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Early retirement is a dream for many Americans, but making it work requires more than just saving enough money; it requires smart tax strategies. In this episode of Purposeful Planning, we explore how Roth conversions can help early retirees reduce their lifetime tax burden and create more tax-free income in retirement. From understanding the five-year rule to timing your conversions strategically, discover whether this approach makes sense for your situation.    Sources:      https://www.aspenwealthmgmt.com/retirement-planning https://www.aspenwealthmgmt.com/tax-planning https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds  https://www.financialplanningassociation.org/learning/publications/journal/MAY23-arithmetic-roth-conversions-OPEN  https://smartasset.com/taxes/conversion-tax-planning-strategy  https://www.aspenwealthmgmt.com/about-us  https://www.aspenwealthmgmt.com/contact-us-fee-only-advisors-fort-worth  https://www.aspenwealthmgmt.com/resource-center/estate/gifting-strategies-without-hurting-retirement  https://www.aspenwealthmgmt.com/resource-center/retirement/early-retirement-and-tax-smart-roth-conversions    The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.      This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice.     Aspen Wealth Management is a registered investment advisor with the SEC.    This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.  Hosted on Acast. See acast.com/privacy for more information.

Most parents would do anything to help their children succeed, but providing financial support shouldn't come at the expense of your own retirement security. In this episode of Purposeful Planning, we explore smart gifting strategies that allow you to support the next generation while protecting your financial future. From strategic giving approaches to understanding gift tax implications, discover how to help your kids build better lives without compromising your own.    Sources:      https://www.kiplinger.com/retirement/gifting-while-you-are-alive-tax-benefits-and-practical-tips  https://www.aspenwealthmgmt.com/resource-center/estate/estate-planning-mistakes-to-avoid https://www.aspenwealthmgmt.com/resource-center/estate/gifting-strategies-without-hurting-retirement    The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.      This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice.     Aspen Wealth Management is a registered investment advisor with the SEC.    This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.  Hosted on Acast. See acast.com/privacy for more information.

When most people think about investing, stocks and bonds come to mind. But what about that vintage car collection, your rare coins, or even that comic book from the 1960s? In today's episode of Purposeful Planning, we're exploring the world of alternative investments, from collectibles to real estate to digital assets. We'll discuss what makes these investments unique, the opportunities they present, and how they might fit into your overall financial picture. Whether you're a passionate collector or simply curious about diversifying beyond traditional markets, this conversation is for you.    Sources:      https://www.aspenwealthmgmt.com/investment-management https://www.aspenwealthmgmt.com/resource-center/investment/alternative-investments    The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.      This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice.     Aspen Wealth Management is a registered investment advisor with the SEC.    This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.  Hosted on Acast. See acast.com/privacy for more information.

With the passage of the One Big Beautiful Bill Act earlier this year, the tax landscape has shifted significantly for 2025 and beyond. In this episode of Purposeful Planning, we explore the expiring tax credits you need to act on before year-end, the new opportunities for tax savings, and changes that could affect everyone from retirees to small business owners. Whether you're planning for estate transfers or maximizing deductions, understanding these changes is crucial for effective year-end tax planning.    Sources:    https://www.irs.gov/credits-deductions/residential-clean-energy-credit  https://www.irs.gov/credits-deductions/energy-efficient-home-improvement-credit  https://www.irs.gov/credits-deductions/businesses/sustainable-aviation-fuel-credit  https://bradfordtaxinstitute.com/Content/How-the-OBBBA-Impacts-Your-AMT-Risk-Starting-in-2026.aspx https://www.hartfordfunds.com/insights/investor-insight/navigating-longevity/social-security/the-obbbas-new-social-security-deduction-what-it-really-means-for-retirees.html https://smartasset.com/taxes/trumps-plan-to-eliminate-the-state-and-local-tax-deduction-explained  https://www.usatoday.com/story/money/2025/08/30/trump-accounts-1000-one-big-beautiful-bill/85855571007/  https://www.laboremploymentlawblog.com/2025/07/articles/employee-benefits/what-employers-should-know-about-the-one-big-beautiful-bill-act-obbba/#:~:text=Bonus%20depreciation%20is%20a%20tax,in%20long%2Dterm%20capital%20planning.   The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice. Aspen Wealth Management is a registered investment advisor with the SEC. This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.  Hosted on Acast. See acast.com/privacy for more information.

Dreaming of early retirement? There's a critical detail many people overlook: health insurance coverage in the years before Medicare kicks in at 65. In this episode of Purposeful Planning, we explore the healthcare gap that early retirees face and walk through your options, from the Health Insurance Marketplace to COBRA and Health Savings Accounts. Whether you're planning to retire in your fifties or helping someone navigate this transition, understanding these options is essential for making early retirement work.    Sources:    https://www.empower.com/the-currency/life/big-life-changes-research https://crr.bc.edu/will-the-average-retirement-age-keep-rising/ https://www.transamericainstitute.org/research/publications/details/retiree-life-in-the-post-pandemic-economy-2024  https://www.healthcare.gov/quick-guide/  https://www.congress.gov/crs-product/R48290  https://www.gao.gov/products/gao-25-106798  https://www.kff.org/medicare/retiree-health-benefits-going-going-nearly-gone/#:~:text=For%20the%20past%2025%20years,down%20from%2066%25%20in%201988. https://www.dol.gov/general/topic/health-plans/cobra  https://www.healthcare.gov/high-deductible-health-plan/hdhp-hsa-work-together/#:~:text=If%20you%20don't%20use,that%20Medicare%20doesn't%20cover.  https://www.aspenwealthmgmt.com/resource-center/retirement/medicare-made-easy-retirement-healthcare-costs      The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice. Aspen Wealth Management is a registered investment advisor with the SEC. This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.  Hosted on Acast. See acast.com/privacy for more information.

Remember those old Crock-Pots where you could set it and forget it? Estate planning doesn't work that way. In this episode of Purposeful Planning, we examine why the "set-it-and-forget-it" approach to estate planning can lead to costly mistakes, particularly with $80-125 trillion expected to be transferred between generations over the next two decades. From outdated beneficiary designations to changes in tax law, discover why regular reviews are essential and what mistakes to avoid.    Sources:      https://smartasset.com/taxes/trust-tax-rates https://taxpolicycenter.org/briefing-book/how-do-state-and-local-estate-and-inheritance-taxes-work https://www.aspenwealthmgmt.com/resource-center/financial-planning/next-generation-financial-leadership https://www.aspenwealthmgmt.com/resource-center/estate/estate-planning-mistakes-to-avoid   The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.      This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice.     Aspen Wealth Management is a registered investment advisor with the SEC.    This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.  Hosted on Acast. See acast.com/privacy for more information.

Social Security provides retirement income for millions of Americans, yet many people can't answer basic questions about how it works. In this episode of Purposeful Planning, we explore everything from setting up your online account to deciding when to claim benefits. Whether you're helping aging parents navigate their options or planning your own retirement strategy, understanding Social Security is crucial for making informed decisions that could impact your financial security for decades.    Sources:      https://www.cbpp.org/research/social-security/top-ten-facts-about-social-security#:~:text=It%20also%20provides%20important%20life,Social%20Security%20payroll%20tax%20contributions:  https://www.gobankingrates.com/retirement/social-security/americans-dont-understand-facts-about-social-security/  https://www.ssa.gov/myaccount/  https://www.ssa.gov/benefits/retirement/planner/agereduction.html https://www.ssa.gov/faqs/en/questions/KA-02459.html  https://www.aspenwealthmgmt.com/resource-center/retirement/medicare-made-easy-retirement-healthcare-costs https://www.aspenwealthmgmt.com/resource-center/blog/social-security-retirement-basics-what-to-know    The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.      This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice.     Aspen Wealth Management is a registered investment advisor with the SEC.    This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.  Hosted on Acast. See acast.com/privacy for more information.

When you're starting your career, financial planning can feel like a luxury you can't afford. In this episode of Purposeful Planning, we explore why establishing good financial habits early is one of the most powerful moves young professionals can make. From the magic of compound growth to practical strategies for saving and investing, discover how small steps today can lead to significant financial security tomorrow.    Sources:      https://www.cnbc.com/2025/06/04/expert-tips-for-saving-more-money.html https://www.sofi.com/learn/content/average-stock-market-return/#:~:text=The%20average%20stock%20market%20return%20of%20the%20S&P%20500%20is,much%20higher%20or%20much%20lower https://business.yougov.com/content/51940-what-kind-of-americans-own-stocks-and-how-do-they-handle-volatility https://www.aspenwealthmgmt.com/resource-center/financial-planning/good-financial-habits-for-young-couples https://www.aspenwealthmgmt.com/resource-center/financial-planning/starting-on-the-right-foot-financial-tips-for-young-professionals   The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.      This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice.     Aspen Wealth Management is a registered investment advisor with the SEC.    This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings. Hosted on Acast. See acast.com/privacy for more information.

After decades of saving for retirement, many people focus entirely on accumulation without considering how they'll actually withdraw those funds. In this episode of Purposeful Planning, we explore retirement withdrawal strategies that can help you pay less in taxes, protect your Social Security benefits, and potentially make your money last longer. From the conventional wisdom of spending taxable accounts first to alternative approaches that might work better for your situation, discover how to turn your nest egg into sustainable retirement income.    Sources:      https://www.ssa.gov/OACT/population/longevity.html https://www.schwab.com/public/file/P-13005058  https://www.cbsnews.com/news/how-much-of-your-social-security-income-is-taxable/#:~:text=If%20your%20combined%20income%20is%20less%20than,85%25%20of%20your%20benefits%20may%20be%20taxable. https://www.aspenwealthmgmt.com/blog/webinars/tax-smart-retirement-keeping-more-of-what-youve-earned  https://www.aspenwealthmgmt.com/contact-us-fee-only-advisors-fort-worth    The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.      This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice.     Aspen Wealth Management is a registered investment advisor with the SEC.    This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.  Hosted on Acast. See acast.com/privacy for more information.

As summer winds down and college preparations begin, families face important decisions about education funding, school selection, and financial aid. In this episode of Purposeful Planning, we explore strategies for making college more affordable and manageable—from the power of starting early with 529 plans to navigating the updated FAFSA process. Whether you're sending your first child to college or your last, these insights can help you make informed decisions about higher education investments.    Sources:      https://www.aspenwealthmgmt.com/resource-center/lifestyle/countdown-to-college/ https://www.aspenwealthmgmt.com/resource-center/estate/smart-tips-for-529-plans https://www.aspenwealthmgmt.com/resource-center/blog/fafsa-changes-2024-25/ https://www.aspenwealthmgmt.com/contact-us-fee-only-advisors-fort-worth https://www.aspenwealthmgmt.com/resource-center/financial-planning/college-funding-planning    The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.      This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice.     Aspen Wealth Management is a registered investment advisor with the SEC.    This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings. Hosted on Acast. See acast.com/privacy for more information.

Medicare decisions can feel overwhelming, but they're among the most essential choices you'll make in retirement. In this episode of Purposeful Planning, we break down the four parts of Medicare, explain the difference between Medicare Advantage and Medigap coverage, and share crucial timing information about enrollment periods. Whether you're approaching 65 or helping a parent navigate these decisions, understanding Medicare basics can provide peace of mind about healthcare costs in retirement.    Sources:      http://news.ehealthinsurance.com/news/health-care-costs-top-the-list-of-financial-worries-in-retirement-new-research-from-ehealth-and-retirable-shows  https://www.aarp.org/medicare/understanding-medicare-the-plans/ https://www.ssa.gov/benefits/medicare/medicare-premiums.html https://www.medicare.gov/health-drug-plans/health-plans/your-health-plan-options https://www.ncoa.org/article/what-is-the-difference-between-medicare-advantage-and-medigap/  https://www.medicare.gov/basics/get-started-with-medicare/sign-up/when-does-medicare-coverage-start  https://www.investopedia.com/terms/c/creditable-coverage.asp  https://www.aspenwealthmgmt.com/blog/webinars/medicare-made-easy-preparing-for-healthcare-costs-in-retirement/  https://www.aspenwealthmgmt.com/contact-us-fee-only-advisors-fort-worth https://www.aspenwealthmgmt.com/resource-center/retirement/medicare-made-easy-retirement-healthcare-costs   The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice. Aspen Wealth Management is a registered investment advisor with the SEC. This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.  Hosted on Acast. See acast.com/privacy for more information.

Restricted Stock Units can be a powerful wealth-building tool for corporate executives, but they come with important decisions about timing, taxes, and portfolio diversification. In this episode of Purposeful Planning, we break down the key factors executives should consider when managing RSUs—from understanding vesting schedules to avoiding over-concentration in company stock. Learn how to make strategic decisions that align with your overall financial goals.    Sources:      https://www.aspenwealthmgmt.com/resource-center/financial-planning/knowing-how-and-when-to-sell-rsus  https://www.aspenwealthmgmt.com/resource-center/blog/understanding-your-options    The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.      This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice.     Aspen Wealth Management is a registered investment advisor with the SEC.    This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.  Hosted on Acast. See acast.com/privacy for more information.

Planning a vacation with your grandchildren can create priceless memories while giving parents some well-deserved time off. In this episode of Purposeful Planning, we explore how to plan multi-generational trips that work for everyone—from selecting destinations that appeal to different age groups to handling the practical details, such as travel documents and permissions. Whether you're considering a national park adventure or an international getaway, learn how to make your grandparent vacation dreams a reality.    Sources:      https://www.familyvacationcritic.com/us-national-parks-kids-should-see-before-they-grow-up/art/  https://www.familyvacationcritic.com/international-travel-with-kids-what-to-know-tips-and-more/art/  https://www.parents.com/grandparent-traveling-with-grandchild-8658748  https://www.usa.gov/travel-documents-children  https://www.forbes.com/advisor/travel-insurance/best-travel-insurance/  https://www.aspenwealthmgmt.com/resource-center/lifestyle/vacationing-with-grandchildren    The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.      This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice.     Aspen Wealth Management is a registered investment advisor with the SEC.    This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.  Hosted on Acast. See acast.com/privacy for more information.

When money isn't an issue, should your teenager still work a summer job? In this episode of Purposeful Planning, we explore why summer employment remains valuable for teens from wealthy families. From building work ethic and financial literacy to funding retirement accounts early, discover how summer jobs provide benefits that money can't buy—even when you have plenty of it.    Sources:      https://www.aspenwealthmgmt.com/resource-center/lifestyle/does-our-kid-need-a-summer-job https://www.aspenwealthmgmt.com/resource-center/blog/protect-children-inheritance-trust    The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.      This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice.     Aspen Wealth Management is a registered investment advisor with the SEC.    This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.  Hosted on Acast. See acast.com/privacy for more information.

The difference between the Vanderbilt and Rockefeller legacies isn't just about money—it's about preparation. In this episode of Purposeful Planning, we explore how wealthy families can prepare the next generation to become responsible stewards of financial and philanthropic legacies. With $124 trillion expected to transfer between generations in the coming decades, the importance of communication, education, and values-based planning has never been greater.    Sources:      https://www.aspenwealthmgmt.com/resource-center/blog/different-stages-of-the-financial-journey https://www.cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048#:~:text=However%2C%20Gen%20X%20stands%20to,those%20recipients%2C  https://www.aspenwealthmgmt.com/resource-center/estate/test-your-estate-strategy-knowledge https://www.aspenwealthmgmt.com/resource-center/financial-planning/next-generation-financial-leadership    The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.      This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice.    This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.  Hosted on Acast. See acast.com/privacy for more information.