Retirement Planning Education, with Andy Panko

Listener Q&A where Andy talks about: Potential advantages or disadvantages of consolidating retirement accounts ( 4:28 )Paying taxes through IRA withholdings vs making estimated payments ( 13:08 )Whether a minister's housing allowance impacts Affordable Care Act subsidy eligibility ( 26:11 )When Qualified Longevity Annuity Contracts ("QLACs") might make sense to consider ( 30:27 )When following the 4% "rule" for distributions, can you reset your initial distribution if/when your portfolio value increases from market gains ( 37:48 )If someone has an outdated will and unused trust, but the person verbally stated their wishes to the heirs, is there a need to update will and/or trust, especially if there is currently nothing in the trust ( 49:19 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comLinks in this episode:Tenon Financial August 2024 newsletter about - Retirement plan-to-IRA rollover pros and consRetirement Planning Education YouTube video - What is a QLAC (Qualified Longevity Annuity Contract)?Retirement Planning Education podcast episode - #002 - What's the 4% RuleMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

In a candid conversation, Jill shares her journey of retiring at 51 and the lessons learned along the way. She discusses the significance of balanced spending and maintaining an enjoyable lifestyle despite frugality. Jill highlights her unique savings habits, strategies for Social Security, and experiences with financial advisors. Discover her frugal yet adventurous travel tips and how she navigates healthcare before Medicare. Ultimately, Jill emphasizes the importance of friendship, health, and community in a fulfilling retirement.

Kevin Thompson, founder of 9i Capital Group and an expert in retirement planning, joins to discuss hot topics in the financial landscape. They dive into the complexities of the One Big Beautiful Bill Act and its implications for tax planning, particularly for seniors. The duo examines market dynamics, cautioning against overexposure to risky investments like private credit and SPACs. They also address IRMAA strategies and the importance of protecting seniors from financial exploitation, sharing what keeps them awake at night.

Listener Q&A where Andy talks about: A correction on something incorrect I said last week regarding deciding which spouse's pre-tax account to distribute or convert from ( 3:28 )Pros and cons of using a single total global stock market fund vs multiple other funds such as just US and just international  ( 8:17 )What's in the calculation for Modified Adjusted Gross Income ("MAGI") for purposes of determining eligibility to contribute to a Roth IRA ( 14:49 )Deciding when to start a Roth account, and whether it should be a Roth IRA or Roth 401(K) (if you have the option), and whether it should be funded via conversion or contribution ( 20:40 )What to consider when deciding on which pension payment type of choose ( 27:52 )Should IRA distributions instead be converted to Roth if you don't need to use the money any time soon ( 35:50 )What to consider when retiring late (e.g. late-60s or 70s) ( 42:02 )Explaining certain "fees" on trade confirmations, such as when buying coupon-paying bonds or stocks/ETFs ( 47:21 )Why just looking at unrealized gains or losses on a position in a dividend or distribution paying security don't tell the whole story with regards to how much money you've actually made or lost in the position ( 53:45 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comLinks in this episode:My company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Listeners dive into essential financial topics like how starting Social Security early can benefit dependent children. The impact of claiming spousal benefits is discussed, especially when early claims reduce future payouts. Insights on timing survivor benefits reveal strategic options for maximizing payments. Andy also sheds light on IRA distribution choices and the tax implications of a decedent's income. Plus, find out how to locate financial advisors who offer guidance without the need for investment management!

Beth Pinsker, a MarketWatch retirement columnist and CFP professional, shares her journey in managing her mother’s finances and caregiving in her new book, 'My Mother's Money.' She discusses the emotional and practical challenges of financial caregiving, including the importance of having legal access to accounts and planning for end-of-life arrangements. Beth emphasizes proactive aging plans to avoid crises, highlights the emotional strain of spending a loved one's savings, and offers essential insights on making estate settlement smoother for caregivers. Her personal anecdotes make it a must-listen!

Andy and Ben Brandt from Retirement Starts Today share their thoughts on a handful of current events and "hot topics" relating to retirement planning. Specifically, they talk about: Thoughts on Monte Carlo analysis; the good, the bad, the ugly ( 9:10 )Why all retirement plans are ultimately wrong as soon as they're made, and need to be agile and adaptable ( 13:30 )How to try to help people get comfortable spending the money they've accumulated ( 22:53 )Should people care how financial advisors dress? ( 29:18 )Is IRMAA (Income Related Monthly Adjustment Amount) something that needs to be avoided, or is it okay to knowingly pay some IRMAA in the name of longer term tax planning ( 35:12 )Are there any planning considerations or concerns people should have if the government shutdown continues to drag on ( 39:58 )Is renting a home (instead of owning or buying) a home in retirement okay ( 44:27 )Are Donor Advised Funds worth using ( 48:35 )Their thoughts on Artificial Intelligence and how it may impact financial and retirement planning ( 52:52 )Is it okay to pay taxes on Roth conversions by withholding it from the IRA, or should taxes on conversions only be paid with money outside of an IRA, such as in a bank or brokerage account ( 1:00:42 )Links in this episode:Ben's website - Retirement Starts TodayBen's YouTube channel - Even Better RetirementTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Explore key year-end tax planning strategies, including deadlines for contributions to qualified accounts and the importance of timely Roth conversions. Discover how Required Minimum Distributions work and the implications of new inherited IRA rules. Learn about the benefits of Qualified Charitable Distributions for tax efficiency, alongside gifting rules for 2025. Plus, get insights into tax loss and gain harvesting techniques to optimize your tax position this year!

Brian Tegtmeyer, founder of Truly Prosper Financial Planning, explores the non-financial dimensions of a fulfilling retirement. He emphasizes the importance of intellectual engagement, purpose-driven activities, and maintaining deep relationships. Brian introduces the 'Wheel of Retirement' exercise, encouraging listeners to assess their satisfaction in various life aspects. He highlights how making intentional choices in health, leisure, and community can enhance overall life satisfaction, ultimately aligning financial plans with a meaningful retirement vision.

Listener Q&A where Andy talks about: The CAPE (Cyclically Adjusted Price to Earnings) Ratio as a measure of whether the US stock market is overvalued or undervalued, and drawbacks with the CAPE Ratio ( 4:32 )The meaning of Benjamin Graham's quote "In the short run, the stock market is a voting machine, but in the long run it's a weighing machine" ( 17:07 )Helping clients overcome their frugality habits to enjoy more of their deferred spending from their nest eggs ( 19:18 )Understanding "duration" and what it means in bond funds ( 26:58 )How Annie Duke's concept of decision making and luck play into retirement planning ( 34:19 )Balancing between good enough and optimization in retirement planning ( 38:45 )Tax withholdings and credits on dividends from international stocks, and whether international stocks should be held only in normal brokerage accounts and not qualified accounts like IRAs and Roth IRAs ( 46:50 )Additional resources in understanding and calculating 72(t) Substantially Equal Period Payments ("SEPP") to avoid the 10% early withdrawal penalty on accessing retirement accounts before 59 1/2 ( 52:20 )A listener public service announcement about itemizable deductions for casualty losses due to federally declared disasters, and how IRS staffing issues and shutdowns exacerbate the inconvenience of the mandatory 20% federal tax withholding on 401(k) contributions ( 55:19 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comLinks in this episode:Link to Tax Planning to and Through Early Retirement My company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com