This week's blogpost - https://bahnsen.co/3MidbtW

Navigating Financial Milestones: From Youth to Golden Years

In this episode of the Thoughts on Money Podcast, host Trevor Cummings and guests Blaine Carver and Sean Latimer discuss Blaine's article on financial milestones. The group humorously reflects on age-specific privileges and responsibilities that influence financial decisions. Covering milestones from childhood to retirement, they delve into the importance of starting investment accounts for minors, the benefits of different savings strategies, the significance of life and disability insurance, and tax planning. They also explore Roth conversions, estate planning, and the psychological impacts of money management, offering practical insights and a few personal anecdotes along the way.

00:00 Welcome to the Thoughts on Money Podcast

00:32 Discussing Financial Milestones

02:28 Planning for Children's Future: UTMA vs. 529

06:37 Creative Uses of 529 Plans

10:55 Importance of Insurance in Early Adulthood

13:53 Building Savings Habits

18:38 Pre-Retirement Planning in Your 50s

20:36 Understanding IRA Withdrawals and Penalties

22:32 Navigating Social Security and Medicare

26:11 Tax Planning Strategies in Your 60s

30:02 Charitable Giving and Required Minimum Distributions

33:39 Estate Planning and Financial Management in Your 70s

40:50 Final Thoughts and Practical Advice

Links mentioned in this episode:

• http://thoughtsonmoney.com
• http://thebahnsengroup.com