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The step-up in basis is a tax benefit that many retirees may have heard of but often do not fully understand. This concept can significantly impact estate planning and tax liabilities for heirs, potentially saving families hundreds of thousands or even millions of dollars. In this discussion with Financial Planner Thatcher Taylor, we will delve into what the step-up in basis is, how it works, and its implications for estate planning. The step-up in basis is particularly beneficial for assets held in taxable brokerage accounts, such as stocks, bonds, and real estate. It allows heirs to avoid significant tax liabilities that would otherwise arise from the appreciation of these assets over time. For many families, this can mean substantial savings in taxes, making it a meaningful consideration in estate planning. 00:11 Step-up in basis explained. 5:44 Step-up in basis benefits. 11:24 Community property states benefits. 12:41 Step up in basis benefits. ✅Contact Thatcher at [email protected] with comments and questions! Are you over age 50 and need retirement help? Schedule a free consultation https://www.propathfinancial.com/get-started Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@propathfinancial Join The Newsletter For All Wealth Building Tactics https://propath.ck.page/60fab1df4d DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos. ​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

In this episode, Financial Planner Thatcher Taylor discusses late-life housing and care options. As individuals approach retirement and later life, planning for housing and care becomes crucial. Understanding these options can help retirees and their families make informed decisions. 1. Aging in Place 2. Independent Living Communities 3. Assisted Living 4. Memory Care 5. Skilled Nursing Facilities 6. Continuing Care Retirement Communities (CCRCs) Each of these six options presents unique advantages and challenges. The right choice depends on individual health, financial situation, personal values, and family dynamics. Early planning and open conversations about these options can help ensure that retirees and their families are prepared for the future, avoiding last-minute decisions made under pressure. ✅Contact Thatcher at [email protected] with comments and questions! Are you over age 50 and need retirement help? Schedule a free consultation https://www.propathfinancial.com/get-started Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@propathfinancial Join The Newsletter For All Wealth Building Tactics https://propath.ck.page/60fab1df4d DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos. ​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

The decision of when to claim Social Security is highly personal and can have lasting financial implications. While waiting until age 70 may be beneficial for some, it is not a one-size-fits-all solution. A thorough analysis that considers individual circumstances, risk factors, and the dynamics of married couples can help retirees make informed decisions that align with their retirement goals. As always, consulting with a financial planner can provide tailored advice to navigate this critical decision effectively. Several factors can influence whether delaying Social Security is the right choice for an individual: Health Concerns: If you have serious health issues or a family history of shorter life expectancy, the rationale for delaying benefits diminishes. Portfolio Balances: Individuals with lower portfolio balances may face a different set of challenges. Behavioral Factors: Emotional considerations, such as the risk of regret, also play a role in the decision-making process. Ultimately, Social Security serves as a crucial financial instrument that can hedge against longevity, inflation, and poor investment returns. By understanding the mechanics and risks involved, retirees can navigate this decision more effectively and reduce the potential for regret. Thank you for joining me on the Functional Retirement Podcast. If you found this episode valuable, please share it with someone approaching retirement or in need of a better strategy. I'm Thatcher Taylor, and I'll see you next time. ✅Contact Thatcher at [email protected] with comments and questions! Are you over age 50 and need retirement help? Schedule a free consultation https://www.propathfinancial.com/get-started Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@propathfinancial Join The Newsletter For All Wealth Building Tactics https://propath.ck.page/60fab1df4d DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos. ​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

In this episode of the Functional Retirement Podcast, host Thatcher Taylor, a Certified Financial Planner, dives into a practical scenario involving a couple, Dan and Sally, who have just retired. With a combined need of $72,000 per year from their investment accounts to supplement their Social Security income, Thatcher explores the complexities of determining which accounts to draw from—traditional IRA, Roth IRA, or taxable brokerage account. He emphasizes that the answer is not straightforward and depends on various factors, including tax brackets, future distribution requirements, Medicare considerations, and estate planning goals. Listeners are encouraged to think critically about their own retirement planning and the unique variables that impact their income distribution strategies. Tune in for an insightful discussion on navigating retirement finances effectively. [00:02:23] Withdrawal sequencing strategies. [00:05:58] Withdrawal strategies and tax implications. [00:09:31] Roth IRA withdrawal strategy. [00:13:01] Tax deferral strategies in retirement. [00:17:02] Retirement income tax strategies. [00:20:57] Managing tax brackets in retirement. [00:25:40] Roth conversion strategies for retirement. [00:28:50] Medicare IRMA surcharge explained. [00:33:30] Tax strategies in retirement income. 🤝 Schedule a free consultation https://www.propathfinancial.com/get-started Not ready yet? No problem...   Learn How To Get Worry-Free Retirement Income👉 https://www.propathfinancial.com/guides 🎧Listen To The Podcast: https://thefunctionalretirement.buzzsprout.com 📺Watch The Functional Retirement Podcast On YouTube: https://www.youtube.com/playlist?list=PL7A5bFh5NxnW3JkaMuGwFGM3PIQP2iLKD Watch Full Videos Now @functionalretirement 📝Free Retirement Vision Workbook https://propath.ck.page/workbook 🔔 Subscribe for notification of all future videos: https://www.youtube.com/functionalretirement?sub_confirmation=1 DISCLAIMER: The information provided in these videos is only to be considered helpful hints and education. Nothing said or shown in any of these videos is to be misconstrued as specific tax, legal or investment advice. Consult with your tax, legal or investment professional before acting on anything you see in these videos. ✅Contact Thatcher at [email protected] with comments and questions! Are you over age 50 and need retirement help? Schedule a free consultation https://www.propathfinancial.com/get-started Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@propathfinancial Join The Newsletter For All Wealth Building Tactics https://propath.ck.page/60fab1df4d DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos. ​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

In this episode of the Functional Retirement Podcast, we tackle one of the most common questions I receive from clients: "Will I run out of money in retirement?" While this is a valid concern, research shows that the bigger issue for many affluent retirees is not running out of money but rather not spending enough of it. This episode delves into the concept of the "retirement consumption gap" and the "spending paradox." We explore the behavioral phenomenon affecting many retirees, particularly those who have diligently saved and built a certain lifestyle. Despite having sufficient funds, these individuals often fail to spend their annual income, let alone dip into their principal. This cautious approach stems from various factors, including the fear of the unknown, the saver's identity, and the mathematical logic supporting early restraint. I discuss a study published in the Journal of Financial Planning, which found that affluent retirees often underspend relative to what their assets can support. This behavior is influenced by longevity risk, the ingrained habit of saving, and the need for portfolio growth in the early years of retirement. To address this issue, I offer three practical ideas: 1. Get Clarity on Your Real Number: Understand your current living costs, including taxation, and stress-test your financial plan to ensure it can sustain various scenarios. 2. Separate Your Money: Distinguish between non-negotiable expenses, living expenses, and lifestyle money to make more informed spending decisions. 3. Focus on Health: Your physical and mental health significantly impact your ability to enjoy retirement. Being healthy allows you to spend more actively and efficiently. The episode emphasizes the importance of balancing experiences, generosity, and happiness with maintaining a certain portfolio balance. Your portfolio should be viewed as a tool, not a trophy. The ultimate goal is to live a fulfilling retirement, enjoying the fruits of your labor without undue anxiety about running out of money. If this episode resonated with you and you're unsure whether your plan allows you to spend confidently, I invite you to reach out for a complimentary conversation. Let's work together to create a specific strategy tailored to your situation and goals. Thank you for joining me on the Functional Retirement Podcast. If you found this episode valuable, please share it with someone approaching retirement or in need of a better strategy. I'm Thatcher Taylor, and I'll see you next time. ✅Contact Thatcher at [email protected] with comments and questions! Are you over age 50 and need retirement help? Schedule a free consultation https://www.propathfinancial.com/get-started Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@propathfinancial Join The Newsletter For All Wealth Building Tactics https://propath.ck.page/60fab1df4d DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos. ​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

If you’re just one year out from retirement, the planning phase should be behind you. This episode is all about shifting from prep mode to game day execution. Your income, healthcare, and lifestyle decisions should already be mapped out—now it’s time to focus on making it all happen. We’ll walk you through what the final stretch looks like, what not to stress about, and why midnight spreadsheet sessions are no longer the vibe. Let’s make this last lap count!  Timestamps: 1:02 Game day execution for retirement. 6:30 Retirement planning and purpose. 9:46 Retirement preparation and planning. ✅Contact Thatcher at [email protected] with comments and questions! Are you over age 50 and need retirement help? Schedule a free consultation https://www.propathfinancial.com/get-started Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@propathfinancial Join The Newsletter For All Wealth Building Tactics https://propath.ck.page/60fab1df4d DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos. ​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

Hi everyone, welcome back to your classroom. Today, we're diving into part two of our retirement countdown series, focusing on what you need to consider when you're five years out from retirement. If you missed the previous episode, we discussed the preparations needed when you're ten years out. Now, let’s get into the critical steps for the five-year mark. Timestamps: 1:25 Retirement preparation timeline. 4:18 Retirement planning strategies. 9:14 Retirement planning five years out. ✅Contact Thatcher at [email protected] with comments and questions! Are you over age 50 and need retirement help? Schedule a free consultation https://www.propathfinancial.com/get-started Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@propathfinancial Join The Newsletter For All Wealth Building Tactics https://propath.ck.page/60fab1df4d DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos. ​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

Most of my clients are over the age of 50, and I’ve noticed that as you get closer to retirement, your thought process evolves. Instead of one long discussion, I thought it would be more beneficial to break it down into manageable segments. This way, you can focus on the timeframe that’s most relevant to you. In this first episode, we’ll talk about what you should be doing 10 years out from retirement. Next week, we’ll cover the 5-year mark, and the following week, we’ll discuss the final year before you retire. Stay tuned for next week’s episode, where we’ll discuss what to focus on 5 years out from retirement. If you have any questions or want to learn more about financial planning, feel free to reach out to me at ProPathFinancial.com. See you next time!  Timestamps: 0:27 Preparing for retirement stages. 5:08 Retirement planning strategies. 9:57 Social Security and retirement planning. 12:05 Retirement preparation strategies. ✅Contact Thatcher at [email protected] with comments and questions! Are you over age 50 and need retirement help? Schedule a free consultation https://www.propathfinancial.com/get-started Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@propathfinancial Join The Newsletter For All Wealth Building Tactics https://propath.ck.page/60fab1df4d DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos. ​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

Where will your retirement income come from, and how will it be taxed? This is a crucial question every retiree needs to understand. A client recently shared an intriguing Instagram post that highlighted how the average American retires at 64 and may only enjoy about 12 years of good health in retirement. This sparked a discussion about the importance of investing in health alongside financial assets. Your health significantly impacts your retirement income strategy. A mix of taxable, tax-deferred, and tax-free accounts allows you to control your taxable income each year, helping to manage expenses like Medicare surcharges and tax brackets. Timestamps: 03:01- Invest in your health. 05:46- Retirement income sources and taxes. 10:36- Roth IRA tax benefits. 14:03- Tax-efficient withdrawal strategies. 18:01- Real estate and income taxation. 20:55- Managing retirement income taxes. ✅Contact Thatcher at [email protected] with comments and questions! Are you over age 50 and need retirement help? Schedule a free consultation https://www.propathfinancial.com/get-started Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@propathfinancial Join The Newsletter For All Wealth Building Tactics https://propath.ck.page/60fab1df4d DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos. ​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

Retirement is Not Just One Thing: The traditional view of retirement—working until a certain age and then sailing off into the sunset—is just one of many paths. Whether you’re considering the FIRE movement (Financial Independence, Retire Early), semi-retirement, or even a career shift, it’s crucial to define what retirement means to you. Understanding your vision will help you create a tailored financial plan that aligns with your goals. Timestamps: 02:15- Traditional retirement options explained.5:47- FIRE movement challenges.8:17- Semi-retirement and flexibility.14:23- Work optional retirement.16:10- Retirement planning and work.19:06- Defining your retirement version.✅Contact Thatcher at [email protected] with comments and questions! Are you over age 50 and need retirement help? Schedule a free consultation https://www.propathfinancial.com/get-started Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@propathfinancial Join The Newsletter For All Wealth Building Tactics https://propath.ck.page/60fab1df4d DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos. ​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

Welcome back to the Functional Retirement Classroom, where we trade boring lectures for laughs, spreadsheets, and slightly-too-real truths about your financial future. Today’s lesson? Longevity! (Yes, that thing where you live way longer than you thought—and your bank account wasn’t ready for it.) Did you know there’s a 70% chance one half of a non-smoking couple aged 65 will make it to 90? That’s not a fun fact—it’s a financial wake-up call. In this episode, we dive into what it really means to plan for the long haul (like, potentially 30 years of retirement-long). Spoiler: if you treat your savings like a Vegas weekend, you might end up with a very quiet final act. So grab your coffee, crack open that dusty life expectancy chart, and let's make sure your golden years don’t end in bronze. Timestamps: 1:06: Retirement planning principles. 4:06: Planning for a long life. 8:43: Social Security decision-making importance. 11:27: Rising Medicare costs with age. 16:27: Taxable accounts for investment flexibility. 18:22: Long-term investment strategies. ✅Contact Thatcher at [email protected] with comments and questions! Are you over age 50 and need retirement help? Schedule a free consultation https://www.propathfinancial.com/get-started Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@propathfinancial Join The Newsletter For All Wealth Building Tactics https://propath.ck.page/60fab1df4d DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos. ​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

When you're getting advice—especially about your money or retirement—don’t just nod and smile like you’re at a grandkid’s school play. Ask questions! Stuff like, “How do you know that?” or “Why is this the right choice for me?” The goal isn’t to be rude, it’s to make sure the person advising you understands you. A good advisor won’t hand you a cookie-cutter answer—they’ll dig in, get to know your situation, and help you make decisions that fit your life, not someone else’s. So go ahead, ask away. You've earned the right.  Timestamps:  0:18 Trusting the wrong advice. 6:39 Retirement planning and bad advice. 10:15 Social Security Optimization Risks. 12:33 Evaluating financial advice credibility. 15:34 The cost of bad advice. 19:40  Finding a trustworthy financial advisor. ✅Contact Thatcher at [email protected] with comments and questions! Are you over age 50 and need retirement help? Schedule a free consultation https://www.propathfinancial.com/get-started Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@propathfinancial Join The Newsletter For All Wealth Building Tactics https://propath.ck.page/60fab1df4d DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos. ​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

Retirement isn’t just about crunching numbers and counting down to your last paycheck—it’s about living your best life. Sure, savings and social security matter, but as we chat about in this episode, your physical, mental, and emotional well-being are the real VIPs of a happy retirement. Feeling good in your golden years? That’s the real return on investment. Let’s break down how staying sharp, strong, and centered can totally level up your retirement game.          Timestamps: 1:12 Health impacts on retirement decisions.6:14 Fitness affects financial future.9:50 Longevity through cardiovascular fitness.15:32 Mental health and retirement spending.16:36 Mental and emotional fitness benefits.20:31 Spending aligned with purpose.24:36 Functional retirement lifestyle changes.✅Contact Thatcher at [email protected] with comments and questions! Are you over age 50 and need retirement help? Schedule a free consultation https://www.propathfinancial.com/get-started Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@propathfinancial Join The Newsletter For All Wealth Building Tactics https://propath.ck.page/60fab1df4d DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos. ​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

Retirement is often perceived as a definitive endpoint in one’s career—a time when individuals stop working altogether. However, as discussed in the 50th episode of the Functional Retirement Podcast, retirement is much more nuanced than simply ceasing to work. It represents a significant life transition, fundamentally about gaining control over your time and life, allowing you to pursue what you truly want to do. Timestamps: 00:00 - Introduction and Podcast Focus 00:00:49 - Defining Retirement 00:02:24 - Host’s Fitness Background 00:02:46 - Traditional vs. Modern Retirement 00:05:05 - Transitioning in Retirement 00:06:10 - Financial Independence and Control 00:08:07 - Challenges and Planning for Retirement 00:10:07 - Sources of Retirement Income 00:14:05 - Health and Wellness in Retirement 00:17:00 - Full Control and Lifestyle Choices 00:18:27 - Conclusion and Next Steps ✅Contact Thatcher at [email protected] with comments and questions! Are you over age 50 and need retirement help? Schedule a free consultation https://www.propathfinancial.com/get-started Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@propathfinancial Join The Newsletter For All Wealth Building Tactics https://propath.ck.page/60fab1df4d DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos. ​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

In this episode of the The Functional Retirement Podcast, host Thatcher Taylor discusses the importance of understanding market volatility and its impact on retirement planning. He reflects on the 2008-2009 market crash, emphasizing that many investors who panicked and sold during downturns often locked in losses, while those who stayed invested saw significant recovery.  Thatcher advocates for a bucketing approach to investing, where assets are segmented based on when they will be needed, allowing retirees to weather market fluctuations without jeopardizing their financial security. He encourages listeners to focus on controllable factors, such as spending habits and mindset, and highlights the long-term benefits of remaining invested, even during market downturns. 0:22 - 0:32 – Investment Analogy: 2008-20092:23 - 3:06 – Paper Losses vs. Real Losses4:19 - 4:54 – Investment Management in Retirement7:15 - 7:38 – Dynamic Spending Strategy8:55 - 9:22 – Long-Term Investment Opportunities13:31 - 13:53 – Impact of Missing Best Market Days ✅Contact Thatcher at [email protected] with comments and questions! Are you over age 50 and need retirement help? Schedule a free consultation https://www.propathfinancial.com/get-started Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@propathfinancial Join The Newsletter For All Wealth Building Tactics https://propath.ck.page/60fab1df4d DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos. ​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.