Tag: Modern Retirement

Retirement Rewirement: Why Most People Forget Why They Retired & How to Fix It w/ Bonnie Treichel (Episode 47)

Retirement Rewirement: Why Most People Forget Why They Retired & How to Fix It w/ Bonnie Treichel (Episode 47)

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Summary: In this episode of Wealth on the Move, host Will Hoffman engages with Bonnie Treichel, J.D., co-author of Your Retirement Sketchbook. They discuss the complexities of retirement planning, emphasizing the importance of visualization, the psychological shift required for retirement (termed ‘rewirement’), and the need for community and purpose in this new phase of life. The conversation also covers practical aspects like social security, the upcoming wave of retirements (Peak 65), and the often-overlooked topics of pets and digital footprints in retirement planning. The episode encourages proactive discussions about retirement and highlights the dynamic nature of financial planning.

Resources: 

Takeaways:

  • Retirement can feel confusing and overwhelming for many people.
  • Visualization is a powerful tool in understanding financial concepts.
  • The concept of ‘rewirement’ emphasizes a mindset shift for retirement.
  • Community, purpose, and recreation are essential for a fulfilling retirement.
  • Retirement planning is not a one-time event but a dynamic process.
  • Social security decisions can significantly impact retirement finances.
  • The upcoming Peak 65 wave will see a large number of retirements.
  • Pets can provide companionship and purpose in retirement.
  • Planning for your digital footprint is increasingly important.

Connect with Will Hoffman: 

 

Disclosure: Bonnie Treichel and Endeavor Law are not affiliated with Hoffman Wealth Management and Private Advisor Group.
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Taking Charge of Your 401k (Ep. 16)

Taking Charge of Your 401k (Ep. 16)

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Generation X was born between 1965 and 1980, which means the oldest of the bunch are approaching their “retirement years.”

In this episode, Will Hoffman breaks down the differences between traditional and Roth 401ks and helps you determine which plan fits your goals and financial needs. You’ll also learn about managing assets, matching contributions, and the impact of taxes on your retirement plan. Plus, get insights into the history and evolution of the 401k and the importance of planning ahead to master your financial future. 

Gain insight into:

  • The history and evolution of the 401k retirement plan
  • Differences between traditional and Roth 401ks
  • How taxes can impact your retirement plan
  • The importance of planning ahead so you can become a master of your financial future
  • And more!

Resources:

Education Planning Series:

Connect with Will Hoffman: 

About Our Host: 

Will Hoffman is a financial advisor and the Founder of Hoffman Wealth Management, a firm dedicated to helping professionals create wealth plans that revolve around their financial goals. Will has 20 years of experience in the financial services industry and is passionate about becoming his client’s most trusted financial ally. 

This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Contributions to a traditional 401(k) may be tax deductible in the contribution year, with current income tax due at withdrawal.  Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.

A Roth 401(k) offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Private Advisor Group, a registered investment advisor. Private Advisor Group and Hoffman Wealth Management are separate entities from LPL Financial. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed.  No offers may be made or accepted from any resident of any other state.

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