Help Me Retire Podcast - Episode 28

Getting ready for 2026

Show notes:

If you plan to retire in 2026... or maybe you just want to be one big step closer to it... I’ve got some practical ideas to put on your retirement to-do list... in this episode of the Help Me Retire Podcast...

This is the Help Me Retire Podcast… with your host… Mike Brown… Senior Wealth Advisor with Raymond James Financial Services… and head of Brown Family Wealth Advisors…

Mike is the best-selling author of Your Way to True Wealth: How to Make It Happen, Make It Last, and Make It Matter…

He and his team have been helping clients pursue their dreams of financial independence for the past 30 years… and in the Help Me Retire Podcast… he’ll share his best ideas with you…

And now… here’s Mike…

Call them goals... call them projects... call them resolutions... but by the end of 2026... let’s call them... done...

A practical checklist to move you closer to your retirement goals in the years ahead... I’ve got 10 specific ideas for you today...

Number one... if you’re not retired yet, but want to be... let’s put something down on paper...

Pick a year you want to retire... or maybe just start slowing down a little bit... write it down... just, ballpark...

Next... start thinking about what that might cost... what will you likely be spending every month for a place to live... travel... grandkids... hobbies... take a stab at that number...

Then... make a list of your retirement income sources... how much will you get from Social Security... pensions... rental income... whatever...

Write all this stuff down... even if you’re just guessing...

It’s going to give you a starting point... some numbers to start working with...

You can’t get where you want to go... if you don’t know what you want... and what it might take to get there...

Number two... if retirement is still a ways off... let’s figure out if you’re saving enough to get you there on time...

Are you on track? Write down a specific dollar amount... not just a vague percentage... for how much you plan to put toward your retirement goal in 2026... in your 401-k... IRAs... taxable accounts...

How much per month... how much per paycheck?

And if you really want to make sure you do it... here’s the trick... put it on auto-pilot... with payroll deferrals... automatic IRA deposits...

Here’s my third idea... it’s about how you invest the money you save...

Are you trying to build wealth right now? Is retirement 10 years or more away?

Are you transitioning into retirement... somewhere in that 5 years before... to 5 years after window...

Or are you already retired... and trying to make your money last...

Three different phases of life... three different time horizons... and more than likely... three very different-looking portfolios...

So in 2026... take a look at how you’re investing for retirement... and decide if you’re being too aggressive... or not aggressive enough... for the phase you’re in...

Come up with an asset allocation... cash for short-term emergencies and one-year retirement spending needs... fixed-income investments for money you plan to withdraw from the portfolio for the next five to 10 years... and equities... to help you build long-term wealth and create dividends you can reinvest to continue compounding that wealth...

If those percentages are way off from where you think they need to be... start making changes to your portfolio... do some rebalancing over the coming year...

Idea number four... start consolidating and simplifying your financial accounts...

Make a list of the accounts you have money in... 401-k... IRAs... Roth IRAs... bank accounts...

Now, label each account... by its purpose: long-term growth... income now... income later... emergency reserves... money you plan to leave to your family or to charity...

How long is this list? Does each account you own... have a clear purpose?

Are there opportunities to combine and consolidate them into a smaller number? We see people all the time who have what we call... “orphan IRAs”... money all over the place... statements and tax documents from all over the place... that can be pulled together and re-focused toward their retirement goals...

That’s a great project... and I think we’re off to a great start on some things you can work on in 2026... to either make retirement a reality... or to make it better...

And we’re not done yet...

We’re building a list of simply projects to think about getting done in the new year... that could change your retirement outcome in a big way...

Here’s one... idea number five...

If you’re planning to retire in five years or less... let’s start figuring out how you’re going to replace the paycheck you’re getting now...

You do realize when you stop working... they usually stop paying you, right?

So... who’s going to start paying you once you retire?

Social Security... pensions... annuity income... rental income...

Add all those outside income sources up... and subtract that total from the amount you want to spend in retirement... your spending goal...

That’s going to tell you about how much needs to come from you... your investments...

And that’s going to tell us a lot about how you should be investing as you enter retirement...

The closer you are to retiring... the more you’ll also need to think about which accounts to tap first... taxable... tax-deferred assets... tax-free assets like Roth IRAs...

You don’t need to get fancy with all this... probably don’t need a spreadsheet... maybe just a one-page “income map”... that shows where the money will come from in your new... retirement... paycheck...

Idea number six... make 2026 the year you start getting serious about Roth IRAs...

You know... these can be very powerful tools... especially if you’re expecting higher taxes down the road... or if your future required minimum distributions might be larger than you need for spending...

Time for some strategizing...

So, if you’re still working... do this as soon as you can...

Decide whether Roth 401-k contributions make sense for part of your savings...

And then see if there’s some way to get money into a Roth IRA... whether it’s a normal contribution... a Roth conversion... or some other strategy...

If you’re already retired... try this...

Run a rough projection of your future tax brackets... and RMDs...

Then, decide whether some modest Roth IRA conversions... before you reach age 73... might help flatten out your lifetime tax bill...

If it’s something you want to consider... make an appointment with your financial advisor... and your tax advisor... and decide what you want to do in the year ahead...

Idea number seven for getting a quick start in 2026...

Set up a decision timeline... on when you’ll claim Social Security benefits...

If you’re within 10 years of eligibility... it’s time to stop guessing about this...

Look up your estimated benefits at various ages... 62... full retirement age... age 70...

Then decide on a default claiming age... based on your health... family history... how long you plan to keep working... and your spouse’s benefits...

Mark your calendar... for a decision year... a year or two before you plan to file for Social Security... to revisit your decision... and update your calculations with new estimates...

You’re not locking yourself into a decision now... but if you say... in the year 20-whatever...

I’m going to decide when I want to file for Social Security...

That does two good things for you... it gives you a timeline... a process... and some real numbers to help you make a good decision...

And if that decision is years away still... it allows you to get it off today’s to-do list... something else you don’t have to think about right now...

Idea number eight... let’s talk about taxes...

If you think you’re paying too much in taxes... let’s set up some checkpoints along the way in 2026... A... so you don’t get a big surprise at tax time... and B... to give yourself time to do something to lower your taxes in the meantime...

In the first quarter... whenever you file your taxes... look at the return...

Make note of the tax bracket you’re in... any surprises you weren’t expecting... problem areas...

By mid-year 2026... start making some rough projections for next year... your income... portfolio withdrawals... a reasonable guess on capital gains... any Roth conversions you plan to make next year...

Then decide if you need to make any mid-course corrections... additional conversions... taking losses to offset gains... adjusting the size of your charitable contributions...

And then next fall... update your projections with better numbers... and plot a course in the fourth quarter of next year... to do what you can to lower your tax bill... and take advantage of any remaining opportunities before year-end...

Okay... that’s eight good ideas... seven simply projects to get you a financial head-start in 2026...

I’ve got a couple more for your list... then I’ll summarize the whole thing for you...

Idea number nine... let’s make some headway with planning your legacy...

You know, estate planning isn’t just for super-wealthy families... it’s for anyone who cares about making life easier for the people they love...

So, just two things to do on this one... first... make sure you have some basic documents in place before this time next year...

I’m talking about updated wills... powers of attorney... and healthcare directives... those are the basics... the essentials...

You may or may not need a trust... that’s a conversation you’ll want to have with your estate attorney... but try to tackle at least the basics in the year ahead...

And while you’re at it... second thing... is to check your beneficiaries... on your IRAs... Roth IRAs... 401-k and other retirement plans... transfer-on-death designations on some accounts... and don’t forget life insurance...

Make sure you’ve got beneficiaries listed everywhere you have the opportunity... make sure they’re congruent with the rest of your estate plan... and make sure you review and update them on a regular basis...

And idea number ten... set up your defenses... protect yourself... protect your wealth... your health... and your privacy... in 2026...

Schedule some time with yourself and your spouse... to review your insurance policies... life insurance... disability coverage... umbrella liability insurance...

See if those policies are still necessary... and if so... should you have more coverage... or possibly less? When you do an insurance review... you’re not just keeping everything up-to-date... it might also be an opportunity to get better coverage... or lower premiums... by shopping those policies around...

How do you protect your health? By making sure you understand your health insurance coverage...

If you’re on Medicare... understand how the system works and how much you’re paying...

Be ready for open enrollment season next fall if you need to make changes...

And start thinking about how you’ll cover the cost of long-term care if you need it one day...

How do you protect your privacy? By making it difficult for other people to access your personal information...

Start using a password manager if you aren’t already...

Turn on two-factor authentication wherever you can on kay accounts...

Make a simple... up-to-date list of all your accounts and key contacts...

Tell at least one trusted person... how to access that information if they need to...

And explore the idea of storing that information securely online... which allows you to keep everything in one place... easy to keep updated... and accessible to others when it’s necessary...

All right... here comes your list of financial projects for 2026...

And remember... you’re giving yourself all year to work on these... you’re not trying to get everything done in January...

Pick three projects from this list... the most important three... and make them your focus in the first quarter of the year...

And then... as you make progress... start adding in the rest of the list... one project at a time...

Here’s the list...

Number one... set some goals on when you want to retire... how much it’s going to cost... and where the money’s going to come from...

Two... if you’re not retired yet... make sure you’re saving enough to reach that goal on schedule... put a plan together to see where you stand...

Three... look at your investments... calculate how your savings are allocated among cash... fixed-income... and equity investments... and make sure that allocation reflects your goals and risk tolerance...

Four... identify opportunities to simplify your financial life... by consolidating accounts where you can... and updating your recordkeeping...

Five... take a look at your retirement income sources... Social Security... pensions... and so forth... and figure out how much you’re likely to need from your portfolio each year once you retire...

Six... learn more about Roth IRAs... and if they make sense for you... look for ways to get more money into your Roth IRA while you still have the opportunity...

Seven... start thinking about when you’ll file for Social Security... create a coordinated strategy with your spouse... and set a date in the future when you’ll make your final decision...

Eight... develop a tax strategy... with a goal of paying what’s required... and not a penny more... now... and in retirement...

Nine... work on your legacy... basic estate planning documents... update your beneficiaries...

And ten... put a protection plan in place... for your wealth... your health... and your privacy...

I’ve given you a lot to think about here in the last few minutes... and I understand it can be intimidating to try to tackle all ten of these ideas...

The best advice I can give you... is just to start...

Pick one... pick three... and tell yourself you’re going to work through them... one by one... no matter how long it takes...

The nice thing about it... is that you’re going to start seeing some tangible benefits right away...

That’s going to inspire you to tackle the next project... and the one after that...

And when you look back a year from today... you’re going to be reaping some rewards you might not be enjoying right now...

You’re going to feel a lot better about your finances...

And you’re going to be that much farther down the road... to True Wealth...

I’m Mike Brown... thanks for your time today... and my family and I wish you a happy... healthy... and prosperous 2026...

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Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC.

Investment advisory services are offered through Raymond James Financial Services Advisors, Inc.  Brown Family Wealth Advisors is not a registered broker/dealer and is independent of Raymond James Financial Services.

Any opinions are those of Mike Brown and Brown Family Wealth Advisors and not necessarily those of Raymond James. This material is being provided for informational purposes only and is not a recommendation. There is no guarantee that these statements or opinions will prove to be correct. Investing involves risk, and you may incur a profit or a loss regardless of the strategy selected. Past performance is not indicative of future results. Prior to making an investment decision, please consult with your financial advisor about your individual situation.