Tag: Financial Advisors
Divorce & Its Impact on Retirement Planning with Julia Black (Ep. 31)

Divorce & Its Impact on Retirement Planning with Julia Black (Ep. 31)

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Divorce can be a financial earthquake, especially when it comes to retirement planning. 

The emotional toll is high, but the financial stakes are even higher—splitting assets like 401(k)s, pensions, and real estate can leave your retirement plans hanging in the balance. With divorce rates continuing to climb, knowing how to navigate these turbulent waters is essential.

Jim Kruzan, CFP®, CRPC®, Senior Wealth Advisor at Kaydan Wealth Management, teams up with Julia Black, a top family law attorney, to unpack the critical steps you need to take to help protect your financial future. 

From navigating prenuptial and postnuptial agreements to understanding how recent changes in alimony laws impact your tax situation, this conversation covers the key strategies that will help you avoid common financial pitfalls during divorce.

Key Highlights:

  • Divorce’s Impact on Retirement: Divorce often means splitting assets, like 401(k)s and pensions, which can disrupt your retirement plans and cash flow.
  • Prenups and Postnups: Julia explains how these agreements can protect your assets and why postnuptial agreements may not always hold up in court.
  • Commingling Assets: Mixing inherited or pre-marital assets with marital property can lead to costly complications. Learn how to keep assets separate to protect them during divorce.
  • Qualified Domestic Relations Orders (QDROs): Find out how to properly divide retirement accounts, like 401(k)s, using a QDRO, and why federal compliance is essential.
  • Alimony After 2018: The new tax laws have shifted how alimony is structured, making it more important than ever to help ensure your financial independence after a divorce.
  • Social Security Benefits: Julia shares tips on how to leverage your ex-spouse’s Social Security benefits to boost your retirement income if you meet the eligibility requirements.
  • Avoiding Common Divorce Mistakes: Avoid missteps like commingling assets or locking into non-modifiable alimony agreements, which can lead to long-term financial stress.
  • And much more!

Resources:

Connect with Jim Kruzan: 

Connect with Julia Black:

About Our Guest: 

Julia grew up in Oakland County and has always served clients in Genesee County and throughout Michigan. She graduated with honors from the University of Michigan, double majoring in economics and psychology, before earning her law degree from the University of Iowa, where she also completed a master’s in business specializing in industrial and labor relations. 

Julia was a partner at a law firm in Flint Township before founding J. Black & Associates in 2004. For the past 20 years, her firm has focused on domestic relations law and civil litigation, particularly for small businesses. Julia is widely recognized for her work on qualified domestic relations orders, assisting clients and other lawyers with the division of retirement funds. 

She has been recognized in Super Lawyers Magazine for the past eight years, placing her among the top 5% of lawyers in Michigan. Julia’s extensive experience in domestic relations law makes her the ideal guest to explore today’s topic on the impact of divorce on retirement plans.

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Please note, the content in this episode is for informational purposes only and should not be considered legal, financial, or tax advice. While we strive to provide accurate and up-to-date information, this episode does not substitute for personalized guidance. We recommend consulting a qualified professional for advice regarding your individual circumstances. Neither the podcast hosts nor our guest today are liable for any actions taken based on this information. Listening to this episode does not establish an attorney-client relationship with our guest or any law firm.

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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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Podcast Image showing the title "Milestone Moments: Navigating 7 Key Ages in Retirement Planning (Episode 17)"
Milestone Moments: Navigating 7 Key Ages in Retirement Planning (Ep. 17)

Milestone Moments: Navigating 7 Key Ages in Retirement Planning (Ep. 17)

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Between 50 and 72, there are significant birthdays that can impact your retirement finances.

These age-based milestones can help you grow your retirement nest egg, avoid financial penalties, withdraw your retirement funds early, and more!

In this episode, Jim Kruzan, CFP®, CRPC®, highlights seven legislative birthdays that every retiree or soon-to-be retiree should circle on their calendars. By the episode’s end, you’ll realize why planning your retirement cash flows is crucial before these milestones creep up on you!

Jim discusses:

  • Benefits of turning 50, including catch-up contributions and early retirement for qualified public safety workers.
  • How to make penalty-free withdrawals at 55 and 59.5 (from eligible plans)
  • The difference between taking Social Security at 62, 70, and anywhere in between 
  • Medicare’s 7-month enrollment window to avoid penalties
  • The impact of Secure Act 2.0 on the required minimum distribution age
  • And more

Resources:

Connect with Jim Kruzan: 

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Podcast Image showing the title "Medicare 101: The Ultimate Guide (Episode 16)"
Medicare 101: The Ultimate Guide (Ep. 16)

Medicare 101: The Ultimate Guide (Ep. 16)

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Imagine a retirement where you’re free from the fear of rising, and sometimes unexpected, medical bills.

In a world of ever-rising healthcare costs, a solid understanding of Medicare is a necessity!

In this episode, Jim Kruzan, CFP®, CRPC®, unravels the intricacies of Medicare and paves the path for a more simplified Medicare experience. Whether you’re a decade away from retirement or just around the corner, you’ll learn actionable insights to save stress, time, and money.

Jim discusses:

  • The difference between Medicare and Medicaid
  • Core components of Medicare (parts A, B, C, and D)
  • How the ‘Donut’ hole may unexpectedly increase your prescription drug costs
  • Important enrollment deadlines to avoid hefty penalties
  • The financial impact of Medicare on your retirement plan
  • And more

Resources:

Connect with Jim Kruzan: 

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Getting Your Retirement Back On Track (Ep. 15)

Getting Your Retirement Back On Track (Ep. 15)

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Picture this: You’ve crafted the perfect retirement plan. You’ve dreamt about it, and it’s finally here. But then, life throws you a curveball. Suddenly, your well-laid path takes an unexpected detour!

Even the most carefully crafted plans must adapt to changing circumstances.

In this episode, Jim Kruzan, CFP®, CRPC®, shares practical strategies to get your retirement back on track.

Jim discusses:

  • Signs that your retirement may be off track
  • Budgeting strategies to cut unnecessary expenses without sacrificing quality of life
  • How “safe withdrawal rates” can guide portfolio adjustments
  • How to weather market downturns by using debt strategically
  • And more

Resources:

Connect with Jim Kruzan: 

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Top 5 Social Security Filing Mistakes to Avoid (Ep. 14)

Top 5 Social Security Filing Mistakes to Avoid (Ep. 14)

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“When should I start taking Social Security?”

“Can I claim spousal benefits? If yes, how much?”

“How will my Social Security income be taxed?”

These are some of the questions that many retirees (and soon-to-be retirees) struggle with!

In this eye-opening episode, Jim Kruzan, CFP®, CRPC®, explains the top five Social Security filing mistakes to avoid and how to make well-informed decisions that can potentially make or break your retirement!

Jim discusses:

  • Benefits of delaying Social Security until age 70 (and what happens if you file early)
  • Eligibility criteria for spousal benefits and the ideal time to claim them
  • The “earnings test” you should know about before filing for Social Security
  • How to maximize survivor benefits
  • How to minimize the potential tax burden on Social Security
  • And more

Resources:

Connect with Jim Kruzan: 

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Podcast Image showing the title "7 Common Retirement Planning Mistakes (And How To Avoid Them) (Ep. 13)"
7 Common Retirement Planning Mistakes (And How To Avoid Them) (Ep. 13)

7 Common Retirement Planning Mistakes (And How To Avoid Them) (Ep. 13)

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Do you know what makes or breaks your retirement?

The assumptions and financial choices that might seem trivial at first, but have a significant impact later down the road!

In this episode, Jim Kruzan, CFP®, CRPC®, highlights 7 common retirement planning mistakes, drawing on decades of experience as a financial advisor. He also shares actionable ideas to avoid those mistakes.

Jim discusses:

  • How to budget for retirement without giving up the little joys in life
  • Why you should never underestimate healthcare costs
  • Considerations for pension planning, including age, health, and spousal benefits
  • The “set it and forget it” mentality that can potentially jeopardize your retirement
  • The importance of seeking professional financial guidance
  • And more

Resources:

Connect with Jim Kruzan: 

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Podcast Image showing the title "How Much Money Do You Need To Retire?"
How Much Money Do You Need To Retire? (Ep. 12)

How Much Money Do You Need To Retire? (Ep. 12)

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How can you save for retirement if you don’t know how much money you’ll need?

It’s time to calculate your financial finish line so you don’t run out of money during retirement!

In this episode, Jim Kruzan, CFP®, CRPC®, shares easy-to-follow methods and rules of thumb to estimate your retirement expenses and income — and what to do if you have no idea where to begin.

Jim discusses:

  • Key points to discuss with your spouse about your “dream retirement”
  • Why you should categorize your retirement expenses into needs, wants, and wishes
  • How to account for major lifestyle adjustments and rising healthcare costs
  • Rules of thumb to quickly check if you’re on track
  • 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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Podcast Image showing the title "Is Wealth Management Only for the Wealthy?"
Is Wealth Management Only for the Wealthy? (Ep. 9)

Is Wealth Management Only for the Wealthy? (Ep. 9)

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How much money do you need to have access to wealth management?

In a world where wealth seems synonymous with exclusivity, it’s time to shatter the misconception that wealth management is reserved for the affluent few!

In this eye-opening episode, Jim Kruzan, CFP®, CRPC®, empowers individuals at every stage of life to make informed decisions about their financial future, whether it’s planning for retirement, funding higher education, or conquering debt.

Jim discusses:

  • The invaluable power of accessible wealth management
  • 5 stages of wealth creation to navigate life’s most important events
  • How Kaydan Wealth Management’s suite of scalable services makes wealth management easily accessible
  • Why early career choices, seemingly unrelated, may morph into large deficits later in life
  • 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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