Retirement Starts Today Radio

What would happen if you go over your tax bracket by $1 when doing a Roth IRA conversion? On this Retirement Rewind episode, we’ll explore the best way that you can take advantage of the current tax cuts and get the most out of your money. What will Roth conversion season mean for you? Listen in and find out! Outline of This Episode [1:22] Why do we wait so long to convert our Roth IRA’s? [3:44] What happens if I go over my tax rate? [6:40] What about Medicare? [13:15] Why are Roth IRA conversions such a big deal? [15:48] How do Duane’s earnings this year affect his Medicare premiums? [17:15] Should Don put 100% of his portfolio in stocks? Why should you wait until the end of the year to convert your Roth IRAs? It’s a good idea to wait until the end of the year to convert your IRAs into a Roth. This is because you’ll have a good idea as to how much you will earn during the year.  The reason that you’ll want to wait until the end of the year to make a Roth conversion is to understand how much you’ll be makin

Welcome back to the Retirement Rewind! I take the last part of the year off from podcasting to spend more time with my family. But that doesn’t mean that you miss out on your favorite retirement podcast. Actually, I have a treat for you today. This episode is so good this is the 3rd time I’m playing it. Press play to find out which retirement podcasts I listen to in my spare time and scroll down to the bottom of the page to find links to my favorite episodes of those podcasts.  On this episode, you’ll discover more amazing retirement podcasts to listen to. In addition, you’ll learn about the confusing world of reverse mortgages and whether you should plan for a 20% cut to your Social Security. Outline of This Episode [2:22] Do you understand reverse mortgages? [8:26] Will you be taking a 20% cut on social security? [12:46] Get retirement ready with my favorite retirement podcasts Do you find reverse mortgages confusing? I’m sure you’ve seen the ads for reverse mortgages before, but do you really know what t

Welcome to Retirement Rewind! Each year I take the holiday season off from podcasting to spend more time with my family. The good news is that I prepare my favorite episodes from the past for you to enjoy.  This episode is an interview with Fritz Gilbert over at the Retirement Manifesto blog. In this interview, Fritz and I discuss his new book, Keys to a Successful Retirement as well as his firsthand experience now that he has recently retired. If you’ve already listened to this episode before you might be surprised to hear the tidbits that you forgot about and if you missed it the first time around, you won’t want to miss the interview this time. Outline of This Episode [2:37] Why your first cup of coffee in retirement is the best cup of your life [5:22] Retirement advice for a 38-year-old [9:53] If you only had $500 to spend on retirement education what would you do? [13:28] Are we in the golden era of Roth Conversions? [16:27] A question about chapter 4 of Fritz’s book [20:21] How to create the ideal reti

Are you worried about what the election means for your retirement portfolio? Many people are tempted to make big changes to their retirement savings to reflect their election concerns. On this episode of Retirement Starts Today Radio, you’ll learn what you can do to your portfolio if you are nervous about the transition. You’ll also hear what the new RMD tables mean and how the Biden proposals could change the entire retirement landscape. Outline of This Episode [2:12] What do the new RMD tables mean for you? [4:40] How much is the next Medicare Part B premium increase? [7:40] Should you make big changes to your retirement plan because of the election? [11:50] Which Biden proposals could affect you and your retirement? What do the new RMD tables mean for you? Since people are living longer than ever before, the IRS has finally decided to acknowledge these longer lifespans by updating their Required Minimum Distribution tables. According to the longer retirement timeline, retirees can take out smaller mandat

After you finally get Medicare all figured out and everything in place, the last thing you want to do is ever think about it again. But unfortunately, you need to review your Medicare coverage annually.  Danielle Roberts is back, yet again, to help us understand what we need to do annually to review our Medicare plans. In this episode, you’ll learn what to do if you have a prescription drug change, if your Medicare Advantage plan gets discontinued, and how to change from supplemental plans to advantage plans and vice versa. There’s loads of information in this episode so make sure to pay attention so that you don’t miss any details.  Outline of This Episode [1:22] What do we need to think about each year when it comes to Medicare? [5:05] What to look for when you receive your annual notice of change [10:01] How to change from a Medicare supplement to an advantage plan? [14:43] Is switching between Medigap plans easy to do? [17:35] What is in store for Plan F? What is the annual election period? The Medicare

Do you know the difference between a Medicare supplement and a Medicare advantage plan? You’ll need to understand their differences to make an educated decision about which to choose when it is time to sign up for Medicare. Danielle Roberts from Boomer Benefits joins me again to help us wade through the various Medicare supplement choices. Learn how best to fill the gaps that Medicare leaves by listening to this episode of Retirement Starts Today.  Outline of This Episode [2:12] What is covered by Medicare supplement plans? [8:00] Medicare advantage plans operate through a network of providers [15:02] Switching between plans may not be as easy as you think [20:24] Dental and vision insurance What is a Medicare supplement or Medigap plan? One benefit of choosing the original Medicare route is that the federal government will be processing your claims. While this is a positive aspect of choosing traditional Medicare, it also means that there will be deductibles and a 20% out of pocket cost on your claims. For

Deciding to retire before age 65 can be a tough decision to make. For most people, this decision will result in an extra $1000 or more a month in health insurance expenses. Retiring after age 65 has its pitfalls as well. On this episode of Retirement Starts Today, Danielle Roberts joins me again to discuss the potential landmines that you need to look out for whether you are planning to retire before or after age 65.  Outline of This Episode [2:22] What about retiring early? [6:29] Which is better, shopping on the exchange or going directly to the insurance company? [9:18] How to manage the risk? [13:25] What are some mistakes people make when they retire after age 65? [20:34] Why you don’t want to miss part D drug coverage.  Should you work longer just for health insurance? If you are considering working longer just for the insurance Danielle and I both recommend that you don’t. Instead, compare the cost of insurance through COBRA to the cost through the ACA. If you want to retire there are many plans to c

You asked and I listened. This summer I asked you all for your thoughts on the show and many people responded that they wanted to hear more deep dives into complex subjects. We tried this out with the Living Off Your Savings series and now we’re taking some extra time to discuss Medicare. This episode is the first of a 4 episode series on Medicare. Grab your headphones and press play to begin your Medicare education.  Since I am not a Medicare expert, I have invited Danielle Roberts with Boomer Benefits to teach us about this nuanced subject. Make sure to stick around until the end of the episode to learn how you can get a free copy of Danielle’s new book, 10 Costly Medicare Mistakes You Can’t Afford to Make. Outline of This Episode [3:22] When should people start looking into Medicare in earnest? [7:10] Why is Medicare Easy-Pay a good option? [10:03] What will medicare pay for? [12:25] What do your taxes pay for? [17:15] Part D is an optional drug plan When should someone start thinking about Medicare? The

Are you one of the many people still working from home due to the pandemic? What seemed like a phase that would last a few weeks has turned into a trend with no end in sight. While working from home creates exciting possibilities, especially for those considering retirement, it also has its downfalls. Many people have discovered that working from home means the lines between work life and home life are being erased. As long as you are conscious that burnout is a real risk then you can take active steps to keep your home life and work life in balance. On this episode, I’ll share an Inc. magazine article about avoiding burnout while working from home. We’ll also take a look at a WSJ article on early retirement buyouts. Then we’ll wrap up this episode with a listener question about strategies for those on the cusp of retirement. So, grab your Airpods or your favorite listening device and take a walk with me. Outline of This Episode [1:02] How to avoid burnout while working remotely [6:30] Should you consider ea

Are you worried about the seemingly constant news stories which claim that Social Security may run out of money? These articles highlight any problems that the Social Security program is facing which can lead the reader to fret about the future of the guaranteed income source in retirement. Not surprisingly, there are companies out there that want to capitalize on this worry.  Does Social Security insurance sound like a good idea to you? On this episode of Retirement Starts Today I read from and discuss an article about Social Security Insurance. You’ll learn what it is and how it works and hear my thoughts about this product. Outline of This Episode [3:22] Make sure there is not a planning solution before rushing out to buy a product [6:37] How does Social Security insurance work? [9:48] What is my opinion on Social Security insurance [12:10] How to begin a migration into bonds There is a product out there to solve every problem Investors are always looking for less volatility in their investment portfolio

If you are listening to Retirement Starts Today, you probably have retirement on your mind. You have probably given thought as to how you will spend your money, where that money will come from, healthcare, and plenty of other subjects.  But have you put any thought into how much notice you will give your employer? Do you have one of those jobs where you relish the day that you give your retirement notice? Or will your announcement be bittersweet? You may want to put some extra thought into how you want to present your retirement notice, especially during challenging economic times. Outline of This Episode [1:12] How much notice will you give your employer of your pending retirement? [3:19] A cautionary tale [5:54] Real life examples for you to learn from [11:16] There is no one right answer A cautionary tale You may want to give your employer plenty of notice about your retirement. If you have a strong sense of duty, you may feel that it is the right thing to do. I talked to one person who did just that. He

Have you seen the news about Tesla and Apple lately? Their stock prices are surging to new highs after the announcement of a stock split. Is this what is supposed to happen with a stock split? Learn more about stock splits and what they mean for you by listening to this episode of Retirement Starts Today.  After we the Retirement Headlines I answer several listener questions. Have you been wondering about you and your spouse’s Social Security timeline? Should you roll over funds if you are happy with your 401K? Which is better--to dollar cost average or to max fund your retirement as quickly as possible? You’ll hear my take on the answers to these questions by pressing play now.  Outline of This Episode [1:32] Are stock splits good for stocks? [5:32] Should you run out and buy a stock upon the announcement of a split? [7:01] What factors should be considered when setting up a Social Security timeline? [9:23] Should you roll over your 401K if it is flexible and you are happy with it? [14:44] Should you dollar

 Have you been wanting to know a bit more about Biden’s tax plan without all the political spin? Me too! That’s why I dug deep to find the best information that I could share with you all. I promise, no politics here; just relevant information to help you best prepare for an amazing retirement.  In addition to learning how Biden’s tax plan could affect your retirement, I’ll answer a couple of listener questions. You’ll hear questions about TSP’s and Roth IRA conversions.  Outline of This Episode [2:15] Biden’s first proposal is to repeal the tax cuts [6:41] Biden’s proposal has some tax incentives as well [8:47] Takeaways from these proposals [11:02] The TSP in retirement [14:11] How to structure your Roth IRA conversions What’s the buzz about Biden’s tax proposal? There has been a lot of buzz about Biden’s tax plans in the news, but it can be challenging to find what those plans are without all of the political mumbo jumbo thrown in. I had to do some research, but I used the least politicized source I coul

Have you ever hear of a bank bail-in? You read that right, bail-in, not a bail-out. I hadn’t heard of this concept until recently and wanted to share it with you so that you understand how it works. Listen in to understand how this buzzword could be used to trick you into worrying about your savings. You’ll also hear the latest about the Fed’s plans for interest rates in the coming years. Stay informed of the latest in retirement headlines on this episode of Retirement Starts Today.  Outline of This Episode [1:22] Is bail-in a new buzzword?  [6:04] What does FDIC insurance cover? [9:42] What protections are offered for investment accounts? [12:27] The Fed is planning to hold rates at zero for 5 years or more [15:11] What is a bond barbell? What is a bank bail-in? We’re all familiar with bank bailouts. These government-funded cash injections designed to prevent the collapse of a failing bank. Bank bailouts are unpopular across the board, from democrats to republicans to everyone in between.  A bail-in is als

You may be wondering why I have invited Shark Tank star, Kevin Harrington on the show today. I often talk about how becoming a mentor in retirement is an amazing way to continue to get fulfillment while still enjoying the benefits of retirement. When I discovered that Kevin has a new book out called Mentor to Millions, I knew that my listeners could learn a lot from this interview. Kevin has mentored many business owners and can help you learn what it takes to become a powerful mentor.  Outline of This Episode [1:02] A mentor changed Kevin Harrington’s business [5:52] How can you become an amazing mentor [11:10] How to decide on compensation? [13:20] What kind of calculations does he use to make deals on Shark Tank? [19:08] Is there any mentee he is particularly proud of? A retired mentor changed Kevin’s business Kevin was already a successful business owner, but he couldn’t figure out how to get banks to loan his business any money. He was struggling to stay on top of inventory since the profits he was mak

Have you thought about what you’ll do with your life insurance policy in retirement? One listener is considering what he should do with his policy. Find out 3 options you have available as well as my opinion on whether you still need to carry life insurance in retirement. On this episode, you’ll also hear a retirement headline about the entrepreneurial boom that’s happening now as well as how you should calculate your home equity when using a retirement calculator. Press play to hear about all of these topics to help you prepare for an amazing retirement Outline of This Episode [2:02] More people are working for themselves now [4:07] What is the best way to fund a trust for a special needs dependent? [9:32] A thought experiment [12:10] When using retirement calculators how much weight to put into home equity? Would you delay your retirement to become an entrepreneur?  According to a recent article in Bloomberg, more Americans have started working for themselves during this pandemic began. Self-employment br

Welcome back to another exciting episode of Retirement Starts Today. I want to say thank you to everyone who has participated in the Listener Survey. There is still time until the end of August 2020 to participate in the survey and voice your opinion about what you would like to hear on the show next year. You can fill out the survey here. It will take just a few short minutes of your time. In this episode, we’ve got a couple of listener questions plus you’ll hear about an interesting new addition to your 401K. Press play now to begin to learn how to make your retirement dreams a reality. Outline of This Episode [2:07] A new lifetime income disclosure rule [7:46] Can you perform a Roth conversion while still contributing to a 401K? [12:32] A Roth conversion tax question  [17:58] Don’t forget to take the listener survey Lifetime income illustrations may be a new part of your 401K disclosure The Labor Department has just revealed a new rule for plan administrators of contribution plans like 401Ks and 403Bs. T

Do you have a lot of stuff? If you said yes, you are not alone. 60% of Americans think that they have too much stuff. We’ll take a look at an article that addresses this problem in the Retirement Headlines segment today. I also have 2 listener questions that I will respond to. But before we get into any of that I would love it if you could help me out and take our annual listener survey. After you take the survey, press play to learn more to help you make the most of the only retirement you’ll get.  Outline of This Episode [2:42] How to get rid of stuff [10:09] The 5-year conversion rule [15:39] Guyton-Clinger rules We’re ready to hear your voice with our annual listener survey Before we get into our Retirement Headline, I would love it if you could help me out and take our annual listener survey. This 10 question survey only takes a few minutes and it helps me guide the topics of the show next year. You can tell me what you love and don’t love about the show. You can also voice your opinion and let me know

Welcome back to Retirement Starts Today! I have long been a proponent of saving in 401K’s, but will this article in Bloomberg make me change my mind? That’s the first article in the Retirement Headlines segment. We’ll also check out an article about the coin shortage and another about how hobbies can improve your financial fitness. Couple that with some listener questions and you’ll gain tons of financial insight. Listen in to continue expanding your financial knowledge.  Outline of This Episode [1:22] Do 401K’s still made sense? [6:58] Why are coins so difficult to find during the pandemic? [8:55] How can your hobbies make you financially fit? [11:10] A Roth conversion question [14:00] How to describe real estate income in retirement Do 401K’s still make sense? The 401K retirement savings plan was authorized in 1978 and began to take hold in the ’80s. Many different employers take advantage of these types of retirement savings plans. Recently there was a Bloomberg article written that questioned whether t

So you think you know a thing or two about Social Security? Let’s put it to the test! I came across a Social Security Quiz from CNBC that I thought was fun, so I wanted to share it with you all. Stick around after the quiz to hear some listener questions. You’ll learn how to compare the 4% rule to a dynamic withdrawal rate. You’ll also learn about rolling over an IRA and the tax consequences. Let’s have some fun today, so listen in to find out just how much you really know about Social Security. Outline of This Episode [1:42] Take this Social Security quiz [9:15] How do the dynamic withdrawal system and 4% rule compare? [14:10] How to draw money from tax-deferred accounts and  [17:35] Do I need a separate IRA to roll over my pension? Test your social security knowledge Sure, you are probably more educated about Social Security than the average Joe, but how much do you really know about Social Security? Take this Social Security quiz to test your knowledge. Let’s see how much you really know. Can you get 8