In this episode, David Pulcini explains how you can figure out how much money is enough to retire comfortably. He outlines a simple four-step process to help you figure out your retirement number. David also mentions the 4% rule of thumb for safe withdrawals and emphasizes the importance of adjusting investments, retirement length, and withdrawal amounts based on market conditions.
David discusses:
A 4-step outline for finding your retirement number
How to calculate your current expenses and future expenses in retirement
Where will your retirement income come from
How to fill the gap between your financial expenses and retirement income
What the 4% rule is
How to determine what amount you need in order to be able to take 4% to fill the gap
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, a registered investment advisor. Private Client Services, Six Point Financial Partners, and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
Whether you plan to retire in 2023 or shortly after that, make sure your retirement plan provides for all your needs.
In this episode, David Pulcini discusses 6 points people approaching retirement should consider in 2023 with Joe Prestigiacomo, CFP®. David and Joe explain how retirees can determine how much money they will need and where they can source their income. Joe talks about how inflation, social security, and retirement contribution limit changes will affect how much money retirees will need. They conclude the episode with a discussion about the emotional side of retirement and a brief recap of the 6 points to consider before retiring in 2023.
Joe discusses:
How much money you need to retire and where it will come from
Why inflation is the word of 2022
The increases in inflation, social security, and retirement contribution limits
Why healthcare is the most Googled term for people heading into retirement
Joe Prestigiacomo, CFP® is a partner at SixPoint Financial. Joe began his career in the financial services industry in 2012. Today, he provides comprehensive financial guidance to his clients. Joe focuses on developing retirement income strategies and personalized risk management assessments and solutions. Along with his knowledge and experience, Joe prides himself on developing a deep understanding of his clients’ individual situations, and his ability to help them make well-informed financial decisions with confidence.
Disclosures:
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, a registered investment advisor. Private Client Services, Six Point Financial Partners, and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
As the saying goes, the years go by fast. One minute you’re a young up and comer in your career.
Then suddenly, the next minute you’re facing the question of “when is the right time to retire?” Do you have the best plan in place to live your dream retirement?
In this episode, David Pulcini reviews what you need to cover in your retirement checklist to ensure that you are truly prepared for retirement.
David discusses:
The 16 points on your retirement list that need to be checked
The role your advisor plays in ensuring everything on the list is complete
How to get more out of your Social Security
The importance of looking into long-term care insurance
When it comes to financial planning, making mistakes can end up being disastrous to your accounts, and can result in the loss of your own financial security for your retirement.
In this episode, Joe Prestigiacomo, CFP®, John Harms, CFP® and Alex Neri, CFP® each give two examples they commonly see when it comes to financial planning.
David, Joe, John and Alex discuss:
Why you should avoid having multiple retirement accounts
Taking your RMDs from the proper accounts
When you should be claiming Social Security
Mistakes made when it comes to income planning through retirement
Why you shouldn’t be too conservative with your accounts as you approach retirement
About Joe Prestigiacomo: Joe Prestigiacomo began his career in the financial services industry in 2012, and today he provides comprehensive financial guidance to many clients. He graduated from St. John Fisher College – Rochester, NY where he earned a Bachelor of Science degree in Finance. He holds Series 7, 24, 66 and NYS Life, Health & Disability Insurance Licenses, and is a Certified Financial Planner™. Joe focuses on developing retirement income strategies as well as personalized risk management assessments and solutions.
Along with Joe’s knowledge and experience, his commitment to an outstanding level of client service is an integral part of his practice that he prides himself on. By developing a deep understanding of Joe’s clients’ individual situations, he is able to help them make well informed financial decisions with confidence.
About John Harms: John Harms is an Indiana native who started in the investment and financial services industry in 2004 with Wachovia. There, he concentrated on helping small business owners in Chicago’s Lincoln Park community with retirement planning and investment portfolio management. Upon moving to Rochester in 2007, John shifted focus to providing comprehensive financial planning, wealth management, retirement income and distribution planning advice to educators.
He truly enjoys working with his clients helping to ease their financial concerns so that they can focus on what’s most important to them in life. John is approachable and pays close attention to detail in developing solutions to provide professional service clients can depend on.
John is a 2004 graduate of the Krannert School of Management at Purdue University – West Lafayette, IN where he earned a Bachelor of Science degree in Management with a minor in Finance. In 2015, he obtained the RICP® (Retirement Income Certified Professional) designation from the American College.
Currently enrolled in the CFP® (CERTIFIED FINANCIAL PLANNER™) Curriculum at the American College and holds Series 7, 65, 66 and NYS Life, Health & Disability Insurance
About Alex Neri: Alex Neri is dedicated to helping people meet their financial goals through in-depth discussions and planning. He is a 2014 graduate of Mercyhurst University-Erie, PA where he earned a bachelor’s degree in Finance. He enjoys taking complex issues and breaking them down into simple and manageable financial goals. Specializing in working with individuals and families as Alex works to help them properly manage their retirement assets, develop risk mitigation strategies and uncover and resolve portfolio inefficiencies.
Did you know by improperly filing your taxes and not planning for potential tax return opportunities, you could be losing thousands of dollars you didn’t know you could save?
In this episode, David Pulcini explains the importance of tax planning, it’s benefits, and how to be sure you are making the right choices to benefit your future financial situation.
David discusses:
The difference between tax preparation and tax planning
How tax planning affects retirement income planning and the years prior of saving
What questions to ask yourself as you look into tax planning and your finances
How to begin planning
Some examples of tax planning gone wrong and gone right
As you enter retirement, you want to be sure your wealth doesn’t outlive you.
It’s important to ensure you have enough money to continue to live comfortably and that you have finances for any extra hurdles that might come along the way.
In this episode, David Pulcini talks to colleague John P. Harms, CFP®, RICP®, partner and investment advisor representative at Six Point Financial Partners about the third point in the series of Six Points Of Financial Planning, retirement income planning.
David and John discuss:
Where to start when planning for retirement
How the timing of your retirement planning will affect your income later
Different aspects that can make your retirement different from anyone else’s
How long the process of retirement planning can take with an advisor (spoiler, it’s less than you think…)
How much to allocate towards your retirement, and how to find the amount right for you
About our Guest: John Harms is an Indiana native who started in the investment and financial services industry in 2004 with Wachovia. There, he concentrated on helping small business owners in Chicago’s Lincoln Park community with retirement planning and investment portfolio management. Upon moving to Rochester in 2007, John shifted focus to providing comprehensive financial planning, wealth management, retirement income and distribution planning advice to educators.
He truly enjoys working with his clients helping to ease their financial concerns so that they can focus on what’s most important to them in life. John is approachable and pays close attention to detail in developing solutions to provide professional service clients can depend on.
John is a 2004 graduate of the Krannert School of Management at Purdue University – West Lafayette, IN where he earned a Bachelor of Science degree in Management with a minor in Finance. In 2015, he obtained the RICP® (Retirement Income Certified Professional) designation from the American College.
Currently enrolled in the CFP® (CERTIFIED FINANCIAL PLANNER™) Curriculum at the American College and holds Series 7, 65, 66 and NYS Life, Health & Disability Insurance
Navigating through pension options, IRAs, 403(b)s, and insurance plans can be overwhelming, and for many, the hardest part of retiring– especially for those working in the public school system.
In this episode, David Pulcini speaks with Marshal Scheidt, partner at Six Point Financial Partners, to talk about retirement for public school employees, with lessons and mistakes that can be applied for both public school employees and everyone else planning for retirement.
David and Marshal discuss:
Retirement planning for public school employees
Common mistakes clients make with their pensions
Understanding how to make your 403(b) work for you
Why retirement incentives might be costing you thousands if you’re not ready to retire
A look into how your tax bracket can affect your retirement
About our Guest: Marshal Scheidt takes a tremendous amount of pride in helping his clients envision and accomplish their goals. Whether these goals pertain to their financial lives or are personal objectives, he takes a stake in helping his clients grow and improve on many levels.
Graduated in 2015 from SUNY Brockport where he earned a Bachelor of Science degree in Finance, as well as Business Administration with a concentration in Management.
Marshal’s business practice is focused on providing comprehensive financial planning, risk management and retirement income strategies to help individuals find success and peace of mind.
Financial planning in your 70s may look different from the planning process earlier in life. Clients may have different goals and priorities, and it’s important to make sure that those are being addressed.
But does your financial plan match up with these new priorities?
In this episode, David Pulcini sits down with Joe Prestigiacomo, CFP®, partner at SixPoint Financial Partners, to discuss six pieces of financial advice they give to clients who are in their 70s.
David and Joe discuss:
How recent changes to your RMDs could affect how much money you receive in retirement
How to use Roth conversions to your advantage
How to handle financial risk in your 70s
The importance of consolidating investment accounts
Why you need to sit down and review your important documents
Why you should book a meeting between your beneficiaries and your advisor
About our Guest: Joe Prestigiacomo began his career in the financial services industry in 2012, and today he provides comprehensive financial guidance to many clients. He graduated from St. John Fisher College – Rochester, NY where he earned a Bachelor of Science degree in Finance. He holds Series 7, 24, 66 and NYS Life, Health & Disability Insurance Licenses, and is a Certified Financial Planner™. Joe focuses on developing retirement income strategies as well as personalized risk management assessments and solutions.
Along with Joe’s knowledge and experience, his commitment to an outstanding level of client service is an integral part of his practice that he prides himself on. By developing a deep understanding of Joe’s clients’ individual situations, he is able to help them make well informed financial decisions with confidence.
Financial planning in your 60s is often considered by advisors to be the most important stage of your planning for your retirement.
But many are confused by contradicting pieces of advice from various different sources.
In this episode, David Pulcini speaks with Alex Neri, CFP®, RICP®, partner at SixPoint Financial Partners, about six pieces of financial advice he would give to clients in their 60s. Alex also includes one BONUS piece of advice that was too important to leave out.
Alex discusses:
How Social Security plays plays a huge role in your planning in your 60s
What Medicare decisions you need to make, and when the “cut-off” is
Whether long term insurance will cover your medical expenses in the future
About our Guest: Alex Neri is dedicated to helping people meet their financial goals through in-depth discussions and planning. He is a 2014 graduate of Mercyhurst University-Erie, PA where he earned a bachelor’s degree in Finance. He enjoys taking complex issues and breaking them down into simple and manageable financial goals. Specializing in working with individuals and families as Alex works to help them properly manage their retirement assets, develop risk mitigation strategies and uncover and resolve portfolio inefficiencies.
Are you in your fifties? How do you feel about your financial situation right now?
While you’re in your fifties, your life is starting to have some new milestones, and big financial and life changes are on the horizon. Are you looking at retirement soon? Are you going to sell your house after the kids move out? Should you start to move your money and investments around into new accounts?
In this episode, David Pulcini gets real about financial advice for people in their fifties, and answers the questions above, with Anthony Ruffalo, CFP®, owner of Ruffalo Wealth Management. David and Anthony share some advice to help you prepare for your final years working, starting retirement and all the decisions that surround this time in your life.
David and Anthony discuss:
How to figure out your retirement income targets
The importance of developing a long-term care plan, even if you don’t think you’ll use it
How to identify income gaps when you transition into retirement
How downsizing your home might make you hundreds of thousands of dollars
How the sequence of return risk could be what makes or breaks your bank account
About our Guest: Anthony Ruffalo is a CERTIFIED FINANCIAL PLANNER™ Practitioner. The CFP® certification is a voluntary certification; no federal or state law or regulation requires financial planners to hold a CFP® certification. It is recognized in the United States and a number of other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with clients. Currently, only 62,000 individuals have obtained CFP® certification in the United States.
Anthony holds the series 24, 7, 66 securities licenses through LPL Financial as well as Life, Health, Long Term Care, Medicare Supplement, and Annuity licensures.
