Mr. Stillman's Opus

For most people, investing strategies change as you age because you want to protect what you’ve earned rather than chasing bigger returns. But what if you have more than you’ll need for retirement in your IRA? Is that a time when being aggressive makes sense or should you still take a more conservative approach? In this video, we’ll be answering a question we recently received with this scenario: I’m in my 70s and it doesn’t seem that I’ll be needing any of the money in my IRA, although I do have to take RMDs each year. I know that it breaks all of the rules for someone in their 70s to be an aggressive investor, but since I don’t need the money, it’s ok if I’m aggressive, right? Join us as John answers the questions and explains how he would work through this situation with Nina to help her get the most out of her money.

As much as any other threat, recognizing and avoiding scams has become a necessary skill for today’s retirees to develop. Technology continues to evolve at a rapid pace, which makes it more and more difficult to stay on top of the latest scams. This episode will highlight the most common financial scams being used right now to help you better recognize when you’re being targeted. Join us as we explore crucial steps you can take to safeguard your financial well-being against the growing tide of scams and identity theft. Learn from real-life stories and gain practical advice to keep your finances secure in this digital era, all from the perspective of a seasoned financial professional.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:56 – Phishing 6:35 – Government scams 8:43 – Sweepstakes 10:30 – Grandparent scams 13:10 – Romance scams 16:00 – What to do if you fall victim   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

It’s not all that uncommon to hear from someone who was given the option of a severance package and pension buyout years ahead of when they actually planned on leaving work to retire. Is it worth taking the offer and leaving your job or does it make more sense to continue working?   We received a question recently from someone in this situation: I’m 60 and have been given two options at work. Keep working and retire in 5-6 years with a pension, or I can retire now and take a severance package & a pension buyout. How do I weigh my options? More and more Americans in their 50s and 60s are being forced into an early retirement so let’s talk about how to figure out which option is going to be best for you. It can be an overwhelming decision, especially if you have to make it in 30 or 60 days, and this video will give you a few things to consider if you face this same scenario.

A common area where people struggle with their finances is simply just making decisions. It’s easy to fall into the trap of overthinking, to the point where you talk yourself into circles and fail to ever make a choice. You’ve probably heard the phrase ‘paralysis by analysis’ before but it often applies to the financial industry as well.   We have a scenario that we want to share and work through in this video: It seems like every time I need to make a financial decision, I just end up talking myself in circles. How do I stop doing this? John Stillman of Rosewood Wealth Management will show you how he helps clients push through the mental hurdles that come with making money decisions and specifically address this situation. He’ll share some real-life examples of how this has played out in his office and give you the key considerations you need to think through in order to start making the tough decisions.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:49 – Client story 5:13 – Understanding w

It’s not uncommon for someone to retire early but still not feel totally comfortable with the idea of not earning a consistent paycheck. It’s a complete shift in thinking and unless you’ve done solid planning, there might be a little doubt still lingering in your mind.   So how do you know when you have enough to retire? Better yet, how do you get the confidence to spend the money you have in retirement without the fear of running out and returning to work.   We have that exact scenario to work through on the show thanks to a question that we recently received. It comes from a police officer who was injured and given a medical retirement, which provides a monthly check. At age 53, they feel like they need to continue earning money because it feels too early to be retired. The issue now is finding work that pays as much as his job as an officer did so how should he approach this?   Listen as we tackle this specific situation but also discuss retiring early and the general planning involved.   Here’s some of wh

Are you considering maxing out your 401(k) but unsure what to do next? We face this question all the time at Rosewood Wealth Management so today we want to explore if it’s wise to max out your 401(k) before investing anywhere else, and if it is, where to look if you want to save even more. It’s a good conversation to have early in the year as you make plans for your retirement contributions over the next 12 months. Having said that, we do understand that this is a fortunate position to be in, and not everyone will have the ability to max out their contributions this year, and that’s totally fine. We can work through strategies for different situations, but today we want to focus on those who can save at a high rate so that they’re getting the most from their investments.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:48 – Reasons to max out your 401k 5:59 – Reasons why you wouldn’t max it out 8:11 – Roth option 10:10 – Other investment options to consider   Connect with us: Web: https://ros

The future of Social Security continues to be a cause for concern if you read the headlines, but should you be concerned about the reality of the program going bankrupt? With so many retirees relying heavily on Social Security for income, there’s plenty of reason to take notice and ask the question. In this episode, we’ll help you better understand the reasons money is projected to run out sometime in the 2030s by using a triangle and hourglass analogy. John will also tell you why he doesn’t think it’ll ever run dry and list a few things that could change to maintain solvency.   Here’s some of what we discuss in this episode: Explaining how the Social Security Trust Fund is structured and why we’ve had to dip into it. How the demographics of our country have shifted over the past 50 years and what it could look like in the future. The reasons why John is currently worried about Social Security. Should this change your strategy for claiming?   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone

Today we’re going to answer a question that a lot of people are asking when it comes to retirement planning and that’s when should you do a 401k rollover? You’ve probably heard that it’s usually best to move money out of an old 401k account, but does the timing matter? In this episode, we’ll talk about the qualifying events that need to occur in order to give you the option for a 401k rollover. Then we’ll tell you about the four main options you have once you reach the point where you could roll the money over. Finally, let’s discuss some reasons why you would choose one of these options over another.   Here’s some of what we discuss in this episode: The four options that most people have for their old 401k. You can’t expect HR to tell you when these qualifying events occur. Why your age plays a role in the decision. What specific things should you discuss with your financial professional before doing a 401k rollover?   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

We’re finishing up our estate planning series with Tim Nordgren, an attorney at SchellBray in Chapel Hill, with a discussion today on what could go wrong if we don’t have the main planning documents in place. Then we’ll wrap up with some of his estate planning horror stories that he’s seen through the years. As you heard in our previous episodes with Tim, there are four main estate planning documents: the will, the durable general power of attorney, the healthcare power of attorney, and the living will. Join us as we find out what could go wrong for each of these and how he’s helped people navigate these messy situations.   Here are some of the things you’ll learn in this episode: The primary thing that can go wrong with no will is you lose control over where your assets go. Without the durable general power of attorney, someone will have to petition the court to have the incapacitated individual declared incompetent. The two different types of court-appointed guardians. Without a living will, you leave the p

We’re back once again with Tim Nordgren, an attorney at SchellBray in Chapel Hill, to talk more about estate planning. Today we want to address one of the most common questions that comes up during our planning meetings and that’s whether or not someone needs a trust. It seems like many people have been conditioned to think they need a trust, but that’s not always the case. To help us better understand some of the scenarios where a trust makes more sense than a will, Tim will take us through the key differences, which assets need to be covered, and the main benefits a trust provides.   Here are some of the things you’ll learn in this episode: Let’s first understand the different purposes for a will and a trust. Who would be the type of person who can do everything they need to do through a will. The different types of trusts and which assets are typically included in these. The key benefits the trust provides a person or family.   Connect with us:  Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-34

Today we’re joined by Tim Nordgren, an attorney at SchellBray in Chapel Hill who focuses on trusts and estates. We send people to Tim all the time and appreciate the work he does, which is why we wanted to have him explain estate documents a little further for us. He’ll walk us through the documents needed for when doing testamentary planning or planning for incapacity and explain what each document covers.   Here are some of the things you’ll learn in this episode: The documents that are needed for the two groups of planning: testamentary and incapacity. Who might need a last will and testament versus a living trust. The different types of power of attorneys. Why you want to have a durable general power of attorney in place. What the living will or advanced directive is used for. Which of these documents are must-haves for everyone? What can go wrong if you don’t have each of these documents.   Connect with us:  Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

The role of life insurance in retirement is something many people ask about. Do you still need to keep your policy now that your children are on their own and you’ve built a nice nest egg? While that’s true, life insurance might still be able to play a valuable role in your financial plan and we’ll tell you why in this episode.   John will run through the most common reasons people say they need life insurance and we’ll tell you which ones are legitimate. Things like covering final expenses and paying off debt are often on the list but what about using it for tax-free income or covering long-term care? We’ll discuss those and more on the show today.   Here are some of the things you’ll learn in this episode: The role life insurance often plays in retirement planning. You might be better off putting money for final expenses in a savings account rather than life insurance. What you own stands good against what you owe so using it for debt might not be necessary. Using it for tax advantages when passing along yo

We’re in the middle of one of the largest wealth transfers in our country’s history as Baby Boomers pass on their estate to loved ones, and some of that money is coming in the form of an IRA. Rules regarding inherited IRAs have changed in the past few years so we want to bring you up to speed on what’s new. Plus, we'll walk you through some of the decisions you’ll need to make with an inherited IRA, how it impacts beneficiaries differently, and explain the differences for Roth IRAs.   Here are some of the things you’ll learn in this episode: What has changed with the inherited IRA rules since 2020. What is an eligible designated beneficiary and why does it matter for this scenario? How should you proceed if your only option is to withdraw all the money within 10 years? What are the rules if you just inherited a Roth IRA?   Connect with us:  Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

In this episode, we’ll explore many of the expenses in your life that might drastically change (one way or another) in retirement. We’ll break those expenses down further to see which ones are the top priorities and analyze some of the other factors that impact your cash flow in retirement.   Here are some of the things you’ll learn in this episode: Will your work-related expenses like gas and clothes really change as much as you think? (2:44) What we typically tell people to prepare for when it comes to healthcare expenses. (5:55) Why people are often surprised with what they might owe in taxes. (8:49) The different travel expenses that we typically see clients have. (14:16)   Connect with us:  Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

When you think about a family’s assets in retirement, few are more important than the home. Not only is it typically the most expensive thing a person owns, but it also carries a lot of emotional attachment with it. Once you reach retirement, you’re likely going to have a few things to consider with your home, and people often go in one of four different directions: stay in their home, move to a new home, become a renter, or buy a second home. Today we’ll talk through each option and what financial pros and cons you’ll need to consider before choosing where you plan to live.   Here are some of the things you’ll learn in this episode: Is staying in your current home going to work for you long-term? (2:48) What goes into the decision to move? (6:22) What we need to think about before buying a second home. (10:05) Does it make more sense to sell your home and free up cash by renting? (12:56)   Connect with us:  Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Our three-part series on marriage and money wraps up today with a look at the financial decisions that often happen during the divorce process. This is going to be a highly emotional and difficult process for those involved, which makes the financial aspect of this process even more challenging. We’ll walk you through a few of the items that will need to be addressed like dividing assets, child support, and updating documents. Then we’ll talk about how your mindset has to change as you begin the next chapter of life independently and begin planning for retirement on your own.   Here are some of the things you’ll learn in this episode: John shares his most memorable story about divorce. (1:10) Mistakes made when dividing the assets. (4:15) Child support and alimony. (7:11) Updating documents and beneficiaries. (9:39) Changing your mindset to approach finances as an individual. (11:18)   Connect with us:  Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Money plays a significant role in the health of a relationship and life events like marriage and remarriage require us to have honest conversations about finances when we take these steps in life. In this episode, we’re going to spend time discussing the items that need attention when you get remarried. There are some common themes and considerations as your first marriage, but things like combining finances and joint accounts will inevitably be more difficult when it’s the second marriage because you’re further along in life and more established financially. Combining households can be a challenge when you get married again for the second time so we have to communicate quite a bit and make sure we find a process that works for both parties.   Here are some of the things you’ll learn in this episode: It’s more common to keep finances separate, at least early on. (2:09) How you manage a blended family. (3:42) Changes you need to make to beneficiaries and insurance. (7:40) Handling inheritances can get tricky.

Some of life’s biggest events come with important financial decisions and marriage might be at the top of the list. Many of the arguments in a relationship start because of disagreements about money, which is why it’s so important to have a conversation about money and managing finances before your wedding day. In this episode, John will provide some financial guidance and useful tips for how to approach these topics with your spouse. Should you combine finances? How do you define certain spending categories? We’ll try to answer those and more during this show. Plus, John will also share the way he and his wife manage their money and why it works for them.     Here are some of the things you’ll learn in this episode: What’s the best approach to combining bank accounts and managing spending? (2:43) John evaluates Ben’s spending setup for his family. (4:52) How do you define a personal spending expenditure and what is a joint household expense. (7:44) What’s the best way to communicate about money with your par

Have you ever wondered why you handle money the way you do? It turns out your financial behaviors can be traced back to your formative memories. Key events throughout our lives shape the way we view money. In this episode, we explore how historic market crashes have left a lasting impact on our relationship with money. We’ll also contrast them with the way more recent crises have shaped our financial views and decisions in the short term. Best of all, we’ll start it all off with a biblical example of how people have been financially scarred for hundreds of years.   Here’s some of the myths we’ll address in this episode: John provides a biblical example to show how we suffer financial scars. (1:55) How the Great Depression affected financial habits for generations. (6:37) The post-war boom made people believe big returns were commonplace. (9:20) The fallout from 2008. (13:00) Assuming everything will bounce right back after seeing what happened in 2020. (15:35)   Connect with us:  Web: https://rosewoodwealthm

Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you're eligible is the best decision for your financial future? In this episode, we'll be debunking common myths about Social Security and answering the questions you've been curious about. Social Security will be one of the biggest sources of retirement income for most Americans and you need to be aware of these myths before filing for your benefits. Most of the time, once that decision is made, you can’t reverse it. So let’s make sure you’re getting the most out of your benefits.   Here’s some of the myths we’ll address in this episode: The Social Security Administration will help you make the best decision about when to claim your benefit. (1:17) You won’t get Social Security if you were a stay-at-home mom. (5:55) You won’t have to pay taxes on your Social Security since you’ve been paying into the system your entire career. (10:26) Social Security won’t have any money left by th