.  In his time there, he helped grow the organization’s budget 250% during recessionary times, without any government funding.  Also in that time, he helped the organization eliminate debt and amass a year-end cash on hand equal to one fifth of its annual budget with the use of wills, trusts & life insurance giving.  In his time at South Side Mission, Phil also completed two Five Year Strategic Plans and developed a strong Board of Directors/staff/volunteers partnership in fundraising.  During his time there in 2008, South Side Mission was named one of the Top 10 Grassroots Ministries in America (Samaritan Award) by World Magazine and the Acton Institute of Grand Rapids, MI.

He has enjoyed success in all aspects of fundraising; from planned giving and major gifts to grantsmanship, annual giving, and even charity business development.  He is adept at “thinking outside the box” to help organizations develop and maximize revenue.  His marketing and public relations background has served well the organizations for whom he has worked as each of them have raised their profile and developed vibrant niches under his direction.

Phil is a graduate of Auburn University with a Master of Arts in Communication with a Public Relations emphasis.  While at Auburn, he had a paper accepted for the annual SCA convention.   His Bachelor’s degree is also in Communication, from Eastern Illinois University, where he was a part of their collegiate speech team, earning national qualifier status in 1992.

Beginning Perennial Partners in 2014, Phil has worked with more than 50 nonprofits and small businesses.  Budget sizes range from $3,000 annual all the way up to $24 million.

Phil lives in Peoria with his wife, and five children.  In 2012, he authored Homeschoolers, Hippies & Heirloom Tomatoes which is available on Amazon.  In his spare time, he loves supporting his children’s activities, the great outdoors, and playing guitar.

Investment advisory and financial planning services offered through Simplicity Wealth, LLC, an SEC Registered Investment Advisor. Sub advisory services are provided by Advisory Alpha, LLC, an SEC Registered Investment Advisor. Insurance, consulting, and education services are offered through The Whisler Agency. The Whisler Agency is a separate and unaffiliated entity from Simplicity Wealth, LLC, and Advisory Alpha, LLC.

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20. How To Find Your Personal Retirement Number

20. How To Find Your Personal Retirement Number

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What is your magic number to create the retirement you dream about? Do you know how much you truly need to have saved to live your dream retirement?

In this episode, Tim Whisler shares his process for helping clients create a retirement plan around their personal retirement number. Tim discusses the important questions you should be asking yourself and how the answers could benefit your retirement plan.

Tim discusses:

  • The importance of understanding your expected expenses in retirement
  • How taxes could impact your retirement income
  • Five risks you face when planning for retirement
  • And more!

Connect with Tim: 

Investment advisory and financial planning services offered through Simplicity Wealth, LLC, an SEC Registered Investment Advisor. Sub advisory services are provided by Advisory Alpha, LLC, an SEC Registered Investment Advisor. Insurance, consulting, and education services are offered through The Whisler Agency. The Whisler Agency is a separate and unaffiliated entity from Simplicity Wealth, LLC, and Advisory Alpha, LLC.

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Episode 18 – Retirement Planning 101—Part 1

Episode 18 – Retirement Planning 101—Part 1

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You don’t have to be a professional financial advisor to understand the basics of planning.

In part one of this two-part series, Tim Whisler dives into five of the most common mistakes 401(k) and IRA owners make. Tim helps you discover the taxes you are paying but shouldn’t be, and shares ways you could save even more.

You will learn:

  • 5 of the most common errors 401(k) and IRA owners make
  • The potential advantages and drawbacks of withdrawing IRA inheritance
  • How the SECURE Act impacted retirement income
  • The taxes you can avoid paying for different planning mistakes
  • And more!

Listen now as Tim Whisler reveals the taxes you could avoid when planning your retirement!

Resources: Tim Whisler | The Whisler Agency: (309) 291-0491

Investment advisory and financial planning services offered through Simplicity Wealth, LLC, an SEC Registered Investment Advisor. Sub advisory services are provided by Advisory Alpha, LLC, an SEC Registered Investment Advisor. Insurance, consulting, and education services are offered through The Whisler Agency. The Whisler Agency is a separate and unaffiliated entity from Simplicity Wealth, LLC, and Advisory Alpha, LLC.

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