transcript
Speech-to-text transcription can look a little quirky. Please excuse any grammar or spelling errors.
Episode #517 - The Ins and Outs of Donor-Advised Funds
Roger: The other day, a client and I were on the call doing some end of year planning, and we've known each other for fifteen years or so, and I look at them, and I pause, and I say, "You know, John, you're one of the most boring people I know."
Well, hey there. Welcome to the Retirement Answer Man show. This is Roger Whitney.
I am your host, and this show is dedicated to helping you not just survive retirement but have the confidence because you're doing the work to lean in and really rock retirement.
John looked at me. That's not his real name. John looked at me a little bit puzzled with a smile on his face, and I said,
"Well, let me explain, John. We've worked together for well over a decade. You drive basically the same car, if not the exact same one, the same type of car. You have lived in the same house for as long as I've known you. You've been married to the same lady. You do the same activities. Whenever we're on Zoom, you have the exact same background. Nothing ever changes, you're wearing the same kind of clothes. I mean, you're a pretty boring guy."
What I really meant was consistent, because this has really served him well, and he Got it when I started to frame it, and it's very underrated staying consistent with things, your investment strategy, your spouse, how you live your life, your activities, there's a lot of value and compounding of value that happens when you're that consistent. Now I used boring just to sort of tweak him a little bit and play, because he doesn't have a boring life. His wife is definitely not boring. His activities aren't boring.
It's very easy to go look at the new and shiny object and think that's going to make us happier or more optimized. But you know what? Blocking and tackling, it really works, and it creates mental space for us just to go about rocking retirement and rocking life. So just wanted to share that perspective because we had a fun time talking about that.
Now today on the show, we're going to answer your questions, and we're going to talk about donor advised funds. We're also going to start checking in with past Retirement Plan Live subjects of our case studies. So, each week, we're trying to get them scheduled for those that are willing and available to share their journey since the time we had them as a case study. Today, we're going to hear from Emma. If you recall, Emma, when we first chatted with her, had recently lost her spouse. So, we're going to check-in on how her life is going as well as answer your questions.
Then next week, I think we check-in with Joelle, and we're going to continue to do this throughout the month as we gear up for January's case study with a wonderful couple that is recently married, and they're trying to navigate how do we merge these families together financially and for retirement.
Now if you would like to get our cheat sheet on the important financial planning numbers for 2024, we've been Sharing them in our 6-Shot Saturday email, but if you would like to get them right away, you can go to doretirementright.com, put in your name and your email, and you can, I believe, instantly download or we'll send you directly the PDF.
It will have all the Income tax bracket for 2024, how much to contribute to Roth IRAs, where IRMA limits come in, and a whole bunch more. With that said, let's go on and start answering your questions.
LISTENER QUESTIONS
So, if you have a question for the show, you can go to askroger.me and leave an audio question or type in your question. We'd love to try to answer your questions on the show.
CAN YOU CONTRIBUTE DIRECTLY TO A DONOR-ADVISED FUND FROM AN IRA OR 401K?
Steve's question, which is our title question, says,
"Recently, it was mentioned to me that I could offset some of my Roth conversion income with a contribution to a donor advised fund. A few questions.
Can you contribute from an IRA or 401k to a donor advised fund?
Number two, what are the pros and cons of donor advised funds, and are there limits or other considerations?"
Well, great question, Steve.
So, let's unpack this for you and for everyone so we have a better understanding of this optimization tool called their donor advised fund.
Essentially, a donor advised fund is a charity where you can deposit assets for donation to a charity and receive a tax deduction for that, but you don't actually have to choose the specific charity that it goes to.
So as an example, these are set up by all the major investment houses. We'll use just, say, Vanguard as an example, but no affiliation there, just as an example. So, if Vanguard has a donor advised fund, you can set up an account and contribute cash or assets to that and receive a charitable deduction, and then later on, direct specific charities that it could go to.
So, if you really want to make a larger charitable contribution, as an example, let's say, a hundred thousand dollars, but you don't know what charity you wanted to go to. Maybe it's the Red Cross. Maybe it's your church. You're not sure yet, but you really could use the tax deduction this year. Well, you can contribute to a donor advised fund, it's considered a charity, receive the tax deduction, and then next year or the year after or even year by year, you could direct some or All of the funds that you've contributed to specific charities.
In this example, if you contributed a hundred thousand dollars to a donor advised Fund, you're going to receive the tax deduction, which we'll talk about in a moment, in the year that you make the contribution, that money will be invested along with other people that contribute to this donor advised fund. Then each year, you can apply for a grant. So next year, you could say, please send a thousand dollars to the Red Cross or some other qualified charity and send ten thousand dollars to my church or some foundation. Then over time, that money will be invested and potentially grow. But each year, you can distribute all or part of it to a number of charities, as long as they meet certain requirements. It can act like a little mini foundation without having to go through all the foundation issues. So that is the high level what a donor advised fund is.
What are some of the benefits of a donor advised fund?
Well, one is It could reduce your estate taxes because it's moving the money out of your ownership because it's a completed gift to a charity in the donor advised fund. You can use it to create a legacy of giving. I've seen people that will contribute to donor advised funds and then involve the family in choosing each year who they make donations to from this fund just like a foundation. You can maintain some more anonymity in terms of making gifts on an anonymous basis. It could potentially lower your capital gains tax, and we'll talk about that in a moment, and you can claim a tax deduction in the year that you do it.
Another positive attribute of a donor advised fund is because there's such a high standard deduction, you can group your annual giving into specific years, so you get over the standard deduction amount and are able to itemize.
Let's say you give ten thousand dollars a year to charity. Well, if you do that on an annual basis, you potentially cannot get over the standard deduction, so you don't get the itemized. But if you group it all into one year, say, do ten years of ten thousand dollars a year gifting in one year, can itemize for that particular year and then dole out the money over the ten years, so front load all of that giving.
Let's get to some of your specific questions here, Steve.
With a donor advised fund, while you're alive and before seventy and a half, they need to come from taxable assets. So, the only way to move IRA or 401k money to a donor advised fund would be to cash out all or part of those funds, make it taxable, and then you can contribute the cash. That's not really going to save you on the extra taxes if you're planning on doing Roth conversions.
The two ways that you can make tax efficient contributions from retirement accounts are either to do qualified charitable distributions directly from your IRA, which you can start at age seventy and a half or leave your IRA or 401k assets to a charity as part of your estate. That's the only tax efficient way of getting money out of an IRA or 401k to a charity. Donor advised fund would not be a use case in this instance. To get the tax break for contributing to donor advised funds, you're going to need to contribute nontax advantaged accounts. The most efficient assets, typically, from a tax perspective, are donating highly appreciated stocks or other assets that would otherwise have a realized capital gain if you were to sell them.
So as an example, let's say you bought ABC stock for a thousand dollars, and now it's worth ten thousand dollars. If you contribute to a donor advised Funds, you can avoid paying the capital gain tax and get a tax deduction within some limits of ten thousand dollars as a charitable gift. So, using highly appreciated assets can be a good avenue of using a donor advised fund.
A RULE OF 55 CLARIFICATION
Our next question comes from Bill. It's actually a clarification on the rule of fifty-five.
"I really appreciate your podcast and focus on intentionality on purpose, planning, and execution.
I had a clarifying question. Whenever you refer to the rule of fifty-five, you frame the timing as after you turn age fifty-five. I turn fifty-five in November of next year and had understood that it's actually in the year you turn fifty-five. I'm planning out my tactics for the next year and just want to make sure I don't make an error here."
Thanks for the clarification there. Sometimes I state things in a certain way that can be confusing, and I apologize about that.
You are correct. You must be fifty-five or older in the year you separate from service, not after you turn fifty-five. So, if your birthday is in July and you separate in March, you would qualify because it's the year that you are separating you will be turning fifty-five. So, you should be fine if you're turning fifty-five in the year of separation, and you plan to use that.
Now, also, remember that you can only do this with your current active plan. If you have monies in 401k plans at old employers, this rule isn't going to apply to those monies. They're only going to apply to the one that you're active in, and this will not apply to an IRA, just to clarify for everybody, and if you roll your 401k, where you separated in the year that you turned fifty-five to an IRA, this age exception is lost. You want to be careful not to do that. So, thanks for asking for clarification.
Looks like you're well on your way.
CAN I ROLL OVER THE PORTION I DON'T WANT UNDER THE RULE OF 55 PROVISION?
Let's answer one more question related to the rule of fifty-five from Pat, and we may have to get our geek hat on a little bit here. I actually consulted with my buddy, Andy Panko, on this one. Neither have I done this operation at any point, but I want to address it to see if we can help Pat out.
Pat says,
"My employer only allows for a single withdrawal after terminating employment.
Thus, I can't really participate in the rule of fifty-five except for one time, and I would be required to take out all of my balance. Couldn't I just roll over the portion I didn't want back into an IRA since I have a sixty-day rollover provision for monies that are received?
That's essentially what Pat is asking here. So, let's walk through this, Pat, because the rule of fifty-five and the rollover provision are outside of a 401k plan. They're just in the tax code.
So, rule of fifty-five isn't something that 401k is going to designate when they get send you your money. But in this case, they only allow you to do one withdrawal. If you're going to take a withdrawal, you're taking all the money out, essentially.
Well, if you do a total distribution from the 401k, let's assume you have a hundred thousand dollars in there, Pat, they're automatically going to withhold twenty percent because they're required to do that by the IRS or by ERISA, in this case, Department of Labor. So, if you have a hundred thousand dollars and you take a total distribution, which is your one distribution, you're going to receive a check-in your name only for eighty thousand dollars.
Now you have sixty days to roll over all or some of that money into an IRA or some other tax advantage plan. Now you have to remember, you can only do one rollover in every twelve-month period, so we're assuming that you're okay there.
Now you have eighty thousand dollars of your hundred with the other twenty going to the IRS as a prepayment of tax. Let's assume you want to keep forty thousand dollars. So, you can keep those forty thousand dollars, and that will become taxable income at whatever your tax rate is for that year, and then you could roll over sixty thousand dollars to an IRA and ultimately re capture the taxes paid on those sixty thousand dollars. So, there'd be no taxable event on those sixty thousand dollars. The taxable event would be the forty thousand that you kept.
The only wrinkle here is that if you do a total distribution, they're automatically going to withhold twenty percent, so there will have to be some reconciliation when you actually file your taxes, so you might have to have some float here.
That might be a way to accomplish, Pat, at least for that initial year getting money out of your 401k with the parameters that you've set.
The best way to approach this, Pat, I think, would be to go get on the phone. Find somebody that you feel is competent and have a conversation with what you're actually attempting to do. You may have to go through a person or two to get that person so you can understand exactly how they're going to implement the provisions of their plan in terms of, is this single withdraw, does it have to be all of it, or can you do part of it and then directly roll over the other part? You'll want to ask these specific questions with the people that administer the plan.
Recently, I had to get on the phone with a friend of mine who is trying to execute a rollover of pretax, post-tax, and Roth assets from a 401k. He wanted it done in a specific way, and so we had to get on the phone with the plan provider and go deep on this is exactly what we're trying to accomplish and make sure they understood that clearly in order to have checks issued in the correct way.
So, Pat, I think what you're proposing is possible. I think it's just you want to go explore this directly before you just go ahead and do it.
CONTRIBUTING TO A TEEN'S ROTH IRA
Our next question comes from Jeff related to contributing to his children's Roth IRA.
Jeff says,
"Thanks for the weekly podcast.
I started listening to them while driving back from dropping my daughter off at college this summer.
I have two daughters, a sophomore in college and a sophomore in high school. Both children earn money, taxable W2 and non-taxable. I have set up a Roth IRA for each of them and contribute the maximum amount allowed.
My question is, when determining the maximum amount allowed, I am limited to the amount of taxable income they earn and report on their tax return.
Or here's the question, can I include money earned through allowance, babysitting, umpiring, etcetera? I'm aware of the annual limit amount."
So, it's a great question, Jeff, and the answer is, really, you can't. It has to be taxable income or reported income. So, if they're earning cash payments for babysitting, you're not going to be able to include that as their income in terms of what you can contribute to the Roth IRA.
Now, the assumption is that as they're filing their tax return that the IRS will notice, hey, you're contributing sixty-five hundred, but we only show reported income of this amount, so it's going to see that delta and say, nope. Can't do that. It's a matter of them actually seeing that. So, you cannot do that.
If you started to say report babysitter income. Well, now they may be subject to self-employment tax because now that has to become reportable in some way. So, I would probably not go down that alley in making those contributions to Roth IRAs for your kids.
HOW TO NAVIGATE FINANCIAL PLANNING FOR A SPECIAL NEEDS ADULT CHILD
Our next question comes from John related to Retirement when you have special needs children.
John says,
"My wife and I have many goals in retirement, but the major one is leaving enough funds for both our daughters who are in special needs. Trying to anticipate our children's needs when we are not around is complicating an already uncertain process.
I believe the disability community is one of the largest minority groups in the country, and parents and family members would greatly benefit from your advice, especially in the caring way you present things.
Thanks for all you do."
John, I don't have an answer for you today, other than to tell you that this is on our list to do as a month-long theme. I have one or two situations where we're just beginning to navigate this, so this will help me clarify my thinking.
I think you're right. It's a specialty, and it sounds like in some comments that you shared that I didn't read here, that you found someone that has some skill in that, but it's hard to find those people.
Perhaps we can highlight some of them and explore this publicly in 2024. Thanks for sharing.
Now let's go catch up with Emma and see how she's been doing since her Retirement Plan Live case study.
CATCHING UP WITH EMMA FROM THE 2019 RETIREMENT PLAN LIVE
Alright today, we're going to do a catch up with Emma, our Retirement Plan Live subject, in Timber of two thousand nineteen, she and I were surprised when we looked at the date that it was that long ago. We will have links to our conversations, episodes 289 and 292 in 6-Shot Saturday so you can listen to Emma's story.
Back when Emma and I first chatted, her husband, Luca, had been thrown a curve ball with an unexpected health diagnosis. So, Emma, here we are, what, three and a half years later?
Emma: Yeah.
Roger: Now you gave an update prior. I believe Luca passed. When did he pass?
Emma: In 2020.
Roger: It wasn't too long after our discussion.
Emma: Yeah.
Roger: You've been about three years as a single retired woman, how are you doing?
Emma: I'm doing well. I'm doing well. The whole shock from the beginning of his illness and the shock to our finances as well and then his passing, and COVID.
Roger: Yeah. Then COVID. Right?
Emma: I tell people, I think I have kind of a little bit of delayed development like kids because there was such a big pause in there of Being able to try to recover from all that and then redefine everything.
Roger: So yesterday, I was deciding whether I was going to bring this up or not, but I'm going to because I've talked about it once or twice on the show. I I think it was just yesterday, I had the first conversation with someone whose husband passed unexpectedly. Accident.
Emma: Yeah.
Roger: This happened three or so weeks ago, and we were talking.
When you enter a conversation like that, you don't know quite how to enter it you're coming from my perspective, right, because you want to enter at a place where they're ready. There was a lot of planning that we were doing. At the end of the meeting, What I told her was that she was going to have a great life even though it was going to be very different than she thought it would be, and it's going to be hard. She probably can't see it, but she will.
I took a risk in doing that, but I know her fairly well. Having walked this journey somewhat, you had a little bit more of a journey than she did because it was very shocking to her. Do you believe that?
Emma: I do believe that. I absolutely believe that it takes work.
I've seen people who have tried to “skip the work” for one reason or another, no telling what their reason is. However, I do believe that there's a really good life on the other side.
It's a different life.
It's a completely different life. But one of the big keys, I think, for me is not only family, but trying to really get out there and work hard to find a tribe, that's been really key. No matter what your passion is, it can be anything. There are a million different things you can pick up.
Roger: I want to make sure we define what the work you mean what do you mean by that? I've been blessed to be part of this journey and have known you for the last three years. But what do you mean by the work?
Emma: What I mean by the work is just walking through all the grief. I think especially I don't know because I haven't experienced it in another phase of my life, but I think especially in this phase of my life, working through all the dreams that never get realized.
At least for me and my husband, we spent Countless years dreaming up things that we would do when we were retired and falling in love with certain types of activities to do together and all those kinds of things. Going through the giving up those dreams and doing the grief work.
Roger: I imagine time is the only thing. There is no fast pass, I would imagine.
Emma: Oh, no. No.
At least not for me. I do have to say everybody does grieve differently, so I can't say for them. But for me, no FastPass.
I also think, and someone talked about this at one point, that It's kind of the price that you pay.
Right?
Roger: Yeah. Yeah. That makes sense.
The two areas of grief that I've gone through Well, we'll say three, the three, and then we'll move on from this subject.
Because I think my perspective was my mom, and my sister and then most recently, my father-in-law.
I tend to process, and sometimes I feel like, oh, in all three instances, felt like I was suppressing it or something because I was, quote, unquote, moving on and pretty I don't know what you call it. Not well adjusted, but it didn't impact me in the same way as I thought I was supposed to. So, we're all different. We all process things differently.
So, tell me about Emma today.
Emma: Emma, today, I have Throughout this whole process, I've been testing different things to see if they're a good fit.
I was lucky that Before this process I had already fallen in love with mountain biking and camping, but that takes a lot of testing in the future of, okay now what flavor of that was a good fit for me now? Taking lots of solo trips across country. Talking about tribes that I've found because I love camping, I've found these huge, I'm talking, like, ten thousand women groups that love to camp, and they're all over the United States. So those types of things and then also with my mountain biking and so, you know, really reaching out to family, those kinds of things and planning ahead.
I think it was really rocky in the first time period feeling safe.
Roger: Yeah. Traveling, camping alone and mountain biking alone.
Emma: Uh-huh. And it wasn't so much like, you know, I've traveled alone a lot, but it was more like, this is my own adventure, and What's this going to look like, and what happens when I get into that situation, and those kinds of things.
I've built in some safeties that I would not have Done before. I when I mountain bike, I carry a Garmin device with me that'll send an SOS if I need it, and just Some things like that.
Roger: When you say testing, why do you say testing in terms of different things?
Emma: Oh, because There might be like, oh, of course, we all have these things like, oh, I would love to go to so and so and figure out if that's a good Fit.
For instance, a couple years ago, I went to the East Coast because I always wanted to go to Acadia National Park and My granddaughter was graduating in Pennsylvania, so I just went to the graduation, and I kept going. It turned out to be the trip that I really, really wanted. Then there's been other trips that were like, or other places where I thought, oh, mountain biking here is just going to be the best ever and I get there, and it's not that much fun, and it's not that much fun to do alone. Or I might try a different kind of trip or a set of friends, and maybe they're just not as good of a fit.
Roger: Traveling with people and doing different activities is definitely situation dependent. So, tell me about this ten thousand plus traveling group with Women, what is that?
Emma: Oh, there's more than one, but that one happens to be called Sisters on the Fly. Their motto is, "We have more fun than anyone".
They have, like, these simple rules to life, like, we have more fun than anyone, be nice to each other. I mean, it's pretty simple. They do typically, not always, only camp with members of the group. They don't bring their kids and all their other responsibilities into life, and they have events. I can't even tell you the number of types of events that they have.
It just depends on what you love to do. Some of them fly fish. Some mountain bikes. Some of them like geology or crafts.
Roger: How did you find them?
Emma: I had heard about them before because they're known for some of their members having vintage trailers that are amazing. I mean, they have them repainted with certain themes and yeah. So, I thought Another thing to try.
Roger: So back in 2019 when we initially talked, how long had you been retired?
Emma: Oh, not very long at all. In fact, I retired in 2019 because Luca was doing a little bit better and given the odds, I was kind of like, okay. Let's go have some fun now.
Roger: Okay. Has your retirement plan changed much over the last three years, whether it's financially or non-financially.
Emma: Yeah. I would say kind of both because financially, it was a plan to be together and have those finances, and he's not here, but you lose that income, that Social Security income or whatever you have for retirement.
I think non-financially, there's just a lot of things. It would have looked a lot Different. My husband happened to have a very large family; I would say that most Retirement would have centered around family.
Roger: Okay. Okay. Since you've been single or widowed in retirement, has it changed much over the years? Or do you feel like it's worked out how you thought it might as you had planned once Luca had passed?
Emma: In the beginning, it was really hard to understand that I would find my people, and I didn't see that. I thought, oh, here I am. I'm alone, and lucky for me, I'm an introvert, so that part didn't bother me that much.
But I thought, oh, I just have my family, and my family lives thousands of miles away. It was hard to see this picture. It was hard. It wasn't like I thought it was impossible, but it's almost like going to a country that you've never been to before, you kind of know hey they speak this language or they have these customs, but it's a different picture for sure.
Roger: Since you're an introvert and you enjoy being with yourself, was it harder for you to, like, maybe Join this group or go on?
Emma: Oh, yeah.
It was extremely challenging to put myself out there. Extremely challenging. I mean, I don't want to say survival, but I felt like it was essential to who I wanted to become. So, I was like, okay. So, you're uncomfortable.
Alright. So what? You've been uncomfortable before; you'll be uncomfortable again.
Roger: So, there's enough of, I know this is good for me to get over the uncomfortableness.
Emma: Yeah.
Roger: It's funny when we talk about those things or uncomfortable about something. It's easy to talk about it on a macro level, but in the moment and I was thinking of this the other day because my wife and I went to dinner with two couples in our neighborhood.
It was Friday evening. It was, like, seven PM, we were going to meet for dinner, and I had had a long week and a long day, and everything in me was like I could just sit on the couch. I was drained, and I went. And I'm so glad that I did, but at the moment, it's easy just, uh, I'll just sit on the couch. How did you get over just the moment? Maybe I'll just Stay home.
Emma: Yeah. I think part of how I got over the moment was I Tried to surround the people that were around me with more enthusiasm than I had. Right?
So, Like, oh, well, I told Sally I was going to go to this event, and she called you two days before. You're going to be there, aren't two or whatever, those kinds of things. I had especially early on, I had lots of those moments exactly what you're describing. Like, why did I say I would do this?
Roger: It seemed like a good idea when it was weeks away.
Emma: Yes. Yeah.
But once I went, I made all kinds of friendships and connected with lots. The variety of people is just delightful.
Roger: We need that kind of friend. My best friend in the world is that kind of friend. He's the natural connector.
So, what is next for Emma? Tell me about the future.
Emma: I think the future includes those kinds of things, but also More solidifying, okay, these are the specific things that are important enough to make a plan far enough ahead, trust my finances that they're going to be there, and go for it, not dependent on where anybody else's going or any of those types of things but really kind of defining what is that for Emma?
Roger: Okay. I'm going to ask you this last question or two. I hesitate to do it, but I think it would be valuable to someone listening, and you and I talk on a regular rhythm. Your life isn't defined by being a widow and having Luca die. That is not who you are. That's not who I think you are.
In this conversation, though, there's obviously people like the person I spoke about who is fresh in this, but there's also So people I'll use Shauna and I who we've always been together. We always think we're going to be together. We've never had a diagnosis where life has hit us like that. What would you tell us about how to think about when to retire and the pace of life and everything, from your perspective?
Emma: I think what I would tell you, and, you know, I'm kind of an advocate for it now, I tell my sons is don't waste any time. Certainly, set up your finances. For me personally, being out of debt is one of the greatest freedoms you'll ever have. However, don't wait forever. You don't know.
There are so many cases like mine and very quick, sudden, unexplained deaths that I've run into in the last three and a half years.
Roger: So, when you say don't wait, don't wait for what or to do what?
Emma: Yeah, for experiences that you've always dreamed of, right?
Or that, like, oh, we don't have enough time to take a month off and go to Whatever it is. It could be Africa or North Carolina. I don't know. But whatever it is, that would be my Advice is to find a way to work those things in because none of us have any guarantees.
In fact, one of the women that I'm in a group with right after her husband passed, then she was diagnosed.
I think that's the other delusion in a couple is that, okay. Well, something might happen to one of us, but we're not thinking we both might be on limited time. So, yeah, I think that would be it.
Roger: As you were talking about that concept of, don't wait.
I was thinking a week or two ago, my son, recently he and his girlfriend broke up.
They were living together, and he was moving on a Thursday. He rented a U-Haul. He didn't have any of his buddies, and I was planning to take an hour or two to just drive down there, get the heavy stuff, and bring it back and put it up. Ended up being the whole day mostly.
There are a million reasons for, oh, I got all this stuff I have to do. Maybe you can get a friend to do it. Okay. It'll only take three hours.
But it took the entire day, and I felt so happy because we had such a good time just talking and moving into his own place. It's easy to say, no. I can't do it. I have work today, right, when it's such an important moment, and you just don't know when it’s going to happen. So, thanks for sharing that perspective.
Anything else you want to say before we wrap it up?
Emma: Just that I think the thing that I would always also, as a couple, plan for, the emergency will come. We're human. Something is going to happen. Have that money set aside So that when that day comes, it doesn't ruin you financially on top of ruining you emotionally.
Yeah.
Roger: Thank you for your second update now. Knowing you as I do, I definitely know that you are rocking retirement.
You totally are.
Emma: I do love retirement. I have to say that.
Roger: Alright, Emma. Be well.
Emma: Thanks.
TODAY’S SMART SPRINT SEGMENT
Roger: On your marks, get set,
and we're off to take a little baby step you can take in the next seven days to not just rock retirement, but rock life.
I feel like I'm out of breath today.
Did I just rush through a lot of those q and a's? I'm sorry if I did. Maybe I'm just a little excitable. Less caffeine.
Your action item for the next seven days Here, towards the end of the year, is think about some way to embrace boring.
Maybe it is if you're thinking about something new. It'd be a car. It could be a new investment strategy, new tax strategy. Take a breath, and maybe give yourself twenty-four hours to reevaluate whether you need to be adding something new or different to your life.
Boring can be pretty good.
CONCLUSION
Alright.
Next week on the show, we're going to answer your questions of how can I lower my chance of running out of money along with some other questions as well as hear from another former Retirement Plan Live subject?
Hope you have a wonderful day.
The opinions voiced in this podcast are for general Information only and not intended to provide specific advice or recommendations for any individual. All performance references are historical and do not guarantee future results. All indices are unmanaged and cannot be invested in directly. Make sure you consult your legal, tax, or financial advisor before making any decisions.