Your Retirement Elevated Podcast with Scott Dougan

Practical Strategies for Protecting Retirees Against Scams & Fraud

On today's episode, we're going talk about scams and how they are more prevalent than you might think. In fact, just in 2022, there were more than 88,000 complaints of fraud that resulted in more than $3 billion in losses from people age 60+.
 
Here are some of the questions we’ll tackle in this episode:
Why are people aged 60 and over common targets?
The top five scams that constitute 65% of the complaints.
The ‘Can You Hear Me’ scam that is easy to fall for.
What steps can you take to protect yourself and increase your cybersecurity?
 
Additional resources: 
https://www.ncoa.org/article/top-5-financial-scams-targeting-older-adults 
https://www.ncoa.org/article/how-older-adults-can-improve-their-personal-cyber-security
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

With Higher Interest Rates, Is “Lazy Money” Still A Concern In 2024?

Is 'Lazy Money' still a concern in 2024's higher interest rate landscape? In this episode, we explore this question, examining how the recent rise in interest rates affects the money sitting in savings accounts, CDs, and conservative investments.
 
Here's what we discuss in this episode:
What are we talking about when we say, “lazy money?”
The current interest rate landscape + why people end up with too much lazy money in their portfolio
Addressing excess lazy money by calculating a "war chest,” understanding your income plan, and fine-tuning investments
Achieving a “Goldilocks” allocation of assets that is just right for your financial goals
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

Peak 65: Preparing for the Largest Retirement Surge Ever

Today's magic number is 65. You know, unlike older retired Baby Boomers, the majority of peak 65ers don't have pensions, which used to help fill that gap left by Social Security. Well, our current retirement system is obsolete. It's time for a new retirement security framework. These were the words of Jason Fitchner, an executive director at the ALI Retirement Income Institute, and it highlights a great conversation that we're going to dive into today.
 
Here are some of the questions we’ll tackle in this episode:
One of the concerning trends emerging right now is the lack of sufficient guaranteed income.
Why the reliable three-legged stool of retirement income isn’t as sturdy now.
The biggest concerns among this Peak 65 group when it comes to retirement.
Examples of planning discussions we have with clients to work through some of these issues.     
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

Biggest Changes for Retirement in 2024

With inflation adjustments and the phased implementation of the SECURE Act 2.0, there are some important retirement planning changes to pay attention to this year. From potential tax implications on Social Security benefits to alterations in retirement account rules, higher Medicare expenses, increased IRA contribution limits, and shifts in required minimum distributions (RMDs), this episode offers a comprehensive overview of what lies ahead for retirees in 2024.
 
Here’s some of what we discuss in this episode:
An increasing number of beneficiaries are expected to be liable for federal income taxes due to the 8.7% increase in the cost-of-living allowance in 2023
Changes to retirement account rules, including 529 accounts, Roth 401(k)s and 403(b)s, and a 3.2% COLA for Social Security benefits
Rising Medicare expenses, including increased Part B rates, higher Part D premiums, and additional costs for higher-income individuals
The new IRA and Roth IRA limits for 2024 + changes in income limits for Roth IRA contributions based on filing status
The deadline to contribute to an IRA in 2023 and 2024
Changes in Required Minimum Distributions (RMDs) for retirement accounts in 2024 under the SECURE Act 2.0
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724
 

Focus on Systems Instead of Resolutions in 2024

Happy New Year! Today we’re tossing the old hat of resolutions out the window, opting for something with a little more staying power: systems. Say goodbye to the fleeting motivation of New Year's resolutions and embrace the profound impact of incremental habits for long-term success in health, wealth, and personal growth. This episode draws on the life-changing principles of Atomic Habits by James Clear and is filled with personal anecdotes, actionable advice, and a practical guide to cultivating a lifestyle of consistent progress.
 
Here are some of the questions we’ll tackle in this episode:
Progress over perfection will win out over time.
Define the type of person you want to become.
Create the right environment for success.
The two-minute rule and why it can help you overcome the hurdle of getting started.
Focus on daily wins.
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

The 5 Types of Wealth & Why People Chase Only One at the Cost of Others

What would you pay to have the freedom to do what you want, when you want, how you want? On today's episode, we're going to talk about the five types of wealth and why people chase only one at the cost of the others.
 
Here are some of the questions we’ll tackle in this episode:
Why being a time billionaire might be better than being a dollar billionaire.
The importance of protecting your time and what Scott has done to protect his.
Physical health and mental wealth go hand in hand.
Relationship wealth helps guard against the poverty of loneliness.
How to become wealthy in skills and how does that translate to money.
Having wealth isn’t just about having money but being able to do what you want when you want.
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

The Ultimate Retirement Planning Mixtape

Get ready to rock to the rhythms of retirement wisdom in this week’s episode! We've put together the ultimate retirement planning playlist, featuring timeless lyrics that reflect various stages of the planning journey.
 
Here’s how we’ll craft the perfect mixtape in this episode:  
Songs for the early stages of retirement planning, where having a dream is a good place to start.
In retirement planning, having a financial professional and your loved ones by your side is crucial.
Songs to remind you that, in retirement planning, consistency and patience are key.
Songs that provide reassurance during times of uncertainty in the retirement planning process.
You've reached the finish line, but this is only the beginning. Here are some songs to help you navigate the momentous transition into retirement.
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

How To Successfully Climb The Retirement Mountain

Ready for an adventure? Think of retirement planning as climbing a mountain. It's not just about the climb up; it's about preparing wisely, tackling the ups and downs, and even planning your way back down.
 
Here’s some of what we’ll discuss in this episode:
How to prepare for the climb with careful planning.
The climb represents the accumulation phase where you’re actively saving and investing.
The goals and milestones that you strive for before reaching the peak.
Preparing for the volatility that comes with the climb.
The descent or distribution phase requires just as much caution.
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

Latest Updates to Medicare with Cortney Dale

We’re bringing you a special edition of the podcast today as we welcome Cortney Dale, CEO of Sunflower Insurance Solutions, to lead us through the latest updates on Medicare! She’ll discuss what's crucial for you to know as we approach 2024 and answer common questions that will help you make informed decisions about your Medicare elections in the months and years ahead. Listen in as she breaks down its four parts (A,B,C,D) and how they work together, coverage, enrollment periods, and more!
 
Here’s some of what we discuss in this episode:
When can I sign up for Medicare, and what's the initial enrollment period?
What Medicare covers and what it doesn’t + The coverage of Medicare Parts A and B and the costs associated with them
What options are available to fill the 20% Medicare coverage gap?
The big difference between Medicare Supplemental Plans and Medicare Advantage Plans
What is Medicare Part D?
Can dental, home health care, and cancer coverage be added to Medicare?
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

Money Mistakes You’ll Regret and How to Avoid Them

Do you ever wish you could foresee financial missteps before they happen? On today’s episode, we’re going to explore some real-life stories of regret and arm you with the do’s and don’ts to ensure that your money is working for you and not against you.
 
Here’s some of what we’ll discuss in this episode:
What it could cost you to pull money out of your IRAs early.
People often fall into the trap of ‘lifestyle creep’ and will increase expenses as they make more money.
What options do you have to cover rising tuition costs so you don’t ruin retirement?
Getting out of the workforce too early can hurt you in a variety of ways.
People will often wish they had utilized Roth accounts more.
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724