Tag: Retirement Planning

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Financial Planning for Retirees: Balancing Family Support and Personal Savings (Ep. 29)

Financial Planning for Retirees: Balancing Family Support and Personal Savings (Ep. 29)

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Is it possible to financially help your adult children without jeopardizing your retirement? The short answer is yes, you can. But what financial boundaries need to be set?

In this episode, David is joined by guest Mike Smith to dive into the intricacies of supporting adult children financially. They discuss the impact on your retirement savings, when parental support may be beneficial, and how to set up clear financial boundaries. Plus, David and Mike offer practical steps to empower your children to take charge of their financial independence without compromising your own stability for retirement.

David and Mike discuss: 

  • (01:17) Balancing support for adult children without impacting personal savings
  • (05:45) Benefits of Helping with a Down Payment
  • (09:08) Roth IRA Contributions for Young Adults
  • (11:04) Navigating gift tax rules when offering financial help
  • (15:18) Setting Financial Boundaries with Adult Children
  • And more

Through this enlightening discussion, listen as they unfold valuable insights on maintaining financial stability while supporting the next generation.

Resources:

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Go-Go, Slow-Go, and No-Go: 3 Phases of Retirement You Need to Plan For (Ep. 28)

Go-Go, Slow-Go, and No-Go: 3 Phases of Retirement You Need to Plan For (Ep. 28)

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What does retirement really look like? Join us as we explore the various phases of retirement that people embark on, focusing on how to make those dreams a reality. 

In this episode, David Koren, Founder and Wealth Manager at RVA Wealth Management, dives into the “go-go,” “slow-go,” and “no-go” years of retirement, emphasizing the importance of planning at each stage to ensure a fulfilling and secure retirement journey. Listen as David shares real client experiences that highlight the diversity and individuality of retirement journeys, underscoring the need for a personalized approach.

David discusses: 

  • (02:08) The dynamic “go-go years” and how to make the most of them
  • (05:40) Transitioning into the “slow-go years” and adjusting plans accordingly
  • (07:43) Understanding the “no-go years” and planning for increased healthcare needs
  • (19:20) The importance of defining your retirement target and creating a tailored plan
  • And more

Embrace this opportunity to equip yourself with insights on retirement phases and effective financial planning strategies to maximize life’s different stages.

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Strategies for Successful Retirement Distributions With Mike Smith (Ep.27)

Strategies for Successful Retirement Distributions With Mike Smith (Ep.27)

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Planning your distributions for retirement is essential to maximizing your retirement income and fulfilling your goals for this new phase of life. 

By planning properly, you can avoid any financial setbacks and ensure you live the life you desire. 

David and Mike cover the essentials of planning your retirement distributions. From deciding when to take Social Security benefits to understanding Required Minimum Distributions (RMDs), they break it all down. Discover strategies for maximizing retirement assets by exploring the benefits of Roth conversions and managing multiple retirement accounts. Plus, they discuss common misconceptions and the psychological hurdles retirees face when dipping into their savings. 

David and Mike discuss: 

  • Understanding RMDs and how they impact your taxes [00:02:11]
  • Balancing when to take Social Security for the biggest benefit [00:09:43]
  • Using Roth conversions as a tax strategy [00:21:11]
  • The significance of consolidating retirement accounts [00:14:44]
  • And more

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Connect with Mike Smith:

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Understanding the Impact of the 2024 Elections on Your Investment Portfolio with Mike Smith (Ep. 26)

Understanding the Impact of the 2024 Elections on Your Investment Portfolio with Mike Smith (Ep. 26)

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How can political shifts influence your investments?

In this episode, David welcomes back Mike Smith to navigate the murky waters of a post-election financial landscape and dissect the implications of the recent political power shift. With both the Presidency, Senate, and House now under one party’s control, the duo explores what this means for the markets, tax laws, and investors’ portfolios. David and Mike dive into a conversation that’s sure to enlighten retirees and investors alike, touching on critical topics such as market fluctuations, party control, and planning amidst policy changes. Tune in to understand the potential economic and market impacts of tariff changes, Trump tax cuts, and the ongoing AI and industrial infrastructure boom.

David and Mike discuss:

  • (01:30) The effects of a single-party government on the stock market
  • (04:06) Tax considerations and the likelihood of corporate tax changes
  • (06:22) The economic impact of tariffs and deregulation
  • (08:19) Predicting market corrections and the importance of staying informed
  • (11:08) Why we might anticipate a market correction
  • (18:33) Practical advice on navigating market volatility and potential tariffs
  • And more

Resources:

 

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Connect with Mike Smith:

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Navigating Uncertainty: Election Outcomes & Your Investment Strategy (Ep. 25)

Navigating Uncertainty: Election Outcomes & Your Investment Strategy (Ep. 25)

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What does the upcoming presidential election mean for your portfolio?

Join David Koren from RVA Wealth Management for Episode 25 of the Unleash Your Retirement podcast as he delves into the dynamics of the current election cycle and its potential impact on your investments. David provides a refreshing perspective, emphasizing why the broad market fundamentals and your risk tolerance should guide your investment decisions – not transient political events or election outcomes.

In this episode, David talks about:

  • (03:22) How historical patterns show that markets prefer a divided government for stability
  • (08:47) Why staying invested long-term is more beneficial than reacting to political shifts
  • (11:37) The significance of keeping investments aligned with your personal risk tolerance
  • (26:30) The innovations in AI and their potential effects on future markets
  • And more

Tune in and find out why politics may not be the main driver for market performance and why staying focused on your financial strategy might be the best choice in uncertain times.

For further advice and to get in touch with us, visit rvawealthmanagement.com.

Connect with David Koren: 

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2024 Mid-Year Stock Market Update with Mike Smith (Ep. 24)

2024 Mid-Year Stock Market Update with Mike Smith (Ep. 24)

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AI is transforming industries at a rapid pace—and it’s impacting your investments more than you might think.

Join David Koren as he sits down with colleague and seasoned portfolio manager Mike Smith to dissect the 2024 mid-year market update. With insights into the performance of the S&P 500, bond market, and the heavy influence of tech giants. Gain a better understanding of current market dynamics, the profound impact of burgeoning sectors like AI on future trends, and more!

David and Mike discuss: 

  • The S&P 500’s performance so far in 2024 with a focus on the big six tech giants.
  • The semiconductor sector’s significant outperformance due to AI advancements.
  • Structural shifts in the market, including the impact of massive corporate share buybacks.
  • Forward-looking discussion on how AI is poised to revolutionize numerous industries and everyday life
  • And more

Resources:

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Is Downsizing Right for You? With Gordon Laroussini (Ep. 23)

Is Downsizing Right for You? With Gordon Laroussini (Ep. 23)

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Selling and moving on from a family home can be an emotional process. 

However, later in life, downsizing can offer you a better lifestyle and give you more options in terms of freedom.

Join David Koren alongside special guest Gordon Laroussini, a Seniors Real Estate Specialist for a discussion about the current real estate market and options for seniors looking to downsize. Learn about the process of downsizing, the past and present state of the market, and how to navigate the emotional and practical aspects of selling a longtime family home. Additionally, hear real life stories and examples about independent living options and how these communities can enhance quality of life for seniors.

David and Gordon discuss: 

  • The current state of the real estate market, specifically in Richmond and its impacts on sellers and buyers
  • The role of a senior real estate specialist and the unique services they provide
  • Emotional and practical reasons for downsizing, including decluttering, social opportunities, and financial gain
  • Independent living vs assisted living and their unique benefits 
  • And more

Resources:

Connect with David Koren: 

Connect with Gordon Laroussini:

REMAX Commonwealth 200 Westgate Pkwy, Henrico, VA 23233 Licensed in the State of Virginia, Equal Housing Office #804-360-5200

About our Guest: 

Gordon Laroussini is a Seniors Real Estate Specialist dedicated to fostering a robust and engaged community in RVA, driven by his passion for creating a better environment for families. Embracing his role as an advocate for both quality offerings in the market and the enhancement of the RVA community, Gordon consistently endeavors to address the needs of those around him.

Under his brand, “Downsizing, The Next Generation,” Gordon focuses on supporting families seeking to transition to smaller homes, 55+ communities, or independent/assisted living arrangements. This initiative not only provides opportunities for first-time buyers but also offers avenues for individuals to invest in properties that may benefit from a little tender loving care. Through his efforts, Gordon strives to facilitate smoother transitions and enrich the lives of families within the RVA community.

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A Clear Path to Decluttering With Amanda Scudder (Ep. 22)

A Clear Path to Decluttering With Amanda Scudder (Ep. 22)

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Do you ever feel like your home is too cluttered?

Perhaps you are downsizing and with every room you enter, you realize how much stuff you have accumulated over the years and don’t know what to do with it all.

Listen as Amanda Scudder joins David Koren to dive into the business of decluttering, especially as it relates to downsizing later in life. Amanda, a certified professional organizer with a wealth of experience in tackling hoarding situations, shares her insights on overcoming the clutter challenge. This episode will not only educate but empower you to tackle your own spaces with confidence and clarity.

David and Amanda discuss: 

  • The psychological reasons behind why we hang on to items we no longer use and how to overcome them
  • Practical steps and how to use the acronym C.L.E.A.R. to guide the decluttering process
  • Strategies for deciding what items to keep or to throw away while considering sentimental value
  • Ways to responsibly dispose of, donate, or recycle items that no longer serve a purpose in your life
  • And more!

Resources:

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Connect with Amanda Scudder:

About our Guest: 

Amanda Scudder is a Certified Professional Organizer, boasting certificates in challenging disorganization, hoarding, and ADHD. She holds a BA in Psychology from Syracuse University and a Masters in Social Work from Virginia Commonwealth University. Alongside her organizational expertise, she excels as a freelance writer, offering top-notch services in writing, editing, and proofreading for various purposes, including reports, resumes, cover letters, dating profiles, web content, and beyond.

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Exploring Educational 529 Plans With Caleb Vaughan CFP® (Ep 21)

Exploring Educational 529 Plans With Caleb Vaughan CFP® (Ep 21)

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Uncover the full potential of 529 plans for helping your family’s educational and financial future!

This week on Unleash Your Retirement David Koren jumps into the intricacies of 529 education savings plans with Caleb Vaughan, RVA Wealth Management’s in-house 529 expert. Listen to gain insights into how these plans work, the benefits they offer, and the strategies for maximizing their use—all aimed at supporting educational aspirations and the financial well-being of up-and-coming generations.

David and Caleb discuss: 

  • The basics and benefits of 529 plans, including tax advantages and usage across states
  • Navigating the selection process for the right 529 plan, including state-sponsored versus advisor-assisted plans
  • Strategies for enhancing the tax efficiency and potential growth of 529 plans
  • Overcoming common misconceptions and what to do when a beneficiary decides not to use the funds
  • And more!

Resources:

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Connect with Caleb Vaughan:

About our Guest: 

Caleb is a CFP® and brings with him a wealth of financial planning knowledge to the firm. Caleb specializes in developing creative solutions for our clients’ most complex problems. Caleb was attracted to RVA Wealth Management because of the firm’s focus on delivering an engaging, highly personalized client experience and its commitment to the highest standard of integrity.
Originally from Mechanicsville, Virginia, Caleb obtained his B.S. from Virginia Tech and spent nearly 6 years serving clients at a prominent wealth management firm in Greensboro, North Carolina. Caleb and his wife Jenny decided to move back home to be closer to family after the birth of their second daughter.

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Exploring the World of Travel Planning With Shawn Cordle (Ep. #20)

Exploring the World of Travel Planning With Shawn Cordle (Ep. #20)

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Are you ready to explore the world in retirement but unsure where to start? 

Join David Koren this week as he dives into the exciting world of travel planning with special guest, Shawn Cordle from AAA Travel.

This episode covers the joys of travel in retirement and the importance of making memories through exploring new destinations and experiences. Shawn shares her insights on travel planning, the benefits of group tours, and the transformative power of creating lasting memories through exploring the world with loved ones.

David and Shawn discuss: 

  • The significance of travel in retirement for making lasting memories and enjoying the money you saved
  • The advantages of group tours for convenience, comfort, and well-orchestrated travel experiences
  • Different travel destinations based on cost as well as for their unique cultural offerings
  • Budgeting tips for traveling affordably and creating unforgettable multi-generational trips
  • And more

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Connect with Shawn Cordle:

About our Guest: 

Shawn has been a travel agent at AAA Travel Mid-Atlantic for 14 years. Her passion for travel goes beyond just doing it herself. She prides herself on helping families plan their dream vacations without having to stress over every detail, ensuring they can enjoy every moment.

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