In this episode, we will address how accumulating significant savings into Traditional 401ks and IRAs can lead to a massive tax burden in retirement. Additionally, we will be addressing the provision in the SECURE Act, which will change the way we view leaving these retirement plans to the next generation.
Are you interested in working with me 1 on 1?
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
Do you ever wish you could get inside the minds of existing retirees to ask them what their experience has been? Or, ask them what they wish they would have known before they quit their day job? This episode is for you!
In this episode of the Planning for Retirement podcast, I’ll share 50 truths that retirees wish they knew before they quit their day jobs. Some of these are straight from the horse’s mouth, some are my observations in serving retirees for more than a decade, and some are research-based that I uncovered during this process. I’ll cover a range of topics including finding purpose in retirement, the misconception of retirement expenses going down, the importance of exercise and brain stimulation, the high costs of healthcare in retirement, tax traps, and much more.
Thanks for tuning in! Make sure to subscribe to give me a follow on social media and company newsletter below. We’re also getting the YouTube side of things going and I’ll be posting one offs in bet
Links Referenced in Episode:
Are you interested in working with me 1 on 1?
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
If you are retiring before you turn 65, the healthcare gap is probably top of mind. In today’s episode, I’ll talk about 6 paths to healthcare coverage to bridge the gap until you are eligible for Medicare. I hope it helps.
FYI, I am NOT a health insurance expert! This episode was made possible because my current premium was skyrocketing 70% next year, so I decided to shop it. However, each state will have its own complexities and nuances. Nonetheless, I hope this gets you started in the right direction.
Kevin
Resources:
• Roth Conversion Trap on ACA Premium Tax Credits (video)
• Don’t fall off the cliff. Explaining the cliff for ACA premium tax credits in 2026 and beyond (video)
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
Advisor’s Alpha is Wrong!
Vanguard, the King of NO fees, puts out an annual study where they attempt to quantify the value of a comprehensive financial advisor. I can attest to many of the services mentioned, but it is very difficult, if not impossible, to determine the exact % of additional value added those services can provide. In any event, I think Vanguard actually misses the mark on a few of these, particularly because of WHO you are (PFR Nation).
I also believe Vanguard fails to include one of the MOST important factors when considering the value of a financial advisor. And yes, I acknowledge that I am a VERY biased source on this topic. However, you might find it surprising where I land on some of the points Vanguard makes.
I hope you find it useful!
Kevin
Resources:
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
I hope you all had a wonderful Thanksgiving holiday! It’s been a while since we did a Whiteboard Retirement Plan breakdown, so lets get this back in the rotation!
In this scenario, we are looking at a baseline scenario for Jack and Barbara, who have saved $2.3million for retirement, mostly in tax-deferred accounts. They would like to retire at 61 (2026), but they are very concerned about financial legacy for their two adult children. In fact, not only do they want to protect and preserve their assets, but they also want to do so on an inflation-adjusted basis! Let’s see how they are tracking with the baseline plan, and let’s see what levers they need to pull in order to achieve their retirement AND legacy objectives.
And I’d love to hear from you all. What levers would YOU pull if you were Jack and Barbara?
Thanks for tuning in and please make sure to leave us a nice review if you are finding value in the content!
-Kevin
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
It’s the most wonderful time of the year…
You guessed it…it’s ROTH CONVERSION time! 😊
In all seriousness, Happy Thanksgiving all of you! Wishing you a wonderful start to the holiday season.
Roth Conversions are a hot topic in our business at the end of the year, so I thought I’d do a video about some common tax traps every day retirees run in to as they are converting assets to Roth. I hope you find it useful!
Let me know if there are any other tax traps you can think of.
Also, drop a comment…do you plan to convert your IRA to Roth during your Roth Conversion window?! I would love to hear from you.
-Kevin
Resources mentioned:
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
Welcome to PART 4 of 100 Episodes, 100 Lessons (for retirees and pre-retirees).
In this episode, we’ll walk through episodes 76-99 and bring home some key takeaways for you as you plan for and execute a successful retirement. I hope you enjoy this one!
If you are over 50, you’ve saved north of $1million for retirement, and you want to maximize retirement income, minimize your lifetime tax bill, and worry less about money…hit the FOLLOW button so you don’t miss out on the next 100 episodes!
-Kevin
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
Welcome to PART 3 of 100 Episodes, 100 Lessons (for retireesand pre-retirees).
In this episode, we’ll walk through episodes 51-75 and bringhome some key takeaways for you as you plan for and execute a successfulretirement. I hope you enjoy this one!
If you are over 50, you’ve saved north of $1million forretirement, and you want to maximize retirement income, minimize your lifetimetax bill, and worry less about money…hit the FOLLOW button so you don’t missout on the next 100 episodes!
-Kevin
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
The journey continues. We are walking through 100 lessons from the first 100 episodes in this 4-part series. I hope you enjoy part 2!
If you are over 50, you’ve saved north of $1million for retirement, and you want to maximize retirement income, minimize your lifetime tax bill, and worry less about money…hit the FOLLOW button so you don’t miss out on the next 100 episodes!
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation:
Thank you all for supporting this show for the last few years. Especially for those of you who supported me in the early days when I thought nobody was listening. I even took a 4 month hiatus without announcing it because we were so in the trenches with our boys. All of a sudden I get an email out of the blue asking “Are you still doing the podcast?” That was the motivation I needed to get back in the game and just ‘hit record.’ In 2023, I began posting consistently ever 2 weeks. And in the beginning of 2025, I decided to go weekly! It hasn’t been easy, but I just want to thank all of you for keeping me motivated, this is why I do what I do. Keep the comments coming and make sure to share our show with someone you care about who is PFR Nation caliber!
Naturally, I was overthinking what I would do for this episode. However, my wife helped me simplify it per usual. I will be breaking down my top takeaway/lesson from all of the previous episodes, and we’ll do it in 4 parts. Part 1 covers episodes 1-25, so lets take a walk down memory lane together and recap important points from those early episodes. I hope you enjoy this series!
-Kevin
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
As you know, we are well underway with our free giveawaysfrom a couple of weeks ago. And as I mentioned last week, we received a lot of great comments in that YouTube thread! So last week, I touched on three of the questions in a Q&A format. Today, I’ll address three more!
Here they are:
1. “So how do you actually build a retirement income plan that both people can sleep at night with when one side wants market exposure and the other wants safety?”
2. “I've set aside (spreadsheet) my calculated number to self-fund my long-term care, but the variables and assumptions concern me.”
3. “How do we pay for health care before Medicare?”
You’re not going to want to miss this one, and hope you find it useful! Thanks for tuning in.
-Kevin
Resources Mentioned in this Episode:
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
We just announced our FREE GIVEAWAY winner and runner-up on the YouTube channel last Thursday. Thank you all for participating and making that process super enjoyable and engaging. One of the questions I asked for the giveaway was “What is one thing related to planning for retirement that keeps you up at night?” We received some amazing responses!! So, I thought I would dedicate this episode and the next to addressing some of the best questions in that YouTube thread.
This episode, we will wrestle with three of them:
You’re not going to want to miss this one and hope you find it useful! Thanks for tuning in.
-Kevin
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
I recentlydiscovered a Ted Talk by Dr. Riley Moynes about the “4 phases of retirement.”
We talk a lotabout the financial side of retirement planning.
- Safe withdrawal rates
- Tax efficiency
- Investing to and through retirement
- Legacy
- Insurance
However, it’s equally important to understand and thinkabout the softer side of retirement planning. In this episode, you will want to hear Dr. Moynes’ take on the 4 phases,and I’ll talk about a real-life hero in the College Football world that canhopefully inspire you to SKIP the dark and depressing phase!
I hope you enjoy this one.
-Kevin
Takeaways
· Retirement is not just a financialtransition; it's an emotional journey.
· Understanding the four phases ofretirement can help avoid pitfalls.
· The vacation phase is characterized byfreedom and excitement.
· The loss phase involves identity andpurpose challenges.
· Michael Phelps' experience illustratesthe emotional struggles of retirement.
· Therapy and seeking help can be crucialduring transitions.
· Finding new meaning in retirement isessential for fulfillment.
· Engaging in service and mentoring canenhance retirement satisfaction.
· Financial independence allows forexploration of new passions.
· Planning for purpose in retirementshould start before retirement begins.
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
In this episode, I’m tackling America’s “headline culture,” how short clips and soundbites dominate not only politics, but also the way we think about retirement planning. With the tragic assassination of Charlie Kirk as a starting point, I reflect on how social media algorithms amplify the loudest, most divisive voices, while thoughtful, nuanced conversations get drowned out. When I dug into Charlie’s long-form interviews, like his sit-down with Gavin Newsom, I realized how much context gets lost and how much more common ground we really share when we go deeper.
The same thing happens in retirement planning. Viral soundbites like “Social Security is going bankrupt,” “Never pay off your mortgage,” “The 4% rule always works,” or “Financial advisors can’t beat the market, so don’t hire one” may sound convincing in 20 seconds, but they can be misleading and even harmful if you base major decisions on them.
In this episode, I break down why these headlines don’t tell the full story and what you should consider instead.
At the end of the day, just like politics, retirement requires long-form thinking. The clips may get clicks, but the deeper conversation is where the truth, and a confident retirement, really lives.
-Kevin
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
Welcome to another “Whiteboard Retirement Plan” breakdown!
Scottie and Meredith had the perfect plan: retire at 65, sign up for Medicare, and start Social Security at 67. With nearly $1.9 million saved, everything looked like it was on track, until life threw them a curveball. After some friends their age got sick and passed away, they started asking: Why wait? Can we retire right now at 60?
In this Whiteboard Retirement Plan, Kevin Lao stress tests their plan to see if early retirement is really possible without jeopardizing their future.
You’ll hear:
If you’ve ever wondered whether you could retire earlier than planned without blowing up your financial security, this episode is for you.
-Kevin
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
As you approach retirement, or even when you are in the beginning phase of retirement, there is this natural feeling of concern about market uncertainty. After all, the market can turn south in a heartbeat, potentially even leading into a recession. Or worse, a prolonged recession. This term is also known as “Sequence of Returns Risk.” It’s not about your long-term average return, it’s about the ‘sequence’ those returns are generated.
I’ve been stress testing different rates of withdrawal with different starting periods. And the ‘Lost Decade’ of the 2000s is a perfect example of why sequence of returns is so important for retirees to protect against.
In this episode, I’ll highlight some of the major downturns since the 2000s. Then, I’ll talk about some real strategies that you can implement as you protect against sequence of returns risk. I hope you find this one useful!
And let me know what YOU plan to do to hedge against this risk. Also, make sure to share this episode with someone who is also approaching retirement, or who has recently retired! I’m sure they’ll also find it useful.
Thanks for tuning in.
Kevin
Key Topics:
• What Sequence of Returns Risk really means and why it matters more than long-term average returns.
• How the “Lost Decade” of the 2000s demonstrates the dangers of poor return sequencing.
• Practical strategies to protect your retirement portfolio from early losses.
• Tips for stress-testing withdrawal rates and planning for different market scenarios.
Click this link to fill out our Retirement Readiness Questionnaire
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
Many of you have adult children or loved ones you hope will benefit from your financial success. But how confident are you in their financial skills? Will they be good stewards of the wealth you leave behind? Even if you don’t plan to leave a fortune, your careful retirement planning might still create a sizable legacy.
I just celebrated 17 years in financial services on 8/28! It’s been a journey full of highs and lows, shaping my perspective on money and life itself. To mark the milestone, I’m sharing 10 key lessons I’ve learned as a financial advisor, entrepreneur, and content creator. My hope is that these insights can help you in your conversations with your adult children or beneficiaries!
I hope you find it useful!
Kevin
Click this link to fill out our Retirement Readiness Questionnaire
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
If you have been a podcast listener for a while, you know I have strong feelings about the “4% Rule.” Well, the father of the 4% Rule, Bill Bengen, just released a new book where he admits that 4% is probably too low. In this episode, we’ll briefly touch on the history of the 4% rule, as well as the findings in his new book. But more importantly, we’ll discuss the downsides of actually using the 4% rule in real retirement planning and touch on some key planning opportunities for YOU (PFR Nation) to consider instead.
I hope you all find this one helpful!
Let me know what YOU think of the 4% Rule!
-Kevin
Click this link to fill out our Retirement Readiness Questionnaire
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.
PFR Nation,
Legendary actor Gene Hackman passed away earlier this year. Some of the details about his estate plan have been made public due to the probate process. While I don’t believe any of us have an $80 million estate, there are some important lessons we can all take away from this estate planning nightmare. Especially if you are part of a blended family (children from a previous relationship or marriage). I hope you all find this useful.
Make sure to check out the links below for some of the blended family content I’ve created in the past from the podcast and company blog.
And finally, make sure to email me at kevin@imaginefinancialsecurity.com if you would like a copy of the e-book I am finishing up, “Planning For Retirement With A Blended Family.”
Thanks for tuning in to the show and making sure to follow the podcast and subscribe to our YouTube channel for weekly retirement-related content for PFR Nation!
-Kevin
Resources Mentioned:
Click this link to fill out our Retirement Readiness Questionnaire
Or, visit my website
Connect with me here:
This is for general education purposes only and should not be considered as tax, legal or investment advice.