Tax Mistakes New Retirees Make

You've Managed Your Own Money Successfully - Why Would You Need an Advisor Now?

📞✨ Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ [https://www.chessmanwealth.com/]  You’ve spent decades saving, investing, and managing your money responsibly. So why would you suddenly need a financial advisor right before retirement? In this episode, Wade tackles that exact question from a listener who’s done well investing on their own but is hesitant to “turn everything over” to an advisor. In this week’s Kingdom Minute, Wade explores Jesus’ command to “render unto Caesar” and what it teaches us about stewardship, ownership, and where our ultimate trust belongs. Here’s some of what we discuss in this episode: 💰 Why accumulating wealth and living off wealth require different skill sets ⚠️ The costly retirement mistakes that are harder to recover from 🧾 Tax planning, Social Security, Medicare & RMD complexities 🤝 Why working with an advisor doesn’t mean losing control 🏌️ Wade’s golf analogy for how one bad financial decision can derail retirement Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ [https://www.chessmanwealth.com/]  The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

What Golf Teaches Us About Financial Planning

📞✨ Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ [https://www.chessmanwealth.com/]  At first glance, golf and financial planning don’t seem to have much in common, but look a little closer, and the parallels are hard to ignore. In this episode, Wade breaks down how certain concepts on the golf course translate directly into smarter financial decisions. It’s a fresh way to think about building a plan that actually works over time. Here’s some of what we discuss in this episode: ⛳ Hole-in-One: Luck won’t drive long-term success 🎯 Stay Consistent: Methodical play wins over time 🧰 Right Tools Matter: Use diverse investment strategies 🧭 Trust Your Guide: Expert advice improves outcomes 🏌️ Pro Lessons: Stick with one clear strategy 🏁 Finish Strong: Stay focused on the long game Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ [https://www.chessmanwealth.com/]  The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

From Zero Savings to a 3 Million-Dollar Exit

📞✨ Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ [https://www.chessmanwealth.com/]  Going from little to no retirement savings to a multi-million-dollar windfall sounds like a dream, but it comes with a whole new set of challenges. And one wrong move early on can have long-term consequences. Today, Wade walks through what to do after a major liquidity event, including how to handle taxes, define what “enough” really means, and avoid costly mistakes. For this week’s Kingdom Minute, Wade shares how monks pursued economic sufficiency, not false security. This meant having just enough, rejecting the love of money, consuming less than they received, and using surplus for hospitality and generosity. Here’s some of what we discuss in this episode: 💰 Lump Sum Reality: $3M isn’t $3M after taxes, understand your true net 🧾 Tax Planning First: Structure and timing can significantly impact what you keep ⏳ Don’t Rush Decisions: Park money safely and avoid emotional or impulsive moves 🎯 Define “Enough”: Your lifestyle, not the number, determines success 📊 Smart Risk Strategy: Diversification beats swinging for the fences ⚠️ Avoid Big Mistakes: Don’t chase deals, loans, or “opportunities” without a plan Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ [https://www.chessmanwealth.com/]  The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

Tax Mistakes New Retirees Make

📞✨ Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ [https://www.chessmanwealth.com/]  Nobody enjoys tax season, but retirement introduces a whole new set of rules, and many retirees don’t realize the impact until it’s too late. In this episode, Wade breaks down some of the most common tax mistakes new retirees make and explains why tax planning shouldn’t be treated as a once-a-year task, but as a strategy that works for the next decade and beyond. Later in the episode, Wade answers listener questions, offering insights on common retirement challenges- like whether to keep heavily concentrated stock in a 401(k) and how to manage taxes on an inherited IRA. Here’s some of what we discuss in this episode: 💣 RMD Time Bomb: Future withdrawals can create massive tax hits 🔁 Roth Strategy: Conversions must be timed and coordinated carefully 💸 Social Security Taxes: Benefits can be more taxable than expected 🧮 Short vs Long-Term: Tax prep isn’t the same as tax planning ‍❤️ Survivor Impact: Taxes often rise after one spouse passes Read The 5 Biggest Tax Mistakes New Retirees Make in the First 5 Years https://www.kiplinger.com/taxes/tax-planning/biggest-tax-mistakes-new-retirees-make-in-first-years [https://www.kiplinger.com/taxes/tax-planning/biggest-tax-mistakes-new-retirees-make-in-first-years] Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ [https://www.chessmanwealth.com/]  The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

Financial Myths That Can Quietly Wreck a Retirement Plan

📞✨ Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ [https://www.chessmanwealth.com/]  There’s no shortage of financial advice out there and unfortunately, not all of it is good. Some of the most damaging retirement mistakes don’t come from reckless behavior. They come from myths that sound reasonable, get repeated often, and quietly work their way into your planning decisions. Wade breaks down some of the most common retirement myths and explains why believing them can quietly wreck your long-term strategy, and what to do instead. For this week’s Kingdom Minute, Wade shares the story of Elisha and the widow from 2 Kings to illustrate how God often uses what we already have, however small, as the basis for His provision. Here’s some of what we discuss in this episode: 📘 Bigger Plan Better?: Thick binders don’t equal clarity 📜 Just A Will?: Simple estates still need key documents 💔 Half Income Myth: Surviving spouse needs far more 🏦 Social Security Reliance: It’s a foundation, not full income 💵 Lower Taxes Assumption: Retirement brackets may surprise you   Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ [https://www.chessmanwealth.com/]  The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.