In this video, Ryan outlines five crucial things you need to know about RMDs, including when you need to take them, how to calculate them, and strategies to reduce them for tax efficiency. These five things will help give you a better understanding of RMDs and the role they play in building an income plan, which will also help you be more efficient in retirement.

Here’s what we discuss in this episode:

0:00 – Intro

1:46 – When do you have to take your first RMD?

5:00 – Calculating RMDs

7:39 – Can RMDs be aggregated?

11:16 – Why reduce RMDs?

15:06 – Strategies to reduce your RMDs

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:

If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

One of the biggest questions that we get about Social Security is when should I take my benefits? A lot of people want to claim them as soon as they can for multiple reasons, but would you be better off delaying your benefits up to age 70?

Join us as we explore five compelling reasons why you might want to consider postponing your Social Security claims, from maximizing survivor benefits to enhancing long-term financial stability.

Here’s what we discuss in this episode:

0:00 – Intro

1:25 – Survivor benefits

2:48 – Increase your monthly benefit

4:49 – Long-term stability

6:18 – Tax advantages

7:56 – Spousal benefits

10:05 – How far out should you plan?

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:

If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

As you approach retirement, one of the most pressing questions is how much you can withdraw from your savings without running out of money. The 4% rule, a popular guideline in retirement planning, suggests that you can withdraw 4% of your retirement portfolio in the first year and adjust that amount for inflation each subsequent year.

This rule, developed by William Bengen in the 1990s, was designed to ensure that retirees wouldn't outlive their savings over a 30-year retirement. But how does this rule align with the actual spending patterns and lifestyle of retirees today?

Here’s what we discuss in this episode:

0:00 – Intro

1:01 – Looking at the 4% rule

4:15 – Comparing 4%, 5%, and 6% withdrawal rates

8:42 – Stress testing each withdrawal strategy

13:47 – Incorporating annuities into your plan

20:43 – Conversation takeaways

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:

If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

The crucial conversation when it comes to retirement is all about how much you need to have saved. The traditional $1 million benchmark doesn’t have as much staying power as it used to. In fact, a recent study found that Americans believe they need at least $1.5 million to retire comfortably.

We’ve found that most people believe they’ll need a lot more saved before they can retire or they feel like they need to work a lot longer than they actually do.

So what’s the true answer? Well, it’s different for every individual but today we’ll look at the data and break down the numbers to help you get an idea of how much you’re going to need to retire.

Here’s what we discuss in this episode:

0:00 – Intro

2:26 – Why people think they need more than they do

3:40 – Results from a study

5:15 – Average annual income

6:35 – Single withdrawal amounts

12:21 – Married withdrawal amounts

16:12 – How much saved for single people

22:15 – How much saved for married people

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:

If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

We hear a lot of half-truths in the financial world, not necessarily because people try to make misleading statements, but because sometimes a simple statement just doesn’t quite tell the whole story.

On this episode, we’ll discuss a few examples that seem straightforward but have nuances that can significantly impact your retirement strategy.

Here are the half-truths we’ll explain in this episode:

• Don’t worry about those losses because the market always goes up in the long run.
• Diversification is the key in retirement planning.
• You should withdraw 4% annually from your retirement savings.
• Saving just enough to match your employer’s 401(k) contribution is sufficient.
• You don’t need a retirement plan if you plan to work throughout retirement.

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:

If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

While you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. In this new season of life, your old policies may no longer suit your needs or may come to an end. So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition?

Here’s some of what we discuss in this episode:

• The surprise many people get when they see how much health insurance costs if you pay on your own.
• Why might your health insurance change when you retire?
• What you need to know about the Medicare enrollment process.
• The different parts and deciding which you need.
• You might need supplemental coverage because Medicare doesn’t cover everything.

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:

If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

Are you planning for your retirement with the confidence that you're making all the right moves? With so many moving pieces in retirement, it takes detailed planning to cover all your bases, but it begins with building an income plan.

In today's episode, we'll unveil the crucial income planning mistakes that could jeopardize your retirement and show you how to craft a financial plan that's built to last decades, not just years. Tune in to ensure your retirement strategy is foolproof against common pitfalls and ready to secure your financial future.

Here’s what we discuss in this episode:

• Don’t plan to be retired for years. Instead, plan to be retired for decades.
• Why starting Social Security too early before you understand your options could cost you.
• As you build your income plan, one expense that is easy to overlook is healthcare costs.
• Why you need to factor inflation into your plan because your budget won’t be the same in 20 years.
• Creating lifetime income streams other than Social Security.
• Is now a time to consider moving money into an annuity?

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:

If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

As much as any other threat, recognizing and avoiding scams has become a necessary skill for today’s retirees to develop. In today’s episode, we’ll share a story of how a scam destroyed a woman’s entire retirement savings. Then, we’ll explore some crucial steps you can take to safeguard your financial well-being against the growing tide of scams and identity theft.

Here’s some of what we discuss in this episode:

• Marjorie Blum’s scamming story + the threat of scams for Americans over 60
• Phishing, vishing, and smishing techniques that are used today
• Some red flags to look out for when it comes to scams
• Protections you can put in place to protect your finances, like strong passwords and two-factor authentication

Resources for this episode:

How this 77-year-old widow lost $661,000 in a common tech scam: ‘I realized I had been defrauded of everything’ -

https://www.cnbc.com/2023/10/08/how-one-retired-woman-lost-her-life-savings-in-a-common-elder-fraud-scheme.html

Fraudsters targeting senior citizens with multiple financial scams –

https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/senior-citizens-financial-scams/

Get more educational videos on YouTube: https://bit.ly/4b80CuY

CONNECT:

If you have any questions, you can contact us online here: https://cravitzfinancial.com/

Email: ryan@cravitzfinancial.com

Call: 714-462-9155

Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.