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Navigating the Financial Talk with Aging Parents?

Navigating the "financial talk" with aging parents can be a sensitive yet crucial conversation. In this video, Derek and Erin talk through when you need to have this talk with your parents and what topics you need to discuss, including your parents': -Current Financial Status and Income -Long-Term Care -Estate Planning Knowing that your parents have a plan for the unexpected will bring peace of mind for both generations. Keep in mind, this conversation is an opportunity to ensure their well-being and financial security in later years.

Should Couples Retire together?

Couples should carefully consider the financial and emotional consequences of retiring simultaneously before making the decision. If you're considering retiring at the same time, Derek @ Three Leaf Financial & Erin Kennedy walk through 4 questions you should consider first: Have You Correctly Calculated Your Cost of Living in Retirement? According to a recent study: 46% of older adults spend MORE money during their first few years of retirement than before retiring! When is the Best Time for each Person to Claim Social Security? Do You Feel Ready to Retire? The decision to retire is not just a financial one. And keep in mind, when spouses retire simultaneously, they suddenly start spending A LOT more time together. Do You Have a Good Retirement Plan?

6 Tips to Make Your Money Last

You've spent decades building your nest egg. Then, when you retire, you need a plan to stop saving and start spending, but not too much that you risk running out of money. As Derek with ThreeLeafFinancial explains to Erin Kennedy, it's a delicate balance that requires you to consider these 6 variables: 1. A Plan to Minimize Taxes 2. Make the Right Decision about Social Security Benefits 3. Choose the Right Pension Payout 4. Balance Guaranteed Income and Long-Term Growth 5. Plan for Longevity 6. Account for Inflation Accounting for each of these variables will be different for everyone. #wealthmanagement #retirementincome #withdrawals #dividends

Becoming a Spender instead of a Saver 

Only one third of retirees are comfortable spending their retirement money! Most would rather live off Social Security, pensions, or income from part-time work, rather than spend down their nest egg. It is a delicate balance in retirement: you don't want to compromise your quality of life, but neither do you want to run out of money! @Derek with @ThreeLeafFinancial specializes in helping people change their mindset in retirement. He explains his action plan to @Erin Kennedy: 1. Create a Spending Plan 2. Assess Fixed Income Sources 3. Bridge the "Retirment Gap" A holistic financial plan will include sustainable income sources that will allow you to feel comfortable spending (or even growing!) the money you've worked so hard to accumulate. This kind of planning is what we specialize in at Three Leaf Financial.

Top Tricks Used to Scam Older Adults

Scams targeting older adults are on the rise. In 2021, there were almost 93 thousand older victims scammed out of $1.7 billion! #scams # elderlyscams In a recent report from the BBB, romance scams continued to be the riskiest scams for people 55-64, other common scams include government impersonation scams, sweepstake scams, and robocall scams. In this video, @Derek with @ThreeLeafFinancial walks through several scams with @erinkennedy, and offers this advice: -Watch out for phone fraud -Be on guard for "sweetheart" swindles -Reach out to someone you trust -Guard your personal information Older adults are often targeted because of their greater financial resources. And sadly, one third of elderly people who've been scammed are too ashamed to tell anyone. Be vigilant. These scams are sophisticated and are designed to play to your emotions.

Is There Any Reason to Use a Traditional IRA?

"America's IRA expert," Ed Slott, recently told other industry experts that "an IRA is just an IOU to the IRS." Slott says he doesn't see any benefit to using a traditional IRA right now because tax rates are so low. In this video, @Derek with @ThreeLeafFinancial explains to @erinkennedy why he agrees with Slott and believes that more people should be considering tax-free accounts. Because we are living in a historically low tax rate, it does make sense for most people to focus on contributing to tax-free accounts like Roths. However, depending on your age and time horizon, investing in tax-deferred accounts could still make sense. Before deciding which retirement account is best for you, there are many variables to consider. #WealthManagement #Retirement #TaxDeferred #TaxFree #IRA

Is It a Good Idea to Max Out Your 401(k)?

401(k)s are generally the most accessible and easiest way to save for retirement, but should you really be maxing out your contributions every year? In this video, @Derek with @ThreeLeafFinancial and @erinkennedy break down the pros and cons of stashing a lot of money in a pre-tax account, whether a robust emergency fund is more important, and Derek also explains when you should consider investing in other accounts as well.

Should You Pay off Your Mortgage Before You Retire?

A lot of us want to go into #retirement debt free. But before you pay down that #debt, you should consider a few specific variables. And as @Derek with @ThreeLeafFinancial explains to @erinkennedy, this isn't a strictly financial decision. So before you put money toward that mortgage debt, first consider: -Your mortgage rate: if it's very low, your money may be better spent in another investment with a higher rate of return -Tax Consequences: you would potentially eliminate a mortgage write off, and there are penalties if you withdraw money from retirement accounts early -Prioritize Paying Down High Interest Debt: as interest rates climb, that will make certain debt more expensive -Prioritize Savings: saving for retirement should always be a priority, and make sure you have an emergency fund

Will I Lose My Social Security Benefits if I go back to work?

Since the start of the pandemic, about 3% of #retirees between 55 and 64 have re-entered the workforce! If you're thinking of going back to work, or "unretiring," there are a few details you should keep in mind. First, you will not lose your Social Security benefits, but they may change, as @Derek with @ThreeLeafFinancial explains to @erinkennedy. Also, if you "unretire," you may have to keep taking RMDs, and there may be an impact on your #Medicare benefits. If you're thinking about going back to work, it's certainly worth having a conversation with a professional to learn how it could affect your benefits. And if you're nearing #retirement age, make sure you work with a professional who can help you create a holistic financial plan that can withstand market volatility. If you do go back to work, you want to do it because you want to, not because you have to.

SECURE Act 2.0: RMDs, 529-to-Roth Rollovers, and Tax Planning

Congress recently passed #SECURE Act 2.0, which will bring several changes to retirement account rules. @Derek with @ThreeLeafFinancial and @erinkennedy break down the big takeaways and some unique opportunities, including: -RMD Age Increase -529 Plans -401(k) Opportunities Keep in mind, when you delay those Required Minimum Distributions, it will lead to larger account balances at death, which could create a significant tax burden for your beneficiaries, which is why proactive tax planning is so important. #RMDs #401ks #529 #TaxPlanning #WealthManagement #Taxes #Roth

A Smart Alternative to High Yield Bonds

2022 was a tough year for investors, and a lot of us may not realize there are strategies that a lot of the pros utilize, which are great complements to traditional #stocks and #bonds. As @Derek with @ThreeLeafFinancial explains to @erinkennedy, Structured Notes offer a unique source of risk and return. Derek and Erin break down the three types of Structured Notes, including: -Principal Protected -#Income or Yield -Growth We know the Fed will continue to raise rates in 2023, which will affect the value of bonds. Now is a great time to consider complementing your portfolio with notes that can add protection or create income.

Three RMD Strategies to Reduce Your Tax Burden

If you're nearing the age to take Required Minimum Distributions, or #RMDs, and you want to avoid the extra income and its tax implications, @DerekS with @ThreeLeafFinancial and @erinkennedy break down three strategies to consider. Derek recommends these strategies to help reduce your tax exposure: 1. Consider taking RMDs as early as possible (age 59 ½) 2. Roth Conversions 3. Qualified Charitable Distributions, or #QCDs Keep in mind, RMDs are income, so taking those distributions can boost your taxable income and your income taxes for the year, which is why strategic #tax planning is so important. If you have any questions about these strategies, or if you'd like to determine if a #Roth Conversion or QCD is right for you, please reach out to Derek for a free consultation

2019 Summer Newsletter Three Leaf Financial
Three Leaf Financial Newsletter

Please enjoy our Newsletter covering "Traveling on a Budget" and the tough subject of "Transitioning to Assisted Living".  Many subjects that are discussed in all financial planning conversations are not always pleasant but finding a place to discuss them is the most important part. We hope you find value in the read. 

2018-Fall-OnWealth-Sauerwine-THUMBNAIL (
Three Leaf Financial Newsletter

Please enjoy our Newsletter covering the lifestyle of a "Dual Resident", maintaining two homes. In addition to this, we cover "How to be prepared financially for 2019" and "How to write a Family Novel and why".  We hope you find value in the read. 

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