What are the benefits and challenges of having two properties in retirement? In this episode, Mike discusses whether it's better to own or rent a property down south, balancing the expenses of having two homes, and why legacy planning is important to think about when determining if snowbirding is right for you. Visit LifePlanWealth.com to connect with Mike and discuss your retirement plans today! See omnystudio.com/listener for privacy information ..read more

When deciding when to take Social Security benefits, it's important to consider the holistic picture of your retirement plan, including savings, income needs, and investment growth potential. In this episode, Mike discusses how waiting to take Social Security may result in missed benefits and the potential of running out of savings if income needs are not met. Visit LifePlanWealth.com to connect with Mike and discuss your options for taking Social Security today! See omnystudio.com/listener for privacy information ..read more

Running out of money is the biggest concern retirees have when they stop working. The 4% Rule has been regarded as the safest percentage to withdraw each year to never run out of money, but is that calculation outdated? In this episode, Mike discusses what factors need to be considered when determining the right amount of income to live on during retirement. Visit LifePlanWealth.com to begin building your own retirement plan! See omnystudio.com/listener for privacy information ..read more

Bitcoin recently made a new all-time high, breaking through $70,000 for the first time. But does a highly volatile and speculative asset belong in a retirement plan? In this episode, Mike explains why cryptocurrency has become more mainstream and how Bitcoin became a more legitimate asset this year. Recently, the SEC approved ETFs for Bitcoin causing a spike in interest and seeing billions of dollars inflow into the crypto sector. Many people are still choosing to avoid Bitcoin and cryptocurrency, but is a small allocation worth it for your retirement plan? Mike discusses the opportunities and ..read more

We’re enjoying the lowest tax rates we may ever see in our lifetimes, mostly due to the Trump Tax Cuts. The bad news is that those cuts expire at the end of next year unless Congress acts. Tax expert Ed Slott says it’s an opportune time to make a Roth conversion, and Michigan’s Retirement Coach, Mike Douglas, agrees. Many who are approaching retirement are worried about skyrocketing taxes eating away at their hard-earned savings.  On this episode, Mike shares how at Life Plan Financial Design, they work to show their clients strategies to reduce those burdens. Learn why you may want to co ..read more

A Nobel Prize-winning psychologist found that we make financial decisions based on 90% emotion and only 10% logic. While emotions are temporary, their effects can wreak havoc on your financial livelihood. On this episode, Certified Financial Planner, Mike Douglas shares the approach they take at Life Plan Financial Design to help their clients avoid making emotional decisions. Learn ways to identify hidden emotional triggers impacting your financial choices, develop a personalized retirement plan aligned with your risk tolerance and goals, and make informed decisions even when the market gets ..read more

Unwinding on the golf course is a classic retirement dream, but what if life throws you a curveball?  On this episode, Certified Financial Planner, Mike Douglas explores the "mulligan” opportunities you may have to course-correct your plan if needed. Did you know you can "take back" your Social Security decision within a year?... Missed a required minimum distribution? Mike shares what could save you from hefty penalties and get you back on track… Worried about a bad investment in your DIY retirement plan? Hear strategies to navigating risk in your golden years. Visit LifePlanWealth.com t ..read more

At age 72, and with 7 National Championships under his belt, Alabama’s legendary coach has announced he is retiring. On this episode, we hear from Nick Saban himself as he talks about the tipping point that made him realize it was time to pass the torch. Drawing parallels to the decisions many individuals face when contemplating their retirement journey, Mike shares insights into the importance of proactive retirement planning, emphasizing the need to “refire” oneself and find purpose post-retirement. Whether you are years away from retirement, or simply sensing a shift in your professional li ..read more

Inflation is down from the 9.1% high of June 2022, which has Wall Street hoping for interest rates cuts in 2024. That’s good news for loan-seekers, but lower rates could also result in a decrease on some of the attractive rates we’ve seen in CDs, Money Markets, treasuries, and annuities. On this episode, Michigan’s Retirement Coach Mike Douglas discusses how these moves could affect your retirement planning and the opportunities you may want to seize today. Visit LifePlanWealth.com to start your retirement roadmap today. See omnystudio.com/listener for privacy information ..read more

Join Mike as he dissects Shohei Ohtani's groundbreaking $700 million, ten-year contract with the LA Dodgers, the ways Ohtani may be able to leverage international options to minimize tax burdens, and the tactics that could be applied to your own financial playbook.   Learn how simple yet powerful offset strategies may help save you thousands in taxes in retirement. Understand the importance of collaboration between tax professionals and financial advisors for a holistic approach to wealth management.   Level up your financial future. Visit LifePlanWealth.com to begin the conversation ..read more