In this episode, we dive deep into the intricacies of retirement income planning, focusing on the strategic order of asset withdrawals to optimize tax efficiency. We discuss the common philosophy of withdrawing from taxable accounts first, followed by tax-deferred and tax-free accounts, and explore the benefits of Roth conversions for long-term tax savings. We also touch on the importance of understanding Social Security benefits and the mindset shift needed to embrace a "permission to spend" approach in retirement.

Digital Asset: Download Our Empty Nest Success Checklist - https://prairiefirewealth.com/areas-of-focus/empty-nest-planning/

00:00:00 - Understanding Taxable, Tax-Deferred, and Tax-Free Accounts

00:02:06 - The Benefits of Roth Conversions

00:05:18 - Required Minimum Distributions and Their Impact

00:06:10 - Planning Your Tax Strategy for Retirement

00:07:46 - Assessing Your Financial Buckets

00:08:59 - Maximizing Social Security Benefits

00:10:02 - Adopting a Prairie Fire Mindset for Retirement Spending

00:11:27 - Offering a 20-Minute Consultation for Retirement Planning

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I sincerely appreciate your support. Thank you for being a part of our podcast journey. If you haven't already, please subscribe to stay updated with the latest episodes. Your subscription means the world to me!

I’d love to hear from you; here are some ways to connect:

Web: https://www.prairiefirewealth.com/

Email: info@pfwplanning.com

Get a copy of my book: Empty Nest, Full Pockets: How to Emotionally and Financially Prepare for Your Family’s Future at https://amzn.to/3PovUWM

In this episode, Matt Meline, a certified financial planner and founder of Prairie Fire Wealth Planning, delves into the intricacies of retirement planning, emphasizing the importance of shifting the focus from the anxiety of running out of money to establishing a structured spending plan. He introduces the concept of "guardrails," which provide retirees with a clear framework for their financial future, allowing them to navigate market fluctuations without panic.

Digital Asset: Download Our Empty Nest Success Checklist - https://prairiefirewealth.com/areas-of-focus/empty-nest-planning/

00:00:00 - Introduction to Retirement Planning

00:01:36 - The Concept of Guardrails

00:02:07 - Meet the Speaker

00:02:48 - Complimentary Guardrail Plans

00:03:42 - Addressing Retirement Anxiety

00:04:44 - Insights from "Die With Zero"

00:06:40 - Defining Guardrails in Retirement Planning

00:07:14 - Case Study: Mike and Sarah

00:10:04 - Projecting Future Income

00:11:36 - Establishing Upper and Lower Guardrails

00:13:00 - Market Corrections and Spending Adjustments

00:14:45 - Flexibility in Spending Plans

00:15:38 - Conclusion: Developing a Guardrail Plan

—

I sincerely appreciate your support. Thank you for being a part of our podcast journey. If you haven't already, please subscribe to stay updated with the latest episodes. Your subscription means the world to me!

I’d love to hear from you; here are some ways to connect:

Web: https://www.prairiefirewealth.com/

Email: info@pfwplanning.com

Get a copy of my book: Empty Nest, Full Pockets: How to Emotionally and Financially Prepare for Your Family’s Future at https://amzn.to/3PovUWM

In this episode of the Empty Nest Full Pockets podcast, we join financial planner Matt Meline as he guides listeners through the essential strategies for achieving financial freedom in retirement. We explore key topics, including managing healthcare costs, navigating inflation, and understanding the importance of tax planning. Matt emphasizes the need for a solid spending plan and encourages listeners to embrace their newfound freedom while ensuring they are prepared for any financial surprises. Join us as we help you turn this life transition into your next great chapter!

Digital Asset:
Download Our Empty Nest Success Checklist - https://prairiefirewealth.com/areas-of-focus/empty-nest-planning/

Episode Highlights:

00:00:00 - Introduction to Living Free in Retirement
00:01:24 - Navigating Post-Childhood Financial Concerns
00:02:28 - Long-Term Care and Healthcare Planning
00:03:41 - Understanding Inflation and Market Risks
00:04:34 - Building a Three-Year Financial Plan
00:05:49 - Spending Flexibility in Retirement
00:06:40 - Tax Considerations in Retirement
00:08:38 - Roth Conversions and Charitable Giving
00:10:45 - Legacy Planning and Family Conversations
00:12:51 - Reassessing Your Financial Mindset
00:14:16 - Key Takeaways for a Successful Retirement
00:15:40 - Closing Thoughts and Inspirational Quote

Join Us for our LIVE webinar on Dec 10: "Build Your Retirement Paycheck: Spending Guardrails for Empty Nesters.". Register HERE: https://prairiefirewealth.com/webinar/

—

I sincerely appreciate your support. Thank you for being a part of our podcast journey. If you haven't already, please subscribe to stay updated with the latest episodes. Your subscription means the world to me!

I’d love to hear from you; here are some ways to connect:

Web: https://www.prairiefirewealth.com/

Email: info@pfwplanning.com

Get a copy of my book: Empty Nest, Full Pockets: How to Emotionally and Financially Prepare for Your Family’s Future at https://amzn.to/3PovUWM