14 Day Retirement Plan

Retirement Prof University
14 Day Retirement Plan

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Beginner

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Retirement

286 Lessons

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14 Day Retirement Plan

Welcome!

3 Lessons

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Kickstart Quiz

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Join our Facebook community

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Get organized

Day 1: Retirement Mindset

16 Lessons

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Welcome!

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Join the community!

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Derek's story

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What are you retiring to?

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Planning a joint vision for retirement

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Answer Kinder’s Three Questions

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ACTION: Kinder’s First Question

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ACTION: Kinder’s Second Question

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ACTION: Kinder’s Third Question

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Takeaways From Kinder's Three Questions

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George Kinder's Presentation

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Pursuing Happiness

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Maintaining a purpose

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OPTIONAL: Software set up

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ACTION: Register for Income Lab access

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ACTION: Register for Maximize My Social Security

Day 2: Retirement Accounts

34 Lessons

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Common questions

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Roth vs. Traditional

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Why the HSA is the most powerful account of all

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Changing dynamics in late working years

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Traditional IRA basics

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Roth IRA basics

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Spousal IRA/Roth IRA basics

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Does $7,500 per year make a difference?

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Employer-sponsored retirement accounts

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The six rollover options

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Taxation of retirement account withdrawals (non-Roth)

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Potential side-effects of IRA distributions

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Required minimum distributions (RMDs)

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Three RMD mistakes

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Savvy IRA strategy #1

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Savvy IRA strategy #2

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Tax-free Roth IRA distributions

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Who can do a Roth IRA conversion?

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Other benefits of Roth IRA conversions

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Big Roth conversion changes after 2018

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Three questions to ask before doing a Roth conversion

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Long-term Roth conversion strategy

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Limitations and risks of Roth IRA conversions

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Savvy IRA strategy #3

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Savvy IRA strategy #4

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Coordinating IRA planning with Social Security

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Savvy IRA strategy #5

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Non-designated beneficiaries

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Non-eligible designated beneficiaries

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Eligible designated beneficiaries

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Trusts as IRA beneficiaries

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Options for spousal IRA beneficiaries

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Bonus IRA strategy

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ACTION: Summarize your current retirement accounts

Day 3: Tax Planning

22 Lessons

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Intro to tax planning

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Tax disclaimer

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Don’t forget about state taxes!

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Tax planning philosophies

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The new challenges that come with retirement tax planning

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The four stages of retirement

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Retirement tax planning Key #1

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Retirement tax planning Key #2

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The "Social Security Tax Torpedo"

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The good, the bad, and the ugly of Social Security and taxes

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Medicare and taxes

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Retirement tax planning Key #3: Distribution coordination

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Tax bracket management

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Alternative approaches to tax bracket management

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Tax bracket management example

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Other pre-retirement strategies

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Charitable giving and tax planning

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Retirement tax planning Key #4: Estate plan coordination

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Estate Example #2: Choices when inheriting IRAs

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Taxes and long-term care

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Key focus areas for different phases of retirement

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ACTION: Review your most recent tax return

Day 4: Investing

11 Lessons

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Intro to Investing

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Stocks

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OPTIONAL: Why you shouldn't invest in individual stocks

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Bonds

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Mutual funds

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Exchange traded funds (ETFs)

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Target date funds

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Robo advisors

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Factor investing

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OPTIONAL: A deep dive into factor investing

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COMMING SOON: Betterment set up tutorial

Day 5: Estate Planning

26 Lessons

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Leaving a legacy

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Dying without a will

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Preparing for sudden incapacity

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Common estate planning problems

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Beyond estate planning: Generational planning

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Six step legacy planning process

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Step 1: Plan for incapacity

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Step 2: Get organized

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Step 3: Think about the people you love and the causes you care about

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Step 4: Put your wishes in writing

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Wills vs. Trusts

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Step 5: Creating your family legacy

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Step 6: Monitor and update your plan

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Federal estate tax overview

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State estate taxes

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Common mistake #1: Lack of coordination

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Common mistake #2: Inaccurate beneficiary designations

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Common mistake #3: Per capita vs. per stirpes

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Common mistake #4: Inefficient beneficiary designations

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Common mistake #5: Guardianship of minors

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Common mistake #6: Not funding trusts

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Common mistake #7: Inaccessible documents

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OPTIONAL: Review/complete estate documents

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Completing estate documents with Trust & Will

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Completing estate documents with a local attorney

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FOR FUN: I review Ron Swanson's estate plan

Day 6: Social Security

24 Lessons

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Penalty vs. Bonus

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The Social Security problem

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Things to know about Social Security

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Will Social Security survive?

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Insight #1: Inflation-protected income

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How to determine your benefit

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Insight #2: Early claim reductions

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When to apply for benefits

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How to estimate your Social Security benefits

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How to maximize your benefits

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Social Security taxation

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Medicare and Social Security premiums

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Things to remember when applying for Social Security

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Insight #3: Maximize the higher-earner's benefit

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Coordinating spousal benefits

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Insight #4: Benefits when widowed or divorced

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Survivor benefits

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Divorced-spouse benefits

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The importance of a customized Social Security analysis

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What Social Security personnel can and cannot do

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Windfall Elimination Provision (WEP)

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WEP-Adjusted PIA

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Government Pension Offset (GPO)

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ACTION: Complete Maximize My Social Security analysis

Day 7: Medicare

4 Chapters

Medicare Overview

2 Lessons

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3 Key Medicare Points

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Sections covered today

Section 1: Medicare Enrollment

8 Lessons

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What is Medicare?

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How to enroll in Medicare?

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Signing up for Part A during the Initial Enrollment Period

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Signing up for Part B during the Initial Enrollment Period

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Signing up for Part D during the Initial Enrollment Period

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Special Enrollment Period

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Best time to enroll in Medicare

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How to sign-up for Medicare Parts A, B, and D

Section 2: Medicare & Private Insurance

9 Lessons

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Section 2: Medicare & private insurance

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Medicare premiums

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Medicare deductibles

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Medicare coinsurance

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What Medicare covers

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What private insurance may cover

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Medigap policies

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Medicare Advantage plans

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Shopping for private insurance

Section 3: Planning for higher health care costs in retirement

8 Lessons

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Section 3: Planning for higher health care costs in retirement

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Retirement health care budget

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Planning for future costs

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Planning for long-term care

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Levels of long-term care (in-home, custodial, skilled nursing)

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Why plan for long-term care

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Three reminders

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ACTION: Plan your transition to Medicare

Day 8: Long-Term Care

17 Lessons

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Long-term care quiz

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The long-term care problem

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Emotional and financial risks

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Key #1: Planning for personal care needs

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What is long-term care?

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Long-term care settings

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Costs of long-term care

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Key #2: Counting on Medicare/Medicaid is NOT a plan most people want

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3 Medicaid surprises

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Key #3: Historical LTC insurance market issues

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Key #4: New approaches to LTC planning

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Improved long-term care insurance

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Life insurance and annuities with long-term care benefits

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Other strategies to cover LTC costs

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Self-funding LTC costs

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LTC points to keep in mind

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ACTION: Develop your LTC plan

Day 9: Insurance

26 Lessons

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Insurance in retirement

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Special considerations for life insurance in retirement

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Types of life insurance

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Term life insurance

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Guaranteed Universal Life (GUL)

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Indexed Universal Life (IUL)

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Variable life insurance

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Life insurance in estate planning

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Life insurance and long-term care protection

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How to shop for life insurance

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Shopping for term life insurance

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Shopping for Guaranteed Universal Life (GUL) insurance

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Shopping for pure long-term care insurance

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Shopping for hybrid life and long-term care insurance

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Shopping for final expense insurance

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Health and underwriting

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Introduction to property and casualty (P&C) insurance

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Homeowners insurance

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Maintaining adequate homeowners insurance coverage

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Maintaining an inventory of your home

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Flood insurance

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Homeowners insurance liability coverage

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Auto insurance in retirement

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Umbrella insurance

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What NOT to tell people about your insurance

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Professional liability insurance and other considerations for part-time employment

Day 10: Cybersecurity

17 Lessons

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Identity theft prevalence

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The cybersecurity challenge

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Discover your cybersecurity score

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Learn the new cybersecurity rules

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Key Idea #1: Adopt a higher level of secrecy

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Beat the password paradox

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Enabling 2-factor verification on email and financial accounts

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Use Wi-Fi with caution

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Secure your home Wi-Fi network to keep hackers out

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Key Idea #2: Achieve financial cyber omniscience

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Freeze your credit

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Key Idea #3: Achieve mindfulness

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Always update software

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Backup files to protect against ransomware extortion

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10-second E.M.A.I.L. rule (examine message)

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10 second E.M.A.I.L. rule (inspect links)

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ACTION: Commitment plan

Day 11: Budgeting

12 Lessons

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How budgeting changes in retirement

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Getting help with budgeting

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How spending changes in retirement

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Should retirees plan for declining spending?

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Inflation-adjusted (real) vs. non-inflation-adjusted (nominal) spending

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Variable vs. fixed expenses

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Budgeting that works

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The envelope budgeting method

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The modern envelope method

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The zero-based budgeting method

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The profit-first budgeting method

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Using sinking funds to budget for large, infrequent expenses

Day 12: Retirement Income Planning

15 Lessons

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Retirement income planning

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What you should know about annuities

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The annuity puzzle

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Mortality credits and super bonds

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Qualified longevity annuity contracts (QLACs)

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Variable annuities

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Basic retirement terminology

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Sequence of returns risk

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Strategy #1: Straight-line calculation

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Strategy #2: Historical simulation

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The "Retirement Distribution Hatchet"

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Strategy #3: Monte Carlo simulation

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Strategy #4: Guardrails (dynamic spending strategies)

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What accounts should distributions be taken from?

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Other considerations to be mindful of

Day 13: Building Your Plan

18 Lessons

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Let's get started!

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Income Lab Access

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Initial log in

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Data entry: Household info

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Lean plan method

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Data entry: Assets

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Data entry: Liabilities

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Linked vs. manual entry accounts

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Data entry: Savings

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Data entry: Income

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Data entry: Expenses

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Data entry: Retirement

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Data entry: Insurance

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Plan results (risk-based guardrails)

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Are these the right guardrails for me?

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Tax optimization through bracket management (Roth conversions)

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Life Hub

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Congratulations!

Day 14: Working with an Advisor

18 Lessons

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Does everyone need an advisor?

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Advisor service spectrum: DIY vs. DIWY vs. DIFY

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Understanding the different types of advisors

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What does "Fee-Only" mean?

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What does "Fiduciary" mean?

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Financial planning designations (and which ones matter)

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What retirees should know about financial advisor conflicts of interest

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Why Vanguard estimates 2-3% value in working with an advisor

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Understanding advisor business models: Why cheaper isn't always better

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Understanding advisor business models: Why number of clients matters

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Advisor differences on "Tax Planning"

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Interviewing advisors: How to assess their competence

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How to look for an advisor

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Should you negotiate with an advisor?

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Understanding "all-in" advisor costs

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Working with multiple advisors

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Disregard financial advisor "awards"

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An advisor's commitment to continued education

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About the teacher

Derek Tharp

Derek T. Tharp, Ph.D., CFP®, CLU®, RICP® is a finance professor and financial advisor.

So far, so good. Got off to a rough start with password issues but worked through that. The first several of your videos are the same Welcome Video. You will fix that quick enough. Purchased the Social Security calculator, I like that. Looking forward to the Income Lab. I have one big question: I have done some conversions and I am thinking of some larger 401() to Roth conversions. Very complicated stuff to get it right with tax implications and possible increases in Medicare premiums and such. There are folks out there I can hire to help me, I have not started with any of them but soon will make contact. I expect a very traditional experience, they take my data, plug it into their spreadsheet and give me the results and a bill. If I want to see changes I make a request and give them some more cash, wait a while and get new static results. How much more would I love it if I could have online access to a Roth conversion calculator where I could make the changes and see in real time the results and even better access it later in the year then next year and the next etcetera. Given that one CFP that is doing this gets several kilobux for one static iteration to be able to do as I describe would be valuable. There you go. A new project for you. 🙂 Anyway, looking forward to this evening’s lesson.
Suwannee Tim

Derek Tharp says:

January 17, 2023 at 12:58 pm

Thanks for this feedback! Still working to iron some things out with the welcome videos.

You’re definitely right that it can be tricky to dial in Roth conversions given the impact they can have on Medicare premiums and other considerations. Fortunately, the plan we’ll build out in this course will be able to identify strategies that appear optimal after accounting for such taxes. It’s mostly only professional financial planning tools that have the capabilities to model out these long-term projections at this time, but that is what we’ll be using in this course!

Reply

Where is the retirement software

Derek Tharp says:

February 10, 2023 at 11:35 pm

The instructions for accessing the planning software are in the Day 1 content. You can use this link to get to the form for requesting access: https://retirementprof.com/course/action-register-for-income-lab-access/

Reply

Can I download lessons on to my ipad so that I can take classes offline?

How long will we have access to the software for? Is it a lifetime account?

Derek Tharp says:

March 22, 2023 at 11:38 pm

Since the software is provided by a third-party vendor, I cannot guarantee lifetime access to the software. I really can’t make any guarantees regarding software access, since Income Lab could go out of business, get shut down, etc. and I have no control over that. It would be similar to me teaching someone how to use a Google-based tool but being unable to make any guarantees about Google’s continued development of a given tool. I’m being extra cautious in what I’m saying here but just don’t want to make any false promises!

All of that said, my intent is to keep this course functional with tools people can actually use. So if for some reason access to a particular tool was removed, I would be looking for alternatives that could take that tool’s place. Does that make sense?

Reply

Great question Carl. I would like to do that as well

Hi Derek, I am having trouble using the Income Lab app. I input my household info and my investments but it’s saying that my household info is incomplete. Can you help me to figure this out? Thanks

I had to change my email. How do I change my email on your website?