Social Security – Unleash Your Retirement

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

By Unleash Your Retirement | January 23, 2025

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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Retirement Investing 101 with Michael P. Smith (Ep. 9)

By UnleashYourRetirement | October 5, 2023

Stressed about planning for your retirement?

You’re not alone.

Join host David Koren and his fellow colleague Michael P. Smith as they share actionable investment and retirement strategies designed to ease your anxieties. Together they break down investing options, how to navigate your time horizon, and the importance of different revenue streams.

Throughout the episode, David and Michael cover:

Why having a clear vision for your retirement is a necessity
How you can best maximize your 401(k) for your retirement
The pros and cons of loaning versus owning
How to measure your risk tolerance against your risk capacity
And more!

Resources:

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About Our Guest:

Michael P. Smith is a Certified Financial Planner with over 20 years of experience and a Portfolio Manager at RVA Wealth Management. Starting his career on the Boston Stock Exchange, Mike is a professional in turning retirement worries into well-laid plans. He’s not just a financial guide but a guardian of your future, adhering to the highest ethical standards. With RVA Wealth Management, Mike is all about active communication and customized investment strategies. Off the clock, he’s a family man and community leader, deeply rooted in sports and local organizations.

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Building Wealth Beyond Your Working Years (Ep. 8)

By UnleashYourRetirement | September 21, 2023

Where will your money come from when the 9-to-5 ends?

If you’ve ever asked yourself this question, then this episode is for you!

Listen as David Koren from RVA Wealth Management arms you with strategies to diversify your income sources, ensuring you can fully enjoy your golden years. From understanding the ins and outs of IRAs and Roth IRAs to alternative income streams, this episode is a comprehensive guide to your financial future. Don’t leave your retirement to chance; secure your future now!

In this episode, David covers:

The A-Z of Individual Retirement Accounts (IRA) and Roth IRAs, including tax benefits and limitations
Alternative income streams such as Rental Real Estate, Part-time Work, and Inheritance, along with their pros and cons
The crucial details about Social Security: when to start and how to optimize your benefits
Actionable tips to fill your “income buckets” for a diversified and secure financial future
And more!

Ready for a worry-free retirement? Reach out to David for a complimentary consultation and start planning today!

Resources:

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The Truth About Taxes in Retirement with Cheri David (Ep. 6)

By UnleashYourRetirement | August 31, 2023

Do you need to be concerned about taxes in retirement?

Many people think that they will not have to pay tax on their Social Security or deal with taxes at all when they’re no longer working.

But required minimum distributions are taxed as ordinary income and can push many into higher tax brackets and up to 85% of your social security benefits will be taxed based on your adjusted gross income.

In this episode, David Koren speaks with Cheri David, CPA, CVA, Managing Partner and Principal at Clarkson David CPA, about taxes in retirement. While covering topics such as required minimum distributions, the taxation of social security benefits, Roth conversions, adjusted gross income, and deductions, they emphasize the benefits of working with a CPA to maximize take-home pay and reduce tax bills. They also discuss the advantages of health savings accounts (HSAs) and flexible spending accounts (FSAs) for tax planning.

David and Cheri discuss:

What adjusted gross income is and why it’s important
The difference between standard deductions and itemized deductions
Ways to reduce your tax burden
And more

Resources:

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Connect with Cheri David:

About Our Guest:

Cheri G. David, CPA, CVA is Managing Partner and Principal at Clarkson David CPA. Cheri founded the firm in 2005 on the principles of work-life balance. Business owners are continuously faced with ever-changing tax laws and regulatory paperwork. Helping business owners find relief and recognize areas between managing a business and managing their time is a foundation for that balance. Before entering the accounting profession over a decade ago, Cheri worked as a paralegal in Southern California and Las Vegas, Nevada, while attending college. During her 10 years in the legal profession, she worked with a few of the nation’s top trial lawyers who were involved in many high-profile cases. Her combined career paths offer business owners a diverse level of experience and perspective. Cheri’s family includes four amazing children; Riggs, Tucker, Matthew, and Graciella. There is never a dull moment as all of the children bring a special gift to the family. A passion to run led Cheri to finish her first Marathon in 2009, thereafter, finishing 3 more including the world-famous New York City Marathon in 2016. She continues to run and looks forward to the next race.

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How Much Money Do I Need To Have To Retire? (Ep. 5)

By UnleashYourRetirement | August 17, 2023

Is there a way to know if you’ve saved enough money to retire?

Very few people actually do the work to figure out if they will have enough money, and then when it comes time to say goodbye to the 9 to 5, they find out that they don’t have enough, and panic ensues.

Let’s make sure you are prepared to retire comfortably!

In this episode, David Koren, MBA, ChFC®, CLU® talks about how to calculate the money you need to retire, the necessary steps of figuring out how much you currently spend, setting a realistic date for your retirement, and estimating potential expenses combined with inflation.

David discusses:

Why you may not spend as much money in retirement as you do now
How to adjust your estimated “expense number” for retirement and inflation
The different income sources you can use to supplement your retirement savings
And more

Resources:

Will My Money Last Throughout My Retirement? (Ep.4)

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Will My Money Last Throughout My Retirement? (Ep.4)

By UnleashYourRetirement | August 3, 2023

Will you be able to retire once you turn 75?

Many people think they’ll have to work longer than they want to so that they continue to have a source of income.

In this episode, David Koren, founder of RVA Wealth Management gives a birds-eye view of determining if your money will last throughout your retirement. Listen as he addresses some of the most commonly asked questions and covers the key considerations you should evaluate in order to prepare for retirement.

David discusses:

How to determine if your money will last throughout retirement
The disparity between when people think they will retire and when they actually retire
How long to plan for and considerations such as inflation and taxes
The importance of considering your lifestyle and understanding your spending habits
And more