Retirement Savings – 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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Podcast Image showing the title "How Much Money Do You Need To Retire?"

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

By TheRetirementEngineer | August 22, 2023

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 "Maximizing Your 529: The Power of Tax-Free Education Savings"

Maximizing Your 529: The Power of Tax-Free Education Savings (Ep. 11)

By TheRetirementEngineer | August 8, 2023

Did you know that the average cost of college in the United States is a staggering $35,551 per student per year, including books, supplies, and daily living expenses?

That’s a hefty price tag that can leave many parents and students feeling overwhelmed.

In this episode, Jim Kruzan, CFP®, CRPC®, explores the world of 529 plans and how they can help fund your child’s education while prioritizing your retirement savings. Jim shares how these plans offer flexibility, with options for prepaid tuition or college savings, and can be used for various educational expenses. Additionally, Jim explains how these plans are portable, allowing funds to be transferred between family members.

Jim discusses:

What a 529 plan is
The limitations and drawbacks of a prepaid tuition plan
The tax advantages and investment options of a college savings plan
The expenses that can be covered by 529 plans
How 529 accounts can be moved between beneficiaries
The advantages of the new legislation allowing the transfer of funds from a 529 account to a Roth IRA after 15 years
And more!

Resources:

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