Wisdom for Your Wisdom Years

Matt walks thorugh exactly what happens with your IRA as you approach end of life and death, including required minimum distributions, changing Medicare thresholds (IRMA), and the changing tax brackets upon death as the surviving spouse inherits the account and, therefore, the additional income stream. Matt also covers how IRA's transfer to children and the income and tax implications of the remaining funds as they are paid out to the inheriting children.   The lifecycle of the IRA income ends up looking like this: Deferred income Forced income Compressed income Accelerated income   At each stage, you have less control over what happens to the funds and how they are paid out. This is why it's critical to have a financial plan that considers your income not just at the start of retirement, but throughout retirement. And, as Matt has pointed out in past episodes, a plan is only as good as the attention you pay it -- monitoring it and adjusting it over time to account for changing life circumstances ensures that you are navigating your money wisely through your wisdom years.

Growth for a company tends to be talked about in simplistic ways: revenue, profits, employee count, new locations, etc. However these are simply outputs. When an organization grows, it's responsibility grows as well -- at least the way Matt looks at it. As Benetas grows he's looking carefully at how he can preserve good communication and relationships, to make sure that important conversations are had, that the coordination between professionals he talks about frequently is happening consistently. In a word, to ensure clients and their unique circumstances feel known, not just processed.   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.  

Two weeks before this episode aired, Rory McIlroy won the Masters championship for the second time, and a back to back win at that -- a veryrare feat in golf. Rory became the fourth to ever do it, alongside the best golfers of all time Jack Nicklaus and Tiger Woods (Nick Faldo also went back to back in 1988 and 1989). Heading into the final day of the tournament, Rory had a commanding six shot lead, but what Matt noticed was how Rory dealt with his success through the first three days of the tournament. Rory didn't change his decision making and start playing to not lose. He stuck tightly to his process, and repeated the things that got him into the lead in the first place.   Investors can learn a lot from this approach. As Matt points out, most investing mistakes aren't made when markets are down, they are made when markets are up, and investors are having success. It's easy to become overconfident, to think that you have "figured out" the market. Rory indicated in his press conferences that he respected the golf course for what it was, and didn't suppose that he owned it or had completely mastered it. He stuck to decision making that would put him in a position to consistently score well, while avoiding risky plays that could cost him several strokes if they didn't work out. He also did a good job tuning out the noise and the excitement from the press contemplating his second win before it happened.   Investors deal with similar problems. Markets are unpredictable, and good investors don't try to figure them out -- they try to make consistently solid decisions that put them in a position to make good returns, rather than place risky bets with big upsides and big downsides. The markets are full of noise, like the press at the Masters tournament, and good investors learn to ignore the noise and focus on their process. They don't compare themselves or pay too much attention to what others are doing.   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.  

When markets become volatile, many people start to get nervy. It feels like a time to pull back, to move to cash and wait until the storm blows over and things return to "normal." As Matt counsels, however, for a well designed financial plan volatility isn't bad, it's actually an opportunity!   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.  

Every time a scam hits the headlines, most people think to themselves: "this wouldn't happen to me." And yet, scams happen all the time, even to smart, well-informed people! Many think scammers are bottom feeders, spamming poorly-worded, suspicious looking emails, texts, and links that are too obvious to fool any but the most gullible. While there are plenty of those kinds of scams in the world, there are also sophisticated scams that take advantage of distraction, social pressure, and urgency. And these scams are successful even with smart people.   The risk of scams only rises in retirement, when the account values are large. You or the person in your life who normally manages financial affairs might have lost interest in doing so, or perhaps you are no longer in the weeds day to day and therefore less in touch. Matt has a simple approach to protecting yourself from scams. It's all about having a process.   Have a simple process for making decisions, especially about money and important life decisions. Scammers pray on urgency and fear. A process can help you slow down, evaluate what's going on, and give you some second opinions on whether the decision makes sense. Matt encourages you to check in with a trusted friend or advisor before you agree to a proposal, someone external who can offer a sanity check. Your process doesn't have to be complicated, but following it consistently can help you root out scams and bad actors and avoid the financial and mental pain of being scammed.   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.  

Matt recently spoke at the University of Central Florida to students interested in pursuing a career in wealth management. One student asked him a prescient question: how did he learn how to talk with clients about money, especially the psychological side of the conversation? Matt's response wasn't about technical knowledge, or certifications and credentials. It was about, as Socrates says, knowing thyself.   In order to sit across the table from a client and help them navigate their complex feeling abouts money -- their hopes and goals, fears and anxieties -- you first need to understand how you respond to dealing with money, and complex life issues in general. Understanding your own predilections and responses to life challenges, to market turmoil, to changing circumstances and goals; this knowledge is key to understanding what others may be going through in their own, unique lives. Ultimately, money decisions are highly emotional decisions. Math is helpful, but rarely the deciding factor. A client needs to not only make sound financial decisions from a mathemetical perspective, but decisions that they feel confident about in the context of their own unique circumstances and personality.   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.  

Matt reviews a few conversations he's had with clients that came seeking a second opinion about the financial advice they had gotten. The conversations highlight a common problem that is unfortunately not talked about much. Meetings with financial advisors often focus primarily, maybe even exclusively on portfolio performance, missing the context of the bigger picture -- things like tax strategies, mapping retirement income over a period of time, planning Roth conversions if needed. Portfolio performance is really just one piece of a bigger puzzle that requires context and consideration of a client's unique goals and circumstances.     Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.  

Some wealth management firms offer integrated financial advisory, in which they combine investment management, tax planning, estate planning, insurance and more under one roof. The concept is attractive -- you have one place with one point of contact for managing your complete financial life, and your service should be coordinated between professionals. Investment decisions should align with tax planning strategies to avoid creating unncessary tax burdens or too much income in retirement (like the retirement income snowball that Matt covers in episodes #25 and #33), for instance. Unfortunately, as Matt explains, it doesn't always work out that way.   Matt shares some experiences with clients who came from integrated financial advisory practices with various retirement planning issues. As he points out, just because a firm offers a comprehensive suit of advisory professionals, it doesn't mean they actually communicate in a coordainted and timely fashion. What really matters is how a firm operates, whether they have a structure in place for creating a retirement plan and sharing that plan with each professional's input (investment management, tax, insurance, etc), and most importantly, revisiting that plan and managing it on an ongoing basis. This is true whether you are working with an independent financial advisor with external professionals, or an integrated firm.   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.  

Abbie returns to the podcast to talk with Matt about the many tax implications of Roth IRA conversions in retirement. Roth conversions are useful tools for managing your cash flow in retirement and avoiding the retirement income snowball (discussed in episode #25). Roth conversions can also help you avoid required minimum distributions in your later years. As always, the key is planning well ahead of time so you can make decisions with clarity, and not reactively, because often when you get into an unfavorable tax situation in retirement, the time to do something about it has passed.   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.  

CPA's are skilled and useful practioners, and important tools in making sure that you are compliant with the tax code and don't pay more taxes than you legally owe... this year. Many people mistake the advice of their CPA for tax planning, that is, the long-term positioning of your income, assets, and other unique circumstances to minimize your tax burden in the future. Matt reminds us that taxes in retirement are not just a one-time annual event. Taxes evolve into a whole system of interlocking parts involving Social Security, RMD's, Medicare premiums, and more. As Matt points out, tax returns look backward at the year behind you. Tax planning, on the other hand, looks forward, evaluating how all these moving parts fit together over years and even decades, to make sure you avoid major tax pitfalls during your wisdom years.   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.  

Attorneys, accountants, investment advisors -- they all have their place in your financial life. Most of them provide sound advice as well, but they are specialized professionals and their expertise and scope of work is inherently limited. Herein lies a trap in retirement planning. While you may get good advice on setting up trusts, allocating your investment assets, purchasing long-term healthcare, etc., it's important to ask: is anyone looking at the whole picture?   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.  

Matt explores the psychology behind a conversation he has often with clients, which revolves around the fear of spending in retirement. Even when the math is done, the spreadsheets are double checked, the modeling shows high confidence in your financial stability... many clients hit retirement and have trouble shifting into a "spending" rather than a "saving" mindset. After decades of saving and delaying gratification, it can be a difficult transition!   Matt's experience is that these fears are rooted not in math or confidence, but in the unknown. Naming the fears is a good starting point for understaning them. For some it's the fear of longevity, outliving their money, for others it's the fear of being a burden on others. These fears are not math questions but value questions, as Matt points out. Thinking through these fears, naming them, and understanding exactly how your financial plan helps you address these can bring clarity to your situation instead of a stormy black cloud of unknown.   Overspending in retirement has obvious costs. Underspending in retirement has hidden costs too, albeit more subtle. Travel not taken, experiences deferred until health makes them difficult or impossible, time spent optimizing for safety rather than living life -- these are real costs that need to be considered. Somewhere between the costs of overspending and underspending there are tradeoffs, and those tradeoffs are where clarity is gained and life is lived!     Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.    

Today is the one year anniversary of Benetas Wealth, which has Matt reflecting. For over twenty years he was a professional financial advisor at a big firm, but after stepping out to run his own practice that chapter, he realized, had closed. All of a sudden he was responsible for getting clients, making payroll, operations... Matt realized that what people often refer to as uncertainty when making a big change, like starting a business or retiring, is really responsibility. When you step out on your own and the paychecks stop, you sudden realize you are the one responsible for what happens to you.   This is a difficult transition for many, especially if you've spent many years working a job inside a system -- processes, a network of people, social and information resources, and financial security. But this weight of responsibility is ultimately what Matt aims to help clients with at Benetas Wealth. Retirement is not just about math and net worth and spreadsheets, it's about obtaining clarity about your role in the future and creating a plan that can flex and grow with you  through your wisdom years.   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.    

Financial plans don't fail in spreadsheets, they fail at stress points -- parents that need more help and care than expected, a business sale that took longer than anticipated, prolonged market volatility. As Matt has observed during his career, it's not the stressors themselves that cause problems with the financial plan, it's the behavior around those stressors. A good financial plan includes flexibility to deal with changing life situations, and is revisited and revised periodically to account for them.   Another quiet killer is unnecessary complexity, too many just-in-case provisions or backup strategies. Plans setup with too many contingencies can require constant attention to work as intended. In these plans, it's not the decisions that break them, it's the fact that people don't have the time to monitor them! As Matt says, simplicity is not laziness, it's durability.   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.    

Liquidity -- how quickly, easily, and efficienly you can sell your assets to raise cash or reinvest -- is an attractive quality for many investors. It's a safety blanket, like having a lot of cash in the bank or a healthy income stream. But liquidity comes at a cost, and being too liquid could be an expensive mistake.   As Matt explains, liquid investments present a few important behavioral risks that are often overlooked. When the market is turbulent, it's tempting for investors to sell their investments and retreat to cash, so to speak, but cash has it's own problems. Firstly, cash loses value over time to inflation, and this loss of purchasing power can be significant over the long run. Then there's what happens (or doesn't happen) after an investor moves to cash -- how long does it take them to redeploy it, and at what price? Many bad investments are made after "waiting out" bad markets, because investors wait too long to re-invest out of fear and end up paying higher prices. On top of that, they lose the effect of compounding they would have had by staying invested.   The temptation to time the market and precisely move in and out of investments to maximize returns and minimize losses is high, and many investors fall prey to it. Liquidity offers the allure of safety, and while liquid investments are useful and provide a portfolio with options, they also carry risks that should not be ignored.   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.    

Matt takes a walk through the interest rate environment of the past several years, from the near-zero rates of the COVID era to today's rates hovering nearer the historical average. Matt explains how the policy decisions of 2020-2021 (and before) suppressed interest rates, sending them steadily downward. During this period interest rates were predictable -- they would go down steadily -- and retirees looked to equities to produce income for their portfolio.   Today the market looks quite different. With the 10-year treasury around 4% (as of January 2026), fixed income is a viable asset for generating income again. However, interest rate volatility has re-entered the picture. When rates were near zero, the risk of interest rates moving sharply downward or upward was neglible, so interest rate risk could essentially be ignored. Now it's a material risk, so retirees must be careful in building their bond portfolio.   Matt explains how many retirees are still rooted in the thinking that made sense in 2020 and 2021, and that the market today presents new challenges. He outlines how bonds can be chosen and laddered to protect a portfolio against interest rate volatility, so that retirees can produce steady income for their portfolio while being hedged against rates moving up or down in the future.   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.    

Many smart, sophisticated investors get caught by this trap -- the retirement income snowball tax trap. Like most retirement income problems, the income snowball happens slowly, building over many years. At first things seem fine in retirement. Income is sufficient, taxes are low, but if you have deferred a lot of income in previous decisions -- social security, benefit plans, portoflio RMD's -- then a snowball of income can grow and later, when flexibility is low, can come to dominate the entire retirement plan.   Delaying social security to age 70 (the maximum age to start claiming SS) makes sense for many reasons. It provides some longevity insurance, similar to an annuity, the benefits are inflation adjusted, survivor benefits increase, and raises your guaranteed income floor for the remainder of your life. However, failing to think about the timing of this deferred income alongside your distributions in large, pre-tax retirement accounts could put you in a snowball situation with high tax bills.   Matt describes a common scenario he sees in his practice: a married couple filing jointly defers social security benefits to age 70, required minimum distributions (RMD) begin in their mid-70's, and their IRA values are higher than they expected, meaning their RMD's are higher than expected... which ultimately means a large tax bill. Where the snowball really hits hard is when one spouse passes away, and the surviving spouse inherits the deceased IRA's and possibly survivorship benefits as well. This can push the surviving spouse into a higher marginal tax bracket, when they now a single filer. Consequently, an annual income of $100k, for example, which might be fine for a married couple filing jointly, can become burdensome for the single surviving spouse. Unfortunately, by the time this happens, most of the proactive moves that could have been done to prevent the snowball are off the table.   Matt presents some tools to prevent this scenario, such as Roth 401k conversions and careful planning around IRMAA and Medicare.   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.    

In the third and final installment of the investing miniseries, Matt Murphy and Matt Reynolds discuss the common investment products most investors will use during their lifetime. Matt breaks down the difference between active and passive fund management, and why investors over the past few decades have flocked to passive index funds, which hold a basket of stocks that mirror market indices like the S&P500 and charge very low fees.   Matt also explains a common trap that robs investors of returns: not staying invested in the market. The old adage is buy low, sell high, and when the markets are volatile and economic outlook is poor, many investors get nervous and sell their stocks... only to watch the market rebound later. Before they know it, the market bounces back to higher levels than before, and to get back in the game they must now buy in at a higher price. Of course, there's no guarantee that the market will bounce back, or when it will bounce back, but in general, attempting to time the market results in substantially lower returns in the long run compared to simply staying invested and following your strategy, with periodic rebalancing to ensure your portfolio matches your risk tolerance.   As always, patience is the key to successful investing! Armed with some basic knowledge, you can make sound investments for your retirement without complicated strategies or esoteric investment products.     Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.    

In part 2 of a three-part Q&A series about investing, Matt Murphy and Matt Reynolds discuss the concept of risk in investing and how new investors, young and old, should think about risk. Everyone is familiar with the concept of risk in everyday life (a popular slang term today is FAFO, for instance), and the idea is simiilar in investing. There are many investments you could make, some higher risk and others lower risk. Generally speaking, low risk investments offer very steady, but low, returns. High risk investments, on the other hand, can generate much higher returns, but also have a higher probability of loss.   When thinking about risk it's important to understand your time horizon. A young investor in her early 20's can afford to take more risk, because her time horizon is long. She will be investing for 30-40 years, and while the market will go up and down several times during that period, the law of averages applies: she will, on average, make a nice return during that time period if she consistently invests and stays invested. A young investor in this situation would most likely invest mostly (if not entirely) in a diversified portfolio of stocks, like an S&P500 index, which historically has returned about 10% annually on average. An older investor closer to retirement, however, cannot afford the risk of losing a large chunk of the value of their portfolio if the market takes a dive. They need to be certain that the value of their portfolio stays steady, so they can plan on withdrawing from that portfolio to fund their retirement years. This investor will likely be more heavily invested in bonds, treasuries, and other fixed income asssets, which generally have lower returns than stocks, but also fluctuate in value much less. Over their lifetime, a smart investor will regularly rebalance their portfolio to reflect their age, risk tolerance, and proximity to retirement.   Matt Murphy also explains the concept of target date funds. These funds are essentially investing on auto-pilot. You put money into a target date fund, and it rebalances your portfolio automatically over time, assuming that you will retire and begin withdrawing from your portfolio at a specified date in the future. Target date funds are useful because they don't require much upkeep or knowledge about investing. However they tend to be more expensive (higher fees) than passively managed index funds, and they rebalance your portfolio based on a fixed timeline which you may not align with as your life changes. If you want to retire earlier than your target date fund assumes you will retire, then your investments will be out of step with your needs. Nevertheless, they can be a great tool for the beginning investor.   As Matt emphasizes throughout this mini-series, the most important part of investing is consistency. Showing up every month and investing regularly over years and years, while sticking to your strategy, yields great returns. If you aren't consistent or constantly shift your strategy in reaction to the market, you will more than likely underperform the consistent,  patient investor. Slow and steady wins the race!     Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved.   Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.    

Matt and Matt team up again for another Q&A episode, this time focused on how to get started with investing. Matt Murphy clarifies basic investing terms you need to know, such as stocks and equities, bonds and fixed income, and lays out the basic roadmap for investing through your lifetime. The key word with all things investing: patience. Results (wealth) from investing come from repeated good decisions over a period of many years. The process can be very simple, but for many it is difficult to remain calm and stick to your plan when the markets take a dive (which they will at some point) and the media is fear mongering about the stock market. Likewise, it's easy to chase trends and hot tips, only to be the one who bought high and sold low with a particular investment.   Matt also explains the basics of asset allocation, choosing the right mix of stocks and bonds to fit your personal risk profile and your position in life. Asset allocation for a young person likely will lean heavily, perhaps entirely, into stocks, because a young person has a long time horizon for investing and can withstand year to year fluctuations in the stock market. On the other hand, someone nearing retirement needs to know that the value of their portfolio won't vary substantially, since they will be planning to withdraw from that portfolio for living expenses in retirment. That person will likely invest more heavily in bonds, which pay a fixed interest rate and whose value fluctuates much less than stocks.   This is part one of three in this mini-investing series -- in the following episodes Matt will dive deeper into the types of investment accounts, how to pick investments for your portfolio and how to maintain them over time.     Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

Trusts and estate planning in general can be daunting and confusing, but with the right team around you it can be a smooth process that protects you and your family's interests throughout your life and beyond. In today's episode, estate attorney Jodi Murphy returns to the podcast to explain what trusts are, how they work, why you would want want, and how to set them up. She also walks through a few practical examples of trusts in action, dealing with death and inheritance, providing for children and disabled individuals, and more.   Book a consult with Jodi: Web: https://murphyberglund.com Email: [email protected]   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

In the final part of the miniseries on annuities, Matt discusses whether annuities are ever worth it, and if so, the scenarios in which he might recommend them. Following the story of Jim and Carol from the previous episode, he details how he he worked through their complicated stack of annuities to help them simplify their financial plan and align their investments with their priorities. The first step that Matt emphasized was to slow down, and take time to analyze and fully understand everything they owned before making decisions to exit or change investments.   Matt demonstrates working through Jim and Carol's annuities with a fiduciary mindset, and to that end he asks five questions, which are important to ask before making any type of investment: What problem is this annuity solving? Is it addressing a need or a fear? What does the annuity cost? Not just in monetary fees, but in flexibility, opportunity, and complexity Who benefits the most from this investment? The client or the seller? How does the annuity fit into the overall plan? Does it enhance the chance of success or does it just add complexity? Does the client understand it? If you don't understand it, you don't own it — it owns you!   Matt stresses the importance of only moving forward after you fully understand what you own. In Jim and Carol's case, they rushed into a string of annuity purchases based on fear of not having enough income in retirement. After analyzing their complete financial position with Matt, they realized they had more than enough income for their retirement goals, and that being overinvested in annuities was causing them to lose money both in opportunity cost (since they weren't invested in the stock market) and high fees (some of their annuities had fees as high as 4%!). So, they came up with a plan to exit those annuities in a patient, orderly process that served their goals and fit into their financial plan at every step.    Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Talk to your financial advisor before making any investing decisions. Annuities are long-term, tax-deferred investment vehicles designed for retirement purposes. Variable annuities are sold by prospectus. Please consider the investment objectives, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other information, can be obtained from a financial professional. Be sure to read the prospectus carefully before deciding whether to invest. Case studies and examples throughout are hypothetical and for illustrative purposes only. No specific investments were used. Actual results will vary. Compound illustrations are not predictions of investment performance, and investment principal and interest are not guaranteed and are subject to market fluctuation. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency; although the fund seeks to preserve the value of the investment at $1 per share, it is possible to lose money. Nonbank deposit investments are not FDIC- or NCUA-insured, are not guaranteed by the bank/financial institution, and are subject to risk, including loss of principal invested. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Commonwealth Financial Network® does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

In the second part of this three-part miniseries on annuities, Matt peels apart the layers of the complex financial machinery that makes annuities tick. He examines how insurance companies make money with annuities, and how various risks are spread between the underwriter of the annuity and the annuitant(s). Matt also breaks down how the various fees for annuities are calculated, including the crucial difference between the annuity's benefit base and it's actual cash value.     Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Talk to your financial advisor before making any investing decisions. Annuities are long-term, tax-deferred investment vehicles designed for retirement purposes. Variable annuities are sold by prospectus. Please consider the investment objectives, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other information, can be obtained from a financial professional. Be sure to read the prospectus carefully before deciding whether to invest. Case studies and examples throughout are hypothetical and for illustrative purposes only. No specific investments were used. Actual results will vary. Compound illustrations are not predictions of investment performance, and investment principal and interest are not guaranteed and are subject to market fluctuation. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency; although the fund seeks to preserve the value of the investment at $1 per share, it is possible to lose money. Nonbank deposit investments are not FDIC- or NCUA-insured, are not guaranteed by the bank/financial institution, and are subject to risk, including loss of principal invested. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Commonwealth Financial Network® does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

In the first part of a three-part miniseries about annuities, Matt breaks down the different types of annuities and how they work. Matt frequently works with new clients who have annuities, and are unsure how exactly they work or how they fit into their financial plan (if they fit in at all). Unfortunately for many, annuities not only aren't a good fit for their circumstances, they can also carry high costs and heavy penalties for exiting early. In this series, Matt will teach you the basics of how annuities work, when and where they can fit into a portfolio, and important pitfalls to watch out for.     Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Talk to your financial advisor before making any investing decisions. Annuities are long-term, tax-deferred investment vehicles designed for retirement purposes. Variable annuities are sold by prospectus. Please consider the investment objectives, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other information, can be obtained from a financial professional. Be sure to read the prospectus carefully before deciding whether to invest. Case studies and examples throughout are hypothetical and for illustrative purposes only. No specific investments were used. Actual results will vary. Compound illustrations are not predictions of investment performance, and investment principal and interest are not guaranteed and are subject to market fluctuation. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency; although the fund seeks to preserve the value of the investment at $1 per share, it is possible to lose money. Nonbank deposit investments are not FDIC- or NCUA-insured, are not guaranteed by the bank/financial institution, and are subject to risk, including loss of principal invested. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Commonwealth Financial Network® does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

In today's episode, Matt brings on his intern Matt Reynolds (another Matt!) to ask him a series of questions about personal finance and investing. Emergency funds, IRA's, 401(k), index funds and much more -- Matt gives a crash course in all the major concepts and investment vehicles you need to know to get started on the right foot in your financial life.   As Matt emphasizes, it's not about getting everything right or saving a bunch of money right off the bat. It's about building good habits, getting in the habit of putting money away for the future while you're young so that it becomes second nature as you get older and life gets more complex.   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Talk to your financial advisor before making any investing decisions. Case studies and examples throughout are hypothetical and for illustrative purposes only. No specific investments were used. Actual results will vary. Compound illustrations are not predictions of investment performance, and investment principal and interest are not guaranteed and are subject to market fluctuation. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency; although the fund seeks to preserve the value of the investment at $1 per share, it is possible to lose money. Nonbank deposit investments are not FDIC- or NCUA-insured, are not guaranteed by the bank/financial institution, and are subject to risk, including loss of principal invested. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Commonwealth Financial Network® does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

In today's episode, Matt chats with Jeromey Thornton, Senior Investment Director at Avantis Investments, about the inner workings of the investing and portfolio management industry. Jeromey explains how the investment funds you invest in are set up, how they operate, and what kind of strategies they use to differentiate themselves in the market. He also explains how the exchange traded fund, or ETF, came into being, how it differs from a mutual fund, and the tax implications of capital gains and losses in each.   Jeromey Thornton Avantis Investments: https://www.avantisinvestors.com/avantis-about-us/our-team/jeromey-thornton/   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.  

There are a number of benefits available to retirees through Medicaid and, for veterans, the VA. Understanding what you qualify for, how to apply, and how to best manage your assets and retirement income to maximize your benefits can be VERY confusing and complicated. In today's episode estate attorney Jodi Murphy returns to the podcast to help you navigate the minefield of retirement benefits, and understand what steps you need to take to plan wisely for you and your family's retirement.   Book a consult with Jodi: Web: https://murphyberglund.com Email: [email protected]   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

In today's episode, Matt invites his CPA and frequent collaborator Abbie McGuire to talk about a the tax implications of the Big Beautiful Bill in detail, including changes to the standard deduction, estimated tax payments, new temporary tax deductions, and more. They also discuss why it's important to build a relationship with your tax provider and plan ahead for future tax changes by engaging with them throughout the year, not just during tax season! Simple things like reviewing your W-4 each year can help you avoid unforeseen tax bills at the end of the year, and help you gather the documentation you need to minimize your tax bill when it comes time to file.   Get in touch with Abbie McGuire, CPA: https://www.amcguirecpa.com   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

The industry of financial advice is filled with both good and bad actors, and it can be difficult to determine which advisors can be trusted, especially if you have limited knowledge of financial jargon and industry practices. It's important how different advisors structure their practice, how they get paid, and what incentives they have for selling investment products. A key term is fiduciary, an advisor who is professionally and legally bound to act in the clients best interest. Other financial advisors are held to a lower standard, and often have incentives to sell you certain investment products that generate more fees for them, regardless of whether they are the best fit for you.   In this episode, Matt explains how fiduciaries structure their fees, and how their incentives align with the client. He explains how other financial advisors held only to a "suitability" standard can steer you toward unnecessarily expensive or risky investments. He also outligns several questions you should ask an advisor before engagng their services, including: Are you a fiduciary 100% of the time? Do you ever act in a non-fiduciary capacity? How do you get paid? Commissions vs. fee-based, or both? Do you receive any incentives for the products you recommend?   Asking the right questions is critical to make sure your advisor is aligned with your goals and interests, and not just theirs (or their employers).   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

Golf is a game that can bring people together, but it can also bring families together in a powerful way. To that end, US Kids Golf has a mission to create opportunities for kids to learn to play golf, form bonds with other kids, and create lasting memories on the golf course. John Kim is the Senior Director of Communications and Foundaton Relations at US Kids Golf, and has seen firsthand how those tight communal bonds are formed on the course. He joins the podcast today to talk about why he left a lucrative career as a producer for PGA tournament coverage to work with kids and create opportunites to compete and develop physically, emotionally, and socially on the golf course.   Get Involved with US Kids Golf https://www.uskidsgolf.com   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

As a follow up to episodes #7 and #8 on the Big Beautiful Bill and the numerous implications it has on retirement and taxes, in today's episode Matt clarifies how Social Security income is taxed. He breaks down the important concepts to understand for SS taxation, including the difference between adjusted gross income and provisional income, and the brackets for single and married filing jointly tax payers. He outlines a few important strategies for managing your income and withdrawals in retirement, as well as the new senior deductions coming into effect in 2026.   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

The artist known as Prince died in 2016, leaving behind a substantial estate including real estate, a vast catalog of released and unreleased music, and publishing rights... with no will in place or plans for how the estate should be divided up amongst his heirs. This is a surprisingly common occurence, and while you may not have an estate like Prince valued in the hundreds of millions, a little bit of planning and foresight can save your family and other loved ones a mountain of headache while they are grieving your death.   In today's episode, Matt brings on estate attorney Jodi Murphy (also his wife!) to discuss the basics of planning for your estate after death, including the role of wills and trusts in dispensing your assets. They also discuss the importance of Power of Attorney documents, which specify who can act as the agent of your financial, medical, and legal affairs in the event you become incapacitated. Jodi notes some of the problems she has seen with legal documents purchased from websites like Legal Zoom, and explains the basics of how these documents work in life and death, and where seeking the counsel of a licensed attorney can help your family avoid problems in probate court after your death.   Looking for an Estate Attorney? Book a consult with Jodi: Web: https://murphyberglund.com Email: [email protected]   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

Matt gets frequent questions about the name "Benetas" in Benetas Wealth. It's a made up word, a portmanteau of the Latin bene, meaning wellness or rightness, and -tas, a suffix indicating a state of being. But it's meaning runs deep. Benetas is a state of wellbeing, in particular a state of financial wellbeing which radiates into the rest of life. Matt believes in helping people achieve financial wellbeing not only so they can be secure in retirement, but so that they can live more fully and be generous with their wealth.      Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

The One Big Beautiful Bill Act changed a lot of things in the tax code, including your tax treatment in retirment. Matt walks through how these changes may affect your tax situation, and whether you should consider converting your 401(k) or traditional IRA funds to a Roth IRA. This is a complex and multifactorial analysis, so Matt always recommends you talk with your advisor about how to minimize your tax burden in retirement given your specific circumstances.   If you need help with your individual situation, contact Matt at https://www.benetaswealth.com to schedule a consulation.   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

On July 4, 2025 President Trump signed into law the One Big Beautiful Bill Act, a sweeping piece of legistlation which includes a number of substantive revisions and additions to the tax code. Matt walks through the highlights of the bill and how it affects retirees and business owners, including changes to social security income tax, bonus depreciation, short term rental tax treatment, and more.     Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

As he has mentioned in previous episodes, Matt Murphy partners with Commonwealth Financial Network for their broker/dealer and support services. It is much more than a business relationship, however; there are family ties as well! To that end, Matt invites Kyle Martin of Murphy Financial Group, a third generation wealth advisor and Matt's cousin once removed. Like Matt, Kyle grew up with a deep love for golf, which he got through his grandfather (and Matt's uncle) Ken Murphy. Kyle and his grandfather played together often in his youth, where he learned not only to appreciate the game but also how to build and foster lasting relationships on the course.   Kyle's grandfather Ken began his career in the FBI, but after starting a family quickly realized it wasn't where he wanted to be. So he jumped out on his own and blazed a trail in the wealth advisory space, where his natural inclination to friendliness helped him make connections and build trust with others. He soon joined the Medinah Country Club (outside of Chicago), where he realized he could both play golf and build realtionships for his business.   What Kyle learned from his grandfather on the golf course is that golf is a way to bond with others, and demonstrate that you were a reliable and trustworthy person. The course isn't a place to do business per se, but to show others you're the type of person they want to do business with, and that type of trust is built through earnestly befriending others and finding ways to help them -- not through assertive "selling." Kyle and the other advisors at Murphy Financial Group adhere to these principles today, striving to treat people right and be responsive to their needs, and serve as a model for how good financial advice and wealth advisory should be done.     Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

One of the old saws of the personal finance space is the "4% Rule," which states that in retirement, you can withdraw 4% of the value of your investment portfolio each year without risking running out of money by the end of your life (that is, your portfolio will continue to grow at a rate that offsets the amount you are withdrawing, such that it will never be drawn down to zero). If 4% of your portfolio is enough for you to live on, then congratulations! You can retire risk free.   There's a few BIG but's here, which Matt Murphy, CFP, walks through in this episode. The 4% rule was formulated based on a number of assumptions, including past market performance trends from a particular window of time (1926-1976) that have not held since, especially with the interest rate environment of the last 25 years or so. The 4% Rule also assumes you will be spending money in retirment in equal chunks, i.e. you'll spend the same amount of money at age 67 as you will age 87. This assumption disregards the fact that many people like to spend thier early retirement years traveling, remodeling their house, moving somewhere closer to family, or perhaps downsizing -- all of which involve significant one-time expenses.   There are many other problems with the 4% Rule that Matt walks through in the episode, but the important takeway is that retirement isn't about achieving a number -- it's about thinking through what you want to do with your life, coming up with a plan for how you will spend your money to make those goals happen, and then preparing for a variety of scenarios for when life inevitably throws a curveball in your wisdom years.     Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

Roth IRA's have some notable advantages, one being their tax advantaged status. Roth distributions are tax-free providing certain conditions are met. Savvy seniors can manage their tax burden by using Roth IRA's and managing their adjusted gross income. Certified Financial Planner Matt Murphy lays out a strategy for converting funds in traditional and other retirement accounts to Roth IRA's, and using qualified charitable distributions (QCD's), to manage your tax burden in retirement and help your retirement funds stretch further.     Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

In today's episode, Matt talks about the physical side of preparing for retirement, or enjoying retirement if you're already there. He is joined by Starting Strength Coach Pete Troupos, who has been coaching people of all ages to get strong using barbells since 2016. Pete is the head coach of Starting Strength Orlando, and also helps train and develop new coaches in the Starting Strength Community. Pete explains why strength is the most important physical skill you can develop, and why it is especially crucial for maintaining function and quality of life for older adults.   Pete Troupos Gym: https://www.startingstrengthgyms.com/orlando/ Starting Strength Coaching Directory: https://coaching.startingstrength.com/coaches/united-states/florida/orange-county/pete-troupos-ssc/ Instagram: @pete.hellenicstrength   Follow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

The news is ablaze with tariffs and trade wars these days, as the Trump administration enacts tariffs, or taxes essentially, on foreign produced goods entering the US. The news being what it is, of course every outlet's take is biased toward whichever end of the political spectrum they support, with plenty of supposition and fearmongering. In today's episode, Matt Murphy cuts through the noise and explains in clear terms the ideas behind tariffs, the economic concept of comparitive advantage, and some of the challenges the US is facing with trade deficits and national debt.   Most importantly, Matt reminds us that in the real world economics is complex, and no one really knows what the impact of tariffs will be. They do have real impact on companies and their profit margins, but companies operate in different competitive environments with different challenges and not all will feel the impact equally.     Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp   Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

In today's episode, Matt reviews common strategies for managing your cash flow in retirement, and outlines the major risks to your income you need to plan for in retirement. Many people focus on the big number, the total amount of savings they need before they can safely retire. There's a lot more to it than that, however. When you retire you will need to a certain amount of cash live on, month to month, year to year, and you need to be certain that you have enough coming in to cover your bills and enjoy life, without worrying about running out of money in old age. Then, it's wise to make sure you are taking income in a tax-efficient manner, from the right accounts, in the right order, at the right time.   Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp     Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

Retiring is just the first step of life after work. Matt Murphy, Certified Financial Planner, wants to help you retire well, with a life of fullness, meaning, and generosity. Each week Matt delivers episodes on retirement planning, investing, tax strategy, as well as staying healthy in your retirement years with fitness and good nutrition. Matt also shares some golf and travel tips, and other ways to enjoy your hard earned retirement years.    Follow Matt Murphy  Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp