Ep 269: Retirement planning is Life planning

Today I'm going to give you some things that you should be thinking about with regard to your retirement planning.

Some of these are probably some things that you hadn't thought about and I hope that you find it really valuable.

And here we go.

Welcome to the weekly wealth podcast.

I am certified financial planner David Chudick.

This podcast and my wealth management practice are both designed to help the mass affluent to live better lives by how they handle their money.

We talk about financial strategies, prosperous mindsets, and simply how to build true wealth.

So come on and let's enjoy this journey together.

We're going to get going into this retirement planning episode, but like always, if you're getting any value from the show, please like and subscribe on the platform that you're listening to it on.

And also check out YouTube.

We'll put the put the link in the show notes, check out our Instagram page and check out our Facebook group.

Alright, so we're talking retirement.

We're talking about what does retirement planning actually look like?

And in most cases people are thinking, well, how can I grow my 401k more?

How can I do these things?

And yes, that's part of it.

But here's what nobody is really telling you.

Retirement planning is not only about retirement.

I know that's kind of a weird statement, but let me explain what I'm talking about.

If you're five to 10 years from what you think retirement looks like, whether that's stepping away from your business, leaving your corporate gig, or just finally having control of your calendar, then this episode is for you.

Because the next 30ish minutes we're going to talk about the stuff that actually matters.

Not just the, you know, max out your 401k.

You know, that's fine.

The 6040 portfolio, yeah, that's fine.

That's kind of bumper sticker stuff.

But we want to talk about like actual retirement planning because retirement planning really is life planning or at least planning for that stage, stage of life.

Now, I want to start with a question and work with me here.

And you may not have the same beliefs as I do and that's totally okay.

I want to ask you a question that maybe no financial planner has ever asked you.

Now, I'm a Christian, I'm a believer.

If you're not, that's totally cool.

I still hope that you listen to the podcast, but a lot of what's in the Bible is just wise advice anyway.

So I know you probably didn't expect to hear this in a financial podcast, but is retirement even biblical?

So one simple observation is that the word quote, retirement does not appear anywhere in the Bible, not once.

Not the idea of reaching a certain age and stopping working and shifting into a life of leisure, that kind of started in the 20th century.

Social Security, and we talked about that a couple weeks ago, was created in 1935.

So the concept of a fixed retirement age is younger than sliced bread.

Literally.

Sliced bread came out in 1925, 28, and the Social Security system came out in 1935.

Now, here's an exception, okay?

The closest the Bible comes is in Numbers eight, where the Levites serving in the tabernacle were required to step back from heavy physical labor at age 50.

But here's the thing.

They didn't stop.

They shifted into a support and an advisory role for the younger Levites.

They transitioned, but they didn't disappear.

That's not retirement as we think of it.

That's a change in how you contribute, not whether you contribute.

Work was always part of the design.

So in Genesis, before the fall, before anything went sideways, Adam was placed in the garden to work it and keep it.

Work wasn't a punishment.

The toil and frustration of the work became part of the curse.

But work itself, that was always part of the design.

There's lots in Proverbs.

Proverbs is relentlessly pro diligence.

And then Paul writes in Second Thessalonians, and I'm paraphrasing, but barely.

If a man will not work, he shall not eat.

That's pretty direct, even by, like, weird podcasting standards.

So hear me when I tell you this.

I'm not saying that retirement is sinful.

Of course it's not.

But the Bible affirms rest, right?

The Sabbath principle runs throughout Scripture, and there's nothing that glorifies grinding yourself into the ground.

The point isn't that you can never stop working.

And I think this is an individual question.

But the point is that framing retirement as the finish line, the whole point of everything that you've been building is a pretty modern day, pretty secular idea that doesn't have deep roots in biblical framework.

The more defensible vision looks like transition, not cessation.

Shift what you do, change how you contribute, move from heavy lifting to an advisory role, but stay in the game in some form, in some capacity, as long as you have something to give.

Now, that's just what I think.

And I'd be really interested in what your thoughts are as far as retirement.

All right, so, you know, I love talking about behavioral factors with money decisions.

So let's think about Retirement planning.

Not really.

Only about numbers and portfolio and tax strategy planning.

But let's think about it as life planning, or at least planning for a chapter of life.

So what are you going to do if you retire?

Right.

Let's assume that you're still in good health.

What are you going to do?

Now, I'm not asking the brochure version.

I'm not asking about, quote, travel and spend time with family.

Everybody does that.

I'm asking you like the first day that you don't have somewhere to go, what are you going to do?

What are you going to do Tuesday at 11:00am when you have no meetings, no deadlines, no one who needs you, and you've already had your coffee with your circle of friends, then what?

Because something that research backs up and that I see in real conversations with clients is a lot of people, especially the high achievers.

These are the business owners.

The people have defined themselves by what they do.

The people who have built thing, they struggle enormously in retirement.

They may not struggle financially, although when you have a lot of free time, there's a lot of time to spend money.

But they sometimes struggle emotionally, psychologically.

When your identity is wrapped up in your work, you know, your title, your company, your clients who need you, your reputation, stepping away from that can feel like stepping off of a cliff.

There's a real phenomenon of retirement depression, of people who are looking forward to finally relaxing and then finding out that an unstructured time feels like a lot of emptiness.

And then there are some spending behavior, surprises.

So some people, when they first retire, they're thinking like, I saved my whole life for this and they can't bring themselves to spend money.

They feel guilty and they're afraid that they're going out, they're going to run out of money.

So they live more restrictive lives than their balance sheet would actually allow.

Then they're the opposite.

There's the people who overspend in the first two or three years, so they're thinking, oh, I'm still healthy, I'm going to take these trips, I'm going to do all these things while health is good and everything feels excited.

But then maybe they get worried about the later years because they're worried that they might run out of money because they spent a lot of it.

So the point is here, your behavior with your money in retirement will never be purely rational.

None of our money planning behaviors are ever purely rational.

Right?

It never is.

And if nobody has helped you to think through what you're actually retiring to, not just from That's a gap in your planning.

So here are some questions I'd encourage you to actually sit with, to talk about, and to think about.

So what does a good day look like for me without work?

Who am I when I'm not in my job title?

That's a good one, I think.

Where does my sense of purpose come from?

And will I still have access to that in retirement?

What do I want more of, what do I want less of?

And does my spouse or partner have the same vision of retirement than I do?

And this one actually breaks up a lot of plans.

So these aren't soft questions.

They aren't very.

These aren't soft questions.

They have very hard financial consequences.

Because someone who retires without answers to these is a lot more likely to go back to work within two years, make expensive, impulsive decisions, and simply be miserable while sitting on a perfectly good balance sheet.

So that brings me to a question that I'll ask a lot of clients and it sometimes gets me a surprise look.

So do you actually want to stop working or do you want to stop doing what you're doing now?

Because those are two really different things.

So the happiest retirees that I've seen are not the ones who stopped doing everything.

They're the ones who stopped doing the things they didn't want to do and kept doing the things that gave them energy.

Maybe that's consulting for two or three clients a year instead of running a full practice.

Maybe it's sitting on a board.

Maybe it's teaching.

Maybe it's coaching.

Maybe it's mentoring.

Maybe it's volunteering for something that matters to you.

Maybe it's building the thing you always wanted to build but couldn't because you were busy building someone else's thing.

For business owners especially, there's an interesting transition available.

You can sell or transfer your business and still stay involved in a capacity that energizes you rather than exhausts you.

That might be a consulting arrangement part time.

It could be a board seat.

That's not a failure to retire.

That's intentional design.

And yes, there are very real financial implications here.

If you work even part time in early retirement, even at a fraction of your peak income, it can dramatically reduce the amount you need to draw from your portfolio in those critical early years.

Remember the sequence of returns risk that we talked about a few weeks ago?

Even earning modest income in year one or two of retirement gives your portfolio portfolio time to breathe.

8.

Also delay Social Security, which for most people increases the monthly benefit.

And that matters more than people realize when you're thinking about a 20 to 25 year retirement.

So the bottom line is here.

I'm not saying not to retire.

I'm saying be intentional.

You hear me use that word all of the time.

Intentionality.

Be intentional about what you're retiring to have a plan for your time the way you have a plan for your money.

The financial plan is actually the easier part.

The life plan is harder.

And it matters more because when it comes down to it, I know a lot of people like playing golf.

A lot of people like playing pickleball.

But how much golf and how much pickleball can you play?

Did you know almost half of all business owners will hit the same stumbling block?

They become the primary revenue driver for their company.

The Rainmaker Avoid the downhill trap of becoming the Rainmaker and make the transition to architect of your business.

Download the free ebook the Rainmaker's dilemma by visiting www.weeklywealthpodcast.com on rainmaker again that is www.weeklywealthpodcast.com rainmaker so we've talked about.

What retirement means for your identity and for your purpose.

Now let's really talk about some financial strategies.

Let's bring on the financial side and before we get into portfolios and tax strategies, I want to spend a few minutes on something that matters a lot, depending on where your income actually comes from.

Because if you're a business owner, the five to 10 years before the retirement look fundamentally different than if you're a W2 employee.

Not slightly different, fundamentally different.

And most retirement content treats everyone the same, which is a problem.

So let's start with the employee picture because in some ways it's more straightforward, though it doesn't mean it's simple.

If you're a corporate employee or working for someone else.

Your key pre retirement decisions tend to focus on a few things.

First, your retirement accounts.

Are you maximizing your 401k contributions, including catch up contributions?

So if you're over 50, the IRS lets you put in an extra 7,500 on top of the standard limit.

Are you in the right investment allocation inside the plan or are you still at the default target date fund you signed up for in year one without really thinking about it now?

Second, your benefits.

Right?

Pensions, if you're lucky enough to have one.

Do you understand the payout Options?

Lump Sum vs. Annuity Survivorship Benefits?

These decisions are are often irreversible and many people make them without fully understanding what they're choosing.

Now Here's a big one your health care right.

If you retire before age 65, you may lose your employer sponsored health insurance.

And if you're not yet eligible for Medicare, the gap, you know, sometimes can be for a few years, has to be covered somehow.

The ACA Marketplace plus COBRA and a spouse's plan, they all have potentially high cost implications that should be in your retirement income projections right now.

And fourth, and remember, we did an episode on this a few weeks ago.

Your Social Security timing.

You can claim as early as age 62, but every year you wait up to age 70 increases your benefit permanently.

The break even math, the psychological aspects of Social Security, your health and other income sources impact which decision you should make.

This is one of the most consequential and irreversible decisions in retirement planning, and most people make it based on gut feel.

Now, if you're a business owner, the list gets longer and more complex and the stakes are higher.

Because for most business owners, the business is the largest asset on their balance sheet, sometimes the only significant asset.

That means Retirement planning and exit planning are not two separate conversations.

They are the same conversation.

So I'm going to say that again because this is really important.

Retirement planning and exit planning are not two separate conversations.

They are the same conversation.

The first big question what happens to the business?

Are you going to sell it?

Maybe to a third party, maybe to a competitor, maybe to a private equity group?

Are you transitioning it to a family member or key employee?

Are you winding it down?

Each of those paths has completely different financial outcomes, different tax implications, different timelines.

And each requires preparations that may take several years, not months.

A business that isn't ready to sell, that's too dependent on the owner, that doesn't have documented systems and processes, that doesn't have a management team that can run without you will sell for significantly less than 1 that is or 1 sell at all.

I've seen both.

Neither is what the owner had in mind when they were building it.

Second, your retirement savings structure.

Business owners have access to some of the most powerful retirement savings vehicles available.

Solo 401k SEPA RAS defined benefit cash balance plans.

In the right situation, a cash balance Plan combined with 401k can allow a business owner to contribute 200 to $250,000 or more in tax deductible retirement contributions.

But you have to set these up intentionally and you have to do it while the income is still there to fund them.

And third, how do you extract value from the business tax efficiently?

The sale of a business can be a massive taxable event.

Or it can be structured to significantly reduce the tax hits through installment sales, qualified stock, business stock exclusion, charitable strategies, or the structure of the deal itself.

This is not a decision to make in the closing room.

This is a multi year planning conversation that you and your financial team should be thinking about together.

That'll include your cpa, your attorney, and your financial advisor.

And fourth, this is the one that trips up a lot of people is the concentration risk problem.

If most of your net worth is tied up in your business, you are not diversified.

You have a single asset that can evaporate.

A key employee leaves, a market shifts, a lawsuit happens.

The business that was going to fund your retirement is suddenly worth a fraction of what you planned.

Diversifying while you build systematically pulling money out of the business into a separate investment portfolio is the hedge against risk.

Most business owners delay it.

That's a mistake.

So here's what both groups share.

The decisions that you make in the five to ten years before retirement.

These are not housekeeping and these are decisions.

The one that will determine what your retirement actually looks like.

And most of them have a clock on them.

Whether you're an employee or business owner, the worst thing you can do is assume that you'll figure it out when you get there.

When I get there is now five years goes by fast, so start thinking about these things.

Let me know if you have any questions.

Email me davidarallelfinancial.com now.

I'll often have somebody ask me, hey, I'm going to retire in a few years.

What are you seeing with the markets in the next few years for someone who's retiring?

And let's start by thinking about some different mindsets.

We should have the accumulation mindset and the distribution mindset and they're completely different.

So for most of your working life, you've been in accumulation mode.

You're thinking, hey, save money, invest it, let it grow, don't touch it.

Write out the dips, buy the dip.

If you're feeling spicy, the math is on your side because time is on your side.

When the market drops 30%, you feel terrible.

But if you're 40 years old and that money isn't coming out for 20 years, that's just volatility.

And the volatility is actually your friend.

Because you can buy a dip, you're buying more shares at lower prices.

You're compounding on a bigger base.

Bad years in accumulation mode are annoying, but they're actually not catastrophic and you can take advantage of them.

Now, the distribution mindset is Completely different.

The moment you start pulling money out of your portfolio to live on, the rules change and they change dramatically.

Now there's a concept called sequence of return risk.

And this is one of the most underappreciated dangers in all of retirement planning.

Here's how it works.

So imagine you have two retirees, the same amount saved, same average return over their retirement, but one of them retired right before a big market crash and the other right after.

One, the person who retired before the crash who had to sell shares at a low price just to pay their bills, they could run out of money.

The person who retired already experienced a crash.

Now their portfolio is rebounding while they draw from it.

Same average return, completely different outcomes.

That's sequence of returned risk.

And that's why a portfolio built for accumulation, having equities focused on maximum growth, can be extremely dangerous in the early years of distribution.

So what should a distribution portfolio look like?

Now, I don't like blanket statements and I don't think there's ever a rule that works for everybody.

But let's talk very generally here and make sure that you're looking at your own situation.

Now, we're going to talk very generally, but make sure that you're working with your financial advisor to ensure that your distribution portfolio is structured properly for you.

So it's not that you suddenly become risk averse or moving every, or that you should move everything to bonds and just start praying.

That's the other mistake.

It's that you become intentional about.

When different money gets used and you build a portfolio to protect against sequence of return problems, you start thinking about time horizon.

Money you need in the next two to three years needs to be stable.

Money you won't touch for 10 years can still be working hard.

The transition from accumulation to distribution is really about layering those time horizons.

Which actually leads us to a bucket strategy.

And this is one of the clearest mental frameworks that exists for helping people to understand how retirement income actually works.

All right, so bucket one, this is your short term money.

Think about it as your operating account for retirement.

This is one to three years of living expenses in cash or very low risk assets.

Maybe money markets, short term treasuries, something that really can't lose 20% right now when you need to write a check to pay for your property taxes or your mortgage or groceries.

So why does this matter?

Because when the market drops, and we all know that it will, we just don't know when you don't have to sell anything, you're drawing from Bucket one, while everything else has time to recover.

This is what prevents panic selling.

This is what protects against secrets of returns risk.

Bucket one is your shock absorber.

Now bucket one isn't sexy.

You can't go tell your friends that bucket one earned 30% or that you had some highly appreciated appreciating asset in bucket one.

But bucket one is the one that helps you to sleep at night.

Now bucket two is your medium term bucket.

Maybe for three to ten years out, a moderate mix, maybe some bonds, some lower volatility equity, maybe some income generating investments.

The goal here is a slow steady growth with less drama.

As you spend down bucket one, you're refilling it from bucket two.

Now bucket three is your long term growth bucket.

This is the money you don't need for a decade or more.

This can still be invested, maybe somewhat aggressively.

This should have equities, growth, assets, whatever matches your risk tolerance because you have time.

Time is a great equalizer in investing.

And even in retirement you could have 20, 25 or 30 years of investment Runway.

Bucket three is where that money lives.

So the beauty of this framework, beyond just the math, is that it gives you psychological clarity.

You're not staring at your brokerage account in a down market wondering if your retirement is on fire.

You know, bucket one is full, you're fine for the next two or three years.

That's emotional stability is worth considering.

Now the other thing to think about is should you, in addition to your Social Security position some of your assets to where they'll give you a guaranteed income.

All right, so talk to your financial advisor about that or ask me, email me davidarallel Financial and let's talk about if some of your investments should produce a guaranteed income.

I want to spend a few minutes talking about Roth versus Pre tax.

Everybody wants a pre tax account while you're in your accumulation period because you're getting a tax deduction on the way in.

And then everybody wants a Roth because the money comes out tax free.

Now before we get into this, we're really just talking about this in general.

I've done other podcasts about it and this is a very important decision to think about when Roth conversions may work for you and when they're appropriate.

But people will ask me, is a Roth IRA or a pre tax IRA better?

And really the question isn't quote, which one is better, it's what's your tax situation going to look like in retirement?

And part of that is like I don't really know.

Nobody can tell the future.

Nobody will Know what the tax rates are?

Tax laws change all the time.

Your income may change, but what's your best guess on what your tax rate will be in retirement compared to now?

So if you're five to 10 years out, you may be sitting on a significant pre tax balance.

And here's something worth at least having a conversation about.

The years between now and when you start taking Social Security and required minimum distributions could be a window to do strategic Roth conversions.

And why is this?

Because right now you have income generating years where you're in a relatively known tax bracket.

Once you're in retirement with RMDs, those are required minimum distributions kicking in, plus Social Security, you may have less flexibility.

Some people, especially business owners winding down, have years where their taxable income is unusually low.

And those are prime years potentially for Roth conversions.

So I'm not saying to convert everything, I'm saying to think about tax diversification in the same way that you think about investment diversification.

Different buckets, different tax treatments and options in retirement.

Make sure that you understand the Roth conversion rules.

And if it does generate a significant tax consequence, make sure that you're planning for it so that you can handle that easily when you file your tax return in the following year.

For the current year.

And if you're a business owner and a lot of our listeners are, your retirement tax situation can look wildly different from a W2 employee.

You may have the ability to do a Roth conversion in the year where your business income was lower.

You may have a SEP IRA or Solo 401K that's loaded with pre tax dollars because those have high limits.

This is absolutely worth running through a tax projection with someone who does actual planning, not just preparation.

So let's spend a few minutes on some of the things that can blow up an otherwise solid retirement plan.

Now, I like to ask my clients and even prospects, what are two or three things that if they happened or maybe if they didn't happen, could cripple you financially?

All right, so these bring up the conversation of risks.

One of the risks that I hear people talk about is longevity risk.

But in plain English, that's living longer than your money does.

And before you say, well, I'll probably only live to 80, let me stop you right there.

If you make it to 65, your statistical life expectancy is closer to 85 or 87, sometimes into your 90s.

And if you're a couple, the odds that one of you lives into your late 80s or beyond are very high.

Of course, modern medicine is advancing and keeping us alive longer.

So a lot of us may live into our 80s, 90s and maybe more.

Okay, so this is why the portfolio conversations matter.

This is why Roth conversions matter.

This is why Social Security timing matters.

This is why maybe some guaranteed income scenarios matter.

Because the compounding effect of good decisions over a 30 year retirement is enormous.

And so is the compounding effect of bad ones.

Now another risk is long term care.

Roughly 70% of people over age 65 will need some sort of long term care.

And we'll let those numbers sit for just a moment.

70%.

And we're talking about assistance with activities of daily living.

These are bathing, dressing, eating, moving around.

Whether it's in your home or in an assisted living facility.

These costs can be significant and they could be anywhere from 4 to 10, 15, $20,000 a month.

Now, we're not going to spend a whole lot of time talking about the different types of long term care insurance and planning.

But again, talk to your financial advisor, listen to our episodes where we've talked about long term care planning and make sure that you're being purposeful with long term care planning.

Now here's an indirect risk that I like to talk to clients about and that's risking the healthy years of retirement and not having enough fun, not doing the things that will build memories and that you can look back on.

So you could think about kind of the framework called the go go, the slow go and the no go phases of retirement.

The go go years are the early years of retirement.

Your health is relatively good, your energy is higher, you can travel, you can hike, you can chase your grandkids around the yard.

These are the years that many people like to spend money on.

Experiences.

Then you typically have the slow go years.

Maybe you're still doing things, but you have less adventure for travel.

You're maybe physically not able to be as active and your spending will often shift in this phase.

Then you come to the no go years and most of us reach that.

And that's where health may significantly limit what you do.

So you're no longer able to hike through Europe or do things like that.

But your healthcare spending often rises.

Here's why this matters.

A lot of retirees wait.

They save, save, save, save, save for decades and they retire.

And then they keep saving, they keep protecting.

They delay the trip to Italy because we'll do it next year.

They don't take the grandkids to Disney because maybe we'll do it when we're more settled or maybe when my portfolio grows a little bit and Then some of them wait too long.

Don't we all know that couple who had the money and the plan, but not the health when it was finally the right time?

That's not financial planning.

That's a life planning failure.

And I take that serious because you've heard me say it every episode.

I believe that how we handle our money should positively impact our lives and the lives of those around us.

And that's really what I want this podcast and my wealth management practice to do for the listeners and for my clients.

So in the go go years, make sure you're spending on experiences.

Build that into the plan.

A financial plan that doesn't include living is just a savings plan with extra step.

Our last topic and we're covering a lot today, and this is legacy planning.

And this is not just like who gets my stuff?

It's the intentional conversation about what you want your wealth to do after you're gone and sometimes maybe even before you're gone.

So the basics that you need to work with your attorney about, you know, do you need a will and trust?

A will or a trust that reflects your current wishes, not the ones from 20 years ago before you had a business or grandkids.

Are your beneficiary designations on every retirement account, life insurance policy and annuity?

Are they correct?

Or do you have your first wife or your first spouse as a beneficiary on your life insurance and that's not your current wish?

We're all one heartbeat away from it being too late to fix.

All right, so check out your beneficiaries.

Make sure your powers of attorneys are updated and make sure your health care directive or living will is updated so your family isn't making these really difficult decisions during a crisis.

So those are the basics, but legacy is really about your values.

What do you want your money to say about who you are?

Some families do annual gifting to reduce estate size while they're still alive to see it, appreciate some set up donor advised funds for charitable giving with serious tax advantages.

Some use life insurance strategically to create tax free wealth transfer to the next generation.

Business owners may be thinking about transferring the business to a family member or key employee.

That's a whole separate conversation.

But there's also what I'd call the talk while you can element of legacy planning.

Tell your family what you have, where it is, what you want done with it.

The number of family who discover a parent's financial picture only after they've passed is high.

This leaves the children and the family members may be confused unprepared and sometimes even at odds with each other because large sums of money sometimes can create weird emotions and animosity between siblings.

So legacy planning is not morbid, it's generous.

It's most genuinely loving things you can do for the people you care about.

All right, everybody, so we've covered a lot of ground today.

This is a longer than average episode.

But let's do a quick pass of what we talked about.

The 5 to 10 year window before retirement isn't the home stretch where you coast.

It's arguably the most important planning window you have.

It's when your portfolio needs to shift from accumulation to what will distribution portfolios look like.

It's when the bucket strategy starts to matter.

Maybe you start thinking about Roth conversions.

And it's not just financial planning, it's life planning.

And then once you retire, it's time to build an experience.

Don't wait for the perfect time.

There is no perfect time.

There will be now, and then there will be later.

And later is never guaranteed.

So if any of this resonated with you and you're in that five to ten year window and thinking I should actually sit down and look at this, I'd love to talk.

A Vision call is a 20 minute conversation where we look at where you are and what you actually need.

There's no pressure, no pitch, just an honest conversation.

So head to www.weeklywealthpodcast.com vision to schedule that.

And if you're a business owner, if part of your retirement picture includes eventually selling your business, I'd also encourage you to take the Sellability score assessment.

It takes about 20 minutes and it gives you a genuinely useful snapshot of where your business stands from a buyer's perspective.

Even if you're 10 years out, knowing your number changes how you make your decisions.

Now that's www.weeklywealthpodcast.com.

Thank you for spending your time with me.

It is such a privilege to build this community and to share this information.

You I hope it was worth your time.

And if it was, tell someone about the show, share the episode, leave a review.

It's the best way that you can support the show.

All right, everybody, I'm David Chudick.

This is the Weekly Wealth Podcast.

Have a blessed week.

The information presented on this podcast is for general educational purposes only and does not constitute financial investment, legal or tax advice.

Parallel Financial is registered with the U.S. securities and Exchange Commission SEC as a registered investment advisor.

Registration does not imply a certain level of skill or training, nor does it constitute an endorsement by the sec.

All investing involves risk, including the potential loss of principal.

Please consult a qualified financial professional before making any financial decisions.