Tim Baker, CFP and YFP Director of Planning answers questions from the YFP community on saving and preparing for retirement.

This episode is brought to you by First Horizon.

Summary

Planning and preparing for retirement can feel overwhelming. In this episode, Tim Baker, CFP®, RICP®, RLP®, makes the steps to planning for retirement more manageable. He answers three questions from the YFP community on retirement planning, including:

• How to determine the optimal amount to save for retirement
• Strategies for dealing with market downturns during retirement
• How different investment options impact retirement savings

This episode is brought to you by First Horizon.

About Today's Guest

Tim Baker is the Co-Founder and Director of Financial Planning at Your Financial Pharmacist. Founded in 2015, YFP is a fee-only financial planning firm and connects with the YFP community of 12,000+ pharmacy professionals via the Your Financial Pharmacist Podcast podcast, blog, website resources and speaking engagements.

Tim attended the United States Military Academy majoring in International Relations and branching Armor. After his military career, he worked as a logistician with a major retailer and a construction company. After much deliberation, Tim decided to make a pivot in his career and joined a small independent financial planning firm in 2012. In 2016, he launched his own financial planning firm Script Financial and in 2019 merged with Your Financial Pharmacist. Tim now lives in Columbus, Ohio with his wife (Shay), three kids (Olivia, Liam and Zoe), and dog (Benji).

Mentioned on the Show

• First Horizon’s Pharmacist Home Loan
• Die with Zero by Bill Perkins
• YFP Retirement Planning Series (Episodes 272-275):
  • YFP Episode 272: How Much is Enough? (Retirement Planning)
  • YFP Episode 273: Alphabet Soup of Retirement Accounts (Retirement Planning)
  • YFP Episode 274: Risk Tolerance vs Capacity (Retirement Planning)
  • YFP Episode 275: How to Build a Retirement Paycheck (Retirement Planning)
• YFP Episode 305: Understanding Annuities: A Primer for Pharmacists
• YFP Free Guide: Retirement Roadblocks: Identifying and Managing 10 Common Risks
• The Power of Working Longer (2018, Stanford Institute for Economic Policy Research)
• YFP Book a Discovery Call
• YFP Disclaimer
• Subscribe to the YFP Newsletter
• Tim Ulbrich on LinkedIn
• YFP on Instagram
• YFP Facebook Group
• Tim Baker on LinkedIn

Sean Richards, CPA and Director of YFP Tax, talks about the 10 common tax blunders he saw and how to remedy those mistakes to optimize taxes in the year ahead.

Summary

July might not seem like the time of year to think about your taxes, but for Sean Richards, CPA and Director of YFP Tax, it’s a great time to make projections for the year ahead and remedy any blunders from last year’s return.

Reviewing 10 common mistakes he saw made with taxes in 2023, Sean breaks down ways to optimize your tax plan from utilizing HSAs, to adjusting withholdings, to making sure any side-income is planned for appropriately. Sean’s biggest piece of advice: planning ahead can help avoid these mistakes and can optimize your tax situation.

About Today's Guest

Sean Richards, CPA, received his undergraduate degree in Corporate Finance and Accounting, as well as his Master of Accountancy, from Bentley University in Waltham, MA. Sean has been a Certified Public Accountant (CPA) since 2015 and is currently pursuing his Enrolled Agent certification. Prior to joining the YFP team, Sean was the Senior Treasury Manager at PRA Group, a global debt buyer based in Norfolk, VA. He began his career at American Tower Corporation where, over 10 years, he held several positions in audit, treasury and accounting.

As the Director of YFP Tax, Sean focuses on broadening the company’s existing tax planning and preparation operations, as well as developing and launching new accounting offerings, including bookkeeping, payroll, and fractional CFO services.

Mentioned on the Show

• YFP Podcast 165: The Power of a Health Savings Account
• YFP Blog: Why I’m Not Using My Health Savings Account to Pay for Medical Expenses
• YFP Tax - www.yfptax.com
• Your Financial Pharmacist
• Your Financial Pharmacist on Facebook
• Your Financial Pharmacist on Instagram
• Tim Ulbrich on LinkedIn
• Sean Richards on LinkedIn
• YFP Disclaimer
• YFP Newsletter

Tim Baker helps parents navigate saving for their child’s college education, from projecting costs and balancing goals to 529 plans.

This episode is brought to you by First Horizon.

Summary

Most parents desire to contribute toward their child’s college tuition; however, knowing how much to save and plan for can be a bit of a moving target. How much is enough to save for college?

Tim Baker, YFP Co-Founder and Director of Financial Planning, lays out the financial roadmap to help parents navigate the complexities of college savings. Tim emphasizes the importance of prioritizing college savings, projecting future costs, and balancing these savings with other financial goals. He also breaks down the benefits of starting early and making consistent contributions to make the goal more attainable.

Learn more about education savings options, including 529 plans and Coverdale education savings accounts. Tim also shares the ⅓ rule for funding college education that listeners may find make the reality of saving for their child’s future education more attainable.

This episode is brought to you by First Horizon.

About Today's Guest

Tim Baker is the Co-Founder and Director of Financial Planning at Your Financial Pharmacist. Founded in 2015, YFP is a fee-only financial planning firm and connects with the YFP community of 12,000+ pharmacy professionals via the Your Financial Pharmacist Podcast podcast, blog, website resources and speaking engagements.

Tim attended the United States Military Academy majoring in International Relations and branching Armor. After his military career, he worked as a logistician with a major retailer and a construction company. After much deliberation, Tim decided to make a pivot in his career and joined a small independent financial planning firm in 2012. In 2016, he launched his own financial planning firm Script Financial and in 2019 merged with Your Financial Pharmacist. Tim now lives in Columbus, Ohio with his wife (Shay), three kids (Olivia, Liam and Zoe), and dog (Benji).

Mentioned on the Show

• First Horizon Pharmacist Home Loan
• YFP 211: The Ins and Outs of the 529 College Savings Plans
• YFP 195: How to Save for Your Child’s Education
• YFP Blog: 7 Things to Consider Before Starting a 529 Plan
• YFP Gives - www.yfpgives.org
• YFP Disclaimer
• Subscribe to the YFP Newsletter
• Tim Ulbrich on LinkedIn
• YFP on Instagram
• YFP Facebook Group
• Tim Baker on LinkedIn