Retirement Starts Today Radio

Tax expert, Andy Panko, joins me today to discuss taxes in retirement. Andy and I know each other from his Taxes in Retirement Facebook group. I figured he would be the perfect person to have on the show to help me answer several questions about this topic. Retirement is one time in life when you can plan for taxes in the long-term, so you’ll want to do as much tax planning as you can. Listen to hear the different types of tax questions that people have about retirement.  Outline of This Episode [2:22] Do spouses have to calculate their RMD’s separately? [8:32] An IRMAA question [15:09] Bill wants to know about the 5-year rule [20:36] How do RMD’s work? [25:10] It’s not what you make it’s what you keep An IRA question Wouldn’t it be easier to combine a husband and wife’s assets and just take one RMD? If a husband and wife have separate 401K’s and IRA’s even though it would seem easier to take those RMD’s together, they must be taken individually. The RMD is based on your age and each IRA and 401K has its ow

Have you ever wondered what I sound like on a different podcast? Well, today you get to find out. Since I am attempting a family road trip with 6 kids under 12, I can’t personally be with you all this week. But I am excited to share with you a bit of my interview with my friend Grant Bledsoe on his podcast, Grow Money Business. Listen in to hear my thoughts on several hot retirement topics like the 4% rule, how to set up your income in retirement, and stay tuned until the end to hear people’s biggest problem people in retirement.  Outline of This Episode [2:12] Our lives are too dynamic for a linear approach to retirement [4:50] How do you adjust your tactics? [8:47] What are Guyten’s guardrails? [12:00 How do you set up your income in retirement? [14:23] What is the biggest thing that people get wrong in retirement planning? [20:10] How much cash should you have on hand in retirement? Is the 4% rule the best way to plan for retirement? Most people who are deep into retirement planning are familiar with the

It’s true, money can’t buy happiness. But does how you choose to spend your money affect your happiness? Today we’ll discuss one article that challenges that old adage. We’ll also discuss a multifaceted question from a listener who just accepted an early retirement package. We’ll help her consider whether to rollover funds into an IRA and figure out what to do with her target-date funds. Listen in to hear the answers to this question and to consider whether money could actually buy happiness.  Outline of This Episode [1:12] What we spend our money on can give us happiness [4:28] Amy has accepted an early retirement package [9:02] An IRA offers more choices How we choose to spend our money matters  Although money can’t purchase a deep, meaningful feeling, how we choose to spend our money matters. What we spend our money on can contribute to our happiness. The Washington Post recently published an article that reported on a study about how money affects our happiness. Having more money can make life better fo

Would you consider adding private equity funds to your 401K? We’ll weight the pros and cons of this interesting idea as we explore the retirement headlines. No listener questions today, instead, this episode is all about the headlines. We have news about RMD’s, private equity funds, tax strategy in retirement, and a shocking Fidelity study. Make sure to listen until the end to hear the surprise twist. Outline of This Episode [1:22] All unwanted RMD’s taken in 2020 can be returned  [2:16] Including private equity funds in your 401K [8:08] Many Retirees forget to plan for taxes in the long term [10:35] A Fidelity study stated that ⅓ of investors over 65 moved their money out of stocks What are private equity funds? You may have heard of private equity funds before but many people aren’t exactly sure what they are. So before we explore this retirement headline I want to define the term. Private equity funds are an investment class of their own which consists of capital that isn’t listed on the public exchange.

Retirement Manifesto blogger, Fritz Gilbert joins me today. Fritz was actually my very first guest on the show and is now my first repeat guest. I’m excited to have him join me again since he has recently retired. Fritz shares insight from his research in writing his blog and book but also from his first-hand knowledge of retirement. Listen in to our conversation as we discuss hidden challenges of retirement, how it feels to be newly retired, and how to get the most bang for your buck in retirement planning.  Outline of This Episode [2:22] The first cup of coffee you drink after you retire is the best cup of your life [5:25] Even if you don’t plan to retire you should still save for retirement [9:48] Books can offer a lot of knowledge [13:28] Is 2020 the golden era of Roth Conversions? [16:27] The hidden challenges question [20:21] Embrace your passion to create your ideal retirement The first cup of coffee is the best cup of coffee of your entire life  In Fritz’s book he mentions that the first cup of coff

I’ve got an exciting episode planned for you today. This episode will focus solely on listener questions but as an added twist I’ve asked my friend Grant Bledsoe over at Grow Money Business Podcast to join me in answering these questions. I think you’ll benefit from Grant’s expertise as a Registered Investment Advisor and enjoy hearing his perspective as he helps me answer your questions. Listen in to hear our two points of view about rebalancing in difficult markets, quarterly tax payments, and choosing between a lump sum or monthly payments.  Outline of This Episode [1:22] How to rebalance your portfolio when dealing with difficult markets [7:00] What is the classification of REITs? [15:30] After a Roth conversion should you send in quarterly tax payments? [17:55] A $200,000 lump sum or $1500 a month payments for life? How to rebalance your portfolio when dealing with difficult markets With all of the market turmoil over the past few months, many of us are left scratching our heads when the time comes to

Can you imagine this nightmare? You’re newly retired and then a global pandemic comes along and threatens financial markets all over the world leaving you bankrupt in only two weeks. Listen to this cautionary tale in the retirement headlines segment of our show today. But what is more important than hearing the frightening scenario is learning what you can do to prevent yourself from taking this kind of risk.  Outline of This Episode [3:22] How did one man go from retired to bankrupt in just 2 weeks? [7:40] How to protect yourself from risk [9:15] Few use the CARES Act to tap into their retirement savings [11:50] Should you cover non-discretionary expenses with Social Security or an annuity? Retired to bankrupt in 2 weeks How could someone go from retired to bankrupt in two weeks? This Wall Street Journal article notes that one investor reentered the stock market after the 2008 financial crisis by investing solely in leveraged exchange-traded notes (ETN’s). ETN’s are similar to ETF’s but they don’t own the

Do you know what you would do if your employer offered you an early retirement package? Before you rush into an answer, I have 4 questions for you to consider. Given the present economic climate, this is an important consideration. On this episode, we’ll also talk about survivorship bias and what you can learn from it. Then I answer a listener question about alternative minimum tax and donor-advised funds. Lastly, we’ll discuss 3 different retirement headlines. Don’t miss out if you have been considering taking an early retirement package from your employer.  Outline of This Episode [1:32] Survivorship bias [4:21] AMT’s and DAV’s [6:45] Unlikely to be a social security boost in 2021 [8:53] Retirement savers stayed calm during the market hiccup [11:05] Delta airlines is offering a buyout package [14:12] What is the appropriate amount of time to give when contemplating retirement? What can we learn from survivorship bias? Survivorship bias can often leave us dead wrong. We often look to the successes to try a

Are you an eternal optimist or a prudent pessimist? It may seem like the stock market is the eternal optimist. Have you seen the headline that Uber laid off 3,000 employees? If you have, you may be wondering why their stock jumped up. Learn why this is a common occurrence by listening in. Then on the other side of the coin, you’ll learn how you can be a prudent pessimist after reading the latest Social Security headlines. But first, let’s get to a listener question from Jennifer.  Outline of This Episode [1:22] Should Jennifer roll over her lump sum pension payment into a Roth IRA? [6:45] Bad news and stock prices [10:15] Should you worry about the latest Social Security news? [16:10] If you want to be a pessimist, be a pessimist the right way Should Jennifer roll over her lump sum pension payment into a Roth IRA? We may be hearing more and more questions regarding lump sum pension payments in the coming months due to dropping interest rates. These lowered interest rates make lump sum pension payouts more a

Thanks for participating in the office hours that we’ve held for the past several weeks. Due to that question and answer period, we have exhausted all of our listener questions. But don’t worry we have some interesting articles to discuss on today’s episode. Listen in to learn more about the CARES Act, the lack of inflation, market positions from the big, and why so many people plan to return to work after being laid off.  Outline of This Episode [2:42] Financial planning opportunities within the CARES Act [5:02] Taking a coronavirus distribution [8:10] What’s up with inflation? [10:55] The outsized position of FAANG stocks [13:22] 80% of workers think they will return to their previous jobs Financial planning opportunities within the CARES Act The CARES Act was recently passed to provide more options to those affected by the COVID situation. This landmark legislation presents savvy with a few financial planning opportunities. The CARES Act has allowed for money saved in employer-sponsored retirement plans

Have you been listening to what has been going on in the commodities markets lately? People around the world were shocked when oil prices went negative in the month of May. I didn’t even know that this could happen and I’m a financial professional! This interesting turn of events led me to seek the expertise of someone more knowledgable in the oil commodities sector. This is why I’ve asked oil expert, Dan Eberhart, to come on the show today and explain how the price of oil could drop into negative numbers. We’ll also talk about the importance of diversification and not only in your portfolio.  Outline of This Episode [2:02] What the heck happened to oil prices in May? [4:18] Should we start thinking of the city we may end up in? [6:35] Should we avoid the Middle East in our international investments? [9:32] What are the long term implications on oil? [11:58] If we have the capital is it a good idea to invest in oil right now? [13:15] Is the oil industry a viable industry for the future? How did oil prices d

 One of the effects of the Coronavirus has been a number of cancelled plans. Have you had to cancel plans due to the pandemic? Today we’ll explore how to get a refund. I’ll also share a CNBC article that I use as a cautionary tale. Then we’ll look at some cosmic opportunities that may arise post-pandemic. And lastly, we’ll listen to a listener question about home mortgages in retirement. We’ve got an action-packed episode, so press play now. Outline of This Episode [1:02] Resist the urge to swing at a fat pitch [5:24] How to get a refund from your canceled plans [7:13] The cosmic opportunity post-Corona [10:00] A home mortgage question Resist the urge to swing at a fat pitch  A recent CNBC article came across my feed right before I started recording and I wanted to share it with you all as a precaution. The headline states that investors are betting that 2 of the hardest-hit sectors, airlines and energy, have hit their bottoms. ETF’s including these 2 sectors have increased in the past few weeks. I want to

With the recent market volatility, people are looking for financial advisors now more than ever. But how can you choose a financial advisor that’s right for you? I created a PDF with 8 questions to ask a financial advisor when you are looking. I’ll discuss these 8 questions as well as answer 2 listener questions and discuss the retirement headlines on this episode of Retirement Starts Today. Outline of This Episode [1:42] What is the best way to take Social Security benefits? [5:15] A 60/40 question [11:55] 8 Questions to ask a potential financial advisor [19:21] Nationwide has decided to have 50% of their staff work from home permanently How to decide the best way to take Social Security benefits Often in a marriage, the Social Security benefits vary greatly between the 2 partners. One may be much larger than the other. So how should you determine which one to take when? Many people don’t realize that if one spouse has a very small or even no Social Security benefit they are actually entitled to half of th

On this episode of Retirement Starts Today I want to share with you the retirement questions I received through my Friday Office Hours. Office Hours is an online space where I am available to answer any financial questions that come to mind. Over the past 2 weeks, we’ve had a great turn out with about 50 people joining each session. If you want to come to Office Hours make sure you are signed up for my Every Day is Saturday newsletter to get the invite. The next Office Hours session is on Friday, May 1 at 10:30 am CDT. Listen in to hear these retirement questions from my Office Hours session on April 24, 2020. Outline of This Episode [1:22] The solvency of the PBGC [7:00] Do I still recommend delaying Social Security until age 70? [15:34] How will the new money being pumped into the economy affect inflation? [18:15] Tax diversification [22:14] Should deflation be a worry? What do I think about the solvency of the PBGC? The PBGC or the Pension Benefit Guarantee Corporation is a private insurance company that

You may have gotten your stimulus check last week, but whether or not you have received the funds you may still have stimulus check questions. On this episode, I’ll answer several common questions surrounding the stimulus checks. I’ll also highlight some positive news for most of us. Positive news is hard to find today so let’s relish it a bit! Listen in to get your stimulus check questions answered and bask in the glow of some happy news.  Outline of This Episode [0:22] will you be benefitting from auto insurance discounts? [4:45] Did you receive your stimulus check this past week? [6:15] Questions surrounding the stimulus check Is your car insurance going to give you money? When I see good news I want to spread it far and wide, especially during these trying times. Since there has been less traffic on the roads there have been fewer car accidents which, in turn, has led to fewer car insurance claims. Many insurance companies have decided to pass their savings back to their policyholders. Listen in to hear

We all know that scammers are out there looking for the next opportunity to prey on their targets. The Coronavirus isn’t just a worldwide pandemic, for scammers its an opportunity to try new scams. On this episode of Retirement Starts Today you’ll learn how to spot a Coronavirus scam, stimulus check scam, and a grandparent scam. I also have lots of links to resources for you to learn more about this topic so be sure to scroll down to the bottom of this page when you’re done listening.  Outline of This Episode [1:02] Thanks for coming to the webinar [6:02] How to Coronavirus scams [13:22] Stimulus check scams [15:07] Grandparent scams I’m holding office hours Since we are all experiencing heightened stress and worry during this pandemic I thought I would try something new. On Friday 4/17 at 10:30 am CDT I’m holding office hours so that we can chat and discuss all things retirement. I’ve had many attendees during my recent webinars, but they aren’t very interactive. During this Zoom meeting, you’ll be able to

Everyone is talking about buying the dip, but what is the best way to do that? I’m not an investment advisor, but since the stock market has taken a serious downturn, now may be a good time to consider your overall investment strategy. That’s why I’ve invited investing expert, Lawrence Hamtil, co-founder of Fortune Financial Advisors, to chat with me about the ups and downs of investing after the recent stock market collapse. Listen in on this discussion to hear the pros and cons of buying the dip, investment timelines when buying today, and exceptional industries that have stood the tests of time.  Outline of This Episode [1:22] He does custom portfolios for clients [2:35] What should people look for when buying the dip? [4:18] What kind of timeline should you consider when investing today? [5:44] How to pick and choose? [7:50] How much time should you spend studying the stocks before investing? [11:05] What do some of the exceptional industries have in common? What should people look for when buying the d

With the Coronavirus situation bringing so much change into our lives, I decided to bring an abrupt conclusion to the Living Off Your Savings series. Instead, today, we’ll talk about some of the changes that the Coronavirus legislation will bring. Now that President Trump signed the Coronavirus stimulus package into law I wanted to give you an idea of what you can expect from this landmark legislation. Join me on this episode of Retirement Starts Today to discover how the Coronavirus stimulus package affects you.  Outline of This Episode [3:58] Who is eligible for a stimulus check [8:02] Take advantage of tax-loss harvesting [12:10] RMD’s are waived in 2020 [13:43] Waiver of early IRA distribution penalties [15:44] 401K loans have changed [16:40] Charitable deductions have a change [18:10] The COVID19 test and vaccine will be covered by health insurance Join me for the Living Off Your Savings webinar! I wanted to make sure to fulfill my promise of having a webinar to cap off the Living Off Your Savings seri

Before you retire you’ll need to think about how to turn your assets into retirement income. Today I’ll share with you my 2 favorite ways to turn your assets into retirement income. You’ll hear about the pros and cons of the 4% rule. I’ll also teach you about the guardrail strategy. After listening, you’ll be […]

I promise I did not crash the market just to give you guys an example of a bear market for this episode! But I guess this episode is releasing at the right time. As of this recording, we are not in a bear market yet, but it looks like we’re heading there. It doesn’t really […]