Wealth Management – 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:

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

By TheRetirementEngineer | November 7, 2023

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:

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Medicare 101: The Ultimate Guide (Ep. 16)

By TheRetirementEngineer | October 24, 2023

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:

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Getting Your Retirement Back On Track (Ep. 15)

By TheRetirementEngineer | October 10, 2023

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:

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

By TheRetirementEngineer | September 19, 2023

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

By TheRetirementEngineer | September 5, 2023

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:

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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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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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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:

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

By TheRetirementEngineer | July 4, 2023

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