Changes To Retirement Planning

Recently, there was a COLA increase of 1.6% for Social Security benefits. Matt will give his thoughts on the long term benefit of having a COLA increase, even though the percentage may not seem impressive at first. We will also discuss why working past age 65 is not so uncommon anymore and the importance of mapping out a plan with how you would like to spend your time in retirement.
Show Notes and Additional Resources:
Working Past 65 Article: https://www.cnbc.com/2019/12/30/why-retiring-at-65-could-become-a-thing-of-the-past.html
Retiring Abroad Article: https://www.foxnews.com/real-estate/12-affordable-places-retire
 
2:57- Learn how the COLA increase has a better long term benefit than you think.
5:00- Collecting Social Security early and how the increased income threshold could affect you. 
7:03- The IRS changed the contribution limits to qualified retirement accounts. 
9:44- The SECURE was passed and significant changes were made that will affect retirement planning. 
11:28- The implementation of the 10 year rule so could create new tax obligations for those who are affected. 
14:54- Find out why working past 65 is becoming more common.
17:40- What does an ideal retirement look like according to this client?
20:40- Matt explains what questions need to be answered before retiring abroad. 

Incorporating Giving Into Your Retirement Plan with Arlene Cogen

So much of our focus during retirement planning is saving money to protect ourselves and provide for our family, but there’s such a great opportunity to improve our lives even more by giving to others. Not only does it improve the lives of others but it also creates financial benefits for your portfolio. Arlene Cogen, a philanthropic leadership consultant and author, joins us to discuss this important topic.
On this episode:
0:26 – Today we have a special guest on the show, Arlene Cogen.
1:21 – Arlene shares her background on how she got into Philanthropic Leadership
3:55 – She wrote the book ‘Give to Live’
5:19 – When people think about giving, many feel they can’t incorporate that into their retirement.
5:53 – The idea of giving while you’re living.
6:49 – There are studies that show philanthropy provides real joy to our lives.
10:16 – What are the strategies to consider if you want to give while you’re living?
12:18 – Advantages to having a charity listed as a beneficiary.  
13:54 – Some states have inheritance taxes.
14:40 – How to endow an annual gift.                                   
17:18 – Understanding charitable trusts.
21:00 – Multi-generational gifting.
26:37 – Personal reflection is a part of her book and it’s something we should be doing.
29:16 – The purpose of our money.
30:02 – Wrapping up the conversation.
Show notes and additional links: http://smartmoneyquestions.com/podcastposts/episode-109-incorporating-giving-into-your-retirement-plan-with-arlene-cogen/