Are You Working with the Right Advisor for Retirement?

Family, finances, and figuring out what really matters—this episode of The Own Your Retirement Show brings all three together. Hosts Josh Bretl and Mark Elliott explore how a thoughtful, intentional approach can make both family life and retirement planning more rewarding.

A Cabo Trip, 38 Cousins, and a Few Good Lessons

Josh opens the show by recounting his recent trip to Cabo San Lucas for a cousin’s wedding, part vacation, part family reunion. He jokes about his wife Missy’s “small” Irish Catholic family that somehow includes 38 first cousins, and how even a “relaxing” trip requires plenty of coordination when you have kids, work, and extended family across the country. The message? Some things take effort, but they’re worth doing right. Whether it’s family or finances, success often comes down to planning ahead and being intentional with your time and money.

What Wealthy Retirees Do Differently

Inspired by a recent Yahoo Finance article, Josh and Mark dig into what sets financially secure retirees apart from the rest. It’s not just luck or high income, it’s mindset. Successful retirees think long-term, not just year to year, and focus on areas that protect their future rather than chase short-term market gains.

• Guaranteed Income: Wealthy retirees prioritize steady, reliable income streams over constant market watching.
• Tax Planning for Life: Instead of asking, “How can I pay less tax this year?”, they ask, “How can I pay less over my lifetime?”
• Preservation Over Growth: They focus on protecting what they have, planning for healthcare, long-term care, and legacy goals.

As Josh explains, many people only think about taxes during filing season. Wealthier retirees take a different approach. They map out how their IRAs, Roth conversions, and required distributions fit into a bigger lifetime plan. That kind of foresight can help reduce taxes, avoid Medicare surcharges, and preserve more for the next generation.

Is Your Financial Advisor the Right Fit?

The conversation then turns to a question many retirees eventually face: is your financial advisor still the right one for you? The advisor who helped you save and grow money might not be the same one who can help you live on it. Josh explains that retirement is a completely different phase, less about accumulation and more about income, protection, and minimizing taxes.

He points out a few warning signs that it might be time for a change:

• Your advisor doesn’t discuss taxes or can’t give tax-related advice.
• They focus only on investment returns, not income, healthcare, or estate planning.
• You haven’t talked about risk tolerance or how market losses could impact your retirement income.

At FSR Wealth Strategies, the “Own Your Retirement” planning process covers five essential areas: income, investments, taxes, healthcare, and legacy. This approach helps retirees see their full picture clearly and make informed decisions that align with their goals and lifestyle.

Fees, Risk, and Getting What You Pay For

Josh also touches on an uncomfortable topic…fees. He reminds listeners that good advice is an investment, not a penalty. The right advisor can help avoid costly mistakes and improve long-term results by identifying opportunities for tax savings, smarter withdrawals, and better risk management.

Speaking of risk, many people either take on too much or too little. Josh compares it to bad habits: “Too little risk is like smoking cigarettes. Too much is like doing heroin.” Both can hurt your financial health. The key is finding balance, understanding how much risk you’re actually taking and whether it matches your comfort level and goals.