YFP 370: Your Retirement Questions Answered

08/01/24 • 43 min

Tim Baker, CFP and YFP Director of Planning answers questions from the YFP community on saving and preparing for retirement.

This episode is brought to you by First Horizon.

Summary

Planning and preparing for retirement can feel overwhelming. In this episode, Tim Baker, CFP®, RICP®, RLP®, makes the steps to planning for retirement more manageable. He answers three questions from the YFP community on retirement planning, including:

How to determine the optimal amount to save for retirement
Strategies for dealing with market downturns during retirement
How different investment options impact retirement savings

This episode is brought to you by First Horizon.

About Today's Guest

Tim Baker is the Co-Founder and Director of Financial Planning at Your Financial Pharmacist. Founded in 2015, YFP is a fee-only financial planning firm and connects with the YFP community of 12,000+ pharmacy professionals via the Your Financial Pharmacist Podcast podcast, blog, website resources and speaking engagements.

Tim attended the United States Military Academy majoring in International Relations and branching Armor. After his military career, he worked as a logistician with a major retailer and a construction company. After much deliberation, Tim decided to make a pivot in his career and joined a small independent financial planning firm in 2012. In 2016, he launched his own financial planning firm Script Financial and in 2019 merged with Your Financial Pharmacist. Tim now lives in Columbus, Ohio with his wife (Shay), three kids (Olivia, Liam and Zoe), and dog (Benji).

Mentioned on the Show

First Horizon’s Pharmacist Home Loan
Die with Zero by Bill Perkins
YFP Retirement Planning Series (Episodes 272-275):
- YFP Episode 272: How Much is Enough? (Retirement Planning)
- YFP Episode 273: Alphabet Soup of Retirement Accounts (Retirement Planning)
- YFP Episode 274: Risk Tolerance vs Capacity (Retirement Planning)
- YFP Episode 275: How to Build a Retirement Paycheck (Retirement Planning)
YFP Episode 305: Understanding Annuities: A Primer for Pharmacists
YFP Free Guide: Retirement Roadblocks: Identifying and Managing 10 Common Risks
The Power of Working Longer (2018, Stanford Institute for Economic Policy Research)
YFP Book a Discovery Call
YFP Disclaimer
Subscribe to the YFP Newsletter
Tim Ulbrich on LinkedIn
YFP on Instagram
YFP Facebook Group
Tim Baker on LinkedIn

Tim Baker, CFP and YFP Director of Planning answers questions from the YFP community on saving and preparing for retirement.

This episode is brought to you by First Horizon.

Summary

How to determine the optimal amount to save for retirement
Strategies for dealing with market downturns during retirement
How different investment options impact retirement savings

This episode is brought to you by First Horizon.

About Today's Guest

Mentioned on the Show

First Horizon’s Pharmacist Home Loan
Die with Zero by Bill Perkins
YFP Retirement Planning Series (Episodes 272-275):
- YFP Episode 272: How Much is Enough? (Retirement Planning)
- YFP Episode 273: Alphabet Soup of Retirement Accounts (Retirement Planning)
- YFP Episode 274: Risk Tolerance vs Capacity (Retirement Planning)
- YFP Episode 275: How to Build a Retirement Paycheck (Retirement Planning)
YFP Episode 305: Understanding Annuities: A Primer for Pharmacists
YFP Free Guide: Retirement Roadblocks: Identifying and Managing 10 Common Risks
The Power of Working Longer (2018, Stanford Institute for Economic Policy Research)
YFP Book a Discovery Call
YFP Disclaimer
Subscribe to the YFP Newsletter
Tim Ulbrich on LinkedIn
YFP on Instagram
YFP Facebook Group
Tim Baker on LinkedIn

Previous Episode

YFP 369: 10 Common Tax Blunders To Avoid (From 2023 Filings)

Sean Richards, CPA and Director of YFP Tax, talks about the 10 common tax blunders he saw and how to remedy those mistakes to optimize taxes in the year ahead.

Summary

July might not seem like the time of year to think about your taxes, but for Sean Richards, CPA and Director of YFP Tax, it’s a great time to make projections for the year ahead and remedy any blunders from last year’s return.

Reviewing 10 common mistakes he saw made with taxes in 2023, Sean breaks down ways to optimize your tax plan from utilizing HSAs, to adjusting withholdings, to making sure any side-income is planned for appropriately. Sean’s biggest piece of advice: planning ahead can help avoid these mistakes and can optimize your tax situation.

About Today's Guest

Sean Richards, CPA, received his undergraduate degree in Corporate Finance and Accounting, as well as his Master of Accountancy, from Bentley University in Waltham, MA. Sean has been a Certified Public Accountant (CPA) since 2015 and is currently pursuing his Enrolled Agent certification. Prior to joining the YFP team, Sean was the Senior Treasury Manager at PRA Group, a global debt buyer based in Norfolk, VA. He began his career at American Tower Corporation where, over 10 years, he held several positions in audit, treasury and accounting.

As the Director of YFP Tax, Sean focuses on broadening the company’s existing tax planning and preparation operations, as well as developing and launching new accounting offerings, including bookkeeping, payroll, and fractional CFO services.

Mentioned on the Show

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YFP Real Estate Investing 124: Insurance Updates and Scaling a Business with Bryan Neal

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Summary

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About Today's Guest

Bryan Neal, originally from Jonesboro, Arkansas, earned his bachelor’s degree from the University of Arkansas in Fayetteville. His career in the insurance industry began with a State Farm Agency, where he discovered his passion for the field. After a brief tenure with Farm Bureau, Bryan co-founded NRG Insurance. In 2021, Bryan sold NRG as he transitioned to launching a new agency, Treblestone Insurance.

Bryan and his wife, Rachel, welcomed their son, Nathan, in November 2020, and their daughter, Emma, in 2024. Bryan continues to expand Treblestone Insurance, with current focused marketing efforts in Tennessee.

Mentioned on the Show