Mr. Stillman's Opus

Instilling good financial habits in children starts at a young age, but that doesn’t mean that every lesson will stick in adulthood. Once your kids start working and earning significant money for the first time, it’s pretty common to put spending ahead of saving. As parents, we want to help them establish good financial habits but what’s the best approach to do that? In this video, John will address a question we received from a parent who wants to make sure their kid is doing more than just getting by financially. Join us as we discuss strategies you can use to get those messages across. It all begins with solid communication, but we’ll also share some ways to help motivate your kids to grasp these financial concepts that will help them work toward financial independence. Financial literacy is a vital component of a strong financial legacy. By communicating effectively, using incentives, and finding the right balance between help and independence, parents can equip their children with the skills they need to

With college costs continuing to rise, some grandparents wonder if there’s anything they can do to help ease the burden of college expenses for their grandchildren. Today we’ll explore the best strategies for those who want to support their grandchildren’s college education without compromising their own financial stability.   The 529 plan gets most of the attention when it comes to college savings, but we’ll share a few more options that are worth considering. All of these could work for you but the best approach depends on your family’s unique situation and goals. Whether you prioritize the tax advantages of a 529 plan or the flexibility of a brokerage account, the key is to start planning early and consider all available options.   Here’s what we discuss in this episode: 0:00 – Intro 1:43 – The pros and cons of a 529 plan.  5:14 – Transferring 529 funds into a Roth IRA.   8:18 – Other savings options for college.   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446 Schedule a

It’s not uncommon for children to stay on their parent’s payroll in some capacity when they’re adults, but that could end up impacting the parent’s ability to retire. At what point do you move your kids off of the payroll and what’s the best way to handle that conversation? In this episode, we’re going to address this situation and talk about how it ends up happening for parents. John sheds light on this issue, sharing his own experiences and those of his clients. He also emphasizes the importance of setting boundaries and understanding the long-term implications of continued financial support. If you’re in this situation or feel like the time is coming soon, we hope this conversation will help prepare you for ripping that band-aid off. This is part one of a four-part series where we’ll explore how your kids and grandkids fit into your overall financial plan and discuss how to work through some of the key areas that children impact you financially.   Here’s what we discuss in this episode: 0:00 – Intro 1:43 –

When you have multiple IRAs, managing them across different platforms and figuring out your RMDs for each account can be a little bit tricky. So what’s the best way to manage these accounts? Should you consider consolidating your IRAs? Today’s featured question comes from a comment left on one of our previous videos so thank you for the contribution. Here is the question John will answer: We have multiple IRAs set up over the years as different approaches appealed each year. Would you recommend consolidating all those IRAs to one account? Would it matter if we were taking RMDs or not in your answer? Join us to hear strategies for consolidating IRAs, some benefits to simplifying your accounts, and best practices for navigating your RMDs. By simplifying your accounts and understanding the true nature of diversification, you can streamline your retirement planning and make informed decisions.   Here’s what we discuss in this episode: 0:00 - Intro 1:24 - Consolidating IRAs 8:27 – Old IRAs and 401(k)s   Connect wi

Inheriting assets can be a life-changing financial boost, but it often comes with a maze of tax implications and decisions. In this episode, we will answer a question about an inheritance and lay out the tax considerations for a variety of assets to help you better understand what you might owe.   Discover how to navigate the tax implications of IRAs, annuities, bank accounts, real estate, and stocks to make the most of your inheritance. Even with this information, you still want to plan ahead as much as possible. If you know an inheritance is coming, or if you've just received one, it's crucial to sit down with a financial advisor to put a comprehensive plan in place. This will help you make the most of your inheritance, ensuring that you are as tax-efficient as possible.   Here’s what we discuss in this episode: 0:00 – Intro 1:06 – Today’s question 2:17 – IRA 4:41 – Annuities 5:45 – Bank account 6:50 – Home and stock   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

Retirement planning doesn’t have to be overwhelmingly complicated. It certainly doesn’t have to be as complicated as some people make it. In this episode, we unravel the unnecessary complexities often woven into the fabric of retirement advice. We’ll debunk some myths, simplify strategies, and uncover the beauty of simplicity and straightforward retirement planning. If you’re looking for more simplicity within your financial plan, we’ll even provide a few steps you can take today to move in that direction.   Here’s what we discuss in this episode: 0:00 – Intro 1:13 – The cause for complexity 5:09 – Steps to simplify things 8:33 – Simplifying investments   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

What should you do with an old 401k that you’re still holding onto from an previous employer? Does that answer change when the market is performing well and your account is generating strong returns?  Let’s take a closer look at the rollover IRA and whether it’s something that you should be doing with your old 401k accounts. The primary reason someone uses a rollover is to gain more flexibility and control over that money so let’s talk about how the current investing environment impacts that decision. We’ll share our approach with clients when we’re helping them manage their portfolio and help you get a better idea of whether a rollover is a strategy you should utilize.   Here’s what we discuss in this episode: 0:00 – Intro and today’s question 1:12 – The reason to rollover your money 4:18 – The investment options 5:44 – Tax considerations 7:40 – Can you do this on your own?   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

No one has a crystal ball that will tell them what will happen with tax rates in the future and we certainly can’t predict what will happen, but the expectation for many people is that rates will only be going up from where they are right now. With that in mind, does it make sense to sell investments off ahead of those possible tax increases in order to take advantage of the lower rates? We’ve been talking to our clients at Rosewood Wealth Management about tax planning strategies that will position them better over time but does it make sense in this specific situation? We’ll break that down in this video.   Here’s what we discuss in this episode: 0:00 – Intro on tax rates 1:32 – Today’s question 4:13 – Charitable giving strategies 9:32 – Capital gains taxes   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

The IRS first made significant changes to the stretch IRA with the introduction of the SECURE Act in 2020, and they’ve since made a few updates. Now the IRS has tweaked things even further for 2024 and we’re going to fill you in on what you need to know in this video.   We’ll discuss the implications of the recent changes made by the IRS, including the new rules for inherited IRAs and the importance of having a well-thought-out plan for withdrawals. Here’s what we discuss in this episode: 0:00 – Intro and background on the stretch IRA 4:00 – The update for 2024 5:58 – Is this significant?   Read more about the change here: https://www.cnbc.com/2024/04/19/irs-waives-required-withdrawals-from-some-inherited-ira-for-2024.html   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

The housing market remains strong in North Carolina and throughout much of the country, which creates an interesting option for many people moving in retirement. Should you go ahead and sell your home to take advantage of the current home values and rent until you’re ready to buy your next place? Today we’ll tackle a question that came in to us recently and asked about this same scenario: The housing market in my neighborhood is still really good right now and I’m tempted to put our house on the market and get top dollar for it. We’re going to retire in 2-3 years and would be moving at that time anyway. Of course, I’d need a place to live for those next 2-3 years after selling; would it be dumb to rent something for that period? Find out why we think most people are going to be better off owning their home in retirement and how renting could play into that process in a positive way.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:29 – What we’ve seen 6:20 – Interest rates 7:09 – Lifestyle con

Are you in your early 50s and dreaming of retiring early? It’s a feasible goal with the right financial planning but there are milestone ages that you need to take into account. Retiring early means different things to different people. For some, it's bowing out before the traditional retirement age, while for others, it's about clocking out permanently while still in their fifties. But regardless of how you define 'early,' there are certain financial considerations that are pivotal in the planning process. We’ll lay out the ages you need to know about and the planning that needs to take place as a result.   Here’s some of what we discuss in this episode: 0:00 – Intro 2:05 – Age 65 4:36 – Age 62 7:10 – Age 59.5 10:45 – Get a jump on planning   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

The idea of retirement is one that’s filled with plenty of rest and relaxation, but the reality is stress doesn’t go away. From losing the structure of a daily routine to the challenges of socializing and finding a new purpose, the pitfalls of retirement can certainly increase the stress you’re feeling.    We heard from someone recently who had this concern about their upcoming transition so we want to address the unexpected stresses that come with leaving the workforce.  Here’s the scenario John will discuss: I heard someone talking the other day about how stressful life has been for her since she retired. Maybe I'm missing the point of retirement because I thought the idea was to reduce stress. But now I'm second-guessing my plans to retire in about six months. What am I missing? Whether you're six months or several years away from retirement, this topic could change the way you approach your golden years.   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

We’re just a few months away from another election and everyone anticipates it being another year, so what does that mean for your investments? When uncertainty starts to increase, there’s often a strong marketing push for buying gold, but is now a good time to do that? Today we’ll answer that question with a discussion on the role of gold in your portfolio as we prepare for election year madness. Uncover the truths behind gold's historical performance and whether it truly is the investment armor against volatile markets. This isn’t just a question for election years so let’s break down the truth behind gold as an investment.   Here’s some of what we discuss in this episode: 0:00 - Intro 1:19 – Gold’s return over time 3:50 – The marketing behind buying gold 5:51 – Apocalypse preparation 7:39 – ‘This time is different’   Connect with us: Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

As you approach retirement or begin that next stage of life, the financial goals shift to protecting what you’ve saved. There are different ways to accomplish that goal, but with the volatility we’ve seen from the market, does it make sense to move to cash to be safe? Here’s the question we’ll tackle in this video: I haven’t decided on a specific retirement date yet, but hopefully it will be sometime in the next four years. With all of the recent market volatility, should I just move my retirement savings to cash until everything blows over? We’ll provide context for this conversation by looking back at the market in the past few years and then explain how we help people answer this question.

A common situation that many couples have to face is one spouse being older than the other and worrying about how to protect them financially should something happen. What’s the best way to ensure they are taken care of after you’re gone? Is a big life insurance policy a good option? In this video, John will weigh in on this scenario and answer a question that we recently received: I’m not planning on dying anytime soon, but my wife is nine years younger than me and I want to be sure that she’s taken care of when I’m gone. Should I take out a big life insurance policy on myself? Find out how to determine if life insurance makes sense and what type of policy you might need.

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