Are you constantly comparing your retirement savings to those of your peers? If so, you're not alone. Many people find themselves trapped in the cycle of comparison, wondering if they measure up to others. In the latest episode of the Money Wisdom podcast, Jake Doser, CFP®, CPWA® and Nick Colantuono, CFP® tackle this common concern and explain why comparison can be detrimental to your financial health.

Here’s what we discuss in this episode:

0:00 – Intro

1:02 – How do you quantify this?

2:32 – Every situation is different

3:45 – What really matters

6:55 – Planning

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Estate planning can be difficult enough on its own but what happens when you’re hesitant to leave behind a large sum to a child who might be lacking financial responsibility. This challenge is the focus of the latest episode of the Money Wisdom podcast with Jake Doser, CFP®, CPWA® and Nick Colantuono, CFP®. They tackle a common concern shared by many parents: ensuring their wealth is managed wisely after they're gone.

Here’s what we discuss in this episode:

0:00 – Intro and question

0:47 – Common situation for families

2:06 – Types of accounts matter

4:50 – Ways to lower taxes

6:01 – Will vs trust

9:04 – Next steps

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The reality of taxes in retirement starts to become more evident the closer you get, and it’s not uncommon for people to wish they had contributed more to a Roth while they were saving. Having those tax-free withdrawals in retirement is wonderful, so what can you do if you find yourself in this position?

That’s the question we’re going to tackle in our latest Money Wisdom question series. Jake Doser, CFP®, CPWA® and Nick Colantuono, CFP® will break down the Roth conversion and discuss the factors you need to weigh before deciding to convert any money. With it being the end of the year, this is the perfect time to be having this conversation.

If you want to learn more about tax planning strategies, make sure you get a copy of the "Are You Paying Too Much in Taxes in Retirement?" booklet. Text the word OFFER to 800-757-0436 to get a complimentary copy. This guide can help retirees assess their tax situation and explore strategies to optimize their savings.

Here’s what we discuss in this episode:

0:00 – Intro

0:54 – Today’s question

1:39 – What is a Roth conversion?

2:57 – How to get money into a Roth

4:34 – Main consideration

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/

Check us out on YouTube: https://bit.ly/3CcAzai