Mr. Stillman's Opus

When you think about a family’s assets in retirement, few are more important than the home. Not only is it typically the most expensive thing a person owns, but it also carries a lot of emotional attachment with it. Once you reach retirement, you’re likely going to have a few things to consider with your home, and people often go in one of four different directions: stay in their home, move to a new home, become a renter, or buy a second home. Today we’ll talk through each option and what financial pros and cons you’ll need to consider before choosing where you plan to live.   Here are some of the things you’ll learn in this episode: Is staying in your current home going to work for you long-term? (2:48) What goes into the decision to move? (6:22) What we need to think about before buying a second home. (10:05) Does it make more sense to sell your home and free up cash by renting? (12:56)   Connect with us:  Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Our three-part series on marriage and money wraps up today with a look at the financial decisions that often happen during the divorce process. This is going to be a highly emotional and difficult process for those involved, which makes the financial aspect of this process even more challenging. We’ll walk you through a few of the items that will need to be addressed like dividing assets, child support, and updating documents. Then we’ll talk about how your mindset has to change as you begin the next chapter of life independently and begin planning for retirement on your own.   Here are some of the things you’ll learn in this episode: John shares his most memorable story about divorce. (1:10) Mistakes made when dividing the assets. (4:15) Child support and alimony. (7:11) Updating documents and beneficiaries. (9:39) Changing your mindset to approach finances as an individual. (11:18)   Connect with us:  Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Money plays a significant role in the health of a relationship and life events like marriage and remarriage require us to have honest conversations about finances when we take these steps in life. In this episode, we’re going to spend time discussing the items that need attention when you get remarried. There are some common themes and considerations as your first marriage, but things like combining finances and joint accounts will inevitably be more difficult when it’s the second marriage because you’re further along in life and more established financially. Combining households can be a challenge when you get married again for the second time so we have to communicate quite a bit and make sure we find a process that works for both parties.   Here are some of the things you’ll learn in this episode: It’s more common to keep finances separate, at least early on. (2:09) How you manage a blended family. (3:42) Changes you need to make to beneficiaries and insurance. (7:40) Handling inheritances can get tricky.

Some of life’s biggest events come with important financial decisions and marriage might be at the top of the list. Many of the arguments in a relationship start because of disagreements about money, which is why it’s so important to have a conversation about money and managing finances before your wedding day. In this episode, John will provide some financial guidance and useful tips for how to approach these topics with your spouse. Should you combine finances? How do you define certain spending categories? We’ll try to answer those and more during this show. Plus, John will also share the way he and his wife manage their money and why it works for them.     Here are some of the things you’ll learn in this episode: What’s the best approach to combining bank accounts and managing spending? (2:43) John evaluates Ben’s spending setup for his family. (4:52) How do you define a personal spending expenditure and what is a joint household expense. (7:44) What’s the best way to communicate about money with your par

Have you ever wondered why you handle money the way you do? It turns out your financial behaviors can be traced back to your formative memories. Key events throughout our lives shape the way we view money. In this episode, we explore how historic market crashes have left a lasting impact on our relationship with money. We’ll also contrast them with the way more recent crises have shaped our financial views and decisions in the short term. Best of all, we’ll start it all off with a biblical example of how people have been financially scarred for hundreds of years.   Here’s some of the myths we’ll address in this episode: John provides a biblical example to show how we suffer financial scars. (1:55) How the Great Depression affected financial habits for generations. (6:37) The post-war boom made people believe big returns were commonplace. (9:20) The fallout from 2008. (13:00) Assuming everything will bounce right back after seeing what happened in 2020. (15:35)   Connect with us:  Web: https://rosewoodwealthm

Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you're eligible is the best decision for your financial future? In this episode, we'll be debunking common myths about Social Security and answering the questions you've been curious about. Social Security will be one of the biggest sources of retirement income for most Americans and you need to be aware of these myths before filing for your benefits. Most of the time, once that decision is made, you can’t reverse it. So let’s make sure you’re getting the most out of your benefits.   Here’s some of the myths we’ll address in this episode: The Social Security Administration will help you make the best decision about when to claim your benefit. (1:17) You won’t get Social Security if you were a stay-at-home mom. (5:55) You won’t have to pay taxes on your Social Security since you’ve been paying into the system your entire career. (10:26) Social Security won’t have any money left by th

Are you preparing for retirement but feeling confident that you have covered all the expenses? Well, think again… It turns out that many retirees overlook some crucial expenses that can leave them financially vulnerable. In this episode, we explore the retirement expenses that most people tend to forget, including skyrocketing medical bills, unexpected travel costs, taxes, and much more. We'll discuss practical tips and strategies to help you plan for these expenses and ensure a secure and comfortable retirement. Here's some of what you'll learn on this episode:  Are you prepared for everything Medicare doesn’t cover in retirement? (1:35) Many families have to provide financial support for parents and children. (6:38) What often gets overlooked when it comes to tax planning. (9:21) How to prepare to tackle those maintenance and repair expenses that pop up. (12:13) Why you have to increase income streams to incorporate inflation into your plan. (13:40)   Connect with us:  Web: https://rosewoodwealthmanagement

Do you ever feel like your retirement planning goals are always moving? You're not alone. We’ve found that people often move the goalposts in their own retirement planning, often to their detriment. In this episode, we're diving deep into the psychology of retirement planning and the dangers of moving the goalposts. Keep in mind that we’re talking about the rules you make for yourself rather and not the changes you make to your financial plan. We want to have a financial plan that’s flexible enough to change as your life does so that’s a bit different than this conversation today. Here’s some of what we’ll discuss in this episode: What’s the risk for changing how much cash you feel you need to have saved? (1:48) The people that put off getting serious about savings until next year… (6:41) We often change the amount of risk we’re willing to take on. (8:20) Why changing your retirement date is a missed opportunity. (12:07)   Connect with us:  Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Retirement can come with a lot of tax questions and concerns. From understanding the tax implications of withdrawing from your retirement accounts to minimizing taxes on investment income, it can be overwhelming. On today’s episode, we’ll break down the top ten tax questions retirees are asking in 2023. Before you file your 2022 taxes and plan ahead for the rest of the year, make sure to listen to this episode as we’ll discuss some important tax questions that retirees should ask themselves to ensure they're making the most of their retirement savings and minimizing their tax burden.   Here’s some of what you’ll learn in this episode: What are the tax implications of withdrawing money from my retirement accounts? (1:47) Will my Social Security benefits be taxed? (3:17) Does the taxation of my pension income differ from other forms of income? (6:38) How will my taxes change if I decide to move to another state in retirement? (9:12) What are the tax considerations for gifting money to my children or grandchildr

mistakes. No matter how experienced you might be, we’re all susceptible to a moment of weakness. On this episode, John will cover some of the top rookie mistakes we see people make and share examples of how he’s seen this play out. Plus, he’ll illustrate how to avoid these missteps or how to fix them if you’re already made some in your financial life. Here’s some of what you’ll learn in this episode: Do you have a purpose for the money you’re investing? (1:39) Why investors don’t always understand the amount of risk they have. (6:43) How emotions play a role in the decisions you make. (9:15) Why we all fall into the trap of a ‘hot tip’ (13:32) The role your advisor should play in helping you avoid these mistakes. (16:46)   Connect with us:  Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

The SECURE Act 2.0 was pushed through Congress late last year, and even though you won’t see too many exciting headlines about the legislation, there are actually some great planning opportunities inside. We spent a little time talking about the RMD age change that will impact people in or near retirement in our last episode. Now we want to highlight a few more positive changes that you need to know about, including catch-up contribution increases, a 529 to Roth option, and a benefit for people for some people still paying off student loans.   Here’s some of what you’ll learn in this episode: Catch-up contributions for increase for people aged 60-63. (1:15) You’ll have the ability to move 529 money to a Roth with restrictions. (3:36) Student loan payments could qualify you for a company 401(k) match. (8:06)   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446

We’re only a few years removed from the SECURE Act being passed, which brought about significant retirement planning changes. Now three years late, Congress passed SECURE Act 2.0 in late December and we have another round of changes to process and adjust to. We’ll cover these provisions over the course of multiple episodes, but today we’ll focus primarily on another adjustment to the age you have to begin taking required minimum distributions. Starting this year, the age will move from 72 to 73, which is pretty big news for people that are in their mid-to-late 60s.     Here’s some of what you’ll learn in this episode: The RMD age pushed back from 72 to 73 beginning this year. (2:14) A specific example of why this change matters to planning. (4:44)   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446  

The end of the year (or start of a new year) probably means you’re getting a lot of financial statements in your mailbox (or inbox if you’re paperless). Ever wonder what some of those terms mean as you look at your 401(k), IRA and other account balances? Let’s spend a little time looking over a financial statement and breaking down some of the terms you might come across. Here’s some of what you’ll learn on this episode: How accurate are retirement income projections you’ll see? (1:38) What do you need to know about that asset allocation pie chart they include for your investments? (4:34) Are all the fees listed on the account statement? (7:43) Will you miss anything if you don’t read through the disclosures and fine print? (9:49) Other balances you might find on your statement. (11:15)   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446

Even if she wasn’t directly talking about money, Grandma said a lot of smart things that we can apply to financial planning. We might not have known it then, but looking back on wisdom that was imparted to us can teach us lessons years later. On this episode, let’s take some classic Grandma sayings and see how they relate to our financial lives.   Here’s some of what you’ll learn on this episode: How ‘when it rains it pours’ applies to the way the market behaves. (1:33) ‘You never know’ is used quite a bit in financial planning. (4:19) ‘A bad apple spoils the whole barrel.’ (6:43) Why it’s important to get information ‘straight from the horse’s mouth.’ (8:49) Yes, ‘if your friend jumps off a bridge, would you do it too?’ applies to finances. (10:00)   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446

Getting through retirement can be a lot like running a marathon. While we may not know that through first-hand experience, we can certainly lean on the lessons we’ve learned from family and friends who have succeeded in this endeavor. On this episode, let’s talk about some of the similarities of getting to the finish line in racing and retirement. Much like in retirement, runners might be able to finish a race without all the planning and prep, but they might not how they’re feeling during and after. Here’s some of what you’ll learn on this episode: What planning and preparation goes into retirement? (2:12) The proper diet is just as important as planning. (5:24) Why you shouldn’t start too fast in retirement. (8:28)   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446

Whenever we’re faced with a major life event, certain people will have an impact on us and the decisions we make. But when you work with a financial advisor who you’ve built a strong relationship with, they end up being there for all of these key events because of the financial impact they have. Let’s explore some of the things you should be thinking about to make smart financial decisions when you encounter some of the most significant events in your life. Here’s some of what you’ll learn on this episode: What do you need to consider when you change jobs? (2:35) The tax considerations that come with an inheritance. (5:45) How becoming an empty nester changes your income and savings. (10:03) How we help someone that goes through the death of a spouse. (11:45)   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446

We always talk about the money side of financial and retirement planning. But what about the mental aspect of that big life change? Today we’ll break down an article written by a Licensed Professional Counselor (Kate Schroeder) for Psychology Today, titled The Psychological Investment In Retirement. You might be surprised to find out that many financial advisors actually spend significant time on this side of the planning process, and we’ll take you through that on this show. Here’s some of what you’ll learn on this episode: Few people consider the consequences of leaving your everyday routine behind. (1:53) Why we struggle to find genuine meaning in retirement. (4:20) This is the time to try things you’ve always wanted. (6:24) What can you do invest in personal growth and development? (8:28) What have our clients done to get mentally prepared for retirement? (10:54)   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446

There are plenty of decisions that you’ll make in the retirement planning process that can’t be undone, so you want to make sure that you make the right call. On this episode, we’ll explain why these decisions are so important and can’t be undone. Here’s some of what you’ll learn on this episode: Why claiming Social Security at 62 isn’t always the right decision. (1:58) What’s important to know about spousal benefits on a pension. (4:50) Reasons for getting life insurance and why you should decide soon. (8:46) Choosing the appropriate retirement date can keep you from having to go back to work. (12:15)   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446

People have many reasons for procrastinating when it comes to putting a retirement plan together. Let’s explore some of those excuses and why they can be dangerous, and talk about how to overcome them.   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446

You’ve most likely heard plenty of “rules” you’re supposed to follow to retire successfully. Some of these rules are stated so confidently, you’d be crazy not to immediately accept them as fact. But we don’t mind the threat of being called crazy, so let’s dive into some of the most popular retirement “rules of thumb” to see if they truly lead us down the path of good financial guidance or run a chance of leading us astray.   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446