Category: Finances
The Balancing Act of College Savings Versus Retirement Savings with Darren Brennan (Ep. 30)

The Balancing Act of College Savings Versus Retirement Savings with Darren Brennan (Ep. 30)

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What if you could save for both your child’s education and your retirement — without feeling torn? 

Join us for this episode of The Retirement Engineer as Jim Kruzan, CFP®, CRPC®, Senior Wealth Advisor and Founder of Kaydan Wealth Management, along with Darren Brennan, Wealth Manager and CFP®, break down the strategies you need to successfully balance these competing financial priorities.

Learn how you can prioritize retirement while still setting aside funds for your child’s education without jeopardizing your financial future.

Key Highlights:

  • The Cost of College vs. Retirement: With college costs rising 9% annually — far outpacing inflation — strategic planning is more essential than ever
  • Prioritize Retirement First: Discover why planning your retirement is vital before focusing on college savings, and how tools like Roth IRAs can serve both goals
  • Smart Savings Tactics: Explore the 50-30-20 rule and the benefits of 529 plans, which allow family members to contribute
  • Family Conversations: Learn how to discuss financial expectations with your kids, ensuring they contribute and understand the value of education
  • Scholarships and Financial Aid: Find out how scholarships, FAFSA, and financial aid can ease the burden, along with budget-friendly alternatives like community colleges and work-study programs
  • And much more!

Resources:

Connect with Jim Kruzan: 

Connect with Darren Brennan:

About our Guest: 

Darren Brennan, CFP®, CRPC® is responsible for delivering the full spectrum of wealth management to our clients. Darren is a key member of Kaydan Wealth Management’s Investment Policy Committee and also supports the Senior Wealth Advisor with the creation and maintenance of client’s financial plans.

 

“My goal is to help our clients build and preserve their wealth. I want them to feel confident in the work we do for them so they can enjoy their retirement.”

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The Power of Tax Pro Formas with Dylan Stewart (Ep. 29)

The Power of Tax Pro Formas with Dylan Stewart (Ep. 29)

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Have you ever wished you could predict your tax bill before it arrives?

Tax pro formas could help you do just that.

Join Jim Kruzan, CFP®, CRPC®, and returning guest Dylan Stewart, CFP®, CPA, for an enlightening discussion about the often overlooked strategy of using tax pro formas in financial planning. Learn how to anticipate tax liabilities, make informed decisions, and optimize your financial strategy to build upon your wealth and create the retirement you desire.

Talking points include: 

  • How tax pro formas work and fit into financial planning as a whole
  • How to use a tax pro forma to avoid unexpected tax liabilities
  • The downsides of AI in this space and the importance of accurate data collection for building a strong tax pro forma
  • The importance of holistic tax planning, the integration of Roth conversions, and reviewing your tax history
  • Common tax pro forma mistakes and how to avoid them
  • And more!

Resources:

Connect with Jim Kruzan: 

Connect with Dylan Stewart:

About Our Guest: 

Dylan Stewart, CFP®, CPA, serves as a Wealth Advisor at Kaydan Wealth Management, offering comprehensive wealth management and guiding clients through the Evolutionary Wealth Process. As a member of the Investment Policy Committee and collaborator with Senior Wealth Advisors, he plays a pivotal role in shaping and maintaining client financial strategies.

“I love helping clients feel safe and secure by helping them achieve their financial goals and dreams.”

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Beyond The Numbers – Transitioning Into Retirement with Dr. Jacquelyn B. James (Ep. 28)

Beyond The Numbers – Transitioning Into Retirement with Dr. Jacquelyn B. James (Ep. 28)

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Have you ever wondered what it truly takes to be happy and fulfilled in retirement beyond just having a solid financial plan?

Retirement isn’t just about financial stability – it’s about designing a life that’s fulfilling and joyful.

In this episode, Jim Kruzan, CFP®, CRPC®, sits down with Dr. Jacquelyn B. James, the Founding Director of the Sloan Research Network on Aging & Work to explore the emotional, social, and psychological aspects of retirement that are just as crucial as the financial aspect. 

Tune in as Jackie talks about the importance of emotional and social preparations and the long-lasting impact these factors can have on your overall retirement satisfaction!

Talking points include: 

  • How retirement is more than a one-time financial event; it’s a gradual and complex transition
  • Why it’s important to prepare psychologically for retirement (just as much as it is to prepare financially!)
  • How the emotional and social aspects of retirement require as much planning as the financial aspects
  • The “honeymoon phase” of retirement and how to sustain fulfillment once it fades
  • Maintaining a sense of purpose and finding meaningful activities post-retirement
  • Managing increased time with a spouse and staying connected to support networks
  • And more!

Resources:

Connect with Jim Kruzan: 

Connect with Jacquelyn James:

About Our Guest: 

Dr. Jacquelyn B. James (Jackie) is the founding director of the Sloan Research Network on Aging & Work and past co-director of the Center on Aging & Work at Boston College. She has dedicated her career to studying the intersection of aging, work, and retirement, and she brings a wealth of knowledge on how individuals can prepare psychologically and socially for this significant life transition.

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Top 6 Investment Mistakes To Avoid (Ep. 27)

Top 6 Investment Mistakes To Avoid (Ep. 27)

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Are you making common investment mistakes without even realizing it?

They could end up costing you your dream retirement…

Join Jim Kruzan CFP®, CRPC® as he jumps into the top six investment mistakes that could be sabotaging your financial future. Learn about the essential knowledge and understanding needed before making investment decisions, the consequences of chasing hot markets, the importance of asset location, and the risks of making decisions based on fear or greed.

Jim discusses: 

  • Understanding what you own: The importance of knowing the costs, restrictions, and tax implications associated with your investments
  • Chasing trends: Why jumping on meme stocks or hot markets could be detrimental in the long run
  • Fearful investing: Making investment decisions based on fear alone
  • Asset location: How placing investments in the right type of account can have significant tax and performance benefits
  • Understanding your personal wealth cycle: The difference in strategy based on your stage of life
  • Ignoring economic risk: How fear-driven decisions, especially after market downturns, can severely impact long-term wealth creation
  • And more!

Definitions and Resources:

Connect with Jim Kruzan: 

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The Fortified Future: An Inside Look at How Raymond James Helps Protect Your Assets with Jessica Rice (Ep. 26)

The Fortified Future: An Inside Look at How Raymond James Helps Protect Your Assets with Jessica Rice (Ep. 26)

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Did you know that major financial institutions like Raymond James detect and repel around 300 million cyber threats a day?

Join Jim Kruzan CFP®, CRPC®, as he speaks with Jessica Rice,  Business Information Security Lead at Raymond James, to dive into the intricacies of cybersecurity from a corporate perspective. 

With her expertise in liaising between information technology and the private client group, Jessica sheds light on how investment firms safeguard your personal data and financial assets. 

Follow along to gain insights into the latest cybersecurity threats, how Raymond James proactively combats them, and what you can do to protect yourself going forward.

Jim and Jessica discuss: 

  • Understanding the different types of cyber threats in the financial sector
  • How Raymond James identifies and responds to cybersecurity threats
  • The “Cyber Promise” and Raymond James’ commitment to client security
  • The importance of multifactor authentication and strong passwords
  • Real-life examples of helping clients avoid or reobtain significant financial losses
  • And more!

Resources:

Connect with Jessica Rice:

Connect with Jim Kruzan: 

About Our Guest: 

Jessica serves as the Business Information Security Lead for Raymond James’ Private Client Group. She delivers on firm-wide cybersecurity initiatives to socialize best practices and important cybersecurity content in order to help protect associates, advisors, and their clients from falling victim to cyber-attacks. Jessica also acts as a liaison between Information Security and the Private Client Group, focusing on aiding continuous improvement of the firm’s cybersecurity posture. She holds certifications as both a SANS Security Awareness Professional and in GIAC Critical Security Controls. Jessica graduated from the University of Connecticut School of Business with her bachelor’s degree in Marketing. Hailing from Connecticut, in her free time Jessica enjoys traveling to New England to visit family & friends, and relaxing by the beach.

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Navigating Retirement Healthcare Pre and Post-Medicare with Darren Brennan, CFP®, CRPC® (Ep. 25)

Navigating Retirement Healthcare Pre and Post-Medicare with Darren Brennan, CFP®, CRPC® (Ep. 25)

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Did you know that today, a couple aged 65 is expected to spend about $315,000 on healthcare costs throughout retirement?

That is a lot of money! Have you taken the time to plan for these expenses? 

This week on The Retirement Engineer, Jim Kruzan is joined by Darren Brennan, Certified Financial Planner and Chartered Retirement Planning Counselor at Kaydan Wealth Management to unravel the complexities of planning for healthcare costs in retirement.

Jim and Darren’s conversation covers the critical considerations surrounding Medicare, COBRA insurance, and other healthcare funding strategies as you approach this pivotal phase of life. 

So, tune in and discover what it takes to create a robust financial plan that accounts for healthcare expenses, allowing you to enjoy your golden years with less stress.

Episode talking points include: 

  • Strategies for managing healthcare costs before and after qualifying for Medicare
  • The role of COBRA insurance and how it could fit into your retirement planning
  • Innovative funding strategies, including Health Savings Accounts (HSAs) and Roth IRAs, to cover healthcare gaps
  • The importance of planning for long-term care and the different options available 
  • And more!

Resources:

Connect with Jim Kruzan: 

Connect with Darren Brennan:

About our Guest: 

Darren Brennan is a CFP®, CRPC® at Kaydan Wealth Management, responsible for delivering the full spectrum of wealth management to clients. He is a key member of Kaydan Wealth Management’s Investment Policy Committee. Darren also supports the Senior Wealth Advisor with the creation and maintenance of client financial plans.

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Navigating the Waters of Required Minimum Distributions (RMDs) with Dylan Stewart (Ep. 24)

Navigating the Waters of Required Minimum Distributions (RMDs) with Dylan Stewart (Ep. 24)

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Need clarity around required minimum distributions (RMDs) and their impact on your retirement cash flow?

This week, Jim Kruzan, CFP®, CRPC®, is joined by Dylan Stewart, CFP®, CPA, Wealth Advisor at Kaydan Wealth Management, to unpack the intricacies of RMDs and their critical role in retirement planning.

Learn about the mechanics, tax planning aspects, long-term financial strategies, and implications of RMDs and how they can influence your financial landscape. 

Whether you’re approaching retirement or are already navigating your golden years, this conversation is packed with knowledge to steer you clear of making common mistakes!

Jim and Dylan discuss: 

  • What are RMDs, and who do they impact
  • Common problems or mistakes people make with RMDs
  • Strategies for managing RMDs to alleviate potential tax burdens
  • The impact of RMDs on Social Security and Medicare premiums
  • The mechanics of calculating RMDs and how it can change over time
  • Innovative ways to utilize RMDs for charitable giving, education funding, or as a strategic legacy plan
  • And more!

Resources:

Connect with Jim Kruzan: 

Connect with Dylan Stewart:

About our Guest: 

Dylan Stewart, CFP®, CPA, serves as a Wealth Advisor at Kaydan Wealth Management, offering comprehensive wealth management and guiding clients through the Evolutionary Wealth Process. As a member of the Investment Policy Committee and collaborator with Senior Wealth Advisors, he plays a pivotal role in shaping and maintaining client financial strategies.

“I love helping clients feel safe and secure by helping them achieve their financial goals and dreams.”

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10 IRA Mistakes to Avoid (Ep. 23)

10 IRA Mistakes to Avoid (Ep. 23)

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Are you making the most of your IRAs to secure a bigger, bolder retirement? 

In this installment of The Retirement Engineer, Jim Kruzan CFP®, CRPC® dives into the world of Individual Retirement Accounts (IRAs), uncovering the most common pitfalls that could derail your retirement savings. 

From the evolution of IRAs to innovative strategies for maximizing your retirement nest egg, this episode is packed with real-life stories and insights. Whether you’re an early career professional or nearing retirement, follow along to explore the crucial IRA choices and mistakes to avoid, to get you on the right track. 

The 10 mistakes Jim discusses are: 

  • Misunderstanding IRA Types and Contribution Strategies
  • Procrastination and Last-Minute Contributions
  • Neglecting Spousal Contributions
  • Not Maximizing Catch-up Contributions
  • Required Minimum Distributions (RMDs) Mismanagement
  • Early Withdrawal Penalties and Exceptions
  • Mismanaging Nondeductible Contributions and Backdoor Roth IRAs
  • Ignoring Later-Life Contributions
  • Rollover Pitfalls
  • Failing to Update Beneficiaries and Ignoring Inheritance Rules

Resources:

Connect with Jim Kruzan: 

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Safeguarding Your Wealth Against Cybercrime with Retired FBI Special Agent Jeff Lanza (Ep. 22)

Safeguarding Your Wealth Against Cybercrime with Retired FBI Special Agent Jeff Lanza (Ep. 22)

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The threat of cybercrime and identity theft looms larger than ever, posing a significant risk to individuals’ financial security, especially as they approach retirement.

This week, Jim Kruzan, CFP®, CRPC®, welcomes Jeff Lanza, a retired FBI agent with a wealth of experience in cyber security. Together, they dive into the critical and ever-evolving topic of cybercrime, which has become increasingly significant in our digital world. Jeff shares stories and guides us through identifying cyber threats, advises us on steps to take if we’re targeted by cybercriminals, and provides essential tips for protecting ourselves against cybercrime in our daily lives.

Whether you’re concerned about your digital security or looking to fortify your retirement savings against cyber threats, this is an episode you won’t want to miss.

Jim and Jeff discuss: 

  • The difference between cybercrime and identity theft
  • Types of cybercrime and common scams
  • How to improve your cybersecurity (bank accounts, social media, personal devices, etc.)
  • Advanced frauds fueled by AI and social engineering
  • Challenges faced by law enforcement in tackling cybercrime
  • And more!

Resources:

Connect with Jeff Lanza:

Connect with Jim Kruzan: 

About Our Guest: 

Jeff Lanza was an FBI agent for over 20 years and is a cyber security and identity theft expert. He investigated cybercrime, fraud, organized crime, human trafficking, and terrorism.

Jeff is now described as the “# 1 FBI Agent Keynote Speaker” and has provided hundreds of presentations to financial advisors and their clients on cyber security and identity theft prevention. They have been a great hit with clients! His presentation on body language is similarly a hit with financial advisors and others.

He appears regularly on CNBC’s Closing Bell and Power Lunch, the Fox News Channel, and has appeared on Larry King Live, the Today Show, and Good Morning America. He has lectured at Princeton University and Harvard University. He is the published author of two critically acclaimed books, and he consulted for Oscar-winning movie director Ang Lee. Jeff has presented around the globe and in 49 U.S. States.

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The Intricate World of Long-Term Care and Caregiving — Part II with Becky Eizen (Ep. 21)

The Intricate World of Long-Term Care and Caregiving — Part II with Becky Eizen (Ep. 21)

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Caring for an aging loved one is by no means an easy feat.

Whether it is you, another family member, or an industry professional who is the one taking the wheel, we want to ensure they receive the care they deserve. 

In this episode, Jim Kruzan, CFP®, CRPC®, dives deep into the heart of family caregiving with returning guest Becky Eizen from Eizen Consulting Group, LLC. Together, they tackle the intricate world of long-term care, sharing personal experiences and helpful advice along the way. 

Becky also guides us through the maze of deciding on the best care options, understanding its financial implications, and navigating the emotional journey of caregiving. 

Jim and Becky discuss: 

  • How long-term care differs from Medicare
  • Important details and caveats to look out for while selecting long-term care insurance
  • Long-term care options and the financial obligations associated with each
  • Emotional challenges of balancing caregiving and career
  • The importance of having clear end-of-life directives in place
  • And more!

Resources:

Connect with Jim Kruzan: 

Connect with Becky Eizen:

About our Guest:

Becky Eizen received a Bachelor of Arts in Sociology from Louisiana State University in Baton Rouge and her Master’s in Business Administration (MBA) with an emphasis in Marketing from Georgia State University in Atlanta.

Becky has always had a passion for helping others. She began her career in the field of geriatrics over 20 years ago. She developed and implemented a program for older adults seeking to house people and assist them so that they can remain in their homes as independently as possible.

As a Geriatric Care Manager, Becky has worked closely with clients and their families to make the best decisions possible. She understands the importance of geriatric care management and knows that it can truly have a positive impact on a person’s quality of life. She is also keenly aware of the stress that caring for older adults can have on a family. 

Becky is a Certified Senior Advisor (CSA), a Certified Dementia Practitioner (CDP), and a Certified Alzheimer’s and Dementia Disease Trainer (CADDCT). She is passionate about caring for the aging population and their families and speaks frequently to groups about the aging process. 

In 2020, she established Eizen Consulting Group, LLC,  to continue to serve clients and families as they navigate the aging process. She also became a Board-Certified Patient Advocate (BCPA) in May 2021.

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