In what will be the final episode of The Financial Flow, I reflect on how important data analysis can be to business decisions, especially as it relates business growth and determining your ideal client/target marketing audience.

Using TWS as an example, I discuss how paying attention to the data has resulted in a shift of focus, orienting us toward an ideal client that has commonly felt like a natural fit, but through data has been confirmed as an area (niche) we should put more emphasis on.

For those of you nearing retirement, tune in to our new series, focused on late-career professionals who see the retirement milestone drawing near:

The Perfect Retirement Plan?

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn

Stop me if you’ve heard this one before: a small business owner dedicates decades of their life to building a business that is stable, provides for their family, and is a meaningful part of the local community. They invest their time and earnings into creating a valuable business. And the business thrives on relationships. When it comes time to cash in, sell the business, and retire on the money generated from the sale, the business owner discovers that nobody wants to pay asking price, because the thing of greatest value to that business is the human capital – the business owner!

In this episode of The Financial Flow, I cover some of the challenges that solopreneurs face when considering retirement, from not have an employer-sponsored retirement plan to business sale being the only retirement plan. Additionally, I discuss the risk of not having a long-term back-up plan, and missed tax-savings opportunities.

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn

In this episode, we wade a little further into the topic of Social Security, and look at the different claiming strategies available. We also look at why/how delaying longer could be financial beneficial, and cover a real life example of the impact that claiming early (or delaying) can have on a retirees income.

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn

In this episode, we tackle an important retirement planning question for the self-employed: when should you start drawing Social Security? It's a decision that can have a lifetime impact of hundreds of thousands of dollars, so you want to be thoughtful about it. We cover timing, a discussion of Full Retirement Age (FRA), longevity, the impact of taxes on Social Security, and some common strategies for thinking through the timing of this critical benefit.

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn

In this episode of The Financial Flow, I tackle one of the biggest emotional challenges retirees face: managing the volatility of their portfolio. Retirement is supposed to be a time to relax, but big swings in a retirement account can bring unexpected and undesired stress.

I taker some time to discuss sequence of returns risk, and how to combat the risk with an income strategy. There is also some discussion about diversification, asset allocation, and dynamic distributions - being able to adjust withdrawals based upon market performance.

I also touch on how having multiple income streams in retirement can help provide a safety net that can potentially help us to avoid selling during declining market.

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn

In episode 19 of The Financial Flow, I discuss what a retirement withdrawal rate is, touching on the industry-standard "4% rule," the "guardrails" dynamic distribution strategy, the "Retirement Spending Smile" - and the pros and cons of each retirement income withdrawal strategy.

I then tease the next episode (Guardrails approach to income), quite incorrectly, since Episode 20 is actually about Managing Volatility. Oops!

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn

It's the question of retirement questions: How much do I need to save so that I can retire?

In this episode, I emphasize the importance of understanding retirement cash flow. Additionally, I touch on identifying income sources, understanding retirement expenses, the role of retirement withdrawal rates - with consideration to life expectancy - and also discuss being prepared for unexpected retirement expenses. This episode also touches on how I serve my own financial planning clients.

Sources

• Fidelity Investments: "2024 Retiree Health Care Cost Estimate."
• Morningstar: "The 4% Rule Is Just a Starting Point."
• Social Security Administration: "Estimate Your Social Security Benefits."
• National Institute on Retirement Security: "The Real Deal for the Public Sector: Retirement Income Adequacy Study”

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn

In Episode 16, one strategy for reducing financial risk that I mentioned was tax planning. In this episode, I wade a little deeper into smart tax planning, and how it can be a powerful tool for reducing risk as a solopreneur.

I cover the role of tax planning in a risk mitigation strategy, understanding tax deductions and tax credits, income timing and expense bunching, and also touch lightly on business entity structure. There is also emphasis placed on the importance of professional guidance.

Sources

• National Association of Tax Professionals, "The Impact of Professional Tax Advice on IRS Audits," 2023.
• IRS.gov, "Home Office Deduction: The Basics."
• SmartAsset.com, "Tax Strategies for Self-Employed Individuals," 2023.
• Nolo.com, "Choosing the Best Business Structure for Your Small Business."

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn