One of my literary mentors", Charlie Tremendous" Jones, once said, "You will be the same person in 5 years as you are today, except for the people you meet and the ." Charlie Jones was my first literary mentor, way back in 1980, but over the years I've added others, including Napoleon Hill, Jim Rohn, Tony Robbins, Og Mandino, and Robert H Schuller. In more recent years, I've been blessed to have added Tom Hegna, Wade Pfau, Ed Slott, and Brad Pistole to my list of mentors. I would not be the man I am today, without the influence of these men in my life, their books and "tapes," and even personal friendships, with some of them. The Napoleon Hill Book, "Think and Grow Rich, " which I first read back in the 1980's, started me on my journey of Self Improvement and Personal Growth. It was followed by three "funny little books," by Scott Alexander, "Rhinoceros Success," (The Red Book) "Rhinoceros Relativity," (The Green Book) and "Advanced Rhinocerology." (The Blue Book) I doubt these books are in print any longer, but if you can find them, get them. These books were followed by George Clason's "The Richest Man in Babylon," and Og Mandino's "The Greatest Salesman in The World." And the list goes on. Today is January 5th, 2025. Exactly one year ago, today, I retired at the age of 73 years and 3 months. While I know it is never too late to accomplish any goal you set your mind and heart to accomplish, (short of being physically unable to accomplish the goal because of limitations, or illness,) I am no longer pursuing career goals, per se. I will never give up on trying to become an even better, more knowledgable person, however, and learning as much as I can regarding financial and retirement planning remains an interest about which I remain passionate. I spent the last 15 years of my working life teaching at the collegiate level, in the CFP, CLU, ChFC and RICP Professional Designations programs, among others, of my academic institution. I retired knowing that I had contributed to the education and professional development of thousands of Insurance Planning, Financial Planning, and Retirement Planning Professionals. Like Brad, I own a number of FIAs, with Income Riders, and I am happy to report that I am currently drawing monthly income from two of them. I discovered Brad by reading his books, while I was preparing for retirement in 2023. I sent him a couple of e-mails after reading his books and after we connected, and after discussing FIAs with income riders, at length, I purchased my annuities through his company, Trinity Insurance & Financial Services, in Springfield MO. I am also honored to have been a guest on his Safe Money Radio show in April of 2024, and I look forward to being on the show again, when I travel back to MO in 2025. I highly recommend all the books Brad mentioned in this video, as well as his two books, " Bullet Proof" and "Safe Money Matters." With the exception of Ms. Moore's book on Fixed Annuities, I have read tall of the books Brad recommended on this video, but I plan to get Ms. Moore's book shortly. Happy New Year, one and all!

Brad- my favorite part was "ain't nobody got time for that!" Thank you for highlighting my book! To be mentioned amongst so many greats is an honor. Keep doing a great job educating the public! sjm

With the cost of living continuing to rise, it feels like building wealth is harder than ever. I wonder how we should prepare for 2025.

I will be calling you next week. I have heard about the Irma but I have some questions as to how it will affect my husband and I when we sell our rental properties. So far we have sold 1 rental property in 2024. We are set to close on the 2nd property in 2025. My husband is 75 and I am 67. We retired from our 39 year old carpet cleaning business last December. Other than the small amount of income we get from the rentals, we both get our Social Security. Look forward to talking to you soon. Thank you for your informative podcast w your guest Paul. 6:25

who wrote the book "Bullet Proof".? Thanks

Good information. Financial advisors sometimes encourage SS early to increase assets under management..Spend down and convert pretax to Roth...Thank you

What is Ed's advice on who is the most appropriate primary/contingent beneficiary for a joint tenant brokerage account? Some say your spouse and others say your living trust.

With Ed Slott, I'm no longer irate with my IRA. :)

Good work.

Good video. Ed is very knowledgeable. I don’t agree with everything he says but I respect his opinion. I do agree that financial advisors have an incentive to keep your balances higher if their fee is based on a % so they prefer tax deferred. I also agree that if tax rates rise or you go from married filing joint to single filer you will likely benefit from converting to Roth. Where I disagree is that anyone with less than $1m in tax deferred money will automatically benefit from converting. Some may while others won’t. It comes down to your other income and what average tax rate you will pay whether today or later. If you only have the IRA and SS and no other income, by not converting and taking advantage of the standard deduction and lower tax brackets (both adjusted annually for inflation) for your RMDs you may come out ahead compared to converting since the conversion tax is all at your highest or higher current tax bracket.

If Corporations and billionaires would pay their fair share of taxes like normal people, our debt wouldn’t be like this! When Corporations pay 2%, 8%, etc., no wonder we are in this state of affairs!

In late 2023, I did the same thing! I put 35% in 7 fixed index annuities (with a doubler if we have ADL issues) and I have 65% in 4 growth ETFs. Same reasoning. Bonds are not as safe as annuities. And like you, I hope to annuitize them after age 73 and create a ladder with those annuities.

WHAT AVOUT THE 5 YEAR RULE1

Wish it was a age 50 rule.

More than half of my investments are in my Roth IRA. I am spending down my traditional Ira while waiting for Social Security until age 70.

Nice balanced approach

Cool! I am doing Roth conversions and paying irrma now, so I don't have to in the future!! Good info!

If you are a high income earner, you do not have a choice. It’s going to be higher the first year you retire. You just have to wait until the next year as stated. No one is going to ask for a reduction in salary to avoid this.

Sequence of return risk is real. Retired on 1 Feb 2022 and I was happy that I was well prepared for the chance of bad returns early on through a very low withdrawal rate and a risk-appropriate asset allocation.

According to actuary tables, the odds of an average person dying in the USA before age 70 is about 20%. Do you like those odds? If you are alive at 70 but hooked up to a machine and watching reruns of Bonanza, will the extra $$ make a difference to you? IMHO take your $$ at 62 and go to Thailand/New Zealand/Bali while you can.

Great information. I learned a great deal. Thank you!

This is exactly what is happening to me right now. I did not know that Medicare Part B cost anything. Additionally, I didn't know that Part B costs were impacted by my Modified Adjusted Gross Income. I inherited part of an IRA three years ago and I would have sold the stocks three years ago had I known all this. Now, I'm probably going to sell all of it now and take a hit for one year with the increased IRMAA for one year. I am glad I saw your video because I had not even thought about it potentially doubling for my wife when she turns 65 and takes Medicare part B, as she just turned 62 earlier this year. 🙂

Yup, IRMAA is getting me! I am doing Roth conversions at age 72. I know, I know, I should have been doing them about 10 years earlier. Well, I didn't. I was working with too much on my mind to even think about that plus, I did not employ a financial advisor. Let me explain why I am doing it now. My wife is 15 years younger than I and don't want her to experience the widow tax bomb. Also, I am unlikely to need that IRA money unless something unforeseen happens. We are living comfortably on SS and pension. I was so concerned about having enough in retirement. Well, I it was unfounded anxiety. I have more money now than I need. The house is paid, I bought a new car with cash and we live a relatively simple life. So, the bottom line is this; I am paying a ton in taxes and increased IRMAA just so my wife will have little to no income taxes when I am gone. I just hope she doesn't enjoy it too much with her new husband. I worked and saved hard for that money.

Is the relief for retiring at 63 automatic if income drops at age 64 and the proper form is filed? Do I need to wait for the notice before filing? When would the notice come out if I am turning 65 in June of 2025.

Good video. Another thought to keep in mind is the 2034 S.S. is cutting benefits by 20%. For every 1,000 $ you'll receive $800. 😢

Why isn’t anyone discussing taking income from a par whole life insurance policy?

Does the 5 year rule apply to a non Roth rollover ira? My research shows the 5 year rule applies to a Roth rollover or an inherited rollover. I can’t find anything specific on direct non Roth rollover from TSP to rollover ira (non Roth)

Very well done, Brad and Wade. I subscribed to Brad's YT and purchased Wade's Retirement Planning Workbook. I would not have considered reverse mortgages or annuities if it weren't for Wade's research.

If you know in advance when you'll die, then you can figure it out. "Average" is interesting but it can be skewed by people who live very long, or people who die early. Judge based on when your mother or father died, that's a lot more accurate than average. A reason to consider collecting at 62 is if your retirement savings are not where they should be, and you'd like to avoid drawing your 401K or IRA as long as possible giving it the ability to grow the market. Finally, has anyone figured out the difference if you take SS at 62, and then invest it in an IRA to maximize the value of the money at FRA? That may be the best strategy of all.

We both worked the extra 5 years. Retiring at age 66.3. Those were our highest income years ever, contributing to a higher SSI payout. Working longer allowed us to pay off our mortgage and 3 cars. We are total dept free, together drawing well over $66,000.00 a year from SSI. "Also a small pension." Our tax and full replacment insurance on our home is only $2,320.00. A year. We do a year to year budget. My wifes parents lived to their late 80s. My dad just died at 88 and moms still moving adequately at 87. Everyone is different, it's a diffacult decision. We wanted to start retirment dept free. We're still able to add to our savings emergency fund. Which is well over our yearly income. STOP BUYING STUPID STUFF. THINK- "NO I DON'T NEED IT." RETIRE WITH NO DEPT.

My wife and I retired at 62 and started drawing immediately. No one is guaranteed tomorrow. My break even point is 80. What quality of life will you have after 80? We are traveling and helping with grandkids and not going to work everyday. Get out as early as possible

Thank you for sharing.

A married couple of average income over their lifetime by delaying SS can generate 60K - 70K per year in benefits. With SS being the largest income stream you can strategically stack other income on top like dividends or capital gains and pay virtually 0 tax on 100K of income. i would rather draw down other assets to delay and then once turned on be more aggressive investments to rebulid over the rest of retirement.

Wade - just got second addition - incredible resource

Good stuff. I live in a state with 2 uncles, uncle Fed and uncle state tax. Is there a point of not using life insurance or annuities if your portfolio is large enough? Example: Barbell bucket portfolio-retired at 60 MFJ spend about 100,000. 2 million in Roth stock portfolio, 1 million in pretax cash earning 5.29 in MM. 10 years will spend down pretax. Then collect SS at 70. This plan factors in sequence of return risk of say: (a lost decade 2000-2010) And protect from widows tax trap. Thoughts?

If I call that number will that book offer still be available or was this a live offer?

I wonder if Ed would comment on annuity versus owning a bond fund. With annuity you give up your principal. With bond fund, your investment is still available. Some of the preferred bond funds provide substantial, dependable monthly payments. Thank you.

I am in the boat of cash is king , I would rather draw SS at 62 and preserve my cash which has a better chance of doubling in the 5 year waiting period for FRA than getting a 6.7% bump on my SS . It’s harder to pay for a new roof or a new car or a big medical bill if you are eating up your cash on living expenses … I want more money early in retirement when I am most likely doing more than when I am 75 and older ..

Is drawing at say 65 a good compromise ?

I dont agree with age 62 taking SS, unless its absolutely necesarry. Most people that I know who did it early, just put more of a strain on the SS system andvthe Trust Fund. But I also am NOT in favor of raising the FRA either. Especially NOT past age 68. Pushing the upper limit from age 70, to age 71 or 72, might not be a bad option also. (and still allowing your benefit to increase by 8% every year till that maximum age).

Great Video Brad! If you are sickly and single...file at 62. If you are not sickly and single, you will almost ALWAYS benefit from waiting until at least FRA. I waited until age 70...for the benefit of my wife, who is four years younger than me. The 8% guaranteed annual increase, (Deferred Income Credit) added to the COLA that is already guaranteed, makes it the "best " financial decision as well.

plus the tax advantages are enormous....if you are healthy....and can live comfortably without it...wait til 70

Ahhhhhhhh, one question? What about the solvency of SS? The anticipated benefit reduction? Simple mathematical fact is that there are fewer people entering the system to support the retirement generations.

Another approach to the question is whether or not to take SS vs draw down a nest egg. Also tax consequences of one strategy vs the other. Can get quite complex.

I am 63 this month and will wait until FRA or beyond to draw SS. According to the SSA website, the difference in taking SS at 62 or waiting until 67 is right around $800 per month. I would rather have that money later on in my old age. If I wait to collect at age 70, I would get roughly $4K per month or $48k per year. (As I am typing, I am convincing myself to wait😂)……However, I can still fully retire whenever I want to and live quite well, off several long-standing and well-funded retirement accounts until I decide to take SS, whenever that may be. I am still working, but by choice, not by necessity, in a job I absolutely love and my current large salary is way too much to just stop working just so I can lay around the house looking for things to do. I am also very healthy and working on my personal fitness with the goal of being rock hard and strong as I enter my 70’s.

If you’re still working, you have your life insurance and all your benefits from work it’s not even worth it if you’re working full-time, you’re better off waiting because once you leave your job, you lose your life insurance you lose your health insurance no one‘s contributing to your 401(k) anymore you have to see if you’re in good health you’re in good health keep working if you’re very sickly, then take it early but it’s not gonna be much less you’re living with somebody that’s going to support you

Well done, kudos for considering many factors. Given my age, fitness, and need for SS for the standard of living I want (1), and how much more I'd be getting (2), waiting until it maximizes is a no-brainer, even if I actually stop working earlier. 1) Reducing the ability to outstrip it with investments, which would also be more risky. 2) Which varies for different people, based on past income patterns. My ratio is very high, based on the latest projections.

Even if I wait later for more money, the more money I will get isn’t benefit me much because the problem I will have with my body that I can’t move around to travel much so is eating

One of the best commentaries that I have seen, this is the only 1 mentions the life of the 2nd to die (spouse) to get the survivor benefits, if you are married this is a No Brainer ! Drawing at 62 is foolish if you are still working and make decent money, I’m in good health and have been the primary earner, I’m waiting till 70 to draw so I can have peace of mind that my spouse will get my survivor benefits, I’m also still working so my benefits will increase beyond my FRA !

If you are going to reference math, you should probably know something about math. Here's the deal. I retired 7 years ago at age 62, my wife retired 2 years later, also at 62. To day we are having no problem living on just our Social Security. Look, Social Security does not offer that "incentive" to wait because they care about you. They do it because they know that if they can get enough people to delay drawing the money it's better for them. Get that, it's better for them, not better for you. The only reason you should even thing about delaying your Social Security is if you have a well documented history in your family of living well past 80. Make whatever decision you think is best for you, but never forget that more per month does not mean more total.