Friends Talk Money

Retirement confidence has hit its lowest point since post-COVID — and for good reason. From skyrocketing Medicare premiums to housing costs, Social Security uncertainty, growing debt, and the crushing weight of caregiving, retirees are facing a financial storm no one fully planned for. In this episode, Terry, Richard, and Pam break down the top 5 worries from the brand-new 2026 Retirement Confidence Survey (Employee Benefit Research Institute) and, more importantly, what you can actually do about them. What we cover: Why 40% of retirees say expenses are higher than expected The shocking truth about Medicare costs in 2026 (Plan G premiums up 40%!) How housing — even if you downsize — can blow up your retirement budget Social Security: what the 2033 trust fund depletion really means for YOU The debt crisis is quietly growing among retirees (39% are affected) Why 74% of workers plan to work in retirement — but only 31% actually do Caregiving: the retirement wildcard nobody budgets for Links: EBRI 2026 Retirement Confidence Survey These are the top 5 things retirees are worried about right now (Richard Eisenberg) IRMAA Increases Medicare Premiums (Terry Savage) Inflation Isn't the Real Problem: Having No Plan to Account for It Is (Pam Krueger) National Foundation for Credit Counseling

Artificial intelligence is quietly reshaping the way we plan—and pay—for long-term care. In this new episode of Friends Talk Money, Richard, Pam, and Terry sit down with Lily Vittayarukskul, Co-Founder and CEO of Waterlily, for a candid conversation about what most people get wrong about long-term care and how AI is changing the game. In this episode, you'll learn: Why most Americans underestimate the true cost and likelihood of needing long-term care How Waterlily uses AI and over 500 million data points to predict your personal care needs The real numbers behind self-funding vs. insurance for long-term care How to make smarter, unbiased decisions for your future, your family, and your finances What's ahead for AI in financial planning and eldercare Lily also shares her inspiring journey from NASA intern to health tech entrepreneur, and how her family's experience sparked a mission to help others plan ahead with confidence. If long-term care planning has been on your mind—or should be—this is a conversation worth hearing.

If you're like a lot of people nearing retirement, your 401(k) or 403(b) is probably the biggest part of your savings. But do you actually know how it's invested—or how much risk in stocks you're taking on without realizing it? In this episode of Friends Talk Money, we're going to look more closely. Ron Surz, a long-time retirement investing expert and president of Target Date Solutions joins us—and he's not afraid to call out where he thinks popular target date funds are falling short. He'll walk us through what he believes is a better way to structure retirement portfolios, especially for people in their 50s, 60s, and those already retired. We'll talk about: What's really under the hood in your retirement plan The real risks inside target date funds—and how they're built What Ron recommends instead, and why What to think about before you roll over your retirement savings The most common mistakes people make late in the game—and how to avoid them. Whether you're in your 50s, 60s, or already retired, this conversation will give you actionable steps to take control of your retirement savings today. Terry Savage: What's in YOUR retirement plan? (Chicago Tribune) Baby Boomer Investing Show Ron Surz, Target Date Solutions (401k Specialist) 4 Things You Can Control in Retirement (Pam Krueger)

In this episode of Friends Talk Money, we're joined by Phil Moeller, renowned journalist and co-author of Get What's Yours: The Secrets to Maxing Out Your Social Security. Phil dives into all things Social Security—unpacking the latest changes, what they mean for you, and how to make smart decisions that can boost your retirement benefits. Topics we cover: Key Social Security changes for 2025 and beyond How these updates may affect your benefits Strategies to optimize your Social Security claiming decisions Common mistakes to avoid when planning for retirement Whether you're nearing retirement, already collecting benefits, or helping a loved one make financial decisions, this episode is packed with practical advice and essential information you won't want to miss.

Looking for help this tax season? The Friends Talk Money team welcomes IRS spokesperson Eric Smith to discuss important tax changes and tax planning strategies. As a trusted tax accountant for the IRS, Eric breaks down the difference between tax credits and deductions, and shares valuable insights into new tools 'direct file' and 'free file' and other crucial matters that could affect your finances. Listen for more informative tips on how you should navigate the complex world of taxes!

Worried whether the stock market is too risky for your retirement money? You're not alone! We're going to help you decide how to sleep at night and still invest so you're money's working for you. Tune in as the Friends Talk Money team chats with Jim Stack from InvesTech Research to uncover smart strategies for navigating your retirement journey.

The Friends Talk Money team is here to help you start 2025 off right! From organizing your important documents to aligning your investments with your goals, we've got the tools and tips you need for a successful financial year! What financial goals are you going to cross off your list this year?

Ready to make 2025 your best financial year yet? The Friends Talk Money team is here to help! Join Terry, Rich, and Pam as they break down 9 essential tips to set yourself up for financial success in the new year. Unlock Your Financial Future - Begin by consolidating all your year-end IRA statements and harness the power of an online RMD calculator to determine your 2025 minimum distributions. This crucial step ensures you're setting aside the right amount for a secure future. Refresh Your Records - Keep your IRA beneficiaries up-to-date to safeguard your legacy. Optimize Your Portfolio - Align your investment allocations with your 2025 goals by reviewing your retirement portfolio. Explore Secure Investments - Consider securing a 4% CD, available online, to bolster your financial safety net. Seek Expert Insight - Gain a fresh perspective on your financial strategies by consulting a trusted professional. Enhance Your Security - Use a password manager to protect your personal information and investments. Guard Against SIM Fraud - Contact your phone provider (AT&T, Verizon, etc.) to establish a password-protected process, shielding your SIM from fraudsters. Prepare for Tax Season - With potential tax changes on the horizon, start organizing now to navigate the upcoming tax season smoothly. Reimagine Retirement - As retirement landscapes evolve, envision your future with flexibility, considering the trend of working into later years.