Financial Milestones
The group humorously reflects on age-specific privileges and responsibilities that influence financial decisions.
The group humorously reflects on age-specific privileges and responsibilities that influence financial decisions.
This week's blogpost - https://bahnsen.co/3MidbtW
Navigating Financial Milestones: From Youth to Golden Years
In this episode of the Thoughts on Money Podcast, host Trevor Cummings and guests Blaine Carver and Sean Latimer discuss Blaine's article on financial milestones. The group humorously reflects on age-specific privileges and responsibilities that influence financial decisions. Covering milestones from childhood to retirement, they delve into the importance of starting investment accounts for minors, the benefits of different savings strategies, the significance of life and disability insurance, and tax planning. They also explore Roth conversions, estate planning, and the psychological impacts of money management, offering practical insights and a few personal anecdotes along the way.
00:00 Welcome to the Thoughts on Money Podcast
00:32 Discussing Financial Milestones
02:28 Planning for Children's Future: UTMA vs. 529
06:37 Creative Uses of 529 Plans
10:55 Importance of Insurance in Early Adulthood
13:53 Building Savings Habits
18:38 Pre-Retirement Planning in Your 50s
20:36 Understanding IRA Withdrawals and Penalties
22:32 Navigating Social Security and Medicare
26:11 Tax Planning Strategies in Your 60s
30:02 Charitable Giving and Required Minimum Distributions
33:39 Estate Planning and Financial Management in Your 70s
40:50 Final Thoughts and Practical Advice
Links mentioned in this episode:
Trevor is a Partner, Director of our Private Wealth Advisor Group, and Author of Thoughts on Money.
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