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  • Falling Forward...

    Falling Forward...
    2024/10/22
    Summary: In this episode of Inside the Plan, Bill and Andy Bush (the 401(k) Brothers) share insights from a recent advisor conference in New Orleans, focusing on the challenges that different generations face in saving for retirement. They dive into the financial obligations affecting Millennials, Gen Xers, and Baby Boomers and discuss the importance of establishing emergency savings. The conversation also explores how early savings can significantly impact long-term retirement wealth. Additionally, the brothers emphasize the essential role of financial advisors and coaches in providing organization, accountability, and proactive support in financial planning. Chapters and Key Takeaways: 00:10 — Introduction and Conference Insights The episode opens with Bill and Andy reflecting on insights gained at a recent conference with financial advisors in New Orleans. The brothers set the stage by discussing the importance of helping people navigate their retirement savings challenges.03:00 — Financial Obligations and Retirement SavingsMillennials face the highest financial obligations (89% struggle with competing priorities).Emergency savings are a crucial barrier for all generations, with 25% of Baby Boomers still facing this issue.Gen Xers and Baby Boomers see lower percentages but still encounter challenges with emergency savings and other financial obligations. 05:56 — The Importance of Early SavingsEarly savings significantly impact retirement wealth. The earlier you start saving, the more those dollars multiply over your career.The brothers stress that even when dollars are stretched, making the most of employer 401(k) matches can create long-term financial benefits. 09:15 — Seeking Guidance and Financial CoachingGuidance from financial advisors is essential, especially for complex decisions involving retirement planning.Financial coaching helps with accountability and organization, ensuring that clients stay on track with their goals.Millennials and Gen Zers are more inclined to seek information online, but older generations still prefer face-to-face or personalized financial advice. 12:01 — The Role of Financial AdvisorsMany clients do not fully implement their financial plans—only 20% of recommendations are executed.A financial plan requires action to be effective. Bill and Andy explain that while creating a plan is valuable, consistent action and follow-up are key to success. 15:23 — Core Values of Financial PlanningObjectivity from a financial advisor provides clarity, helping clients make sound decisions without the emotional bias that can come from handling finances alone.Partnership with a financial planner alleviates worries, providing clients with support and a trusted resource to guide them through financial decisions.Financial advisors offer six core values: organization, objectivity, proactivity, education, accountability, and partnership, all of which contribute to long-term financial success. 19:09 — Conclusion and Contact Information Bill and Andy wrap up the episode by encouraging listeners to reach out for personalized advice and assistance. They stress the importance of communication and building a strong partnership with a financial advisor. Sound Bites: "Emergency savings is a barrier for 25% of Baby Boomers." "89% of Millennials face financial obligations hindering savings." "Early dollars saved multiply over your working career." Call to Action: If you're interested in organizing your finances or need help creating a retirement plan, reach out to Bill or Andy Bush at Horizon Financial Group: Bill Bush: bbush@horizonfg.comAndy Bush: abush@horizonfg.com Or visit horizonfg.com and use the contact button to get started.
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    22 分
  • Rules of Thumb & When to Break Them

    Rules of Thumb & When to Break Them
    2024/09/19
    In this episode, the 401(k) Brothers—Bill and Andy Bush—discuss popular financial rules of thumb and how they may or may not apply to different retirement situations. They tackle everything from when to delay Social Security, avoiding 401(k) loans, the pros and cons of paying down your mortgage early, and more. This conversation is packed with insights that can help you navigate your personal retirement decisions, ensuring that these "rules" work for you, not against you. Chapters & Time-Stamps: 00:00 - Introduction to Financial Rules of Thumb The 401(k) Brothers open the episode by introducing the topic of financial rules of thumb and explain why these generalized rules may not always be applicable to every retirement scenario. 01:00 - Delaying Social Security: Pros and Cons Bill and Andy discuss the first rule of thumb: delaying Social Security until age 70 for higher monthly payments. They delve into when it makes sense to follow this rule and when it's better to take Social Security earlier based on health, family history, or ongoing employment. "You don't know when the last grain of sand's going through your hourglass." – Andy 02:24 - Personal Considerations for Social Security The conversation continues with examples of how family longevity or terminal illness can influence the decision to take Social Security earlier rather than later. 03:10 - Working and Social Security They explain how working while claiming Social Security before full retirement age can reduce benefits due to the earnings test, and highlight why waiting until FRA can make a difference. 03:51 - 401(k) Loans: When to Avoid and When to Use Next up, Bill and Andy discuss the second rule of thumb: avoiding loans from your 401(k). They explain how 401(k) loans can stunt growth by interrupting compounding. However, they acknowledge there are rare situations, like significant emergencies, where it may be justified. 05:39 - Mortgage Management: Pay Down or Invest? The third rule of thumb: prioritizing paying off your mortgage. The hosts explore the impact of rising interest rates and how those with lower mortgage rates may benefit more from investing rather than paying off their mortgage early. 07:36 - Diversification in Investing: A Key Strategy Bill and Andy tackle the fourth rule: diversification. While younger investors can afford to take more risks, as retirement nears, it becomes essential to spread risk across various assets to protect your savings. 09:01 - Buy Low, Sell High: The Investment Mindset The fifth rule: buy low, sell high. The brothers explain why they're not market timers, emphasizing that investing should be tied to a long-term strategy and purpose rather than reactive decisions. 10:21 - The 4% Withdrawal Rule: Understanding Retirement Income Rule number six: the 4% withdrawal rule. Bill and Andy discuss its flexibility, stressing that it should serve as a guideline rather than a rigid rule. The longevity of one's retirement and market conditions can influence how much to withdraw safely. 13:37 - Maximizing Employer Contributions: A Smart Move The seventh rule of thumb: maximize employer matching contributions to your retirement savings plan. Bill and Andy emphasize this as “free money” and encourage listeners to take full advantage if possible. 14:35 - Hedging Against Inflation: Protecting Your Wealth They explore rule number eight: prioritizing hedges against inflation. The brothers share insights on how bonds, money market accounts, and stocks can help counteract inflation's impact over the long term. 15:33 - 100 Minus Age Rule: Stock Allocation Strategy The ninth rule: the 100 minus age rule, which suggests how much of your portfolio should be allocated to stocks. They express that this rule may be too conservative for younger investors and provide alternative approaches. 17:23 - Redefining Retirement: Beyond the End of Work The episode closes with the final rule: retirement is the end of work. Bill and Andy challenge this idea, offering a perspective that retirement can be a new beginning filled with purpose, hobbies, and personal growth. "Retirement is about living out your purpose in life." – Bill Key Takeaways: Social Security: Delaying can boost your income, but personal health and financial needs might dictate a different approach. 401(k) Loans: Should generally be avoided to prevent interrupting growth, except in critical emergencies. Mortgage: Paying off your mortgage early depends on interest rates and whether that money could work better for you elsewhere. Diversification: Crucial as you near retirement to spread out risk. Investment Strategy: Stick to long-term goals rather than trying to time the market. 4% Rule: Useful as a guideline, but individual factors like longevity and income needs matter. Employer Contributions: Always maximize these if possible for free money toward your retirement. Inflation Hedge: Consider a mix of bonds, stocks, and other vehicles to...
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    20 分
  • The Latest on Savings Rates

    The Latest on Savings Rates
    2024/07/09
    In this episode of "Inside the Plan with the 401k Brothers," hosts Bill and Andy Bush, from Horizon Retirement Plans, a division of Horizon Financial Group, delve into the topic of savings rates influenced by findings from Vanguard and Fidelity related to participant behavior in retirement plans. They cover vital statistics on savings rates, the impact of inflation on savings behaviors, the benefits of starting early, and strategies for increasing savings rates over time. Episode Highlights: 00:08: Bill introduces the podcast, highlighting its focus on savings rates and the importance of participation in retirement planning. He sets the stage for the episode's discussion on harnessing findings from record keepers to enhance personal savings strategies. 00:30: Andy greets listeners and emphasizes the value of comparing one’s savings rates to averages to identify opportunities for adjustments, underscoring the concept of a "healthy comparison." 00:55: The hosts discuss recent reports from Vanguard and Fidelity, reflecting on the year 2023 and the first quarter of 2024. They highlight the average combined savings rate of 11.7%, based on Vanguard's analysis of employee contributions and employer match, over 1500 qualified plans and 5 million participants. 01:44: Bill corrects Andy on the savings rate percentage provided by Vanguard, emphasizing the accuracy of data in financial discussions and the goal of achieving a 15% savings rate when starting at an early age for a secure retirement. 02:24: The conversation shifts towards the inclusion of employer contributions in saving rates and the recommendation for individuals to strive for a 10 to 15% personal savings rate if feasible. 02:51: Fidelity’s findings from the first quarter of 2024 are presented, showcasing a combined savings rate of 14.2% across 26,000 corporate plans, spotlighting the broad base of data supporting these findings. 03:37: Bill and Andy touch on the challenges that high inflation poses on savings, especially when wages do not keep pace, yet highlight that a significant portion of employees increased their savings rate in 2023 despite these challenges. 04:37: The discussion pivots to the thoughtful adjustments people make in response to economic pressures, including lifestyle changes that can free up funds for retirement savings. 05:12: The hosts underline an intriguing statistic from Vanguard that nearly 25% of participants deferred more than 10% of their earnings into their retirement plans, indicating a strong commitment to future financial security among a notable segment of savers. 06:00: Fidelity's report on the average deferral rate of 9.4% in the first quarter of 2024 is highlighted, reflecting a robust engagement in self-funded retirement savings among participants. 06:26: The significance of regularly reviewing and adjusting savings rates is underlined, with advice to capitalize on milestones such as the end of a car payment to increase retirement savings contributions. 08:46: Insights into how 401k plan design, including features like automatic enrollment and annual increases, have positively influenced saving behaviors over time, are shared. Key Takeaways: - Starting early and consistently contributing to your retirement plan, ideally aiming for a 15% savings rate, can significantly impact your financial security in retirement. - Adjusting lifestyle choices and budgets in response to economic conditions, like inflation, can enable individuals to maintain or even increase their savings rates over time. - Regularly reviewing and potentially adjusting your savings rate in response to life changes or during annual financial reviews can help ensure that your retirement savings strategies align with your long-term goals. - Features like automatic enrollment and automatic contribution increases in 401k plans have been instrumental in boosting overall savings rates and should be leveraged by participants to optimize their retirement savings efforts. Tweetable Quotes: - "In our industry, savings rates are a beacon, guiding us towards our retirement goals." – Bill - "The power of compounding is the eighth wonder of the world. Start saving now." – Andy Resources Mentioned: - https://www.horizonfg.com/
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    17 分
  • Managing Retirement Expectations

    Managing Retirement Expectations
    2024/05/20

    In this enlightening episode, Bill and Andy Bush of Horizon Retirement Plans delve into the intricacies of planning for retirement, sharing personal anecdotes and professional insights. The brothers discuss expectations versus reality in retirement planning, the impact of health and work dynamics on retirement age, and strategies for ensuring a fulfilling and financially secure retirement.

    Episode Highlights:

    - **00:00:08:** The episode kicks off with introductions and a heartwarming recount of the Bush brothers taking their mother to the Kentucky Derby, setting a personal tone while hinting at the broader theme of family and retirement.

    - **00:01:10:** The conversation shifts to the reality of aging and health as they compare their active mother to their slower-pacedbretired father, introducing the episode's core topic of retirement expectations.

    - **00:02:01:** Bill and Andy discuss how most people's retirement age expectations do not align with reality, citing a significant statistical deviation discovered by the Employee Benefit Research Institute.

    - **00:03:12:** The importance of understanding Social Security's full retirement age is highlighted, pointing out common misconceptions and the reasons people might retire earlier than planned, often due to health or unexpected job changes.

    - **00:05:00:** Delving into the reasons people retire early, the dialogue covers health issues, family care responsibilities, and company downsizing, emphasizing the unpredictability of work and health on retirement plans.

    - **00:05:58:** The brothers advocate for having a backup plan including disability insurance and saving aggressively, aiming for two years of expenses in a liquid account as a cushion for market downturns.

    - **00:07:41:** Discussion about those who retire on their own terms, contrasting full retirement with partial retirement and examining reasons for continuing to work that range from financial needs to personal fulfillment.

    - **00:09:26:** Exploring motivations behind part-time work post-retirement, distinguishing between working out of necessity versus desire, indicating a trend toward seeking engagement and fulfillment even in later years.

    - **00:12:03:** The episode wraps up with an exploration of transitioning to retirement, emphasizing the need for purpose, proper use of time, socialization, and health management to make retirement fulfilling, borrowing concepts from JP Morgan's PUSH framework.

    Key Takeaways:

    1. Retirement expectations often do not match reality, with many retiring earlier due to health or employment changes.

    2. Planning for retirement requires considering health insurance, adequate savings, and the timing of Social Security benefits.

    3. Partial retirement and part-time work can offer financial flexibility, purpose, and social engagement, enhancing the retirement experience.

    4. Purpose, use of time, socialization, and health (PUSH) are crucial for a fulfilling retirement, suggesting retirees need to plan not just financially, but holistically.

    Tweetable Quotes:

    - "Most people's retirement age expectations don't align with reality - plan not just for the when, but also for the unforeseen whys." -

    Bill and Andy Bush

    - "Retirement is more than just financial planning; it's about crafting a life that continues to bring purpose, joy, and health." - Bill and Andy Bush

    Resources Mentioned:

    - https://www.horizonfg.com/
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    17 分
  • The Derby and a Few Pivots

    The Derby and a Few Pivots
    2024/04/29

    In this thought-provoking episode, brothers Bill and Andy Bush of Horizon Retirement Plans share their insights on investment strategies, the value of diverse asset allocation, the underutilized potential of HSAs (Health Savings Accounts), and the link between financial literacy and wellness. The episode, rich with analogies from horse racing and personal anecdotes, guides listeners through a comprehensive journey of financial preparedness and strategic planning.


    Episode Highlights


    - **00:00:08 - Introduction of the Hosts:** Bill and Andy Bush, the 401k Brothers, introduce themselves and set the stage for the episode, touching on their familial connection and the unique perspective they bring to the financial world.
    - **00:00:30 - Tradition of the Kentucky Derby:** The brothers discuss their annual tradition of attending the Kentucky Derby, providing a glimpse into their personal lives and interests outside of finance.
    - **00:01:05 - Adding a Family Touch to the Derby:** They share plans to bring their mother to the Kentucky Derby for the first time, delving into the significance of family and memorable experiences.
    - **00:02:09 - The Performance Derby in Investments:** A clever transition from horse racing to investment strategies introduces the concept of the "performance derby," emphasizing the importance of consistent, long-term investment planning over seeking quick
    wins.
    - **00:03:12 - Asset Allocation and Diversification:** The discussion delves deeper into the mechanics of asset allocation, comparing the unpredictability of top-performing asset classes to the changing leaders in a horse race, advocating for a diversified investment
    approach.
    - **00:06:46 - Zooming Out for a Broader Perspective:** The brothers advise on the importance of a long-term outlook on investments, likening it to viewing the entire track of a horse race to understand the full context.
    - **00:06:56 - Health Savings Accounts (HSAs) as a Retirement Vehicle:** Andy introduces HSAs, explaining their benefits and how they can complement retirement planning, stressing the tax advantages and potential for investment growth.
    - **00:09:29 - Investing HSA Contributions for Growth:** Further exploration into how leveraging HSAs for investment rather than
    simply as savings accounts can significantly impact retirement preparedness.
    - **00:11:47 - Financial Literacy's Impact on Wellness:** The brothers discuss findings from a recent survey linking financial literacy to reduced financial stress and improved well-being, advocating for education and proactive financial planning.
    - **00:14:47 - Wrap-Up and Sign-Off:** The episode concludes with reflections on their upcoming Derby visit and a reiteration of the key financial insights shared throughout the discussion.


    Key Takeaways

    1. Importance of Tradition and Family: Integrating personal experiences with professional insights can enrich life's journey.
    2. "Performance Derby" Analogy: Consistency and long-term strategic planning in investments can outweigh the allure of short-term wins.
    3. Diversified Asset Allocation: Emphasizing the significance of diversification to mitigate risks and optimize returns over time.
    4. Utilizing HSAs for Retirement Planning: HSAs offer triple tax advantages and can be a crucial component of a comprehensive
      retirement strategy.
    5. Financial Literacy as a Pillar of Wellness: Knowledge and application of financial literacy can greatly reduce stress and improve overall financial health.

    Tweetable Quotes


    • - "Financial literacy is not just about knowing; it's about planning, executing, and thriving." - Andy
      - "In our financial performance derby, slow and steady wins the race. Diversification is key." - Andy
      - "An HSA is not just a saving tool; it's a strategic asset for your retirement." - Bill

    Resources Mentioned:


    - https://www.horizonfg.com/
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    16 分
  • Saving v. Spending

    Saving v. Spending
    2024/02/20

    In this episode of "Inside the Plan with the 401(k) Brothers", hosted by Bill and Andy Bush, the hosts discuss the impact of inflation on household budgets and the psychology of spending and saving. They touch upon various points made by financial writer Morgan Housel, exploring the two ways money can be used: as a tool for a better life or as a yardstick for measuring status.

     

    Episode Highlights:

    ·         01:26: The hosts delve into how inflation is impacting household budgets, shedding light on the challenges rising prices pose to personal finances and purchasing power.

    ·         02:54: Despite a slight cooldown, the hosts note that prices aren't dropping rapidly. The conversation highlights recent news about inflation surpassing expectations and its continued effects.

    ·         05:29: The hosts discuss the struggles of their college-bound children in a high-inflation era, especially regarding the increasing cost of groceries from their personal experiences.

    ·         07:44: Building on Morgan Housel's insights, the hosts explore the psychological side of spending. Money is viewed as both a tool for a better life and a status measure, prompting a discussion on mindful financial habits.

    ·         09:43: Referencing Warren Buffett's wisdom, the hosts discuss money's dual role as a yardstick for status. They stress the importance of striking a balance between spending and saving for a secure financial future.

    ·         11:16: The conversation shifts to the psychology of desire and scarcity, exploring how the longing for what can't be had influences consumer behavior and perceptions.

    ·         14:56: Introducing the concept of discerning between "nice" and "fancy" purchases, hosts advocate for considering the value and utility of acquisitions rather than focusing solely on price tags.

    ·         16:37: Reflecting on the relative nature of wealth, the conversation explores the dangers of constant comparison. The importance of gratitude and contentment with one's financial situation is highlighted.

    ·         18:32: The hosts emphasize the need for balance between immediate enjoyment and saving for the future, underscoring the significance of making mindful financial decisions.

    ·         20:49: Introducing the concept of hormesis, the hosts discuss its application to personal finance. They draw parallels between applying stressors for financial growth and maintaining a healthy lifestyle.

    ·         22:56: The hosts reiterate the need for balance and emphasize the importance of maintaining a healthy financial balance for overall well-being.

     

    Key Points:

    1.    The hosts discuss the challenges posed by inflation on household budgets, emphasizing its impact on personal finances.

    2.    Exploring insights from Morgan Housel, the hosts delve into the psychological aspects of spending and saving, emphasizing the dual nature of money as a tool and a status measure.

    3.    Throughout the conversation, the hosts stress the importance of finding a balance between present enjoyment and future financial planning, advocating for mindful spending and savings.

     

    Tweetable Quotes:

    ·         "Inflation isn't just numbers on a chart; it's shrinking personal budgets. Your dollar won't stretch as far as it used to." - Bill

    ·         "Comparison can be a motivator or a joy thief. Cultivate gratitude for where you are and aspire wisely." - Andy

    ·         "Nice stuff vs. Fancy stuff: Understand the value, not just the price tag. Your choices reflect your financial health." - Andy

     

    Resources mentioned:

    ·         Horizon Financial Group
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    24 分
  • Mindsets Matter

    Mindsets Matter
    2024/01/11
    In this episode of "Inside the Plan with the 401(k) Brothers", hosted by Bill and Andy Bush, the hosts discuss the intersection of behavior, savings, and retirement mindset. They delve into a tool called The Passport® available on the Horizon website, addressing mindsets in various aspects of life, including finances. The conversation is inspired by a piece from Goldman Sachs, exploring optimal mindsets that contribute to better retirement savings.   Episode Highlights: ·         02:58: The speaker discusses findings related to retirement and behavioral factors affecting it, focusing on optimism and future orientation. ·         04:02: Saving for retirement is compared to building habits, emphasizing the need for regular efforts. ·         05:08: Four behavioral factors affecting retirement are discussed: optimism, future orientation, risk-reward orientation, and financial literacy. ·         06:27: The importance of understanding individuals' backgrounds and environments in financial literacy discussions is mentioned. ·         07:24: Top 10 takeaways from a survey are shared, starting with the disconnect between retirement intentions and savings outcomes. ·         08:46: The correlation between optimal behaviors (optimism, future orientation, etc.) and easier retirement preparation is discussed. ·         09:53: Optimistic individuals tend to take more action, emphasizing the importance of proactive financial planning. ·         10:55: Savers threatened by the financial vortex seek professional help, showing interest in automatic features and guaranteed income options. ·         12:14: Savers with lower financial literacy are more action-oriented, highlighting the need for informed actions with financial education. ·         13:40: Traits common in vulnerable savers include low optimism, low future orientation, low financial literacy, and a risk-focused mindset. ·         15:20: Product preferences align with retirement mindset, with action-oriented individuals seeking a broader range of services and tools. ·         16:46: A positive view of the future reinforces motivation to save, emphasizing the importance of knowing what you're saving for.   Key Points: 1.       The podcast highlights four key behavioral factors influencing retirement planning: optimism, future orientation, risk-reward perspective, and financial literacy. 2.       The importance of aligning intentions with actual savings outcomes is emphasized, suggesting that one's mindset towards the future impact’s retirement preparedness. 3.       The discussion covers the significance of taking proactive actions aligned with a positive outlook, the role of future orientation in saving more, and the impact of financial literacy on informed decision-making for retirement planning.   Tweetable Quotes: ·         "Financial literacy is the compass for retirement readiness – understanding the basics lays the foundation for informed decisions and effective actions in securing your financial future." ·         "Risk and reward evolve with age – recognizing the importance of asset classes over time helps navigate the balance between security and achievement in pursuing financial goals." ·         "The most vulnerable savers share common traits – low optimism, future orientation, financial literacy, and a focus on risk over reward. Building resilience starts with addressing these key factors."   Resources mentioned: Your Expansion Passport® Your Walkaway Passport® Retirement Mindset Matters
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    21 分
  • Your Year-End Financial Checklist

    Your Year-End Financial Checklist
    2023/12/07
    In this episode of "Inside the Plan with the 401(k) Brothers", hosted by Bill and Andy Bush, the hosts discuss a year-end financial checklist to help listeners maximise benefits for the current year and prepare for the next. The discussion includes insights on upcoming changes in contribution limits for 2024 and highlights key considerations for individuals to review in their financial lives before the year concludes.   Episode Highlights: ·         01:52: The hosts start discussing the first category: taxes. They emphasize the consideration of deductions to maximize benefits for the year, mentioning options like contributing more to retirement plans or utilizing IRAs and Roths. ·         04:36: The hosts touch on the uncertainty of future tax rates and mention that the current rates are set to sunset in 2025. They highlight the potential for changes in tax brackets and advise listeners to consult with their CPA or accountant for accurate information. ·         05:30: Moving to the investment category, the hosts discuss the importance of reviewing asset allocation during the year-end. They briefly mention the concept of gifting to family members, including the annual limit of $17,000 and the need to file gift tax paperwork for amounts exceeding this limit. ·         06:19: The hosts begin discussing the investment side of the checklist, focusing on asset allocation and the potential need for rebalancing due to volatility in the past year. ·         07:05: Further details on the investment side include reviewing outstanding loans and mortgages, revisiting income and savings needs, and considering dividend distributions, emphasizing the tax implications of such distributions. ·         09:13: The hosts suggest self-employed individuals consider opening a retirement plan and highlight the potential tax advantages. They also mention tax breaks for businesses with under 100 employees, especially under 50, regarding retirement plans. ·         10:19: Moving on to the insurance category, the hosts recommend reviewing insurance plans, including property and casualty, and life insurance. They emphasize the need to adapt coverage to changing life circumstances. ·         13:40: The hosts discuss milestones, focusing on specific ages and corresponding financial considerations, such as catch-up contributions, Social Security decisions, and required minimum distributions (RMDs). ·         16:18: Health-related considerations, including open enrolment, reviewing health plans, and understanding flexible spending accounts (FSAs), are covered in the health category. ·         19:41: In the family category, the hosts recommend contributing to education accounts, considering 529 plans, and making charitable contributions, including qualified charitable distributions (QCDs) for RMDs. ·         21:54: The hosts conclude by encouraging a holistic approach to financial planning, considering both short-term and long-term opportunities. They stress the importance of clear thinking and planning beyond immediate concerns.   Key Points: 1.    The hosts discuss a comprehensive checklist covering taxes, retirement, investments, insurance, milestones, health changes, family, and life changes. 2.    Emphasis on maximizing deductions, contributing to retirement plans, tax loss harvesting, and considering potential changes in tax rates. Consultation with a CPA is recommended. 3.    Retirement actions key points include maximizing 401(k) contributions, exploring Social Security filing strategies, and considering additional retirement plans for the self-employed.         Tweetable Quotes: ·         "Year-end financial planning is like a short-term roadmap, but don't forget to zoom out and plan for the next three years—think holistically about your life and financial goals." ·         "Consider tax strategies like maximizing deductions, retirement actions such as optimizing 401(k) contributions, and thoughtful gifting to family members within the annual limit for a well-rounded year-end financial plan." ·         "Reviewing insurance, milestones, health changes, and family matters in your year-end checklist can ensure you're financially prepared and protected. Consult with professionals for accurate advice tailored to your situation."     Resources Mentioned ·          Horizon Financial Group ·          Last Chance Financial Checklist ·          2023 Key Financial Data
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    24 分