Retirement Planning Basics (2025)

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$12.99 - one-time purchase

Your instructor: Quincy Hall

Fulfill retirement planning competence with 2025 Retirement Planning Basics, an exciting and comprehensive course from Advice Only®, and available from the Google Play and Apple stores. This self-paced course, enriched with original written and video-based content, is designed to make your learning experience enjoyable and relatable with amusing anecdotes. Taking approximately 6 hours to complete, this course includes informative assessments, exercises, explainer videos and quizzes to ensure a thorough understanding of the material.

Our user-centric and privacy-protected course platform allows users to comfortably record and share their experiences. We prioritize your data security and privacy and have implemented robust measures to keep your information confidential. Success in this course is using the knowledge gained and tools provided to begin to develop an investment and financial planning philosophy.

Course objectives

It's only money. Establishing a well-structured system for managing documents ensures their safekeeping and facilitates efficient handling of financial matters. Gain the peace of mind that financial information is organized, secure, and accessible when needed.
Like a glove. Discover your unique retirement plan. This course empowers students to personalize their global risk tolerance and develop an investment philosophy that aligns with their strengths and preferences. Retirement planning is not one-size-fits-all, so learn to tailor a plan to retirement age, income expectations, expenses, and family dynamics.
Battle plan. Construct a comprehensive list of essential financial tasks. Track crucial to-dos like updating beneficiaries, reviewing insurance coverage, contributing to retirement accounts, and planning for significant expenses. Reduce anxiety and save time by organizing tasks by priority, responsibility, and due date.
Qualify yourself. Understand the ongoing relevancy of insurance options, such as life insurance, disability insurance, and long-term care. Evaluate and self-analyze ongoing insurance needs and budget. Or what to expect if there is a desire or requirement to self-insure.
Big plans. Specify how savings distribute upon retirement and last until mortality. Begin to develop a process of coordinating needs with specific accounts that supplement income beyond guaranteed vehicles like a pension or social security.
Adulting. Estimate the value of an estate and determine if there is likely to be any exposure to estate tax at all. Consider various strategies to reduce an estate tax liability, such as gifting assets, making charitable contributions, or using trusts.
Minimax: Understand the rationale behind a planning strategy that considers and balances income needs for today AND tomorrow. Identify the tax implications of such a technique, along with the timelines of appropriate risk, the opportunity to lower taxes with timed “moves,” and how it all fits together.

By the end of this course, students will have a comprehensive understanding of retirement planning and the confidence to begin shaping the design of their retirement plan. They will be able to effectively communicate their retirement planning objectives and personalized preferences to loved ones and trusted professionals. Students will also strive to discover their objective truth and what they independently determine as their “perfect” plan. Upon completion, students can expect to clearly understand their plan’s overall viability and its general strategic direction, leaving no room for uncertainty.

Start by downloading the Advice Only® app from the Google Play and Apple stores. This app is an integral part of many retirees’ retirement planning. It provides a convenient platform to access critical course content, track progress, and potentially work directly with a course instructor. The app’s user-friendly interface and intuitive features make it easy to navigate and use, enhancing a student’s learning experience.

Chapter 1

Chapter 2

Chapter 3

Chapter 4

Chapter 5

Chapter 6

Chapter 7

Chapter 8

Chapter 9

Chapter 1

Chapter 2

Chapter 3

Chapter 4

Chapter 5

Chapter 6

Chapter 7

Chapter 8

Chapter 9

Chapter 1: What is the Perfect Plan?

Chapter 1: What is the Perfect Plan?

Individuals have a vested interest in the outcomes of their own financial decisions. As such, with all available information, the individual is the best judge for the appropriateness of the consequential decisions that affect them. Gain a fresh perspective on financial services; this course provides learners with an objective, solicitation-free environment to explore and better understand financial concepts for themselves. Without judgment or outside scrutinization, identify and ideally settle on personal preferences, affinities, and lifestyle prioritization.

Chapter Objectives

It’s your money. Learn why everyone should opt for a financial plan based on math that is flexible to the unknowable and still likely to succeed, giving everyone reasonably what they want. Identify personal affinities and learn why qualitative variables can be equally or sometimes more important than math alone.
Let’s be rational. Explore processes for consequential decision-making, apply objective-based critical thinking, and recognize and learn to set aside personal biases that can sometimes negatively affect financial outcomes.
Me, myself, and I. Financial security empowers individuals to pursue their aspirations, support loved ones, and contribute to their community without compromising their well-being. Learn that embracing some degree of self-ness can be a form of positive financial care.
All together now. Identify critical roles professionals will assist with, foster teamwork and openness among family, and learn how to facilitate productive discourse on subjective matters.
The future is today. Explore trends, understand technology’s role in planning, develop critical document storage systems, and decide on a general personal data security policy.
Planning for a reason. Identify vulnerabilities and commit to improving the status quo. Increase the likelihood of success through analysis, contingency planning, and creative problem-solving. Generally attempt to exceed expectations.

Chapter 2: Expenses

Chapter 2: Expenses

Understand why financial plan sustainability requires a reasonably clear idea of personal expenses. Track expenses easily with a spreadsheet. Learn to categorize and isolate certain expense variables for later in-depth analysis. Factor in an estimate of longevity, rates of return, and inflation assumptions to have a realistic, well-informed, and adaptable financial framework that can withstand known and unknowable financial life events.

Chapter Objectives

Expensification.Analyze spending patterns and create a personalized expense projection useful for future cash flow analysis for oneself, family and trusted professionals.
Understand and deliver. Better evaluate how specific expense choices might affect longer-term retirement outcomes. Fulfill wishes (like funding a wedding, college, or medical expense) all without simultaneously disrupting long-term sustainability.
All intensive purposes. Calculate essential needs based on existing spending patterns. Isolate discretionary expenses to create a realistic projection incorporating plenty of “wiggle room.” Individually factor for specific goods and services, like medical expenses.
100%. Research life expectancy tables, consider family history and personal health, and learn the importance of realistically predicting how long money will need to last.
Counting down. Decide on a “retirement” date for planning purposes. Understand why a firm date is important but should also be practical. Set expectations, evaluate financial preparedness, assess risk changes and factor in health and lifestyle.
The long haul. Question conventional wisdom and learn why some money should always work to offset long-term inflation – even while retired. Decide what money is naturally suited to capture long-term appreciation.
Pick a reason. Planning with a clear purpose brings numerous benefits, including alignment and shared understanding. Work to reduce misunderstanding, minimize regret, family conflict, and sales fatigue. Embrace effective conflict resolution, systematic decision-making, improved efficiency and productivity, and enhanced motivation and engagement.

Chapter 3: Cashflow & Net Worth

Chapter 3: Cashflow & Net Worth

Particularly for retirees, cash flow and net worth statements are the primary documents for evaluating a financial plan’s overall health and long-term sustainability. These documents show how future income, expenses, taxes, and total portfolio assets interact to create a transparent “vector” to achieving retirement goals.

Chapter Objectives

Numbers person. Support decisions using mathematical reason, ideally encompassing every knowable variable. Learn to scrutinize financial statements for vulnerabilities and recognize opportunities to improve financial health.
Endless possibilities. Even a well-conditioned financial plan can benefit from exercises that simulate changing conditions. Also, incorporate case studies and be inspired by others. Achieve better outcomes and learn to never be satisfied when aspiring to meet financial goals..
The debt corrector. Leverage debt to enhance planning outcomes. Incorporate a bad debt elimination strategy. Learn to avoid pesky, well-intentioned debts from going bad.
Full-circle. Maximize tax benefits by thinking both long and short-term. Attempt to align efficiency opportunities with pre-identified lifestyle objectives. Avoid letting tax determine when to enjoy money by creating a system to free up tax deferred income over time.
The opportunist. Increase general awareness and openness to tax opportunities, including Roth conversations, alternative social security start dates, and tax loss harvesting. Balance lifestyle with the possibility of gain and long-term sustainability.
LifestyleControl™ Rethink conventional retirement planning techniques and model desired outcomes equally alongside facts, goals, and personal preferences. Develop several possible scenarios and decide which will ultimately prevail.
Mogul-ization. Tips for utilizing real estate successfully as an income source. Analyze the risks, costs, ongoing personal commitment, and the importance of having an “exit plan.”
Buffering. Prepare in advance for unexpected cash flow needs. Insulate pre-planned lifestyle preferences and be prepared to deploy contingency planning when problems arise.

Chapter 4: Types of Accounts

Chapter 4: Types of Accounts

There exist many places to save for retirement. Several factors influence a retirement savings plan, including age, access to employer-sponsored plans, tax situation, other assets, and timing assets for use. Strategize around retirement distribution rules, leverage taxable and non-taxable contributions, and consider what makes sense personally. Take a closer look at pre- and post-retirement contributions to understand how any account type (e.g., Traditional, Roth, and Taxable type accounts) can be equally viable planning vehicles depending on the individual situation, existing assets, and anticipated need.

Chapter Objectives

Havin’ it all. Differentiate between Traditional IRAs, Roth IRAs, 401(k) plans, 457 plans, 403(b) plans, SIMPLE plans, Solo 401(ks), and SEP IRAs. Identify scenarios for de-risking company stock, when to prioritize tax-deductible contributions, timing Roth conversions, and methods for filling in gaps in diversification. Coordinate all accounts to have a cohesive investment strategy. A plan that’s well rationalized and prepared for targeted and flexible withdrawals.
Math and me. Understand the inner workings of withdrawals and how planning priorities will change once retired. Start offsetting any overlooked deficiencies using other accounts while rethinking the status quo. Develop post-retirement retirement assumptions for returns and use various techniques to build income and liquidity.
What I got. Create a to-do list of all necessary tasks and documentation, including obtaining a company summary plan description, locating investment ticker symbols and tips for utilizing a “self-directed” option, if available.
Driver’s seat. Set up an ongoing system for tracking individual stock market investments. Develop healthy habits to re-evaluate risk tolerance and occasionally complete required rebalancing duties.
Roots and Wings. First, consider the benefits of keeping an employer plan. Then, decide which areas benefit from potential account consolidation and which shall remain intact.
Pass the buck. Discuss the different tax deferral options, from deferred annuities to rules permitting the delay of RMDs by continuing to work.
SECURE ACT and SECURE ACT 2.0. Learn about the significant updates to catch-up contributions for older workers, the new requirement for Roth contributions for employees above certain income thresholds, the latest option for employer Roth contributions, and new enhancements for self-employed individuals and small business owners.

Chapter 5: Guarantees

Chapter 5: Guarantees

Guarantees are promises to be paid by corporations, insurance companies, and government entities. Payouts are generally perpetual for life, calculated based on an individual’s life expectancy, sometimes years of service, and may or may not include a cost-of-living adjustment (COLA). Compare hypothetical long-term growth investment vehicles and contrast a guaranteed benefit against market risk and their ability to act as a reliable income source for essential expenses. Evaluate and generally decide the “right” amount of a guarantee, establish personal preferences and evaluate realistic growth assumptions. Finally balance taking a guarantee and opting for a rollover or lump sum payout.

Chapter Objectives

A sure bet. Evaluate all viable guaranteed income sources that could provide stable retirement income. Decide how much guaranteed income is “just right” relative to essential expenses.
To the max. Understand eligibility requirements, calculation methods, and how Social Security benefits are taxed. Make personal claiming decisions, such as with spousal and survivor benefits with the goal of maximizing benefits. Practically factor in claiming strategies by considering income needs and overall health and longevity.
The unknowables. Confront potential mishaps ahead of time, develop contingencies, and think critically about how a plan could go wrong. Build preparedness by having a
Quality guaranteed. Key variables such as having or not having a cost-of-living adjustment (COLA), researching insurance company strength, comparing annuity payout competitiveness, and evaluating the specific terms of a guarantee. Better asess fees and potential policy riders.
Somethin’ somethin’. Get granular when designating beneficiaries. Consider individual beneficiaries or lineage when making assignments. Assess payout methods such as single life, joint life, and, if available, survivor benefits. Differentiate between accounts better suited to be spent while alive versus bequeathed upon death.
The sweet spot. Understand the generalized benefits and tradeoffs of a guarantee. Learn how every plan will be required to find harmony between guarantees and long-term appreciation.
Wheelin’ and dealin’. Explore situations where buying a guarantee may be an appropriate consideration. Objectively learn to research specific concepts. Understand the main parameters when selecting a company and how to calculate a “withdrawal rate” versus an “interest rate.” Evaluate how interest rates affect marketplace competitiveness. Overall, assess the long-term tradeoffs of such a decision.

Chapter 6: Distributions

Chapter 6: Distributions

Individuals will likely need to withdraw money from their accounts throughout retirement to cover personal and other expenses. Many of these consequential decisions are mandatory and irreversible. Gain insight into the importance of developing an effective distribution strategy and how specified requirements must align with a plan and personal preferences. Develop a process to withdraw or transfer funds and decide when and why it makes sense to leave certain accounts where they are.

Chapter Objectives

Be flexible. Maintain sensitivity to an investment account’s existing dynamic. That is considering an investment’s taxable nature, existing allocation, tax basis, and timeline for use. Make logical decisions organizing and funding accounts in the lead-up and once into retirement.
Ch-ch-changes. Familiarize oneself with the new regulations governing retirement account distributions, including required beginning dates, required minimum distribution (RMD) tables, and new RMD rules for spouses and beneficiaries.
Withdrawal strategery. Plan out a basic income withdrawal strategy before retirement and find comfort in spending money methodically – versus not at all or haphazardly.
In my shoes. Simplicity usually means adjusting to the plan’s existing dynamic rather than retrofitting planning to some hypothetical ideal. Generally learn to offset risk where possible and tactfully pair personal preferences with what’s practical.
Exploring options. Temporarily set aside conventional wisdom and consider new techniques to meet income needs. Consider many strategies to form a mosaic of withdrawal approaches providing a more diverse and comprehensive distribution strategy. Develop a plan sensitive to existing dynamics, personal philosophy, and overall lifestyle objectives.
Bon voyage. Develop a list of procedures and best practices for seamlessly transferring or rolling over retirement funds. Learn why some should and choose to stay with their employer plan post-retirement.
Grrreat timing. Explore current rules and weigh variables for early or delayed retirement. Considerations include paying for healthcare, ongoing contributions to social security, and taking and managing risk while sustaining sufficient income.
UPDATED for the SECURE & SECURE ACT 2.0. Important updates include reduction of the RMD excise tax, delays for required minimum distributions (RMDs), and the introduction of the eligible designated beneficiary and designated beneficiary. New updates to defer more using certain annuities.

Chapter 7: Investments

Chapter 7: Investments

An investment aims to generate a greater and greater return on principal over time, ideally minimizing risk throughout the process. Ongoing portfolio construction will utilize diversification, among other strategies, to help mitigate risk and ultimately maximize these returns. Learn to incorporate existing plan strategies, measure and rebalance the weighting of various asset classes, maximize employer opportunities, navigate tax complexities, and determine post-retirement risk tolerance. Learn to incorporate personal preferences and affinities and build a more cohesive investment portfolio supported by an overarching investment philosophy.

Chapter Objectives

Cash cow. Be reintroduced to “cash” investments. Incorporate a withdrawal system to replenish needed cash with a respectable “risk-free” rate of return over time.
Kit and caboodle. A total portfolio view considers all investments, including employer plans, IRAs, post-tax accounts, and real estate. Learn about and develop a system to coordinate various asset classes into one trackable system. Dive deeper into global risk exposure, spot and root out overlap, and become disciplined to rebalance to maintain the previously settled upon risk level.
Doin’ it. Expressly define the level and most appropriate locations of “do it yourself” investing. Start small, find comfort, and learn by doing. Explore the pros and cons of the DIY approach, and ensure there is a firm commitment and consistency to the long-term tasks necessary to be successful. Discover that there also exist two distinct options for a “hybrid” DIY approach with some managed options being just right for some.
My brother’s keeper. Understand a managed account’s role, including typical fees, expected services, and when a professionally managed account is appropriate. Learn to base decision-making on commitment level, account size, management complexity, risk, use timing, and personal preferences.
Piece of the pie. Enhance equity compensation knowledge with ISOs, NSOs, restricted stock, and employee stock purchase plans. Know the ins and outs of participant responsibilities, such as AMT credits, lookback provisions, and grant timelines.
Risk Aware. Terms like market risk, interest rate risk, inflation risk, and currency risk are essential to be aware of but don’t cover every kind of investment risk. Learn to increase performance by mitigating portfolio risk, making intuitive decisions, and using proven investing techniques to achieve an expected return while taking less risk.

Chapter 8: Insurance

Chapter 8: Insurance

As retirees approach retirement, they often have accumulated significant wealth. A substantial financial loss at this point can erode this wealth and potentially jeopardize long-term retirement plan viability. Objectively explore the landscape of available insurance options, their role in planning, and the sustainability of premiums. Better understand the applicable high-risk situations, decide what’s practical, and learn to pre-qualify or disqualify oneself for specific insurance concepts and solutions.

Chapter Objectives

Stuff Insurance. Learn how deductibles, coverage limits, and replacement costs work together to limit liability. Parse through the most common types of policy riders. Reevaluate current coverage and determine if current levels remain appropriate post-retirement.
Retirement disabled. Learn how a last-minute disability can disrupt a retirement plan. Gain perspective on how disability risk transitions to a potential long-term care need and when and if it’s appropriate to begin redirecting premiums as formal retirement approaches.
Medicare advantaged. Access resources and develop a timeline and task list for Medicare Part A, Part B, and Part D coverage. Understand how Medicare Advantage and Medigap policies work. Attempt to be tactical, avoiding upper-tier IRMAA surcharges. Think through practical retirement uses for Health Savings Accounts prior to formal retirement.
A care plan. Self-assess if you want to pursue and can likely obtain long-term custodial care insurance. Review the types of insurance policies, including coverage amounts and common policy riders. Consider the practicality of paying out of pocket or relying on Medicaid programs. Learn to consider options objectively.
Rest easy. Understand use cases for life insurance post-retirement. Explore needs versus wants and calculate final costs (e.g., memorial costs, remaining mortgage payments, college funding, business succession planning, and tax-efficient donations to charitable organizations.)
Getting ducks. Organize essential insurance documents and have them readily available in an emergency. Get privacy and security tips for maintaining access to necessary information for family, loved ones, and trusted professionals.

Chapter 9: Estate Planning

Chapter 9: Estate Planning

Estate planning is a crucial process that involves making arrangements for managing and distributing one’s assets and property upon death. Everyone will have some kind of estate plan, either ahead of time by the decedent or done for them after death. While estate taxes apply to only a very small number of Americans, many are surprised that many of the best tax-saving estate planning techniques require minimal due diligence and apply to anyone who owns property. Avoid unnecessary complications and beneficiaries missing out. Be remembered for kindness and generosity, not for costly estate planning missteps.

Chapter Objectives

Trust issues. Be financially considerate of loved ones, dependents, and charities. Facilitate and maximize wealth transfer by reducing beneficiary estate taxes and protecting assets from creditors – avoiding public disclosure and ongoing liabilities. Be intentional about minimizing the possibility of family infighting.
Will powers. Resources for creating a basic estate plan, including a Will. Understand the importance of developing lawful “powers of attorney” and “medical directives” in your retirement state. Learn best practices for assigning individuals who will make important financial and end-of-life decisions on your behalf. Make clear personal preferences and final wishes to doctors, health care professionals, and loved ones.
As you wish. Clearly define the roles of those with powers of attorney, including executors and beneficiaries. Make clear and get agreement on their legal requirements and expected tasks, what to do, and where important documents are located. Maintain ongoing communication to inform individuals of any changes and learn to be receptive to feedback.
Giving direction. Some assets may be best suited for a direct transfer to beneficiaries upon death. Other assets benefit from being held in a trust. Organize assets by taxable nature and withdrawal priority. Distinguish what assets will likely be spent as time goes on from those sold only as a contingency plan. Finally, identify those accounts best suited to benefit from being held until mortality.
A graceful exit. Basic estate planning measures can ensure a smooth and efficient estate settlement process, protecting loved ones from unnecessary delays, expenses, and public scrutiny.
The wealth whisperer. Review the tax and qualitative benefits of giving while alive versus after death. New considerations for efficiently distributing certain assets to eligible and non-eligible designated beneficiaries under the new SECURE ACT 2.0.
With the flow. Learn how, when, and why to have liquidity at death to pay estate and income tax, incidental expenses, outstanding debt, memorial services, and family support.
The grand finale. Ensure applicable ownership structures capture the “step up in basis” at death. Learn the importance of planning for common complications like co-ownership arrangements, appreciated employer stock, and illiquid partnerships.