Questions, Answered Plainly
Mike Milligan, CFP®, founder of 1.oak Financial, answers these questions on The One of a Kind Financial Show (radio and Daily), the Ideas by Mike™ podcast, and in guest spots on other podcasts and radio shows. The answers below are short and educational.
Financial Planning Basics
What is a One of a Kind Financial Plan?
It is a written financial plan built around your life, not a template. It covers five areas: taxes, retirement income, investments, long-term care, and legacy. Then it…
Why doesn't a one-size-fits-all financial plan work?
Two people with the same savings can need completely different plans. Health, family, taxes, goals, and timing are never identical. Mike calls the generic approach "Re…
What should I look for in a financial planner?
Look for someone who puts your plan in writing, explains how they get paid in plain language, and acts as a fiduciary. A good planner asks about your life before talki…
How often should I review my financial plan?
At least once a year, and any time life changes: a new job, a move, a marriage, a death in the family, or a big change in the markets or tax law. A mid-year check is a…
Retirement Income
How much money do I need to retire?
There is no single magic number. The right amount depends on what you plan to spend, when you retire, how long you live, your taxes, and the guaranteed income you alre…
How do I turn my savings into income that lasts as long as I do?
Start by covering your essential expenses with income you can count on, like Social Security, pensions, or annuity income. Then invest the rest for growth and flexibil…
Are annuities good or bad?
Neither. An annuity is a tool, and a tool is only as good as the job it's chosen for. Some annuities can provide lifetime income or protect part of your savings from m…
Should I roll over my 401(k) when I leave my job?
It depends. Rolling over can give you more investment choices and simpler management. Leaving it in place or moving it to a new employer's plan can make sense too. Bef…
How do I plan for living a very long time?
Plan for a longer life than you expect. Longevity raises the cost of everything else in retirement: healthcare, inflation, and the chance of needing care. Lifetime inc…
Taxes
Why does tax planning matter so much in retirement?
Taxes are often one of the biggest expenses retirees have, and one of the few you can plan around. When and where you take money from (taxable, tax-deferred, or tax-fr…
Should I do a Roth conversion?
A Roth conversion means paying tax now on money in a traditional IRA or 401(k) so it can grow and come out tax-free later. It can make sense when you expect higher tax…
What changed with 401(k) catch-up contributions in 2026?
Starting in 2026, higher earners age 50 and older must make their catch-up contributions to a Roth account instead of a pre-tax account. That means paying tax on that …
How can business owners legally lower their taxes?
By planning ahead instead of reacting at tax time. Choosing the right business structure, using retirement plans built for owners, and coordinating with a CPA all matt…
Markets and the Economy
How do interest rate changes affect my finances?
When rates go up, borrowing costs more: mortgages, car loans, and credit cards. Savers often earn more on cash, CDs, and some annuities. Bond prices can fall. The righ…
How does inflation affect my retirement?
Inflation slowly shrinks what your money can buy. Over a 20 or 30 year retirement, even modest inflation can cut your buying power significantly. A plan should include…
Does where I live in retirement affect how much I need?
Yes. Housing, state taxes, healthcare, and everyday costs vary a lot from state to state. The same nest egg can stretch much further in one place than another. Factor …
Protection, Care and Legacy
How should I plan for long-term care?
Start with the conversation: where you want to receive care, who will make decisions, and how it will be paid for. Then look at the options, such as savings, tradition…
How can retirees protect themselves from financial scams?
Slow down. Scammers rely on urgency and fear. Never send money or share account details because of an unexpected call, text, or email. Verify by calling the company di…
What is legacy planning, and why do beneficiary designations matter?
Legacy planning is deciding what you leave behind and how, both money and values. Beneficiary designations on retirement accounts, life insurance, and annuities often …
Listen to Mike
- The One of a Kind Financial Show (radio): schedule and past shows
- Ideas by Mike™ podcast: Apple Podcasts
Disclosure
This content is for educational purposes only and is not individualized investment, tax, or legal advice. Talk with a qualified professional about your situation before making decisions. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Tax rules change and individual results vary. Mike Milligan is an investment advisor representative of Advisory Alpha, LLC, an SEC registered investment advisor. Opinions expressed are Mike Milligan's own.
