401k – The Retirement Engineer

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

By TheRetirementEngineer | May 8, 2024

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)

By TheRetirementEngineer | April 24, 2024

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:

“History of Retirement” by William Graebner
Individual Retirement Account
401(k) and IRA Contribution Limits 2024
Roth IRA 5-Year Rule
Secure Act 2.0
Required Minimum Distributions (RMD)
Qualified Charitable Distributions (QCD)

Connect with Jim Kruzan:

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Podcast Image showing the title "Are Health Savings Accounts Better Than a 401(k)?"

Are Health Savings Accounts Better Than a 401(k)? (Ep. 10)

By TheRetirementEngineer | July 18, 2023

Have you ever heard about the Health Savings Account (HSA) used in retirement planning?

Simply put, if a 401(k) and a Roth IRA were to produce an offspring, it would be the HSA — because of its unique tax advantages that gives you the best of both accounts!

In this insightful episode, Jim Kruzan, CFP®, CRPC®, makes a compelling case for Health Savings Accounts, especially when 401(k) plans have long been hailed as the go-to option for retirement. He explains how HSAs can help you achieve a bigger, bolder retirement due to their tax benefits, flexibility, and attractive contribution limits.

Jim discusses:

The triple tax advantages of HSAs (contribution, growth, and withdrawal)
What happens to your HSA if you change your employer
How HSAs differ from Flexible Spending Accounts (FSAs) and 401(k) plans
How HSAs can help reduce your total medical expenses in retirement
The limitations of an HSA
And more

Resources:

Connect with Jim Kruzan:

About Your Host:

Balancing the responsibilities of Founder and Senior Wealth Advisor puts Jim in a unique position at Kaydan Wealth Management. As the Founder, Jim is responsible for guiding the direction of the firm’s moral compass and ensuring the entire team is advancing its mission statement. As Senior Wealth Advisor, he manages the firm’s largest and most complex client relationships and is also hands-on with the development of comprehensive, process-driven wealth solutions.

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